Unicredit S.p.a. · MIL:UCG
Unicredit — Unicredito Spa Ord New — Q4 2025 Earnings Presentation
68 slides from Unicredit's earnings presentation, Feb 9, 2026
Slide 1: From UniCredit Unlocked to UniCredit Unlimited
From UniCredit Unlocked to UniCredit Unlimited Accelerating towards a decade of excellence Milan, 09 February 2026
Slide 2: 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 5% TOP-LINE by rising rates – while NET REVENUE, sh
Slide 3: Agenda: UniCredit Unlocked and Unlimited
UniCredit 1 Winning proposition Unlocked 1.1 Proven transformation blueprint 1.2 Unique Structural Advantages 2 Set the benchmark 2021-2025 Strong momentum 2.1 Record results: Beat, in spite of derisking actions 2.2 Unmatched trajectory and strength for the future UniCredit 3 Winning strategy Unlimi
Slide 4: Winning proposition: UniCredit Unlocked
2021-2025 Winning proposition UniCredit Unlocked 1.1 Proven transformation blueprint Developed a winning culture and scalable operating model, moving from laggard to leader in the sector Set the benchmark with our winning operating model 1.2 Unique structural advantages Combining a high-quality clie
Slide 5: Proven transformation blueprint
1.1 1.2 Winning proposition Proven transformation blueprint UNIFIED & One Vision RE-FOCUSED One Strategy One Culture A proven, scalable SIMPLIFIED & Organisation transformation STREAMLINED Processes Way of working blueprint … … made successful EMPOWERED Our Banks by our linchpin … & TR
Slide 6: 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 7: Unreplicable, winning operating model
1.1 1.2 Winning proposition Unreplicable, winning operating model Unique mix of inherent structural advantages … … combined with a disciplined approach to driving each, and all, of our three financial levers ATTRACTIVE GEOGRAPHIC MIX ● Unique Pan-European footprint Unique exposure to ● Access to hig
Slide 8: Our operating model sets us apart
1.1 1.2 Winning proposition Our operating model sets us apart From Laggard to Leader ... … generating more value than any of our peers Rank FY25 vs. FY21 TSR2, FY20-FY25 # 1 Cost/Income from #5 Top-Tier Net Revenue growth UC Peer 1 PRICE 530% DIVIDEND 1089% c. TSR 3x vs. core peers3 # 1 Organic Capi
Slide 9: Strong momentum: UniCredit Unlocked 2021-2025
2021-2025 Strong momentum UniCredit Unlocked 2.1 Record results • Record 4Q and FY25, crowning 5 years of excellence • 20 consecutive quarters of quality profitable growth led to our best year ever Set the benchmark with five years of sustained outperformance 2.2 Unmatched trajectory Entering 2026 w
Slide 10: Record 4Q crowning our best year ever, beating expectations again
2.1 2.2 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
Slide 11: Resilient Revenue, with better-than-expected NII and Fees & Net Ins. contribution
2.1 2.2 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 compression, while focusing on margi
Slide 12: Net Revenue remains resilient thanks to disciplined underwriting
2.1 2.2 Strong momentum > Record results Net Revenue remains resilient thanks to disciplined underwriting NET REVENUE, bn CoR, bps Flat exc. one- off hedging SOUND ASSET QUALITY -1% costs 41 • Sound Net NPEr at 1.6% • Low default rate at 1.3% 24.2 13 15 15 • Coverage broadly stable at 44% 23.9 LLPs,
Slide 13: Better-than-expected operating trajectory
2.1 2.2 Strong momentum > Record results Better-than-expected operating trajectory COSTS, bn C/Ir, % COST DYNAMIC BETTER THAN -1.8% exc. new EXPECTED flat perimeters 47.0% • Continued operational excellence • Flat cost base absorbing new 9.4 9.4 38.1% exc. perimeters one-off hedging costs • Strong d
Slide 14: Record Profitability notwithstanding extraordinary charges
2.1 2.2 Strong momentum > Record results Record Profitability notwithstanding extraordinary charges NET PROFIT, bn Building buffers further, preparing for the future … +14% FY25 pre-tax impact 10.6 >1.4bn c.240m Frontloaded hedging costs Pre-tax One-off impact on trading, related to the hedging of o
Slide 15: Excellent organic capital generation continues
2.1 2.2 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% distrib
Slide 16: Italy – best-in-class franchise, already accelerating further
2.1 2.2 Strong momentum > Record results Italy – best-in-class franchise, already accelerating further Quality Growth 11.0bn Gross Revenue − 7.8% 27bps + 6.5% +2.0% Q/Q NII CoR Fees & Quality −3.1% −2bps Net Insurance Earnings Operational 34.7% − 2.0% 10.0% + 9.3% Powerhouse & Capital Excellence Cos
Slide 17: Germany – transformation benchmark in action, now accelerating
2.1 2.2 Strong momentum > Record results Germany – transformation benchmark in action, now accelerating Quality Growth 5.5bn Gross Revenue + 0.6% 20bps + 4.4% +1.3% Q/Q NII CoR Fees & +2.1% −1bps Net Insurance Resilient Operational 38.2% − 3.9% 7.7% + 5.5% Anchor & Capital Excellence Cost / Income C
Slide 18: Austria – good performance with renewed momentum
2.1 2.2 Strong momentum > Record results Austria – good performance with renewed momentum Quality Growth 2.6bn Gross Revenue − 8.0% 5bps + 1.8% +6.3% excl. Card +5.7% Q/Q NII CoR Fees & Complete −3.0% −2bps Net Insurance Resilient Operational 39.3% − 0.3% 6.5% − 0.4% Anchor & Capital Excellence Cost
Slide 19: CEE – unique quality growth trajectory maintaining efficiency and profitability
2.1 2.2 Strong momentum > Record results CEE – unique quality growth trajectory maintaining efficiency and profitability Quality Growth 4.7bn Gross Revenue + 2.5% 11bps + 10.7% +2.7% Q/Q NII CoR Fees & Group’s +5.5% +15bps Net Insurance Growth Operational 34.6% + 10.3% 8.3% + 7.3% Engine & Capital E
Slide 20: Client Solutions: capital-light engine, with >90% of Group Fees & Net Insurance
2.1 2.2 Strong momentum > Record results Client Solutions: capital-light engine, with >90% of Group Fees & Net Insurance NET FEES & NET FEES & REVENUE NET INSURANCE REVENUE NET INSURANCE ADVISORY & FINANCING SOLUTIONS INVESTMENTS 2.1 0.7 bn bn1 #1 in Corporate Loans by fees in ITA, GER and AUT2 #2 i
Slide 21: Entering 2026 with stronger-than-expected operating performance
2.1 2.2 Strong momentum > Unmatched trajectory Entering 2026 with stronger-than-expected operating performance FY25 beats start-of-year expectations1 Commercial acceleration already in flight BEAT Net Revenue New Clients >1 m In 2025 All markets contributing Alpha Romania strong push Strong focus on
Slide 22: Intra-Revenue restatement from 1Q26, improving transparency and predictability
2.1 2.2 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
Slide 23: UniCredit Unlimited: Winning strategy
2026-2030 UniCredit Unlimited Transcending the benchmark by daring to disrupt, innovate and rethink Winning strategy 3.1 Unlimited Acceleration Gain quality market share: grow revenues profitably – quality NII, Fees and Net Insurance – more than peers Capital-light revenue growth further boosted by
Slide 24: Unlimited Acceleration
3.1 Winning strategy Unlimited Acceleration Grow quality market share: empowered commercial Impact leveraging investments QUALITY GROWTH MORE THAN OFFSETS RUSSIA COMPRESSION ≥ 29bn c. 27.5bn Investments more than offset 5 > % Russia compression 5 + % 23.9bn CAGR and improve mix CAGR Net NII + Fees &
Slide 25: Unlimited Acceleration: Grow quality market share
3.1 Winning strategy Unlimited Acceleration Grow quality market share: empowered commercial Impact leveraging investments STRENGTHEN CLIENT CONNECTIONS AND TO DELIVER THE BEST COMBINATION OF EXTRACT VALUE FROM PAST INVESTMENT PROFITABLE NII AND CAPITAL LIGHT REVENUE Increase share of wallet from exi
Slide 26: Unlimited Acceleration – Key Levers
3.1 3.2 Winning strategy Unlimited Acceleration – Key Levers Empowered commercial Impact leveraging investments OUR PEOPLE OUR FACTORIES OUR CHANNELS OUR DIGITAL, DATA & AI Invest in the Enhance Leverage Lead change linchpin of connectivity our superior in AI and our success and distribution channel
Slide 27: Invest in the linchpin of our success
3.1 3.2 Winning strategy Unlimited Acceleration – Our People OUR PEOPLE Leverage our base … … and continuously strive to improve further Invest in the REWARD TRAIN linchpin of HIGH MOTIVATION Involved in setting the strategy Continue to develop and reward talents Continue to invest and train our suc
Slide 28: Enhance connectivity & distribution
3.1 3.2 Winning strategy Unlimited Acceleration – Our Factories OUR FACTORIES Investing and innovating in our product factories Enhance PORTFOLIO PENETRATION VALUE-CHAIN NEW TECHNOLOGIES connectivity & Further expand Increase penetration Capture more value Embrace and leverage distribution product p
Slide 29: A successful case: Our Factories
3.1 3.2 Winning strategy Unlimited Acceleration – Our Factories Distinctive Asset Distributor Outsourcer Innovator Developer for others Management Platform A SUCCESSFUL CASE Negotiated at Certificates i-AMC scale for the 80% ESG competence New certificates Design funds ETFs Certificates whose Focus
Slide 30: Leverage our superior channels
3.1 3.2 Winning strategy Unlimited Acceleration – Our Channels OUR CHANNELS Unchanged omni-channel, client-centric approach Leverage making physical, mobile, online and remote channels interchangeable our superior ADAPTING OUR CHANNEL MIX AS CLIENT channels WHAT THEY WANT More tailored solutions PRE
Slide 31: A successful case: buddy
3.1 3.2 Winning strategy Unlimited Acceleration – Our Channels A new way to access the branch Evolution of our physical branch, ready to be exported in all our countries A SUCCESSFUL CASE buddy REMOTE BRANCH WITH EXTENDED HOURS TAILORED EXPERIENCE FOR MODERN LIFESTYLES 800k • buddy agents and adviso
Slide 32: Lead change in AI and Technology
3.1 3.2 Winning strategy Unlimited Acceleration – Our Digital, Data & AI 3 E2E OUR DIGITAL & DATA Further embrace AI Process Lead change redesign in flight, more to come SUPERIOR STARTING CLEAR SET OF INITIATIVES GOING FORWARD in AI and POSITION 1 Unified Platform Technology ENHANCE CUSTOMER SUPPORT
Slide 33: A successful case: DealSync
3.1 3.2 Winning strategy Unlimited Acceleration – Our Digital, Data & AI STRATEGIC RATIONALE KEY FEATURES Significant Democratize Drive Scale digital Attract • AI-powered matchmaking addressable cross service new A SUCCESSFUL CASE access to DealSync platform for SME M&A and capital raising market M&
Slide 34: Lead change in AI and Technology: new technologies
3.1 3.2 Winning strategy Unlimited Acceleration – Our Digital, Data & AI OUR DIGITAL & DATA Further embrace new technologies Lead change in AI and CRYPTO-RELATED PRODUCT OFFERING ON-CHAIN TRANSACTIONS SETTLEMENT Technology • Offering access to crypto space through public ETPs • Founding member of Qi
Slide 35: Unlimited Transformation
3.2 Winning strategy Unlimited Transformation Reset Efficiency Frontiers in Operational and Capital excellence FURTHER SHARPEN CAPITAL EFFICIENCY (bn) Capital-light Revenue >8.6% 8.3% c.8.6% Net Rev / Net NII Fees & Investments Trading RWA Net Rev / FY30 and RWA FY25 Net Insurance (net of & Other RW
Slide 36: Sharpen capital efficiency
3.1 3.2 Winning strategy Unlimited Transformation – Capital CAPITAL Directing differential capital Delivering the best combination Further to the right geographies, of capital-light revenue growth products and clients and profitable NII sharpen capital 55% Fees & Net Insurance / Net Revenue (FY25) M
Slide 37: Redefine operational efficiency
3.1 3.2 Winning strategy Unlimited Transformation – Operational OPERATIONAL Simplification and streamlining Reinventing and automating, Redefine within traditional boundaries testing new boundaries operational KEY FOCUS 2021-25 KEY FOCUS 2026-30 Tech & AI TRANSFORM THE evolution REINVENT PROCESSES e
Slide 38: A successful case: Vodeno
3.1 3.2 Winning strategy Unlimited Transformation – Operational PROPRIETARY NEXT-GEN CORE BANKING ENHANCED IN-HOUSE TECH EXPERTISE • Cloud-based scalable core banking platform • 200+ engineers, technologists and data & AI scientists A SUCCESSFUL CASE Vodeno • Rapid product design, multi-country roll
Slide 39: UniCredit Unlimited – a compelling standalone case
3.1 3.2 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 appro
Slide 40: UniCredit Unlimited: Superior equity story
2026-2030 UniCredit Unlimited A clear ambition to deliver, once more, the best investment proposition of the industry Superior equity story 4.1 Clear ambition The best combination of profitable growth and distributions • Significantly growing Net Profit while maintaining the best RoTE in the sector
Slide 41: Upgrading our Ambition
4.1 4.2 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 Net Revenue 23.9 >25 c.27.5 +5% ≥29 1.0bn INVESTMENTS Core Net Revenue1 (NET OF HEDGES) Revenue growth 22.6 >23.1 c.25.7 >4% c.
Slide 42: Further upgrading our profitable growth trajectory
4.1 4.2 Superior equity story > Clear ambition Further upgrading our profitable growth trajectory Continuing a disciplined approach to our Ensuring continued momentum of our three financial levers superior growth trajectory Superior risk-adjusted top-line growth Growing in absolute terms and Top-tie
Slide 43: Confirming outsized distributions trajectory
4.1 4.2 Superior equity story > Clear ambition Confirming outsized distributions trajectory Aiming for an attractive ordinary distribution and Confirming ordinary distributions dividend trajectory, with further upside through excess capital deployment or return 30% Share 80% Buyback 50bn c. 1 of Net
Slide 44: Unmatched combination of profitable growth and distributions
4.1 4.2 Superior equity story > Further upside potential Unmatched combination of profitable growth and distributions Best-in-class RoTE, earnings per share growth and distribution yield 1 EPS GROWTH 17% 2025-28 (CAGR1) #1 ROTE 15% #1 EPS GROWTH Peer 1 Peer 2 UC #1 DISTRIBUTION # 13% YIELD Best-in-c
Slide 45: 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 46: Annex
Annex 45
Slide 47: Executing our Strategy across all ESG dimensions
Annex Executing our Strategy across all ESG dimensions ENVIRONMENTAL SOCIAL UNICREDIT FOUNDATION DIVERSITY, EQUITY & INCLUSION6 Committed to becoming a Net Zero bank by €5.5bn social financing4,5 via micro- Boosted UC Foundation funding: Gender Pay Gap on comparable 2050 on financed emissions with 2
Slide 48: Best-in-class product factories reaching clients global players don’t
Annex Best-in-class product factories reaching clients global players don’t CORPORATE INDIVIDUAL ADVISORY & FINANCING SOLUTIONS Highly specialised advice and access GROUP INSURANCE Best-in-class Insurance Products and Services Group scale to capital markets; a market leader offering across all count
Slide 49: Tokenisation use cases deep dive
Annex Tokenisation use cases deep dive Two successful pioneering POCs on real assets Tokenisation A SUCCESSFUL CASE I) Tokenised Minibond Strategic Rationale • First tokenised minibond in Europe with a real SME • Simplify and speed-up capital markets issuer workflows • Fully digitalized issuance, se
Slide 50: 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 51: Group P&L and selected metrics
Annex Group P&L and selected metrics All figures in bn Q/Q 4Q/4Q FY25/FY24 unless otherwise stated 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 % % FY24 FY25 % Revenue 6.4 6.3 6.1 6.0 6.6 6.1 6.2 5.7 -7.8% -5.3% 24.9 24.5 -1.3% o/w Net interest income 3.6 3.6 3.6 3.6 3.5 3.5 3.4 3.4 1.8% -6.0% 14.3 13.7
Slide 52: 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 % 2025 2.1 1.5 3.9 0.7 2.5 0.7 2025 2.2 2.00 2026 1.8 1.0 2.7 1.2 2.2 1.2 2026 2.0 2.00 2027 1.9 1.4 2.4 1.7 2.1 1.7 2027 2.1 2.25 2028 2.0 1.4 2.5 1.9 2.2 1
Slide 53: Balance sheet and liquidity profile
Annex Balance sheet and liquidity profile 23 Other liabilities LIQUIDITY 4Q25 Cash and cash balances 38 PROFILE 38 Insurance Liabilities Other Assets 56 55 Financial liabilities & hedging liabilities Financial Assets at Amortised Cost 104 Balance 68 Equity and equity instruments LCR NSFR c.140% c.12
Slide 54: Net Interest Income details
Annex Net Interest Income details 3.00% NET INTEREST INCOME, bn Euribor 3M avg 2.56% 2.11% 2.01% 2.04% NET INTEREST INCOME, bn Quarterly pace +1.8% NII RoAC1 3.6 3.5 3.5 3.4 3.4 18.8% 18.0% LLPs -0.4 -0.1 -0.1 -0.1 -0.4 3.3 3.4 3.4 3.3 3.1 Net NII − 4.3% 4Q24 1Q25 2Q25 3Q25 4Q25 NII SENSITIVITY PASS
Slide 55: 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 56: 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 57: Fees & Net Insurance results details
Annex Fees & Net Insurance results details 165 172 178 186 194 FEES & NET INSURANCE AuM+AuA stock, bn RESULTS, bn Quarterly pace 58.1 57.2 57.3 58.6 59.4 Insurance stock, bn Fee/Revenue1 Quarterly pace +0.7% 33.5% 35.7% 2.0 2.3 2.1 2.1 2.1 Net Insurance results 0.1 0.1 + 5.6% Fees 2.0 2.3 2.1 2.0 2.
Slide 58: Total Financial Assets
Annex Total Financial Assets TFAs1, bn TFAs DYNAMICS 18 13 14 13 13 AuM+AuA gross sales + 7% 2 3 3 3 2 Insurance gross sales 816 819 827 849 871 AuM TFA evolution 143 143 146 150 152 AuA 22 28 33 35 42 quarterly 201 209 207 214 215 AuC 58 57 57 59 59 Insurance 392 381 384 391 404 Deposits 871 816 4Q
Slide 59: 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 58
Slide 60: 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 61: 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 62: RWA details
Annex RWA details RWA, bn RWA DYNAMICS Quartely pace Increase Q/Q mainly driven by Basel impact (10.4bn) 287 288 291 296 7% 277 + Market risk Operational risk Credit risk 4Q24 1Q25 2Q25 3Q25 4Q25 Q/Q EVOLUTION DETAILS, bn Y/Y EVOLUTION DETAILS, bn 277 296 o/w -7.1bn o/w -1.5bn securitizations securi
Slide 63: End Notes
End Notes 62
Slide 64: 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 65: 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 66: 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 67: 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 68: 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”),
Unicredito Spa Ord New — Q4 2025 Earnings Presentation on 6ix