Banca d'Italia: January Bond Issues Total €4.4 Billion

Statistics The Financial Market For further information: statistiche@bancaditalia.it www.bancaditalia.it/statistiche/index.html16 March 2026Figure 1Net bond issues by issuer(billions of euros)−40−30−20−10−40−30−20−102021 2022 2023 2024 2025 '26Non−financial corporations and other financial intermediaries Banks General government TotalIn January, resident sectors recorded net bond issues of C4.4 billion. General government net issues were positive atC3.0 billion, an outcome to which BTPs (C2.7 billion) and other central government securities ( C0.8 billion) contributedpositively, while BOTs contributed negatively (C0.5 billion). The net issues of the remaining sectors were positive at C1.3billion, with other financial intermediaries, insurance corporations and non-financial corporations contributing -C5.2, C1.6and C4.9 billion, respectively.Figure 2Yields on benchmark government securities(per cent)−1−12021 2022 2023 2024 2025 '26CCTs 3 − year BTPs 10 − year BTPs 30 − year BTPsIn February, gross yields to maturity on 3-year, 10-year and 30-year benchmark BTPs decreased by 9, 10 and 6 basispoints, to 2.37, 3.39 and 4.33 per cent, respectively. The gross yield on benchmark CCTs decreased by 2 basis points, to2.73 per cent.Reference period: January – February 2026

General information I Unless indicated otherwise, figures have been computed by the Bank of Italy.II Symbols and Conventions:- the phenomenon does not occur;.... the phenomenon occurs but its value is not known;.. the value is known but is nil or less than half the final digit shown.Figures in parentheses in roman type () are provisional. Those in parentheses initalics () are estimated.III The tables are identified both by a number and by an alphanumeric code thatdefines the content of the table in the electronic database holding the informationto be released to the public. A similar code identifies the different aggregatesshown in each table.General information

The Financial MarketC o n t e n t sGeneral information Access to data in BDS: Table 1 - Securities issued by residents VALM0100 Table 2 - Government securities: gross yields at issue by sector and maturity RTIT0100 Table 3 -Government securities listed on Borsa Italiana (MOT): yields to maturity, turnover and outstanding amounts QMOT0100 Table 4 - Government securities listed on MTS: turnover QMTS0100 Table 5 - Benchmark government securities: gross yields to maturity BMK0100 Table 6 - Portfolio management services: securities portfolios and total managed funds GESP0100 Table 7 - Open-end funds under Italian law: assets, liabilities and net assets BSFC0100 Table 8 - Open-end funds under Italian law: assets, liabilities and net subscriptions BSFC0200 Table 9 - Italian market of investments funds: net assets and net subscriptions BSFC0300 Tables available only on BDS- Insurance corporations. Assets and liabilities BSIA0100 - Government securities: composition by type of security VALM0200 - Benchmark government securities: gross yields to maturity (daily data) BMK0200 - Features of Treasury bills (BOTs) TDEE0120 - Features of Treasury zero-coupon bonds (CTZs) TDEE0121 - Features of variable rate Treasury credit certificates (CCTs) TDEE0122 - Features of the main government securities: Treasury bonds (BTPs) TDEE0123 - Buy back of Treasury bonds (BTPs) TDEE0130 - Buy back of variable rate Treasury credit certificates (CCTs) TDEE0135 - BOT auctions BOT0100 Contents

The Financial Market Table 1VALM0100Securities issued by residentsDebt securities issued by General governmentCentral governmentLocal government TotalBOTs CCTs BTPs Index-linked BTPsInternational Total Gross issues2023 .......................... 156,164 24,632 314,501 29,038 1,520 526,354 .. 526,3552024 .......................... 171,425 26,565 337,570 25,727 2,100 563,688 10 563,6982025 .......................... 169,859 29,922 319,026 32,916 6,140 558,813 75 558,8882025 - July................. 14,010 2,231 18,220 1,500 500 36,811 .. 36,811Aug................. 11,800 2,079 10,090 .. 300 24,269 .. 24,269Sept................ 16,150 2,000 31,250 2,500 550 52,450 .. 52,450Oct. ................ 14,100 1,725 38,132 1,725 700 56,382 .. 56,382Nov................. 16,020 2,300 22,850 2,875 .. 44,045 50 44,095Dec................. 9,900 4,699 11,977 .. .. 26,576 .. 26,5762026 - Jan. ................ 17,050 .. 32,687 2,300 .. 52,787 .. 52,787Redemptions2023 .......................... 145,284 21,924 187,636 52,340 3,604 412,145 947 413,0922024 .......................... 162,121 30,201 225,139 26,934 4,270 449,265 785 453,3002025 .......................... 169,075 45,023 203,704 19,156 319 438,580 686 439,2662025 - July................. 18,475 1,240 20,152 .. .. 40,081 22 40,103Aug................. 7,676 .. 13,426 .. .. 21,238 17 21,256Sept................ 19,600 14,803 19,665 .. .. 54,068 39 54,107Oct. ................ 9,000 .. .. .. .. 9,000 3 9,003Nov................. 16,900 1,911 28,433 .. 200 47,444 19 47,463Dec................. 11,436 754 24,954 720 119 38,008 276 38,2852026 - Jan. ................ 17,510 .. 32,323 .. .. 49,833 19 49,852Net issues2023 .......................... 10,880 2,554 125,906 -24,605 -2,084 111,794 -947 110,8472024 .......................... 9,304 -3,641 112,841 -1,399 -2,175 114,629 -775 110,6052025 .......................... 784 -14,881 115,488 13,862 5,820 120,716 -610 120,1062025 - July................. -4,465 1,014 -1,885 1,497 500 -3,203 -22 -3,225Aug................. 4,124 2,105 -3,398 .. 299 2,995 -17 2,977Sept................ -3,450 -12,787 11,610 2,537 550 -1,540 -39 -1,579Oct. ................ 5,100 1,743 38,274 1,740 700 47,558 -3 47,555Nov................. -880 458 -5,401 2,960 -200 -3,063 31 -3,032Dec................. -1,536 3,967 -12,966 -720 -119 -11,399 -276 -11,6752026 - Jan. ................ -460 .. 404 2,355 .. 3,047 -19 3,028Outstanding amounts at end of period2023 .......................... 122,056 139,341 1,883,505 219,755 40,745 2,405,403 11,674 2,424,7772024 .......................... 131,360 135,706 1,995,936 218,548 39,148 2,520,699 10,928 2,536,0762025 .......................... 132,145 120,605 2,111,258 232,308 43,173 2,639,488 10,286 2,654,2242025 - July................. 128,786 125,271 2,083,436 225,928 42,393 2,605,814 10,598 2,620,861Aug................. 132,910 127,349 2,080,100 225,928 42,362 2,608,649 10,575 2,623,674Sept................ 129,460 114,546 2,091,685 228,428 42,824 2,606,943 10,536 2,621,929Oct. ................ 134,560 116,271 2,129,817 230,153 43,671 2,654,472 10,535 2,669,457Nov................. 133,680 116,660 2,124,234 233,02843,475 2,651,077 10,565 2,666,093Dec................. 132,145 120,605 2,111,258 232,308 43,173 2,639,488 10,286 2,654,2242026 - Jan. ................ 131,685 120,605 2,111,622 234,608 43,793 2,642,313 10,263 2,657,026(follow)Table 1 - (VALM0100) - Securities issued by residents

The Financial Market (follow)Table 1 VALM0100Securities issued by residentsDebt securities issued by other issuersTotal debt securitiesListed sharesBanksNon-financial corporationsInsurancecorporationsOther financial intermediariesGross issues2023 .......................... 85,915 62,119 1,175 59,854 735,418 2,2402024 .......................... 91,345 77,076 3,235 65,025 800,379 4,4262025 .......................... 82,174 76,793 2,065 71,533 791,453 21,8482025 - July................. 8,700 8,041 .. 6,298 59,851 338Aug................. 1,143 1,905 .. 1,036 28,353 4,780Sept................ 4,249 8,183 .. 4,283 69,165 13,655Oct. ................ 5,409 5,995 545 2,411 70,742 27Nov................. 5,950 3,125 .. 22,600 75,770 643Dec................. 6,797 4,613 20 9,143 47,150 5342026 - Jan. ................ 8,031 8,831 1,650 1,202 72,501 38Redemptions2023 .......................... 75,379 45,739 781 64,938 599,928 8,4362024 .......................... 78,998 72,015 2,747 56,287 663,346 12,1232025 .......................... 78,886 63,075 3,419 57,818 642,464 5,6912025 - July................. 6,697 5,715 60 8,712 61,286 ..Aug................. 2,194 2,334 .. 2,931 28,716 377Sept................ 4,788 8,649 500 3,681 71,725 292Oct. ................ 5,930 4,181 .. 5,830 24,945 2,176Nov................. 7,216 3,858 675 3,191 62,403 ..Dec................. 11,278 4,464 108 3,512 57,646 272026 - Jan. ................ 8,021 3,934 .. 6,410 68,217 ..Net issues2023 .......................... 10,537 16,381 394 -5,084 133,075 -6,1962024 .......................... 12,347 5,062 488 8,737 137,239 -7,6962025 .......................... 3,289 13,718 -1,354 13,714 149,473 16,1582025 - July................. 2,003 2,327 -60 -2,414 -1,369 338Aug................. -1,051 -429 .. -1,896 -399 4,403Sept................ -539 -466 -500 602 -2,482 13,363Oct. ................ -522 1,813 545 -3,419 45,973 -2,150Nov................. -1,265 -733 -675 19,409 13,703 642Dec................. -4,482 149 -88 5,632 -10,464 5072026 - Jan. ................ 10 4,897 1,650 -5,209 4,377 38Outstanding amounts at end of period2023 .......................... 402,084 191,649 15,654 245,991 3,280,155 606,5222024 .......................... 415,754 199,839 18,662 249,835 3,420,167 684,7892025 .......................... 415,396 219,549 17,287 255,301 3,561,757 947,5412025 - July................. 424,023 217,900 18,010 236,768 3,517,562 836,043Aug................. 422,365 217,160 18,008 234,786 3,515,994 863,809Sept................ 421,762 217,757 17,505 234,283 3,513,236 888,474Oct. ................ 421,470 219,660 18,047 230,910 3,559,544 908,617Nov................. 420,224 219,264 17,373 249,983 3,572,936 914,946Dec................. 415,396 219,549 17,287 255,301 3,561,757 947,5412026 - Jan. ................ 415,016 224,955 18,940 249,353 3,565,289 967,025

The Financial Market Table 2RTIT0100Government securities: gross yields at issue by sector and maturityBOTsCCTs6-month 12-month Average2022 .......................... 0.60 0.95 0.88 1.122023 .......................... 3.58 3.61 3.59 4.092024 .......................... 3.45 3.22 3.30 4.822025 .......................... 2.15 2.13 2.13 3.362024 - Mar. ................ 3.80 3.55 3.69 5.20Apr.................. - 3.53 3.63 5.10May ................ 3.68 3.55 3.60 4.90June ............... - 3.58 3.63 4.71July................. 3.55 3.48 3.51 5.04Aug................. - 3.11 3.20 4.89Sept................ 3.14 2.89 3.02 4.94Oct. ................ - 2.86 2.91 4.68Nov................. 2.74 2.69 2.75 4.19Dec................. - 2.41 2.41 4.082025 - Jan. ................ 2.55 2.52 2.53 -Feb................. - 2.32 2.36 4.11Mar. ................ 2.28 2.34 2.31 4.11Apr.................. - 2.12 2.12 4.05May ................ 1.99 1.96 1.97 3.27June ............... - 1.98 1.98 3.28July................. 2.00 1.96 1.98 3.16Aug................. - 2.01 2.01 3.13Sept................ 2.04 2.03 2.04 3.19Oct. ................ - 2.05 2.03 3.16Nov................. 2.04 2.06 2.05 2.67Dec................. - 2.18 2.18 2.832026 - Jan. ................ 2.04 2.11 2.08 -Feb................. - 2.07 2.06 2.71(follow)Table 2 - (RTIT0100) - Government securities: gross yields at issue by sector and matu- rity

The Financial Market (follow) Table 2 RTIT0100 Government securities: gross yields at issue by sector and maturityBTPs Index-linked BTPs3-year 5-year 10-year 30-year Average 5-year 10-year 30-year Average2022 .......................... 1.96 2.33 3.00 3.50 2.41 -0.54 1.08 0.74 0.472023 .......................... 3.58 3.82 4.18 4.63 3.94 1.89 2.02 2.59 2.052024 .......................... 2.98 3.17 3.66 4.24 3.33 1.44 1.54 2.19 1.742025 .......................... 2.49 2.83 3.50 4.50 2.94 1.13 - 2.60 1.602024 - Mar. ................ 3.06 3.41 3.78 - 3.47 - - - 1.83Apr.................. 3.32 3.21 3.67 - 3.52 1.35 - - 1.61May ................ 3.40 3.38 3.86 4.14 3.57 - 1.72 - 1.72June ............... 3.47 3.54 3.97 4.39 3.73 - 1.68 - 2.01July................. 3.24 3.44 3.86 - 3.56 1.60 - 2.19 1.88Aug................. - 3.16 3.76 - 3.38 - - - -Sept................ 2.62 3.08 3.55 4.36 3.00 1.17 - - 1.57Oct. ................ 2.68 2.73 3.26 4.20 3.11 - 1.24 - 1.58Nov................. 2.51 2.96 3.50 - 3.10 1.16 1.51 - 1.31Dec................. 2.35 2.79 3.39 3.94 2.97 - - - -2025 - Jan. ................ 2.85 - 3.73 - 2.98 1.17 - - 1.53Feb................. 2.52 2.95 3.60 - 2.93 - - - 1.90Mar. ................ 2.77 2.93 3.50 4.70 3.11 1.02 - - 1.02Apr.................. 2.44 3.05 3.66 - 3.03 - - 2.60 2.60May ................ 2.40 2.74 3.62 - 2.98 - - - 1.57June ............... 2.24 2.76 3.57 4.26 2.86 1.21 - - 1.21July................. 2.47 2.71 3.48 - 2.93 1.13 - - 1.13Aug................. - 2.79 3.25 - 2.84 - - - -Sept................ 2.44 2.80 3.56 4.73 2.79 1.17 - - 1.65Oct. ................ 2.36 2.94 3.08 - 2.97 - - - 1.72Nov................. 2.38 2.75 3.46 4.30 2.97 1.08 - - 1.63Dec................. 2.58 2.76 3.44 - 2.89 - - - -2026 - Jan. ................ 2.48 - - - 2.38 0.94 - 2.38 1.66Feb................. 2.36 2.74 3.44 - 3.33 0.84 - - 1.18

The Financial Market Table 3QMOT0100Government securities listed on Borsa Italiana (MOT): yields to maturity, turnover and oustanding amounts BOTs CCTs BTPsMemo item: RendistatoTotal governmentGross yields to maturity2023 .......................................3.451 4.010 3.882 3.910 3.8852024 .......................................3.286 4.567 3.463 3.393 3.4962025 .......................................2.056 3.123 3.297 3.050 3.2852025 - Feb..............................2.306 3.821 3.276 3.080 3.289Mar. .............................2.243 3.860 3.517 3.287 3.523Apr...............................2.030 3.394 3.366 3.072 3.361May .............................1.934 2.964 3.295 2.997 3.278June ............................1.916 2.921 3.198 2.929 3.183July..............................1.907 2.906 3.243 2.969 3.226Aug..............................1.934 2.908 3.271 3.008 3.253Sept.............................1.968 2.929 3.308 3.053 3.289Oct. .............................1.961 2.776 3.213 2.962 3.192Nov..............................1.987 2.608 3.209 2.969 3.183Dec..............................2.041 2.561 3.300 3.077 3.2662026 - Jan. .............................2.017 2.525 3.263 3.030 3.230Feb..............................2.002 2.501 3.194 2.958 3.163Turnover (millions of euros) 2023 .......................................23,066 6,359 185,861 147,207 215,2862024 .......................................24,536 7,510 227,857 188,627 259,9032025 .......................................15,503 5,675 225,469 193,712 246,6472025 - Feb..............................1,680 489 19,217 15,737 21,385Mar. .............................1,342 699 21,938 18,720 23,979Apr...............................1,442 594 17,689 14,708 19,725May .............................1,154 350 16,333 13,745 17,837June ............................1,168 620 19,186 16,647 20,974July..............................1,212 438 17,493 15,226 19,143Aug..............................792 354 14,856 13,230 16,003Sept.............................1,253 469 18,213 16,013 19,935Oct. .............................1,320 466 21,174 17,543 22,959Nov..............................916 351 17,327 15,016 18,595Dec..............................1,378 379 20,098 17,692 21,8552026 - Jan. .............................1,226 424 24,876 22,100 26,526Feb..............................915 418 20,135 16,764 21,469Outstanding amounts of listed securities at face value (millions of euros) 2023 .......................................112,789 139,341 2,088,789 1,620,873 2,340,9192024 .......................................121,710 125,605 2,214,484 1,733,135 2,461,7992025 .......................................124,145 120,605 2,312,172 1,783,380 2,556,9222025 - Feb..............................121,435 128,355 2,253,288 1,717,111 2,503,078Mar. .............................119,760 114,890 2,262,209 1,719,116 2,496,859Apr...............................123,203 117,640 2,278,313 1,732,793 2,519,156May .............................120,900 119,750 2,261,654 1,733,389 2,502,304June ............................121,450 124,279 2,293,403 1,768,839 2,539,132July..............................121,110 125,270 2,295,937 1,750,458 2,542,317Aug..............................123,210 113,381 2,306,027 1,746,292 2,542,618Sept.............................120,460 114,546 2,320,112 1,759,192 2,555,118Oct. .............................126,310 116,271 2,324,120 1,780,752 2,566,701Nov..............................122,245 116,660 2,321,484 1,791,179 2,560,389Dec..............................124,145 120,605 2,312,172 1,783,380 2,556,9222026 - Jan. .............................122,885 120,605 2,312,541 1,794,813 2,556,031Feb..............................126,885 122,605 2,325,974 1,790,863 2,575,464Table 3 - (QMOT0100)-Government securities listed on Borsa Italiana (MOT): yields to maturity, turnover and oustanding amounts

The Financial Market Table 4QMTS0100Government securities listed on MTS: turnoverBOTs CCTs BTPsTotalgovernment2022 ................................................ 784,240 172,003 1,809,217 2,845,3232023 ................................................ 630,241 451,280 2,908,284 3,989,9082024 ................................................ 889,175 769,165 5,622,917 7,281,3772025 ................................................ 1,503,111 904,223 7,955,372 10,362,8252023 - 4th qtr.................................... 184,222 177,896 955,948 1,318,0892024 - 1st qtr.................................... 199,066 199,170 1,256,761 1,655,0252nd . " ................................... 211,186 250,683 1,305,429 1,767,3313rd.. " ................................... 249,532 181,109 1,547,786 1,978,4604th .. " ................................... 229,391 138,203 1,512,941 1,880,5612025 - 1st qtr.................................... 356,816 272,656 2,166,489 2,795,9912nd . " ................................... 440,931 246,508 2,119,240 2,806,7083rd.. " ................................... 302,255 185,927 1,897,693 2,385,9024th .. " ................................... 403,109 199,132 1,771,950 2,374,224Feb. ..................................... 113,817 95,139 741,036 950,001Mar. ..................................... 144,325 117,584 727,685 989,603Apr. ..................................... 138,920 77,258 636,846 853,033May ..................................... 148,058 79,314 720,459 947,841June ..................................... 153,953 89,936 761,935 1,005,834July ..................................... 131,765 83,564 651,148 866,484Aug. ..................................... 76,953 56,490 553,860 687,312Sept...................................... 93,537 45,873 692,685 832,106Oct. ..................................... 138,620 49,438 707,337 895,404Nov. ..................................... 119,889 90,150 615,016 825,064Dec. ..................................... 144,600 59,544 449,597 653,7562026 - Jan. ..................................... 183,253 67,758 600,736 851,760Feb. ..................................... 231,863 59,372 545,430 836,675Table 4 - (QMTS0100) - Government securities listed on MTS: turnover

The Financial Market Table 5BMK0100Benchmark government securities: gross yields to maturityBTPsCCTs3-year 5-year 10-year 30-year2022 ...................................... 1.960 2.408 3.157 3.426 1.1882023 ...................................... 3.578 3.754 4.283 4.658 4.4502024 ...................................... 2.988 3.167 3.707 4.303 4.9492025 ...................................... 2.436 2.843 3.589 4.409 3.4262023 - 4th qtr.........................3.547 3.796 4.378 4.878 5.5422024 - 1st qtr .........................3.116 3.264 3.793 4.377 5.3542nd"............................3.364 3.438 3.880 4.395 5.0703rd "............................2.915 3.118 3.693 4.301 5.0474th " ............................2.558 2.848 3.464 4.141 4.3252025 - 1st qtr .........................2.584 2.987 3.713 4.362 4.2272nd"............................2.299 2.797 3.614 4.418 3.4313rd "............................2.421 2.790 3.545 4.460 3.1704th " ............................2.439 2.797 3.484 4.398 2.876Feb............................. 2.483 2.826 3.575 4.208 4.204Mar. ............................ 2.599 3.144 3.887 4.575 4.245Apr.............................. 2.349 2.875 3.712 4.490 3.723May ............................ 2.296 2.774 3.629 4.447 3.295June ........................... 2.253 2.741 3.501 4.316 3.274July............................. 2.346 2.780 3.537 4.399 3.222Aug............................. 2.446 2.785 3.538 4.458 3.139Sept............................ 2.471 2.806 3.559 4.525 3.148Oct. ............................ 2.399 2.770 3.442 4.394 2.991Nov............................. 2.405 2.761 3.459 4.362 2.848Dec............................. 2.513 2.860 3.552 4.438 2.7892026 - Jan. ............................ 2.459 2.792 3.492 4.388 2.752Feb............................. 2.370 2.685 3.388 4.326 2.730Table 5 - (BMK0100) - Benchmark government securities: gross yields to maturity

The Financial Market Table 6GESP0100Portfolio management services: securities portfolios and total managed funds(end-of-period market values; millions of euros)Italian government securitiesBonds Sharesof which:TotalBOTs BTPs CCTs Italian Foreign Italian ForeignBanks2020 ................................... 311 11,402 1,196 14,045 6,637 16,234 917 5,5682021 ................................... 320 10,155 1,374 12,189 6,056 15,615 1,077 6,5932022 ................................... 1,281 10,804 899 13,025 5,313 19,158 953 6,8442023 - 4th qtr....................... 1,292 15,024 1,128 17,467 6,425 25,839 1,008 8,0952024 - 1st qtr....................... 1,340 16,093 1,097 18,553 6,378 26,689 1,159 9,3712nd ..." ..................... 1,337 16,853 1,244 19,457 3,492 30,445 1,104 9,8823rd...." ..................... 1,338 17,809 1,189 20,361 3,703 31,908 1,155 9,4554th ...." ..................... 1,605 17,607 1,297 20,525 3,773 32,124 1,256 9,2122025 - 1st qtr....................... 1,853 18,587 1,295 21,752 4,239 34,296 1,373 9,2272nd ..." ..................... 1,975 19,839 1,429 23,260 4,356 35,310 1,442 9,6853rd...." ..................... 3,073 26,801 1,268 31,161 5,906 47,977 1,964 15,3834th ...." ..................... (3,456) (27,862) (1,591) (32,928) (6,025) (50,013) (2,143) (15,752) Securities firms2020 ................................... 64 515 63 832 716 2,589 282 1,5382021 ................................... 22 664 55 759 828 4,138 277 2,1302022 ................................... 80 474 21 577 793 3,413 260 1,3982023 - 4th qtr....................... 203 510 31 745 782 3,964 290 1,5912024 - 1st qtr....................... 142 588 28 759 844 4,126 359 1,7882nd ..." ..................... 120 608 29 758 870 4,111 345 1,8163rd...." ..................... 131 617 41 789 951 4,469 357 1,9094th ...." ..................... 150 616 39 806 969 4,504 343 1,9782025 - 1st qtr....................... 118 667 38 825 957 4,535 380 1,9372nd ..." ..................... 120 744 31 897 976 4,317 424 1,9883rd...." ..................... 158 751 41 953 955 4,526 399 2,0844th ...." ..................... (78) (756) (37) (873) (943) (4,559) (458) (1,976) Asset management corporations2020 ................................... 5,564 288,263 9,122 310,537 26,153 277,091 18,177 40,9122021 ................................... 3,826 278,399 9,439 297,029 25,100 281,142 20,580 44,5252022 ................................... 2,679 218,010 5,649 229,013 21,101 236,503 20,981 46,0062023 - 4th qtr....................... 9,071 220,023 5,267 237,072 20,130 252,040 19,169 50,3062024 - 1st qtr....................... 7,165 221,033 5,239 236,167 20,281 256,240 19,383 54,2782nd ..." ..................... 5,357 214,805 5,123 227,913 21,370 258,387 19,418 50,7853rd...." ..................... 4,172 223,327 5,235 235,347 22,363 265,350 20,053 47,7934th ...." ..................... 5,746 222,781 4,406 235,420 22,930 266,706 19,267 49,1112025 - 1st qtr....................... 4,439 217,440 2,916 227,318 23,898 266,455 19,792 49,6352nd ..." ..................... 3,485 225,292 2,186 233,588 24,097 275,936 17,900 49,9823rd...." ..................... 3,188 219,664 2,191 227,733 22,530 267,650 17,954 47,9214th ...." ..................... (2,807) (219,639) (2,226) (227,326) (22,824) (275,898) (17,295) (47,918) Total2020 ................................... 5,938 300,180 10,382 325,415 33,505 295,914 19,376 48,0172021 ................................... 4,168 289,218 10,867 309,978 31,984 300,894 21,933 53,2482022 ................................... 4,040 229,288 6,569 242,616 27,207 259,075 22,194 54,2482023 - 4th qtr....................... 10,567 235,557 6,426 255,284 27,336 281,843 20,467 59,9922024 - 1st qtr....................... 8,648 237,714 6,365 255,479 27,503 287,055 20,900 65,4372nd ..." ..................... 6,815 232,266 6,396 248,128 25,732 292,942 20,866 62,4843rd...." ..................... 5,641 241,753 6,465 256,497 27,018 301,726 21,566 59,1574th ...." ..................... 7,501 241,004 5,742 256,752 27,672 303,335 20,866 60,3012025 - 1st qtr....................... 6,410 236,695 4,249 249,894 29,094 305,286 21,544 60,7992nd ..." ..................... 5,580 245,875 3,646 257,745 29,429 315,563 19,766 61,6563rd...." ..................... 6,418 247,216 3,500 259,848 29,391 320,153 20,318 65,3894th ...." ..................... (6,340) (248,257) (3,854) (261,127) (29,793) (330,471) (19,896) (65,646)Table 6 - (GESP0100) - Portfolio management services: securities portfolios and total managed (follow)

The Financial Market (follow) Table 6GESP0100Portfolio management services: securities portfolios and total managed funds(end-of-period market values; millions of euros)Investment fund unitsOther financial assetsTotal portfolioTotal managed fundsMemorandum items:Italian Foreign Gross inflow Net inflowBanks2020 ................................... 1,639 68,383 397 113,819 119,463 23,568 -842021 ................................... 2,637 68,922 438 113,527 120,395 30,403 6,5402022 ................................... 2,487 62,102 461 110,344 115,284 24,905 3,0522023 - 4th qtr....................... 2,459 57,983 4 119,280 125,095 6,191 -5052024 - 1st qtr....................... 2,401 58,720 31 123,303 129,379 10,362 1,0472nd ..." ..................... 2,433 58,645 37 125,494 132,073 7,476 1,5013rd...." ..................... 2,506 64,946 42 134,077 140,192 11,263 5,7334th ...." ..................... 2,633 65,803 22 135,348 142,310 7,729 382025 - 1st qtr....................... 2,714 65,871 17 139,489 144,546 10,632 1,3392nd ..." ..................... 2,885 67,051 39 144,029 148,777 8,394 1,6953rd...." ..................... 3,021 121,807 79 227,298 233,311 11,592 8874th ...." ..................... (3,012) (130,870) (69) (240,813) (247,537) (25,297) (10,982) Securities firms2020 ................................... 341 7,042 -34 13,306 14,687 2,308 242021 ................................... 321 7,891 857 17,201 18,914 6,639 3,9312022 ................................... 49 3,210 893 10,592 11,600 2,706 8242023 - 4th qtr....................... 69 3,126 921 11,487 12,137 482 -1582024 - 1st qtr....................... 70 3,188 888 12,022 12,610 636 1412nd ..." ..................... 69 3,239 794 12,000 12,554 562 1123rd...." ..................... 68 3,354 913 12,811 13,363 668 4004th ...." ..................... 69 3,478 768 12,915 13,465 653 1182025 - 1st qtr....................... 71 3,480 745 12,929 13,542 579 1522nd ..." ..................... 79 3,562 422 12,665 13,197 488 -2423rd...." ..................... 83 3,758 440 13,202 13,829 767 3054th ...." ..................... (104) (3,798) (618) (13,333) (14,126) (415) (-4)Asset management corporations2020 ................................... 19,899 173,521 -7,837 858,453 878,707 160,094 -18,4552021 ................................... 24,952 205,805 -5,488 893,645 915,113 171,988 17,2082022 ................................... 29,025 184,361 2,149 769,139 774,995 191,382 -8,9552023 - 4th qtr....................... 32,054 215,570 1,654 827,995 835,133 46,180 -8,2232024 - 1st qtr....................... 32,902 216,942 1,317 837,509 843,831 39,189 -6,0372nd ..." ..................... 33,181 213,030 2,120 826,203 836,075 44,830 -3,2123rd...." ..................... 33,791 217,372 1,282 843,353 852,465 66,216 -13,1124th ...." ..................... 34,499 222,252 648 850,833 862,577 49,588 4,3442025 - 1st qtr....................... 34,617 216,855 -2,901 835,669 849,710 59,336 -4,1082nd ..." ..................... 35,551 219,415 -2,809 853,659 868,819 47,801 2243rd...." ..................... 36,240 171,271 -2,980 788,321 802,409 38,860 -1,6284th ...." ..................... (36,739) (167,250) (-4,591) (790,659) (810,656) (55,386) (1,855) Total2020 ................................... 21,879 248,945 -7,475 985,578 1,012,857 185,971 -18,5152021 ................................... 27,910 282,618 -4,193 1,024,373 1,054,421 209,031 27,6772022 ................................... 31,561 249,673 3,503 890,076 901,878 218,992 -5,0792023 - 4th qtr....................... 34,582 276,679 2,579 958,762 972,365 52,853 -8,8862024 - 1st qtr....................... 35,373 278,850 2,236 972,834 985,820 50,187 -4,8482nd ..." ..................... 35,682 274,914 2,950 963,697 980,702 52,868 -1,5993rd...." ..................... 36,366 285,672 2,238 990,240 1,006,020 78,147 -6,9794th ...." ..................... 37,202 291,533 1,438 999,096 1,018,352 57,969 4,4992025 - 1st qtr....................... 37,402 286,205 -2,139 988,086 1,007,797 70,548 -2,6172nd ..." ..................... 38,515 290,028 -2,348 1,010,354 1,030,793 56,683 1,6783rd...." ..................... 39,344 296,836 -2,461 1,028,820 1,049,548 51,219 -4374th ...." ..................... (39,856) (301,918) (-3,905) (1,044,805) (1,072,319) (81,098) (12,834)

The Financial Market Table 7BSFC0100Open-end funds under Italian law: assets, liabilities and net assets(end-of-period stocks at market value; millions of euros)2022 2023 2024 2025 July 2025 Aug. 2025 Sept. 2025 Oct. 2025 Nov. 2025 Dec. 2026 Jan.Assets1. Deposits and loans ........................... 15,656 15,636 16,151 17,387 17,140 17,796 15,476 15,906 14,411 (14,579)2. Securities issued by residents......... 49,324 62,978 74,318 80,064 81,343 81,707 83,281 83,404 83,899 (84,596)2.1 General government....................... 34,120 44,879 51,244 54,631 55,649 55,975 56,765 56,756 57,023 (57,152)2.1a BOTs..................................... 7,931 7,418 6,836 7,982 9,090 8,739 8,719 9,141 8,539 (8,755)2.1b CTZs ..................................... .. .. .. .. .. .. .. .. .. (..)2.1c CCTs..................................... 440 525 931 869 825 779 816 824 835 (873)2.1d BTPs ..................................... 24,969 35,062 41,904 44,697 44,657 45,436 46,201 45,809 46,716 (46,560)2.1e Other gov. securities ............. 780 1,874 1,574 1,083 1,077 1,021 1,029 982 932 (965)2.2 Non-financial corporations.............. 6,217 7,043 9,217 10,992 11,081 11,234 11,672 11,655 11,829 (12,263)2.3 Banks ............................................. 7,058 9,149 11,690 12,445 12,580 12,461 12,793 12,955 12,988 (13,043)2.4 Other financial intermediaries............1,928 1,907 2,167 1,996 2,033 2,038 2,051 2,039 2,059 (2,138)3. Securities issued by non-residents. 65,083 75,274 115,799 118,363 118,519 118,827 120,889 119,389 119,034 (121,032)3.1 of which: General government ....... 27,876 31,325 43,834 42,205 42,481 42,131 42,804 41,881 41,422 (42,441)4. Shares ................................. ............... 51,479 55,021 59,820 55,975 55,558 57,595 59,117 59,083 59,941 (60,097)4.1 Issued by residents ........................ 9,405 9,592 9,766 11,397 11,614 11,696 12,082 12,181 12,515 (12,771)4.1a of which: quoted .................... 9,345 9,558 9,723 11,350 11,571 11,653 12,039 12,138 12,473 (12,729)4.2 Issued by non-residents .......... 42,073 45,429 50,054 44,578 43,943 45,899 47,035 46,902 47,426 (47,326)5. Investment fund units ....................... 51,011 46,765 45,647 45,137 46,050 47,787 49,536 49,561 49,183 (50,636)5.1 Issued by residents ........................ 10,780 10,741 9,497 9,889 10,072 10,272 10,557 10,260 10,206 (10,203)5.2 Issued by non-residents ................. 40,231 36,024 36,150 35,248 35,977 37,515 38,979 39,301 38,977 (40,433)6. Other financial assets....................... 35,929 32,577 49,872 51,090 51,589 48,764 45,684 45,390 39,582 (41,130)7. Total ....................................................... 268,481 288,253 361,607 368,016 370,198 372,477 373,982 372,734 366,050 (372,071)Liabilities8. Deposits and loans ........................... 1,185 1,099 1,549 1,225 1,216 1,279 1,578 1,310 1,005 (1,161)9. Other liabilities .................................. 34,133 31,238 48,606 48,814 49,785 48,251 44,151 44,890 37,728 (40,459)10. Net assets ........................................ 233,164 255,916 311,451 317,976 319,197 322,947 328,253 326,533 327,317 (330,451)11. Total ..................................................... 268,481 288,253 361,607 368,016 370,198 372,477 373,982 372,734 366,050 (372,071)Table 7 - (BSFC0100) -Open-end funds under Italian law: assets, liabilities and net assets

The Financial Market Table 8BSFC0200Open-end funds under Italian law: assets, liabilities and net subscriptions(transactions; millions of euros)2023 2024 2025 2025 July 2025 Aug. 2025 Sept. 2025 Oct. 2025 Nov. 2025 Dec. 2026 Jan.Assets1. Deposits and loans ........................... 77 452 -1,490 -1,756 -217 675 -2,330 436 -1,468 (182)2. Securities issued by residents......... 12,254 12,308 12,291 817 1,253 423 1,479 756 852 (390)2.1 General government....................... 9,963 7,430 7,818 60 1,082 348 745 533 604 (-152) 2.1a BOTs..................................... 76 419 2,712 -1,785 1,090 -315 112 827 -536 (191) 2.1b CTZs ..................................... .. .. .. .. .. .. .. .. .. (..) 2.1c CCTs..................................... 117 420 186 -19 -43 -51 44 3 7 (34) 2.1d BTPs ..................................... 8,831 6,937 5,561 1,797 41 773 589 -251 1,177 (-407) 2.1e Other gov. securities ............. 939 -346 -644 67 -5 -59 .. -47 -45 (30) 2.2 Non-financial corporations.............. 605 2,101 2,777 448 71 137 436 23 183 (419) 2.3 Banks ............................................. 1,666 2,527 1,445 238 74 -113 261 197 38 (56) 2.4 Other financial intermediaries............ 20 250 253 71 26 51 38 3 27 (67)3. Securities issued by non-residents. 9,225 40,412 9,940 2,539 651 336 1,898 381 302 (1,636)3.1 of which: General government ....... 2,934 12,556 914 544 526 -463 502 459 -113 (961) 4. Shares ................................. ............... -3,827 -3,798 -6,013 -879 -852 709 -404 63 340 (-524)4.1 Issued by residents ........................ -1,331 -935 -375 -103 -102 -66 95 -43 5 (-56) 4.1a of which: quoted .................... -1,349 -727 -369 -104 -98 -66 95 -43 8 (-56) 4.2 Issued by non-residents .......... -2,495 -2,862 -5,637 -776 -750 775 -499 107 335 (-468) 5. Investment fund units ....................... -6,935 -4,124 3,501 610 810 1,214 937 222 -577 (820)5.1 Issued by residents ........................ -212 -1,790 420 63 155 137 130 -275 -80 (-254) 5.2 Issued by non-residents ................. -6,724 -2,332 3,080 547 655 1,077 807 497 -497 (1,074) 6. Other financial assets....................... -6,744 11,370 -20,743 -3,054 25 -3,272 -3,799 -705 -6,625 (1,247)7. Total ....................................................... 4,049 56,626 -2,513 -1,724 1,671 86 -2,221 1,153 -7,176 (3,751) Liabilities8. Deposits and loans ........................... -76 432 -519 29 -6 64 296 -267 -302 (160)9. Other liabilities .................................. -1,136 17,875 -9,303 -2,993 925 -432 -3,959 739 -7,195 (2,871)10. Net subscriptions............................ 5,263 38,315 7,311 1,241 751 453 1,443 682 321 (719) 11. Total ..................................................... 4,049 56,626 -2,513 -1,724 1,671 86 -2,221 1,153 -7,176 (3,751) Table 8-(BSFC0200)-Open-end funds under Italian law: assets, liabilities and net subscriptions

The Financial Market Table 9BSFC0300Italian market of investment funds: net assets and net subscriptions2023 2024 2025 2024-Q2 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 2025-Q4Net assets1. Investment funds of resident intermediaries605,727 679,407 (739,811) 622,378 661,223 679,407 677,111 687,211 703,117 (739,811)2. Investment funds under Italian law 392,452 463,405 479,179 414,372 448,362 463,405 463,712 471,951 481,082 479,1792.1 Open-end funds ..................... 259,449 318,018 337,215 276,009 309,999 318,018 318,325 322,845 331,977 337,215 2.1a monetary funds ................ 3,532 6,567 9,898 3,965 4,502 6,567 7,646 8,559 9,030 9,898 2.1b equity funds ..................... 34,991 40,036 44,594 38,168 38,825 40,036 39,093 40,289 43,002 44,594 2.1c bond funds ....................... 112,320 136,710 154,264 128,068 133,791 136,710 140,294 146,702 150,090 154,264 2.1d mixed funds ..................... 101,652 127,496 127,204 98,840 125,750 127,496 125,972 122,067 124,397 127,204 2.1e hedge funds ..................... 6,952 7,209 1,255 6,969 7,131 7,209 5,320 5,228 5,459 1,255 2.2 Close-end funds ..................... 133,004 145,387 141,964 138,363 138,363 145,387 145,387 149,105 149,105 141,964 2.2a real estate funds .............. 91,333 97,477 91,022 93,091 93,091 97,477 97,477 99,819 99,819 91,022 2.2b equity funds ..................... 27,205 31,694 30,299 30,162 30,162 31,694 31,694 32,177 32,177 30,299 2.2c hedge funds ..................... .. .. .. .. .. .. .. .. .. .. 2.2d others............................... 14,466 16,216 20,644 15,110 15,110 16,216 16,216 17,109 17,109 20,644 3. Investment funds under foreign law 213,275 216,002 (260,632) 208,006 212,861 216,002 213,399 215,260 222,035 (260,632)4. Investment funds of non-resident intermediaries722,929 828,891 (824,091) 781,635 810,777 828,891 819,408 829,877 854,995 (824,091)5. Total.......................................................... 1,328,656 1,508,298 (1,563,902) 1,404,013 1,472,000 1,508,298 1,496,519 1,517,088 1,558,112 (1,563,902)Net subscriptions1. Investment funds of resident intermediaries4,863 41,849 (13,524) 7,083 26,800 9,629 4,073 -254 4,914 (4,791)2. Investment funds under Italian law 12,353 50,024 14,883 11,347 27,698 8,157 4,510 1,082 2,917 6,3742.1 Open-end funds ..................... 5,665 41,351 10,641 5,447 27,698 5,384 4,510 -100 2,917 3,314 2.1a monetary funds ................ 402 3,033 3,333 252 537 2,064 1,079 914 472 868 2.1b equity funds ..................... 211 -923 1,362 20 -78 -100 -52 -70 395 1,089 2.1c bond funds ....................... 21,160 20,055 12,832 6,264 2,849 2,237 4,061 4,098 2,357 2,316 2.1d mixed funds ..................... -15,765 19,298 -7,129 -1,092 24,408 1,209 -563 -5,015 -462 -1,089 2.1e hedge funds ..................... -344 -115 245 4 -21 -26 -15 -26 155 131 2.2 Close-end funds ..................... 6,688 8,673 4,242 5,900 .. 2,773 .. 1,182 .. 3,060 2.2a real estate funds .............. 4,262 4,252 3,253 2,465 .. 1,787 .. 1,193 .. 2,060 2.2b equity funds ..................... 1,079 2,791 -77 2,495 .. 296 .. -469 .. 392 2.2c hedge funds ..................... .. .. .. .. .. .. .. .. .. .. 2.2d others............................... 1,347 1,630 1,066 940 .. 690 .. 458 .. 608 3. Investment funds under foreign law -7,490 -8,175 (-1,359)-4,264 -898 1,472 -437 -1,336 1,997 (-1,583)4. Investment funds of non-resident intermediaries-15,313 14,893 (9,035) -1,814 7,991 7,682 3,794 957 2,954 (1,330)5. Total.......................................................... -10,450 56,742 (22,559) 5,269 34,791 17,311 7,867 703 7,868 (6,121) Table 9 - (BSFC0300) -Italian market of investment funds: net assets and net subscriptions

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