Unicredit S.p.a. · MIL:UCG
Unicredit — Debt Investor Presentation (July 2025)
41 slides from Unicredit's debt investor presentation, Jul 23, 2025
Slide 1: UniCredit Unlocked: Fixed Income & ESG Presentation
UniCredit Unlocked Unlocking Acceleration: Record 2Q completes our best 1H ever, another milestone in our acceleration FIXED INCOME & ESG PRESENTATION Milan, 23 July 2025
Slide 2: Agenda
Agenda UniCredit at a glance Financial highlights Funding, liquidity and securitisation ESG
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: Upgrading both FY25 Guidance and FY27 Ambition
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 returns on tang
Slide 5: Organic accelerators gaining momentum
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 Internalisation >100m1 Completed
Slide 6: Further boost via equity consolidation of strategic stakes
… 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 c. Alpha Bank c.200m1
Slide 7: Agenda
Agenda UniCredit at a glance Financial highlights Funding, liquidity and securitisation ESG
Slide 8: Record 2Q results boosting record 1H
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) n.m. Mainly due
Slide 9: Net Revenue ex. one-offs continues to grow: FY guidance improved
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 portfolio impact - mainly due to Net revenue 6.3
Slide 10: Resilient NII, better than expected: FY guidance improved
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 margin 20.1% 19.6% LLPs 0.0 0.0 0.1 0.1
Slide 11: CoR better than expected: FY guidance maintained
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 continuous focus on 2Q23 2Q24 1Q25 2Q25 p
Slide 12: Fee growth on track: FY guidance confirmed
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 macro volatility and 57 58 57 57 U.S. tar
Slide 13: Best in class Efficiency: FY Cost guidance improved
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 despite continued investments in our people,
Slide 14: CET1r increasing vs 1Q25, more than absorbing regulatory impact
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, 16.1% 16.0% +18bps 16.2% total gener
Slide 15: Agenda
Agenda UniCredit at a glance Financial highlights Funding, liquidity and securitisation ESG
Slide 16: 2025 Group Funding Plan expected at c. 20bn
2025 Group Funding Plan expected at c. 20bn • 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 in domestic markets provides for funding diversi
Slide 17: MREL Funding Plan: >80% executed, focus remains on more Senior instruments
MREL Funding Plan: >80% executed, focus remains on more Senior instruments UniCredit SpA 2025 MREL expected funding plan, €/bn Main drivers >80% of the overall MREL Funding Plan 2025 already executed, taking advantage of positive market conditions to anticipate issuances at costs Issued Funding Plan
Slide 18: Balanced profile with manageable redemptions
Balanced profile with manageable redemptions Group liabilities structure breakdown1 M/L term liability structure Maturity profile up to 2028, €bn2 AT1 UC SPA 18 18 5% 7% 7 15 T2 UC SPA 7 38% 4 1 2 1 SENIOR UNSECURED UC SPA3 6 7 41% 8 9 UNSECURED OTHER SUBS 3 1 2 9% 2 1 1 1 COVERED BONDS4 2025 2026 2
Slide 19: Balance sheet and liquidity profile
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 96 Debt
Slide 20: Ample buffers over MREL requirements
Ample buffers over MREL requirements MREL1 MREL Subordinated1 Eligible instruments Ample buffers over capital Actual 32.1% regulatory requirement Buffer 513bps 92.5bn 2Q25 24.0% SP2 23.5bn 467bps CET1 ratio 5 Tier 1 ratio 5 SNP3 10.5bn Regulatory 27.0% Tier 2 AT1 5.0bn 7.5bn 16.0 % Managerial target
Slide 21: Covered Bonds (CB) program
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 ✓ Maturity (soft-bullet) issuer in Italy, Ge
Slide 22: ARTS program to be expanded
ARTS program to be expanded ARTS: a single program for Securitisations across assets and regions 4Q21-2024 2025 Goal is to strengthen the ARTS program in terms of asset ITALY • Residential Mortgages Already securitized • Large Corporate segments through classes and formats, with the • SMEs & MidCap
Slide 23: UniCredit is rated better than the sovereign with positive outlooks
UniCredit is Performance rated better recognized than the sovereign with positive outlooks in impro by all three rating agencies Bildergebnis für standard poors Bildergebnis für moodys Bildergebnis für fitch ratings BBB+ / Stable / A-21 Baa3 / Positive / P-31 BBB / Positive / F21 Covered Bonds (Ital
Slide 24: Agenda
Agenda UniCredit at a glance Financial highlights Funding, liquidity and securitisation ESG
Slide 25: UniCredit ESG Strategy guided by our Principles and aligned with our Values
Evolution of UniCredit’s ESG Strategy given external context UniCredit ESG Strategy guided by our Principles and aligned with our Values Ambition Leading by example Fulfilling our Purpose of Empowering Communities to Progress In a world of constant transformation, UniCredit continues to lead by exam
Slide 26: Ongoing commitment to achieve 2025 ESG targets
Ongoing commitment to achieve 2025 ESG targets ESG Lending1 16% Environmental lending of 4.1bn and social lending of 2.7bn since Jan 2025 15% ESG Investment Products2 52% Stable year progression with ESG penetration rate at 52% (c.105bn stock) at 1H25 vs 53% at Dec 2024 50% Giving transparency on ou
Slide 27: External acknowledgement of our sustainability efforts: ESG ratings and recognitions
External acknowledgement of our sustainability efforts: ESG ratings and recognitions UniCredit awarded CEE’s Best Bank for ESG and Italy’s Best Bank for ESG at CCC B BB BBB A AA AAA Euromoney Awards for Excellence 2025 for its commitment to empowering communities and supporting a just and fair trans
Slide 28: Executing our Strategy across all ESG dimensions
Executing our Strategy across all ESG dimensions ENVIRONMENTAL SOCIAL INNOVATION DIVERSITY, EQUITY & Member of Net Zero Banking Alliance, €2.7bn social financing4,5 via UniCredit Start Lab: INCLUSION with targets on Oil&Gas, Power, micro-credit, impact financing 640 innovative startup-ups and Group
Slide 29: Progressing on our Net Zero Journey
Progressing on our Net Zero Journey Continuing to work in line with newly issued NZBA Guidance UniCredit Design Elements Baseline Progress Target Sector Value chain Primary metric1 Emission coverage Year Measure Value2 YE20233 By 20302 Financed Oil & Gas Full value chain emissions Scope 34 2021 MtCO
Slide 30: Strong environmental, social and reputational risk management and policies
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 ≤50% Defence/Armaments Oil &
Slide 31: Annex
Annex 31
Slide 32: Russia orderly compression well ahead of ECB order and our targets
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 – and the vs. 1Q22 − 88 % −
Slide 33: Deposit details
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 -0.2% -1.
Slide 34: Loan details
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) Austria
Slide 35: Group gross loans breakdown by stages
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 Stage 1
Slide 36: End Notes
End Notes 36
Slide 37: 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 legal
Slide 38: 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 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 Balance s
Slide 39: 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 High-Quality Liquid Assets stress. These assets are unencumbered, which means free of legal, regulatory, contractual, or other restric
Slide 40: Main definitions
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) Annualized Net
Slide 41: Disclaimer
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 there will be