In 2024, global economy recorded solid growth, with declining inflation and positive equity market performance, especially in the United States. Central banks began to ease their monetary policies: the ECB cut key interest rates four times for a total of 100 basis points, while the Federal Reserve made three cuts. Easing monetary policies and expectations for further interest rate cuts in Europe have led to a favourable context for Italian households' demand for financial advisory and asset management products.

Banca Generali was able to promptly seize the opportunities offered by the new market context, focusing on consistent growth and exceeding 6.6 billion euro net inflows, with total client assets managed and administered at 103.8 billion euros. The increase in commercial activities was accompanied by profitable growth: the Bank's net profit rose by 32% to 431 million euros, setting an all-time high for both the recurring and total components. The Bank's traditional capital solidity continued to strengthen as well. Total Capital Ratio was 24.4%, or nearly 12 pps above the specific capital requirement. In light of these results, the Board of Directors proposed to distribute a 327 million euro cumulative dividend totally paid in cash.

The satisfaction for the last year's results is compounded by that for the end of the 2022-2024 Strategic Plan, which aimed at steering Banca Generali along a path of sustained, sustainable and profitable growth, in line with its history. With regard to the results for the three-year period, the Company recorded cumulated net inflows of 18.2 billion euros, with an average 24% increase in net profit, and is going to distribute total cumulative dividends of 8.5 euros per share1 . These figures mark the achievement of the Strategic Plan's ambitious targets, confirming the Bank's resilience and its ability to overcome complex and challenging economic periods, as was the case in the 2022-2023 two-year period.

Beside focusing on financial growth, Banca Generali developed multiple strategic initiatives to strengthen its value of service, with particular reference to solutions dedicated to Private and HNW customers and, more generally, to entrepreneurial families. In addition, in the past three years, the Bank has become increasingly data-driven, implementing data-analytics tactics to support its Financial Advisors' development and productivity. The creation of an advanced data governance, data management and data warehouse structure puts the Company in an ideal position to exploit the opportunities offered by AI application at times of accelerated technological development.

The year 2024 also marked an important step forward in terms of international expansion. After receiving the Swiss Regulator's authorisation, BG Suisse obtained the Bank of Italy's authorisation to operate in Italy under the Free Provision of Services regime which, combined with the investment services provided by Banca Generali in Italy, represents a unique offering in the Italian landscape.

Intermonte, a historical Italian brokerage firm with extensive expertise in advisory for Italian SMEs, was acquired through the voluntary tender offer launched in September 2024 and finalised in just five months with delisting at the beginning of 2025. This acquisition will further catalyse the Bank's growth and profitability in the coming years.

The Annual Integrated Report 2024 includes the Sustainability Statement pursuant to Directive (EU) 2022/2464 (Corporate Sustainability Reporting Directive – CSRD), in its first year of application. One of the main requirements introduced by the new Directive is the double materiality analysis, which has identified as Banca Generali priorities climate change mitigation, the enhancement of Human Capital, the enhancement of Financial Advisors, cybersecurity and data protection with regard to customers, wealth protection and value of service. Besides being relevant for the purposes of this Report, these topics are especially fundamental for identifying and addressing Banca Generali's strategic topics in the years to come, so as to define its stakeholder commitment in an increasingly thorough manner.

As the administrative, management and supervisory bodies deem sustainability matters central to the definition of the Company's strategy and management, the ESG reporting tools Sustainability Dashboard and Climate Risk Assessment have been formalised for the Board of Directors and Board Committees to be able to monitor ESG KPIs and assess climate-related and environmental risks. In 2024, the Board of Directors monitored and approved the integration of the Action Plan, related to the Bank of Italy's supervisory expectations for climate-related and environmental risks. At the beginning of 2025, the Board also approved the new Climate Transition Plan, which sets new ambitious GHG emission reduction targets for both operational activities and corporate issuers to be reached by 2030, and the Net Zero target by 2040.

As regards the People Strategy policies, the Bank focused on consolidating the sense of belonging, promoting constant alignment between project and business activities, and fostering an inclusive work environment that values uniqueness. Its commitment towards all BG People is clearly reflected in the acceleration of training programmes, which despite their already excellent quality improved even further. Specifically, training programmes focused on regulatory matters and on cybersecurity, innovation, AI and digital skills — including in particular training on Microsoft Copilot Edge — and the development of behavioural and managerial competencies. Overall, 70,749 training hours were provided in 2024, up by 7% compared to 2023 and by 18% on 2022. Besides Employees, the focus on training also extends to Financial Advisors, who were involved in managerial and relationship training programmes aimed at strengthening their role and enhancing their technical-commercial skills, so as to better meet customers' needs with an increasingly holistic approach, in line with regulatory developments. Among these programmes, the innovative My Academy project with its strategic training courses, the support for obtaining EFPA ESG Advisor certification offered to a cluster of selected Financial Advisors specialised in sustainability matters, and the BG Lab training platform with its renewed content and user experience proved particularly effective.

In line with the commitments undertaken at the launch of the 2022-2024 Strategic Plan, at the end of the year 60% of hirings was under 35 years, 95% of people was involved in sustainability-related initiatives and 99% in digital-related initiatives. Hybrid work was fully confirmed for 100% of eligible employees. We are also particularly proud of having obtained Gender Equality Certification, which confirms the Bank's attention to equal opportunities policies and to the creation of a work environment based on respect and continuous skill development to guarantee a work experience that always puts people at the centre.

I would also like to highlight that the 2024 Global Engagement Survey conducted on all the Banca Generali Group employees recorded a participation rate of 96% and an engagement score of 86%, testifying once again that the Bank's overall goals and values are broadly shared and highlighting a strong sense of belonging and sharing of the corporate culture, which have always been distinctive factors of our organisation.

Among the recognitions that Banca Generali received in 2024, I would like to mention the “Best Private Bank in Italy”, bestowed at the prestigious Global Private Banking Awards (FT Group's PWM) for the sixth time in the past eight years, and the “Best Financial Advisor Network for Customer Satisfaction” award received by Deutsche Institut für Qualität und Finanzen (ITQF) for the eleventh consecutive year. These recognitions confirm the Banking Group's high reputation and our customers' appreciation, and reward our constant commitment to offering an excellent service, as testified by the ratings received and by our undeniable commercial success.

To conclude, I would like to thank all the Financial Advisors, Employees, the Chief Executive Officer and his management team, whose work and dedication led to the successful achievement of all the Strategic Plan's targets. I wish them to forge ahead with this path of sustained, profitable and remunerative growth through 2025 and in the future.

I would also like to sincerely thank my colleagues, the members of the Board of Directors, and the members of the Board of Statutory Auditors for their valuable contribution in terms of experience, expertise and strategic vision that, year after year, support Banca Generali's development towards increasingly significant objectives.

The best results in our history were achieved at the end of a three-year path that has led us to overcome multiple issues, achieving and exceeding all the targets we had set for ourselves. Despite market volatility and delays in launching the Swiss project, we were able to record doubledigit growth in all the main items, further confirming the quality and sustainability of our business model. The acceleration in higher added-value inflows from our investment solutions reflects the excellence of both our solutions and our bankers. The FA Network continues to expand, as we are able to attract experienced professionals and to provide dedicated paths for young talents. Our innovative products and projects, starting from the integration of AI in our operating processes and the potential offered by the Intermonte transaction, make our approach to households, entrepreneurs and enterprises even more distinctive and unique. On this basis, we are laying the foundations for a new, ambitious growth phase that will lead us to be increasingly seen as a benchmark in our role as the first fully-fledged AI private and investment bank. We are looking with great confidence and enthusiasm to future challenges.