We SHARE – the Share Plan for Group Employees

Launched in 2023 following the strong engagement of the first edition, We SHARE 2.0, the share plan for Generali employees, was designed to strengthen participation in the Group’s long-term growth and reinforce a culture of ownership, engagement, and empowerment.

More than 23,400 colleagues across over 30 countries joined the Plan, which allowed participants to invest in Generali’s future at favourable conditions.

We SHARE 2.0 enabled employees to set aside a monthly contribution over a three-year period within a protected framework. In case of share price appreciation at the end of the Plan, participants had the opportunity to purchase Generali shares at an Initial Price set at the launch.

Building on the first edition, the Plan strengthened the employee experience by introducing enhancements designed to further increase the benefits and protection offered to participants.

The Plan officially concluded on 30 April 2026, marking the final step of a shared journey involving thousands of Generali employees around the world.

At the end of the Plan, the Final Price (€36.74) had more than doubled compared to the Initial Price (€16.45), resulting in share price appreciation.

Participants’ contributions were automatically used to purchase Generali shares at the Initial Price, enabling them to benefit from the share price appreciation. Based on the number of shares purchased, participants were also assigned:

• free Matching Shares;
• free ESG Shares, as the Group achieved its goal of reducing CO₂ emissions by more than 45% compared to 2019;
• free Dividend Equivalent Shares linked to dividends distributed during the Plan.

This outcome reflects Generali’s solid financial performance and consistent organic growth over recent years, while reinforcing the connection between long-term business performance, sustainability, and employee engagement.

As part of Generali’s broader commitment to creating positive social impact, We SHARE 2.0 also supported The Human Safety Net Foundation.

The initiative contributed more than €380,000 to support the expansion of the Foundation’s Financial Education Programme for parents living in vulnerable situations.

Originally launched during the first edition of We SHARE in partnership with UNICEF as a pilot initiative in Italy and Indonesia, the programme has progressively expanded internationally and today reaches multiple countries across Europe, Asia, and Latin America.

This contribution reflects Generali’s purpose, “Empowering Lives and Dreams”.

The conclusion of We SHARE 2.0 represents an important milestone in Generali’s employee ownership journey.

Recognised internationally for its innovative approach, the Plan confirmed the strong engagement of Generali People and their active contribution to the Group’s sustainable value creation.

Building on the results achieved so far, Generali is already looking ahead to the next evolution of the initiative. In April 2026, the Annual General Meeting approved the launch of We SHARE 3, with 99.6% of votes in favour, confirming the broad support for the initiative.

The new edition of the Plan is expected to launch in October 2026, with the aim of further strengthening engagement and alignment with the Group’s strategic objectives.

The new We SHARE Plan aims to:

• support the achievement of Generali’s Strategy goals and People Strategy priorities, while continuing to align employees’ interests with those of shareholders and the Group’s long term strategic ambition;
• sustain engagement in achieving strategic objectives and reinforcing our distinctive Culture of Excellence through ownership and empowerment;
• reflect the evolving external context and the latest best practices in employee share plans;
• maximise employee participation through an attractive plan structure that recognises employees’ contribution to sustainable value creation.

In continuity with the previous Plan, We SHARE 3 provides employees with the opportunity to purchase Generali shares at favourable conditions, awarding them additional free shares in the event of share price appreciation and upon achievement of the Sustainability goal connected to the CO₂ emissions reduction from Generali activities.

In particular, We SHARE 3 replicates the previous Plan’s structure and main features (e.g. monthly contributions, investment protection), while reflecting the evolving external context, strengthening alignment with shareholders, and the recognition of key strategic achievements by:

• confirming the previous Plan structure and share allocation;
• introducing an additional allocation of Sustainability shares tied exclusively to the achievement of the CO₂ emissions reduction target.

The Plan is addressed to Group employees. Members of the Group Management Committee (GMC) and the Global Leadership Group (GLG) cannot subscribe to the Plan, nor can employees operating in countries or Group companies where the Plan cannot be implemented due to legal, fiscal, operational, or organisational constraints.

The Board of Directors, upon launching the Plan, will identify the categories of employees eligible to participate, in line with the above criteria and with applicable local regulatory requirements.

The essential features of the Plan, are set out below. The Plan consists of 3 main phases:

At the end of the Plan in April 2029, the Final Price will be compared with the Initial Price set at the beginning of the Plan:

a) In case of share price appreciation (Final Price ≥ Initial Price):

Participants will automatically purchase the underlying shares at the Initial Price with the contribution accrued and receive the following free shares:

• Matching Shares equal to 20% of the underlying shares purchased;
• Sustainability Shares, equal to 20% of the underlying shares purchased, provided that the Sustainability Goal on CO₂ emissions reduction is achieved;
• Dividend Equivalent Shares, linked to the 2025-2027 Strategy.
   

b) In case of share price depreciation (Final Price < Initial Price):

Participants receive back the contribution accrued and the following free shares:

• Sustainability Shares, equal to 10% of the underlying shares, provided that the Sustainability Goal on CO₂ emissions reduction is achieved;
• Dividend Equivalent Shares, provided that the NHCF goal is achieved.

The Sustainability Goal refers to the CO₂ Emissions Reduction Target from Group Activities, equal to a reduction of at least 55% of the Group’s CO₂ emissions by 2028 vs. the 2019 baseline, as approved by the Board of Directors

The NHCF Goal refers to the Net Holding Cash Flow target, equal to € 12.2 billion in the 2026-2028 period, as approved by the Board of Directors

In continuity with previous editions, Generali will make a donation to The Human Safety Net Foundation in connection with Group employees’ participation in the Plan, reaffirming the Group’s commitment to supporting social impact projects, particularly those related to financial education and inclusion.

Overall, We SHARE 3 is designed to combine attractiveness for employees with alignment with the Group’s strategic objectives, in line with Generali’s approach to fostering a culture of ownership and sustainable value creation.