Unicredit S.p.a. · MIL:UCG
Unicredit — Debt Investor Presentation (May 2026)
42 slides from Unicredit's debt investor presentation, May 5, 2026
Slide 1: UniCredit Unlimited: 1Q26 Fixed Income & ESG presentation
1Q26 UniCredit Unlimited Unlimited off to a flying start 1Q26: The best first quarter in our history Fixed Income & ESG presentation Milan, 05 May 2026
Slide 2: Agenda
Agenda UniCredit at a glance Financial highlights Funding, liquidity and securitisation ESG Annex 2
Slide 3: Unlimited off to a flying start
Unlimited EXECUTING UNLIMITED AT SPEED off to a • Progress in Unlimited Acceleration & Transformation; AI as key enabler • Transcending boundaries by simultaneously driving quality growth – flying start with targeted share gains – while resetting the efficiency frontier • Setting records while trans
Slide 4: Commerzbank outcomes can only improve our equity story
CBK offer1 No Control Control–Combination1 outcomes can returns > CoE only if returns > CoE only improve STATUS QUO IMPROVED VS. STATUS QUO our equity Well above Shareholder returns vs. our cost of equity Above story Per-share growth At least equal vs. Unlimited Accretive Upside potential + strategi
Slide 5: Confidence to deliver Unlimited and outperform
Confidence to Emerging Unlimited, idiosyncratic strengths and lines vs. deliver Unlimited macro concerns of defence underpin our confidence and outperform REVENUE in challenging Stagflation affecting volume growth TOP-LINE RESILIENCE • NII margin support from rates, if increased, and growth in envir
Slide 6: Agenda
Agenda UniCredit at a glance Financial highlights Funding, liquidity and securitisation ESG Annex 6
Slide 7: Delivering consecutive quarters of quality profitable growth
Delivering 21 consecutive quarters of quality profitable growth Operating performance adjusted Record Items, m Net Revenue 1Q26 6,688 Y/Y 3% +7%2 for Russia and LLPs more even quarterly distribution1 Results Revenue 6,873 5% +7%2 7 o/w NII 3,587 −2% +3%2 Core o/w Fees & Net insurance Revenue o/w Inv
Slide 8: Record Revenue
Record RESILIENT NII, STRONG LOAN GROWTH • Quality loan (+6%) and deposits (+5%) growth; Revenue 3.7 3.6 better pass-through (30.4%1); NII RoAC: 20.1% • NII –2%, absorbing c.100m rates impact; Strong acceleration 3.6 −1% excl. Russia; +2% excl. both rates & Russia and improving quality NII, bn − 2%
Slide 9: Record Efficiency
Record + 5 % Efficiency CONTINUED COSTS DECLINE, WHILE INVESTING Continued cost decline 1 • Costs down 1%, −2% excl. new further increasing POSITIVE JAWS, − % perimeters1; NHR cost down 2% • Decline despite inflation headwinds Revenue operational leverage 1Q26 and continued investments to boost Cost
Slide 10: Excellent Organic Capital Generation
Excellent Organic Capital Generation EXCELLENT OCG CONFIRMED OCG of 2.9bn (98bps) more than supporting distribution accrual (2.4bn) and regulatory impacts Temporary impact from the +98bps increase of Alpha & CBK equity value triggered by 2025 Net Profit c. 4.75bn SBB related to DISCIPLINED INVESTING
Slide 11: Superior Equity Story
Superior UNLIMITED OFF TO A FLYING START: Equity ATTRACTIVE ENTRY POINT 21 consecutive quarters of growth, with visible progress Story in acceleration and transformation; superior growth at high RoTE and distribution profile still at discount. • • Unlimited flying start underpins improved 2026 Net P
Slide 12: Agenda
Agenda UniCredit at a glance Financial highlights Funding, liquidity and securitisation ESG Annex 12
Slide 13: 2026 Group Funding Plan at c. 13bn, with issuances out of main hubs
Funding, liquidity and securitisation 2026 Group Funding Plan at c. 13bn, with issuances out of main hubs • 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 wit
Slide 14: 2026 MREL Funding Plan: strong start, contained needs going forward
Funding, liquidity and securitisation 2026 MREL Funding Plan: strong start, contained needs going forward UniCredit SpA 2026-28 expected avg. MREL funding plans, €/bn MREL average plans in line with historical trends Average plans for 2026-28 at c. 11.5bn p.a., with flexibility to switch among years
Slide 15: Balanced profile with manageable redemptions
Funding, liquidity and securitisation Balanced profile with manageable redemptions Group liabilities structure breakdown1 M/L term liability structure Maturity profile till 2028, €bn2 19 AT1 UC SPA 5% 7% 13 7.0 14 T2 UC SPA 36% 1.0 4.5 5.1 SENIOR UNSECURED UC SPA3 1.1 1.0 7.9 43% 6.0 7.4 UNSECURED O
Slide 16: Ample buffers over MREL requirements
Funding, liquidity and securitisation Ample buffers over MREL requirements MREL1 MREL Subordinated1 Eligible instruments Ample buffers over capital Actual 31.2% regulatory requirement Buffer 444bps 93.3bn 1Q26 22.4% SP2 26.4bn 330bps CET1 ratio 5 Tier 1 ratio 5 SNP3 14.2 16.2 10.7bn Tier 2 7.8bn % %
Slide 17: Covered Bonds (CB) program
Funding, liquidity and securitisation 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 ✓ Matu
Slide 18: ARTS program expanded
Funding, liquidity and securitisation ARTS program expanded ARTS: a single program for Securitisations across assets and regions Over the last four years, the ARTS 4Q21-4Q25 2026 program has been strengthened in terms of asset classes, formats, ITALY • Residential Mortgages Consolidating UC role • L
Slide 19: Rated single-A by all three rating agencies
Funding, liquidity and securitisation Rated single-A by all three rating agencies Bildergebnis für standard poors Bildergebnis für moodys Bildergebnis für fitch ratings Sovereign rating BBB+ / Positive / A-21 Baa2 / Stable / P-21 BBB+ / Stable / F21 Covered Bonds (Italian OBG I / OBG II)2 AA+ / n.r.
Slide 20: Agenda
Agenda UniCredit at a glance Financial highlights Funding, liquidity and securitisation ESG Annex 20
Slide 21: Sticking to our ESG principles while evolving
ESG Focusing on ESG where it matters Principles-based Driving value for our clients in the transition ESG approach Matching our clients’ evolving demands on transition with a dedicated business approach, while continuing to develop • Holding ourselves to the our environmental framework beyond decarb
Slide 22: Solid performance achieving 2025 ESG targets
Solid performance achieving 2025 ESG targets ESG Lending1 19% Environmental lending of 11.3bn and social lending of 5.5bn in 2025 15% Giving transparency on our ESG ESG Investment Products2 50% ambition by disclosing ESG as a ESG penetration rate remains stable percentage of our total business at 50
Slide 23: External appreciation of our sustainability strategy: ESG ratings and recognitions
ESG External appreciation of our sustainability strategy: ESG ratings and recognitions UniCredit recognised for the fifth consecutive year in Equileap’s 2026 Top 100 Companies globally for CCC B BB BBB A AA AAA Gender Equality, ranking within the first quartile among financial institutions globally
Slide 24: Executing our Strategy across all ESG dimensions
ESG Executing our Strategy across all ESG dimensions ENVIRONMENTAL SOCIAL COMMUNITIES DIVERSITY, EQUITY & INCLUSION Committed to becoming a Net Zero bank €5.5bn social financing1,2 via micro- c.71m social contribution2 to Gender Pay Gap2 on comparable by 2050 on financed emissions with 2030 credit,
Slide 25: Progressing on our Net Zero Journey
ESG Progressing on our Net Zero Journey: positive evolution in all sectors at YE2024 UniCredit Design Elements Baseline Progress Target Sector Value chain Primary metric1 Emission coverage Year Measure Value2 As of YE20233 As of YE20243 By 20302 Financed Oil & Gas Full value chain emissions Scope 1,
Slide 26: Strong environmental, social and reputational risk management and policies
ESG 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 Oi
Slide 27: Useful ESG links and sources
ESG Useful ESG links and sources Other policies and 2025 Annual Report Ordinary and Extraordinary internal regulations Shareholders’ meeting Milan, 31 March 2026 Milan, 31 March 2026 ESG Strategy Sustainability UC Foundation Latest ordinary and ESG Sustainability Other policies and reporting Reporti
Slide 28: Agenda
Agenda UniCredit at a glance Financial highlights Funding, liquidity and securitisation ESG Annex 28
Slide 29: Today Russia is a highly focused franchise
Annex Today Russia is a highly focused franchise Mar-22 Today’s steady state (Mar-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 30: Balance sheet and liquidity profile
Annex Balance sheet and liquidity profile 27 Other liabilities LIQUIDITY Cash and cash balances 48 Other Assets 56 1Q26 41 58 Insurance Liabilities PROFILE Financial liabilities & hedging liabilities Financial Assets at Amortised Cost 103 Balance 69 Equity and equity instruments LCR NSFR c.140% c.12
Slide 31: Deposit details
Annex Deposit details DEPOSITS FROM CUSTOMERS (Net of repos and IC - EoP) 492bn (flat Q/Q) 1Q26 avg commercial deposits, bn vs 4Q25 Gross customer deposits rates 1Q26 1% (vs 4Q25) 20% 38% Italy +1.3% -0.28% BY REGION Italy 184 Germany (-1bp) Austria 12% CEE -1.02% Russia Germany 137 +1.7% 28% (flat)
Slide 32: Loan details
Annex Loan details LOANS TO CUSTOMERS (Net of repos and IC - EoP) 429bn (+2.3% Q/Q) 1Q26 avg gross commercial performing loans, bn vs 4Q25 Gross customer performing loan rates 1Q26 0% (vs 4Q25) 19% 35% Italy 145 +1.9% 3.93% BY REGION Italy Germany (+4bps) Austria 14% CEE 3.40% Russia Germany 108 +2.
Slide 33: 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 0.2 0.4 LLPs, bn 0.2 0.1 0.1 0.1 0.1 Quarterly pace 1Q25 2Q25 3Q25 4Q25 1Q26 1Q25 1Q26 CoR, bps CoR, bps 17 Quarterly pace 33 8 17 10 10 8 1Q25 1Q26 1Q25 2Q25 3Q25 4Q25 1Q26 1. On Performing portfolio and Incl
Slide 34: Asset quality details
Annex Asset quality details TOTAL GROSS NPE TOTAL GROSS NPE ALMOST STABLE KEY HIGHLIGHTS − 44% Gross NPE evolution, bn 11.4 11.7 11.6 12.1 11.9 NPE COVERAGE RATIO increased Q/Q at 46% on 21.2 Quarterly pace book, driven by portfolio dynamics Gross Past Due Gross Bad Loans SOUND LEVEL OF Gross UTP PR
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 2.6% 2.6% 2.7% 2.6% 2.6% Stage 3 457 46.9% 45.4% 45.4% 44.0% 45.8% Stage 3 442 445 442 12 434 12 12 12 11 48 Stage 2 46 47 46 48 o/w Stage 2 11.0% 10.5% 10.6% 10.4% 10.5% o/w Gross performing loans St
Slide 36: End notes
» End notes NY
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 lega
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 Cost of risk Based on reclassified P&L and Balance sheet, calculated as (i) LLPs of the period annualised in the interim periods over (ii) average
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 stress. These assets High-Quality Liquid Assets are unencumbered, which means free of legal, regulatory, contractual, or other restric
Slide 40: Main definitions
Main definitions Pass-through Calculated as average cost of total deposits on average Euribor 3M or equivalent interest rate in the period. Deposit amount including term and sight products PD scenario Impacts deriving from probability of default scenario, including rating dynamics RoAC Annualized ra
Slide 41: Disclaimer
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 uncertain.
Slide 42: Disclaimer
Disclaimer IMPORTANT: Please read the following before continuing. The following applies to this but not limited to any investment considerations. No responsibility, obligation or liability that may cause actual results and performance to be materially and potentially document (the “Information”), w