Exhibit 99.7

Interim Financial Report

Monte dei Paschi di Siena Group

31 March 2025

Banca Monte dei Paschi di Siena S.p.A.

Share Capital: €7,453,450,788.44 fully paid in

Registered with the Arezzo-Siena Company Register – registration no. and tax code 00884060526

MPS VAT Group - VAT number 01483500524

Member of the Italian Interbank Deposit Protection Fund. Registered with the Register of Banks under no. 5274

Monte dei Paschi di Siena Banking Group, registered with the Register of Banking Groups

CONTENTS

INTERIM REPORT ON OPERATIONS

Results in brief

Below are the main figures of the income statement and balance sheet of the Montepaschi Group as at 31 March 2025, calculated on the basis of the reclassified financial statements, the methods of which are illustrated in the section “Income statement and balance sheet reclassification principles” of this Report, and compared with the figures recorded in the same period of the previous year and at the end of the previous year. The Alternative Performance Measures (APMs) identified by the Directors to facilitate the understanding of the economic and financial performance of the Group’s operations are also presented. The APMs, which are built using the reclassified data reported in the Reclassified Income Statement and Reclassified Balance Sheet chapters, are based on accounting data, corresponding to those used in internal performance management and management reporting systems, and consistent with the most commonly used metrics within the banking industry, thereby ensuring the comparability of reported figures. The APMs are not envisaged by the IAS/IFRS international accounting standards and, although they are calculated on financial statement data, they are not subject to complete or limited audit.

These measures take into account the Guidelines provided by the European Securities and Markets Authority (ESMA) on 5 October 2015, which the Italian stock exchange regulator, Consob, incorporated into its supervisory practices (Communication no. 0092543 of 3 December 2015), applicable from 3 July 2016. With reference to the context resulting from the military conflict between Russia and Ukraine, note that, in line with ESMA guidelines, no new indicators were introduced, nor were changes made to the indicators normally used. It should be noted that the definition and calculation methods are provided for each APM; the amounts used are traceable through the information contained in the tables below or in the reclassified financial statements contained in this Consolidated Interim Report on Operations. These formats were constructed on the basis of the financial statements envisaged by Bank of Italy Circular no. 262/2005 and subsequent updates following the same aggregation and classification criteria adopted in the previous year, illustrated in more detail in the section “Income statement and balance sheet reclassification principles” of this Interim Financial Report.

INCOME STATEMENT AND BALANCE SHEET FIGURES

MONTEPASCHI GROUP

ALTERNATIVE PERFORMANCE MEASURES

MONTEPASCHI GROUP

Cost/Income ratio: ratio between Operating expenses (Administrative expenses and Net value adjustments to property, plant and equipment and intangible assets) and Total revenues (for the composition of this aggregate, see the reclassified income statement).

Return On Equity (ROE): ratio of the annualised Net profit (loss) for the period to the average between the shareholders’ equity (including Profit and Valuation Reserves) at the end of period and the shareholders’ equity at the end of the previous year.

Return On Assets (ROA): ratio of the annualised Net profit (loss) for the period to the Total assets at the end of the period.

Return On Tangible Equity (ROTE): ratio between the annualised Net Profit (Loss) for the Period and the average between the Tangible Shareholders’ Equity¹ at the end of period and that at the end of the previous year.

Net NPE Ratio: ratio between net non-performing exposures to customers and total net exposures to customers, both net of assets under disposal (excluding government securities).

Gross NPL Ratio²: gross impact of non-performing loans (NPLs) calculated as the ratio between Gross non-performing loans to customers and banks³, net of disposal groups, and total Gross loans to customers and banks, net of disposal groups.

Rate of change in non-performing loans to customers: represents the annual rate of change in Gross non-performing loans to customers based on the difference between annual balances.

Coverage of non-performing loans to customers and coverage of bad loans to customers: the coverage ratio on Non-performing loans and bad loans to customers is calculated as the ratio between the relative Loss Provisions and the corresponding Gross Exposures.

Provisioning: ratio between the annualised Cost of Customer Credit and the sum of Loans to Customers and the value of securities deriving from sale/securitisation of non-performing loans.

Texas Ratio: ratio between Gross Non-performing Loans to customers and the sum, in the denominator, of the relative loss provisions and Tangible Shareholders’ equity.

¹Book value of Group shareholders’ equity inclusive of profit (loss) for the period, cleared of goodwill and other intangible assets. 

² EBA Risk Dashboard^.

³ Loans to banks include current accounts and sight deposits with banks and central banks classified as “Cash” under balance sheet assets.

REGULATORY MEASURES

MONTEPASCHI GROUP

In determining capital ratios, the “phase-in” (or ‘transitional’) version represents the application of calculation rules according to the regulatory framework in force at the reporting date, while the “fully loaded” version does not incorporate the effects of the prudential filter related to the Other Comprehensive Income Reserve on government securities. In any case, this indicator incorporates the effects of the transitional regime introduced by CRR3 on risk-weighted assets.

Common equity Tier 1 (CET1) ratio: ratio between Common Equity Tier 1 and total Risk-Weighted Assets.

Total Capital ratio: ratio between Own Funds and total Risk-Weighted Assets.

MREL-TREA: calculated as the ratio of the sum of own funds and eligible liabilities to total Risk-Weighted Assets.

MREL-LRE: calculated as the ratio of the sum of own funds and eligible liabilities to the amount of total leverage exposures.

Leverage Ratio: calculated as the ratio between Tier 1 Capital and total exposures, in accordance with the provisions of Article 429 of Regulation 575/2013.

Liquidity Coverage Ratio (LCR): short-term liquidity indicator corresponding to the ratio between the amount of High-Quality Liquid Assets and the total net cash outflows in the subsequent 30 calendar days.

Net Stable Funding Ratio (NSFR): structural 12-month liquidity indicator corresponding to the ratio between the available stable funding amount and the required stable funding amount.

Asset encumbrance ratio: ratio of the total carrying amount of encumbered assets and collateral received reused to total assets and total guarantees received available.

Loan to deposit ratio: ratio between Net Loans to Customers and Direct Funding (due to customers and debt securities issued).

Spot counterbalancing capacity: sum of items that are certain and free from any commitment that the Group can use to meet its liquidity requirements, consisting of financial and commercial assets eligible for purposes of refinancing operations with the European Central Bank (“ECB”) and assets deposited in the collateralised interbank market (MIC) and not used, to which the haircut, published on a daily basis by the ECB, is prudentially applied.

Executive summary

A summary of the trend in key items of the main aggregates of the Group as at 31 March 2025 is provided below.

Total funding was up also compared to 31 March 2024 (EUR +5.4 bn), due to the increase in Direct Funding (EUR +1.9 bn) and Indirect Funding (EUR +3.5 bn). The growth in direct deposits involved current accounts (EUR +1.3 bn), term deposits (EUR +0.2 bn), repurchase agreements (EUR +0.3 bn) and other forms of deposits (EUR +0.9 bn). Bonds, on the other hand, declined (EUR -0.8 bn). The dynamics of Indirect Collection compared to the same period of the previous year is linked both to the increase in Assets under custody (EUR +2.0 bn) and to the growth in Assets under management (EUR +1.5 bn). Both components mainly benefited from a positive market effect. Net flows were also positive, especially in the fund and Assets under custody items.

The coverage ratio of non-performing loans is substantially stable compared to 31 March 2024 (equal to 49.5%). At individual administrative status level, the trends is attributable to Unlikely to pay exposures (whose coverage rose from 37.8% to 40.0%) and to the coverage ratio of Non-performing past-due loans (which rose from 21.3% to 28.7%); On the other hand, the coverage ratio of bad loans is slightly decreasing (from 67.8% to 65.9%).

As for capital ratios, at 31 March 2025, the Common Equity Tier 1 Ratio stood at 19.7% (compared to 17.9% at 31 March 2024 and 18.3% at 31 December 2024), and the Total Capital Ratio stood at 22.1% (compared to 21.3% as at 31 March 2024 and 20.6% as at 31 December 2024), deducting from capital the dividends accrued during the first quarter, assuming a payout ratio of 75% of pre-tax profit.

Shareholders

As at 31 March 2025, the Parent Company Banca Monte dei Paschi di Siena S.p.A. share capital amounted to EUR 7,453,450,788.44, broken down into 1,259,689,706 ordinary shares.

According to the communications received pursuant to current legislation on significant equity investments (Article 120 of the Consolidated Banking Act), and based on the information available on the CONSOB website, the parties that, as at 31 March 2025, directly and/or indirectly hold ordinary shares representing more than 3% of the Issuer’s share capital and that do not fall within the exemptions provided for in Article 119-bis of the Issuers’ Regulations are as follows:

Major BMPS shareholders as at 31 March 2025

The main changes that occurred during the first quarter of 2025 are reported below:

After the close of the first quarter of 2025:

(i) on 11 April 2025, the acquisition of Anima Holding SpA by Banco BPM SpA became effective; following this operation, the shareholding held by Banco BPM SpA in the share capital of Banca Monte dei Paschi di Siena SpA is equal to 8.996%.

(ii) at the Ordinary and Extraordinary Shareholders’ Meeting of Banca Monte dei Paschi di Siena SpA held on 17 April 2025, the following certifications were obtained relating to shares exceeding 3% of the share capital of Banca Monte dei Paschi di Siena, by the following Shareholders:

Furthermore, it is represented that during the Meeting of 17 April 2025, the representative of the shareholder Miria Asset Management LTD declared that this company holds in aggregate shares exceeding 3%.

⁴ Holdings held through: Ausonia Srl, Esperia 15 Srl, Istituto Finanziario 2012 SpA, Gamma Srl, Azufin SpA, VM 2006 Srl, Mantegna 87 Srl, Calt 2004 Srl, Finanziaria Italia 2005 SpA, Immako Srl, Romana Partecipazioni 2000 Srl, MK 87 SpA, Viapar Srl, Finced Srl, Pantheon 2000 SpA.

⁵ The shareholdings of Banco BPM and Anima refer to the “record date” of 8 April 2025, which is prior to the effective date of the acquisition of Anima by Banco BPM (11 April 2025).

Information on the BMPS share

The BMPS share closed the first quarter of 2025 at EUR 7.30, with period growth of +7.3%, while the FTSE All Share Banks index showed an increase of +24.8% and the FTSE MIB rose by +11.3%. The average daily trading volume of MPS shares was around EUR 19.3 mln over the quarter.

Rating

Moody’s:

During the first quarter, on 31 January 2025, the rating agency Moody’s reviewed the Bank’s ratings, affirming them, and upgraded the outlook to positive on the long-term ratings of the senior unsecured debt and deposits. The decision followed the Bank’s announcement on 24 January 2025 to launch a voluntary public exchange offer for Mediobanca shares.

Rating as of 31 March 2025:

Fitch Ratings:

During the first quarter of 2025, the rating agency did not make any upgrades to the Bank’s ratings. The last rating action remains that of 25 October 2024, with the ratings upgrade and the outlook change to positive from stable.

Rating as of 31 March 2025:

Morningstar DBRS:

During the first quarter of 2025, the rating agency did not make any upgrades to the Bank’s ratings.

Rating as of 31 March 2025:

Subsequently, on 3 April 2025, the rating agency Morningstar DBRS announced a new upgrade of the Bank’s ratings, bringing the Long-Term Issuer rating, the Long-Term Senior Debt rating to investment grade to “BBB (low)” and, at the same time, the Long-Term Deposit rating was raised to “BBB”. The Intrinsic Assessment rating is now at “BBB (low)”. The outlook was confirmed as positive.

The decision to upgrade the ratings takes into account the results achieved by the Bank in all areas, including the strengthening of its capacity to generate capital and its solid capital buffers, strengths which, according to the agency, guarantee the Bank the flexibility both to navigate the various phases of the economic cycle and to be able to play an active role in the consolidation process underway in the Italian banking system.

Reference context

The international scenario

In the first quarter of 2025, the global economy showed signs of slowing down, conditioned by new American protectionist measures that created a context of strong uncertainty. At the beginning of April, the US administration announced new tariff increases towards almost all other countries, commensurate with their trade surplus with the US, and then suspended part of them for three months with the exception of measures towards China. Beijing, heavily hit by the duties, reacted by imposing high tariffs on American products; The EU has temporarily suspended retaliatory measures. In this context, growth weakened in the United States, remained moderate in the Euro Area and did not strengthen in China. Energy prices for oil and natural gas fell reflecting the prospect of an economic slowdown. In addition to the possible repercussions of a tariff escalation and tensions on financial/currency markets, geopolitical risks linked to Ukraine and the Middle East persist in weighing on global growth prospects.

In the United States, growth recorded an unexpected contraction in the first quarter of the year (-0.3% q/q preliminary). Consumption has weakened, reflecting the increased economic uncertainty resulting from trade policy; imports, on the other hand, increased in order to anticipate the introduction of duties. Manufacturing confidence hovered just above the threshold that signals economic expansion; household inflation deteriorated, reflecting rising inflation expectations, despite the general price index and core indicator rising in March.⁶ slowed to 2.4% and 2.8% y/y respectively. On the labour market, unemployment remained at low levels (at 4.2% in March) but labor supply and demand were affected by the fall in employment in the public sector.

In the Euro Area, in the first quarter of 2025, GDP slightly accelerated on a quarterly basis (+0.4% preliminary q/q) supported by positive consumption compared to stagnant investments. Services showed growth and the industrial cycle partially recovered, but manufacturing confidence signaled weakness due to uncertainty induced by US tariff policies. Construction recorded modest expansion, benefiting from the recovery of the real estate market in some countries, supported by the easing of financing conditions. In a context of heightened trade tensions, the evolution of foreign demand was uncertain. In the first months of the year, the recomposition of prices continued with inflation falling close to 2% y/y, showing a slowdown in the services component. On the labour market, unemployment hit new lows around 6%.

In March, the EU Commission announced a proposal for a new plan, called ReArm Europe, aimed at increasing the Union’s defence capabilities, which could allow for up to EUR 800 bn of increased military spending over the next four years.⁷ In the same month, constitutional changes were passed in Germany that allow the German government to borrow for defense spending exceeding 1% of GDP; it was also decided to set up a fund of EUR 500 bn over twelve years for investments in infrastructure.

Among emerging countries, in China, in the first quarter of the year GDP recorded a solid expansion on an annual basis (preliminary +5.4%) thanks to the leap in exports, which increased in view of the entry into force of US tariffs, and to the acceleration of industrial production. However, growth slowed on a quarterly basis, inflation remained negative in March and the real estate sector remained weak. The Beijing government has set an annual GDP growth target of 5% and

⁶ Index adjusted for the price components of food and energy goods (typically more volatile).

⁷ The plan includes, among other things: i) the possibility of activating the national safeguard clause of the Stability and Growth Pact to increase defence spending; ii) the granting of EU loans to member countries for joint public procurement initiatives; (iii) the option to redirect the cohesion funds available to a Member State towards defence expenditure.

launched new stimulus measures to support domestic consumption and infrastructure projects. In India, growth remained strong, confirming the country’s aspirations to become a potential global manufacturing hub, also favoured by the strong expansion of its middle class. In Russia, economic imbalances and inflationary pressures have begun to take effect and growth has slowed. Since mid-February and even more so since April, following the tightening of US tariffs and subsequent Chinese retaliatory measures, the dollar has weakened against major currencies.

Italy: economic context

In Italy, GDP increased by 0.3% (preliminary) compared to the last quarter of 2024 thanks to the resilience of consumption, while investments in capital goods fell. The activity was supported by the services; manufacturing showed an improvement, but is expected to suffer the repercussions of new tariffs and the instability of the international context going forward. In construction, the stimulus provided by the progressive implementation of the NRRP works has offset the reduction in the housing sector. Exports of goods grew in the first months of 2025 but are expected to be affected by the increase in tariffs, although the sectoral composition, positioning and profitability of Italian companies operating on the US market could mitigate the unfavorable consequences in the short term. Employment rose again at the start of the year and unemployment fell below 6%. Higher winter energy prices pushed inflation up slightly, to 2% y/y in April (provisional data); the underlying component also showed an acceleration (to +2.1% y/y from 1.7% in March).

Among the significant measures adopted by the Government in the first quarter of the year, the following are worth mentioning:

Furthermore, on 9 April the Council of Ministers approved the Public Finance Document (PFD) 2025 to be sent to the EU Commission after examination by the Parliament. The Public Finance Document, incorporating the innovations introduced by the reform of European economic governance, has a different structure compared to that of previous documents and specifically provides that each Member State shall submit, by 30 April of each year, to the Commission an annual report on the progress made in the implementation of the medium-term budgetary structural plan, in the implementation of reforms and investments in the context of the European semester and, where appropriate, in the implementation of the set of reforms and investments that justify an extension of the adjustment period. The PFD contains, among other things: i) the analysis of the economic and cash accounts of public administrations in the previous year and of any deviations from the programme objectives; ii) the trend forecasts under current legislation, at least for the following three years; iii) an indication of the forecasts under unchanged policies for the main aggregates of the general government income statement for at least the following three years; iv) the trend forecasts, at least for the following three years, of the cash balance of the state sector and the indications on the related coverage methods; v) the identification of general rules on the evolution of public spending; (vi) detailed information on the results and forecasts of the accounts of the main spending areas, at least for the following three years.

The sixth Report on the status of implementation of the NRRP was published on 27 March 2025. According to the reported estimates, as of 31 December 2024, actual expenditure amounted to almost EUR 64 bn, approximately half of the resources received so far through the Recovery and Resilience Facility and a third of those allocated.

At European level, i) the European compass for competitiveness was presented, which, on the basis of the priorities indicated in the Draghi Report, outlines a clear strategic framework to guide EU work, including that aimed at creating

Europe as the first climate-neutral continent; ii) the EU Agenda 2025 was presented, which sets out, among other things, the path towards a strong and united Europe and towards simplification; iii) the first Omnibus package was approved , which simplifies the rules on sustainability, with the aim of stimulating competitiveness and freeing up additional investment capacity, currently being approved by the European Council and under examination in Italy by the Senate’s EU policies committee.

Financial markets and monetary policy

After a positive start to the year, since the beginning of February the stock markets have been affected by the escalation of trade tensions with the volatility of global markets having increased significantly. The fall in American stock prices reflected fears of a domestic economic slowdown, while European stock markets benefited from an upward revision in the expected growth of the Eurozone, supported by the German infrastructure spending programme and the European rearmament plan. From the beginning of the year to 31 March 2025, the FTSE Mib has gained over +11% and the Euro Stoxx over +7%. The S&P500 lost almost -5% and the Nikkei -11% approximately. The Chinese Shanghai Shenzhen CSI 300 contained its losses (-1% approximately) thanks to investors’ interest in Chinese AI and the achievement of the government’s growth target. At the beginning of April, global stock markets recorded new strong corrections after the US imposition of differential reciprocal duties, which were followed by partial recoveries after the US suspension of tariffs for the most cooperative countries (excluding China).

In the first quarter of 2025, long-term interest rates in “risk-free” countries showed divergent paths. The 10-year Treasury yield fell, reflecting uncertainty over the fallout from U.S. trade policies. European yields rose, with the Bund accelerating after announcements on European military and German infrastructure spending plans. On 31 March 2025, the US 10-year rate stood at 4.21%, the German yield at 2.74% and the Italian yield at 3.87%, down 36, up 37 and up 35 basis points respectively compared to the end of 2024. The BTP-Bund spread closed the quarter at around 113 basis points, down -3 points compared to the 2024 close. However, in early April, with the escalation of tariffs, long-dated Treasury yields recorded a sharp rise on possible sales of US securities by foreign investors most affected by the tariffs (i.e. China) and forced liquidations of positions by hedge funds. The BTP-Bund spread rose again, approaching 130 basis points. Among rating agencies, S&P’s raised Italy’s rating to BBB+ (from BBB), with a stable outlook; Fitch has affirmed Italy’s rating at BBB with a positive outlook.

At its March meeting, the Federal Reserve kept the Fed funds rate unchanged in the range of 4.25%-4.50%, confirming caution while waiting for greater clarity on the impacts of trade policies and despite calls for action from the Government. The Authority reiterated that at the moment there are no conditions to start a cycle of cuts, underlining that monetary policy is already less restrictive and the economy remains solid, but in its most recent forecasts it has revised growth prospects downwards and inflation and unemployment upwards. Despite the majority of FOMC members still forecasting two cuts in the key rate this year, markets, with the worsening of tariff tensions, are weighing the risks of a US recession, expecting a greater number of cuts from the Fed.

The ECB, after having cut its key interest rates by 25 basis points in March, in April, with a unanimous decision, made a further reduction of 25 basis points, bringing the rate on the main refinancing operations to 2.40%, the rate on the deposit facility to 2.25% and the rate on the marginal lending facility to 2.65%. The authority reiterated that the deflationary process is continuing in line with expectations, while downside risks to growth have increased as a result of trade tensions. In the currency field, the Institute has stressed that it has no target on the exchange rate, although it recognises that the appreciation of the currency has a negative effect on inflation. The ECB plans to steer its upcoming monetary policy decisions using a data-driven approach, with decisions made on a case-by-case basis at each meeting.

The recomposition of the ECB balance sheet continued. The portfolios of the APP (Asset Purchase Programme) and the PEPP (Pandemic Emergency Purchase Programme) are shrinking at a measured and predictable pace, as the Eurosystem no longer reinvests the repaid principal on maturing securities.

Significant events in the first three months of 2025

Voluntary public exchange offer on the ordinary shares of Mediobanca - Banca di Credito Finanziario Società per Azioni promoted by Banca Monte dei Paschi di Siena S.p.A.

On 23 January 2025, the Board of Directors of Banca MPS approved the launch of a voluntary Public Exchange Offer (the “Offer”) on all the ordinary shares of Mediobanca - Banca di Credito Finanziario Società per Azioni (“Mediobanca”). The Offer is conditional upon obtaining the relevant regulatory authorisations and meting the conditions indicated in the disclosure to the market of 24 January 2025, which will be further detailed in the Offer Document.

On 13 February 2025, the Parent Company filed the Offer Document with Consob. On the same date, Banca MPS submitted the following to the competent authorities: (i) the petitions to obtain the authorisations required by the sector regulations in relation to the Offer pursuant to Article 102, paragraph 4 of the TUF and Article 37-ter, paragraph 1, letter b) of the Issuers’ Regulations, and (ii) the notifications/communiques on antitrust and golden power matters.

The Offer is subject to the approval of the Offer Document by Consob, which will be published at the end of the investigation carried out by the Authority pursuant to Article 102, paragraph 4, of the TUF, which may intervene only following the obtaining of the above-mentioned additional authorisations and the approval, in exercise of the delegation, of the capital increase to service the Offer by the Board of Directors of BMPS.

With reference to the authorisations, it should be noted that, on 1 April 2025, the European Central Bank authorised the computability as Common Equity Tier 1 capital of the new shares issued to service the Offer and the statutory amendments concerning the delegation to the Board of Directors for the aforementioned capital increase, subject to the approval of such statutory amendments by the BMPS Shareholders’ Meeting. Furthermore, the Presidency of the Council of Ministers has resolved, in acceptance of the proposal of the Ministry of Economy and Finance, not to exercise the special powers pursuant to Legislative Decree no. 21 of 15 March 2012, converted into Law No. 56 of 11 May 2012 (the so-called golden power).

On 2 April 2025, the Parent Company also filed with Consob the Information Document, prepared pursuant to Art. 70 of the Issuers Regulation.

On 17 April 2025, the Extraordinary Shareholders’ Meeting resolved, with the favourable vote of 86% of the capital present, to grant the Board of Directors the authority to increase the capital to support the Offer.

The Public Exchange Offer is expected to be completed by the third quarter of 2025.

****

Furthermore, the following significant events occurred during the quarter:

On 3 January 2025, Banca MPS announced the exercise, on 22 January 2025, of the option for early full repayment of the Tier 2 subordinated bond called “€400,000,000 8.000 per cent. Reset Callable Subordinated Notes”. Subsequently, on 10 February 2025, it announced the exercise, on 2 March 2025, of the option for early full repayment of the senior bond denominated “€750,000,000 Fixed to Floating Rate Callable Senior Notes due 2 March 2026”. Both actions are carried out in accordance with the funding plan and have obtained the authorisations issued by the European Central Bank.

On 28 February 2025, Standard Ethics raised the Corporate Standard Ethics Rating (SER) of Banca MPS to ‘EE+’ from the previous ‘EE’. The rating agency confirmed that the upgrade to ‘EE+’(Very Strong) leads to the expected long-term rating and the outlook remains positive.

Significant events after the end of the first three months of 2025

The Ordinary and Extraordinary Shareholders’ Meeting was held on 17 April 2025, during which the approval of the 2024 financial statements, the payment of the dividend, the report on the remuneration policy, the 2025 incentive system and the integration of the Board of Directors with the appointment as Directors of the directors already co-opted on 27 December 2024 were resolved. The Shareholders’ Meeting also resolved, with the favourable vote of 86% of the capital present, to grant the Board of Directors the power to increase the capital to service the voluntary public exchange offer by Banca Monte dei Paschi di Siena SpA for all the ordinary shares of Mediobanca - Banca di Credito Finanziario Società per Azioni. Furthermore, amendments to Articles 14 and 15 of the Articles of Association were approved, concerning the procedures for holding meetings and for presenting lists and managing the co-option of directors during their term.

2024-2028 Group Business Plan

On 5 August 2024, the Board of Directors of the Parent Company approved a new Business Plan for the period 2024-2028, “A Clear and Simple Commercial Bank Revolving Around Customers, Combining Technology With Human Touch”, which targets a Bank capable of successfully satisfying evolving customer demands through a process of corporate and technological innovation supported by a broad investment plan, fully leveraging talent, further improving business sustainability, strengthening financial statements and focusing on the distribution and creation of value for all stakeholders. For further details, please refer to the Annual Financial Report as at 31 December 2024.

In terms of earnings targets, the result for the first quarter of 2025 exceeds the Plan’s objectives, particularly due to higher revenues and lower operating expenses in a context of strict expenditure management and continuous focus on cost optimisation actions. On the credit front, the objectives of both ordinary destocking and restoration to performing status, in addition to the contributions from disposal operations (finalised in the latter part of the previous year), allowed the Gross NPE ratio to be maintained at Plan levels with a cost level slightly below Plan expectations (despite the uncertain macroeconomic context due also to geopolitical tensions). As a result of the economic trends described above, the profitability indicators (Cost income, ROE, ROTE) were all better than the Plan forecast. The Group also achieved a CET1 ratio of 19.6% (fully loaded) as at 31 March 2025, above the Plan and among the best levels in the banking system.

To implement the Plan’s actions, strategic projects have been initiated with a rigorous governance process aimed at monitoring activities and results.

Funding strategy

The 2025-2027 Group Liquidity and Funding Strategy defines the guidelines for management of the Group’s liquidity and funding over a long-term horizon, to support the development and objectives outlined in the Plan. For each of the forward-looking maturities, starting from the business plan and the developments expected from the imbalance created, it outlines the methods for obtaining cash and the counterbalancing capacity necessary for the processes to function in the short term, at the same time guaranteeing structural balance in the funding profile and medium/long-term business development. The maturity profile for the period 2025-2027 is mainly represented by ECB auctions, which, as at 31 March 2025, stood at EUR 8 bn (EUR 8.5 bn as at 31 December 2024, EUR 13 bn as at 31 December 2023), consisting of LTRO auctions amounting to EUR 4.5 bn and MRO auctions amounting to EUR 3.5 bn. In the period 2025-2027, other maturities are represented by institutional bonds, amounting to approximately EUR 5 bn to be repaid, of which:

In January 2025, the call of the Tier 2 subordinated bond with a nominal value of EUR 0.4 bn issued in January 2020, with original maturity 2030, was exercised; in March 2025, the call of the senior unsecured bond with a nominal value of EUR 0.8 bn issued in February 2023, with original maturity in 2026, was also exercised. During the year, it will also be possible to exercise the call option on an additional Tier 2 subordinated bond issued in September 2020, also with an original maturity set in 2030, with a nominal value of EUR 0.3 bn; In 2026, the call of a senior unsecured bond of EUR 0.5 bn (whose final due date is in 2027) may be exercised. The exercise of the aforementioned calls will take place based on

cost effectiveness in terms of spread/replacement rate, the liquidity/capital situation and will in any case be subject to prior authorisation from the competent supervisory authorities (SRB/ECB).

Against the scheduled maturities, the Group’s funding strategy aims to maintain liquidity ratios at adequate levels, well above regulatory limits, and to ensure – with particular regard to public bond issuance plans – that the targets set in terms of liquidity ratios and MREL are met. The 2025-2027 Group Liquidity and Funding Strategy will in any case require annual implementation, as appropriate, which will illustrate in greater detail the actual actions to be taken during the reference year and the authorisations to the operating structures for their implementation.

Commitments related to the State Aid received in 2017

Information on the Commitments revised by the European Commission and made public on 3 October 2022 can be found in the Annual Financial Report as at 31 December 2024 to which reference is made.

As of 31 March 2025, the Parent Company is awaiting the formal closure of commitments from the European Commission, following the release of the Monitoring Trustee’s report based on the financial data for the last quarter of 2024. The Parent Company was substantially in compliance with its commitments.

CONDENSED CONSOLIDATED INTERIM

FINANCIAL STATEMENTS

Consolidated balance sheet

continues: Consolidated balance sheet

Interim Financial Report

Consolidated income statement

BANCA MONTE DEI PASCHI DI SIENA

* The data were restated in the 2024 income statement to take into consideration the classification of the subsidiary Monte Paschi Banque S.A. as a discontinued operation, in accordance with the provisions of IFRS 5.

Interim Financial Report

Consolidated Statement of Comprehensive Income

BANCA MONTE DEI PASCHI DI SIENA

Consolidated statement of changes in equity - 31 March 2025

As at 31 March 2025, shareholders’ equity, including non-controlling and the result for the period, amounted to EUR 12,048.8 mln, compared with EUR 11,649.3 mln as at 31 December 2024, representing a net increase of EUR 399.5 mln. This performance was due to: (i) the profit for the period of EUR 413.1 mln, and (ii) the net negative change in valuation reserves of EUR 13.5 mln, the details of which are shown in the statement of comprehensive income to which we refer.

Interim Financial Report

Consolidated statement of changes in equity as at 31 March 2024

As at 31 March 2024, shareholders’ equity, including non-controlling and the result for the period, amounted to EUR 10,307.6 mln, compared with EUR 9,979.1 mln as at 31 December 2023, representing a net increase of EUR 328.5 mln. This performance was mainly due to: (i) the profit for the period of EUR 332.7 mln, and (ii) the net negative change in valuation reserves of EUR 2.2 mln, the details of which are shown in the statement of comprehensive income to which we refer.

BANCA MONTE DEI PASCHI DI SIENA

Consolidated cash flow statement - indirect method

Reconciliation

BANCA MONTE DEI PASCHI DI SIENA

EXPLANATORY NOTES

BANCA MONTE DEI PASCHI DI SIENA

Accounting Policies

The Interim Financial Report of the Monte dei Paschi di Siena Group as at 31 March 2025, approved by the Board of Directors on 8 May 2025, includes the Interim Report on Operations and the Condensed Consolidated Interim Financial Statements and has been prepared in accordance with the IFRS accounting standards issued by the International Accounting Standards Board and the related interpretations of the IFRS Interpretations Committee adopted by the European Union, as established by EU Regulation No. 1606 of 19 July 2002 and in force as at 31 March 2025.

For the purposes of preparing these condensed consolidated interim financial statements, the provisions of IAS 34 “Interim financial reporting” have been adopted, in order to comply with any obligations to update the Offer Document prepared as part of the voluntary public exchange offer for all ordinary shares of Mediobanca, described in more detail in the paragraph “Significant events during the period” included in the interim report on operations. As allowed by IAS 34, the option to prepare quarterly information in a summary format has been utilised instead of the full information required for the annual consolidated financial statements. The preparation of this Condensed Consolidated Interim Report does not modify the definition of interim financial reporting period which continues to be six months.

The Condensed Consolidated Interim Financial Statements, prepared using the euro as the reporting currency, include the Consolidated Income Statement, the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Changes in Equity, the Consolidated Cash Flow Statement, the Explanatory Notes; the Condensed Consolidated Interim Financial Statements and the Explanatory Notes, unless otherwise indicated, are drawn up in millions of euros.

For the preparation of the Condensed Consolidated Interim Financial Statements, the accounting policies have been applied of the provisions of Bank of Italy Circular No. 262 of 22 December 2005, “Bank financial statements: schemes and compilation rules” and subsequent updates, most recently the 8th update published on 17 November 2022.

The Condensed Consolidated Interim Financial Statements show, in addition to the amounts pertaining to the reporting period, also the corresponding comparison data as at 31 December 2024 for the Consolidated Balance Sheet and for the first quarter of 2024 for:

-     the Consolidated Income Statement;

-     the Consolidated Statement of Comprehensive Income;

-     the Consolidated Statement of Changes in Equity; and

-     the Consolidated Cash Flow Statement.

As illustrated in the Consolidated Financial Statements as of 31 December 2024, on 13 June 2024 the Board of Directors of the Parent Company approved an exclusivity agreement with a private equity fund for the sale of the subsidiary Monte Paschi Banque SA, the completion of which is expected by the end of 2025. Commencing the Half-Yearly Financial Statements for the period ending 30 June 2024, the investee in question was classified as a discontinued operation pursuant to IFRS 5. In particular, in the balance sheet as at 31 March 2025, the assets and related liabilities of the subsidiary are shown in the consolidated balance sheet items “Non-current assets held for sale and disposal groups” and “Liabilities associated with disposal groups”, without any restatement of comparative balances. With reference to the income statement, the contribution of the associate was recorded in income statement item 320 “Profit (loss) after tax from discontinued operations” for the first three months of 2025 and for the previous comparison period, which was therefore restated compared to that originally published. Specifically, the positive contribution of Monte Paschi Banque S.A., amounting to EUR 4.7 mln at 31 March 2024, which in Interim Financial Report as at 31 March 2024 was reported in various items of the income statement as a result of line-by-line consolidation, has been reclassified to the above income statement item. From a measurement perspective, the application of the measurement criterion set out in IFRS 5 had a negative impact on the Group’s net equity and profit for the year ended 31 March 2025 of approximately EUR 39.4 mln (of which approximately EUR 36.4 mln was recognised at 31 December 2024) and approximately EUR 3.0 mln, respectively.

The Condensed Consolidated Interim Financial Statements as at 31 March 2025 are drafted with clarity and give a true and fair view of the Bank’s assets, financial position, profit and loss for the period, change in shareholders’ equity and the cash flows generated.

With reference to the classification, recognition, measurement, derecognition and reporting of the various asset and liability entries, as well as the methods for recognising revenue and costs, the accounting principles used for the preparation of these Condensed Consolidated Interim Financial Statements are the same as those used for preparation of the Consolidated Financial Statements as at 31 December 2024, to which the reader is referred for more detail.

Interim Financial Report

The Interim Report as at 31 March 2025 is accompanied by the statement of the Financial Reporting Officer, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law on Finance.

The Condensed consolidated financial statements as at 31 March 2025 are subject to limited review by the independent auditors PricewaterhouseCoopers S.p.A..

An illustration of the new accounting standards, or the changes to existing standards approved by the IASB is provided below, as well as the new interpretations or changes to existing interpretations published by IFRIC, with separate reporting on those applicable in 2025 from those applicable in subsequent years.

IAS/IFRS accounting standards and related SIC/IFRIC interpretations endorsed whose application is mandatory as of the 2025 financial statements

Regulation (EU) 2024/2862, of 12 November 2024, endorsed the amendment to IAS 21 “The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability”, published by the IASB on 15 August 2023. The amendment clarifies when a currency is convertible or not convertible into another currency, how to estimate the exchange rate if the currency is not convertible, and the disclosures to be made in the notes to the financial statements.

The amendment will become effective on 1 January 2025, but early adoption is permitted.

The aforementioned amendment is not expected to have a significant impact on the Group’s financial position and equity.

IAS/IFRS accounting standards and related SIC/IFRIC interpretations endorsed, the application of which is mandatory after 31 December 2025

None to report as at the date of these Condensed Consolidated Interim Financial Statements as at 31 March 2025.

IAS/IFRS international accounting standards and related SIC/IFRIC interpretations issued by the IASB and still awaiting approval from the European Commission

On 9 April 2024, the IASB published IFRS 18 “Presentation and Disclosure in Financial Statements”, which replaces IAS 1 “Presentation of Financial Statements”. The new standard establishes the presentation and disclosure requirements for financial statements with the aim of making the information more transparent and comparable and to ensure that it faithfully represents the assets, liabilities, shareholders’ equity, revenues and costs of the entity. The main changes compared to IAS 1 are:

The new standard also involves limited amendments to other standards, including IAS 7 “Statement of Cash Flows”, IAS 33 “Earnings per Share” and IAS 34 “Interim Financial Reporting”.

Application becomes effective from 1 January 2027; Pursuant to IAS 34, the entity will be required to present its income statement in compliance with IFRS 18 requirements in the 2027 half-yearly financial statements.

The Group is assessing the impact of these new amendments, which affect the presentation of the profit and loss account and disclosures in the financial statement, must be appropriately coordinated with Bank of Italy Circular No. 262 (i.e. the circular regulating financial statement formats and the rules for compiling financial statements of banks).

On 9 May 2024, the IASB published IFRS 19 “Subsidiaries without Public Accountability: Disclosures”. Under certain conditions, the new standard allows subsidiaries that apply the international accounting standards to provide reduced financial statement disclosures, thus lowering their financial statement preparation costs. In order to apply the standard, the subsidiary: i) must not have “public responsibility” i.e. must not have instruments admitted to trading in a public market or must not hold assets, on trust, for a large group of persons and ii) must have a parent company, either final or intermediate, which prepares consolidated financial statements in accordance with international accounting standards. The application of IFRS 19 is optional for eligible subsidiaries and enters into force from 1 January 2027.

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The adoption of this standard is not expected to have a significant impact on the Group’s financial statements.

On 30 May 2024, the IASB published the amendments to IFRS 9 and IFRS 7 “Amendments to the Classification and Measurement of Financial Instruments”. The amendments to the two standards clarify certain critical aspects of the classification and measurement of financial instruments pursuant to IFRS 9 that emerged from the post-implementation review of the standard. In particular, the amendments addressed:

With these amendments to IFRS 9 - Financial Instruments, the IASB also introduced additional disclosure requirements to improve transparency for the benefit of investors as regards equity instruments for which the option has been exercised for the recognition of changes in fair value in the statement of comprehensive income (OCI election) and financial instruments with contingent characteristics, e.g. associated with ESG-linked objectives. The amendments apply to financial years beginning on or after 1 January 2026.

The Group is evaluating the potential impacts of the new provisions.

On 18 July 2024 the IASB published its “Annual Improvements Volume 11” containing clarifications, simplifications, corrections and minor amendments to IFRS accounting standards to improve consistency. These concerned the following accounting standards:

- IFRS 1 “First-time Adoption of International Financial Reporting Standards”

- IFRS 7 “Financial Instruments: Disclosures’ and Guidance on implementing IFRS 7,

- IFRS 9 “Financial Instruments”

- IFRS 10 “Consolidated Financial Statements”; and

- IAS 7 “Statement of Cash Flow”.

The changes apply from 1 January 2026, with early application permitted upon completion of the European approval process. The changes, given their limited nature, are not of particular interest to the Group.

Finally, on 18 December 2024, the IASB published amendments to IFRS9 and IFRS7 entitled “Contracts Referencing Nature-dependent Electricity” requiring specific disclosures in financial statements for contract of these types.

Nature-dependent electricity contracts are contracts that expose the company to variability in the underlying amount of electricity because the source of electricity generation depends on uncontrollable natural conditions (for example, wind, sun, etc. These include both contracts to buy or sell nature-dependent electricity and financial instruments that reference such electricity. These contracts are often structured as long-term power purchase agreements (“PPAs”), which:

Interim Financial Report

A unique feature of these PPAs is that whether and how much electricity is generated by the reference plant at any given time is determined by the nature-dependent sources. The IASB’s amendments:

The amendments apply as of 1 January 2026. Early application is permitted. In particular, the changes relating to the “own use” exemption apply retrospectively under IAS 8, while the changes relating to hedge accounting treatment apply prospectively to relationships designated on or after the date of first application.

The aforementioned amendment is not expected to have a significant impact on the Group’s financial position and equity.

Estimates and assumptions when preparing the Interim Financial Report

The application of certain accounting standards necessarily implies the use of estimates and assumptions that impact the values of the assets and liabilities recognised in the financial statements as well as the disclosure provided on contingent assets and liabilities. The assumptions underlying the estimates developed take into consideration all available information at the date on which this Interim Financial Report was drafted as well as the assumptions considered reasonable, also in light of historical experience. By their very nature, it is therefore not possible to exclude that the assumptions used, albeit reasonable, may not be confirmed in the future scenarios in which the Group will be operating. In particular, the reference macroeconomic scenario continues to present significant elements of uncertainty. The delicate geopolitical balances, the tightening of US trade policy, the crisis in the Chinese real estate market, and the upward pressure on natural gas prices could, in fact, hinder economic growth, resulting in a deterioration in the confidence of families and businesses. Domestic demand could also be affected by still restrictive monetary and financial conditions, as well as by the progressive reduction of incentives for the redevelopment of homes not offset by the impetus provided by the works of the National Recovery and Resilience Plan.

A further source of uncertainty is represented by the effects resulting from climate change, whose manifestations are becoming increasingly frequent and of serious impact.

These uncertainties have affected this Report’s estimates, with significant judgement required in selecting the assumptions and hypotheses underlying the estimates. The results that will be achieved in the future could therefore differ from the estimates made for the purposes of these Financial Statements and as a result adjustments may be required, to an extent that cannot currently be predicted or estimated, with respect to the carrying amount of the assets and liabilities recognised.

In this regard, please note that estimates could need to be revised following changes in the circumstances on which they were based, the availability of new information or the increased experience gained.

The following illustrates the new aspects and refinements in the valuation processes that were introduced during the first quarter of 2025, referring to the specific sections of the explanatory notes to the Consolidated Financial Statements as of 31 December 2024 for detailed information on the measurement processes conducted.

Macroeconomic forecasts for 2025, 2026 and 2027

On 6 March 2025, the ECB published the periodic update of the macroeconomic forecasts for the Eurozone prepared by its staff with the contribution of the individual national central banks. The euro area economy is expected to slow down its projected recovery – after slightly weaker-than-expected growth at the end of 2024 – due to persistently high levels of geopolitical, economic and trade policy uncertainty.

In detail, the average annual growth rate of GDP in real terms is expected to be 0.9% in 2025, rising to 1.2% in 2026 and 1.3% in 2027. Compared to the December 2024 projections, the changed macroeconomic context, characterised by

BANCA MONTE DEI PASCHI DI SIENA

strong uncertainty on both domestic and trade policies, has led to a downward revision of the data relating to exports and, to a lesser extent, investments, for which the prospects for GDP growth have been revised downwards by 0.2 percentage points for both 2025 and 2026, while they are unchanged for 2027.

Overall inflation measured by the harmonised index of consumer prices (HICP) stands at 2.3% in 2025, up 0.2% compared to December due to higher energy commodity prices and the depreciation of the euro, and at 1.9% in 2026 (unchanged compared to December); They have been slightly revised downwards for 2027 due to the slightly less favourable outlook for the energy component at the end of the time horizon considered.

The macroeconomic projections for Italy, which are not part of a joint Eurosystem exercise, unlike those of June and December, were released by the Bank of Italy in the document “Macroeconomic projections for the Italian economy” published on 4 April and confirmed in the Economic Bulletin of 11 April 2025. Growth projections, compared to those published last December, are revised downwards, reflecting more unfavourable hypotheses on the international context connected to the tightening of trade policies (due to the effects of the tariffs announced on 2 April by the United States), partly offset by the expansion of consumption and investments. Assuming no retaliatory measures by the European Union and other economies, GDP is expected to increase by 0.6% this year (0.8% in the December 2024 forecast), by 0.8% and 0.7% in 2026 and 2027 respectively (1.1% and 0.9% in December 2024).

Inflation forecasts, almost unchanged from December, see consumer inflation - equal to 1.1% on average in 2024 - which would be 1.6% in the current year (1.5% in December 2024), and 1.5% and 2.0% respectively in 2026 and 2027 (data unchanged from December 2024).

This being said, the following is information on the main macroeconomic and financial indicators included in the “baseline”, “severe but plausible” and “best” scenarios, referring to the period 2025-2027, from the IFRS 9 models used for the determination of staging and loan losses from a forward-looking perspective.

To account for the increased uncertainty of the recent period, the Group has updated the macroeconomic scenarios from those used as of 31 December 2024.

The set of macroeconomic forecast scenarios used for this Interim Financial Report, based on the forecasts formulated by an external provider in January 2025 and approved by the Board of Directors of the Parent Company on 6 March 2025, appears to be more conservative than the scenarios adopted by the Group at 31 December 2024 and than the aforementioned 2025-27 macroeconomic forecasts provided by the Bank of Italy. The update of the macroeconomic scenarios led to the recognition of higher provisions for EUR 11.6 mln.

Furthermore, always in order to better align the three-year forecasts to the changed macroeconomic context, the asymmetric treatment was adopted for the estimate of the ECL considering only the “Baseline” and “Severe But Plausible” scenarios - weighted at 66.6% and 33.3% respectively - replacing the 3 “Best”, “Baseline” and “Severe But

Interim Financial Report

Plausible” scenarios - weighted respectively at 21.05%, 52.63% and 26.32% - used for the estimates at 31 December 2024. The adoption of this approach resulted in additional adjustments totalling EUR 12.9 mln.

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With regard to management overlay, for the purpose of this Interim Financial Report, the Group has decided to maintain substantial methodological continuity with that adopted for the Financial Statements as at 31 December 2024. It should be remembered that, as at 31 December 2024, “post-model adjustments” had been applied to the results of the ECL estimation methods, within the framework of flexibility allowed by IFRS 9 and in light of the greater prudence necessary in relation to emerging risks deriving from the current and forward-looking contexts. The overlays were necessary to complement the results of the models in production, in order to better capture the uncertainties and risks inherent in the forecasts as well as the observed/predicted deviations from the long-term time series.

On the whole, prudent loan loss provisions as at 31 March 2025 included prudent items of approximately EUR 79.9 mln, an increase of EUR 10.7 mln compared to 31 December 2024.

The increase compared to 31 December 2024 is attributable to the introduction of the management overlay relating to the asymmetry of the scenarios described above. However, the management overlays adopted at 31 December 2024 remain confirmed and substantially unchanged, for details please refer to paragraph. “Methods to measure expected losses” contained in “Part E - Information on risks and hedging policies” of the Consolidated Financial Statements as at 31 December 2024.

This without prejudice to the transitional nature of the aforementioned management overlays linked to the implementation of IFRS 9 fine-tuning to the modelling framework, in addition to the consideration that the results deriving from the aforementioned models are influenced by macroeconomic scenarios largely dependent on phenomena that are not fully consolidated and in any case still subject to extreme variability and uncertainty.

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The determination of expected credit losses involves significant elements of judgment, with particular reference to the model used to measure losses and the related risk parameters, to the triggers deemed to express significant credit deterioration and the selection of macroeconomic scenarios. In particular, the inclusion of forward-looking factors is a particularly complex exercise, as it requires macroeconomic forecasts to be formulated, scenarios and associated probabilities of occurrence to be selected, and a model to be defined capable of expressing the relationship between the aforementioned macroeconomic factors and the default rates of the exposures subject to valuation.

In order to assess how forward looking factors may influence expected losses, it is considered reasonable to carry out a sensitivity analysis in the context of different scenarios based on forecasts consistent with the evolution of the various macroeconomic factors. The innumerable interrelations between the individual macroeconomic factors are such as to render a sensitivity analysis of expected losses based on the individual macroeconomic factor of little significance.

The table below highlights the sensitivity for the main credit portfolios of the Group consisting of cash loans to customers, belonging to the corporate and retail segments of the two banks (Banca MPS and Widiba), which represent almost all of the Group’s total gross exposure, net of loans classified in the portfolio of non-current assets held for sale and disposal groups.

The analysis shows, in line with the same approach adopted for 2024, the impact for each level of risk on gross exposures, on the adjustments and on the coverage ratio in the cases where a weight equal to 100% of the baseline, severe but plausible and best-case scenarios, respectively, is used instead of the scenario defined as weighted - i.e. based on weightings that the Group has attributed to each scenario⁸ - used by the Group for estimating the stages of risk and value adjustments as at 31 March 2025.

The weighted scenario used for the accounting valuations as at 31 March 2025 is positioned, in terms of adversity, between the severe but plausible and best cases. In particular, for non-impaired exposures:

⁸ The weighted scenario was determined using a weightings of 21.05%, 52.6% and 26.32% for the “Best”, “Baseline” and “Severe but plausible” scenarios respectively.