Banca MPS (1K) | Hold | Stable governance, but a long way to go

Research evidence excerpt

Banca MPS (1K) | Hold | Stable governance, but a long way to go

l economic performance of KEPLER CHEUVREUX.

Registration of non-US Analysts: Unless otherwise noted, the non-US analysts listed on the front of this report are employees of KEPLER CHEUVREUX, which is a non-US affiliate

and parent company of Kepler Capital Markets, Inc. a SEC registered and FINRA member broker-dealer. Equity/Credit Research Analysts employed by KEPLER CHEUVREUX, are

not registered/qualified as research analysts under FINRA/NYSE rules, may not be associated persons of Kepler Capital Markets, Inc. and may not be subject to NASD Rule 2711

and NYSE Rule 472 restrictions on communications with covered companies, public appearances, and trading securities held by a research analyst account.

Research ratings

Kepler Cheuvreux rating split as of 13 May 2026

Rating Breakdown A B

Buy 54% 62%

Hold 34% 31%

Reduce 9% 5%

Not Rated/Under Review/Accept Offer 3% 2%

Total 100% 100%

Source: Kepler Cheuvreux

A: % of all research recommendations

B: % of issuers to which material services of investment firms are supplied

12 months rating history

The below table shows the history of recommendations and target prices changes issued by KEPLER CHEUVREUX research department (Equity and Credit) over a 12 months

period.

Company Name Date Business Line Rating Target Price Closing Price

Banca MPS (EUR) 26/05/2025 05:04 Equity Research Hold 7.90 7.20

07/08/2025 04:43 Equity Research Hold 8.30 7.86

16/10/2025 08:44 Equity Research Hold 7.60 7.10

10/11/2025 05:30 Equity Research Hold 8.00 7.75

23/01/2026 06:33 Equity Research Hold 8.50 8.95

11/02/2026 05:44 Equity Research Hold 8.70 8.78

02/03/2026 05:33 Equity Research Hold 9.40 8.30

Credit research does not issue target prices. Left intentionally blank.