Unicredit S.p.a. · MIL:UCG
Unicredit — Unicredito Spa Ord New — Q2 2026 Earnings Presentation
47 slides from Unicredit's earnings presentation, Jul 23, 2026
Slide 1: UniCredit Unlimited
UniCredit Unlimited Accelerating towards a decade of excellence A step change, marked by the best 2Q and 1H in our history Milan, 23 July 2026
Slide 2: Unlimited confirms a step change
Unlimited confirms a UNLOCKED LAID THE FOUNDATIONS, UNLIMITED IS LEVERAGING THEM step change Building on Unlocked, Unlimited delivers acceleration, with strong quality market share gains in targeted segments and products, coupled with continued transformation, leveraging AI and new technologies STRO
Slide 3: Unlimited confirms a step change
Unlimited GAIN QUALITY confirms a MARKET SHARE in Grow revenue profitably – more than peers – step change quality NII, Fees and Net Insurance DA Unlocked laid AI the foundations RESET THE EFFICIENCY FRONTIER UNIFIED as One Group in Leveraging our SIMPLIFIED and streamlined starting position and usin
Slide 4: Growing top line and improving quality
Unlimited confirms a Growing top line and + 5% +10% step change improving quality CORE REVENUE GROWTH adjusted for Russia REVENUE GROWTH adjusted for Russia & excl. trading one-off in + 8% Customer Loans1 + 8% Total Financial + 5% Wealth Increasing penetration, targeting key products; acquiring DA E
Slide 5: Driving operational and capital excellence
Unlimited confirms a Driving operational and 33.6% 8.9% step change capital excellence COST / INCOME excl. one-off1, NET REVENUE / RWA excl. one off1, (34.3% incl.) (8.7% incl.) in 20% NII RoAC − 5% Non-business related E2E major processes 3 Automating at scale; targeted DA capital allocation cost2
Slide 6: Investing to win, in a rapidly evolving banking landscape
Unlimited Investing to win, in a rapidly evolving banking landscape … confirms a INVESTING TO … MODERNISE INVESTING TO … PROPEL step change CORE TECHNOLOGY & OPERATIONS ENHANCED GROWTH & EFFICIENCY … measured by IT INFRASTRUCTURE EVOLUTION ARTIFICIAL INTELLIGENCE outcomes, Strengthen the partnership
Slide 7: Delivering Record Results
Delivering Record KEY HIGHLIGHTS Y/Y adjusted performance1 Results Excl. one-off Excl. one-off Trading + 13% Revenue 1 2Q26 2Q26 Y/Y 1H26 1H26 1H/1H one-off: 7% Net Revenue 6,329 6,574 9% +14% 13,017 13,278 6% +10% −245m BOOSTED PER SHARE Revenue Core Revenue 6,521 6,115 6,766 6,115 11% +13% 6% +7%
Slide 8: Delivering Record Results: Revenue
Record DELIVERING RECORD RESULTS (bn) 2Q25 1Q26 2Q26 Y/Y Revenue Strong acceleration Strong top-line growth powered by core revenue, above plan, with fees driving growth in 1H and NII expected to contribute more from 2H and improving quality ACCELERATING NII, STRONG VOLUME GROWTH • +2% Q/Q 3.64 3.66
Slide 9: Delivering Record Results: Net Revenue
Record DELIVERING RECORD RESULTS 2Q25 1Q26 2Q26 Net Revenue Strong acceleration, Cost of Risk in line with 2026 ambition – with overlays allowing for strong earnings visibility – early indicators show no sign of deterioration continued discipline 17 17 CoR, bps COST OF RISK (CoR) STRUCTURALLY LOW AN
Slide 10: Delivering Record Results: Efficiency
Record DELIVERING RECORD RESULTS 2Q25 2Q26 Efficiency Continued cost Operational excellence ahead of 2026 ambition, with cost reduction despite continued investments to boost top-line acceleration decline, with past discipline +7% CONTINUED COSTS DECLINE, WHILE INVESTING accelerated via AI • Costs d
Slide 11: Delivering Record Results: Capital
Excellent DELIVERING RECORD RESULTS 1Q26 2Q26 2Q26 2Q26 Organic Capital pro-forma for temporary pro-forma for temporary Generation c.4.75bn SBB related to FY25 – RWA impact RWA impact & Danish Compromise4 not executed and Leading to subject to regulatory 15.0% approval – already better-than-expected
Slide 12: Delivering Record Results: Italy
Italy DELIVERING RECORD RESULTS GEOGRAPHIES Strong organic growth, ready to leverage market disruption gaining further share Quality Earnings Powerhouse 43% Targeted market share gain: >60bps overall Loans in 1H26 vs. 1H25 4% +9% May; +c.90bps in Corporate NEW TARGETED CLIENTS SMEs1 Wealth1 + with i
Slide 13: Delivering Record Results: Germany
Germany DELIVERING RECORD RESULTS GEOGRAPHIES Strong growth in Mittelstand, Private & Affluent, maintaining best-in-class efficiency and profitability Transformation Benchmark 22% 1H26 vs. 1H25 NEW TARGETED CLIENTS +3.5 #1 Private & k Affluent1 Bank for SMEs2 Trade Finance3 + 14 NPS4 QUALITY GROWTH
Slide 14: Delivering Record Results: Austria
Austria DELIVERING RECORD RESULTS GEOGRAPHIES Profitable growth and transformation, leveraging its gateway position to Germany and CEE Gateway to Germany and CEE 14% Targeted market share gain: 1H26 vs. 1H25 NEW TARGETED CLIENTS 1k +2.5 + SMEs Clients, New k Acquiring Portfolio1 +c.43bps Y/Y in Corp
Slide 15: Delivering Record Results: CEE
CEE DELIVERING RECORD RESULTS GEOGRAPHIES Strong profitable growth, driven by leading client franchises and digital engagement Group’s Growth Engine 21% 1H26 vs. 1H25 NEW TARGETED CLIENTS +19% #1 Affluent 75 Bank for SMEs1 Digital % active clients QUALITY GROWTH Revenue 2.5bn +5% +22% fees +19% +11%
Slide 16: Delivering Record Results: Client Solutions
Client Solutions DELIVERING RECORD RESULTS CLIENT SOLUTIONS Strong, diversified Fee growth driven by sustained momentum REVENUE FEES & NET INSU. KEY HIGHLIGHTS (bn) 1H26 vs. 1H25 1H26 vs. 1H25 Strong growth across all product factories with visible benefit from CLIENT SOLUTIONS 6.5 +7.0% 4.7 +14.0%
Slide 17: Unlimited: upgraded ambition
Unlimited confirms a c.11.5bn step change FY26 Net Profit excl. integration Upgraded 2028 & 2030 Net Profit ambition1 … cost Well above 22 FY26 13bn 15 2028 Net Profit c. % Well above 11bn Well above 15bn FY26 CET1r1 2030 # 1 Consecutive record quarters Net Profit Growth at best-in-class RoTE Cost /
Slide 18: Commerzbank Offer
Commerzbank Offer REGULATORY APPROVALS Moving from attractive financial investment to strategic transaction potentially as early as 4Q26 with substantial value creation implementing our tested blueprint EXERCISE OF CONTROL Further strengthening UniCredit geographic diversification and Commerzbank Un
Slide 19: Commerzbank locked: Substantial industrial value creation
Commerzbank locked Substantial industrial value creation COMMITTED TO TAKING ALL NECESSARY STEPS TO IMPLEMENT LOCKED AS FAST AND DECISIVELY AS POSSIBLE PUT GERMANY AND ITS MITTELSTAND TRULY AT THE CENTRE: Reinforce and modernize product offering leveraging superior scale and investments, while prote
Slide 20: Improved Group Profile
Improved Group Profile Stronger, more diversified, better positioned INCREASED GEOGRAPHICAL STRONGER BETTER POSITIONED DIVERSIFICATION CLIENT PORTFOLIO FOR THE FUTURE UC standalone GROWING IN 1.6bn Skewed towards SMEs, OVERLAYS Affluent & Private stock built by UniCredit 26% 25% STRENGTHENING 11% 10
Slide 21: Capital Deployed at High Returns
Capital Deployed at High Returns Capital brought to target, improved Distributions UNICREDIT CAPITAL BROUGHT TO TARGET … RETURNS SHARE BUYBACK c. 200bps Initial CET1r impact1 CET1r in the 13% area from day-1 of Commerzbank full consolidation … Net of 4.75bn FY25 SBB … increasing from there, cancelle
Slide 22: Frontloaded value creation
Frontloaded value creation Expected pre-tax value pre-merger from 0.8bn to 1.2bn FRONTLOADED INVESTMENTS AND VALUE CREATION PRE-MERGER PHASED PRE-TAX INITIALLY ENVISAGED IN “CBK UNLOCKED” VALUE CREATION1 “A New Chapter” Today post-offer 1.2bn by FY28 Annual Pre-tax value Combination 2.0bn 2.0bn befo
Slide 23: Boosted Unlimited trajectory, even before potential merger
Boosted Unlimited trajectory, even before potential merger Further enhancing our compelling standalone equity story Illustrative directional figures, 2026-28 CAGR Strong NET PROFIT EPS DPS standalone quality growth & distribution trajectory, accelerating excl. Russia +6pp +4pp 4p.p.+417% Commerzbank
Slide 24: Unlimited confirms a step change
Unlimited confirms a Unlimited continues delivering at pace: strong core business step change acceleration securing targeted market share gains in every country … … coupled with unmatched transformation-led efficiency, resulting in lower cost and unique operating leverage, while investing Delivering
Slide 25: Annex
Annex 25
Slide 26: Commerzbank offer – a clear road ahead to generate value
Annex Commerzbank offer – a clear road ahead to generate value 2 • 49.6% participation is sufficient to pursue control¹, cascade offer in Poland currently not contemplated Exactly where • We always envisaged HVB and Commerzbank operating in parallel for 2-3 years, aligning the two banks we want to b
Slide 27: Today Russia is a highly focused franchise
Annex Today Russia is a highly focused franchise Mar-22 Today’s steady state (June-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 & U
Slide 28: 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 by €3.2bn social financing1,2 via micro- c.109k beneficiaries 2 of Gender Pay Gap4 on comparable 2050 on financed emissions with 2030 Net credit
Slide 29: Group P&L and selected metrics
Annex Group Figures in m unless otherwise stated 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 vs 1Q26 % vs 2Q25 % 1H25 1H26 1H26 vs 1H25 abs % P&L and Total revenues 6,586 6,115 6,173 5,709 6,873 6,521 -5.1% +6.6% 12,701 13,394 693 +5.5% o/w Net Interest Income 3,661 3,643 3,541 3,627 3,587 3,658 +2.0% +0.4% 7,304
Slide 30: 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 2.9 0.91 3.6 0.8 3.0 0.9 2026 2.3 2.50 2027 2.2 1.2 2.8 1.3 2.4 1.3 2027 2.6 2.50 2028 2.0 1.4 2.5 1.6 2.2 1.4 2028 2.6 2.50 Inflation,% GDP growt
Slide 31: Balance sheet and liquidity profile
Annex Balance sheet and liquidity profile 29 Other liabilities LIQUIDITY 2Q26 Cash and cash balances 46 PROFILE 41 Insurance Liabilities Other Assets 56 65 Balance Financial liabilities & hedging liabilities LCR c.140% Financial Assets at Amortised Cost 104 71 Equity and equity instruments NSFR c.12
Slide 32: Net Interest Income details
Annex Net Interest Income details 2.24% Euribor 3M avg 2.10% NET INTEREST INCOME, bn 2.01% 2.04% 2.05% NII RoAC1 NET INTEREST INCOME, bn +2% Quarterly pace 20.7% 19.9% 3.6 3.7 3.5 3.6 3.6 1% -0.1 -0.1 -0.4 -0.2 -0.2 − LLPs 3.5 3.4 3.3 3.4 3.5 Net NII 2Q25 3Q25 4Q25 1Q26 2Q26 NII SENSITIVITY PASS-THR
Slide 33: Deposit details
Annex Deposit details DEPOSITS FROM CUSTOMERS (Net of repos and IC – EoP) 504bn (+2.4% Q/Q) 2Q26 avg commercial deposits, bn vs. 1Q26 Gross customer deposits rates 2Q26 0% (vs. 1Q26) 20% 38% Italy Italy 186 +1.1% -0.30% BY REGION Germany (-2bps) Austria 12% CEE Russia Germany 137 +0.5% -1.10% 29% (-
Slide 34: Loan details
Annex Loan details LOANS TO CUSTOMERS (Net of repos and IC – EoP) 443bn (+3.3% Q/Q) 2Q26 avg gross commercial performing loans, bn vs. 1Q26 Gross customer performing loan rates 2Q26 0% (vs. 1Q26) 19% 35% Italy Italy 149 +3.0% 4.02% BY REGION Germany (+7bps) Austria 14% CEE Russia Germany 110 +1.6% 3
Slide 35: Fees + Net Insurance results details
Annex Fees + Net Insurance results details 178 185 193 196 210 FEES + NET INSURANCE AuM+AuA stock, bn RESULTS, bn Quarterly pace Fee / Revenue1 56.8 58.1 58.8 58.8 62.0 Insurance stock, bn 35.7% 37.1% Quarterly pace +14% + 11% 2.5 2.5 2.1 2.2 2.2 0.1 0.1 0.1 0.1 5.0 2.4 2.4 2.1 2.1 2.1 4.5 0.2 Net I
Slide 36: Total Financial Assets
Annex Total Financial Assets TFAs1, bn TFAs DYNAMICS 17 14 13 13 16 AuM+AuA gross sales 4 3 3 3 2 Insurance gross sales + 7% 829 849 871 850 886 AuM 886 TFA evolution 146 149 151 147 157 AuA 829 Quarterly 32 36 43 49 53 208 215 216 196 204 AuC 57 58 59 59 62 Insurance 386 391 404 400 409 Deposits 2Q
Slide 37: LLPs and CoR details
Annex LLPs and CoR details 1.7 1.7 1.7 1.7 1.6 LLPs, bn Overlays stock1, bn Quarterly pace 0.4 0.2 0.4 LLPs, bn 0.2 0.2 0.1 0.1 Quarterly pace 1H25 1H26 2Q25 3Q25 4Q25 1Q26 2Q26 CoR, bps CoR, bps Quarterly pace 17 33 9 17 17 10 10 1H25 1H26 2Q25 3Q25 4Q25 1Q26 2Q26 1. On Performing portfolio and Inc
Slide 38: Asset quality details
Annex Asset quality details TOTAL GROSS NPE TOTAL GROSS NPE ALMOST STABLE KEY HIGHLIGHTS Gross NPE 11.7 11.6 12.1 11.9 12.0 evolution, bn NPE COVERAGE RATIO Quarterly pace stable Q/Q at 46% on book, 43% driven by portfolio dynamics − Gross Past Due 21.2 Gross Bad Loans SOUND LEVEL OF Gross UTP 2Q25
Slide 39: Group gross loans breakdown by stages
Annex Group gross loans breakdown by stages o/w Gross NPE 2.6% 2.6% 2.7% 2.6% 2.5% GROUP GROSS LOANS1 AND PROVISIONS EOP, bn Stage 3 485 45.4% 45.4% 44.0% 45.8% 45.9% 12 457 442 445 442 12 47 Stage 3 12 12 12 48 o/w Stage 2 Stage 2 46 47 46 10.5% 10.6% 10.4% 10.5% 9.7% o/w Gross performing loans Sta
Slide 40: RWA details
Annex RWA details RWA, bn RWA DYNAMICS Quarterly pace 309 291 296 299 288 + 7% Market risk 309 Operational risk 288 Credit risk 2Q25 3Q25 4Q25 1Q26 2Q26 Q/Q EVOLUTION DETAILS, bn Including +c.4bn Y/Y EVOLUTION DETAILS, bn temporary impact from o/w -1.5bn strategic portfolio o/w -6.4bn securitisation
Slide 41: End notes
End notes 41
Slide 42: 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 43: 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 44: 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 45: 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 46: 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 47: Disclaimer
End notes Disclaimer IMPORTANT: Please read the following before continuing. The following applies to this (“Representatives”) or any other person as to, and no reliance should be placed on, the forward-looking statements in the Information are based upon various assumptions, many document (the “Inf
Unicredito Spa Ord New — Q2 2026 Earnings Presentation on 6ix