FinecoBank S p A : PR - FinecoBank 1H 2021

Results at June 30th, 2021 approved

FINECO, GROWTH IS EVEN STRONGER IN THE FIRST HALF OF THE YEAR

SOLID PUSH COMING FROM THE BANK'S FINTECH DNA,

NETWORK PRODUCTIVITY IN CONSTANT INCREASE

• Strong growth in net profit thanks to the diversified business model:
• • • 
      €184.6 million (+2.0% y/y1)
    • Revenues: €403.5 million (+3.0% y/y1)
    • • Cost/income ratio: 31.3%
    • Solid capital position: CET1 at 18.59%2
  • Dividend proposal on the 2019/2020 net profit: €0.53 per share

Milan, August 3rd, 2021

The Board of Directors of FinecoBank S.p.A. has approved the results as of June 30th, 2021. Alessandro Foti, CEO and General Manager of FinecoBank, stated:

"We are satisfied with our first half results, which confirm a turning point for the Bank and its ability to grow in every market phase. The constant improvement of our personal advisors' network and the initiatives set up over the first six months of the year are the result of a strategy aimed at satisfying even the most sophisticated financial needs of our customers. The net sales results show a significant growth of the asset management area, a trend that we expect to continue in the coming years, also thanks to the increasingly strong contribution of Fineco Asset Management. In the first six months of the year, we pursued the continuous innovation of our products and services offer, while remaining faithful to our pillars of transparency, efficiency and sustainability, which are part of our DNA. This has allowed us to enter a new dimension of growth, leveraging the structural trends, such as digitalization and strong request for financial advisory, which are at the heart of our growth and lead us to be optimistic about the future".

1. Figures net of non-recurring items recorded in the first half of 2021: +32.0 million net related to the fiscal realignment of the intangible asset recorded in Financial Statement as of December 31st, 2019, under the art. 110 of the Legislative Decree 104/2020.
   Figures net of non-recurring items recorded in the first half of 2020: €-1.2 million gross (€-0.8 million net) valuation related to the Voluntary Scheme fair value, of which €-1.2 million gross (€-0.8 million net) in the first quarter of 2020. In order to give a better representation of Investing revenues, we have recasted into Investing Net commissions: 1)
   "Other expenses/income", represented by costs efficiencies by Fineco Asset Management; 2) "Other Administrative expenses", represented by costs related to the Network of PFAs (recruiting, loyalty, FIRR, Enasarco).
2. Net of the dividend proposal on the 2019/2020 net profit, that today the Board of Directors proposed to the Shareholders' Meeting for the distribution in the fourth quarter of 2021

1

1H21 HIGHLIGHTS

FINECOBANK

• Revenues1 at €403.5 million, +3.0% y/y led by the Investing area (+22.7% y/y), thanks to the growing contribution of Fineco Asset Management, to the increase of Asset under Management, and to the increase in Investing net margins
• Operating costs at €126.1 million, +7.7% y/y (+4.7% y/y3). Please note that non HR costs in the first half of 2020 were lower compared to the average in the period 2010-2019due to the strict lockdown in place in Italy. Cost/Income ratio1 at 31.3%, confirming the Bank's operational efficiency
• Net profit1 reached a new record-high at €184.6 million, up +2.0% y/y compared to the first half of 2020 (which was the best result ever), despite €-7.7million contribution to systemic charges (€-0.9in 1H20)
• TFA at €101.4 billion, +22.7% y/y thanks to the contribution of high quality net sales, equal to €5.8 billion (+21.8% y/y). Net sales in Asset Under Management stood at €4.0 billion compared with €1.6 billion in the same period of 2020
• FAM exceeds €20 billion of TFA, of which €13.2 billion in retail classes (+48.1% y/y), and it is preparing a strategic discontinuity, by taking more control of the value chain
• 66,277 new customers acquired, +45.4% y/y

UPDATE

INIZIATIVE

• Activities continued to develop Fineco Asset Management. After the strong interest by clients for its new FAM Target China, the Asset Management company has launched a new investment solutions to offer a gradual exposure towards global ESG equity. Furthermore, in 2021 Fineco Asset Management will widen its offer with new equity and sustainable solutions, confirming its increasing capacity to promptly and effectively respond to customer needs
• Fineco keeps on developing its UK offer, with the launch of ISA products and the progressive widening of its Investing offer on the platform
• The process of reshape of the brokerage offer is continuing with the launch of new products and services (Asian markets, CFD, new release of the platform PowerDesk). We are in the authorization process for the launch of the leveraged certificates, at the end of which the Bank will become issuer, market maker and distributor through its platform, vertically integrating the business

TOTAL FINANCIAL ASSETS AND NET SALES

Total Financial Assets (TFA) at June 30th, 2021 amounted to €101.4 billion, up 22.7% compared to June 2020. Stock of Assets under Management was €51.4 billion, up 28.2% y/y, assets under custody amounted to €21.8 billion (+32.0% y/y), while the stock of direct deposits amounted to €28.3 billion (+8.4% y/y).

3 Net of costs strictly related to the growth of the business, mainly: marketing expenses not fully in place in 1H20 (-1.7 mln y/y, mainly related to UK), FAM (-1.4mln y/y)

2

In particular, the TFA related to Private Banking customers, i.e. with assets above €500,000, totalled €44.8 billion, up by 35.5% y/y.

In the first half of 2021, inflows totalled €5.8 billion (+21.8% y/y), again proving to be solid, of high quality, and not requiring recourse to short-term commercial policies. The asset mix shifted positively towards asset under management, standing at €4.0 billion (+152% y/y). Assets under custody amounted to €1.5 billion (- 42.5% y/y), while direct deposits were equal to €0.3 billion (-54.5% y/y).

Since the start of the year, inflows into "Guided products & services" reached €3.7 billion, confirming customer appreciation.

The ratio of Guided Products compared to total AuM rose to 75% compared to 72% in June 2020.

On June 30th, 2021 the network was composed of 2,731 personal financial advisors operating across the country through 414 Fineco Centers. Inflows in the first six months of the year through the PFA network were €5.5 billion.

As at June 30th, 2021, Fineco Asset Management managed €20.3 billion of assets, of which €13.2 billion were retail class (+48.1% y/y) and around €7.1 billion institutional class (+33.9% y/y).

In the first half of 2021, 66,277 new customers were acquired, growing by 45.4% y/y. The total number of customers as at June 30th, 2021 was 1,403,968.

MAIN INCOME STATEMENT RESULTS AT 30.06.2021

Figures and variations in this section are shown net of non-recurring items1

In order to give a better representation of Investing revenues, we have recasted into Investing Net commissions: 1) "Other expenses/income", represented by costs efficiencies by Fineco Asset Management;

1. "Other Administrative expenses", represented by costs related to the Network of PFAs (recruiting, loyalty,
   FIRR, Enasarco, other). Reconciliation below in the table.

3

mln	1Q20	2Q20		1Q21	2Q21		1H20	1H21		1H21/		2Q21/	2Q21/
Adj. (1)	Adj. (1)		Adj. (1)	Adj. (1)		Adj. (1)	Adj. (1)		1H20		2Q20	1Q21
Net financial income	72.0	75.1	75.1	72.8	147.0	147.9	0.6%	-3.0%	-3.0%
o/w Net interest income	68.2	70.1	61.8	62.5	138.2	124.3	-10.0%	-10.8%	1.1%
o/w Profit from treasury	3.8	5.0	13.2	10.3	8.8	23.6	167.1%	106.2%	-22.2%
Net commissions	95.9	98.6	108.1	106.3	194.5	214.3	10.2%	7.7%	-1.7%
Trading profit	23.8	25.1	23.9	16.7	48.9	40.6	-16.9%	-33.5%	-30.2%
Other expenses/income	0.6	0.8	0.5	0.1	1.4	0.6	-53.8%	-84.3%	-74.8%
Total revenues	192.2	199.6		207.6	195.9		391.8	403.5		3.0%		-1.9%	-5.6%
Staff expenses	-24.0	-24.9	-26.2	-26.7	-48.9	-52.9	8.2%	7.2%	1.7%
Other admin.expenses	-27.4	-28.5	-30.6	-29.9	-55.9	-60.6	8.4%	5.2%	-2.2%
D&A	-6.1	-6.2	-6.3	-6.4	-12.3	-12.7	3.2%	2.8%	1.7%
Operating expenses	-57.5	-59.6	-63.1	-63.0	-117.0	-126.1	7.7%	5.8%	-0.2%
Gross operating profit	134.8	140.0		144.5	132.9		274.8	277.4		0.9%		-5.1%	-8.0%
Provisions	-1.1	-6.5	-8.2	-5.8	-7.6	-14.0	83.7%	-11.1%	-29.7%
LLP	-1.0	-2.7	-0.5	-1.2	-3.7	-1.7	-54.0%	-55.3%	n.s.
Profit from investments	-0.1	-3.7	-0.6	1.8	-3.8	1.2		n.s.		n.s.	n.s.
Profit before taxes	132.6	127.1		135.2	127.7		259.7	262.9		1.2%		0.5%	-5.5%
Income taxes	-40.4	-38.3	-40.4	-37.8	-78.7	-78.2	-0.6%	-1.3%	-6.4%
Net profit adjusted (1)	92.2	88.7		94.7	89.9		181.0	184.6		2.0%		1.3%	-5.1%
Reconciliation (mln)	1Q20	2Q20		1Q21	2Q21		1H20	1H21		1H21/		2Q21/	2Q21/
Adj. (1)	Adj. (1)		Adj. (1)	Adj. (1)		Adj. (1)	Adj. (1)		1H20		2Q20	1Q21
Net commissions	-9.1	-6.1	-10.7	-7.5	-15.2	-18.1		n.s.		n.s.	n.s.
Other expenses/income	0.0	0.0	0.0	-0.6	0.0	-0.6		n.s.		n.s.	n.s.
Other admin.expenses	9.1	6.1	10.7	8.1	15.2	18.8		n.s.		n.s.	n.s.

Revenues for the first half of 2021 totalled €403.5 million, up 3.0% compared to €391.8 million in the same period of the previous year.

Net Financial income stood at €147.9 million, up by 0.6% compared to €147.0 million as of June 30th 2020 thanks to the Profits from Treasury Management, which more than offset the decrease in Net interest income due to the fall in market interest rates.

Net commissions at June 30th 2021 stood at €214.3 million, up 10.2% from €194.5 million at June 30th 2020. This increase is mainly due to the rise in net commissions in the Investing area (+22.7% y/y) thanks to the volume effect and to the increased contribution of Fineco Asset Management. Banking fees grew at €22.7 million (+10.0% y/y), while Brokerage net commissions stood at €69.7 million, down 6.6% y/y mainly due to the lower volatility in the period compared to the peak registered in brokerage in the first half of 2020.

Trading profit amounted to €40.6 million net of Profits from Treasury Management, decreasing (-16.9% y/y) mainly due already mentioned lower volatility compared to the peak registered in the first half of 2020.

Operating costs in the first half of 2021 were well under control at €126.1 million, up 7.7% y/y mainly due to lower level of costs in the first half of 2020 due to the strict lockdown in Italy and due to expenses strictly related to the growth of the business: net of this, the growth of operating costs is equal to 4.7% y/y.

Staff expenses totalled €52.9 million, increasing by €4.0 million due to the increase in the number of employees, which rose from 1,244 as of June 30th, 2020 to 1,280 as of June 30th, 2021, due to the gradual internalisation of some services following the exit from the UniCredit Group and to our Irish company Fineco Asset Management, which will further improve the efficiency of the value chain in the Investing area.

The cost/income ratio net of non-recurring items1 was equal to 31.3%.

Gross operating profit came to €277.4 million, up by 0.9% y/y.

4

Other charges and provisions in the first half of 2021 totalled €-14.0 million compared to €-7.6 million in the same period of 2020, mainly due to the contribution to the Single Resolution Fund (€-7.7 million in the first half of 2021, compared to €-0.9 million in the first half of 2020).

Loan loss provisions amounted to €-1.7 million. The cost of risk is 7 basis points.

Profit on Investments amounted to €1.2 million, after the improvement of the updated macroeconomic scenario as required under IFRS9, which led to write-backs in the second quarter of 2021, mainly on the Bank's government and exposures.

Profit before taxes amounted to €262.9 million, up by 1.2% compared to €259.7 million in the first half of 2020.

Net profit for the period was equal to €184.6 million, up by 2.0% y/y.

MAIN INCOME STATEMENT RESULTS FOR THE SECOND QUARTER 2021

Revenues are equal to €195.9 million, down by 5.6% compared to the previous quarter and by 1.9% compared to the second quarter of 2019.

Net Financial income stood at €72.8 million, down by 3.0% compared to the previous quarter and to the same period of 2020.

Net commissions stood at €106.3 million, slightly decreasing compared to €108.1 million in the first quarter of 2021 and increasing by 7.7% compared to the 98.6 million recorded in the second quarter of 2020, mainly thanks to the Investing commissions (€65.0 million in the quarter, +13.7% q/q and +31.7% y/y).

Trading profit net of Profits from Treasury Management amounted to €16.7 million, down compared to €23.9 million in the previous quarter and to €25.1 million in the second quarter of 2020, mainly due to the lower Brokerage revenues due to the lower market volatility.

Operating costs in the second quarter of 2020 totalled €63.0 million, down by 0.2% compared to the previous quarter, and up by 5.8% y/y mainly due to the abovementioned higher expenses strictly related to the growth of the business.

Operating profit was equal to €132.9 million, down compared to €144.5 million in the first quarter of 2021 and to €140.0 million in the second quarter of 2020.

Other charges and provisions in the second quarter of 2021 totalled €-5.8 million.

Loan loss provisions amounted to €-1.2 million.

Profit on Investments amounted to €1.8 million, thanks to the abovementioned improvement of the macroeconomic scenario.

Profit before taxes amounted to €127.7 million, decreasing compared to €135.2 million in the previous quarter and up compared to 127.1 million in the same period of 2020.

5