Banca Monte dei Paschi di Siena S p A : Press Release 1Q / 3M Financial year 2024

PRESS RELEASE

BOARD APPROVES CONSOLIDATED RESULTS AS AT 31 MARCH 2024

FURTHER IMPROVEMENT OF OPERATING PERFORMANCE IN FIRST QUARTER, DRIVEN BY

ACCELERATION IN COMMISSIONS

NET PROFIT AT EUR 333 MILLION, UP +41.2% Y/Y

STRONG CAPITAL POSITION: FULLY LOADED PRO FORMA CET1 RATIO OF 18.2%,

INCLUDING 1Q24 EARNINGS, NET OF 50% DIVIDEND PAY OUT RATIO1

GROSS OPERATING PROFIT AT EUR 551 MILLION, UP +32.9% Y/Y AND +8.5% Q/Q, SUPPORTED BY BOTH POSITIVE REVENUES TREND (+15.2% Y/Y AND +2.0% Q/Q) AND FURTHER OPERATING COSTS REDUCTION (-0.6% Y/Y AND -4.7% Q/Q); COST/INCOME DOWN TO 46%

NET INTEREST INCOME AT EUR 587 MILLION (+16.4% Y/Y), WITH THE FUNDING COSTS QUARTERLY TREND REFLECTING THE GROWTH IN DEPOSITS AND THE POSITIVE DYNAMICS OF NET EXPOSURE TO ECB

SIGNIFICANT INCREASE IN TOTAL COMMISSIONS TO EUR 365 MILLION (+10.1% Y/Y AND +8.9% Q/Q), THANKS TO EXCELLENT PERFORMANCE OF WEALTH MANAGEMENT AND ADVISORY FEES (+18.3% Y/Y AND +25.7% Q/Q)

TOTAL FUNDING2 UP BY EUR +3.8 BILLION IN THE QUARTER, WITH POSITIVE

PERFORMANCE IN BOTH DEPOSITS AND INDIRECT FUNDING, THANKS TO CONTINUOUS

DEVELOPMENT OF COMMERCIAL ACTIVITIES

PERFORMING LOANS3 UP +0.8% Q/Q

COST OF RISK AT 54 BPS, IN LINE WITH 2024 GUIDANCE

GROSS NPE STOCK AT EUR 3.6 BILLION IN THE QUARTER, WITH GROSS NPE RATIO AT 4.5%

AND NET NPE RATIO AT 2.3%, BOTH SUBSTANTIALLY STABLE VS DECEMBER 2023

TOTAL NPE COVERAGE AT 49.5%, UP BY +40 BPS VS. END 2023

1. Calculated on profit before tax.
2. Commercial, deposits and indirect funding.
3. Excluding repos.

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SOLID LIQUIDITY POSITION WITH UNENCUMBERED COUNTERBALANCING CAPACITY OF APPROXIMATELY EUR 30 BILLION; LCR 163%, NSFR 129% WITH FURTHER REDUCTION OF RELIANCE ON ECB FUNDING VS END 2023

IN LINE WITH THE FUNDING STRATEGY, ACCESS TO THE INSTITUTIONAL MARKET CONTINUED TO BE SUCCESSFUL, WITH THE ISSUANCE OF EUR 500 MILLION SENIOR PREFERRED BONDS IN MARCH AND EUR 750 MILLION COVERED BONDS IN APRIL

Siena, 7 May 2024 - The Board of Directors of Banca Monte dei Paschi di Siena S.p.A. (the "Bank"), which was held yesterday evening under the chairmanship of Nicola Maione, has reviewed and approved the consolidated results as at 31 March 2024.

Group profit and loss results as at 31 March 2024

The Group's total revenues as at 31 March 2024 stand at EUR 1,013 million, an increase of 15.2% compared to the same period of the previous year.

The increase was mainly driven by the rise in core revenues, with growth in both net interest income (+16.4%) and in net fee and commission income (+10.1%).

Revenues in the first quarter of 2024 register an increase of EUR 20 million compared to the previous quarter, driven by net fee and commissions (+8.9%), which more than offset the trend in net interest income (-2.8%).

Net interest income as at 31 March 2024 stands at EUR 587 million, registering an increase compared to the same period of 2023 (+16.4%). The increase was mainly driven by the higher contribution from transactions with central banks, hedging derivatives and the securities portfolio. For transactions with central banks, a net benefit of EUR 21 million was recorded as at 31 March 2024, compared to a net cost of EUR 50 million in the same period of 2023. This benefit reflects, inter alia, the change in the net position with the ECB, which went from a debit balance of EUR 5.9 billion at 31 March 2023 to a credit balance of EUR 2.9 billion at 31 March 2024. These positive dynamics were partly offset by the higher cost of bond issuances, mainly due to the renewed recourse to the institutional market, and, in the commercial segment, by the increase in the cost of customer funding.

Net interest income in the first quarter of 2024 is slightly lower than in the previous quarter (-2.8%), mainly due to the positive dynamics of deposit volumes, which are also reflected in the increased net contribution from transactions with central banks and the securities portfolio. In particular, the net benefit from transactions with central banks increased from EUR 7 million in 4Q23 to EUR 21 million in 1Q24. This benefit reflects, inter alia, the change in the net position with the ECB, which went from a debit balance of EUR 0.7 billion at 31 December 2023 to a credit balance of EUR 2.9 billion at 31 March 2024.

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Net fee and commission income as at 31 March 2024, amounting to EUR 365 million, shows an increase compared to the result registered for the same period in the previous year (+10.1%). The positive trend was mainly driven by wealth management and advisory fees (+18.3%), which benefitted from the recovery in the wealth management component (EUR +25 million y/y). Commissions from commercial banking also register an increase, thanks to the contribution of loans and guarantees.

Net fee and commission income in the first quarter of 2024 is higher compared to the previous quarter (+8.9%), thanks to the higher income recorded in wealth management and advisory fees (+25.7%), mainly driven by wealth management.

Dividends, similar income and gains (losses) on investments as at 31 March 2024 amount to EUR 19 million and are stable compared to the corresponding period in 2023 (EUR +0.3 million). The result in the first quarter of 2024 is down from the previous quarter (EUR -15 million) due to lower contribution from insurance companies.

Net profit (loss) from trading, financial assets/liabilities measured at fair value and gains from disposals/repurchases as at 31 March 2024 amounts to EUR 34 million, up both compared to the same period of the previous year (EUR +9 million) and compared to the previous quarter (EUR +22 million).

As at 31 March 2024, operating expenses amount to EUR 462 million, remaining largely steady year-on-year(-0.6%) and down from 4Q23 (-4.7%). An analysis of the individual aggregates shows that:

• HR costs, amounting to EUR 305 million, are higher than in the same period of the previous year (+5.9%), due to the impact of the renewed national collective labour agreement. On the other hand, the amount is lower compared to the previous quarter (-5.1%), which had been penalised by the effects of the aforementioned renewed national collective agreement, which came into force on 1 July 2023 and economic effect from that date was accounted for after the signing of the contract on 23 November 2023;
• other administrative expenses, amounting to EUR 115 million, are lower compared to 31 March 2023 (-13.8%), thanks to the ongoing cost optimisation efforts. The comparison with the previous quarter also shows a reduction (-3.9%);
• net value adjustments to property, plant and equipment and intangible assets amount to EUR 42 million as at 31 March 2024 and are down both from 31 March 2023 (-2.5%) and from the previous quarter (-4.6%).

As a result of the above trends, the Group's gross operating profit amounts to EUR 551 million, up from both 31 March 2023 (at EUR 414 million) and from the previous quarter (EUR 508 million).

Loan loss provisions booked by the Group as at 31 March 2024 amount to EUR 106 million, remaining largely stable compared with EUR 107 million in the same period of the previous year.

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The figure, which includes the increase in overlays on performing exposures, registers an improvement compared to the previous quarter (at EUR 133 million).

As at 31 March 2024, the ratio between the annualised loan loss provisions and the sum of customer loans plus the value of securities from the disposal/securitisation of NPEs reflects a cost of risk of 54 bps (55 bps as at 31 March 2023 and 57 bps as at 31 December 2023).

The Group's net operating profit as at 31 March 2024 shows a balance of EUR 444 million, registering an increase both from 31 March 2023 (at EUR 309 million) and from the previous quarter (at EUR 371 million).

The following items also contribute to the result for the period:

• other net provisions for risks and charges of EUR -4million as at 31 March 2024, compared to net provision of EUR -6 million registered in the same period of the previous year and net releases of EUR 466 million in the previous quarter, related to the downgrading of the risk of disbursement relating to civil and criminal litigations concerning financial disclosures in the period 2008-2015, following the favourable rulings obtained in the last quarter of 2023;
• other gains (losses) on equity investments amounting to nil as at 31 March 2024, compared to a loss of EUR 2 million registered in the same period of the previous year and an essentially nil contribution in the previous quarter;
• restructuring costs/one-offcosts totalling EUR -8million compared to EUR -6 million recorded in 1Q23 and EUR -13 million in the previous quarter;
• risks and charges related to SRF, DGS and similar schemes, totalling EUR -75million, consisting of the estimated contribution due to the Deposit Guarantee Scheme (DGS), which in the previous year had been recognised in the third quarter. In the same period of 2023, the contribution of EUR 58 million to the Single Resolution Fund (SRF) - which is not due in the current year - was recognised instead;
• DTA fees, totaling EUR -15million, in line with both the same period last year (EUR 16 million) and the previous quarter (EUR 16 million). The amount, calculated according to the criteria of Law Decree 59/2016 converted into Law No. 119 of 30 June 2016, consists of the fees due as at 31 March 2024 for DTAs (Deferred Tax Assets) which are convertible into tax credits;
• net gains (losses) on property, plant and equipment and intangible assets measured at fair value of nil as at 31 March 2024, compared to a contribution of EUR +0.1 million in the same period of 2023 and a contribution of EUR -24 million in the fourth quarter of 2023, posted following the half-yearly revaluation of real estate assets;
• gains (losses) on disposal of investments, amounting to EUR -6million as at 31 March 2024 as an effect of the completed sale of a property in the quarter, compared to nil in the same period of the previous year and in the previous quarter.

As a result of the above trends, the Group's pre-taxprofit for the period amounts to EUR 336 million, up from the EUR 220 million recorded in the same period of 2023 and down from the EUR 784 million in the fourth quarter of 2023.

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Taxes on profit (loss) for the period stand at EUR -4million (vs. EUR +15 million as at 31 March 2023), attributable to the taxation resulting from the profit for the period net of the DTA valuation gain.

As a result of the above trends, the Parent Company's profit for the period amounts to EUR 333 million as at 31 March 2024, compared to a profit of EUR 236 million as at 31 March 2023 and EUR 1,123 million in the previous quarter.

Group balance sheet aggregates as at 31 March 2024

The Group's total funding volumes as at 31 March 2024 amount to EUR 192.8 billion, an increase of EUR 5.3 billion from 31 December 2023. The increase was registered for both direct funding (EUR +2.1 billion) and indirect funding (EUR +3.2 billion).

The aggregate has also grown compared to 31 March 2023 (EUR +15.0 billion), both to the increase in both direct funding (EUR +8.7 billion) and indirect funding (EUR +6.3 billion).

Total commercial funding4, amounting to EUR 161.7 billion5 including customer deposits and indirect funding, is up +2.4% quarter-on-quarter and +7.8% versus March 2023.

Direct funding volumes stand at EUR 92.7 billion, an increase from the end of December 2023 (EUR +2.1 billion). The increase was mainly recorded in repo transactions (EUR +2.2 billion) and time deposits (EUR +1.4 billion), with a remix from current accounts (EUR -1.0 billion). A decrease was registered for bonds (EUR -0.6 billion), due to the maturity of EUR 1 billion of covered bonds and the issue of EUR 500 million of senior preferred bonds in the first quarter, while other forms of funding remained stable.

The aggregate is up compared to 31 March 2023 (EUR +8.7 billion) as a result of the increase in repo transactions (EUR +4.9 billion), time deposits (EUR +2.6 billion) and current accounts (EUR +0.9 billion).

Indirect funding stands at EUR 100.1 billion, up EUR 3.2 billion compared with 31 December 2023, both in terms of assets under management (EUR +1.2 billion) and assets under custody (EUR +2.0 billion). This development is due to both the positive market effect and the positive net flows recorded in the first quarter of 2024, the latter mainly relating to assets under management (as a result of renewed client interest in government bonds following the rise in yields).

The comparison with 31 March 2023 shows that indirect funding registers an increase (EUR +6.3 billion), on both in assets under custody (EUR +4.8 billion, mainly in government bonds) and assets under management (EUR +1.5 billion); the positive market effect and the positive net inflows in assets under custody also influenced this trend.

Indirect commercial funding6 stands at EUR 89.9 billion, up EUR +3.4 billion compared with 31 December 2023, due to the combined effect of the increase in assets under custody (EUR +2.1billion) and assets under management (EUR +1.2 billion).

1. Managerial data.
2. Net of repos.
3. Managerial data.

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The comparison with March 2023 shows that indirect commercial funding registers an increase (EUR +8.1 billion), owing largely to the growth in assets under custody (EUR +6.6 billion), mainly government bonds, and, to a lesser extent, in assets under management, which increased by EUR +1.6 billion.

As at 31 March 2024, the Group's customer loans amount to EUR 78.4 billion, up by EUR 1.6 billion compared with 31 December 2023, mainly driven by the increase in repo transactions (EUR +1.0 billion) and other forms of lending (EUR +0.4 billion). Current accounts remain relatively stable (EUR -0.1 billion), similarly largely stable are mortgages (EUR +0.2 billion) and non-performing loans (EUR +0.1 billion).

The aggregate is also higher compared with 31 March 2023 (EUR +0.7 billion). The increase in repo transactions (EUR +3.0 billion) and the rise in other forms of lending (EUR +0.4 billion) more than offset the decline in mortgages (EUR -2.2 billion), which were affected by the slowdown in demand and by the conservative approach adopted by the Bank. Current accounts also register a slight downturn (EUR -0.7 billion).

Performing loans7, amounting to EUR 69.3 billion, increased by +0.8% vs December 2023.

The Group's total amount of non-performing customer loans as at 31 March 2024 stands at EUR

3.6 billion in terms of gross exposure, slightly higher compared to both 31 December 2023 (EUR +0.2 billion) and 31 March 2023 (EUR +0.3 billion).

As at 31 March 2024, the Group's net exposure in terms of non-performingcustomer loans amounts to EUR 1.8 billion, largely in line with the levels recorded as at 31 December 2023 (EUR 1.8 billion) and up from 31 March 2023 (EUR 1.6 billion).

The coverage of non-performingloans as at 31 March 2024 stands at 49.5%, an increase compared with 31 December 2023 (at 49.1%). The trend is attributable to UTPs (whose coverage increased from 37.6% to 37.8%), while a slight decrease is registered in the coverage of bad loans (from 68.1% to 67.8%) and non-performing past due loans (from 21.7% to 21.3%).

As at 31 March 2024, the Group's securities assets amount to EUR 18.2 billion, up by EUR 0.9 billion compared to 31 December 2023, mainly due to the increase in financial assets held for trading (EUR 1.0 billion), which was related to market-making activities in government bonds. Financial assets measured at fair value through other comprehensive income register a slight decrease (EUR -0.1 billion), while other components remain broadly stable.

The aggregate is down from the value recorded as at 31 March 2023 (EUR -0.5 billion). The decrease in financial assets measured at fair value through other comprehensive income (EUR -1.3 billion), due to maturities in 2023, was partly offset by the increase in securities at amortised cost (EUR +0.6 billion), as a result of purchases of government bonds, and the increase in financial assets held for trading (EUR +0.3 billion).

The Group's net interbank position as at 31 March 2024 stands at EUR 5.6 billion in lending, against a lending position of EUR 2.2 billion as at 31 December 2023 and a funding position of EUR

4.5 billion as at 31 March 2023. The change from the previous quarter is mainly attributable to transactions with central banks. The reduction in funding, due to the maturity on 27 March 2024 of

7 Net of repos.

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the TLTRO tranche for EUR 2.5 billion (total outstanding TLTRO auctions as at 31 March 2024 amount to EUR 3.0 billion), was in fact only partially offset by access to MRO and LTRO auctions for approximately EUR 1 billion (total outstanding MRO and LTRO auctions as at 31 March 2024 amount to EUR 8.5 billion); liquidity deposited with central banks registers an increase (+1.8 billion euro on the Depo Facility).

The change compared to 31 March 2023 is also mainly due to funding from central banks, essentially reflecting the dynamics described above (TLTRO auction maturities only partially offset by the access to MRO and LTRO auctions and the increase in the Depo Facility).

The operational liquidity position as at 31 March 2024 shows an unencumbered counterbalancing capacity of approximately EUR 29.6 billion, largely in line with 31 December 2023 (at EUR 29.8 billion) and up from 31 March 2023 (at EUR 25.1 billion).

As at 31 March 2024, the Group's shareholders' equity and non-controllinginterests amount to EUR 10.3 billion, up by EUR 329 million from 31 December 2023, mainly thanks to the profit for the quarter.

Compared to 31 March 2023, the Group's shareholders' equity and non-controlling interests register an increase of EUR 2.2 billion, again almost entirely due to the profit achieved in 2023.

As regards capital ratios, the CET1 capital ratio as at 31 March 2024 stands at 17.9% (vs. 18.1% as at 31 December 2023) and the Total Capital ratio stands at 21.3% (vs. 21.6% as at 31 December 2023). The same ratios pro forma factoring in the first-quarter result and adjusting for the pro-rata deduction of the 2024 dividend of 50% of profit before tax, would be 18.2% and 21.6% respectively.

*****

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

*****

This press release will be available at www.gruppomps.it

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Income statement and balance sheet reclassification principles

Provided below are the balance sheet and income statement accounts reclassified on the basis of operating criteria, in order to provide information on the Group's general performance based on economic - financial data that can be rapidly and easily determined.

Information is provided below on the aggregations and main reclassifications systematically made with respect to the financial statements, as provided for by Circular no. 262/05, in compliance with the requirements of Consob communication no. 6064293 of 28 July 2006.

Please note that the balance sheet and profit and loss figures for the first quarter of 2024 and the comparative data for the first and third quarters of 2023 related to the insurance associates AXA MPS Assicurazioni Danni S.p.A. and AXA MPS Assicurazioni Vita S.p.A. are estimated by these companies using simplified proxies or calculation models due to the increased complexity of the accounting calculations under the IFRS 17 and IFRS 9 accounting standards compared to those under the previous IFRS 4 and IAS 39 accounting standards.

Finally, it should be noted that the reclassified statements, which have been prepared to provide a management commentary on the balance sheet and income statement figures, have not been audited by the Independent Auditors.

Reclassified income statement

The reconciliation criteria adopted for the preparation of the reclassified income statement are as follows:

Item "net interest income" includes item 10 "interest income and similar income" and item 20 "interest expense and similar charges".

Item "net fee and commission income" includes item 40 "fee and commission income", cleared of the cost for customer reimbursements (EUR -0.8 million), which was reclassified to "other net provisions for risks and charges" and item 50 "fee and commission expense".

Item "dividends, similar income and gains (losses) on investments" incorporates item 70 "dividends and similar income" and the share of profit for the period contributed by investments in the associates, equal to EUR 15.3 million, included under item 250 "gains (losses) on investments". The aggregate was furthermore cleared of dividends earned on securities other than equity investments (EUR +1.2 million), reclassified under "net profit (loss) from trading, financial assets/liabilities measured at fair value and gains from disposals/repurchases".

Item "net profit (loss) from trading, financial assets/liabilities measured at fair value and gains from disposals/repurchases" includes item 80 "net profit (loss) from trading", item 100 "gains (losses) on disposals/repurchases and 110 "net profit (loss) on financial assets measured at fair value through profit and loss", net of the contribution of loans to customers (EUR -0.5 million) and securities from the disposals/securitisations of NPLs (EUR -8.3 million) reclassified under "loan loss provisions". The item also includes dividends earned on securities other than equity investments (EUR +1.2 million).

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Item "net profit (loss) from hedging" includes item 90 "net profit (loss) from hedging".

Item "other operating income (expenses)" includes item 230 "other operating expenses (income)" net of recoveries of indirect taxes and duties and other expenses, which are stated under the reclassified item "other administrative expenses" (EUR 50.2 million).

Item "personnel expenses" includes the balance of item 190a "personnel expenses" from which charges of EUR 4.5 million, related to staff exits through the Early Retirement or Solidarity Fund Schemes, and charges of EUR 1.2 million, related to the closure of the Shanghai branch, have been separated and reclassified under "restructuring costs/one-off charges".

Item "other administrative expenses" includes the balance of item 190b "other administrative expenses", reduced by the following cost items:

• expenses, amounting to EUR 75.0 million, introduced for banks under the Deposit Guarantee Scheme (DGS), reclassified under "risks and charges related to the SRF, DGS and similar schemes";
• fee on DTAs (Deferred Tax Assets) convertible into tax credits, for EUR 15.3 million, reclassified under the item "DTA fees";
• charges of EUR 1.7 million related to the closure of branches and the Shanghai branch as well as additional project activities planned under the Business Plan commitments, which have been allocated to the reclassified item "restructuring costs/one-off costs".

This item also includes the indirect taxes and duties and other expenses recovered from customers (EUR 50.2 million), which are recognised under item 230 "other operating income/expenses" of the balance sheet.

Item "net value adjustments to property, plant and equipment and intangible assets" includes the amounts from items 210 "net adjustments to/recoveries on property, plant and equipment" and 220 "net adjustments to/recoveries on intangible assets". Adjustments of EUR 0.3 million related to branch closures have been separated from the aggregate and reclassified under the item "restructuring costs/one-off charges".

Item "cost of customer credit" includes the income statement components relating to loans to customers under item 110b "net profit (loss) on financial assets and liabilities measured at fair value" (EUR -0.5 million), 130a "net value losses/reversals for credit risk on financial assets measured at amortised cost" (EUR -111.0 million), 140 "modification gains/(losses) without derecognition" (EUR -2.2 million) and 200a "net provisions for risks and charges for commitments and guarantees issued" (EUR +16.3 million). The item also includes the P&L components relating to securities from disposal/securitisations of NPEs recognised under 110b "net profit (loss) on other assets financial assets measured at fair value" (EUR -8.3 million).

Item "net impairment (losses)/reversals on securities and bank loans" includes the portion relating to securities (EUR -0.8million) and loans to banks (EUR -0.1million) under item 130a "net impairment (losses)/reversals for credit risk of financial assets measured at amortised cost" and item

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