Annual Report 2023

This document is an additional version of the official version compliant with Delegated Regulation (EU) 2019/815 of the European Commission (ESEF Regulation - European Single Electronic Format) published on the website at group.intesasanpaolo.com.

This is an English translation of the original Italian document "Bilanci 2023". In cases of conflict between the English language document and the Italian document, the interpretation of the Italian language document prevails. The Italian original is available on group.intesasanpaolo.com.

This document contains certain forward-looking statements, projections, objectives, estimates and forecasts reflecting the Intesa Sanpaolo management's current views with respect to certain future events. Forward-looking statements, projections, objectives, estimates and forecasts are generally identifiable by the use of the words "may," "will," "should," "plan," "expect," "anticipate," "estimate," "believe," "intend," "project," "goal" or "target" or the negative of these words or other variations on these words or comparable terminology. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts, including, without limitation, those regarding Intesa Sanpaolo's future financial position and results of operations, strategy, plans, objectives, goals and targets and future developments in the markets where Intesa Sanpaolo participates or is seeking to participate.

Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements as a prediction of actual results. The Intesa Sanpaolo Group's ability to achieve its projected objectives or results is dependent on many factors which are outside management's control. Actual results may differ materially from (and be more negative than) those projected or implied in the forward-looking statements. Such forward- looking information involves risks and uncertainties that could significantly affect expected results and is based on certain key assumptions.

All forward-looking statements included herein are based on information available to Intesa Sanpaolo as of the date of approval of this document. Intesa Sanpaolo undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by applicable law. All subsequent written and oral forward-looking statements attributable to Intesa Sanpaolo or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements.

Ordinary Shareholders' Meeting

of 24 April 2024

Report and consolidated financial statements of the Intesa Sanpaolo Group 2023

Report and Parent Company's financial statements 2023

Intesa Sanpaolo S.p.A. Registered Office: Piazza S. Carlo, 156 10121 Torino Italy Secondary Registered Office: Via Monte di Pietà, 8 20121 Milano Italy Share Capital Euro 10,368,870,930.08 Torino Company Register and Fiscal Code No. 00799960158 "Intesa Sanpaolo" VAT Group representative Vat Code No. 11991500015 (IT11991500015) Included in the National Register of Banks No. 5361 ABI Code 3069.2 Member of the National Interbank Deposit Guarantee Fund and of the National Guarantee Fund and Parent Company of the banking group "Intesa Sanpaolo" included in the National Register of Banking Groups

Contents

The Intesa Sanpaolo Group

7

Board of Directors, Manager responsible for preparing the Company's financial reports and

11

Independent Auditors

Letter from the Chair

13

INTESA SANPAOLO GROUP REPORT ON OPERATIONS AND

CONSOLIDATED FINANCIAL STATEMENTS

Introduction

17

REPORT ON OPERATIONS

Overview of 2023

Income statement figures and Alternative Performance Measures

22

Balance sheet figures and Alternative Performance Measures

24

Alternative Performance Measures and other measures

25

Overview of 2023

28

The macroeconomic context and the banking system

65

Economic results and balance sheet aggregates

71

Breakdown of consolidated results by business area and geographical area

111

Corporate Governance and remuneration policies

147

Intesa Sanpaolo shares

163

Alternative Performance Measures and Other information

Alternative Performance Measures

171

Other information

176

Forecast for 2024

177

INTESA SANPAOLO GROUP CONSOLIDATED FINANCIAL STATEMENTS

Consolidated financial statements

Consolidated balance sheet

182

Consolidated income statement

184

Statement of consolidated comprehensive income

185

Changes in consolidated shareholders' equity

186

Consolidated statement of cash flows

188

Notes to the consolidated financial statements

Part A - Accounting policies

191

Part B - Information on the consolidated balance sheet

289

Part C - Information on the consolidated income statement

397

Part D - Consolidated comprehensive income

426

Part E - Information on risks and relative hedging policies

427

Part F - Information on consolidated capital

592

Part G - Business combinations

596

Part H - Information on compensation and transactions with related parties

600

Part I - Share-based payments

606

Part L - Segment reporting

610

Part M - Disclosure of leases

614

5

Contents

Certification of the Consolidated financial statements pursuant to Art. 154 bis of

619

Legislative Decree 58/1998

Independent Auditors' Report on the Consolidated financial statements

621

Attachments to the Consolidated financial statements

631

REPORT AND PARENT COMPANY'S FINANCIAL STATEMENTS

REPORT ON OPERATIONS

Financial highlights, Alternative Performance Measures and other measures

668

The Parent Company Intesa Sanpaolo results

672

Other information

682

Forecast for 2024

683

Proposals to the Shareholders' Meeting

685

PARENT COMPANY'S FINANCIAL STATEMENTS

Financial statements

Balance sheet

692

Income statement

694

Statement of comprehensive income

695

Changes in shareholders' equity

696

Statement of cash flows

698

Notes to the Parent Company's financial statements

Part A - Accounting policies

701

Part B - Information on the Parent Company's balance sheet

761

Part C - Information on the Parent Company's income statement

816

Part D - Comprehensive income

833

Part E - Information on risks and relative hedging policies

834

Part F - Information on capital

886

Part G - Business combinations

889

Part H - Information on compensation and transactions with related parties

890

Part I - Share-based payments

897

Part L - Segment reporting

901

Part M - Disclosure of leases

902

Certification of the Parent Company's financial statements pursuant to art. 154 bis of

907

Legislative Decree 58/1998

Independent Auditors' Report on the Parent Company's financial statements

909

Attachments to the financial statements

919

Contacts

945

Financial calendar

949

6

THE INTESA SANPAOLO GROUP

7

The Intesa Sanpaolo Group: presence in Italy

Banks

NORTH WEST

Branches

1,070

NORTH EAST

Branches

702

CENTRE

Branches

715

SOUTH

Branches

623

ISLANDS

Branches

213

Figures as at 31 December 2023

Product Companies1

Bancassurance and Pension Funds

Consumer Credit 2

Asset Management

Fiduciary Services

  1. Factoring and Leasing activities are carried out directly by Intesa Sanpaolo S.p.A., the Parent Company
  2. Consumer Credit activities are also carried out directly by Intesa Sanpaolo S.p.A., the Parent Company

8

Attachments

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Disclaimer

Intesa Sanpaolo S.p.A. published this content on 24 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 April 2024 15:02:41 UTC.