CONSOLIDATED INTERIM REPORT AT 31 MARCH 2023

CONSOLIDATED INTERIM

REPORT

AT 31 MARCH 2023

Joint-stock company

Head Office and General Management: I – 23100 Sondrio SO – Piazza Garibaldi 16

Tel. 0342 528.111 – Fax 0342 528.204

Websites: https://www.popso.it – https://istituzionale.popso.it

E-mail info@popso.it – Certified e-mail (PEC): postacertificata@pec.popso.it

Entered in the Sondrio Companies Register No. 00053810149 – Official List of Banks No. 842 Parent company of the Banca Popolare di Sondrio Banking Group, entered in the Official List of Banking Groups No. 5696.0 – Member of the Interbank Deposits Protection Fund

Tax code and VAT number: 00053810149

Share capital: € 1,360,157,331 – Reserves: € 1,385,452,113 (Figures approved at the Shareholders’ meeting of 29 April 2023)

Rating:

• Rating issued to Banca Popolare di Sondrio by Fitch Ratings on 27 July 2022:
• • Long-termIssuer Default Rating (IDR): BB+
  • Short-termIssuer Default Rating (IDR): B
  • Viability Rating: bb+
  • Government Support Rating: n.a.
  • Long-termDeposit Rating: BBB-
  • Short-termDeposit Rating: F3
  • Senior Preferred Debt: BB+
  • Subordinated Tier 2 Debt: BB-
  • Outlook: Stable.
• Rating issued to Banca Popolare di Sondrio by DBRS Morningstar on 14 November 2022:
• • Long-TermIssuer Rating: BBB (low)
  • Short-TermIssuer Rating: R-2 (middle)
  • Intrinsic Assessment: BBB (low)
  • Support Assessment: SA3
  • Trend: Stable
  • Long-TermDeposit Rating: BBB
  • Short-TermDeposit Rating: R-2 (high)
  • Long-termSenior Debt: BBB (low)
  • Short-termDebt: R-2 (middle)
  • Subordinated Debt: BB
• Rating issued to Banca Popolare di Sondrio by Scope Ratings on 14 March 2023:
• • Issuer rating: BBB
  • Outlook: Stable

* Members of the Executive Committee

** Member of the Executive Committee and Secretary of the Board of Directors

Banca Popolare di Sondrio

Consolidated interim report at 31 March 2023

INTRODUCTION

Legislative Decree No. 25 of 15 February 2016, which amended the Consolidated Law on Finance, abolished the disclosure requirements for the first and third quarters of the year to which issuers were subject, without prejudice to the possibility given to Consob to provide for additional periodic disclosure obligations for issuers.

Consob has provided the option for listed companies to choose whether or not to publish additional periodic financial information.

Our Group decided to give priority to market disclosure and therefore, in continuity with the past, this consolidated interim report as at 31 March 2023 has been prepared in accordance with the recognition and measurement criteria set forth in the IAS/IFRS adopted by the European Community at present.

This consolidated interim report has not been independently audited.

BASIS OF PREPARATION

The financial statements included in the consolidated interim report conform to the mandatory financial statement formats provided for by Bank of Italy Order No. 262 of 22 December 2005, 8th update of 17 November 2022.

In the reporting period, the accounting standards adopted remained essentially unchanged from the previous year.

For detailed information concerning the application of accounting standards, please refer to the consolidated financial statements as at 31 December 2022.

In the financial statements, values are expressed in thousands of euro.

The balance sheet is compared with the balance sheet in the financial statements as at 31 December 2022.

The income statement is compared with the income statement for the period ended 31 March

2022.

The preparation of the consolidated interim report usually requires a more extensive use of estimation methods than the annual report with respect to both asset and liability items and income statement items.

THE BANCA POPOLARE DI SONDRIO BANKING GROUP

The Banca Popolare di Sondrio Banking Group comprises:

Parent Company:

Banca Popolare di Sondrio spa – Sondrio;

Group Companies:

Banca Popolare di Sondrio (SUISSE) SA – Lugano CH.

The Parent Company holds all the capital of Banca Popolare di Sondrio (SUISSE) SA, 180,000,000 CHF.

Factorit spa – Milan.

The Parent Company holds the entire capital of Factorit spa, 85,000,002 euro.

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Banca Popolare di Sondrio

Consolidated interim report at 31 March 2023

Sinergia Seconda srl – Milan

The Parent Company holds all the capital of Sinergia Seconda Srl, 60,000,000 euro.

Banca della Nuova Terra spa – Sondrio

The Parent Company holds all the capital of Banca della Nuova Terra spa, 31,315,321 euro.

PrestiNuova srl – Agenzia in Attività Finanziaria – Rome.

Banca della Nuova Terra spa holds all the capital of PrestiNuova srl – Agenzia in Attività Finanziaria, 100,000 euro.

Popso Covered Bond srl – Conegliano (Tv).

The Parent Company holds 60% of the capital of Popso Covered Bond srl, 10,000 euro.

SCOPE OF CONSOLIDATION AND METHODOLOGY

The interim report presents the economic and financial position at 31 March 2023 of the Banca Popolare di Sondrio Banking Group, which comprises the Parent Company, Banca Popolare di Sondrio (SUISSE) SA, Factorit spa, Sinergia Seconda srl, Banca della Nuova Terra spa, PrestiNuova srl

• Agenzia in Attività Finanziaria and Popso Covered Bond srl and the entities that are controlled by the Group pursuant to IFRS 10.
  The following companies have been consolidated on a line-by-line basis:

EQUITY INVESTMENTS CONSOLIDATED LINE BY LINE

The Parent Company holds 100% of Fondo Immobiliare Centro delle Alpi Real Estate and consolidates it line by line.

The scope of consolidation also includes the investees where the Parent Company exercises a significant influence in that the shareholding is between 20% and 50%; or, even if it has an interest of less than 20%, if one or more of the following circumstances apply:

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