Unicredit S.p.a. · MIL:UCG
Unicredit — Q1 2026 Earnings Presentation
44 slides from Unicredit's earnings presentation, May 5, 2026
Slide 1: Unlimited off to a flying start
UniCredit Unlimited Unlimited off to a flying start 1Q26: The best quarter in our history Milan, 05 May 2026
Slide 2: Unlimited off to a flying start
Unlimited EXECUTING UNLIMITED AT SPEED off to a • Progress in Unlimited Acceleration & Transformation; AI as key enabler • Transcending boundaries by simultaneously driving quality growth – flying start with targeted share gains – while resetting the efficiency frontier • Setting records while trans
Slide 3: Executing Unlimited at speed
Executing From To UniCredit UniCredit Unlimited Unlocked Unlimited at speed Exited with momentum Entered at pace Unlimited Acceleration INCREMENTAL STRUCTURAL CHANGE CHANGE • Progress in Unlimited Acceleration & Unlimited Transformation; AI as key enabler LEGACY TRANSCENDING Transformation CONSTRAIN
Slide 4: Executing Unlimited at speed: Unlimited Acceleration
EXECUTING UNLIMITED AT SPEED WE CONTINUE … Unlimited Acceleration • Investing in our frontline + 1.4k New hires, c.90% in 3% business1 • Accelerating core + 7% balance sheet TFAs growth (excl. deposits) • Acquiring targeted clients + 6% Customer Loans + EoP2 • Improving revenue quality + 2% SMEs, Pr
Slide 5: Executing Unlimited at speed: Unlimited Transformation
EXECUTING UNLIMITED AT SPEED WE CONTINUE … Unlimited Transformation • Simplifying and streamlining − 44% Organisation structures, further our organisation decreased in 1Q3 2% 2% • Re-thinking key − Broadly processes E2E NHR cost Stable now leveraging AI c. 20% − • Automating at scale Returns from in
Slide 6: Executing Unlimited at speed: AI and Digital Assets
DIGITAL PAYMENTS: On chain settlements and Digital Euro EXECUTING UNLIMITED AT SPEED DIGITAL ASSETS CRYPTO INVESTMENT: Investment solutions with crypto as underlying 1 TOKENISATION: Tokenisation of real-world assets Unlimited Acceleration 3 Qivalis DIGITAL Founding ASSETS HUB Crypto-based certificat
Slide 7: Delivering Record Results
Delivering 21 consecutive quarters of quality profitable growth Operating performance adjusted Record Items, m Net Revenue 1Q26 6,688 Y/Y 3% +7%2 for Russia and LLPs more even quarterly distribution1 Results Revenue 6,873 5% +7%2 7 o/w NII 3,587 −2% +3%2 Core o/w Fees & Net insurance Revenue o/w Inv
Slide 8: Delivering Record Results: Revenue
DELIVERING RECORD RESULTS Record RESILIENT NII, STRONG LOAN GROWTH Revenue 3.7 3.6 • Quality loan (+6%) and deposits (+5%) growth; better pass-through (30.4%1); NII RoAC: 20.1% • NII –2%, absorbing c.100m rates impact; Strong acceleration 3.6 −1% excl. Russia; +2% excl. both rates & Russia and impro
Slide 9: Delivering Record Results: Capital Excellence and Asset Quality
DELIVERING RECORD RESULTS Record 9.2% 9.0% Net Revenue 7.3% CAPITAL EXCELLENCE CONFIRMED Top-tier Net Revenue / RWA, Strong acceleration, NET REV. / RWA, broadly stable Y/Y despite LLPs1 more even quarterly distribution, rates impact continued discipline % and Russia compression 33 STRUCTURALLY LOW,
Slide 10: Delivering Record Results: Efficiency
DELIVERING RECORD RESULTS Record 5 + % Efficiency CONTINUED COSTS DECLINE, WHILE INVESTING Continued cost decline 1 • Costs down 1%, −2% excl. new further increasing POSITIVE JAWS, − % perimeters1; NHR cost down 2% • Decline despite inflation headwinds Revenue operational leverage 1Q26 and continued
Slide 11: Delivering Record Results: Excellent Organic Capital Generation
Excellent DELIVERING RECORD RESULTS Organic Capital Generation EXCELLENT OCG CONFIRMED OCG of 2.9bn (98bps) more than supporting distribution accrual (2.4bn) and regulatory impacts Temporary impact from the +98bps increase of Alpha & CBK equity c. 4.75bn SBB related to DISCIPLINED INVESTING CONFIRME
Slide 12: Italy
DELIVERING RECORD RESULTS Italy Best-in-class franchise, accelerating further 1Q26 vs. 1Q25 UNLIMITED ACCELERATION 44 Executing UniCredit Unlimited at speed QUALITY GROWTH +1% + % 5 + % 6 23% 48% +4p.p. Revenue 3.0bn −1% Q/Q Loans Deposits NII RoAC Fees & Net Insu. / Net Rev. o/w NII 1.6bn −4% +1% %
Slide 13: Germany
DELIVERING RECORD RESULTS Germany Transformation benchmark in action, now accelerating 1Q26 vs. 1Q25 UNLIMITED ACCELERATION Executing UniCredit Unlimited at speed QUALITY GROWTH + % 3 5 + % 19% 37% +4p.p. Revenue 1.5bn +2% Loans Deposits NII RoAC Fees & Net Insu. / Net Rev. o/w NII 0.8bn +8% +10% Co
Slide 14: Austria
DELIVERING RECORD RESULTS Austria Good performance, with renewed momentum 1Q26 vs. 1Q25 UNLIMITED ACCELERATION 14 Executing UniCredit Unlimited at speed QUALITY GROWTH 5 + % 2 + % 16% 32% +3p.p. % Revenue 0.6bn −2% Loans Deposits NII RoAC Fees & Net Insu. / Net Rev. Group Net Profit1 o/w NII 0.4bn +
Slide 15: CEE
DELIVERING RECORD RESULTS CEE Unique quality growth trajectory, maintaining efficiency and profitability 1Q26 vs. 1Q25 UNLIMITED ACCELERATION 18 % Group Net Profit1 Executing UniCredit Unlimited at speed QUALITY GROWTH + 12 % 8 + % 23% 31% +3p.p. Group’s Revenue 1.2bn +4% Loans Deposits NII RoAC Fee
Slide 16: Client Solutions
DELIVERING RECORD RESULTS Client Solutions Three central product factories serving the whole Group 3.3bn +3% 2.4bn +11% REVENUE FEES & NET INSURANCE 1Q26 KEY HIGHLIGHTS CORPORATE SOLUTIONS ADVISORY & FINANCING SOLUTIONS 0.6bn +6% 0.2bn +32% • #1 Loans by Fees in Italy and in Austria2 • #1 Corporate
Slide 17: Further widening the gap vs. peers across relevant KPIs
DELIVERING RECORD RESULTS Record Results Further widening the gap vs. peers across relevant KPIs 1 # Quality Top-line NII RoAC # 1 Operational & Capital Excellence C / I Ratio # 1 Profitability & Capital Generation RoTE #1 +6p.p. #1 −16p.p. #1 +11p.p. 20.1% +8p.p. 33.4% −15p.p. 26% +8p.p. 14.0% 49.7
Slide 18: Superior Equity Story
Superior UNLIMITED OFF TO A FLYING START: Equity ATTRACTIVE ENTRY POINT 21 consecutive quarters of growth, with visible progress Story in acceleration and transformation; superior growth at high RoTE and distribution profile still at discount. CONFIDENCE TO DELIVER UNLIMITED AND 11bn • Unlimited fly
Slide 19: Superior combination of growth and distributions
Unlimited off to SUPERIOR EQUITY STORY Superior combination of growth and distributions … a flying start: EPS trajectory1 DPS trajectory Cash yield attractive 2025-28 CAGR 2025-28 CAGR 2026e entry point +16% +15% 5.8% +13% +11% 5.4% 21 … despite strong investment in transformation Consecutive … stil
Slide 20: Confidence to deliver and outperform in challenging environment
SUPERIOR EQUITY STORY Confidence to Emerging Unlimited, idiosyncratic strengths and lines vs. deliver Unlimited macro concerns of defence underpin our confidence and outperform REVENUE in challenging Stagflation affecting volume growth TOP-LINE RESILIENCE • NII margin support from rates, if increase
Slide 21: Commerzbank offer outcomes can only improve our equity story
SUPERIOR EQUITY STORY CBK offer1 No Control Control–Combination1 outcomes can returns > CoE only if returns > CoE only improve STATUS QUO IMPROVED VS. STATUS QUO our equity Well above Shareholder returns vs. our cost of equity Above story Per-share growth At least equal vs. Unlimited Accretive Upsid
Slide 22: Unlimited off to a flying start
Unlimited Unlimited is delivering at pace off to a flying start Strong beat across the board, driven by our core business, complemented by equity stakes Transformation to future-ready, accelerated by AI 21 st Record Quarter Upgrading 2026 Net Profit ambition, and reaffirming 2028-30 The best in Best
Slide 23: Annex
Annex 22
Slide 24: Today Russia is a highly focused franchise
Annex Today Russia is a highly focused franchise Mar-22 Today’s steady state (Mar-26) WHAT REMAINS … CROSS-BORDER EXPOSURE > 4.5bn Zero Small, focused franchise – supporting international At minimal cost Russia net creditor to Group corporates and payments to the western world, particularly EUR & US
Slide 25: Executing our Strategy across all ESG dimensions
Annex Executing our Strategy across all ESG dimensions ENVIRONMENTAL SOCIAL COMMUNITIES DIVERSITY, EQUITY & INCLUSION Committed to becoming a Net Zero bank €5.5bn social financing4,5 via micro- c.71m social contribution2 to Gender Pay Gap5 on comparable by 2050 on financed emissions with 2030 credit
Slide 26: Group P&L and selected metrics
Annex Figures in m 1Q25 2Q25 3Q25 4Q25 1Q26 vs 4Q25 vs 1Q25 Group P&L unless otherwise stated Total revenues 6,555 6,127 6,167 5,687 6,873 % +20.9% % +4.9% and selected o/w Net Interest Income o/w Fees + net insurance results 3,661 2,327 3,643 2,149 3,541 2,159 3,627 2,174 3,587 2,509 -1.1% +15.4% -
Slide 27: Updated base case macro scenario
Annex Updated base case macro scenario Scenarios Market rates EUROZONE UNICREDIT FOOTPRINT Group Group 3M Euribor DFR, excl. Russia avg, % EoP % 2026 3.1 0.8 3.7 1.0 3.3 0.9 2026 2.3 2.50 2027 2.3 1.1 2.8 1.5 2.5 1.4 2027 2.6 2.50 2028 2.0 1.4 2.6 1.8 2.2 1.8 2028 2.6 2.50 Inflation,% ◼ GDP growth
Slide 28: Balance sheet and liquidity profile
Annex Balance sheet and liquidity profile 27 Other liabilities LIQUIDITY Cash and cash balances 48 Other Assets 56 1Q26 41 58 Insurance Liabilities Financial liabilities & hedging liabilities PROFILE Financial Assets at Amortised Cost 103 Balance 69 Equity and equity instruments LCR NSFR c.140% c.12
Slide 29: Net Interest Income details
Annex Net Interest Income details 2.56% NET INTEREST INCOME, bn Euribor 3M avg 2.11% 2.01% 2.04% 2.05% NII RoAC1 NET INTEREST INCOME, bn -1% Quarterly pace 21.1% 20.1% 3.7 3.6 3.5 3.6 3.6 -0.1 -0.1 -0.1 -0.4 -0.2 − 2% LLPs 3.6 3.5 3.4 3.3 3.4 Net NII 1Q25 2Q25 3Q25 4Q25 1Q26 3.7 3.6 NII SENSITIVITY
Slide 30: Deposit details
Annex Deposit details DEPOSITS FROM CUSTOMERS (Net of repos and IC – EoP) 492bn (flat Q/Q) 1Q26 avg commercial deposits, bn vs. 4Q25 Gross customer deposits rates 1Q26 1% (vs. 4Q25) 20% 38% Italy +1.3% -0.28% BY REGION Italy 184 Germany (-1bp) Austria 12% CEE -1.02% Russia Germany 137 +1.7% 28% (fla
Slide 31: Loan details
Annex Loan details LOANS TO CUSTOMERS (Net of repos and IC – EoP) 429bn (+2.3% Q/Q) 1Q26 avg gross commercial performing loans, bn vs. 4Q25 Gross customer performing loan rates 1Q26 0% (vs. 4Q25) 19% 35% Italy +1.9% 3.93% BY REGION Italy 145 Germany (+4bps) Austria 14% CEE 3.40% Russia Germany 108 +
Slide 32: Fees + Net Insurance results details
Annex Fees + Net Insurance results details 172 178 185 193 196 FEES + NET INSURANCE AuM+AuA stock, bn RESULTS, bn Quarterly pace Fee / Revenue1 Insurance stock, bn 56.8 56.8 58.1 58.8 58.8 35.9% 36.5% Quarterly pace +15% + 8% 2.5 2.3 2.1 2.2 2.2 0.1 2.5 0.1 0.1 2.3 0.1 2.3 2.1 2.1 2.1 2.4 Net Insura
Slide 33: Total Financial Assets
Annex Total Financial Assets TFAs1, bn TFAs DYNAMICS 18 17 14 13 13 AuM+AuA gross sales 3 4 3 3 2 Insurance gross sales +4% 821 828 849 871 850 TFA evolution 821 850 Quarterly 143 146 149 151 147 AuM 29 32 36 43 49 209 208 214 215 196 AuA 57 57 58 59 59 AuC 384 386 391 404 400 Insurance Deposits 1Q2
Slide 34: LLPs and CoR details
Annex LLPs and CoR details LLPs, bn Overlays stock1, bn 1.7 1.7 1.7 1.7 1.7 Quarterly pace 0.4 0.2 0.2 0.1 0.1 0.1 LLPs, bn 0.1 Quarterly pace 1Q25 1Q26 1Q25 2Q25 3Q25 4Q25 1Q26 CoR, bps CoR, bps 17 Quarterly pace 33 8 17 10 10 8 1Q25 1Q26 1Q25 2Q25 3Q25 4Q25 1Q26 1. On Performing portfolio and Incl
Slide 35: Asset quality details
Annex Asset quality details TOTAL GROSS NPE TOTAL GROSS NPE ALMOST STABLE KEY HIGHLIGHTS Gross NPE 11.4 11.7 11.6 12.1 11.9 evolution, bn NPE COVERAGE RATIO Quarterly pace increased Q/Q at 46% on book, driven by portfolio − 44% dynamics Gross Past Due Gross Bad Loans SOUND LEVEL OF 21.2 Gross UTP PR
Slide 36: Group gross loans breakdown by stages
Annex Group gross loans breakdown by stages o/w Gross NPE 2.6% 2.6% 2.6% 2.7% 2.6% Stage 3 GROUP GROSS LOANS1 AND PROVISIONS EOP, bn 457 46.9% 45.4% 45.4% 44.0% 45.8% Stage 3 442 445 442 12 434 12 12 12 11 48 Stage 2 46 47 46 48 o/w Stage 2 11.0% 10.5% 10.6% 10.4% 10.5% o/w Gross performing loans St
Slide 37: RWA details
Annex RWA details RWA, bn RWA DYNAMICS Quarterly pace 291 296 299 287 288 +4% Market risk Operational risk 299 Credit risk 287 1Q25 2Q25 3Q25 4Q25 1Q26 Q/Q EVOLUTION DETAILS, bn Y/Y EVOLUTION DETAILS, bn o/w -2.4bn o/w -6.8bn securitisations securitisations 296 5.7 299 15.3 5.7 0.0 2.9 0.5 0.2 -0.1
Slide 38: End notes
End notes. - .
Slide 39: General notes related to this presentation
End notes General notes related to this presentation END NOTES ARE AN INTEGRAL PART OF THIS PRESENTATION All data throughout the document are in Euro. Numbers throughout the presentation may not add up precisely to the totals provided in tables and text due to rounding. Russia includes the local ban
Slide 40: Main definitions
End notes Main definitions Allocated Capital Calculated as 13.0% of RWA plus deductions Clients Clients that made at least one transaction in the last three months Cost of risk Based on reclassified P&L and Balance sheet, calculated as (i) LLPs of the period annualised in the interim periods over (i
Slide 41: Main definitions
End notes Main definitions HQLA Assets which can be easily and immediately converted into cash at little or no loss of value even in periods of severe idiosyncratic and market stress. These assets High-Quality Liquid Assets are unencumbered, which means free of legal, regulatory, contractual, or oth
Slide 42: Main definitions
End notes Main definitions Pass-through Calculated as average cost of total deposits on average Euribor 3M or equivalent interest rate in the period. Deposit amount including term and sight products PD scenario Impacts deriving from probability of default scenario, including rating dynamics RoAC Ann
Slide 43: Disclaimer
End notes Disclaimer This presentation may contain “forward-looking statements” which includes all statements that do This document does not constitute, and shall not be construed as, an “investment recommendation” not relate solely to historical or current facts and which are therefore inherently u
Slide 44: Disclaimer
End notes Disclaimer IMPORTANT: Please read the following before continuing. The following applies to this whatsoever, whether arising in tort, contract or otherwise, is or will be accepted by the looking statements and thus, such forward-looking statements are not a reliable indicator document (the