UniCredit S.p.A. · MIL:UCG
UniCredit — Unicredito Spa Ord New — Q3 2026 Earnings Presentation
44 slides from UniCredit's earnings presentation, Nov 9, 2026
Slide 1: UniCredit Unlimited
UniCredit Unlimited Unmatched performance Relentless improvement Unlimited potential Milan, 9 November 2026
Slide 2: UniCredit Unlimited: 3Q26 & 9M26 best quarter ever
UniCredit Unlimited 3Q26 & 9M26 BEST QUARTER EVER – clear beat overall and across all critical KPIs • 23rd consecutive quarter of growth and consistent delivery Group Results • Best combination of revenue growth and efficiency improvement • Best across the sector for net profit growth, C/I ratio, Ro
Slide 3: 3Q26 further proving the exponential potential of Unlimited
RECORD RESULTS > GROUP RESULTS i ii iii iv 3Q26 further proving the exponential potential of Unlimited EUR, m 3Q26 Δ vs. 3Q25 9M26 Δ vs. 9M25 +12% Revenue Costs −1% Net Revenue 6,692 10% 19,709 6% Revenue 6,902 12% 20,296 8% + 9 % Core Revenue Cost / Income 32.8 % Core Revenue 6,223 9% 18,433 5% -4.
Slide 4: Client-led revenue growth continues to accelerate
RECORD RESULTS > GROUP RESULTS i ii iii iv Client-led revenue growth continues to accelerate 36% REVENUE EUR, m Fees & Net Ins. 3Q Y/Y / Net Revenue 3,831 2,391 + 12% O/W CORE 3,541 3,587 3,658 5 Q/Q + % 8 Y/Y + % 2,159 Y/Y +11% REVENUE +9% 3Q Y/Y 3Q25 1Q26 2Q26 3Q26 3Q25 3Q26 NII growth: Fees & Net
Slide 5: Structurally low CoR, further protected by unrivalled overlays stock
RECORD RESULTS > GROUP RESULTS i ii iii iv Structurally low CoR, further protected by unrivalled overlays stock COST OF RISK 3Q26 CoR CoR: structurally low 18bps more evenly distributed • In the 15–20bps range, as 33 & within FY26 guidance past write-back benefits 15–20bps are normalizing • Broadly
Slide 6: Further improving our operational excellence
RECORD RESULTS > GROUP RESULTS i ii iii iv Further improving our operational excellence COST / INCOME Cost efficiency: further improving 4 3Q Y/Y 37.1% • C/I ratio down to a record 32.8%, despite continued investments − p.p. COST / INCOME 32.8% • Non-HR cost reduction driven by generalized efficienc
Slide 7: Further reinforcing our capital excellence and distributions
RECORD RESULTS > GROUP RESULTS i ii iii iv Further reinforcing our capital excellence and distributions CET1 RATIO +92bps 3Q26 OCG: +53bps 15.0% outstanding 1 • 2.8bn or 92bps in 3Q −6bps 15.0% • 8.2bn or 275bps in 9M, +19bps supporting distribution accrual CET1r still while increasing capital deduc
Slide 8: Italy: Gaining market share organically, best-in-class profitability
RECORD RESULTS > REGIONS AND CLIENT SOLUTIONS i ii iii iv Gaining market share organically, best-in-class profitability Italy 130 9M26 vs. 9M25 Unlimited Acceleration QUALITY GROWTH +10% CUSTOMER LOANS Strong market share gain acceleration +c. Revenue 9.0bn +6% bps +6% DEPOSITS CUSTOMER … to continu
Slide 9: Germany: Outstanding Core Revenue growth, improving operational excellence
RECORD RESULTS > REGIONS AND CLIENT SOLUTIONS i ii iii iv Outstanding Core Revenue growth, further improving operational excellence Germany 16 9M26 vs. 9M25 Unlimited Acceleration QUALITY GROWTH +6% CUSTOMER LOANS Growing deposits market share, Revenue 4.3bn +3% + bps +9% DEPOSITS CUSTOMER maintaini
Slide 10: Austria: Record profitability driven by quality growth
RECORD RESULTS > REGIONS AND CLIENT SOLUTIONS i ii iii iv Record profitability driven by quality growth and operational excellence Austria 15 9M26 vs. 9M25 Unlimited Acceleration QUALITY GROWTH +5% CUSTOMER LOANS Continuing to gain loan market share Revenue 2.0bn +2% CUSTOMER + bps Core Revenue 1.7b
Slide 11: CEE: Continued market share gain at best-in-class profitability
RECORD RESULTS > REGIONS AND CLIENT SOLUTIONS i ii iii iv Continued market share gain at best-in-class profitability CEE 50 9M26 vs. 9M25 Unlimited Acceleration QUALITY GROWTH + 12% CUSTOMER LOANS Increasing total loans market share Revenue 3.8bn +5% + bps +9% DEPOSITS CUSTOMER Core Revenue 3.7bn +7
Slide 12: Manufacturing centrally, delivering locally
RECORD RESULTS > REGIONS AND CLIENT SOLUTIONS i ii iii iv Manufacturing centrally, delivering locally Best-in-class offering from in-house product factories Easily extendable to third parties Fees & Net Insurance 9M26 vs. 9M25 +13% +39% +18% +14% +5 % +3 % ADVISORY & TRADE & CORR. INVESTMENTS INSURA
Slide 13: More to come 2026–2030
More to come 2026–2030 Uniquely positioned to further accelerate and transform, reinforcing our leading trajectory 13
Slide 14: Positioned to further accelerate quality growth
MORE TO COME > UNIQUELY POSITIONED i ii iii iv Positioned to further accelerate quality growth Proven Unlimited Acceleration Strong trajectory set to continue 11% Fees & Net QUALITY MARKET SHARE GAINS RESILIENT MARGINS Insurance POSITIONED IN ALL OUR REGIONS EXPECTED TO REMAIN 7% Leading bank positi
Slide 15: Positioned to widen our lead through transformation
MORE TO COME > UNIQUELY POSITIONED i ii iii iv Positioned to widen our lead through transformation 54.5% Proven Unlimited Transformation Strong trajectory set to continue 54.5% − 5p.p SIGNIFICANT SET OF TRANSFORMATION PROJECTS AI AT SCALE, ENHANCING GROWTH AND EFFICIENCY vs. FY25 38.4% Cost / 33.8%
Slide 16: Outstanding growth further setting us apart
MORE TO COME > UNIQUELY POSITIONED i ii iii iv Outstanding growth further setting us apart Leading ROTE, NET PROFIT GROWTH1 C/I RATIO ROTE @13% OCG 3Q26/3Q25 9M26 9M26 9M26 and the fastest capital-generating 24% 33.8% 26.4% 275bps growth … 23% 36.7% 24.9% 254bps 19% 37.5% 21.7% 188bps … despite 40.6
Slide 17: Positioned to deliver, whatever the challenge
MORE TO COME > UNIQUELY POSITIONED i ii iii iv Positioned to deliver, whatever the challenge REVENUE COSTS COST OF RISK CAPITAL DEPOSITS Emerging Stagflation Inflation Deterioration Erosion Increasing concerns affecting impacting of credit of capital & AI & competitive volume growth Cost trajectory
Slide 18: Stepping up our ambition, with targets to be reviewed at year-end
MORE TO COME > UNIQUELY POSITIONED i ii iii iv Stepping up our ambition, with targets to be reviewed at year-end Well ahead towards our FY26 targets … … with a compelling standalone trajectory 1 TARGET 15% UPGRADED FY26 Well above 11.5bn FY30 9M26 pre-extraordinary charges FY28 c. 2 Well above Well
Slide 19: Commerzbank: clarity on faster timeline and objectives
MORE TO COME > CLARITY ON COMMERZBANK i ii iii iv Commerzbank: clarity on faster timeline and objectives DISTRIBUTION & CAPITAL IMPACT UniCredit pay-out ratio confirmed CONTROL at 80% of Net Profit & EXECUTION 2026 distribution unaffected, 2027–2030 improved Upon settlement, we will take control, vs
Slide 20: Commerzbank accelerates growth and distribution
MORE TO COME > CLARITY ON COMMERZBANK i ii iii iv Commerzbank accelerates growth and distribution Growth & Distribution 2028 2029+ COMBINATION step-up as we unlock Commerzbank standalone value … … with further potential released GROWTH & Step-up Step-up, further Full Acceleration DISTRIBUTION Assumi
Slide 21: UniCredit Unlimited: 3Q26 & 9M26 best quarter ever
UniCredit Unlimited 3Q26 & 9M26 BEST QUARTER EVER – clear beat overall and across all critical KPIs • 23rd consecutive quarter of growth and consistent delivery Group Results • Best combination of revenue growth and efficiency improvement • Best across the sector for net profit growth, C/I ratio, Ro
Slide 22: Annex
Annex 22
Slide 23: Client Solutions
Annex Client Solutions Best 9M ever both on Revenue and Fees, with broad performance across all Product Factories REVENUE FEES & NET INSU. KEY HIGHLIGHTS (bn) 9M26 vs. 9M25 9M26 vs. 9M25 Solid growth confirmed also in 3Q with revenues +8% Y/Y supported by +10% fee generation with CLIENT SOLUTIONS 9.
Slide 24: Today Russia is a highly focused franchise
Annex Today Russia is a highly focused franchise Mar-22 Today’s steady state (Sep-26) 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 25: Executing our Strategy across all ESG dimensions
Annex Executing our Strategy across all ESG dimensions ENVIRONMENTAL SOCIAL COMMUNITIES DIVERSITY, EQUITY & INCLUSION Committed to becoming a Net Zero bank by €3.2bn social financing1,2 via c.109k beneficiaries2 of financial Gender Pay Gap4 on comparable 2050 on financed emissions with 2030 Net micr
Slide 26: Group P&L and selected metrics
Annex Figures in m 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 vs 2Q26 vs 3Q25 9M25 9M26 9M26 vs 9M25 unless otherwise stated % % abs % Group Total revenues o/w Net Interest Income 6,586 3,661 6,115 3,643 6,173 3,541 5,709 3,627 6,873 3,587 6,521 3,658 6,902 3,831 +5.8% +4.7% +11.8% +8.2% 18,874 10,845 20,29
Slide 27: Updated base case macro scenario
Annex Updated base case macro scenario Scenarios Market rates EUROZONE UNICREDIT FOOTPRINT 3M Euribor DFR, Group Group avg, % EoP % excl. Russia 2026 3.1 1.1 3.9 0.9 3.2 1.0 2026 2.4 2.75 2027 2.6 1.2 3.3 1.2 2.7 1.3 2027 3.0 2.75 2028 2.0 1.4 2.6 1.5 2.2 1.4 2028 2.8 2.75 Inflation, % ◼ GDP growt
Slide 28: Balance sheet and liquidity profile
Annex Balance sheet and liquidity profile 25 Other liabilities LIQUIDITY Cash and cash balances 39 Other Assets 57 3Q26 43 59 Insurance Liabilities Financial liabilities & hedging liabilities PROFILE Financial Assets at Amortised Cost 103 Balance 75 Equity and equity instruments LCR NSFR c.140% c.12
Slide 29: Net Interest Income details
Annex Net Interest Income details Euribor 3M avg 2.52% NET INTEREST INCOME, bn 2.01% 2.04% 2.05% 2.24% NII RoAC1 NET INTEREST INCOME, bn +5% Quarterly pace 20.1% 20.0% 3.5 3.6 3.6 3.7 3.8 -0.1 -0.4 -0.2 -0.2 -0.2 +2% LLPs 3.4 3.3 3.4 3.5 3.6 Net NII 3Q25 4Q25 1Q26 2Q26 3Q26 NII SENSITIVITY PASS-THRO
Slide 30: Deposit details
Annex Deposit details DEPOSITS FROM CUSTOMERS (Net of repos and IC – EoP) 509bn (+1.0% Q/Q) 3Q26 avg commercial deposits, bn vs. 2Q26 Gross customer deposits rates 3Q26 0% (vs. 2Q26) 20% 38% Italy Italy 189 +1.7% -0.37% BY REGION Germany (-6bps) Austria 12% CEE Russia Germany 144 +4.7% -1.26% 29% (-
Slide 31: Loan details
Annex Loan details LOANS TO CUSTOMERS (Net of repos and IC – EoP) 447bn (+1.1% Q/Q) 3Q26 avg gross commercial performing loans, bn vs. 2Q26 Gross customer performing loan rates 3Q26 0% (vs. 2Q26) 19% 36% Italy 4.18% Italy 153 +2.4% BY REGION Germany (+16bps) Austria 14% CEE Russia Germany 111 +0.5%
Slide 32: Fees + Net Insurance results details
Annex Fees + Net Insurance results details 185 193 196 210 211 FEES + NET INSURANCE AuM+AuA stock, bn RESULTS, bn Quarterly pace Fee / Revenue1 58.1 58.8 58.8 62.0 62.1 Insurance stock, bn 35.4% 36.2% Quarterly pace +11% + 11% 2.5 2.5 2.4 2.2 2.2 0.1 0.1 0.1 0.1 0.1 7.4 2.4 6.6 2.1 2.1 2.4 2.3 0.3 0
Slide 33: Total Financial Assets
Annex Total Financial Assets TFAs1, bn TFAs DYNAMICS 17 13 13 16 15 AuM+AuA gross sales 4 3 3 2 3 Insurance gross sales + 4% 849 871 850 886 881 AuM TFA evolution 149 151 147 157 156 AuA 849 881 Quarterly 36 43 49 53 54 215 216 196 204 203 AuC 58 59 59 62 62 Insurance 391 404 400 409 404 Deposits 3Q
Slide 34: LLPs and CoR details
Annex LLPs and CoR details 1.7 1.7 1.7 1.6 1.5 LLPs, bn Overlays stock1, bn Quarterly pace 0.6 0.3 0.4 LLPs, bn 0.2 0.2 0.2 Quarterly pace 0.1 9M25 9M26 3Q25 4Q25 1Q26 2Q26 3Q26 CoR, bps CoR, bps Quarterly pace 17 33 10 17 17 18 10 9M25 9M26 3Q25 4Q25 1Q26 2Q26 3Q26 1. On Performing portfolio and In
Slide 35: Asset quality details
Annex Asset quality details TOTAL GROSS NPE TOTAL GROSS NPE STABLE KEY HIGHLIGHTS Gross NPE 11.6 12.1 11.9 12.0 12.1 evolution, bn NPE COVERAGE RATIO − 43% Quarterly pace Slightly decreasing Q/Q at 45% on book, driven by portfolio dynamics 21.2 Gross Past Due Gross Bad Loans SOUND LEVEL OF Gross UTP
Slide 36: Group gross loans breakdown by stages
Annex Group gross loans breakdown by stages o/w Gross NPE 2.7% Stage 3 GROUP GROSS LOANS1 AND PROVISIONS EOP, bn 2.6% 2.6% 2.5% 2.5% 485 45.4% 44.0% 45.8% 45.9% 45.3% 12 475 457 12 445 442 12 47 Stage 3 12 12 45 48 o/w Stage 2 Stage 2 47 46 10.6% 10.4% 10.5% 9.7% 9.6% o/w Gross performing loans Stag
Slide 37: RWA details
Annex RWA details RWA, bn RWA DYNAMICS Quarterly pace 309 315 291 296 299 + 8% 315 Market risk 291 Operational risk Credit risk 3Q25 4Q25 1Q26 2Q26 3Q26 Q/Q EVOLUTION DETAILS, bn Including -c.4bn reversal of Y/Y EVOLUTION DETAILS, bn temporary impact from strategic portfolio o/w -1.0bn o/w -6.3bn se
Slide 38: End notes
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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 Pass-through Calculated as average cost of total deposits on average Euribor 3M or equivalent interest rate in the period. PD scenario Impacts deriving from probability of default scenario, including rating dynamics RoAC Annualised ratio between (i) Net profit after Capita
Slide 43: Disclaimer
End notes Disclaimer This presentation may contain “forward-looking statements” which includes all statements that do This document does not constitute, and shall not be construed as, an “investment recommendation” not relate solely to historical or current facts and which are therefore inherently u
Slide 44: Disclaimer
End notes Disclaimer IMPORTANT: Please read the following before continuing. The following applies to this (“Representatives”) or any other person as to, and no reliance should be placed on, the forward-looking statements in the Information are based upon various assumptions, many document (the “Inf
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