Banca Generali (BGN) Investor presentation summary

Italian entrepreneurial ecosystem and wealth distribution

• Entrepreneur clients hold 48% of private banking assets, significantly above the market average of 30%.

• 100,000 entrepreneur clients control about 25,000 companies with a combined enterprise value of €330bn.

• The average age of entrepreneur clients is 57, highlighting a business continuity challenge.

Household wealth and capital market structure

• Interests in unlisted companies represent 28% of Italian households' financial wealth, surpassing the value of listed companies.

• Italian households' interests in unlisted companies (€1.8tn) exceed the market capitalization of listed companies (€1.2tn).

• Compared to France, Germany, and Spain, Italy's capital market is underdeveloped, with only 40% of company value listed.

SME representation and market dynamics

• SMEs make up only 3% of the Italian listed market, with most listed companies having a capitalization below €1bn.

• The listed market is shrinking, while private equity transactions are increasing.

• There are 286 listed companies with capitalization under €1bn, and 5,000–10,000 unlisted companies are potential listing candidates.