Unicaja Banco S.a. · BME:UNI
Unicaja Banco — Q4 2025 Earnings Presentation
45 slides from Unicaja Banco's earnings presentation, Feb 5, 2026
Slide 1: 2025 Earnings presentation
2025 Earnings presentation February 3rd, 2026
Slide 2: Index
Index 1 Key Highlights 2 2025 Results: • Business activity • Financial results • Asset quality • Solvency & liquidity 3 Final remarks & guidance 4 Appendix 2
Slide 3: Key highlights of the year
Key highlights of the year Business activity Profitability Asset quality Value generation Improved profitability in We continue improving Business volume NPAs have become non - 2025 with gross margin profitability and growth continues to material with net NPA +3% and total provisions generating valu
Slide 4: 2025 guidance has been exceeded in all metrics
2025 guidance has been exceeded in all metrics 2025 initial guidance 2025 final Net interest income >€1,400M +7% €1,495M Fees Flat +3% Costs c.+5% +5% Cost of risk ~30bps 26bps Other provisions(1) <€100M €93M Business volume(2) +~3% +3% Net profit >€500M +26% €632M RoTE (3) @12.5% CET1 c.10% >200bps
Slide 5: Shareholder remuneration significant increase
Shareholder remuneration significant increase Higher Net Profit and ROTE allow increasing structural payout and dividend per share Dividend(1) per share (2) (€ cents) Cash dividend (1)(€ million) 20 17.2 +29% 18 16 14 13.4 12 10.7 10 443 8 344 4.8 5.0 6 4 2.5 132 1.1 6.6 2 0 2023 2024 2025 2020 2021
Slide 6: Strategic Plan 2025-27
Strategic Plan 2025-27 Significant progress ahead of schedule in most of the plan’s initiatives Retail and private banking Corporates Transversal 1,160 822 24% 580 Working capital 14% Consumer new 11% Artificial Intelligence lending(€M) weight 2024 2025 2027E • Launch of use cases in mortgages, 2024
Slide 7: Strategic Plan 2025-27
Strategic Plan 2025-27 Improved profitability and solid business performance allow raising expected results Accumulated net profit 2025-27(1),(2) (€m) 2000 >€1,900m Initial Updated 1800 >€1,600m 1600 Net interest income >1.400M€ >1.500M€ (2026-27) (2026-27) 1400 1200 +19% Net Profit >500M€ >630M€ 10
Slide 8: Strategic Plan 2025-27
Strategic Plan 2025-27 The shareholder remuneration target throughout the plan remains at >85%, raising the structural payout to 70% Total remuneration(1) (% of accumulated net profit for the three years) Remuneration Plan 2026 & 27 Ordinary dividend with a payout of 70% of net profit Additional rem
Slide 9: Moving forward decisively with the use of AI to generate value
Moving forward decisively with the use of AI to generate value Use Cases Modular hybrid architecture o Business acceleration: Mortgage and o Hybrid: Adapted to cloud and on-premise Customer environments insurance sale process Innovation Experience o Boosting efficiency: complaints o Modular: with in
Slide 10: Index
Index 1 Key Highlights 2 2025 Results: • Business activity • Financial results • Asset quality • Solvency & liquidity 3 Final remarks & guidance 4 Appendix 10
Slide 11: Customer funds
Customer funds Customer funds increased by 3.5% year-on-year, supported by mutual funds +23% Total customer funds Customer funds on balance € million Structure Million Euros 4Q24 3Q25 4Q25 QoQ YoY Customer funds on balance (excl. Repos) 70,928 68,989 71,091 3.0% 0.2% 9% Public institutions 6,561 5,8
Slide 12: Wealth Management & Insurance
Wealth Management & Insurance Total AuMs +14% YoY and wealth management and insurance revenues +9% YoY representing 18% of gross margin Assets under management and insurance Assets under management (€bn) revenues(1)(€m) 25.7 +14% 22.6 YoY +9% 21.1 379 9.1 349 349 YoY Other 9.1 9.7 Mutual 16.6 Funds
Slide 13: Lending
Lending Performing loan book consolidates the positive trends of previous quarters and ends the year growing 1.9%, with all segments in positive territory Performing loan book Performing loan bookEstructura € million Million Euros 4Q24 3Q25 4Q25 QoQ YoY 7% 10% Public sector 4,465 4,974 4,807 -3.4% 7
Slide 14: New lending
New lending Private sector new loans +40% YoY, with strong growth in all portfolios Total private sector lending (€m) Business & SE lending(€m) +40% +46% YoY 9,918 2,577 2,721 6,009 1,713 YoY 1,562 7,064 1,870 4,104 1,085 2024 2025 4Q24 3Q25 4Q25 2024 2025 4Q24 3Q25 4Q25 Mortgages (€m) Consumer lend
Slide 15: ESG
ESG Advancing in the commitments of the Strategic Plan, an effort that is being recognized by ESG rating agencies with 6 improvements in the latest reviews (1) 72% Mutual Funds art. 8 y 9 Committed to the €2.100M Green bonds issued since 2022 (181% Eligible Collateral / Outstanding) Environment Deca
Slide 16: Index
Index 1 Key Highlights 2 2025 Results: • Business activity • Financial results • Asset quality • Solvency & liquidity 3 Final remarks & guidance 4 Appendix 16
Slide 17: Income statement
Income statement Net profit +10.3% in the year driven by an increase in gross margin +2.6% and a -25% decrease in total provisions that more than offset cost inflation QoQ YoY Var. Million euros 4Q24 3Q25 4Q25 2024 2025 (%) (%) (%) Net Interest Income 381 375 378 0.8% -0.8% 1,538 1,495 -2.8% Main va
Slide 18: Net interest income
Net interest income Net interest income remains stable in the quarter with customer spread approaching stabilisation Average quarterly yields and costs(1) (%) Quarterly evolution 3.33% 3.13% 2.91% NIM (2) +0 bps 2.77% 2.71% 2.61% 2.49% 2.40% 2.32% 2.28% 1.81% 1.70% 1.71% 1.74% 1.74% Loan yield -6 bp
Slide 19: Net interest income evolution
Net interest income evolution Slightly higher in the quarter, lower funding costs offset the lower yields of the loan portfolio due to the repricing of variable-rate loans Quarterly evolution of net interest income (€M) Deposits: Deposit cost reduced in quarter with better mix 5 2 4 Lending: Decreas
Slide 20: Fee income
Fee income Fees are evolving towards higher value-added services, increasing their weight by 4 percentage points to 49% in the year Net fees(€m) Fee income breakdown (%) QoQ YoY YoY Million Euros 4Q24 3Q25 4Q25 2024 2025 7% 7% (%) (%) (%) Payments and accounts 19% 20% 66 62 62 -1.2% -6.6% 266 248 -7
Slide 21: Other income
Other income Year-on-year improvement mainly due to the change in the banking tax together with the improvement in NPAs and the greater contribution of associates and dividends Other income breakdown (€m) QoQ YoY YoY Million Euros 4Q24 3Q25 4Q25 2024 2025 (%) (%) (%) Dividends 1 4 6 37.3% 321.0% 16
Slide 22: Operating expenses
Operating expenses Cost to income ratio remains relatively stable in the year despite the growth in costs, in line with inflation, and investments Operating expenses (€m) Cost to income 2025(1) (%) 906 954 +5.4% 92 YoY 45.5% 87 44.4% 268 288 550 574 2024 2025 2024 2025 Personnel expenses Administrat
Slide 23: Cost of risk and other provisions
Cost of risk and other provisions Annual cost of risk stands at 26 bps, below initial expectations Loan loss provisions and credit cost of risk(1) (€M) Total provisions evolution (€M) 32 32 32 -25% 28 546 2025 vs 2024 24 286 319 15 239 111 146 124 193 114 120 (5) 2023 2024 2025 4Q24 1Q25 2Q25 3Q25 4
Slide 24: Profitability
Profitability Continuous improvement in profitability that generates significant value for shareholders Return on tangible equity (ROTE)(1,2)(%) 12% TBV + div. per share(4) 11% 5% ROTE adjusted 2.56 9% 10% ROTE 0.14 4% +9% 2.35 2023 2024 2025 Net profit and ROCET @12.5%(3)(M€) 2.42 900 2.35 17% 22%
Slide 25: Index
Index 1 Key Highlights 2 2025 Results: • Business activity • Financial results • Asset quality • Solvency & liquidity 3 Final remarks & guidance 4 Appendix 25
Slide 26: Non-performing loans
Non-performing loans Non-performing loans decrease by 20% and NPAs by 25% in the last 12 months, coverage improves to 77% Gross non-performing assets(NPAs) (%) Non-performing loans(million euros) 71% 75% 77% Coverage (%) 1,292 1,230 -20% YoY 1,092 1,079 1,033 2,197 1,794 -25% YoY 1,641 1,292 NPLs 1,
Slide 27: Index
Index 1 Key Highlights 2 2025 Results: • Business activity • Financial results • Asset quality • Solvency & liquidity 3 Final remarks & guidance 4 Appendix 27
Slide 28: Solvency (I/II)
Solvency (I/II) CET1 capital ends at 16.0% after raising the annual payout to 70% and credit growth CET1 quarterly evolution (1)(%) CET1 yearly evolution (1)(%) 0.44% 2.13% 0.11% 0.77% 0.48% 0.27% 1.59% 0.42% 16.2% 16.0% 16.0% -4 pbs 15.1% 55 pbs 3Q25 4Q25 Dividend & RWAs Other 4Q25 4Q24 2025 Divide
Slide 29: Solvency (II/II)
Solvency (II/II) Comfortable capital position with ample buffers on regulatory requirements Capital Levels and Regulatory Requirements Capital Structure – MREL(1) SREP Requirement (Total) 13.0% 26.9% 27.0% MREL Requirement(2) 24.8% 2.7% 5.0% CET 1 buffer(3) €2,197M 4.4% 2.8% 2.1% 2.0% MDA(4) buffer
Slide 30: Fixed income portfolio
Fixed income portfolio Stable portfolio with a conservative profile and steady returns Fixed Income portfolio evolution (€bn) Fixed Income portfolio breakdown(%) 28 29 29 84% Amortized cost 8% 11% 4Q24 3Q25 4Q25 81% 2.6% 2.6% 2.6% Yield evolution (1) Public debt Sareb Private debt 2.7 2.5 2.5 Durati
Slide 31: Index
Index 1 Key Highlights 2 2025 Results: • Business activity • Financial results • Asset quality • Solvency & liquidity 3 Final remarks & guidance 4 Appendix 31
Slide 32: Guidance 2026
Guidance 2026 2025 FY 2026 E Net interest income €1,495M >2025 Fees +3% +LSD Costs +5% +MSD Cost of risk 26bps <30bps Business volume(1) +3% ~3% Net profit(2) €632M >2025 (1) Includes performing credit, customer deposits and off-balance sheet funds. (2) Net income forecast subject to the success of
Slide 33: Final remarks
Final remarks Successful execution of the first year of the Strategic Plan 25-27, which allows us to improve profitability and shareholder remuneration expectations Commercial activity +2% +3% +14% +14% Loans 2025 Business vol. 2025 Off-BS RfB 20252025 (vs -4% in 2024) (vs +2% in 2024) (vs (vs +7% +
Slide 34: Appendix
Appendix 34
Slide 35: Liquidity
Liquidity Leadership in liquidity position Liquid assets (€m) Main liquidity ratios 44,429 Loan to 13,237 68% deposit 31,192 NSFR 160% LCR 301% Net Liquid Assets Additional capacity to issue Total liquidity 35
Slide 36: Wholesale Funding
Wholesale Funding Wholesale Funding: Breakdown and maturity (1) Maturities breakdown(1,2) Instrument 2026 2027 2028 >2028 Total 11,000 5.8% 4.1% 7.0% 9,000 3.5% 3.2% 5.0% AT1 500 - - - 500 3.0% 7,000 Tier 2 - 300 - 300 600 3,630 1.0% 5,000 -1.0% Senior non-preferred 500 300 - 500 1,300 3,000 1,000 1
Slide 37: Ratings
Ratings Long-term rating evolution Current rating per instrument Moody’s Fitch Fitch A2 A A A3 A- ◼ ◼ A- Baa1 BBB+ ◼ BBB+ SP Baa2 BBB ◼ ◼ BBB SNP Baa3 BBB- ◼ ◼ + BBB- T2 Investment Ba1 BB+ Grade BB+ Ba2 BB BB AT1 2023 2024 2025 2026 Moody’s Rating depósitos a largo plazo Fitch’s Rating emisor a larg
Slide 38: Non-performing loans
Non-performing loans Structure of NPLs(%) NPL ratio by segment(%) 6% Loan portfolio 4Q24 3Q25 4Q25 32% Corporates 5.0% 3.7% 3.4% Residential mortgages 2.3% 2.1% 2.1% Consumer & other 1.9% 1.8% 1.7% Total NPL Ratio 2.7% 2.2% 2.1% 2% 59% Corporate Loans RE Developers Residential mortgages Other indivi
Slide 39: Breakdown of NPLs and stages
Breakdown of NPLs and stages Credit breakdown by stages December 2025 (€m) Stage 1 Stage 2 Stage 3 Gross balance 44,910 2,334 1,033 Coverage 219 135 442 Coverage level(%) 0.5% 5.8% 42.8% 39
Slide 40: Foreclosed assets
Foreclosed assets Evolution of foreclosed assets(€m) Breakdown of foreclosed assets(€m) 40 Deuda Cobertura Activos adjudicados (M€) VNC bruta (%) Residential 155 61 61% 905 Building under construction 66 5 93% 338 607 Commercial RE 72 30 59% Land 313 49 84% 4Q24 Entries Exits 4Q25 Total 607 145 76%
Slide 41: Share and Book Value
Share and Book Value Share and liquidity(1): 4Q24 3Q25 4Q25 # O/S shares (m) 2,571 2,571 2,571 Last price (€) 1.27 2.33 2.78 Max price (€) 1.33 2.45 2.80 Min price (€) 1.06 1.98 2.28 Avg. daily traded volume (#shares m) 6.88 6.89 5.27 Avg. daily traded volume (€m) 8.16 15.05 13.02 Market Capitalizat
Slide 42: Income statement
Income statement Million euros 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 QoQ (%) YoY (%) Net Interest Income 380 390 383 384 381 369 374 375 378 0.8% -0.8% Dividends 0 0 8 5 1 1 12 4 6 37.3% 321.0% Associates 29 25 34 15 13 22 39 19 14 -22.7% 8.8% Net Fees 133 130 126 125 131 132 130 130 135 4.1%
Slide 43: Balance sheet
Balance sheet Million euros 31/12/2024 31/03/2025 30/06/2025 30/09/2025 31/12/2025 Cash on hand, Central Banks and Other demand deposits 7,502 7,726 4,864 5,792 5,761 Assets held for trading & Financial assets at fair value through P&L 1,142 1,456 1,436 285 1,033 Financial assets at fair value throu
Slide 44: Important legal information
Important legal information This presentation (the Presentation) has been prepared by Unicaja Banco, S,A. (the Company or Unicaja Banco) for informational use only. The recipient of this presentation has the obligation of undertaking its own analysis of the Company. The information provided herein i
Slide 45: Many thanks
Many thanks 2025 Earnings presentation