Slides
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Unlocking Acceleration: Record 2Q completes our best 1H ever, another milestone in our acceleration Milan, 23 July 2025 UniCredit Unlocked
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2 1. Distributions subject to supervisory, board of directors and shareholder approvals, inorganic opportunities and delivery of f inancial ambitions. They include cash dividends at 50% of net profit excluding non-distributable one-offs (in 2Q25: (i) revaluation of the stakes in the life insurance joint ventures and (ii) badwill stemming from the equity consolidation of a 9.9% stake in Commerzbank - please refer to slide 4 for details), and additional distributions, including the excess capital 2. Based on Net Profit consensus of equity consolidated stakes (considering c.29% of Commerzbank) and our expectations on consol idated perimeter 3. c.45% of the expected cash dividends distributions of FY25, to be defined by the UniCredit Board of Directors which will approve the 3Q25 results ( currently scheduled in October 2025), after the completion of the necessary requirements 2Q25: another structural step forward, driven by core performance Record 2Q completes our best 1H ever, another milestone in our acceleration Accelerating on our unmatched growth and distribution trajectory Delivering today, while strengthening for tomorrow • Relentless execution of our transformation continues, shifting focus to Revenue acceleration • Driving Core Revenue and Net Profit higher as we more than offset macro headwinds • Laying the foundation for our planned accelerators to positively contribute from 2026 • Life insurance internalization in Italy • Alpha Bank Romania integration • Vodeno Aion roll-out into Poland, WEU and embedded finance • Further enhancing our results from 2026 through Alpha and Commerzbank equity consolidation Accelerating strategy Setting records • Record 2Q & 1H Net Profit and RoTE, beating expectations each quarter • Propelled by core revenue growth, contained CoR and continued operating & capital excellence • All our regions continue to deliver quality profitable growth • Firmly offsetting stronger headwinds • One-offs further boost performance • P&L buffers all intact Growing returns Accelerating quality and quantum Upgraded 2027 ambition ≥11bn2 >20% 2025-27 ≥30bn1 ≥15bn Upgraded 2025 guidance c.10.5bn c.20% ≥9.5bn1 ≥4.75bn Net Profit RoTE Distribution o/w cash c.2.1bn interim dividend3
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3 P&L Buffers Intact5 3bn Pro-forma CET1r2 16.2% 16.0% before Danish Compromise 9bps Cost of Risk (1H25) Operational & Capital excellence Setting records EPS +26% DPS3 +31% TBVPS4 +19% 1H/1H 1. Excluding: (i) impact on Trading from Strategic investments - mainly hedging costs connected to Commerzbank equity consolidation and (ii) Bel ow NOP one-offs i.e. the revaluation of the stakes in the Life Insurance joint ventures and the badwill on Commerzbank in the Profit on Investments, and the one-off provision for Risk & Charges in the Other Charges & Provisions - please refer to slide 4 for details 2. Pro- forma for Danish Compromise on Life Insurance, subject to regulatory assessment 3. Accrued quarterly dividends on outstanding dividend eligible shares at the end of the quarter 4. Including FY24 interim dividend paid in November 2024 of €0.93 and FY24 final dividend paid in February 2025 of €1.48, or +12% Y/Y without it 5. Including overlays and non-operating items vs FY24 Record 2Q C/I ratio 35.8%¹ Net Rev./RWA 8.8%¹ OCG 82bps, 2.4bn Core Revenue +1.3% GOP +2.8%1 RoTE 24.1% 20.6% ex. one-offs¹ Net Profit 3.3bn 2.9bn ex. one-offs¹ C/I ratio 35.5%¹ Net Rev./RWA 9.0%¹ OCG 191bps, 5.3bn Record 1H +1.5%23.1% GOP +3.9%121.3% ex. one-offs¹5.7bn ex. one-offs¹ 6.1bn Lines of defence intact: unique balance sheet strength Turning an expected transitional year into our Best Year Ever
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4 in million Ex. one-offs Ex. one-offs 2Q25 2Q25 Y/Y 1H25 1H25 1H/1H Net Revenue 6,018 6,352 +0.5% 12,490 12,861 +2.2% o/w NII 3,461 3,461 -2.8% 6,934 6,934 -2.9% o/w LLPs (109) (109) n.m. (192) (192) n.m. o/w Fees 2,120 2,120 -1.0% 4,426 4,426 +3.6% o/w Dividends 317 317 n.m. 446 446 n.m. o/w Trading 192 527 +15.9% 833 1,204 +21.8% Total Costs (2,315) (2,315) +0.7% (4,636) (4,636) +0.7% GOP 3,812 4,147 +2.8% 8,046 8,417 +3.9% NOP 3,703 4,038 +0.4% 7,854 8,225 +3.0% Below NOP 590 (85) n.m. 353 (322) n.m. Net Profit 3,344 2,886 +7.7% 6,115 5,661 +8.1% RWA EoP, bn 287.7 287.7 +3.9% 287.7 287.7 +3.9% Cost / Income (%) 37.8% 35.8% -0.5p.p. 36.6% 35.5% -0.7p.p. Net Rev / RWA (%) 8.4% 8.8% -0.2p.p. 8.8% 9.0% +0.0p.p. RoTE 24.1% 20.6% +0.8p.p. 23.1% 21.3% +1.6p.p. Record 2Q results boosting record 1H Data as of 30 June 2025, 1H figures and 1H/1H deltas unless otherwise specified 1. Accrued quarterly dividends on outstanding dividend eligible shares at the end of the quarter 2. Including FY24 interim dividend paid in November 2024 of €0.93 and FY24 final dividend paid in February 2025 of €1.48, or +12% Y/Y without it 3. Managerial figures 4. Like-for-like excluding contract renegotiations of 2Q24, securitization costs growth and different timing of incentive schemes v s previous year 5. c.220m net of tax 6. Gross impact coincides with net impact; the badwill stems from the equity consolidation of a 9.9% stake in Commerzbank 7. Pro-forma for Danish Compromise on Life Insurance, subject to regulatory assessment Setting records -1.5% constant perimeter -1.4% constant perimeter 1 2 -0.3% Q/Q +653m6 Life insurance stakes revaluation +230m6 Commerzbank Badwill −207m6 provisions for Risk & Charges 2Q one-offs explained Mainly due to hedging costs connected to Commerzbank equity consolidation only partially offset by trading gains on other strategic investments5 Trading: −335m +1.1% like-for-like4 Below NOP: +675m +882m Not distributable Prudent frontloading 1 2 +4.1% like-for-like4 EPS +26% 1H/1H ACCRUED DPS +31% 1H/1H1 TBVPS +19% 1H/1H2 ASSET QUALITY 9bps CoR 1H25 2.6% NPE ratio CAPITAL 16.2% CET1r Pro-forma7 LIQUIDITY >140% LCR3 >125% NSFR3 BUILT ON STRONG FOUNDATIONS BOOSTING OUR PER SHARE GROWTH FY24 SBB starting as soon as practicable after 2Q25 3.6bn
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5 Net Revenue ex. one-offs continues to grow: FY guidance improved Setting records > Quality revenue growth 1. Please refer to slide 4 for details 2. Excluding impact on Trading from Strategic investments - mainly hedging costs connected to Commerzbank consolidation - please refer to slide 4 for details 3. Including dividends from Insurance JVs OUTLOOK Net Revenue Guidance improved to >23.5bn 12.6 12.5 NET REVENUE, bn 1H24 1H25 −0.8% +2.2% 6.0 6.3 6.5 6.0 STRONG NET REVENUE BASE, bn Net revenue Net revenue / RWA Gross revenue 6.16.0 6.3 6.6 8.0% 9.1% 9.2% 8.4% 8.8% 6.4bn 6.5bn Ex. one-offs1 2Q252Q23 2Q24 1Q25 NET REVENUE BY ITEM, bn Core Revenue o/w NII Trading & Others LLPs o/w Fees NII + Fees + Dividends o/w Dividends 3.5 3.6 3.5 3.5 1.9 2.1 2.3 2.1 0.1 0.1 0.1 0.3 5.6 5.8 5.9 5.9 0.4 0.5 0.6 0.2 0.6bn (0.0) (0.0) (0.1) (0.1) RELENTLESS FOCUS ON QUALITY GROWTH, DRIVEN BY CORE REVENUE NET REVENUE GROWTH Strategic portfolio impact - mainly due to hedging costs connected to Commerzbank equity consolidation - masks the full extent of our performance: +0.5% Y/Y2 +2.2% 1H/1H2 Client-driven trading +7% Y/Y, +15% 1H/1H QUALITY CORE REVENUE GROWTH Fees and Dividends more than offset slight NII decline: +1.3% Y/Y +1.5% 1H/1H Fee/Revenue confirmed top-tier at 35%3 with best-in-class NII RoAC at 19.6%
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6 Resilient NII, better than expected: FY guidance improved Setting records > Quality revenue growth 1. Numerator calculated by adjusting Stated NII by C/I ratio (pro quota), LLPs and tax rate (always assumed flat at 30%, to neut ralize the possible relevant volatility of this item). Denominator resulting from 13% CET1r target * credit and counterparty risk RWAs (average between RWA BoP and EoP) 2. Impacts related to both deposits and loans 3. Including structural hedge of core deposits in 2Q25: amount c.183bn, avg yield c.1.25%, avg maturity c.5 years 4. Group excl. Russia 5. Based on average Euribor 3M / ECB Deposit Facility Rate QUALITY ORIGINATION Resilient NII, -0.3% Q/Q despite declining rates, thanks to continued focus on margin vs volume and superior pass-through management. NII RoAC at 19.6% DISCIPLINE Continued focus on pass-through4; average down from 32.6% in 1Q25 to 30.9% NET INTEREST INCOME, bn NII SENSITIVITY PASS-THROUGH ± 1p.p. = c.80m (annualized) RATES5 ± 50bps = c.0.3bn (annualized) RESILIENT, HIGH-QUALITY, NII 7.1 6.9 −2.9% NII RoAC1 19.6%20.1% 1H24 1H25 OUTLOOK FY25 Guidance improved: NII expected “down mid- single digit” vs FY24 3,562 (39) (63) 3,461 3.5 3.5 3.4 3.4 0.0 0.0 0.1 0.1 3.5 3.6 3.5 3.5 NII evolution, bn Net NII Q/Q evolution, m 2Q251Q252Q242Q23 LLPs Y/Y evolution, m 3,473 (9) (3) 3,461 1Q25 2Q25 Volumes2 Rates2 & Non Commercial3 2Q25 Volumes2 Rates2 & Non Commercial3 2Q24 −0.3%
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7 12 15 83 109 CoR better than expected: FY guidance maintained Setting records > Quality revenue growth 1. Including calibration factor Strongly reduced, better quality non-performing exposures 1.7bn1 Overlays, highest among peers Quality, highly covered performing portfolio STRUCTURALLY LOW AND STABLE COR GOING FORWARD CoR, bps LLPs, m Default rate, YTD 0.8% 1.1% 1.2%0.9% 2Q254Q20 1Q252Q24 Gross NPEr 2.6%4.5% 2.6% 2.6% Gross NPE stock, bn Net NPEr 1.5%1.9% 1.4% 1.4% 21.2 11.7 11.4 11.7 STRONG ASSET QUALITY; STABLE CoR STRONG ASSET QUALITY Gross NPEr at 2.6%; Net at 1.5% STRUCTURALLY LOW CoR … CoR at 10bps in 2Q25 and 9bps in 1H25, with continuous focus on prudent origination CoR up Y/Y, with 2Q24 positively impacted by non-recurring releases … OVERLAYS STOCK INTACT Unchanged overlays stock at 1.7bn1 ... …to manage future upward pressure on CoR or further support profitability LLPs, m CoR, bps Gross Bad Loans UTP and Past Due 2Q251Q252Q242Q23 1 1 8 10 118 192 5 9 1.0% ex. two single names OUTLOOK CoR guidance maintained at c.15bps for FY25 1H24 1H25
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8 1.9 2.1 2.3 2.1 Fee growth on track: FY guidance confirmed Setting records > Quality revenue growth 1. Including dividends from Insurance JVs 2. Like-for-like excluding contract renegotiations of 2Q24, securitization costs growth and different timing of incentive schemes v s previous year 3. Like-for-like excluding contract renegotiations of 2Q24 and different timing of incentive schemes vs. previous year AuM+AuA stock, bn Insurance stock, bn STRONG FEES FROM INCREASED CLIENT APPETITE AND BROADER PRODUCT OFFERING CHANGE BY FEES CATEGORIES Fees evolution, bn FEE/REVENUE1 CONFIRMED AT A TOP TIER 35% 2Q251Q252Q242Q23 SOUND GROWTH IN 1H +3.6% 1H/1H despite macro volatility and U.S. tariff concerns, which temporarily shifted activity towards trading in Q2 DIVERSIFICATION GRANTS RESILIENCE Strong contribution from investments and clients hedging fees Payments impacted by 2Q24 one-offs, linked to contract renegotiation and incentive booking changes in Italy Advisory & Financing weighed by macro uncertainty -1% Y/Y FEES, bn 4.3 4.4 140 155 172 178 57 58 57 57 +4.1% like-for-like2 Payments & Current Account Investment (AuM, AuA, AuC) Insurance (Life & Non-Life) Advisory & Financing Client Hedging Fees Securitisation costs OUTLOOK 2025 guidance maintained: Fees expected up mid-single digit vs FY24 2027 ambition confirmed: expected +1.4bn Fee vs FY24 +1.1% like-for- like2 +3.6% 1H/1H -3% +9% +1% -1% +26% +6% -0.4%3 Y/Y -7% -0.9%3 +5% -3% -6% +27% +55% 1H24 1H25
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9 39.2% 36.3% 35.4% 37.8% 1.4 1.4 1.4 1.4 0.9 0.9 0.9 0.9 2.3 2.3 2.3 2.3 36.2% 36.6% 4.6 4.6 REDUCED COST BASE Costs -1.4% 1H/1H at constant perimeter, despite continued investments in our people, technology and business growth BEST-IN-CLASS COST/INCOME Confirmed operational excellence, without affecting revenue generation C/I ratio down Y/Y to 35.8% in 2Q and 35.5% in 1H ex.one-offs NEW INVESTMENTS WILL PAY BACK Aion-Vodeno initiatives roll-out and Alpha Bank Romania, currently at C/I ratios well- above Group average, yet to reach full revenue potential Best in class Efficiency: FY Cost guidance improved Setting records > Operating excellence SUPERIOR OPERATIONAL EXCELLENCE COSTS, bn COST / INCOME, % LEADING COST / INCOME RATIO IN EUROPE Cost evolution, bn HR Non-HR +0.4p.p. +0.7% CONFIRMING OPERATING EXCELLENCE 2Q251Q252Q242Q231H24 1H25 35.8% Ex. Trading one-off -1.4% at constant perimeter 35.5% Ex. Trading one-off OUTLOOK Cost guidance improved to <9.6bn, down Y/Y at constant perimeter
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10 CET1r increasing vs 1Q25, more than absorbing regulatory impact Setting records > Capital excellence 1. Based on Net Profit ex. non distributable one-offs in the Profit on Investments line: (i) revaluation of the stakes in the Life Insurance joint ventures and (ii) badwill on Commerzbank - please refer to slide 4 for details 2. 5.2bn of 1H25 accrued distributions, o/w 2.6bn accrued cash dividends 3. MDA requirement 10.46% as of 2Q25 4. Vs a CET1r target at 12.5%-13% 5. Upon receiving necessary regulatory approvals 6. Excluding impact from threshold deduction on capital. c.-45bps including all impacts from threshold deduction 7. Excluding impact from threshold deduction on capital. c.-110bps including all impacts from threshold deduction 8. Net Profit ex. non distributable one-offs in the Profit on Investments line: (i) revaluation of the stakes in the Life Insurance joint ventures and (ii) badwill on Commerzbank - please refer to slide 4 for details 9. Subject to regulatory assessment OUTSTANDING CAPITAL TREND SUPERIOR CAPITAL GENERATION Outstanding OCG of 2.4bn (82bps)1, total generation of 3.4bn (119bps) Accruing distributions² 100% of Net Profit¹ while increasing CET1r Q/Q, before regulatory impact Expected c.18bps benefit from Danish Compromise9, more than offsetting 2Q25 impact of Life Insurance Internalization EXCESS CAPITAL Unchanged at 8.5-10bn4 – including a more volatile component CET1 RATIO, % 287.7bn287.0bn RWA 581bps 541bps3MDA BUFFER 1Q25 2Q25 2Q25 pro-forma for DC on Life Insurance9 Organic capital generation Distributions Regulatory Impact Life Insurance Internalisation Others Danish Compromise on Life Insurance9 16.1% 16.0% 16.2% +82bps1 −93bps2 −20bps −16bps +36bps +18bps Net Profit: −86bps AT1 & Cashes: −7bps Reserves: +17bps CBK Badwill: +8bps TLCF: +7bps OUTLOOK Pro-forma for consolidations5 of 20% of Alpha Bank (-40bps6) and c.29% of CBK (-c.90bps7), excess capital down to4 4-5.5bn FY25 OCG confirmed broadly in line with Net Profit8
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11 ITAGERAUTCEE Italy, quality earning powerhouse: setting yet another record Setting records > Regions Data as of 30 June 2025, all deltas 1H/1H unless otherwise specified. 1. Y/Y and 1H/1H trends impacted by one offs in 2Q24 linked to contract renegotiations and different timing of incentive schemes 2. Excluding Profit on Investments from Life Insurance internalization (4.2bn including) 3. RoAC stated (incl. Profit on Investments from Life Insurance internalization) at 43.6%. Annualized ratio between (i) Net profit after AT1/Cashes minus excess capital charge and (ii) allocated capital 4. OCG Stated (incl. Profit On Investments from Life Insurance internalization) at 3.0bn, 109bps. Calculated on Group RWA (see end notes for details/definition) 5. AIFIn, Financial Innovation - Italian Awards 2024 6. Under the patronage of the Ministry of Labour and Social Policies and Union camera 7. Net of Leasing QUALITY REVENUE Gross Revenue Fees NII -1.8% -1.1% Net Revenue +2.3% c.41% Fees / Revenue −5.2% 24.0% NII RoAC -3.2% Q/QBroadly flat excluding one-offs1 1 OPERATIONAL & CAPITAL EXCELLENCE Cost / Income Absolute Costs Net Revenue / RWA 33.4% −0.2p.p. −2.2% −43m 10.8% +0.1p.p. SUSTAINABLE PROFITABILITY PBT RoAC OCG 3.5bn +4.3% 33.9% +1.6p.p. 2.4bn 86bps 3 42 Gross revenue 5.7bn -1.8% Resilient top line performance, 1H/1H comparison affected by one offs (broadly flat performance otherwise). Fees and trading offsetting planned NII reduction NII -5.2% Excellent pass-through management and growing volumes on new loans (+12% 1H/1H, o/w lending to SMEs up +41%7), mitigating rates decrease. Continued superior focus on quality: NII RoAC +0.8pp to c.24% Fees +2.3% Fees / Revenue at c.41% with positive trend mainly driven by Investment Products (+7.5%) and Advisory and Financing (+1.9%) CoR 26bps Stable NPE ratio at 2.6% with CoR down -3bps 1H/1H maintaining coverage ratio and no usage of overlays Costs −2.2% Continued cost discipline with C/I at at 33.4%, slight down 1H/1H (-0.2pp) while investing RWA +3.7bn +3.6% Active Portfolio management mitigating negative impact from models recalibration, Basel IV and insurance Life internalization OUR QUALITY GROWTH APPROACH ● Best Bank in Italy, four years in a row: Euromoney and Global Finance Awards 2025 ● Fortune List of Europe’s 500 Most Innovative Companies: #1 among financial institutions in Italy ● Best Italian Bank in HR & Organisation⁵: "Welfare 4 Caring & Empowering" • 417 new hires in 1H, 1k by FY25 • “Talento Diffuso” extended to the whole Bank in Italy - 12k joiners • 410k training hours (+20% vs 1H24) • Certification program for colleagues as internal trainers for UC Corporate University ● Italy Best Bank for ESG: Euromoney Awards for Excellence 2025 ● UniCredit Banking Academy won 2nd prize “Volontari@Work2024-25” by the Fondazione TerzjusETS6 for the volunteer skills model ● The first "Salotti Energia” to provide customized solutions to Italian companies for a sustainable path ● Banco Smart 2.0: rollout of the new ATM front-end: faster, easier and paperless ● Digital Assets: launch of ETPs with cryptocurrencies underlying and capital-protected certificates for professional clients only People Tech / InnovationESGAwards OUR PEOPLE & COMMUNITIES
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ITAGERAUTCEE QUALITY REVENUE OPERATIONAL & CAPITAL EXCELLENCE SUSTAINABLE PROFITABILITY 12 Gross Revenue PBT Cost / Income Fees RoAC Absolute Costs NII OCG Net Revenue / RWA OUR PEOPLE & COMMUNITIES OUR QUALITY GROWTH APPROACH Germany, resilient anchor: setting yet another record Setting records > Regions Data as of 30 June 2025, all deltas 1H/1H unless otherwise specified 1. NII RoAC including Trading, for a like-for-like comparison vs German peers (to offset potential asymmetry related to funding costs allocation) 2. Annualized ratio between (i) Net profit after AT1/Cashes minus excess capital charge and (ii) allocated capital 3. Calculated on Group RWA (see end notes for details/definition) +3.2% +5.4% Net Revenue 1.7bn +11.7% 36.8% −1.9 p.p. +0.1% 31% Fees / Revenue 24.1% +2.8p.p. −2.0% −22m −3.7% 22.0% NII RoAC¹ 1.3bn 48bps 8.3% +0.5p.p. 2 3 ● 20-year celebration of the UC merger transforming UCB into the German banking benchmark ● Standard & Poor’s rating upgraded to A- ● Porsche SE 1.5bn Schuldschein joint lead arranger ● Best Advisory for branch consumer loans (Euro am Sonntag) ● Future Skills learning offer in place with >270 trainings ● Mentoring development program initiated covering ~80 tandems ● >3.000 participants in healthcare initiatives 52 start-up ideas with support of HVB-volunteers at Girls‘ Day in April 2025 developed and presented by >200 female students in 6 different cities ● Banxware Investment accelerating automated credit solutions for SMEs ● Strategic partnership with Rise Europe (Technical University of Munich) empowering innovative start-ups ● Initiated upgrade to best of breed Securities platform including creation of 140 jobs in Germany ● Digital accessibility framework rolled out across channels Gross revenue 2.9bn +3.2% Gross revenue up in lower rate environment with market volatility favoring strong client-driven demand for hedging products NII −3.7% Resilient NII despite funding cost benefit from rates reduction not yet fully materialising, due to increase in trading 1H/1H; c.+1% adjusting for increase in refinancing volumes. NII up Q/Q supported by back to bonis of two NPEs exposures Fees +0.1% Fee performance supported by sound growth in Investment (+11%) and Client Hedging Fees (+9%), offset by lower Financing Fees due to macro uncertainty CoR 12bps Solid NPE ratio at 2.4% with prudent coverage ratio despite overlays essentially intact Costs −2.0% Continued focus on efficiencies & savings more than compensating inflation-driven wage drift RWA +2.1bn +3.1% €4.1bn Basel impact on Op. Risk partly compensated by active portfolio management +1% adjusted for increase in refinancing volumes +3.3% Q/Q People Tech / InnovationESGAwards
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ITAGERAUTCEE QUALITY REVENUE OPERATIONAL & CAPITAL EXCELLENCE SUSTAINABLE PROFITABILITY 13 Gross Revenue PBT Cost / Income Fees RoAC Absolute Costs NII OCG Net Revenue / RWA OUR PEOPLE & COMMUNITIES OUR QUALITY GROWTH APPROACH Austria, resilient anchor: setting yet another record Setting records > Regions Data as of 30 June 2025, all deltas 1H/1H unless otherwise specified 1. Annualized ratio between (i) Net profit after AT1/Cashes minus excess capital charge and (ii) allocated capital 2. Calculated on Group RWA 3. Wage drift as of 2Q25 −0.9% +2.0% Net Revenue 0.8bn +1.2% 38.8% +0.8 p.p. +6.9% 32% Fees / Revenue 24.1% -1.8p.p. +1.3% +7m −8.5% 15.1% NII RoAC 0.9bn 31bps 6.9% −0.3p.p. 1 2 ● Austria’s Best Bank for Large Corporates by Euromoney ● Best Sub-Custodian Bank by Global Finance ● EDGE re-certification, confirming our efforts for diverse and inclusive environment ● SheGrowth – development path to boost career development of high potential women ● GirlsGoFinance: 3rd edition of Financial education and self-empowerment for girls with difficult social backgrounds ● Edu-Fund Platform: UniCredit Foundation awarded 1.1m to Hobby Lobby to offer over 700 free extracurricular courses to 6,000 secondary school students ● Simplifying digital account opening and consumer finance ● Automatic conditional pre- approved credit limit (cPAL) for Corporate customers Gross revenue 1.3bn -0.9% Gross revenue slightly down 1H/1H due to NII decrease despite a strong performance in all other revenue categories; Net Revenue up +2% thanks to continued LLPs releases NII -8.5% Due to rates decline, despite sound pass-through management thanks to deposit repricing. Stable loan volumes Fees +6.9% Continuing strong dynamic with second quarter further boosting an already strong first quarter; outstanding performance in Investment (+12%), Advisory & Financing (+15%) and Insurance (+65%), leading to Fees / Revenue at 32%, +2p.p. higher 1H/1H CoR -15bps Strong underlying performance with continuous repayments and without touching overlays Costs +1.3% Costs growing below inflation, as the 3% wage drift impact3 is now compensated by efficiencies and spending discipline, leading to best-in-class Cost / Income below 39% RWA +1.8bn +4.8% Mostly due to Basel impact, partly offset by proactive mitigating actions +4.4% Ex Bank Levy 25.1% Ex Bank Levy People Tech / InnovationESGAwards +0.7% Q/Q
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ITAGERAUTCEE QUALITY REVENUE OPERATIONAL & CAPITAL EXCELLENCE SUSTAINABLE PROFITABILITY 14 Gross Revenue PBT Cost / Income Fees RoAC Absolute Costs NII OCG Net Revenue / RWA OUR PEOPLE & COMMUNITIES OUR QUALITY GROWTH APPROACH CEE, growth engine: commercial effort driving profitable growth Setting records > Regions CEE perimeter includes Czech Republic & Slovakia, Hungary, Slovenia, Croatia, Romania, Bulgaria, Bosnia and Serbia. Data as o f 30 June 2025, all deltas 1H/1H at constant FX unless otherwise specified 1. Annualized ratio between (i) Net profit after AT1/Cashes minus excess capital charge and (ii) allocated capital 2. Calculated on Group RWA (see end notes for details/definition) 3. Euromoney 4. Global Finance 5. Assuming same level of LLPs as of 1H24 +5.0% +1.2% Net Revenue 1.4bn −2.7% 34.1% +2.4 p.p. +9.2% Fees / Revenue 28% 29.1% −3.6 p.p +12.9% +92m +2.4% 25.6% NII RoAC 1.2bn 43bps 8.6% −0.6 p.p. 1 ● Best Bank in Bosnia- Herzegovina, Croatia and Romania³ ● Best bank for Transaction Banking in CEE⁴ ● Corporate Edge of Excellence for Corporate senior professionals, to fast-track their careers through top-tier training ● Extensive up-skilling and onboarding of Alpha Bank employees, facilitating integration, knowledge transfer and access to new career paths ● CEE’s Best Bank for ESG at Euromoney Awards for Excellence 2025 ● Lending under Youth Support program with National guarantee launched in Serbia ● Live Contact Center AI-powered voicebot, enabling multiple new E2E services to clients ● New fast and seamless payment features available via digital channels ● Automatic KYC review capabilities improving customer experience while helping protect the bank Gross revenue 2.3bn (+5.0%) Gross Revenue up supported by strong Fees and commercial push, despite lower rate environment affecting NII NII +2.4% Commercial volume growth (+10% 1H/1H ex. Alpha Romania) and Alpha Romania contribution more than offsetting declining rates, while maintaining NII RoAC at 25.6% Fees +9.2% Strong fee performance - with all product factories and all countries positively contributing – leading to Fees / Revenue at 28%, +1.1p.p. higher 1H/1H CoR -11bps Driven by continued LLP write-backs gradually normalizing Costs +3.1% Cost / Income at 34.1% - 32.6% ex. Alpha Romania still not running at franchise level of efficiencyex. AlphaRomania RWA +4.2bn (+8.1%) Due to Alpha Romania and Basel impact, despite optimization actions more than offsetting the strong commercial growth +3.1% +22m 32.6% +2.9% adj. for LLPs normalization5 2 People Tech / InnovationESGAwards Ex. Alpha Romania
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15 8.3 1.5 1.0 7.2 1.0 0.8 25.3 7.7 6.4 2025 TARGET Accelerated orderly solvent wind-down of Russian exposure always within the letter – and the spirit – of the legal, regulatory and sanction limitations Continuous business compression, with business downsizing measures implemented while resulting in positive P&L impact Reduced extreme loss impact on an increased CET1 Extreme Loss 1Q22 CET1r 14.0% 128bps1 2Q25Extreme Loss CET1r Pro-Forma 16.2%7 78bps1,2 EXECUTING A CLEAR STRATEGY Retail reduced by c.60%6, on course for orderly exit by 1H26 15 Russia orderly compression well ahead of ECB order and our targets Setting records > Russia 1. 128 bps is gross extreme loss assessment as per p.3 1Q22 market presentation, while 78bps are residual, meaning not already reflected in actual CET1r. The impact is based on the actual CET1r of 16.02% 2. -88bps including impact from threshold deduction. The basket of Significant Investments in Financial Sector Entities + DTA from temporary diff erences which exceeds the Threshold equal to 17.65% of CET1 capital is deducted from Capital, while the one below threshold generates RWA at 250% 3. Loans net of provisions; Deposits and Loans figures are at constant FX as of June 2025 and exclude Russian subsidiaries of international Groups 4. Net of AO Bank deposit at UC SpA 5. Quarterly figures for total cross-border payments in currencies other than RUB 6. Based on number of clients 7. Pro-forma for Danish Compromise on Life Insurance, subject to regulatory assessment <8.5bn Mostly EUR and USD Rest declining fast or discontinued 1Q23 4Q24 1Q25 2Q251Q22 CROSS-BORDER PAYMENTS5, BN −75% -17% vs. 1Q25 4.5 0.3 0.3 CROSS-BORDER EXPOSURE, BN Virtually nil 1Q23 4Q24 1Q25 2Q251Q22 −94% Flat vs. 1Q25 Zero by FY25 vs. 1Q22 LOCAL DEPOSITS3,4, BN −88% <2bn 1Q22 1Q23 4Q24 1Q25 2Q25 -31% vs. 1Q25 NET LOCAL LOANS3, BN <1bn 1Q23 4Q24 1Q25 2Q251Q22 −89% -19% vs. 1Q25 COMPLIANT WITH APPLICABLE ECB TARGETS
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16 Client Solutions: half of Group Revenue and >90% of Group Fees Setting records > Products Enhancing our three product factories, and capitalising on scale and scope… …to deliver best-in-class products to our clients Data as of 1H25. All figures related to Group incl. Russia unless otherwise specified 1. Including onemarkets, Schoellerbank e ZB Invest funds 2. Like-for-like excluding contract renegotiations of 2Q24 and different timing of incentive schemes vs previous year +4% 1H/1H +4% Fees 6.1bn Gross Revenue o/w >67% Fees CLIENT SOLUTIONS REVENUE BREAKDOWN 1.8bn +7% 1H/1H INDIVIDUAL SOLUTIONS INVESTMENTS 1.3bn +10% 1H/1H 100% INSURANCE 0.5bn +0% 1H/1H 88% +5% Non-Life onemarkets funds reached 22bn UCG own Managed Funds gross sales up c.+55% 1H/1H1 97% CORPORATE SOLUTIONS 2.9bn +6% 1H/1H ADVISORY & FINANCING 1.1bn -1% 1H/1H 27% CLIENT RISK MANAGEMENT 1.3bn +22% 1H/1H 40%TRADE & CORRESPONDENT BANKING 0.5bn -9% 1H/1H 62% +1% Fees 39% 1.3bn -4% 1H/1H PAYMENTS SOLUTIONS PAYMENTS 87% CURRENT ACCOUNTS 0.4bn +2% 1H/1H 100%91% 0.9bn -7% 1H/1H +2% ex. Sec. costs Fee / Revenue Relatively flat Fees like-for-like2 Flat Fees like-for-like2
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17 +8% Beating expectations, again, despite a worsening macro Setting records >150bps lower interest rates vs. 1H24 driving drag on NII normalisation Higher Net Profit Despite macro scenario worsening as expected and impacting our results ... Drag on Cost of Risk 2.2p.p. 1H25 Eurozone inflation driving drag on Costs … we more than absorbed headwinds and one-offs thanks to a strong core performance, beating expectations again Raising the bar again, moving towards our best year ever FURTHER IMPROVING 2025 GUIDANCE NET PROFIT 1H24 1H25 results 1H25 consensus2 +17% incl. one-offs BEAT 1. Based on internal estimates 2. Aggregated pre-1Q25 and pre-2Q25 company compiled consensus 3. Including overlays and non-operating items vs FY24 c.500m Impact from headwinds in 1H251 Net Revenue NII Fees CoR Costs NOP Net Profit CET1r BEAT BEAT BEAT BEAT BEAT BEAT BEAT BEAT 1H25 consensus2 3bn lines of defence untouched3 BEATING EXPECTATIONS
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18 Accelerating strategy 1. Stated Net Profit adjusted for DTA write-up comparable to 9.3bn FY24 2. Sector avg. growth. Calculated as average peers stated net profit growth FY21-24 applied to UC stated net profit FY21 3. Impact resulting from: rates reversal, CoR normalization; Inflationary impact and, idiosyncratic for UniCredit, compression for Russia activities 4. Based on Net Profit consensus of equity consolidated stakes (considering c.29% Commerzbank) and our expectations on consolida ted perimeter Lines of defenceMacro Organic growth Equity consolidation PHASE I: 2021-2024 Unlock Trapped Potential PHASE III: 2027-2030 Unlock … the Future PHASE II: 2025-2027 Unlock Acceleration Emphasis on our operating machine, while rebuilding and empowering our commercial machine – preparing for phase 2 … Emphasis on our commercial machine, while continuing to optimise our operating machine – preparing for phase 3 … Further grow our unmatched growth & distribution trajectory as macro “normalises” Net Profit 20211 Net Profit 2027 Net Profit 2024 2.4bn ≥11bn4 9.3bn Build Release Headwinds3 Tailwinds Sector avg. growth2
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19 Unlocked Trapped Potential, but transformation far from over … Accelerating strategy 1. Ranking from FY21, except for EPS, referring to EPS growth over 2021 – FY2024 (annualised) compared to 2017 – 2019. 2. Actual disclosed distributions accrued to FY24 Peers’ average computed considering BBVA, BNP, Crédit Agricole S.A., Commerzbank, Deutsche Bank, ING, Intesa Sanpaolo, Santan der, Société Générale We Unlocked the majority of our trapped potential and built the momentum to continue PHASE I: 2021-2024 Unlock Trapped Potential Emphasis on our operating machine, while rebuilding and empowering our commercial machine – preparing for phase 2 … Simplified & Streamlined Organisation Processes Way of working Empowered & Trusted Our Banks Our People ONE Group Leveraging Scale Product Factories Ecosystem & Procurement Technology & Data Unified & Re-focused One Vision One Strategy One Culture … LEVERAGING TAILWINDS TO DELIVER BEST-IN-CLASS RETURNS AND PREPARE FOR PHASE II REDESIGNING OUR OPERATING MACHINE, REBUILDING OUR COMMERCIAL MACHINE, OUR PEOPLE AS THE LINCHPIN Rank vs. FY211 Cost / Income #1 from #5 ROTE @13% #1 from #8#1 Net Revenue / RWA from #9 #1 EPS growth from #7 #1 Total Distributions2 from #4 Built Lines Of Defence Frontloaded Investments Empowered People Winning Culture Efficiency Benchmark
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20 … with a clear set of initiatives to Unlock Acceleration Accelerating strategy Accelerating commercial machine, while completing the transformation of operating machine PHASE II: 2021-2024 Unlock Acceleration Emphasis on our commercial machine, while continuing to optimise our operating machine – preparing for phase 3 … Optimising Accelerating Our Operating Machine Key focus of Phase I Our Commercial Machine Key focus of Phase II PRODUCTS CHANNELS GEOGRAPHIES CLIENTS ORGANISATION & PROCESSES TECHNOLOGY & DATA PEOPLE Our Linchpin
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21 Decisively accelerating our Commercial Machine Accelerating strategy Accelerating quality growth, increasing Net Revenue ex. one-offs >2% 1H/1H 1H25 not exhaustive list CLIENTS Increase focus on targeted client segments FOCUS On underpenetrated SMEs & Private-Affluent KEEP DISCIPLINE Targeted approach Mass Market & Large Corporate • Focus on SMEs: new lending in Italy reaching 7.5bn, +41% 1H/1H2; +1.5bn new production in Austria in 1H; lending in CEE +7% 1H/1H • Focus on Private & Affluent: +5k clients in Germany 1H/1H; +12% clients in CEE 1H/1H PRODUCTS Enhance product offering and how we grow in high-value segments NII Grow selectively quality lending, margins vs. volumes FEES Superior product factories, contributing 1.4bn Fee growth • Life Insurance Internalization: completed in Italy • Wise partnership: upgraded international payments for Retail • Acquiring business: launch of merchant acquiring in Austria • Digital assets: access to ETPs and capital-protected certificates CHANNELS Move towards an omnichannel offering, with the choice back to the client PHYSICAL CHANNELS Quick, premium advisory; deeply rooted in the local community • Physical: 87% refurbished branches in Italy; last-generation ATMs roll-out • buddy: >200k New Clients in 1H25, 4x 1H/1H; mobile rating 4.7/5 • UniCredit Direct: Sales of Personal Loans +55% and CPI +43% up 1H/1H • Banxware: Automated credit solutions for SMEs in Germany • Customer Experience: full roll-out upgraded App for SMEs in CEE DIGITAL CHANNELS Secure and intuitive banking from anywhere at anytime GEOGRAPHIES Direct capital allocation and investments to higher growth economies • Vodeno Aion expansion: in Poland and WEU countries • Allocated Capital in CEE: +6% 1H/1H • Greece: >570m onemarkets funds distributed to date; newly originated Trade Finance flows reaching 140m in 1H25 CEE1 ITALY GER & AUT GROWTH ALLOCATED CAPITAL FY24-27 +17% +14% +9% Potential upside post fiscal stimulus package in GER We set clear Priorities … … and we are relentlessly executing 1. Excluding Austria and Russia 2. Net of Leasing
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22 1H25 not exhaustive list We set clear Priorities … … and we are relentlessly executing Decisively accelerating our People, and our Operating Machine Accelerating strategy Maintaining operational excellence with Cost / Income ex. one-offs at c.35% in 1H25 Optimising Accelerating ORGANISATION & PROCESSES Continue simplifying, delayering and streamlining STREAMLINE & EMPOWER Flatten hierarchies & focus resources on high-impact areas ELIMINATE INEFFICIENCIES Redesign processes, cut redundancies SIMPLIFY & AUTOMATE Leverage tech to free up time, improving way of working • Flexible Organization: c.-40% organizational structures, extending to all our countries, empowering skill-based evolution • Delayering: reduced layers the client and increased empowerment group-wide • Simplification: 2k bottom-up simplification proposals and 50% implementation across our footprint DIGITAL & DATA Finalise taking back control, boost business acceleration and efficiency via targeted investments executed efficiently RELIABLE, RESILIENT & COMPLIANT Keep a resilient machine and remain committed to regulation HARNESS TECH, DATA & AI TO TRANSFORM Support and accelerate the business • Google Cloud partnership: strategic partnership signed • UCX SMEs & Consumer: Digital solution to enhance client journey across all devices • Leverage AI: Platinum internal Gen-AI tool released; UPX to enable standardized generation of business requirements • Increased Digital Efficiency: 10% higher digital portfolio delivery rate for 2025 thanks to optimized resource allocation PEOPLE Continue trusting, empowering, training and investing in our people INVEST & TRAIN 9k hirings targeted 2025-27 REWARD With merit and transparency FOSTER Inclusive, engaging culture • Hiring: 1.7k in 1H25, o/w c.1.2k in network and c.800 young • Training: c.850k hours of trainings in 1H25 Group-wide • Upskilling: 7% job rotations in 1H25 across the Group • Engagement: >1.3k collected ideas through bottom-up CEO roadshows in 1H25
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23 Status Organic accelerators gaining momentum … Accelerating strategy 1. Already embedded in our expected 1.4bn Fees and Net Insurance growth by 2027 2. Calculated as ratio of expected returns to allocated capital 3. Subject to supervisory approval 4. Pro-forma for benefit of 18bps from Danish Compromise, offsetting the CET1 impact of this quarter >100m1 >100m >200m Life Insurance Internalisation Alpha Bank Romania Vodeno Aion Completed in 2Q25 Launch in 4Q25 Considering Capital impact already taken in 3Q-4Q24 Completed by 3Q25 ✓ Limited capital impact, considering c.18bps benefit from Danish Compromise3 c.20% ROI2 c.20bps CET1r absorption4 already taken 46bn Financial Assets +300m Revenue ✓ Deploying capital at accretive terms, significantly above the return of our SBB ✓ Higher capital-light revenue in Italy with increased net insurance results ✓ Re-internalizing life Insurance financial assets, raising the quality of our client offering Positive Net Profit contribution from 2026 Life Insurance Internalisation Taking control of the 4th largest Italian Life Insurance player, and value chain >400m 2027 Net Profit embedded in plan
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24 Equity consolidation by 3Q25 c.20% … further boost via equity consolidation of strategic stakes Accelerating strategy 1. Additional earnings from equity consolidations based on c.20% of Alpha Bank 2027 Net profit consensus and c.29% CBK 2027 Net Profit net of estimated hedging cost from FactSet as of 18/07/2025 2. Average ROI from Alpha Bank and Commerzbank equity consolidations 3. Based on average CoE implied by 2025, 2026 and 2027 P/E c.200m1 >100m >600m1 Alpha Bank Commerzbank up to c.29% By 4Q25 c.20% Consolidated in 2Q-3Q25 Structurally higher Revenue and Net Profit Higher per-share growth and RoTE Structurally higher ordinary distributions c.20% ROI2 vs. TERMS TO THE BENEFIT OF OUR SHAREHOLDERS c.12% SBB return3 Reaping benefits of entry point and value creation Status Additional 2027 Revenue, Net Profit and Distributions based on consensus Net of expected hedging costc.800m Positive Net Profit contribution from 2026 Deploying excess capital at accretive terms to the benefit of our shareholders
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25 Alpha Bank partnership Accelerating strategy 1. Upon receiving necessary regulatory approvals 2. Additional earnings from equity consolidations based on c.20% of Alpha Bank 2027 Net profit consensus from FactSet as of 18/0 7/2025 3. Based on 2Q25 data - pro-forma for the 20% consolidation -, including P&L and capital impacts generated in 2Q25 and excluding impact from threshold deduction on capital. c.45bps including all impacts from threshold deduction ATTRACTIVE GEOGRAPHIES Increasing our exposure to fast-growing Greece ENHANCING OUR ORGANIC PLAN TARGETED CLIENTS Increasing exposure to affluents and small-medium corporates in Greece STRONG PARTNERSHIP Accelerating ongoing partnership with our factories generating further value for Alpha Bank clients c.20% Equity consolidation by 3Q25¹ Building on a strong existing partnership to unlock further value LIMITED CET1r IMPACT c.40bps CET1r absorption3 HIGH RETURN c.20% ROI based on initial investment, well above SBB return FULLY DISTRIBUTABLE NET PROFIT c.200m² 2027 Distributable Group Net profit from equity consolidation Alpha Bank Commerzbank
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26 Commerzbank investment Accelerating strategy 1. Additional earnings from equity consolidations based on c.29% of CBK 2027 Net profit consensus from FactSet as of 18/07/2025 2. Based on 2Q25 data - pro-forma for the 29% consolidation - including P&L and capital impacts generated in 2Q25, and excluding impact from threshold deduction on capital. c.110bps including all impacts from threshold deduction. ATTRACTIVE GEOGRAPHIES Increased exposure to fast growing Poland and our resilient anchor - Germany - set to benefit from massive fiscal stimulus ENHANCING OUR ORGANIC PLAN TARGETED CLIENTS Increase exposure to the targeted SME-Mittelstand segment in Germany and fast-growing SMEs, Affluent and Private in Poland PROFITABLE INVESTMENT: HEDGED As Commerzbank’s largest shareholder, we welcome change to improve profitable growth, while protecting our investment LIMITED CET1r IMPACT c.90bps CET1r absorption2 HIGH RETURN c.20% ROI based on initial investment, well above SBB return and CBK RoTE, fully-hedged FULLY DISTRIBUTABLE NET PROFIT >600m 2027 Distributable Group Net profit net of expected hedging costs1 Up to c.29% Equity consolidation by 4Q25 A fully-hedged investment at accretive returns Alpha Bank Commerzbank
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27 Growing returns Accelerating our unmatched growth & distribution trajectory 2025 Guidance c.10.5bn 2025 ≥9.5bn o/w cash ≥4.75bn 2027 Ambition² ≥11bn 2025-27 ≥30bn o/w cash ≥15bn NET PROFIT DISTRIBUTION¹ 1. Distributions subject to supervisory, board of directors and shareholder approvals, inorganic opportunities and delivery of f inancial ambitions. They include cash dividends at 50% of net profit excluding non -distributable one-offs (in 2Q25: (i) revaluation of the stakes in the life insurance joint ventures and (ii) badwill stemming from the equity consolidation of a 9.9% stake in Commerzbank - please refer to slide 4 for details, and additional distributions, including the excess capital 2. Based on Net Profit consensus of equity consolidated stakes (considering c.29% of Commerzbank) and our expectations on consol idated perimeter
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28 Upgrading both FY25 Guidance and FY27 Ambition Growing returns 1. Including net insurance result 2. Growth vs FY24 3. Distributions subject to supervisory, board of directors and shareholder approvals, inorganic opportunities and delivery of f inancial ambitions. They include cash dividends at 50% of net profit excluding non-distributable one-offs (in 2Q25: (i) revaluation of the stakes in the life insurance joint ventures and (ii) badwill stemming from the equity consolidation of a 9.9% stake in Commerzbank - please refer to slide 4 for details), and additional distributions, including the excess capital 4. Based on Net Profit consensus of equity consolidated stakes (considering c.29% of Commerzbank) and our expectations on consol idated perimeter Upgrade vs Guidance as of FY24 TOFROM Improved distribution quality structurally higher ordinary and dividend distribution, deploying part of the excess capital Structurally c.1bn higher Net Profit at RoTE accretive terms Higher returns on tangible equity benefitting from earnings growth ≥30bn3 ≥11bn4c.10bn >20%>17% in FY25-27 Stronger EPS & DPS growth with greater push from earnings vs SBB >23.5bn ≤9.6bn c.15bps Down mid-single digit Stronger growth Up mid-single digit1 ≥9.5bn NET REVENUE TOTAL COSTS RoTE CoR NII EPS, DPS2 FEES DISTRIBUTION3 = = NET PROFIT c.10.5bn c.20% Down on a constant perimeter o/w ≥4.75bn cash Upgrading 2025 Guidance Upgrading 2027 Ambition o/w ≥15bn cash
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29 Unmatched growth story, further widening gap vs peers Growing returns 1. Based on FactSet consensus and including, for UC, the additional Net Profit from equity consolidations - based on Factset’s Net Profit for Commerzbank and Alpha - net of expected hedging costs. 2. Top 2 peers in terms of P/E 2025 3. Top 2 peers in terms of RoTE FY27 13% 18% 19% >20% >+1pp Consensus RoTE FY27E UC FY27E UC FY27E with accelerators Boosting RoTE growth and with increased weight of earnings vs. Tangible Equity reduction Top 2 Peers3 SX7E Consensus Growth 2024-27 EPS UC + equity consolidations UC standalone Top 2 peers2 SX7E 160 129 120 FY24 FY27FY24 FY27 DPS1401 130 128 124 1711
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30 Annex
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31 Executing our Strategy across all ESG dimensions Annex 1. Including Environmental, Social and Sustainability linked lending 2. LT credit, all regions including sustainability linked bonds 3. Based on Art. 8 and 9 SFDR regulation 4. Including ESG-linked 5. Figures as of 1H25 ACCOUNTABILITY ESG representation at GEC Sustainability KPIs in CEO and Top Management remuneration Strong policy framework in controversial sectors ESG product guidelines, part of greenwashing prevention framework DIVERSITY, EQUITY & INCLUSION Group Executive Committee as of 1H25: - 46% female - 62% international mindset (people originating from countries outside of Italy) Equileap Top 100 Globally for gender equality in 2025, for the 4th consecutive year Europe's Diversity Leaders 2025 by the Financial Times, for the 4th consecutive year UNICREDIT FOUNDATION Boosted UniCredit Foundation funding: €80m over last 3 years – a bold statement of our commitment to Youth and Education First two rounds of UniCredit Foundation Edu-Fund Platform awarded €9m to 18 education initiatives in Europe Launched UniCredit Foundation's first research project on education, "Beyond Compulsory Education in Europe“ SOCIAL €2.7bn social financing4,5 via micro-credit, impact financing and loans to disadvantaged areas Set targets for Financial Health & Inclusion as part of our PRB commitment Ongoing development of Skills for Transition to deliver training to young students and companies impacted by transition and to support NEETs for reintegration into the workplace or study COMMUNITIES 78.1m FY24 social contribution to communities vs. 59.6m in FY23 c.110k beneficiaries5 of financial education activities and awareness initiatives c.5,600 hours dedicated to volunteering by UCG employees5 INNOVATION UniCredit Start Lab: 640 innovative startup-ups and SMEs screened for the 12th edition of the initiative dedicated to Italian innovation Partnership with Rise Europe, to foster innovative EU champions Unveiled new proprietary research with the two Observatories to explore the social impact of longevity BEYOND CLIMATE Published a dedicated statement on Natural capital and biodiversity First Italian bank in Finance for Biodiversity Pledge; member of UNEP FI- PRB, Nature community Member of Ellen MacArthur Foundation Designed new internal training courses for all UCG employees with focus on Natural Capital & Biodiversity and Circular Economy ENVIRONMENTAL Member of Net Zero Banking Alliance, with targets on Oil&Gas, Power, Automotive, Steel, Shipping and Commercial Real Estate and disclosed Residential Real Estate baseline Contributing to Sustainable Steel Principles Implementing our Net Zero Transition Plan to support clients’ transition and monitoring progress on reducing emissions baseline for all sectors in scope €4.1bn environmental lending4,5 Issued 11 own green bonds since 2021 for total value of c. €6.5bn A transparent view on our ESG ambition by disclosing our ESG share over total business with three targets for 2025 ESG penetration at 1H25 vs target for 2025 16% vs 15% ESG Lending1 14% vs 15% 52% vs 50% ESG Invest. Prod3 Sustainable Bonds2
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32 Group P&L and selected metrics Annex Please refer to End Notes for Stated Net Profit, Net Profit and Net Profit after AT1/CASHES definitions Note: 2024 quarterly figures have been subject to a reclassification from Trading to Fees related to client hedging mark -up of the non linear derivative products 1. Starting from 4Q23, CET1 ratio is shown pro forma for all distributions (cash dividends and share buybacks) following the new EBA Q&A 2023_6887 released in 4Q23 and related to the accrual of share buybacks included in distribution policies. Starting from 1Q25, based on "Regulation (EU) 2024/1623 of the European Parliament and of the Council of 31 May 2024“ (CRR3) All figures in bn unless otherwise stated 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Q/Q % Y/Y % 1H24 1H25 1H25/1H24 % Revenue 6.4 6.3 6.1 6.0 6.6 6.1 -6.5% -3.3% 12.7 12.7 -0.2% o/w Net interest income 3.6 3.6 3.6 3.6 3.5 3.5 -0.3% -2.8% 7.1 6.9 -2.9% o/w Fees 2.1 2.1 2.0 2.0 2.3 2.1 -8.1% -1.0% 4.3 4.4 3.6% Costs -2.3 -2.3 -2.3 -2.5 -2.3 -2.3 -0.3% 0.7% -4.6 -4.6 0.7% Gross Operating Profit 4.1 4.0 3.9 3.5 4.2 3.8 -10.0% -5.5% 8.1 8.0 -0.7% LLPs -0.1 -0.0 -0.2 -0.4 -0.1 -0.1 31.2% n.m. -0.1 -0.2 62.2% Net Operating Profit 4.0 4.0 3.7 3.1 4.2 3.7 -10.8% -7.9% 8.0 7.9 -1.6% Systemic Charges -0.4 -0.0 -0.1 -0.0 -0.2 -0.0 -78.8% -18.6% -0.4 -0.2 -45.0% Integration Costs -0.0 -0.0 -0.0 -0.8 -0.0 -0.0 31.5% 12.9% -0.1 -0.1 31.1% POI 0.0 -0.0 -0.0 0.0 0.0 0.9 n.m. n.m. -0.0 0.9 n.m. Stated Net Profit 2.6 2.7 2.5 2.0 2.8 3.3 20.7% 24.8% 5.2 6.1 16.8% Net Profit 2.6 2.7 2.5 1.6 2.8 3.3 20.7% 24.8% 5.2 6.1 16.8% Net Profit after AT1/CASHES 2.5 2.5 2.5 1.4 2.7 3.1 15.6% 25.3% 5.0 5.9 17.1% Cost / Income ratio 36.2% 36.3% 37.3% 41.8% 35.4% 37.8% +2.4 p.p. +1.5 p.p. 36.2% 36.6% +0.3 p.p. Cost of Risk, bps 10 1 15 34 8 10 2 9 5 9 4 Tax rate 29% 28% 28% 0% 29% 22% -7 p.p. -6 p.p. 28% 25% -3 p.p. RWA 279.6 276.9 277.8 277.1 287.0 287.7 0.3% 3.9% 276.9 287.7 3.9% CET1r1 16.2% 16.2% 16.1% 15.9% 16.1% 16.0% -0.1 p.p. -0.2 p.p. 16.2% 16.0% -0.2 p.p. RoTE 19.5% 19.8% 19.7% 11.5% 22.0% 24.1% +2.2 p.p. +4.3 p.p. 19.7% 23.1% +3.4 p.p. EPS, Eur 1.52 1.61 1.58 1.03 1.79 2.16 20% 34% 3.13 3.95 26% Tangible book value per share, Eur 34.7 34.3 35.8 35.6 36.5 38.4 5% 12% 34.3 38.4 12%
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33 Updated base case macro scenario Annex Estimates based on UniCredit data GDP growth and inflation of UniCredit footprint are calculated based on a GDP and inflation weighted average of the respectiv e countries (weighted by nominal GDP) Inflation,% ◼ GDP growth, % UNICREDIT FOOTPRINTEUROZONE 2025 2026 2025 2026 2027 2027 2.1 1.0 1.8 1.0 2.0 1.3 Group 3.7 0.7 2.5 1.5 2.4 1.8 Group excl. Russia 2.3 0.5 2.0 1.3 2.1 1.7 Scenarios 2025, 2026, 2027
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34 Balance sheet and liquidity profile Annex Note: for LCR and NSFR preliminary managerial figures 1. “Retail” includes Individuals (mass market, affluent, Private and Wealth Management) and micro-business clients. 2. “Corporates” includes Small, Medium, Large (the latter including also most of FIG - Financial Institutions Group) clients and central functions (relationships with counterparties, classified Accounting wise as “Customers”, held by Treasury or by Corporate Centres for liquidity management purpose) 88% Loans/deposits (customer loans and deposits excl. repos) 2Q25 Balance Sheet €860bn 43 101 183 42 Assets Other Assets Financial Assets at Amortised Cost Financial Assets at Fair Value & Hedging derivatives Cash and cash balances 65 50 68 96 580 Liabilities Other liabilities Financial liabilities & hedging liabilities Equity and equity instruments Debt securities issued 465 86 29 580 Deposits Loans Loans to customers Active repos Loans to banks & central banks Deposits from customers Passive repos Deposits from banks 492 410 59 23 LIQUIDITY PROFILE LIQUID ASSETS c.199bn LCR >140% NSFR >125% Sound and stable liquidity profile RETAIL1 56% CORPORATE2 44% deposit mix >80% in retail, with SME clients3 included CUSTOMER DEPOSIT MIX o/w c.159bn regulatory HQLA
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35 Deposit details Annex 1. “Retail” includes Individuals (mass market, affluent, Private and Wealth Management) and micro-business clients. 2. “Corporates” includes Small, Medium, Large (the latter including also most of FIG - Financial Institutions Group) clients and central functions 3. Excluding Alpha Bank Romania 2Q25 avg commercial deposits, bn vs 1Q25 Gross customer deposits rates 2Q25 (vs 1Q25) Retail1 Corporates2 Italy Germany Austria CEE Russia By region By business segment Sight Deposits Term Deposits Saving Deposits Other By product +0.9% Q/Q Deposits from customers (Net of repos and IC - EoP) 465bn (-0.2% Q/Q) -1.6% Q/Q +1.7% Q/Q -4.4% Q/Q -0.6% Q/Q Italy Germany Austria CEE3 Russia 456Group3 177 126 58 91 4 456 +0.2% -3.3% -0.2% +2.3% at constant FX -15.1% at constant FX -0.5% -0.28% (+8bps) -1.09% (+27bps) -1.04% (+23bps) -1.19% (+8bps at constant FX) -0.06% (+7bps at constant FX) -0.78% (+15bps)
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36 Loan details Annex 1. “Retail” includes Individuals (mass market, affluent, Private and Wealth Management) and micro-business clients. 2. “Corporates” includes Small, Medium, Large (the latter including also most of FIG - Financial Institutions Group) clients and central functions 3. Excluding Alpha Bank Romania 2Q25 avg gross commercial performing loans, bn Italy Germany Austria CEE3 Russia 378Group3 141 106 56 73 1 378 vs 1Q25 Gross customer performing loan rates 2Q25 (vs 1Q25) Retail1 Corporates2 By business segment Impaired Loans Consumer Finance RE Mortgages Overdraft Loans S/T Loans Other ML/T Loans By product +0.7% Q/Q Loans to customers (Net of repos and IC - EoP) 410bn (+1.1% Q/Q) +1.3% Q/Q Italy Germany Austria CEE Russia By region -0.9% -1.3% -1.6% +3.3% at constant FX -19.7% at constant FX -0.4% 4.06% (-19bps) 3.39% (-15bps) 3.29% (-22bps) 4.74% (-13bps at constant FX) 8.96% (-97bps at constant FX) 3.90% (-17bps)
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37 Total Financial Assets Annex 1. Excluding large corporate and central functions 14 13 13 13 18 14TFAs DYNAMICS CHANGE BY TFAs CATEGORIES TFA evolution quarterly AuM+AuA gross sales Y/Y Asset under Management +2% +6% Asset under Advisory +15% +83% Asset under Custody -1% +4% Insurance +0.1% -1% Deposits +1% -1% Q/Q Insurance gross sales AuM AuA AuC Insurance Deposits 799 827 TFAs1, bn +3% 1H24 1H25 1Q251Q24 2Q24 3Q24 3 3 2 2 3 3 15 199 58 388 138 18 199 58 387 142 20 204 58 383 143 22 201 136 392 143 28 209 57 381 146 33 207 57 384 796 799 808 816 819 827 58 4Q24 2Q25
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38 Asset quality details Annex Note: Gross NPE ratio for Group using EBA definition is 2.2% as of 2Q25 (flat Q/Q), compared to weighted average of EBA sample bank s of 1.9% (as of 4Q24) 1. Including calibration factor TOTAL GROSS NPE TOTAL GROSS NPE ALMOST STABLE MAIN KPIS KEY HIGHLIGHTS SOUND LEVEL OF PROVISIONS NPE coverage does not factor in provisions on performing loans (0.8% coverage including c. 1.7bn overlays1) NPE COVERAGE RATIO Slightly down Q/Q at 45% on book, driven by portfolio dynamics (mainly single files' defaults and repayments/write-off) LOW BAD LOANS 72% of gross NPEs related to UTP plus Past Due; 2Q25 net bad loans at 1.1bn and net bad loan ratio at 0.3% (net bad loans/CET1 capital at 2.4%) Gross NPE evolution by quarter, bn 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 12.1 11.7 11.8 11.2 11.4 11.7 Gross UTP Gross Past Due Gross Bad Loans 2.7% 2.6% 2.7% 2.6% 2.6% 2.6% 1.5% 1.4% 1.4% 1.4% 1.4% 1.5% Gross NPE ratio Net NPE ratio 46% 47% 47% 46% 47% 45%NPE Coverage ratio 21.2 11.7 FY20 1H25 −45%
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39 Group gross loans breakdown by stages Annex Note: Total loans to customers end-of-period, at face value (i.e. before deduction of provisions), including active repos and (in divisional figures) intercompany, both performing and non performing (comprising bad loans, unlikely to pay, and past due); debt securities and non current assets held for disposal are excluded 1 Including calibration factor 2Q252Q24 3Q24 4Q24 2.6% 2.7% 2.6% 2.6% 2.6% Stage 3 Provisions on Stage 1 and 2 Provisions on Stage 3 o/w Stage 2o/w Stage 1 o/w Gross performing loans Stage 1 and 2: 430bn 2Q252Q24 3Q24 4Q24 Stage 3 Stage 2 Stage 1 11.7% 11.6% 11.5% 11.0% 10.5% 85.6% 85.7% 85.9% 86.3% 86.9% o/w Gross NPE Including c. 1.7bn of overlays1 Coverage ratio GROUP GROSS LOANS1 AND PROVISIONS EOP, bn 12 52 380 12 51 378 11 49 367 11 48 374 12 46 384 444 441 428 434 442 1Q25 1Q25 6 6 5 5 5 4 4 4 4 4 47.2% 47.0% 45.9% 46.9% 45.4% 6.5% 6.3% 6.2% 6.1% 5.9% 0.3% 0.3% 0.3% 0.2% 0.2%
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40 RWA details Annex CONTINUED RWA EFFICIENCIES RWA evolution by quarter 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 280 277 278 277 287 288 1H24 1H25 277 288 287 1Q25 Active portfolio management Regulatory impacts PD (Probability of Default) scenario FX effects New perimeter Business dynamics 288 2Q25 -3.3 3.2 0.1 -0.7 0.7 0.7 Credit risk Operational risk Market risk Y/Y EVOLUTION DETAILS, bnQ/Q EVOLUTION DETAILS, bn o/w -1.9bn securitizations RWA, bn +4% 277 1H24 Active portfolio management Regulatory impacts PD (Probability of Default) scenario FX effects New perimeter Business dynamics 288 1H25 -15.0 16.3 1.8 -1.4 9.6 -0.4 o/w -8.7bn securitizations Including Insurance, Alpha Bank and strategic investments Mainly due to Ruble and USD Driven by Basel impact (10.3bn) Including Aion/Vodeno, Insurance, Alpha Bank and strategic investment Increase Q/Q mainly driven by Basel impact (10.4bn)
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41 End Notes
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42 General notes related to this presentation End Notes 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 legal entities, plus the cross border exposure booked in UniCredit S.p.A. Shareholder distribution subject to supervisory, board of directors and shareholder approvals CET1 ratio fully loaded up to 4Q24. Since 1 January 2025 based on "Regulation (EU) 2024/1623 of the European Parliament and of the Council of 31 May 2024“ - CRR3 (no transitional rules applied to CET1, RWA including transitional rules, art. 465 and 495) Delta Q/Q means: current quarter versus previous quarter (in this presentation equal to 2Q25 versus 1Q25) Delta Y/Y means: current quarter of the current year versus the same quarter of the previous year (in this presentation equal to 2Q25 versus 2Q24) Delta 1H/1H means: 6 months of the current year versus 6 months of the previous year (in this presentation equal to 1H25 versus 1H24)
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43 Main definitions End Notes 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 Balance sheet, calculated as (i) LLPs of the period annualised in the interim periods over (ii) average loans to customers (including active repos, excluding debt securities and IFRS5 reclassified assets) Coverage ratio (on NPE) Stock of LLPs on NPEs divided Gross NPEs excluding IFRS5 reclassified assets Customer Loans Net performing and non-performing loans to customers excluding active repos, debt securities, IFRS5 reclassified assets and intercompany for divisions Default rate Percentage of gross loans migrating from performing to non performing over a given period (annualized) divided by the initial amount of gross performing loans DPS Dividend per share Calculated as end of reference period cash dividend amount accrued, divided by the number of outstanding shares eligible for cash dividend payments, as at the end of reference period (i.e. excluding treasury shares bought back as of the same date, excluding the ordinary shares underlying the usufruct contract (Cashes)) EPS Earning per share Calculated as Net Profit - as defined below - divided average number of outstanding shares excluding average treasury and Cashes usufruct shares Gross Commercial Performing Loans Average Average stock for the period of performing Loans to commercial clients (e.g. excluding markets counterparts and operations); it is a managerial figure, key driver of the NII generated by the network activity Gross NPEs Loans to customers non performing exposures before deduction of provisions, comprising bad loans, unlikely to pay, and past due (including active repos, excluding debt securities and IFRS5 reclassified assets) Gross NPE Ratio Gross non performing exposures over gross loans to customers (including active repos, excluding debt securities and IFRS5 reclassified assets)
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44 Main definitions End Notes HQLA High-Quality Liquid Assets 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 are unencumbered, which means free of legal, regulatory, contractual, or other restrictions on the ability of the bank to liquidate, sell, transfer, or assign them LCR Liquidity Coverage Ratio Ratio between the high-quality liquid assets (HQLA, as defined above) and the net cash outflows expected over the coming 30 days, under stress test conditions NII RoAC Net Interest Income with numerator calculated by adjusting the Stated NII by the C/I ratio (pro quota), LLPs and tax rate (always assumed flat at 30%, to neutralize the possible relevant volatility of this item). Denominator resulting from 13% CET1r target multiplied by credit and counterparty risk RWAs (average between RWA BoP and EoP) Net NPEs Loans to customers non performing exposures after deduction of provisions, comprising bad loans, unlikely to pay, and past due (including active repos, excluding debt securities and IFRS5 reclassified assets) Net NPE Ratio Net non performing exposures over net loans to customers (including active repos, excluding debt securities and IFRS5 reclassified assets) Net Profit Stated Net Profit adjusted for impacts from DTAs tax loss carry forward resulting from sustainability test Net Profit after AT1/Cashes Net Profit as defined above adjusted for impacts from AT1 and Cashes coupons. The result is used for RoTE and RoAC calculation Net Revenue Calculated as (i) Revenue minus (ii) Loan Loss Provisions NSFR Net Stable Funding Ratio Ratio between the available amount of stable funding and the required amount of stable funding that are calculated applying defined weighting factors to on and off-balance sheet items. The relevant instructions for its calculation are included in the Regulation (EU) 876/2019 of the European Parliament OCG Organic Capital Generation Calculated as (Net Profit, as defined above, minus delta RWA excluding Regulatory impacts and PD scenario impacts x CET1r actual)/ RWA 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
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45 Main definitions End Notes 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) Annualized Net Profit after AT1/Cashes – as defined before, over (ii) average tangible equity – as defined below, minus Cashes and DTA from tax loss carry forward contribution RoTE@13%CET1r RoTE as defined above, but with a tangible equity assuming to distribute the capital in excess of a 13% CET1r (Fully Loaded), upper end of UniCredit CET1 management target, reducing immediately the TE by this amount of distribution Stated Net Profit Accounting Net Profit Regulatory impacts Regulatory impacts are mostly driven by regulatory changes and model maintenance, shortfall and calendar provisioning (impacting on capital) SBB Share buy back Repurchasing of shares by the company that issued them to reduce the number of shares available on the open market UTP Unlikely to pay The classification in this category is the result of the judgment of the bank about the unlikeliness, without recourse to actions such as realizing collaterals, that the obligor will pay in full (principal and/or interest) its credit obligations Tangible Book Value (or Tangible Equity) For Group, calculated as Shareholders’ equity (including Group Stated Profit of the period) less intangible assets (goodwill and other intangibles), less AT1 component TBVpS Tangible Book Value per Share For Group, calculated as End of Period Tangible Equity over End of Period number of shares excluding treasury shares
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46 Disclaimer End Notes This presentation may contain “forward-looking statements” which includes all statements that do not relate solely to historical or current facts and which are therefore inherently uncertain. All forward-looking statements rely on a number of assumptions, expectations, projections and provisional data concerning future events and are subject to a number of uncertainties and other factors, many of which are outside the control of UniCredit S.p.A. (the “Company”). There are a variety of factors that may cause actual results and performance to be materially different from the explicit or implicit contents or expectations of any forward- looking statements and thus, such forward-looking statements are not a reliable indicator of future performance. The Company undertakes no obligation to publicly update or revise any forward- looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law. The information and opinions contained in this Presentation are provided as at the date hereof and are subject to change without notice. Neither this presentation nor any part of it nor the fact of its distribution may form the basis of, or be relied on or in connection with, any contract or investment decision. The information, statements and opinions contained in this presentation are for information purposes only and do not constitute a public offer under any applicable legislation or an offer to sell or solicitation of an offer to purchase or subscribe for securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments. Any recipient is therefore responsible for his own independent investigations and assessments regarding the risks, benefits, adequacy and suitability of any operation carried out after the date of this presentation. None of the securities referred to herein have been, or will be, registered under the U.S. Securities Act of 1933, as amended, or the securities laws of any state or other jurisdiction of the United States or in Australia, Canada or Japan or any other jurisdiction where such an offer or solicitation would be unlawful (the “Other Countries”), and there will be no public offer of any such securities in the United States. This presentation does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States or the Other Countries. Distribution of this document in other jurisdictions may be prohibited, and recipients into whose possession this document comes shall be solely responsible for informing themselves about and observing any such restrictions. Pursuant the consolidated law on financial intermediation of 24 February 1998 (article 154-bis, paragraph 2) Bonifacio Di Francescantonio, in his capacity as manager responsible for the preparation of the Company’s financial reports declares that the accounting information contained in this presentation reflects the UniCredit Group’s documented results, financial accounts and accounting records. For the aforementioned purposes, "presentation" means this document, and any oral presentation, any question-and-answer session and any written or oral material discussed following the distribution of this document. By participating to this presentation and accepting a copy of this presentation, you agree to be bound by the foregoing limitations regarding the information disclosed in this presentation. Neither the Company nor any member of the UniCredit Group nor any of its or their respective representatives, directors or employees shall be liable at any time in connection with this presentation or any of its contents for any indirect or incidental damages including, but not limited to, loss of profits or loss of opportunity, or any other liability whatsoever which may arise in connection of any use and/or reliance placed on it.