Unicredit S.p.a. · MIL:UCG
Unicredit — 2Q25 Earnings Presentation
47 slides from Unicredit's earnings presentation, Jul 23, 2025
Slide 1: UniCredit Unlocked: Unlocking Acceleration
UniCredit Unlocked Unlocking Acceleration: Record 2Q completes our best 1H ever, another milestone in our acceleration Milan, 23 July 2025
Slide 2: 2Q25: another structural step forward, driven by core performance
Record 2Q completes our best 1H ever, another milestone in our acceleration 2Q25: another structural step forward, driven by core performance Setting Accelerating •• Relentless execution of our transformation continues, shifting focus to Revenue acceleration Driving Core Revenue and Net Profit highe
Slide 3: Setting records
Setting records Net Profit RoTE Core Revenue Operational & Capital excellence 1H/1H 26% Record 2Q 3.3bn 2.9bn ex. one-offs¹ 24.1% +1.3% 20.6% ex. one-offs¹ GOP +2.8%1 C/I ratio Net Rev./RWA 8.8%¹ OCG 35.8%¹ 82bps, 2.4bn EPS DPS +31% 3 + +19% Record 6.1bn 23.1% +1.5% C/I ratio 35.5%¹ TBVPS 4 1H 5.7bn
Slide 4: Record 2Q results boosting record 1H
Setting records Record 2Q results boosting record 1H in million Ex. one-offs Ex. one-offs 2Q25 2Q25 Y/Y 1H25 1H25 1H/1H 2Q one-offs explained Net Revenue 6,018 6,352 +0.5% 12,490 12,861 +2.2% o/w NII 3,461 3,461 -2.8% 6,934 6,934 -2.9% 1 Trading: −335m -0.3% Q/Q o/w LLPs (109) (109) n.m. (192) (192)
Slide 5: Net Revenue ex. one-offs continues to grow: FY guidance improved
Setting records > Quality revenue growth Net Revenue ex. one-offs continues to grow: FY guidance improved STRONG NET REVENUE BASE, bn RELENTLESS FOCUS ON QUALITY GROWTH, NET REVENUE, bn DRIVEN BY CORE REVENUE 9.1% 9.2% 8.4% 8.8% Net revenue / RWA 8.0% NET REVENUE GROWTH +2.2% 6.4bn Strategic portfol
Slide 6: Resilient NII, better than expected: FY guidance improved
Setting records > Quality revenue growth Resilient NII, better than expected: FY guidance improved RESILIENT, HIGH-QUALITY, NII NET INTEREST INCOME, bn NII evolution, bn −0.3% QUALITY ORIGINATION NII RoAC1 Resilient NII, -0.3% Q/Q despite declining 3.5 3.6 3.5 3.5 rates, thanks to continued focus on
Slide 7: CoR better than expected: FY guidance maintained
Setting records > Quality revenue growth CoR better than expected: FY guidance maintained STRONG ASSET QUALITY; STABLE CoR LLPs, m CoR, bps 8 10 1 1 STRONG ASSET QUALITY Gross NPEr at 2.6%; Net at 1.5% 192 109 83 STRUCTURALLY LOW CoR … 12 15 LLPs, m CoR at 10bps in 2Q25 and 9bps in 118 1H25, with
Slide 8: Fee growth on track: FY guidance confirmed
Setting records > Quality revenue growth Fee growth on track: FY guidance confirmed STRONG FEES FROM INCREASED CLIENT APPETITE AND BROADER PRODUCT OFFERING FEE/REVENUE1 CONFIRMED FEES, bn AT A TOP TIER 35% 140 155 172 178 AuM+AuA stock, bn SOUND GROWTH IN 1H +4.1% like-for-like2 +3.6% 1H/1H despite
Slide 9: Best in class Efficiency: FY Cost guidance improved
Setting records > Operating excellence Best in class Efficiency: FY Cost guidance improved SUPERIOR OPERATIONAL EXCELLENCE CONFIRMING OPERATING EXCELLENCE COSTS, bn -1.4% at constant REDUCED COST BASE perimeter Costs -1.4% 1H/1H at constant perimeter, Cost evolution, 2.3 2.3 2.3 2.3 + 0.7% bn despit
Slide 10: CET1r increasing vs 1Q25, more than absorbing regulatory impact
Setting records > Capital excellence CET1r increasing vs 1Q25, more than absorbing regulatory impact CET1 Net Profit: −86bps OUTSTANDING CAPITAL TREND RATIO, AT1 & Cashes: −7bps % +82bps1 Reserves: +17bps CBK Badwill: +8bps SUPERIOR CAPITAL GENERATION TLCF: +7bps Outstanding OCG of 2.4bn (82bps)1,
Slide 11: Italy, quality earning powerhouse: setting yet another record
Setting records > Regions Italy, quality earning powerhouse: setting yet another record Broadly flat -3.2% OUR QUALITY GROWTH APPROACH QUALITY -1.8% excluding + 2.3% − 5.2% Q/Q ITA REVENUE one-offs1 Gross 5.7bn Resilient top line performance, 1H/1H comparison affected by one offs Gross Revenue Fees
Slide 12: Germany, resilient anchor: setting yet another record
Setting records > Regions Germany, resilient anchor: setting yet another record +1% adjusted for increase in refinancing volumes +3.3% OUR QUALITY GROWTH APPROACH QUALITY + 3.2% + 0.1% − 3.7% Q/Q ITA REVENUE Gross 2.9bn Gross revenue up in lower rate environment with market volatility Gross Revenue
Slide 13: Austria, resilient anchor: setting yet another record
Setting records > Regions Austria, resilient anchor: setting yet another record +0.7% OUR QUALITY GROWTH APPROACH QUALITY − 0.9% + 6.9% − 8.5% Q/Q ITA REVENUE Gross 1.3bn Gross revenue slightly down 1H/1H due to NII decrease despite a strong Gross Revenue Fees NII revenue -0.9% performance in all ot
Slide 14: CEE, growth engine: commercial effort driving profitable growth
Setting records > Regions CEE, growth engine: commercial effort driving profitable growth OUR QUALITY GROWTH APPROACH QUALITY + 5.0% + 9.2% +2.4% ITA REVENUE Gross 2.3bn Gross Revenue up supported by strong Fees and commercial push, Gross Revenue Fees NII revenue (+5.0%) despite lower rate environme
Slide 15: Russia orderly compression well ahead of ECB order and our targets
Setting records > Russia Russia orderly compression well ahead of ECB order and our targets EXECUTING A CLEAR STRATEGY LOCAL DEPOSITS3,4, NET LOCAL LOANS3, CROSS-BORDER EXPOSURE, CROSS-BORDER PAYMENTS5, BN BN BN BN Accelerated orderly solvent wind-down of Russian exposure always within the letter –
Slide 16: Client Solutions: half of Group Revenue and >90% of Group Fees
Setting records > Products Client Solutions: half of Group Revenue and >90% of Group Fees CLIENT SOLUTIONS REVENUE BREAKDOWN CORPORATE ADVISORY & 27% TRADE & 62% CLIENT RISK 40% 2.9 39% SOLUTIONS 6.1 FINANCING CORRESPONDENT MANAGEMENT BANKING bn bn 1.1 bn 0.5 bn 1.3 bn Gross Revenue +6% 1H/1H -1% 1H
Slide 17: Beating expectations, again, despite a worsening macro
Setting records Beating expectations, again, despite a worsening macro Despite macro … we more than absorbed headwinds and one-offs thanks to a scenario worsening strong core performance, beating expectations again as expected and impacting our NET PROFIT +17% incl. one-offs BEATING EXPECTATIONS FUR
Slide 18: Accelerating strategy
Accelerating strategy PHASE I: 2021-2024 PHASE II: 2025-2027 PHASE III: 2027-2030 Unlock Unlock Unlock Trapped Potential Acceleration … the Future Emphasis on our operating machine, Emphasis on our commercial machine, Further grow our while rebuilding and empowering while continuing to optimise unma
Slide 19: Unlocked Trapped Potential, but transformation far from over
Accelerating strategy Unlocked Trapped Potential, but transformation far from over … REDESIGNING OUR OPERATING MACHINE, REBUILDING OUR COMMERCIAL MACHINE, OUR PEOPLE AS THE LINCHPIN Unified & Simplified & Empowered Leveraging Re-focused Streamlined & Trusted Scale One Vision Organisation Our B
Slide 20: A clear set of initiatives to Unlock Acceleration
Accelerating strategy … with a clear set of initiatives to Unlock Acceleration Our Our Commercial GEOGRAPHIES Linchpin Machine Key focus of Phase II PEOPLE CLIENTS ORGANISATION & PROCESSES PRODUCTS PHASE II: 2021-2024 TECHNOLOGY & Our Operating Unlock DATA Machine CHANNELS Acceleration Key focus of
Slide 21: Decisively accelerating our Commercial Machine
Accelerating strategy Decisively accelerating our Commercial Machine We set clear Priorities … … and we are relentlessly executing 1H25 not exhaustive list GEOGRAPHIES GROWTH ALLOCATED CAPITAL FY24-27 • Vodeno Aion expansion: in Poland and WEU countries Direct capital allocation CEE1 ITALY GER & AUT
Slide 22: Decisively accelerating our People, and our Operating Machine
Accelerating strategy Decisively accelerating our People, and our Operating Machine We set clear Priorities … … and we are relentlessly executing 1H25 not exhaustive list PEOPLE INVEST & FOSTER REWARD • Hiring: 1.7k in 1H25, o/w c.1.2k in network and c.800 young Continue trusting, TRAIN Inclusive, W
Slide 23: Organic accelerators gaining momentum
Accelerating strategy Organic accelerators gaining momentum … > 400 m 2027 Net Profit embedded in plan Life Insurance Internalisation Taking control of the 4th largest Italian Considering Status Life Insurance player, and value chain Capital impact already taken in 3Q-4Q24 Life Insurance Internalisa
Slide 24: Further boost via equity consolidation of strategic stakes
Accelerating strategy … further boost via equity consolidation of strategic stakes c. 800 m Additional 2027 Revenue, Net Profit and Distributions based on consensus Net of expected hedging cost Deploying excess capital at accretive terms to the benefit of our shareholders Status 20% c. 20 % ROI2 12
Slide 25: Alpha Bank partnership
Accelerating strategy Alpha Bank partnership 20% ENHANCING OUR ORGANIC PLAN HIGH RETURN c. ATTRACTIVE GEOGRAPHIES Increasing our exposure to fast-growing Greece c. 20% ROI based on initial investment, well above SBB return Equity consolidation Alpha Bank by 3Q25¹ TARGETED CLIENTS FULLY DISTRIBUTABLE
Slide 26: Commerzbank investment
Accelerating strategy Commerzbank investment Up to ENHANCING OUR ORGANIC PLAN HIGH RETURN 20% 29 ATTRACTIVE GEOGRAPHIES ROI based on initial Increased exposure to fast growing c. investment, well above SBB return and CBK Poland and our resilient anchor - c. % Germany - set to benefit from massive fi
Slide 27: Growing returns
Growing 2025 Guidance 2027 Ambition² returns NET PROFIT c. 10.5bn ≥ 11bn 2025 2025-27 DISTRIBUTION¹ ≥ 9.5bn o/w cash ≥ 30bn o/w cash ≥4.75bn ≥15bn Accelerating our unmatched growth & distribution trajectory 1. Distributions subject to supervisory, board of directors and shareholder approvals, inorga
Slide 28: Upgrading both FY25 Guidance and FY27 Ambition
Growing returns Upgrading both FY25 Guidance and FY27 Ambition Upgrading 2025 Guidance Upgrading 2027 Ambition FROM TO NET REVENUE >23.5bn NII FEES = Down mid-single digit Up mid-single digit1 Structurally c.1bn higher Net Profit at RoTE accretive terms 10bn ≥11bn c. 4 >17% >20% CoR = c.15bps Higher
Slide 29: Unmatched growth story, further widening gap vs peers
Growing returns Unmatched growth story, further widening gap vs peers Consensus Growth 2024-27 Consensus RoTE FY27E Boosting RoTE growth and with increased weight of earnings vs. EPS DPS Tangible Equity reduction >+1 1401 1711 pp 160 >20% 130 128 19% 124 18% 129 120 13% FY24 FY27 FY24 FY27 SX7E Top
Slide 30: Q&A
inssgdROUP ESULTS Milan, 23 July 2025 77 UniCredit
Slide 31: Annex
Annex 31
Slide 32: Executing our Strategy across all ESG dimensions
Annex Executing our Strategy across all ESG dimensions ENVIRONMENTAL SOCIAL UNICREDIT FOUNDATION DIVERSITY, EQUITY & Member of Net Zero Banking Alliance, €2.7bn social financing4,5 via Boosted UniCredit Foundation INCLUSION with targets on Oil&Gas, Power, micro-credit, impact financing funding: €80m
Slide 33: Group P&L and selected metrics
Annex Group P&L and selected metrics All figures in bn Q/Q Y/Y 1H25/1H24 unless otherwise stated 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 % % 1H24 1H25 % Revenue 6.4 6.3 6.1 6.0 6.6 6.1 -6.5% -3.3% 12.7 12.7 -0.2% o/w Net interest income 3.6 3.6 3.6 3.6 3.5 3.5 -0.3% -2.8% 7.1 6.9 -2.9% o/w Fees 2.1 2.1 2.0 2.
Slide 34: Updated base case macro scenario
Annex Updated base case macro scenario Scenarios 2025, 2026, 2027 EUROZONE UNICREDIT FOOTPRINT Group Group excl. Russia 2025 2.1 1.0 2025 3.7 0.7 2.3 0.5 2026 1.8 1.0 2026 2.5 1.5 2.0 1.3 2027 2.0 1.3 2027 2.4 1.8 2.1 1.7 Inflation,% ◼ GDP growth, % Estimates based on UniCredit data GDP growth and
Slide 35: Balance sheet and liquidity profile
Annex Balance sheet and liquidity profile LIQUIDITY Cash and cash balances 42 PROFILE 2Q25 50 Financial liabilities & hedging liabilities Other Assets 43 65 Other liabilities LCR >140% Financial Assets at Amortised Cost 101 Balance 68 Equity and equity instruments NSFR >125% Sound and stable Sheet 9
Slide 36: Deposit details
Annex Deposit details Deposits from customers (Net of repos and IC - EoP) 465bn (-0.2% Q/Q) 2Q25 avg commercial deposits, bn vs 1Q25 Gross customer deposits rates 2Q25 (vs 1Q25) Italy Italy 177 +0.2% -0.28% Germany By (+8bps) Austria region CEE Russia Germany 126 -3.3% -1.09% (+27bps) Austria 58 -0.
Slide 37: Loan details
Annex Loan details Loans to customers (Net of repos and IC - EoP) 410bn (+1.1% Q/Q) 2Q25 avg gross commercial performing loans, bn vs 1Q25 Gross customer performing loan rates 2Q25 (vs 1Q25) Italy Germany Italy 141 -0.9% 4.06% By (-19bps) Austria region CEE Germany 106 -1.3% 3.39% Russia (-15bps) Au
Slide 38: Total Financial Assets
Annex Total Financial Assets 18 TFAs1, bn TFAs DYNAMICS 14 13 14 13 13 AuM+AuA gross sales + 3% 3 3 2 2 3 3 Insurance gross sales 796 799 808 816 819 827 TFA evolution 143 143 146 827 136 138 142 AuM 799 quarterly 15 18 20 22 28 33 199 199 204 201 209 207 AuA 58 58 58 58 57 57 AuC 392 Insurance 388
Slide 39: Asset quality details
Annex Asset quality details TOTAL GROSS NPE TOTAL GROSS NPE ALMOST STABLE KEY HIGHLIGHTS 12.1 11.8 − 45% Gross NPE evolution 11.7 11.2 11.4 11.7 NPE COVERAGE RATIO Slightly down Q/Q at 45% by quarter, bn on book, driven by portfolio 21.2 dynamics (mainly single files' defaults and Gross Past Due rep
Slide 40: 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 3 444 441 442 47.2% 47.0% 45.9% 46.9% 45.4% Stage 3 12 434 12 12 428 11 11 52 51 46 Stage 2 48 49 o/w Stage 2 11.7% 11.6% 11.5% 11.0% 10.5% o/w Gross performing loans St
Slide 41: RWA details
Annex RWA details RWA, bn CONTINUED RWA EFFICIENCIES Increase Q/Q mainly driven by Basel impact (10.4bn) RWA evolution by quarter 287 288 280 + 4% 277 278 277 Market risk Operational risk 288 Credit risk 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 277 Q/Q EVOLUTION DETAILS, bn Including Insurance, Y/Y EVOLUTION D
Slide 42: End Notes
End Notes 42
Slide 43: 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 bank
Slide 44: 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 Core Revenue Calculated as sum of (i) Net Interest Income plus (ii) Dividends plus (iii) Fees Cost of risk Based on reclassified P&L and
Slide 45: 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 High-Quality Liquid Assets stress. These assets are unencumbered, which means free of legal, regulatory, contractual, or oth
Slide 46: 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 47: Disclaimer
End Notes Disclaimer This presentation may contain “forward-looking statements” which includes all Japan or any other jurisdiction where such an offer or solicitation would be unlawful statements that do not relate solely to historical or current facts and which are (the “Other Countries”), and ther