Unicredit S.p.a. · MIL:UCG
Unicredit — Debt Investor Presentation (February 2026)
43 slides from Unicredit's debt investor presentation, Feb 9, 2026
Slide 1: From UniCredit Unlocked to UniCredit Unlimited
From UniCredit Unlocked to UniCredit Unlimited Accelerating towards a decade of excellence FIXED INCOME & ESG PRESENTATION Milan, 09 February 2026
Slide 2: Agenda
UniCredit at a glance Financial highlights Agenda Funding, liquidity and securitisation ESG
Slide 3: Accelerating towards a decade of excellence
Accelerating towards a decade of excellence UniCredit Unlocked UniCredit Unlimited Set the benchmark CAGR FY30 and Transcending our benchmark 2021-2025 FY21 FY25 FY26 FY28 25-28 beyond 2026-2030 QUALITY Top tier – supported Capturing quality market NET REVENUE, TOP-LINE GROWTH by rising rates – whil
Slide 4: Unique structural advantages
Winning proposition Unique structural advantages ATTRACTIVE QUALITY TARGETED GEOGRAPHIC MIX CLIENT MIX PRODUCT MIX > 95 13+1 Banks embedded in the fabric of Europe Presence in EU1 with less % geopolitical and limited FX risks > 20m Clients with primary relationship 3 Group Product Factories connecte
Slide 5: Agenda
UniCredit at a glance Financial highlights Agenda Funding, liquidity and securitisation ESG
Slide 6: Record 4Q crowning our best year ever, beating expectations again
Strong momentum > Record results Record 4Q crowning our best year ever, beating expectations again Items, m FY25 ∆ FY/FY 4Q25 ∆ Y/Y FY253 Net Revenue 23,874 −1% flat 5,331 −6% -1% Revenue o/w NII 24,536 13,732 −1% flat −4% 5,687 3,430 −5% -1% −6% BETTER-THAN-EXPECTED OPERATING TRAJECTORY + 0.5bn • B
Slide 7: Resilient Revenue, with better-than-expected NII and Fees & Net Ins. contribution
Strong momentum > Record results Resilient Revenue, with better-than-expected NII and Fees & Net Ins. contribution REVENUE, bn Flat exc. one- NII, −4% +2% MORE RESILIENT THAN EXPECTED NII off hedging bn Q/Q • Absorbed >1bn impact from rates 14.0 14.3 13.7 costs compression, while focusing on margin
Slide 8: Better-than-expected operating trajectory
Strong momentum > Record results Better-than-expected operating trajectory COSTS, bn C/Ir, % -1.8% exc. new flat perimeters 47.0% COST DYNAMIC BETTER THAN EXPECTED • Continued operational excellence 9.4 9.4 38.1% exc. one-off • Flat cost base absorbing new hedging costs perimeters 39.7% 38.5% • Stro
Slide 9: Record Profitability notwithstanding extraordinary charges
Strong momentum > Record results Record Profitability notwithstanding extraordinary charges NET PROFIT, bn Building buffers further, preparing for the future … FY25 pre-tax impact +14% 10.6 >1.4 bn c.240m Frontloaded hedging costs Pre-tax One-off impact on trading, related to the hedging of our trad
Slide 10: Excellent organic capital generation continues
Strong momentum > Record results Excellent organic capital generation continues CET1 RATIO, % STRONG OCG CONFIRMED Greater than Net Profit thanks to Incl. −11bps focus on quality growth. 15.9% from Italian banking tax Supporting, with other levers, +382bps −362bps −54bps 14.7%1 14.8% distributions a
Slide 11: Upgrading our Ambition
Superior equity story > Clear ambition Upgrading our Ambition Figures, bn FY25 FY26 FY28 25-28 FY30 and re-stated CAGR beyond Unique buffers de-risking our ambition 1.0bn Net Revenue 23.9 >25 c.27.5 +5% ≥29 INVESTMENTS (NET OF HEDGES) Revenue growth Core Net Revenue1 22.6 >23.1 c.25.7 >4% c. 2028 vs
Slide 12: Intra-Revenue restatement from 1Q26, improving transparency and predictability
Strong momentum > Unmatched trajectory Intra-Revenue restatement from 1Q26, improving transparency and predictability Allowing for better comparability vs. peers and better transparency and predictability of our Revenues Total Revenue unchanged – no impact on growth trend of NII, Fees + Net Insuranc
Slide 13: UniCredit Unlimited – a compelling standalone case
Winning strategy UniCredit Unlimited – a compelling standalone case Unlimited Acceleration Unlimited Transformation Gain quality profitable revenue and market share Re-setting the efficiency frontier OUR PEOPLE OUR PRODUCTS OUR CHANNELS DIGITAL, DATA & AI CAPITAL OPERATIONAL Discerning approach to M
Slide 14: Final Remarks
4Q&FY25 Group Results Final Remarks UniCredit WINNING PROPOSITION Structural advantages combined with relentless execution have Unlocked brought 20 consecutive quarters of quality profitable growth, leading across all KPIs Set the benchmark STRONG MOMENTUM 2021-2025 Strong operating performance allo
Slide 15: Agenda
UniCredit at a glance Financial highlights Agenda Funding, liquidity and securitisation ESG
Slide 16: 2026-28 Group Funding Plans at 25.5bn p.a. on average
Funding, liquidity and securitisation 2026-28 Group Funding Plans at 25.5bn p.a. on average • 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 recognition
Slide 17: 2026-28 MREL Funding Plans at 11.5bn p.a. on average
Funding, liquidity and securitisation 2026-28 MREL Funding Plans at 11.5bn p.a. on average UniCredit SpA 2026-28 expected 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 Issued Avg. Funding Issue
Slide 18: 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 2028, €bn2 AT1 UC SPA 5% 18 18 7% 15 7 T2 UC SPA 37% 7 4 1 2 1 SENIOR UNSECURED UC SPA3 7 42% 8 9 UNSECURED OTHER SUBS 2 2 9% 1 1 1
Slide 19: Balance sheet and liquidity profile
Annex Balance sheet and liquidity profile 23 Other liabilities LIQUIDITY Cash and cash balances 38 Other Assets 56 4Q25 38 55 Insurance Liabilities Financial liabilities & hedging liabilities PROFILE Financial Assets at Amortised Cost 104 Balance 68 Equity and equity instruments LCR NSFR c.140% c.12
Slide 20: 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 354bps 90.7bn 4Q25 22.7% SP2 23.4bn 335bps SNP3 11.0bn CET1 ratio 5 Tier 1 ratio 5 27.1% Tier 2 7.6bn Regulat
Slide 21: 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 ✓
Slide 22: ARTS program expanded
Funding, liquidity and securitisation ARTS program expanded ARTS: a single program for Securitisations across assets and regions Over the last four years, the ARTS 4Q21-4Q25 2026 program has been strengthened in terms of asset classes, formats, ITALY • Residential Mortgages Consolidating UC role and
Slide 23: Upgraded to single-A by all three rating agencies
Funding, liquidity and securitisation Upgraded to single-A by all three rating agencies 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 I / OBG II)2 AA /
Slide 24: Agenda
UniCredit at a glance Financial highlights Agenda Funding, liquidity and securitisation ESG
Slide 25: Focusing on ESG where it matters
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 26: Solid performance achieving 2025 ESG targets
ESG Solid performance achieving 2025 ESG targets ESG Lending1 19% Environmental lending of 11.3bn and social lending of 5.5bn in 2025 15% Giving transparency on our ESG ESG Investment Products2 50% ambition by disclosing ESG as a ESG penetration rate remains stable percentage of our total business a
Slide 27: External appreciation of our sustainability strategy: ESG ratings and recognitions
ESG External appreciation of our sustainability strategy: ESG ratings and recognitions UniCredit awarded CEE’s Best Bank for ESG and Italy’s Best Bank for ESG at Euromoney Awards for CCC B BB BBB A AA AAA Excellence 2025 for its commitment to empowering communities and supporting a just and fair tra
Slide 28: Executing our Strategy across all ESG dimensions
ESG Executing our Strategy across all ESG dimensions ENVIRONMENTAL SOCIAL UNICREDIT FOUNDATION DIVERSITY, EQUITY & INCLUSION3 Committed to becoming a Net Zero bank by €5.5bn social financing1,2 via micro- Boosted UC Foundation funding: Gender Pay Gap on comparable 2050 on financed emissions with 203
Slide 29: 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 30: 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 A B C A B C Management Global Policy3 Current revenues Increase in coal Other sector policies >25% & from unconventional ≤ 25% >50% business since No No Yes Oil & Gas ≤50% Defence/Ar
Slide 31: Annex
Annex 30
Slide 32: Russia is today a highly focused franchise
Annex Russia is today a highly focused franchise Mar-22 Today’s steady state (Dec-25) 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 33: Deposit details
Annex Deposit details Deposits from customers (Net of repos and IC - EoP) 492bn (+3.2% Q/Q) 4Q25 avg commercial deposits, bn vs 3Q25 Gross customer deposits rates 4Q25 (vs 3Q25) 1% 20% Italy Italy 182 +1.2% -0.27% By 39% Germany (-2bps) Austria 13% region CEE Russia 28% Germany 134 +4.6% -1.02% (-3b
Slide 34: Loan details
Annex Loan details Loans to customers (Net of repos and IC - EoP) 419bn (+2.3% Q/Q) 4Q25 avg gross commercial performing loans, bn vs 3Q25 Gross customer performing loan rates 4Q25 (vs 3Q25) 0% Italy 19% Germany 35% Italy 143 +1.2% 3.89% By (flat) Austria 15% region CEE Russia 30% Germany 106 +0.6%
Slide 35: LLPs and CoR details
Annex LLPs and CoR details LLPs, bn Overlays stock, bn 1.7 1.7 1.7 1.7 1.7 Quarterly pace 0.6 0.7 0.4 0.4 LLPs, bn 0.1 0.1 0.1 Quarterly pace FY24 FY25 4Q24 1Q25 2Q25 3Q25 4Q25 CoR, bps CoR, bps Quarterly pace 15 15 34 33 8 10 10 FY24 FY25 4Q24 1Q25 2Q25 3Q25 4Q25 34
Slide 36: Asset quality details
Annex Asset quality details TOTAL GROSS NPE TOTAL GROSS NPE ALMOST STABLE KEY HIGHLIGHTS − 43% Gross NPE evolution, bn 11.2 11.4 11.7 11.6 12.1 NPE COVERAGE RATIO broadly stable Q/Q at 44% on 21.2 Quarterly pace book, driven by portfolio dynamics Gross Past Due Gross Bad Loans SOUND LEVEL OF 4Q24 1Q
Slide 37: Group gross loans breakdown by stages
Annex Group gross loans breakdown by stages o/w Gross NPE GROUP GROSS LOANS1 AND PROVISIONS EOP, bn 2.6% 2.7% 2.6% 2.6% 2.6% Stage 3 442 445 442 45.9% 46.9% 45.4% 45.4% 44.0% Stage 3 434 12 12 12 428 11 11 46 47 46 Stage 2 48 49 o/w Stage 2 11.5% 11.0% 10.5% 10.6% 10.4% o/w Gross performing loans St
Slide 38: End Notes
End Notes 37
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 PD scenario Impacts deriving from probability of default scenario, including rating dynamics RoAC Annualized ratio between (i) Net Profit after AT1/Cashes minus Excess Capital Charge (where applicable) and (ii) average allocated capital, both as defined above RoTE (i) Annu
Slide 43: Disclaimer
End Notes Disclaimer This presentation may contain “forward-looking statements” which includes all statements other jurisdiction where such an offer or solicitation would be unlawful (the “Other that do not relate solely to historical or current facts and which are therefore inherently Countries”),
UniCredit — Debt Investor Presentation (February 2026) on 6ix