Unicredit S.p.a. · MIL:UCG
Unicredit — Debt Investor Presentation (July 2026)
41 slides from Unicredit's debt investor presentation, Jul 23, 2026
Slide 1: UniCredit Unlimited: Fixed Income & ESG presentation
UniCredit Unlimited Accelerating towards a decade of excellence A step change, marked by the best 2Q and 1H in our history Fixed Income & ESG presentation Milan, 23 July 2026
Slide 2: Agenda
Agenda UniCredit at a glance Financial highlights Funding, liquidity and securitisation ESG Annex 2
Slide 3: Unlimited confirms a step change
Unlimited confirms a UNLOCKED LAID THE FOUNDATIONS, UNLIMITED IS LEVERAGING THEM Building on Unlocked, Unlimited delivers acceleration, with strong quality market share gains step change in targeted segments and products, coupled with continued transformation, leveraging AI and new technologies STRO
Slide 4: Commerzbank offer: expected next steps
Commerzbank Offer REGULATORY APPROVALS 1 COMMERZBANK UNLOCKED Moving from attractive financial investment to strategic transaction potentially as early as 4Q26 with substantial value creation implementing our tested blueprint EXERCISE OF CONTROL 2 IMPROVED GROUP PROFILE Further strengthening UniCred
Slide 5: Unlimited confirms a step change: upgraded ambition
Unlimited confirms a c.11.5bn Upgraded 2028 & 2030 step change FY26 Net Profit excl. integration Net Profit ambition1 … cost Well above FY26 13bn 22 2028 c. 15 % Net Profit Well above Well above FY26 CET1r1 11bn 2030 15bn # 1 Consecutive record quarters Net Profit Growth at best-in-class RoTE Cost /
Slide 6: Agenda
Agenda UniCredit at a glance Financial highlights Funding, liquidity and securitisation ESG Annex 6
Slide 7: Delivering Record Results
Delivering KEY HIGHLIGHTS Record 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: −245m 7% Net Revenue 6,329 6,574 9% +14% 13,017 13,278 6% +10% BOOSTED PER SHARE Revenue Core Revenue 6,521 6,115 6,766 6,115 11% +13% 6% +7%
Slide 8: Delivering Record Results: revenue
DELIVERING RECORD RESULTS Record (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 ACCELERATING NII, STRONG VOLUME GROWTH quality • +2% Q/Q 3.64 3.66
Slide 9: Delivering Record Results: efficiency
DELIVERING RECORD RESULTS Record 2Q25 2Q26 Efficiency Continued cost Operational excellence ahead of 2026 ambition, with cost reduction despite continued investments to boost top-line acceleration decline, with +7% past discipline CONTINUED COSTS DECLINE, WHILE INVESTING accelerated via AI • Costs d
Slide 10: Delivering Record Results: capital generation
DELIVERING RECORD RESULTS Excellent 1Q26 2Q26 2Q26 2Q26 Organic Capital pro-forma for temporary pro-forma for temporary Generation c.4.75bn SBB related to FY25 – not executed and RWA impact RWA impact & Danish subject to Compromise4 Leading to regulatory approval better-than-expected – already deduc
Slide 11: Agenda
Agenda UniCredit at a glance Financial highlights Funding, liquidity and securitisation ESG Annex 11
Slide 12: 2026 Group Funding Plan at 22bn+, with issuances out of main hubs
Funding, liquidity and securitisation 2026 Group Funding Plan at 22bn+, with issuances out of main hubs • UniCredit S.p.A. acts as the Group Holding as well as the Italian operating bank and is the MREL issuer under Single-Point-of-Entry (SPE) • Geographical footprint and well-established name with
Slide 13: 2026 MREL Funding Plan: strong start, contained needs going forward
Funding, liquidity and securitisation 2026 MREL Funding Plan: strong start, contained needs going forward UniCredit SpA 2026-28 expected avg. MREL funding plans, €/bn MREL average plans in line with historical trends Average plans for 2026-28 at c. 11.5bn p.a., with flexibility to switch among years
Slide 14: Balanced profile with manageable redemptions
Funding, liquidity and securitisation Balanced profile with manageable redemptions Group liabilities structure breakdown1 M/L term liability structure Maturity profile till 2028, €bn2 19 AT1 UC SPA 4% 7% 7.0 14 T2 UC SPA 38% 4.6 10 1.0 1.0 SENIOR UNSECURED UC SPA3 4.2 7.8 43% 0.7 7.9 UNSECURED OTHER
Slide 15: Ample buffers over MREL requirements
Funding, liquidity and securitisation Ample buffers over MREL requirements MREL1 MREL Subordinated1 Eligible instruments Ample buffers over capital Actual 30.6% regulatory requirement Buffer 332bps 94.4bn 2Q26 22.1% SP2 26.1bn 318bps CET1 ratio 5 Tier 1 ratio 5 SNP3 11.1bn Regulatory 27.3% Tier 2 8.
Slide 16: Covered Bonds (CB) program
Funding, liquidity and securitisation Covered Bonds (CB) program ITALY GERMANY AUSTRIA CZECH REPUBLIC UniCredit is a key Mortgage Mortgage Public Sector Mortgage Public Sector Mortgage mortgage provider and a leading Program size (Euro) 35bn 50bn 50bn 40bn 40bn 10bn Covered Bond ✓ ✓6 ✓6 ✓6 ✓6 ✓ Matu
Slide 17: ARTS program expanded
Funding, liquidity and securitisation ARTS program expanded ARTS: a single program for Securitisations across assets and regions In the first half of 2026, UniCredit 4Q21-4Q25 2026 has originated three large new ITALY • Residential Mortgages Consolidating UC role deals, of which two in Italy and • L
Slide 18: Commerzbank acquisition opens potential for further rating upgrades
Funding, liquidity and securitisation Commerzbank acquisition opens potential for further rating upgrades Bildergebnis für standard poors Bildergebnis für moodys Bildergebnis für fitch ratings Sovereign rating BBB+ / Positive / A-21 Baa2 / Stable / P-21 BBB+ / Stable / F21 Covered Bonds (Italian OBG
Slide 19: Agenda
Agenda UniCredit at a glance Financial highlights Funding, liquidity and securitisation ESG Annex 19
Slide 20: Sticking to our ESG principles while evolving
ESG Focusing on ESG where it matters Principles-based Driving value for our clients in the transition ESG approach Matching our clients’ evolving demands on transition with a dedicated business approach, while continuing to develop • Holding ourselves to the our environmental framework beyond decarb
Slide 21: Good performance at 1H 2026, on track towards our 2026 ESG targets
ESG Good performance at 1H 2026, on track towards our 2026 ESG targets ESG Lending1 17% Environmental lending of 6.2bn and social lending of 3.2bn at 1H 2026 15% Giving transparency on our ESG ESG Investment Products2 52% ambition by disclosing ESG as a ESG penetration rate remains stable percentage
Slide 22: External appreciation of our sustainability strategy: ESG ratings and recognitions
ESG External appreciation of our sustainability strategy: ESG ratings and recognitions CCC B BB BBB A AA AAA For the first time, UniCredit has been included in TIME's World’s Most Sustainable Companies ranking, reflecting the measurable progress we are making against our sustainability ambitions. 0
Slide 23: Executing our Strategy across all ESG dimensions
ESG 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 beneficiaries2 of Gender Pay Gap4 on comparable 2050 on financed emissions with 2030 Net credit, i
Slide 24: Progressing on our Net Zero Journey
ESG Progressing on our Net Zero Journey: positive evolution in all sectors at YE2024 UniCredit Design Elements Baseline Progress Target Sector Value chain Primary metric1 Emission coverage Year Measure Value2 As of YE20233 As of YE20243 By 20302 Financed Oil & Gas Full value chain emissions Scope 1,
Slide 25: Strong environmental, social and reputational risk management and policies
ESG Strong environmental, social and reputational risk management and policies OIL & GAS COAL Group Reputational Risk Policy reviewed to A B C A B C Management Global Policy3 redefine Other sector policies controversial Increase in coal Current revenues No No Yes activities and business since Defenc
Slide 26: Useful ESG links and sources
ESG Useful ESG links and sources Other policies and 2025 Annual Report Ordinary and Extraordinary internal regulations Shareholders’ meeting Milan, 31 March 2026 Milan, 31 March 2026 ESG Strategy Sustainability UC Foundation Latest ordinary and ESG Sustainability Other policies and reporting Reporti
Slide 27: Agenda
Agenda UniCredit at a glance Financial highlights Funding, liquidity and securitisation ESG Annex 27
Slide 28: 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 29: Balance sheet and liquidity profile
Annex Balance sheet and liquidity profile 29 Other liabilities LIQUIDITY Cash and cash balances 46 Other Assets 56 2Q26 41 65 Insurance Liabilities PROFILE Financial liabilities & hedging liabilities Financial Assets at Amortised Cost 104 Balance 71 Equity and equity instruments LCR NSFR c.140% c.12
Slide 30: 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 BY REGION Italy 186 +1.1% -0.30% Germany (-2bps) Austria 12% CEE Russia Germany 137 +0.5% -1.10% 29% (-
Slide 31: 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 4.02% BY REGION Italy 149 +3.0% Germany (+7bps) Austria 14% CEE 3.49% Russia Germany 110 +
Slide 32: 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 0.2 0.2 LLPs, bn 0.1 0.1 Quarterly pace 1H25 1H26 2Q25 3Q25 4Q25 1Q26 2Q26 CoR, bps CoR, bps Quarterly pace 33 17 9 17 17 10 10 1H25 1H26 2Q25 3Q25 4Q25 1Q26 2Q26 1. On Performing portfolio and Inc
Slide 33: 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, driven by portfolio dynamics − 43% Gross Past Due 21.2 Gross Bad Loans SOUND LEVEL OF Gross UTP 2Q25
Slide 34: Asset quality details: group gross loans and provisions
Annex Asset quality details o/w Gross NPE 2.6% 2.7% Stage 3 2.6% 2.6% 2.5% GROUP GROSS LOANS1 AND PROVISIONS EOP, bn 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 Stage 1 and 2: 5.9%
Slide 35: End notes
End notes 35
Slide 36: General notes related to this presentation
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 bank and lega
Slide 37: Main definitions
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 (ii) average
Slide 38: Main definitions
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 other restric
Slide 39: Main definitions
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 Annualized ra
Slide 40: Disclaimer
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 uncertain.
Slide 41: Disclaimer
Disclaimer IMPORTANT: Please read the following before continuing. The following applies to agents (“Representatives”) or any other person as to, and no reliance should be uncertainties because they relate to events and depend on circumstances that may this document (the “Information”), which has be