Unicredit S.p.a. · MIL:UCG
Unicredit — Unicredito Spa Ord New — Q3 2025 Earnings Presentation
44 slides from Unicredit's earnings presentation, Oct 22, 2025
Slide 1: UniCredit Unlocked: Unlocking Acceleration
UniCredit Unlocked Unlocking Acceleration Record 3Q completes our best 9M ever … 19 consecutive quarters of profitable growth, further reinforcing our unique equity story … the best combination of profitable growth and distributions Milan, 22 October 2025
Slide 2: Record 3Q completes our best 9M ever
Record 3Q completes our best 9M ever RECORD 3Q RECORD 9M SOLID, STABLE, COVERED BEST-IN-CLASS ASSET QUALITY SHAREHOLDER REMUNERATION QUALITY GROWTH Net Revenue + 1.2% 3Q/3Q − 0.2% 9M/9M Net NPE 1.4% −10bps Net FY25 FY27 Profit OPERATIONAL C / I ratio 37.1% 36.8% Cost of Risk 10bps STABLE c. 10.5bn c
Slide 3: Further reinforcing our unique equity story
Further reinforcing our unique equity story 1. Strengthening our best-in-class earnings and distribution trajectory 2. Accelerating the execution of our winning strategy 3. Delivering another set of record 3Q and 9M results 3 Unrivalled excellence built into our DNA
Slide 4: Strengthening our best-in-class earnings and distribution trajectory
1. Strengthening Deployed 6.5 bn1 of our excess capital • Securing structurally higher Net Profit through the cycle, further widening the gap versus peers in a dispersion scenario Immediate • Propelling higher, sustainable dividend and SBB, our best-in-class value creation Deployed ahead of with les
Slide 5: Seizing the moment: maximising shareholder value
1. Seizing the moment: maximising shareholder value Strengthening our best-in-class Earnings and Distributions trajectory Consensus 2025-27¹ before and after share buy-out BEFORE (May-25) AFTER (Oct-25) Dividend Cash returned to shareholders: c.15 bn c. 16 bn 1 > bn higher dividend bedrock of long-t
Slide 6: Seizing the moment: securing structurally improved trajectories
1. Seizing the moment: securing structurally improved trajectories Strengthening our best-in-class Earnings and Distributions trajectory Seizing the moment: Improved trajectory, confidence in 2026-27 despite headwinds deployed 6.5bn1 of our (Consensus FY24-27 growth)3 excess capital through NET PROF
Slide 7: Accelerating the execution of our winning strategy
2. Accelerating 2.1 PAN-EUROPEAN LEADER A truly united pan-European commercial bank – a federation of 13 leading banks plus Alpha – connecting more than 20m clients1, offering a unique gateway to Europe the execution 2.2 BENCHMARK FOR BANKING of our winning Advancing the execution of our transformat
Slide 8: Pan-European Leader and gateway to Europe
2.1 Pan-European Leader and gateway to Europe Executing our Strategy QUALITY CLIENT FRANCHISE >20m clients1 >60% #1 Leading Large, quality client Revenue from Bank for Private & base, overweight in SMEs, Private SMEs in Affluent profitable segments & Affluent Europe2 in Europe3 LEADING COMMERCIAL BA
Slide 9: Benchmark for Banking – Phase I – 2021-2024
2.2 Benchmark for Banking – Phase I – 2021-2024 Executing our Strategy Phase I: Unlock Trapped Potential Transforming our Operating Machine: delivering ever improving efficiency UNIFY Embedding a common Purpose, Vision, Values Top Tier Net Rev. growth EMPOWER Culture of trust, ownership, seeking exc
Slide 10: Benchmark for Banking – Phase II – 2025-2027
2.2 Benchmark for Banking – Phase II – 2025-2027 Executing our Strategy Phase II: Unlock Acceleration Boosting our Commercial Machine: delivering sustainable, profitable, quality growth Poland re-entry CLIENTS Strengthen high-value client segments, Alpha Bank maintain discipline throughout Romania f
Slide 11: Innovative - self-financing investment in innovation
2.3 Innovative - self-financing investment in innovation Executing our Strategy Technology, Data & AI … … and our People Vodeno cloud-native Data & AI at scale Bringing in … fresh talent • Proprietary next-gen core banking • 140 use cases across tech • 200+ engineers as internal development, Risk, E
Slide 12: Delivering another set of record 3Q and 9M results
3. Delivering in million Net Revenue o/w Net NII2 o/w Fees & Insurance 3Q25 3Q / 3Q 6,054 3,255 2,126 +1.2% -4.2% +7.6% 9M25 9M / 9M 18,543 9,997 6,552 -0.2% -4.0% +4.9% Quality Growth NET REVENUE Superior resilience, quality, diversification Excellence OPERATIONAL Best-in-class cost efficiency o/w
Slide 13: Resilient Net Revenue, confirming superior quality and diversification
3. Resilient Net Revenue, confirming superior quality and diversification Delivering record results > Quality Growth NET REVENUE, bn 9M/9M 3Q/3Q • Resilient, despite headwinds NET NII AHEAD1 • Loan growth +1.6% 3Q/3Q with − 4.0 −4.2% % − 0.2% • margins stable Q/Q; pass-through at 30.3%2 #1 NII RoAC3
Slide 14: Best-in-class operational efficiency, while investing for the future
3. Best-in-class operational efficiency, while investing for the future Delivering record results > Excellence COSTS, bn TOTAL COSTS DECLINING • Continued downward trajectory, despite headwinds and investments + 0.4% − 0.1% 9M/9M 3Q/3Q • Absorbing new perimeters + 0.4% (Vodeno, Life Insurance, Alpha
Slide 15: Excellent organic capital generation continues
3. Excellent organic capital generation continues Delivering record results > Excellence NET REVENUE / RWA, bn CET1 RATIO, % Net Revenue / RWA +89bps remaining top-tier, − 0.2p.p. 16.0% despite idiosyncratic headwinds −94bps SUPERIOR EFFICIENCY 8.9% 8.6% +11bps 14.8% −117bps −14bps 14.6% In line wit
Slide 16: Continuing to deliver quality profitable growth
3. Continuing to deliver quality profitable growth Delivering record results > Quality Growth NET PROFIT, bn Net Revenue OPERATING • Strong operating performance − 0.2 % + 1.2 % + 12.9% PERFORMANCE BETTER1 • Both Net Revenue and Costs ahead 9M/9M 3Q/3Q • Complemented by one-offs4 BEST-IN-CLASS START
Slide 17: Italy: best in class franchise, ready to accelerate further
3. Italy: best in class franchise, ready to accelerate further Delivering record results > Regions Leader in our Market Quality Growth Excellence Best Bank for Corporates in Italy: Euromoney Awards for 1.7% Net Revenue Costs 1.7% NET REVENUE − Excellence 2025 declining, − Best HR Team: HRC award −5.
Slide 18: Germany: transformation benchmark, hard to replicate
3. Germany: transformation benchmark, hard to replicate Delivering record results > Regions Leader in our Market Quality Growth Excellence #1 in combined Corporate Loans and Bonds by Fees5 2.4% Net Revenue Costs 2.8% #1 Green ESG-linked NET REVENUE + declining, with − Corporate Loans5 +1.0% NII tren
Slide 19: Austria: solid performance with renewed momentum
3. Austria: solid performance with renewed momentum Delivering record results > Regions Leader in our Market Quality Growth Excellence Best Bank, Global Finance 2025 award 1.4% Net Revenue Costs 0.1% Increased acquisition rate 4x NET REVENUE − flat, despite + in small corporate segments inflation an
Slide 20: CEE: unique growth trajectory maintaining efficiency
3. CEE: unique growth trajectory maintaining efficiency Delivering record results > Regions Leader in our Market Quality Growth Excellence Best Bank for Transaction Banking4, Cross-border 1.7% Net Revenue, with Costs 12.4% Payments5 & Trade Finance6 NET REVENUE + Gross Revenue +6.3% impacted by + ne
Slide 21: Russia is today a highly focused franchise
3. Russia is today a highly focused franchise Delivering record results > Russia Mar-22 Today’s steady state (Oct-25) WHAT REMAINS … CROSS-BORDER EXPOSURE > 4.5bn Zero Small, focused franchise – supporting international At minimal cost RUSSIA Russia net creditor to Group corporates and payments to t
Slide 22: Client Solutions: half of Group Revenue and c.90% of Group Fees
3. Client Solutions: half of Group Revenue and c.90% of Group Fees Delivering record results > Products Net Rev. Fees Net Rev. Fees ADVISORY & FINANCING SOLUTIONS INVESTMENTS 1.7 0.5bn Top 3 in Bonds bn1 and Loans by fee in ITA IN 1.9 1.9 bn bn 28bn onemarkets funds, sales +68% 9M/9M ~80% Funds valu
Slide 23: 3Q25 Group Results Final remarks
3Q25 Group Results Final remarks DELIVERING CONSISTENTLY 19th consecutive quarter of quality profitable growth, leading across all KPIs UNIQUE DNA Pan-European leadership, Benchmark for Banking, and Innovation form our DNA ACCELERATING GROWTH Relentless execution of our strategy, while investing and
Slide 24: Annex
Annex 24
Slide 25: Executing our Strategy across all ESG dimensions
Executing our Strategy across all ESG dimensions ENVIRONMENTAL SOCIAL INNOVATION DIVERSITY, EQUITY & Committing to becoming a Net Zero bank by €2.7bn social financing4,5 via UniCredit Start Lab: INCLUSION 2050 on financed emissions with 2030 Net Zero micro-credit, impact financing 640 innovative sta
Slide 26: Executing our Strategy – Phase II in action
Annex Executing our Strategy – Phase II in action CEE Vodeno Alpha Bank Greece Alpha Bank Romania Growing Allocated re-entry in Poland, accelerated full partner, distributed >880m full integration in record time GEOGRAPHIES capital +6% 9M/9M internal transformation onemarkets funds to date Focus on
Slide 27: Group P&L and selected metrics
Annex Group P&L and selected metrics All figures in bn Q/Q 3Q/3Q 9M25/9M24 unless otherwise stated 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 % % 9M24 9M25 % Revenue 6.4 6.3 6.1 6.0 6.6 6.1 6.2 0.7% 0.3% 18.9 18.8 0.0% o/w Net interest income 3.6 3.6 3.6 3.6 3.5 3.5 3.4 -2.7% -5.4% 10.7 10.3 -3.7% o/w Divid
Slide 28: 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 1.2 2025 3.7 0.6 2.5 0.5 2026 1.8 0.9 2026 2.6 1.4 2.2 1.3 2027 1.9 1.4 2027 2.5 1.8 2.1 1.7 Inflation,% ◼ GDP growth, % Estimates based on UniCredit data GDP growth and
Slide 29: Balance sheet and liquidity profile
Annex Balance sheet and liquidity profile 25 LIQUIDITY Other Assets 47 Other liabilities Cash and cash balances 48 3Q25 37 48 Insurance Liabilities PROFILE Balance Financial liabilities & hedging liabilities LCR >140% Financial Assets at Amortised Cost 104 69 Equity and equity instruments NSFR >125%
Slide 30: Net Interest Income details
Annex Net Interest Income details 3.56% NET INTEREST INCOME, bn Euribor 3M avg 3.06% 2.56% 2.11% 2.01% NET INTEREST INCOME, bn Quarterly pace −2.7% NII RoAC1 3.6 3.6 3.5 3.5 3.4 19.7% 19.2% LLPs -0.2 -0.4 -0.1 -0.1 -0.1 Net NII 3.4 3.3 3.4 3.4 3.3 −3.7% 3Q24 4Q24 1Q25 2Q25 3Q25 10.7 10.3 Q/Q EVOLUTI
Slide 31: Deposit details
Annex Deposit details Deposits from customers (Net of repos and IC - EoP) 477bn (+2.4% Q/Q) 3Q25 avg commercial deposits, bn vs 2Q25 Gross customer deposits rates 3Q25 (vs 2Q25) Italy Italy 180 +1.5% -0.25% Germany By (+3bps) Austria region CEE Russia Germany 128 +1.8% -1.00% (+9bps) Austria 59 +1.0
Slide 32: Loan details
Annex Loan details Loans to customers (Net of repos and IC - EoP) 410bn (flat Q/Q) 3Q25 avg gross commercial performing loans, bn vs 2Q25 Gross customer performing loan rates 3Q25 (vs 2Q25) Italy Germany Italy 141 -0.3% 3.89% By (-17bps) Austria region CEE Germany 105 -1.2% 3.34% Russia (-5bps) Aust
Slide 33: Fees & Net Insurance results details
Annex Fees & Net Insurance results details 163 165 172 178 186 FEES & NET INSURANCE AuM+AuA stock, bn RESULTS, bn Quarterly pace 58.1 58.1 57.2 57.3 58.6 Insurance stock, bn Fee/Revenue1 Quarterly pace 33.6% 35.0% 2.0 2.0 2.3 2.1 2.1 Net Insurance results 0.1 +4.9% Fees 2.0 2.0 2.3 2.1 2.0 3Q24 4Q24
Slide 34: Total Financial Assets
Annex Total Financial Assets TFAs1, bn TFAs DYNAMICS 18 13 13 14 13 AuM+AuA gross sales + 5% 2 2 3 3 3 Insurance gross sales 808 816 819 827 849 TFA evolution 142 143 143 146 150 AuM quarterly 20 22 28 33 35 204 201 209 207 214 AuA 58 58 57 57 59 AuC Insurance 383 392 381 384 391 Deposits 808 849 3Q
Slide 35: LLPs and CoR details
Annex LLPs and CoR details LLPs, bn Overlays stock1, bn 1.7 1.7 1.7 1.7 1.7 Quarterly pace 0.3 0.3 0.4 0.2 LLPs, bn 0.1 0.1 0.1 Quarterly pace 9M24 9M25 3Q24 4Q24 1Q25 2Q25 3Q25 CoR, bps CoR, bps Quarterly pace 34 9 10 15 8 10 10 9M24 9M25 3Q24 4Q24 1Q25 2Q25 3Q25 1. On Performing portfolio and Incl
Slide 36: Asset quality details
Annex Asset quality details TOTAL GROSS NPE TOTAL GROSS NPE ALMOST STABLE KEY HIGHLIGHTS − 45% Gross NPE evolution, bn 11.8 11.2 11.4 11.7 11.6 NPE COVERAGE RATIO Flat Q/Q at 45% on book, 21.2 Quarterly pace driven by portfolio dynamics Gross Past Due Gross Bad Loans SOUND LEVEL OF Gross UTP PROVISI
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 2.7% 2.6% 2.6% 2.6% 2.6% Stage 3 441 442 445 47.0% 45.9% 46.9% 45.4% 45.4% Stage 3 434 12 12 428 12 11 11 46 47 Stage 2 51 48 49 o/w Stage 2 11.6% 11.5% 11.0% 10.5% 10.6% o/w Gross performing loans St
Slide 38: RWA details
Annex RWA details RWA, bn RWA DYNAMICS Quarterly pace Increase Q/Q mainly driven by Basel impact (10.4bn) 287 288 291 + 5% 278 277 Market risk Operational risk Credit risk 3Q24 4Q24 1Q25 2Q25 3Q25 Q/Q EVOLUTION DETAILS, bn Y/Y EVOLUTION DETAILS, bn 278 291 o/w -7.4bn o/w -1.0bn securitisations secur
Slide 39: End Notes
End Notes 39
Slide 40: 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 41: 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 42: 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 43: Main definitions
End notes Main definitions PD scenario Impacts deriving from probability of default scenario, including rating dynamics RoAC Annualised 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 44: Disclaimer
Disclaimer This presentation may contain “forward-looking statements” which includes all statements Canada or Japan or any other jurisdiction where such an offer or solicitation would be that do not relate solely to historical or current facts and which are therefore inherently unlawful (the “Other
Unicredito Spa Ord New — Q3 2025 Earnings Presentation on 6ix