Unicredito Spa Ord New (UNCFF) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, ladies and gentlemen. Before I hand over to Ms. Magda Palczynska, Head of Investor Relations, a reminder that today's call is being recorded. Madam, you may begin. Good morning and welcome to Unicredit's first quarter 2026 results conference call. Andrea Orchel, our CEO, will take you through the presentation. This will be followed by a Q&A session with Andrea and Stefano Porro, our CFO. As always, please limit yourself to two questions. With that, I'll hand over to Andrea. Thank you, Magda, and good morning. and thank you all for joining. I would like to begin today with a shout out for our people. Our performance and progress are driven by their execution every day. Unicredit has consistently demonstrated the ability to adapt throughout its transformation, initially primarily focused on efficiency and profitability through Unlocked. The results speak for themselves. 20 consecutive quarters of outperformance, with net profit growing from 1.5 billion to 10.6 billion throughout the rate cycle, while dedicating on average 1 billion per year in transformation investments. With Unlimited, we entered a new phase, more ambitious, more demanding, requiring us to push the boundaries of both efficiency and growth, sustainably gaining market share in our core market, in the right segment, and on the right terms. Unlimited is raising the bar further. It builds on our strengths while demanding from all of us a step change in mindset, execution, and ambitions. We are off to a strong start with another record quarter, with net profit 16% ahead of last year, fueled by strong core revenues, complemented by equity investments and continued cost reduction. Our focus is clear, quality and consistency in our core business while transforming to be future ready. Inorganic op...