Unicredit S.p.a. · MIL:UCG
Unicredit — Debt Investor Presentation (October 2025)
41 slides from Unicredit's debt investor presentation, Oct 22, 2025
Slide 1: UniCredit Unlocked
FIXED INCOME & ESG PRESENTATION 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: Agenda
UniCredit at a glance Financial highlights Agenda Funding, liquidity and securitisation ESG
Slide 3: 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 4: 3Q25 Group Results Key remarks
3Q25 Group Results Key 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 i
Slide 5: Agenda
UniCredit at a glance Financial highlights Agenda Funding, liquidity and securitisation ESG
Slide 6: Financial highlights
Financial highlights in million 3Q25 3Q / 3Q 9M25 9M / 9M Net Revenue 6,054 +1.2% 18,543 -0.2% Quality Growth Excellence Delivering o/w Net NII2 3,255 -4.2% 9,997 -4.0% NET REVENUE Superior resilience, OPERATIONAL Best-in-class another set o/w Fees & Insurance o/w Investments3 2,126 248 +7.6% +64.2%
Slide 7: Resilient Net Revenue, confirming superior quality and diversification
Resilient Net Revenue, confirming superior quality and diversification 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 at 19.2% in 9M25 • CoR remains benign at 10bp
Slide 8: Net Interest Income details
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 EVOLUTION DET
Slide 9: Fees & Net Insurance results details
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 1Q25
Slide 10: LLPs and CoR details
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 Including
Slide 11: Best-in-class operational efficiency, while investing for the future
Best-in-class operational efficiency, while investing for the future 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 Romania) UNMATCHED 6.9 6.9 OPERATIONAL EX
Slide 12: Excellent organic capital generation continues
Excellent organic capital generation continues 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 with Net −18 bps2 Profit, allowing accrual of
Slide 13: Continuing to deliver quality profitable growth
Continuing to deliver quality profitable 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 STARTING 19.8% like-for- like2, POINT 8.7 +0.2p.p 7
Slide 14: Agenda
UniCredit at a glance Financial highlights Agenda Funding, liquidity and securitisation ESG
Slide 15: 2025 Group Funding Plan completed
2025 Group Funding Plan completed • 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 diversification •
Slide 16: MREL Funding Plan completed with selective prefunding
MREL Funding Plan completed with selective prefunding UniCredit SpA 2025 MREL expected funding plan, €/bn Main drivers Overall MREL Funding Plan 2025 fully executed, taking advantage of positive market conditions to anticipate issuances at costs better Issued Funding Plan Issued Expected than budget
Slide 17: 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% 15 7 7 T2 UC SPA 38% 4 1 2 1 SENIOR UNSECURED UC SPA3 7 41% 8 9 UNSECURED OTHER SUBS 2 2 9% 1 0 0 1 1 1 COVERED BONDS4 2025 2026 2
Slide 18: Balance sheet and liquidity profile
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% Sheet
Slide 19: Ample buffers over MREL requirements
Ample buffers over MREL requirements MREL1 MREL Subordinated1 Eligible instruments Ample buffers over capital Actual 31.1% regulatory requirement Buffer 404bps 90.6bn 3Q25 22.8% SP2 24.3bn 340bps CET1 ratio 5 Tier 1 ratio 5 SNP3 10.7bn Regulatory 27.0% Tier 2 AT1 7.7bn 5.0bn 14.8 % Managerial target
Slide 20: 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 21: ARTS program expanded
ARTS program expanded ARTS: a single program for Securitisations across assets and regions Goal is to strengthen the ARTS 4Q21-3Q2025 4Q2025- 4Q2026 program in terms of asset classes and formats, with the expansion ITALY • Residential Mortgages Already securitized • Large Corporate segments through
Slide 22: UniCredit has been upgraded to single-A twice recently and is rated above the sovereign
UniCredit has been upgraded to single-A twice recently and is rated above the sovereign 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+ / Stable / F21 Covered Bonds (Italian OBG I / O
Slide 23: Agenda
UniCredit at a glance Financial highlights Agenda Funding, liquidity and securitisation ESG
Slide 24: 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 25: 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 26: 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 27: 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 28: Progressing on our Net Zero Journey
Progressing on our Net Zero Journey 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 MtCO2e 21.4 -47% -29% Power Physical generation Generation only
Slide 29: 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 30: Annex
Annex 30
Slide 31: Russia is today a highly focused franchise
Annex Russia is today a highly focused franchise 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 the western world, particularly E
Slide 32: 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 33: 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 34: 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 35: 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 36: End Notes
End Notes 36
Slide 37: 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 38: 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 39: 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 40: 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 41: 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
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