Credito Emiliano S p A : Credem, the Board of Directors approved the Individual and Consolidated Financial Statements as at 31 December 2023

PRESS RELEASE

CREDEM, THE BOARD OF DIRECTORS APPROVED THE

INDIVIDUAL AND CONSOLIDATED FINANCIAL STATEMENTS AS AT 31 DECEMBER 2023. NET PROFIT AT €562.1 MILLION (+72.4%), DIVIDEND €0.65 (€0.33 IN 2022)

Today, the Board of Directors of Credem, chaired by Lucio Igino Zanon di Valgiurata, approved the individual and consolidated financial statements as at 31 December 2023, fully confirming the preliminary results communicated on 8 February(1).

In detail, 2023, closed with a consolidated net profit of €562.1 million, +72.4% compared to €326.1 million in the same period of 2022(2), customer deposits(3) stood at €96.5 billion (+8.7% compared to the previous year(2)), loans(3) at €35.7 billion (+3.6% compared to the same period of 2022) and the new customers were nearly 170,000 (+33% compared to new customers at the end of December 2022)(4). The results showed the effectiveness of the Group's development and growth model which aims at a broad diversification of revenue sources and is capable of creating sustainable value and well-being over time for customers, people, shareholders and the community.

The capital soundness, the asset quality and the excellent results achieved allowed the proposal of a dividend distribution equal to €0.65 per share compared to €0.33 of 2022. In detail, the dividend will be distributed in two phases, the first for an amount of €0.45 per share (payable starting from 15 May 2024 with coupon detachment on 13 May 2024 and record date on 14 May 2024), the second(5) for an amount of €0.20 per share (payable starting from 16 October 2024 with coupon detachment on 14 October 2024 and record date on 15 October 2024). The total dividend amount, therefore, amounts to €221.4 million, over €500 million in the last five years. The financial statements will be submitted to the approval of the Shareholders' Meeting to be held on 24 April 2024.

Remuneration plans based on financial instruments

The Board of Directors at its meeting on 7 March 2024 agreed to propose the remuneration system based on financial instruments called the "Piano Incentivante 2024" (Incentive Plan 2024) to the Shareholders' Meeting of 24 April 2024. The purpose of the Incentive Plan is to incentivize and loyalize the "key people" of the Group in compliance with the regulatory framework of the banking sector. The plan will involve 4 executive officers, the General Manager, 16 executives with specific strategic duties and other managers recognized as "key people" for the company (29 managers). In detail, the plan provides for a free of charge assignment of Credito Emiliano S.p.A.'s ordinary shares which total amount consists of more than 50% of the incentives to be deferred on a timeframe of 5 years for the "key people" so-called "Top" and 4 years for the remaining "key people". The assignment would take place whilst in employment and subject to the achievement of a predefined set of individual and collective goals, as detailed in the "Documento Informativo" related to the plan. Being the trigger of the plan subordinated to the achievement of future targets, the information regarding the maximum number of financial instruments that must be allocated will be disclosed, in compliance with the regulation, only after they will become available for the company itself.

Also considering the recommendation of the Remuneration Committee held on 5 March 2024, in the same session the Board of Directors checked the need requirements for activating the "Piano

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PRESS RELEASE

Incentivante 2023", for a maximum number of Credito Emiliano S.p.A.'s ordinary shares assigned amounting to No 468,087. Further details related to the above-mentioned plans are illustrated in tables attached to the "Relazione annuale dell'assemblea degli azionisti relativa alle politiche di Remunerazione di Gruppo". The "Documento informativo relativo al Piano Incentivante 2024 basato su azioni" will be made available to shareholders at the registered office and on corporate website www.credem.it - page "Chi Siamo - Assemblee" from 15 March 2024; the "Relazione sulla Politica di Gruppo in materia di Remunerazione e Incentivazione e sui Compensi Corrisposti", issued as recommended by the current regulation for the discipline about this matter, will be made available to the shareholders at the registered office and on corporate website www.credem.it - page "Chi Siamo - Assemblee" from 3 April 2024.

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In accordance with paragraph 2 of Article 154-bis of the Consolidated Law on Finance (D. Lgs. 58/98 "Testo Unico delle disposizioni in materia di intermediazione finanziaria"), the Financial Reporting Manager Paolo Tommasini declares that the accounting information, both individual and consolidated, contained in this press release corresponds to document results, books and accounting records.

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For additional information about Credem and the other companies in the Group, please visit www.credem.it.On the Investor Relations page it is available the presentation of consolidated results as at 31 December 2023.

(*) ALTERNATIVE PERFORMANCE INDICATORS

Credem Group adopts a set of alternative performance measures ("APMs") in order to enhance a deeper comprehension of the information regarding the economic and financial trends. At the following linka table illustrating the definition and the calculation of each APM used by the Group is available, as well as a reconciliation with the lines in the financial reports and related comments.

NOTES

1. preliminary annual results released on 8 February 2024, press releaseCredem, preliminary results 2023
2. the data for 2022 have been restated by incorporating the effects of the application of the new accounting standards IFRS9 and 17 for insurance companies;the detail of 2022 banking fees and AUM fess was also restated in order to incorporate in a more analytical way the fees related to the payment service components, current accounts and other residual commissions;
3. loans do not include repos, in the technical form of repurchase agreements, to the Compensation and Guarantee Fund, and at December 2023 the securities valued at amortized cost, equal to €7,140.1 million. Repurchase agreements are excluded from total direct deposits, while the contribution of the companies belonging to the banking group is included. Insurance deposits include technical provisions and financial liabilities valued at the fair value of Credemvita. For customer deposits, bonds issued on institutional markets and indirect funding of a financial nature are deducted for all reference periods. Insurance reserves are also included in total customer deposits; finally the counterpart to the capitalization of properties and cars for rent (IFRS16) is excluded for approximately €135.8 million; total net inflows include direct and indirect funding from customers;
4. the figure refers to new customers acquired by Credem, Credem Euromobiliare Private Banking and Avvera;
5. the dividend component of €0.20 per share is not to be considered "extraordinary" for stock market purposes.

Reggio Emilia, 8 March 2024

	CREDITO EMILIANO SPA
	(The Chairman)
	Lucio Igino Zanon di Valgiurata
	CONTACTS
Media relations Credem	Investor relations Credem
+39.0522.582075 - +39.02.77426202	+39.0522.583076
[e-mail]	[e-mail]
	www.credem.it

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