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From UniCredit Unlocked to UniCredit Unlimited Accelerating towards a decade of excellence Milan, 09 February 2026
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1 BEST-IN-CLASS OCG SUPPORTING DISTRIBUTION PROFITABLE BOTTOM-LINE GROWTH UNMATCHED OPERATIONAL EFFICIENCY QUALITY TOP-LINE GROWTH Accelerating towards a decade of excellence Ambition for a decade of unmatched performance and TSR 1. Distribution ambitions are calculated assuming the current 80% ordinary payout and subject to the achievement of Plan targets, including organic capital generation. Potential additional distributions from excess capital return or deployment to be assessed annually. All distributions are subject to supervisory, board of directors and shareholders’ approvals. CUMULATIVE DISTRIBUTION bn RoTE NET PROFIT, bn NET REVENUE, bn Net Rev. / RWA COSTS, bn Cost Income UniCredit Unlimited Transcending our benchmark 2026-2030 Maximising profitable growth through quality growth while taking efficiency to the next level Unmatched per share growth and best-in-class distribution with excess capital returns evaluated yearly Capturing quality market share maintaining NII RoAC at c.20% and growing capital light as % of revenues Re-defining best-in-class Transformation transcending boundaries and stepping-up to a class of our own 2021-2025 UniCredit Unlocked Set the benchmark Maximising profitability while preserving top line growth Unmatched, allowing for superior per share growth and distributions Best-in-class transformation within traditional boundaries Top tier – supported by rising rates – while laying the foundations for the future FY21 FY25 10.61.5 36 16.3 23.9 5.0% 8.3% 9.8 9.4 54% 38% 7% 19% FY21-25 ≥15 80% Ordinary Pay-out FY30 and beyond CAGR 25-28 c.501 ≥29bn >8.6% <9.0 +7% +5% −1% <30% c.25% c.11.0 c.13.0 FY26 FY28 c.301 >25 c.27.5 c.8.3% c.8.6% ≤9.4 c.9.2 c.36% c.33% >20% >23% FY26-28 FY26-30 >4.5bn excess capital to be deployed to further improve our organic or inorganic growth or returned, evaluated yearly
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2 UniCredit Unlocked Set the benchmark 2021-2025 UniCredit Unlimited Transcending our benchmark 2026-2030 Winning proposition 1.1 Proven transformation blueprint 1.2 Unique Structural Advantages1 Strong momentum 2.1 Record results: Beat, in spite of derisking actions 2.2 Unmatched trajectory and strength for the future2 Winning strategy 3.1 Unlimited Acceleration for quality growth 3.2 Unlimited Transformation to redefine sector efficiency3 Superior equity story 4.1 Unmatched profitable growth and distribution story 4.2 Further upside as valuation merits a premium4 Accelerating towards a decade of excellence
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3 UniCredit Unlocked 2021-2025 Winning proposition Set the benchmark with our winning operating model Proven transformation blueprint Developed a winning culture and scalable operating model, moving from laggard to leader in the sector1.1 Unique structural advantages Combining a high-quality client franchise, best-in-class product offering, and attractive geographic footprint 1.2
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4 SIMPLIFIED & STREAMLINED Organisation Processes Way of working UNIFIED & RE-FOCUSED One Vision One Strategy One Culture HARNESSED COMMON DENOMINATOR Product Factories Technology, Data & AI Procurement Ecosystem of Strategic Partnerships EMPOWERED & TRUSTED Our Banks Our People One clear framework Proven transformation blueprint Winning proposition Group scale, Local reach: our unique winning proposition 1.1 1.2 A proven, scalable transformation blueprint … … made successful by our linchpin … … a winning Culture and our motivated People executing relentlessly.
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5 ATTRACTIVE GEOGRAPHIC MIX 13+1 Banks embedded in the fabric of Europe >95% Presence in EU1 with less geopolitical and limited FX risks Top 3 Market share in 90% of our markets 5x Higher more profitable cross-border vs. domestic share Group Net profit share2 2028 37% GER & AUT with GER set to benefit from fiscal stimulus 38% Italy standing as our capital-light engine 25% CEE & Greece, 2x GDP growth vs. EU QUALITY CLIENT MIX >20m Clients with primary relationship connected across Europe >35% RoAC 60%Skewed towards attractive segments c.45% Fees & Net Insurance / Net Revenue Revenue from Private, Affluent and SMEs TARGETED PRODUCT MIX 3 Group Product Factories CORPORATE INDIVIDUALPAYMENTS 26% 28% 46%Group Fees & Net Insurance share 2028 High quality lending #1NII RoAC Capital-light revenue increase weight Top-Tier Fees & Net Ins. / Net Rev. UCX Consumer UCX SMEs UCX Micro Micro business lending Trade Finance Investments Insurance Advisory CRM Cross-border payments Best-in-class products Unique structural advantages Winning proposition 1. Share of Customer Loans in countries part of the European Union 2. Summing expected divisional Net Profit 2028. Commerzbank equity contribution – net of hedges – allocated to GER and CEE & Greece proportionally to CBK ex mBank and mBank share, respectively. Alpha equity contribution allocated to CEE & Greece All amplified by our motivated People, constantly striving for excellence
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6 1.2 1.1 Unreplicable, winning operating model Winning proposition Delivering an unmatched combination of profitable growth and distributions BEST-IN-CLASS PRODUCT MIX ● Deployment of capital at high RoAC ● Capital-light revenue, diversified and growing faster than capital heavy ● Ongoing internalisation increasing retained value on all products ATTRACTIVE GEOGRAPHIC MIX ● Unique Pan-European footprint ● Access to high-GDP growth and high stability ● Limited exposure to FX and geopolitical risk Unique mix of inherent structural advantages … … combined with a disciplined approach to driving each, and all, of our three financial levers QUALITY CLIENT MIX ● Primary client relationships ● Exposure to more profitable client segments ● European Network effect for our SMEs and our people Unmatched operational efficiency, leveraging … converging model allowing for scale effects and tangible synergies OPERATIONAL EXCELLENCE Unmatched capital efficiency, leveraging … high-margin lending and capital-light product distribution CAPITAL EXCELLENCE Unique exposure to growth opportunities, arising from … our unique pan-European network, allowing for superior product offering, not replicable by domestic- only competitors QUALITY PROFITABLE GROWTH
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7 Our operating model sets us apart Winning proposition 1. Total distribution accrued over the FY21 – FY25 period / average market cap (FY21 – FY25) 2. Source: FactSet. TSR over the period spanning 31/12/2020 – 31/12/2025 3. Core peers consist of BBVA, BNP Paribas, ING, Intesa Sanpaolo, Santander 4. FY21 vs. FY25 1.1 1.2 Rank FY25 vs. FY21 From Laggard to Leader ... Best Net Profit growth#1 RoTE @ 13% from #5 #1 Cost/Income from #5 Top-Tier Net Revenue growth #1 Organic Capital Generation from #2 Best Distribution yield1 >3x Share price vs. core peers3 c.3x TSR vs. core peers 3 c.2x Total distribution growth vs. core peers 4 TSR2, FY20-FY25 … generating more value than any of our peers 1089% 530% 364% 359% 347% 163% PRICE DIVIDEND Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 UC
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8 UniCredit Unlocked 2021-2025 Strong momentum Set the benchmark with five years of sustained outperformance Record results • Record 4Q and FY25, crowning 5 years of excellence • 20 consecutive quarters of quality profitable growth led to our best year ever 2.1 Unmatched trajectory Entering 2026 with unmatched momentum leading across all KPIs - despite >1.4bn extraordinary charges - and ongoing transformation to further amplify our future trajectory 2.2
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9 Items, m FY25 ∆ FY/FY 4Q25 ∆ Y/Y Net Revenue 23,874 −1% 5,331 −6% Revenue 24,536 −1% 5,687 −5% o/w NII 13,732 −4% 3,430 −6% o/w Fees + Net Insurance 8,692 6% 2,140 8% o/w Investments - incl hedging 406 −14% −35 n.m. o/w Trading & Balances - excl hedging 1,706 −6% 152 −47% Costs −9,441 0% −2,514 0% GOP 15,094 −2% 3,173 −9% LLPs −662 3% −356 0% NOP 14,433 −3% 2,816 −10% Integration costs −1,177 40% −1,053 40% Stated Net Profit 10,915 12% 2,167 10% Net Profit 10,579 14% 1,833 17% Net Rev / RWA, % 8.3% −0.4p.p. 7.3% -0.9p.p. CoR, bps 15 1 33 −1 Fees & Net Insurance / Net Rev., % 36.4% 2.4p.p. 40.2% 5.1p.p. Cost/Income ratio, % 38.5% 0.6p.p. 44.2% 2.5p.p. RoTE, % 19.2% 1.5p.p. 12.1% 0.6p.p. RoTE @ 13% CET1r % 21.9% 1.0p.p. 13.3% -0.2p.p. CET1r, % 14.7% -1.1p.p. 14.7% -1.1p.p. Strong momentum > Record results 1. Trading costs related to strategic portfolio (-574m impact in FY25, -322m in 4Q25) 2. One-off hedging costs (€c.240m booked in 4Q25) 3. FY25 results vs company compiled consensus as 05/03/2025 (after FY25 guidance) 4. Including FY24 final dividend paid in April 2025 of €1.4764 and FY25 interim dividend paid in November 2025 of €1.4282, or +11% FY/FY without it 5. FY25 DPS at €3.1487 calculated as €1.4282 interim DPS paid in November 2025, plus €1.7205 preliminary final DPS, calculated as of 6 February 2026 based on the best estimate of the expected number of shares eligible for dividend payment. The definitive final DPS will be communicated according to the ordinary procedure 6. FY25 total distribution at €9.5 billion, of which €4.75 billion cash dividend (of these, €2.2 billion has already been paid as interim dividend in November 2025, the remaining €2.58 billion, corresponds to a preliminary final DPS of €1.7205) 7. “Investments” refer to “Dividends”, including contribution from consolidated stakes EPS +20% BOOSTED PER SHARE GROWTH FY/FY TBVPS4 +19% DPS5 +31% RECORD PROFITABILITY & DISTRIBUTIONS Net Profit 10.6bn +14% FY/FY Distributions6 9.5bn +6% FY/FY RoTE 19.2% +1.5p.p. FY/FY BETTER-THAN-EXPECTED OPERATING TRAJECTORY • Beat on NII, more resilient than expected • Beat on Fees + Net Ins. grow more than expected • Beat on Costs, entirely absorbing new perimeters +200m +150m +120m +0.5bn FRONTLOADING EXTRAORDINARY CHARGES • Hedging costs one-off • Integration costs −1.4bn −c.240m −1.2bn SBB commencing after supervisory and shareholders’ approvals FY253 Record 4Q crowning our best year ever, beating expectations again 2.2 2.1 % Adjusted for one-off hedging costs connected to strategic portfolio2 flat flat -1% -1% -1% -1% -2% -3% 7.6%8.4% 1, 7 1
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10 Resilient Revenue, with better-than-expected NII and Fees & Net Ins. contribution Strong momentum > Record results 1. Group excluding Russia 2. Other expenses/income 3. “Investments” refer to “Dividends”, including contribution from consolidated stakes MORE RESILIENT THAN EXPECTED NII • Absorbed >1bn impact from rates compression, while focusing on margin stability • Supported by quality loan growth (+4%) and excellent pass-through at 31.5%1 • Troughed and growing sequentially for the first time since 2024 (+2% Q/Q) GROWING FEES & NET INSURANCE • Growing ahead of expectations, driven by Investment Fees • Accelerating sequentially +1% Q/Q • Fees & Net Insurance / Net Revenue reaching a top-tier c.36%, +2 p.p. INVESTMENTS AFFECTED BY ONE-OFF • Down due to hedging costs in the year • Set to provide significant capital-light growth going forward TRADING AFFECTED BY ONE-OFF • Resilient when adjusting for hedges on investments • Up +2% FY/FY excluding Balance2 positive contribution in 2024 INVESTMENTS incl. hedging costs, bn 3 0.3 0.5 0.5 0.4 −14% NII, bn 10.7 14.0 14.3 13.7 −4% +2% Q/Q FEES & NET INSURANCE, bn 7.6 7.6 8.2 8.7 +6% +1% Q/Q TRADING & BALANCE 2 excl. hedging costs, bn 1.7 1.8 1.8 1.7 FY2022 FY2023 FY2024 FY2025 −6% 2.2 2.1 REVENUE, bn 24.9 24.5 FY2024 FY2025 -1% Flat exc. one- off hedging costs
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11 Net Revenue remains resilient thanks to disciplined underwriting Strong momentum > Record results STRUCTURALLY LOW COR • CoR remains low at 15bps continuing to benefit from strong writebacks • 1.7bn overlays stock unchanged to manage future upward pressure on CoR or further support profitability SOUND ASSET QUALITY • Sound Net NPEr at 1.6% • Low default rate at 1.3% • Coverage broadly stable at 44% 1.9 0.6 0.6 0.7 FY2022 FY2023 FY2024 FY2025 LLPs, bn +3% CoR, bps 41 13 15 15 2.2 2.1 24.2 23.9 FY2024 FY2025 NET REVENUE, bn -1% Net Revenue / RWA 8.3%8.7% 8.4% exc. one- off hedging costs Flat exc. one- off hedging costs
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12 Better-than-expected operating trajectory Strong momentum > Record results COST DYNAMIC BETTER THAN EXPECTED • Continued operational excellence • Flat cost base absorbing new perimeters • Strong discipline again demonstrated • Sustainable leading C/I notwithstanding rates headwinds and investments BEST-IN-CLASS OPERATING EFFICIENCY CONFIRMED • Resilient Revenue combined with sound cost control and investments • Leads to core operating performance materially better than expectations 2.2 2.1 GOP, bn 10.8 14.4 15.5 15.1 FY2022 FY2023 FY2024 FY2025 -2% -1% exc. one- off hedging costs C/Ir, % 47.0% 39.7% 37.8% 38.5% 38.1% exc. one-off hedging costs COSTS, bn 9.4 9.4 FY2024 FY2025 flat -1.8% exc. new perimeters
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13 Record Profitability notwithstanding extraordinary charges Strong momentum > Record results Leading to best-in-class Profitability while preparing for the future >1.4bn Pre-tax impact c.1bn Net Profit post-tax impact 2.2 2.1 FY24 FY25 NET PROFIT, bn +14% 9.3 10.6 RoTE 19.2%17.7% RoTE @13% CET1 21.9%20.9% FY25 pre-tax impact Frontloaded hedging costs One-off impact on trading, related to the hedging of our strategic portfolio, to protect and optimize its return c.240m trading c.1.2bn Integration Costs Frontloaded Integration costs To prepare for future investments without affecting our future cost base Building buffers further, preparing for the future … 1.7bn Overlays Highest in the industry In addition to >4.5bn Excess capital
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14 Excellent organic capital generation continues Strong momentum > Record results 1. MDA buffer 4Q25 of 405bps (including a gap of 20bps vs 1.88% AT1 bucket requirement) computed vs MDA requirement at 10.50% as of 4Q25 STRONG OCG CONFIRMED Greater than Net Profit thanks to focus on quality growth. Supporting, with other levers, distributions and equity investments LEADING DISTRIBUTION CONFIRMED 9.5bn supported by strong OCG, leading to flat CET1 incl. Investments and excl. regulatory items and banking tax DISCIPLINED INVESTING CONFIRMED Excess capital invested at >2x vs. SBB returns, further enhancing future profitability and EPS-DPS capital light growth trajectories 2.2 2.1 3Q25 4Q25 14.8% 14.7%+48bps −63bps −10bps +6bps4Q25 / 3Q25 4Q25 pro-forma 14.8%+17bps Organic capital generation Dividend & SBB Equity investments including hedges Alpha Consolidation (incl. Hedges) 1Q26 Regulatory & PD 15.9% 14.7%1 +382bps −362bps −103bps −54bps −53bps 14.8% +26bps Other FY24 FY25 Incl. −11bps from Italian banking tax Danish Compromise 3Q26 +56bps FY25 pro-forma FY25 / FY24 CET1 RATIO, %
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15 Quality Growth 11.0bn Gross Revenue −3.1% Operational & Capital Excellence 34.7% Cost / Income +0.4p.p. Profitability 10.0% Net Rev. / RWA −0.4p.p. 5.7bn 2 Profit before Tax −7.5% 26.9% RoAC3 −4.0p.p. −7.8% NII +9.3% RWA +6.5% Fees & Net Insurance −2.0% Costs +2.0% Q/Q 27bps CoR −2bps 3.6bn OCG4 +130bps Italy – best-in-class franchise, already accelerating further Strong momentum > Record results Data as of 31 December 2025, all deltas FY/FY unless otherwise specified 1. Computed comparing FY25 Net Profit to the sum of Italy (excluding Profit on Investments from Life Insurance internalisation), Germany, Austria and CEE 2. Excluding Profit on Investments from Life Insurance internalisation (6.4bn including) 3. Annualised ratio between (i) Net profit after AT1/Cashes minus excess capital charge and (ii) allocated capital. Excluding Profit on Investments from Life Insurance internalisation (31.7% including) 4. Calculated on Group RWA (see end notes for details/definition). Excluding Profit on Investments from Life Insurance internalisation (4.3bn including) GROWTH MOMENTUM ● New lending +10%, growing in selected segments (Consumer) ● Loans +3%, Deposits +4% ● +16bn Net sales PROFITABLE LENDING GROWTH CAPITAL-LIGHT GROWTH ● NII −8% in the year but +2% sequentially, Net NII -7% ● NII RoAC still best-in-class at c.22% underscoring discipline ● Growing +6.5% mainly thanks to Investment Products (+8%) ● Fees & Net Insurance / Net Revenue at 44%, +4p.p. Acceleration in action 2.2 2.1 41% of Group Net Profit1 Quality Earnings Powerhouse
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16 Quality Growth 5.5bn Gross Revenue +2.1% Operational & Capital Excellence 38.2% Cost / Income −2.4p.p. Profitability 7.7% Net Rev. / RWA +0.1p.p. 3.0bn Profit before Tax +9.5% 21.3% RoAC2 +2.1p.p. +0.6% NII +5.5% RWA +4.4% Fees & Net Insurance −3.9% Costs +1.3% Q/Q 20bps CoR −1bps 2.6bn OCG3 +93bps Germany – transformation benchmark in action, now accelerating Strong momentum > Record results Data as of 31 December 2025, all deltas FY/FY unless otherwise specified 1. Computed comparing FY25 Net Profit to the sum of Italy (adjusted for 653m revaluation of Life Insurance stake in 2Q25), Germany, Austria and CEE 2. Annualised 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) 4. Including Market risk RWA and Trading, for comparability vs local peers 22% of Group Net Profit1 Resilient Anchor GROWTH MOMENTUM PROFITABLE LENDING GROWTH CAPITAL-LIGHT GROWTH ● New lending +5% ● Loans +1%, increasing market share ● +1bn Net Sales ● NII +1% both in the year and sequentially sustained by loan growth (Net NII +1%) ● NII RoAC4 at c.19%, +2p.p. ● Growing +4.4% sustained by Investment Product (+11%) and Client Hedging (+13%) ● Fees & Net Insurance / Net Revenue at 32%, +1p.p. Acceleration in action 2.2 2.1
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17 Quality Growth 2.6bn Gross Revenue −3.0% Operational & Capital Excellence 39.3% Cost / Income +1.1p.p. Profitability 6.5% Net Rev. / RWA −0.5p.p. 1.5bn Profit before Tax −6.0% 22.6% RoAC2 −1.1p.p. −8.0% NII −0.4% RWA +1.8% Fees & Net Insurance −0.3% Costs +5.7% Q/Q 5bps CoR −2bps 1.5bn OCG3 +55bps Austria – good performance with renewed momentum Strong momentum > Record results Data as of 31 December 2025, all deltas FY/FY unless otherwise specified 1. Computed comparing FY25 Net Profit to the sum of Italy (adjusted for 653m revaluation of Life Insurance stake in 2Q25), Germany, Austria and CEE 2. Annualised 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) GROWTH MOMENTUM ● New lending +34% ● Loans & Deposits +3% (Loans +4% excl. Card Complete), growing market share ● +1bn Net Sales PROFITABLE LENDING GROWTH CAPITAL-LIGHT GROWTH ● NII −8% in the year while +5.7% sequentially sustained by loan growth (Net NII -8%) ● NII RoAC at c.13% ● Growing +1.8% sustained by Investments (+9%) and Financing & Advisory (+4%) ● Fees & Net Insurance / Net Revenue at 31%, +1p.p. Acceleration in action 2.2 2.1 13% of Group Net Profit1 Resilient Anchor +6.3% excl. Card Complete
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18 Quality Growth 4.7bn Gross Revenue +5.5% Operational & Capital Excellence 34.6% Cost / Income +1.5p.p. Profitability 8.3% Net Rev. / RWA −0.4p.p. 2.7bn Profit before Tax +1.6% 27.4% RoAC2 −1.9p.p. +2.5% NII +7.3% RWA +10.7% Fees & Net Insurance +10.3% Costs +2.7% Q/Q 11bps CoR +15bps 1.9bn OCG3 +67bps CEE – unique quality growth trajectory maintaining efficiency and profitability Strong momentum > Record results Data as of 31 December 2025, all deltas FY/FY unless otherwise specified 1. Computed comparing FY25 Net Profit to the sum of Italy (adjusted for 653m revaluation of Life Insurance stake in 2Q25), Germany, Austria and CEE 2. Annualised 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) GROWTH MOMENTUM ● New lending +24% ● Loans +11%, Deposits +7%, growing market share ● +10bn Net Sales PROFITABLE LENDING GROWTH CAPITAL-LIGHT GROWTH ● NII +2.5% in the year and +2.7% sequentially sustained by loan growth (Net NII −1%) ● NII RoAC at c.24% ● Growing +10.7% sustained by Investments, F&A, Payments and Current Accounts ● Fees & Net Insurance / Net Revenue at 29%, +2p.p. Acceleration in action 2.2 2.1 23% of Group Net Profit1 Group’s Growth Engine
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19 2.6bn −2% 2.4bn +2% Issuing & Acquiring: Top 3 leading MS in 4 European markets 5 #1 Euromoney Best Cash Management Bank in 6 Countries6 PAYMENTS GROUP TRADE & CORRESPONDENT BANKING 1.0bn −22% 0.7bn flat 20bn flows across EU +8% Y/Y Leading MS, >20% (+100 bps Y/Y), with top 3 position in every UC country CLIENT RISK MANAGEMENT 2.3bn +9% 1.0bn +16% RoAC 39%3 thanks to client driven business NET REVENUE FEES & NET INSURANCE ADVISORY & FINANCING SOLUTIONS 2.1bn +17% 0.7bn1 #1 in Corporate Loans by fees in ITA, GER and AUT2 #2 in EMEA EUR Corporate Loans by vol., #1 in GER +4% INVESTMENTS 2.5bn +9% 2.5bn +9% 31bn onemarkets funds, sales +110% Y/Y ~80% Funds value chain internalised AuM + AuA growing across all regions by +17% to 194bn4 NET REVENUE FEES & NET INSURANCE INSURANCE 1.1bn +15% 1.0bn +23% 4th Largest Life insurance market player in ITA: reserves 52bn o/w 45bn insourced Incl. net insurance result Client Solutions: capital-light engine, with >90% of Group Fees & Net Insurance Strong momentum > Record results Data as of FY and all deltas FY/FY, unless otherwise stated 1. Gross Fees excluding effect of securitisation costs 2. Source: Dealogic Cortex by fees as of 01 Jan. 2026 (Period: 01 Jan. to 30 Dec. 2025) 3. CRM RoAC excluding Russia, with RU included ROAC increases at 50% 4. Including Corporates 5. Issuing: Bulgaria, Croatia, Bosnia; Acquiring: Croatia, Bulgaria, Bosnia, Romania 6. Euromoney Transaction Banking Awards 2025: Best Corporate Payments Bank; Euromoney Cash Management Survey: Best Cash Management Bank in Austria, Bosnia and Herzegovina, Croatia, Romania, Slovakia, Slovenia PAYMENTS SOLUTIONS 8.2bn 11.7bn Net Revenue Fees & Net Insurance +5% +8% 2.2 2.1 FY/FY
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20 Entering 2026 with stronger-than-expected operating performance Strong momentum > Unmatched trajectory 1. Compared to company-compiled Consensus post FY24 results (as of 5/3/2025). CET1r on a like-for-like basis (excluding 54bps impact from equity investments including hedges) Impact from significant past and future investments to further amplify our future trajectory Loans +4% FY/FY +12% Private & Affluent +5% Large Corporates With market share growth already visible in ITA and GER (targeted segments), AUT and CEE Deposits +3% FY/FY +16bn Stock growth −30bps Pass-through Strong growth, maintaining pass-through excellence NII +2% Q/Q +3% Consumer Finance +3% Mid Corporate Sequentially growing across all geographies New Clients >1m In 2025 All markets contributing Alpha Romania strong push Strong focus on high value client segments 2.1 2.2 Commercial acceleration already in flightFY25 beats start-of-year expectations1 BEAT NII Fees & Net Insurance Costs Net Profit BEAT BEAT BEAT Net RevenueBEAT Cost / IncomeBEAT RoTEBEAT CET1rBEAT >1.4bn Extraordinary Charges 1.7bn Overlays >4.5bn Excess Capital All while building buffers to further propel the future Fees & Net Insurance +6% FY/FY +8% 4Q/4Q >36% Push from Life insurance internalisation and 80% value retention in AMFees & Net Insu. / Net Rev.
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21 Intra-Revenue restatement from 1Q26, improving transparency and predictability Strong momentum > Unmatched trajectory Figures are preliminary and subject to final evaluation in 1Q26. From 2026, RoTE uses a Tangible Equity that progressively accrues dividends and buybacks and no longer includes the DTA TLCF adjustment. These changes better align the methodology with market practice and make RoTE more stable and comparable. 1. Other expenses/income 2. “Investments” refer to “Dividends”, including contribution from consolidated stakes Allowing for better comparability vs. peers and better transparency and predictability of our Revenues Net Revenue o/w LLPs o/w NII o/w Fees & Net Insurance o/w Investments2 o/w Trading o/w Balance1 RESTATEMENT GOING FORWARD2025, bn (stated) 23.9 0.7 13.7 8.7 0.4 1.7 0.0 P&L ITEMS, million FROM TO Commodities Interest Margin +323 −323 Trading NII Certificates Costs +342 −342 NII Trading Securitisation Costs +74 +179 −253 Fees/NII Balance1 Bancassurance Indemnities −71 +71 Balance1 Fees 2025, bn (restated) Our base case going forward 23.9 0.7 14.5 8.8 0.4 1.0 −0.2 Overall effect Managerial representation, incl. -574m hedging results Total Revenue unchanged – no impact on growth trend of NII, Fees + Net Insurance going forward as we restate FY25 starting point Managerial representation, excl. -574m hedging results 2.1 2.2
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UniCredit Unlimited 2026-2030 Unlimited Transformation Re-setting the efficiency frontier: leveraging our starting position and using new tools3.2 Unlimited Acceleration Gain quality market share: grow revenues profitably – quality NII, Fees and Net Insurance – more than peers Capital-light revenue growth further boosted by equity investments 3.1 Winning strategy Transcending the benchmark by daring to disrupt, innovate and rethink
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23 Winning strategy Unlimited Acceleration Ambitions on a like-for-like basis with FY25 preliminary figures restated for the intra-revenue restatement, effective from 1Q26, and subject to final evaluation 1. Other expenses/income 2. “Investments” refer to “Dividends”, including contribution from consolidated stakes QUALITY GROWTH MORE THAN OFFSETS RUSSIA COMPRESSION ≥29bn Net NII + Fees & Net Insurance (excl. Russia) Trading & Balance1 Investments (net of hedges)2 FY25 Net Revenue Actual FY28 Net Revenue Ambition Russia compression FY30 and beyond Ambition Investments more than offset Russia compression and improve mix c.27.5bn 23.9bn >5% CAGR +5% CAGR Transcending the benchmark – being first: not just a position, a mindset 3.1 Grow quality market share: empowered commercial Impact leveraging investments
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Transcending the benchmark – being first: not just a position, a mindset Grow quality market share: empowered commercial Impact leveraging investments Winning strategy Unlimited Acceleration 24 3.1 STRENGTHEN CLIENT CONNECTIONS AND EXTRACT VALUE FROM PAST INVESTMENT >5% Maintaining best-in-class NII ROAC at c.20%Loans, CAGR 2025-28 >6% Improving Fees + Net Insurance / Net Revenue towards c.38% TFAs excl. Depos, CAGR 2025-28 Capital-light growth adding c.1bn revenue +1bn Revenue growth from Investments (net of hedges), 2025-28 TO DELIVER THE BEST COMBINATION OF PROFITABLE NII AND CAPITAL LIGHT REVENUE Acquire new primary targeted clients Increase share of wallet from existing clients
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25 Unlimited Acceleration – Key Levers Winning strategy Transcending the benchmark – being first: not just a position, a mindset 25 3.2 3.1 Empowered commercial Impact leveraging investments OUR PEOPLE Invest in the linchpin of our success OUR FACTORIES Enhance connectivity and distribution OUR CHANNELS Leverage our superior channels OUR DIGITAL, DATA & AI Lead change in AI and Technology
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26 Unlimited Acceleration – Our People Winning strategy Continuing to work on the same levers to empower and motivate our People 3.1 3.2 OUR PEOPLE Invest in the linchpin of our success Leverage our base … HIGH MOTIVATION Involved in setting the strategy and united by a winning culture and shared vision STRONG TALENT Unique pan-European talent base strengthened through training and investment UNWAVERING PASSION Strong Culture of empowerment driving bottom-up innovation, guided by our Values of integrity, ownership, caring. … and continuously strive to improve further Offer superior career trajectory and learning opportunities Meritocratic reward framework aligned to performance, impact and role Continue to develop and reward talents REWARD Continue to further reshape the Group age pyramid Hire people where we direct our growth efforts HIRE Crystallise value and double down on hirings Continue up-skill and re-skill programs Increased focus on digital skills and AI extension across the Group Continue to invest and train TRAIN Continue to collecting and selecting ideas from the bottom-up to innovate and grow Further streamline organisation to empower even more our people ENGAGE Further promote a bottom-up approach 2.5m yearly hours Training, mainly in Digital&AI c.10k Hires 2026-28 Alongside upskilling and internal mobility
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27 Unlimited Acceleration – Our Factories Winning strategy Group scale – Local Reach Best-in-class product offering, connected to our frontline 3.1 3.2 Investing and innovating in our product factories PORTFOLIO Further expand product portfolio to create new innovative solutions for evolving client needs Broaden FX, rates, commodities Elevate Issuing & Acquiring Expand Quality and nature of our investment offering PENETRATION Increase penetration in new geographies and in targeted client segments Expand in Poland and Greece Develop factories roll-out in CEE Enhance cross-selling on International clients VALUE-CHAIN Capture more value and turbocharge growth through internalisation Leverage Life internalisation Further grow onemarkets New internal hub for alternative products NEW TECHNOLOGIES Embrace and leverage end-to-end digital transformation and AI experimentation Further expand DealSync Roll-out Smart factor & Trade finance gate New hub for tokenisation OUR FACTORIES Enhance connectivity & distribution >2x onemarkets AUM by 2028 vs. 2025 >6% TFAs excl. Depos CAGR 25-28
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28 A SUCCESSFUL CASE AMC Launch of Actively Managed Certificates 2021 80% Amundi funds 2022 Only delegation to external Ams Available in 7 UCG countries 2025 Expansion in other geographies Focus on solutions for the Italian market New generation funds leveraging on internal capabilities ESG competence center revamp Revamp as CEE AM hub for the group Certificates New certificates and structured bonds payoffs Alternatives First distributor of evergreen alternative funds 2026 Gross sales of UCG funds over total 2021 2025 2028 Ambition 6% 14% 30% 50% c.70% 2022 2023 2024 2025 Jan. 2026 60% c.80% >85% Value chain internalisation onemarkets AUM (bn) 2021 2025 2028 Ambition >300 >2x Negotiated at scale for the Group Distributor Outsourcer Innovator Design funds for others Developer for others ETFs Launch UCG ETFs UC Invest - Alternatives Launch i-AMC Certificates whose content is actively managed by clients Retirement and savings products Launch Distinctive Asset Management Platform Unlimited Acceleration – Our Factories Winning strategy Group scale – Local Reach Best-in-class product offering, connected to our frontline 3.1 3.2
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29 Unlimited Acceleration – Our Channels Winning strategy Bringing the power of choice back to our Clients 3.1 3.2 OUR CHANNELS Leverage our superior channels Unchanged omni-channel, client-centric approach making physical, mobile, online and remote channels interchangeable WHERE THEY WANT Digital interactions and human touch WHEN THEY WANT Banking available 24/7 HOW THEY WANT Smoother user experience WHAT THEY WANT More tailored solutions Increasingly leveraging AI across all channels to offer personalised advisory and enhanced speed, accuracy, and experience at scale ADAPTING OUR CHANNEL MIX AS CLIENT PREFERENCES EVOLVE OVER TIME PHYSICAL Focus on premium, personalised products and high-value cross-selling >3k Branches UC Financial Services REMOTE ASSIST Tailored support and advisory, granting flexibility and proximity UC Direct DIGITAL Reference for everyday interactions with full products available, and client acquisition (buddy) Mobile banking Online banking
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30 1. Peers: Isybank, Revolut, Wise. Calculated as Total Costs (excluding marketing) divided by Gross Client Stock. For Buddy and Isybank, Total Costs refer to 1H25 forecasts, while Client Stock refers to FY25. For Revolut and Wise, all figures are from 2024 and converted into euro using the exchange rate as of 31/12/2024 A SUCCESSFUL CASE A new way to access the branch Evolution of our physical branch, ready to be exported in all our countries Best- in-class Cost-to- serve1 2m Clients by 2028 800k Clients today buddy REMOTE BRANCH WITH EXTENDED HOURS ALWAYS-ON SUPPORT UNICREDIT EXPERTISE, DIGITALLY FULLY-FLEDGED PRODUCT OFFERING LEVERAGING THE SAME PLATFORM TAILORED EXPERIENCE FOR MODERN LIFESTYLES • buddy agents and advisors beyond traditional opening times • Proximity vision: available on-demand, wherever the client is • 24/7 mobile support via chat or call, leveraging AI • Instant assistance for daily banking and financial needs • High-quality professional service, long-standing digital know-how • Competitive cost-to-serve with a more efficient structure • Traditional products and non-banking services (mobility, utilities, lifestyle) • UC full product catalogue available • One single APP for UC and buddy with simplified digital architecture • Best-in-class partners integrated into the ecosystem • For clients seeking UC-level service and maximum flexibility • Personalised solutions that fit daily life, not just banking Unlimited Acceleration – Our Channels Winning strategy More than a Digital Bank: always available, always tailored 3.1 3.2
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31 Unlimited Acceleration – Our Digital, Data & AI Winning strategy 3.1 3.2 Further embrace AI SUPERIOR STARTING POSITION ROI-driven approach Group wide process redesign and bottom-up use-cases selection based on business value and efficiency Solutions already in flight Custom solutions - DealSync, UniAsk, buddy AI-chatbot - partnership with Google for phased low-code adoption Global Data & AI team Unified data platforms, one single AI platform enabling governed, scalable custom low-code solutions CLEAR SET OF INITIATIVES GOING FORWARD ENHANCE CUSTOMER SUPPORT • Broaden AI-powered service channels • Modernise engagement through agentic AI models • Personalise client interfaces with AI improving speed & quality UPGRADE CUSTOMER EXPERIENCE • Augment traditional chatbots with Gen-AI virtual assistants • Leverage predictive analytics, anticipate needs and personalise • Deploy smart-sales recommendations for advisors EMPOWER BACK AND MIDDLE OFFICE • Embed AI copilots to speed up knowledge access and document workflows • Automate manual processes with agentic AI while keeping human oversight • Enable AI tools to boost individual productivity 3 E2E Process redesign in flight, more to come 1 Unified Platform c.-35% time- to-delivery OUR DIGITAL & DATA Lead change in AI and Technology AI
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32 A SUCCESSFUL CASE STRATEGIC RATIONALE Significant addressable market Democratize access to M&A for SMEs Drive cross selling Attract new clients Scale digital service model CLEAR NEXT STEPS AHEAD DealSync Evolve towards an open architecture Fully integrate lending offer Propel cross-border deals growth Boost vertical adoption & expand in CEE KEY FEATURES • AI-powered matchmaking platform for SME M&A and capital raising • Digital, scalable brokerage model by eliminating marginal unitary costs • One-stop shop connecting SMEs, investors, advisory boutiques, and UniCredit bankers • Data-driven matching + automated profiling, compliance, investor materials • Already live across all our main markets ABI Innovation Winner 2025 c.4k Deals identified Unlimited Acceleration – Our Digital, Data & AI Winning strategy 3.1 3.2 AI
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33 Unlimited Acceleration – Our Digital, Data & AI Winning strategy From early adopter to leader: scaling tokenisation and digital-assets capabilities with speed and discipline 3.1 3.2 OUR DIGITAL & DATA Lead change in AI and Technology Further embrace new technologies CRYPTO-RELATED PRODUCT OFFERING • Offering access to crypto space through public ETPs with underlying crypto live across all our main markets with clear disclosure to inform on volatility and risks • Pioneered capital-protected certificates with ETF Bitcoin as underlying ON-CHAIN TRANSACTIONS SETTLEMENT • Founding member of Qivalis – the European strategic systemic EUR denominated stablecoin– shaping the future of on-chain settlement • Active participant of PONTES (ECB-led project) to launch an interbank DLT-based infrastructure ASSET TOKENISATION • Two successful and pioneering Proof Of Concepts on tokenised minibond and structured note • Aim to lead in tokenisation in Europe scaling initiatives and driving expansion to new assets leveraging our acquired experience
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Transcending the benchmark – being first: not just a position, a mindset Reset Efficiency Frontiers in Operational and Capital excellence Winning strategy Unlimited Transformation3.2 Ambitions on a like-for-like basis with FY25 preliminary figures restated for the intra-revenue restatement, effective from 1Q26, and subject to final evaluation 1. “Investments” refer to “Dividends”, including contribution from consolidated stakes FURTHER SHARPEN CAPITAL EFFICIENCY (bn) Capital-light Revenue Net Rev / RWA FY25 Net NII Fees & Net Insurance Investments (net of hedges)1 Trading & Other RWA Net Rev / RWA FY28 c.8.6%8.3% FY30 and beyond Ambition >8.6% REDEFINE OPERATIONAL EFFICIENCY (bn) 9.4 c.9.2 <9.0 Costs FY25 Inflation Transformation investment Pro-forma Redefine operational efficiency Costs FY28 FY30 and beyond Ambition
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35 Unlimited Transformation – Capital Winning strategy CAPITAL Further sharpen capital efficiency Fees & Net Insurance / Net Revenue (FY25) Delivering the best combination of capital-light revenue growth and profitable NII 5% 15% 25% 35% 45% 55% 3% 6% 9% 12% 15% 18% NII RoAC (FY25) UC PEERS AVG PEERS AVG Directing differential capital to the right geographies, products and clients INCREASE CAPITAL-LIGHT REVENUE Boost the weight of Fees & Net Insurance on total Net Revenue Maximise Investments returns through hedges above CoE MAXIMIZE OUR LENDING PROFITABILITY Grow our NII maintaining a c.20% NII RoAC Execute Securitizations above cost of equity 3.1 3.2
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36 Tech & AI evolution allowing us to change key focus Unlimited Transformation – Operational Winning strategy Elevating our People towards higher-value activities Simplify and Streamline Automate and Rethink KEY FOCUS 2021-25 Simplification and streamlining within traditional boundaries IDENTIFY INEFFICIENCIES AND RE-INVEST Reduce non-business costs; self-fund transformation EMPOWER OUR PEOPLE AND OUR BANKS Flatten structures, shift resources closer to business, push bottom-up improvements TRANSFORM THE OPERATING MODEL Standardise, converge processes, simplify E2E flows KEY FOCUS 2026-30 AUTOMATE AT SCALE TO IMPROVE MANUAL WORK AI for documents, reconciliations, error reduction; GenAI to boost productivity across functions REDIRECT CAPACITY TOWARDS HIGH-VALUE ACTIVITIES Free up time and resources to drive growth and client impact through motivated people and innovation REINVENT PROCESSES LEVERAGING AI Embed AI into AML/KYC, compliance, onboarding; leverage smart contracts / blockchain; rethink core banking Reinventing and automating, testing new boundaries OPERATIONAL Redefine operational efficiency 3.1 3.2
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37 A SUCCESSFUL CASE INNOVATION AND TESTING HUB PROPRIETARY NEXT-GEN CORE BANKING EMBEDDED FINANCE PLATFORM ENHANCED IN-HOUSE TECH EXPERTISE • Cloud-based scalable core banking platform • Rapid product design, multi-country rollout, and integration with multiple channels • Removed dependency on 3rd-party providers, enabling full control of the tech stack • A sandbox to test innovative products, fintech partnerships and new functionalities • Allows rapid experimentation without impacting core systems • New features can be scaled and industrialised across the Group after validation • 200+ engineers, technologists and data & AI scientists • Strengthened internal capabilities to build, adapt, and evolve digital banking solutions, leveraging extensive Google Cloud Platform expertise to accelerate product development cycles • Faster response to market changes and business needs • In-house platform delivering embedded finance solutions for marketplaces and platforms across the Group • Avoid reliance on third-party providers, strengthening control over tech, economics and data • Modular API architecture enabling rapid integration and fast time-to-market for new services Vodeno Unlimited Transformation – Operational Winning strategy Proprietary next-generation tech and AI, backed by core banking and technology experts 3.1 3.2
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38 Discerning approach to M&A as a potential accelerator If – and only if – it will add substantial value to our compelling standalone case Only if … fully aligned to group strategy to enhance our inherent structural advantages – geographies, products, clients – while accelerating innovation Only if … satisfying our strict terms and conditions, additive to our shareholder returns: (i) Post synergies return greater than SBB; (ii) EPS and DPS accretive in 2-3 years; (iii) minimise shareholder DPS dilution in Year 1 UniCredit Unlimited – a compelling standalone case Winning strategy Our FY28 ambition offers a compelling standalone case, with M&A only if adding significant value as an accelerator Unlimited Transformation Re-setting the efficiency frontier CAPITAL OPERATIONAL Unlimited Acceleration Gain quality profitable revenue and market share OUR PEOPLE OUR PRODUCTS OUR CHANNELS DIGITAL, DATA & AI 3.1 3.2
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UniCredit Unlimited 2026-2030 Superior equity story A clear ambition to deliver, once more, the best investment proposition of the industry Further upside potential • We have options like no others: In our 13+1 geographies and beyond, also benefitting from 2 investments • Disciplined: inorganic investments – includingM&A – executed only if improving analready best-in-class standalonecase 4.2 Clear ambition The best combination of profitable growth and distributions • Significantly growing Net Profit while maintaining the best RoTE in the sector • Best-in-class per share earnings and distribution growth 4.1
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40 Unique buffers de-risking our ambition Upgrading our Ambition Superior equity story > Clear ambition Ambitions on a like-for-like basis with FY25 preliminary figures restated for the intra-revenue restatement, effective from 1Q26, and subject to final evaluation 1. Core Net Revenue = Net NII + Fees & net insurance, including Russia 1.7bn OVERLAYS STOCK 2025 EXTRAORDINARY CHARGES 2025 1.4bn c.1.0bn INVESTMENTS (NET OF HEDGES) Revenue growth 2028 vs. 2025 EXCESS CAPITAL 2025 >4.5bn To 12.5-13% CET1r Target Figures, bn 25-28 CAGR FY25 re-stated FY26 FY28 FY30 and beyond OCG At least in line with 80% Net Profit EPS, DPS growth Double-digit NOP +8%14.4 >15.8 >18.0 Core Net Revenue1 >4%22.6 >23.1 c.25.7 Net Revenue +5%23.9 >25 c.27.5 ≥29 Costs -1%9.4 ≤9.4 c.9.2 <9.0 Net Profit +7%10.6 c.11 c.13 ≥15 RoTE >19% >20% >23% c.25% Cost / Income 38% c.36% c.33% <30% CoR 15-20bps incl. overlays only if required15bps 4.1 4.2
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41 Continuing a disciplined approach to our three financial levers Further upgrading our profitable growth trajectory Superior equity story > Clear ambition Delivering an unmatched combination of profitable growth and distributions Cost base well under control Re-setting the efficiency frontier with upgraded cost ambition while transforming and investing OPERATIONAL EXCELLENCE Continued Capital Excellence Re-setting the efficiency frontier delivering the best combination of capital-light revenue growth and profitable NII CAPITAL EXCELLENCE Superior risk-adjusted top-line growth Growing in absolute terms and with higher-quality, driven by capital-light and investments that more than offset Russia, with a rather stable cost of risk QUALITY PROFITABLE GROWTH Top-tier Net Profit growth #1 per share growth #1 RoTE Ensuring continued momentum of our superior growth trajectory 4.1 4.2
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42 Confirming outsized distributions trajectory Superior equity story > Clear ambition 1. Distribution ambitions are calculated assuming the current 80% ordinary payout and subject to the achievement of Plan targets, including organic capital generation. Potential additional distributions from excess capital return or deployment to be assessed annually. All distributions are subject to supervisory, board of directors and shareholders’ approvals. Aiming for an attractive ordinary distribution and dividend trajectory, with further upside through excess capital deployment or return FY26 FY27 FY28 FY29 FY30 in the next 5 years c.50bn1 in the next 3 years c.30bn1 Planned 2025 distribution +9.5bn Dividend pay-out Share Buyback30% 50% Confirming ordinary distributions Excess Capital to 12.5-13% CET1r Target to be deployed to further improve our organic or inorganic growth or returned, evaluated yearly>4.5bn 4.1 4.2 Ordinary distribution of Net Profit 80%
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43 Unmatched combination of profitable growth and distributions Superior equity story > Further upside potential #1 #1 ROTE #1 EPS GROWTH #1 DISTRIBUTION YIELD Best-in-class fundamentals should imply a premium … … though this is yet to be reflected in our valuation Best-in-class RoTE, earnings per share growth and distribution yield 5% 7% 9% 11% 13% 15% 17% 6.0% 7.0% 8.0% 9.0% 10.0% 11.0% 12.0% EPS GROWTH 2025-28 (CAGR1) DISTRIBUTION YIELD 2025-28 (Avg1) BUBBLE SIZE = RoTE UCPeer 1 Peer 2 Peer 3 Peer 4 Peer 5 1. Source: FactSet as of 06/02/2026 for peers. UniCredit data assuming distribution of excess capital 4.1 4.2
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44 Final Remarks 4Q&FY25 Group Results Accelerating towards a decade of excellence WINNING PROPOSITION Structural advantages combined with relentless execution have brought 20 consecutive quarters of quality profitable growth, leading across all KPIs STRONG MOMENTUM Strong operating performance allowing absorption of one-off costs to prepare for the future, accelerating further into 2026 UniCredit Unlocked Set the benchmark 2021-2025 WINNING STRATEGY A strategy to deliver quality growth beyond peers while re-setting the efficiency frontier, elevating our long-term targets UniCredit Unlimited Transcending our benchmark 2026-2030 SUPERIOR EQUITY STORY Unmatched trajectory offering the best combination of profitable growth and distributions in the sector
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45 Annex
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46 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 FY25 6. Figures as of December 2025 7. Calculated based on FTEs A transparent view of our ESG ambition by disclosing our ESG share relative to total business with three targets for 2025 ESG penetration at 2025 vs targets for 2025 19% vs 15% ESG Lending1 15% vs 15% Sustainable Bonds2 50% vs 50% ESG Invest. Prod3 ENVIRONMENTAL Committed to becoming a Net Zero bank by 2050 on financed emissions with 2030 Net Zero targets on Oil&Gas, Power Generation, Automotive, Shipping, Steel, Commercial RE and disclosed Residential RE baseline Implementing our Net Zero Transition Plan to support clients’ transition, monitoring progress on reducing emissions baseline for sectors in scope Contributing to Sustainable Steel Principles Launched “ESGeht doch” to support German SMEs and “Salotti Energia” to engage with Italian Corporates €11.3bn environmental lending 4,5 Issued 11 own green bonds since 2021 for c.€6.5bn BEYOND CLIMATE Disclosed ambition as per Finance for Biodiversity Pledge; participation to UNEP FI Workstream on Circular economy-Nature nexus Member of Ellen MacArthur Foundation Launched One for Planet, Water Management in Italy, a new ESG-linked innovative loan for investments to reduce water waste Online training for UCG employees on Natural Capital, Biodiversity, Circular Economy UNICREDIT FOUNDATION Boosted UC Foundation funding: €80mn over last 3 years, a bold statement of our commitment to Youth and Education Launched 2nd edition of UC Foundation Edu-Fund Platform with €6mn to support education across Europe €5.2mn invested in empowering talent through scholarships and grants, and in advancing knowledge through research projects INNOVATION UniCredit Start Lab - 5 events across 4 cities with >450 corporates and 25 startups involved - Launched a new digital format, Open-es Connecting Innovation, for >40k companies on Open-es to present UC Start Lab startups (1st event on Circular Economy) Strengthening client engagement through our partnerships with Open- es, FAI, Rise Europe and the new collaboration with IvyDecarb SOCIAL €5.5bn social financing 4,5 via micro- credit, impact financing and loans to disadvantaged areas Strategy to improve Financial Health & Inclusion as per PRB commitment Skills for Transition: completed 1st edition with 60k training hours (c.33k students, c.12k workers, c.15k NEETs) Banking Academy Italy: launched two new projects in 2025,“Conta per Me” in primary schools and a new fraud prevention course UC Bank Austria Social Awards: completed 16th edition with overall 300 projects awarded and €1.5mn to local communities since 2010 COMMUNITIES c.71m social contribution5 to communities c.292k beneficiaries 5 of financial education and awareness initiatives c.15,600 hours dedicated to volunteering by UCG employees5 Developing the new UC new campus in Milan contributing to urban regeneration and supported the new Bank Austria Park in Vienna DIVERSITY, EQUITY & INCLUSION6 Gender Pay Gap on comparable roles at ca.1% Women representation - 53% in BoD - 58% across Group - 46% in Group Executive Committee (GEC) - 32% in Leadership Team International Presence - 40% in BoD - 55% across Group - 62% in GEC7 - 38% in Leadership Team Multicultural diversity - 131 places of birth - 4 generations 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
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47 Best-in-class product factories reaching clients global players don’t Annex Client Solutions Manufacturing centrally, delivering banking excellence for our clients locally Best-in-class products Ecosystem of strategic partners Diversified product portfolio Local reach Group scale INDIVIDUAL Long-standing macro-economic research and unified group investment strategy bringing expert investment insights to our networks and clients GROUP INVESTMENT STRATEGY State of the art investment solutions built in-house or jointly with external Asset Managers for all Group clients. GROUP INVESTMENT PRODUCT SOLUTIONS CORPORATE GROUP TRADE & CORRESPONDENT BANKING Wide range of Trade Finance and Working Capital Solutions as well as Securities Services in CEE CLIENT RISK MANAGEMENT Providing top-tier solutions across multiple asset classes and channels ADVISORY & FINANCING SOLUTIONS Highly specialised advice and access to capital markets; a market leader offering tailor-made financing solutions PAYMENTS GROUP PAYMENTS SOLUTIONS Leading Cash Management, Payments, Acquiring and Issuing Solutions Best-in-class Insurance Products and Services offering across all countries through constant dialogue with partners and other UniCredit Factories GROUP INSURANCE
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48 Tokenisation use cases deep dive Annex From early adopter to leader: acting quickly and decisively across all blockchain levers A SUCCESSFUL CASE I) Strategic RationaleTokenised Minibond II) Tokenised Structured Note • First tokenised minibond in Europe with a real SME issuer • Fully digitalized issuance, settlement, notarization and custody on blockchain • End-to-end automation of a previously paper-based, intermediary-heavy process • Simplify and speed-up capital markets workflows • Reduce reliance on intermediaries lowering cost and execution time • Positions as a first mover in applying blockchain to SME financing • First tokenised capital-protected structured note issued • Entire lifecycle (issuance, minting, subscription, transfer) executed on DLT • No change for clients on the front end; core innovation sits in the infrastructure • Tests DLT adoption on mainstream investment products • Support industry shift toward natively digital financial instruments • Builds internal expertise to scale tokenization to ETFs, funds, and other assets Founding member of Qivalis , the European stablecoin for on-chain transactions settlement Live 2H26 Two successful pioneering POCs on real assets Tokenisation
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49 Russia is today a highly focused franchise Annex 1. Quarterly figures for total cross-border payments in currencies other than RUB 2. Loans net of provisions; Deposits and Loans figures are at constant FX as of December 2025 and exclude Russian subsidiaries of international Groups 3. Net of AO Bank deposit at UC S.p.A. 4. 128bps is gross extreme loss assessment as per p.3 1Q22 market presentation, while 84bps are residual, meaning not already reflected in actual CET1r. The impact is based on the actual CET1r of 14.7%. The impact stands at -100bps including impact from threshold deduction. WHAT REMAINS … Small, focused franchise – supporting international corporates and payments to the western world, particularly EUR & USD payments, and CRM services Downsized and refocused, exceeding the requirement of the ECB order and initial 2025 targets set Limited retail, on course for orderly exit by 1H26 Ring fenced from the rest of the Group, with a clear impact on any potential loss Always within the letter and the spirit of the legal, regulatory and sanction limitations Today’s steady state (Dec-25) 0.5bn 0.6bn <5bn Limited to EUR & USD 84bps Zero At minimal cost Russia net creditor to Group CROSS-BORDER PAYMENTS1 NET LOCAL LOANS2 LOCAL DEPOSITS2,3 EXTREME LOSS IMPACT CET14 CROSS-BORDER EXPOSURE 7.8bn 6.9bn >25bn c.20 currencies 128bps Mar-22 >4.5bn
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50 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 3Q25 4Q25 Q/Q % 4Q/4Q % FY24 FY25 FY25/FY24 % Revenue 6.4 6.3 6.1 6.0 6.6 6.1 6.2 5.7 -7.8% -5.3% 24.9 24.5 -1.3% o/w Net interest income 3.6 3.6 3.6 3.6 3.5 3.5 3.4 3.4 1.8% -6.0% 14.3 13.7 -4.3% o/w Dividends 0.1 0.1 0.2 0.1 0.1 0.3 0.2 0.3 15.8% n.m. 0.5 1.0 n.m. o/w Fees + Net insurance results 2.1 2.1 2.0 2.0 2.3 2.1 2.1 2.1 0.7% 8.1% 8.2 8.7 5.6% o/w Fees 2.1 2.1 2.0 2.0 2.3 2.1 2.0 2.0 0.1% 3.0% 8.2 8.5 3.3% o/w Net insurance result - - - - - - 0.1 0.1 14.4% n.m. - 0.2 n.m. o/w Trading profit 0.5 0.5 0.4 0.3 0.6 0.2 0.4 -0.1 n.m. n.m. 1.7 1.1 -32.6% Costs -2.3 -2.3 -2.3 -2.5 -2.3 -2.3 -2.3 -2.5 9.8% 0.3% -9.4 -9.4 0.4% Gross Operating Profit 4.1 4.0 3.9 3.5 4.2 3.8 3.9 3.2 -18.1% -9.3% 15.5 15.1 -2.4% LLPs -0.1 -0.0 -0.2 -0.4 -0.1 -0.1 -0.1 -0.4 n.m. -0.3% -0.6 -0.7 3.3% Net Operating Profit 4.0 4.0 3.7 3.1 4.2 3.7 3.8 2.8 -25.2% -10.3% 14.8 14.4 -2.6% Systemic Charges -0.4 -0.0 -0.1 -0.0 -0.2 -0.0 -0.1 -0.1 49.5% n.m. -0.5 -0.4 -28.5% Integration Costs -0.0 -0.0 -0.0 -0.8 -0.0 -0.0 -0.1 -1.1 n.m. 39.9% -0.8 -1.2 40.0% POI 0.0 -0.0 -0.0 0.0 0.0 0.9 -0.0 0.4 n.m. n.m. -0.0 1.3 n.m. Stated Net Profit 2.6 2.7 2.5 2.0 2.8 3.3 2.6 2.2 -17.7% 10.0% 9.7 10.9 12.3% Net Profit 2.6 2.7 2.5 1.6 2.8 3.3 2.6 1.8 -30.3% 17.2% 9.3 10.6 13.6% Net Profit after AT1/CASHES 2.5 2.5 2.5 1.4 2.7 3.1 2.6 1.6 -36.3% 16.0% 8.9 10.1 13.6% Cost / Income ratio 36.2% 36.3% 37.3% 41.8% 35.4% 37.8% 37.1% 44.2% +7.1 p.p. +2.5 p.p. 37.8% 38.5% +0.6 p.p. Cost of Risk, bps 10 1 15 34 8 10 10 33 22 -1 15 15 1 Tax rate 29% 28% 28% 0% 29% 22% 26% n.m. n.m. n.m. 24% 19% -5 p.p. RWA 279.6 276.9 277.8 277.1 287.0 287.7 291.5 296.3 1.7% 6.9% 277.1 296.3 6.9% CET1r1 16.2% 16.2% 16.1% 15.9% 16.1% 16.0% 14.8% 14.7% -0.0 p.p. -1.1 p.p. 15.9% 14.7% -1.1 p.p. RoTE 19.5% 19.8% 19.7% 11.5% 22.0% 24.1% 19.1% 12.1% -6.9 p.p. +0.6 p.p. 17.7% 19.2% +1.5 p.p. EPS, Eur 1.52 1.61 1.58 1.03 1.79 2.16 1.71 1.22 -28.6% 18.1% 5.74 6.89 19.9% Tangible book value per share, Eur 34.7 34.3 35.8 35.6 36.5 38.4 39.7 39.5 -0.4% 11.0% 35.6 39.5 11.0%
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51 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 respective countries (weighted by nominal GDP) Inflation,% GDP growth, % UNICREDIT FOOTPRINTEUROZONE 2026 2027 2026 2027 2028 2028 1.8 1.0 1.9 1.4 2.0 1.4 Group 2.7 1.2 2.4 1.7 2.5 1.9 Group excl. Russia 2.2 1.2 2.1 1.7 2.2 1.8 Scenarios 2025 20252.1 1.5 3.9 0.7 2.5 0.7 Market rates 2.0 2.00 2.1 2.25 2.3 2.25 2.2 2.00 3M Euribor avg, % DFR, EoP %
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52 Balance sheet and liquidity profile Annex Note: for NSFR preliminary managerial figure 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) 4Q25 Balance Sheet €870bn 56 104 189 38 Assets Other Assets Financial Assets at Amortised Cost Financial Assets at Fair Value & Hedging derivatives Cash and cash balances 23 38 55 68 98 588 Liabilities Other liabilities Insurance Liabilities Financial liabilities & hedging liabilities Equity and equity instruments Debt securities issued 492 52 44 588 Deposits Loans Loans to customers Active repos Loans to banks & central banks Deposits from customers Passive repos Deposits from banks 482 419 49 15 LIQUIDITY P ROFILE LIQUID ASSETS c.196bn LCR c.140% NSFR c.125% Sound and stable liquidity profile RETAIL 1 55% CORPORATE2 45% deposit mix >80% in retail, with SME clients 3 included CUSTOMER DEPOSIT MIX o/w c.152bn regulatory HQLA 85% Loans/deposits (customer loans and deposits excl. repos)
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53 Net Interest Income details Annex 1. Numerator calculated by adjusting Stated NII by 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 * credit and counterparty risk RWAs (average between RWA BoP and EoP) 2. Impacts related to both deposits and loans, including also the Net Interest Income from Alpha Bank Romania for the period before the merge 3. Including structural hedge of core deposits in 4Q25: amount c.203bn, avg yield c.1.42%, avg maturity c.5 years 4. Based on average Euribor 3M / ECB Deposit Facility Rate. Impact post restatement NET INTEREST INCOME, bn −4.3% NII RoAC1 18.0%18.8% FY24 FY25 14.3 13.7 Net NII LLPs +1.8% -0.4 3.3 4Q24 -0.1 3.4 1Q25 -0.1 3.4 2Q25 -0.1 3.3 3Q25 -0.4 3.1 4Q25 3.6 3.5 3.5 3.4 3.4 3,368 3Q25 17 55 -9 3,430 4Q25 3,649 4Q24 18 -196 -40 3,430 4Q25 NET INTEREST INCOME, bn Quarterly pace Q/Q EVOLUTION DETAILS, m 4Q/4Q EVOLUTION DETAILS, m Euribor 3M avg 3.00% 2.56% 2.11% 2.01% 2.04% PASS-THROUGH ± 1p.p. = c.80m RATES4 ± 50bps = c.0.3bn NII SENSITIVITY (annualised) Volumes2 Rates2 & Non Commercial3 Russia Volumes2 Rates2 & Non Commercial3 Russia
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54 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 4Q25 avg commercial deposits, bn vs 3Q25 Gross customer deposits rates 4Q25 (vs 3Q25) Retail1 Corporates2 Italy Germany Austria CEE Russia Sight Deposits Term Deposits Saving Deposits Other +2.5% Q/Q Deposits from customers (Net of repos and IC - EoP) 492bn (+3.2% Q/Q) +4.1% Q/Q +4.5% Q/Q +4.3% Q/Q -2.7% Q/Q 28% 39% 13% 20% 1% 6% 74% 18% 2% 55% 45% Italy Germany Austria CEE Russia 478Group 182 134 59 99 3 478 +1.2% +4.6% +0.7% +4.3% at constant FX -5.6% at constant FX +2.7% -0.27% (-2bps) -1.02% (-3bps) -0.83% (+5bps) -1.25% (-6bps at constant FX) -0.14% (-3bps at constant FX) -0.75% (-3bps) By product By business segment By region
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55 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 +1.4% Q/Q 4Q25 avg gross commercial performing loans, bn Italy Germany Austria CEE Russia 387Group 143 106 57 80 1 387 vs 3Q25 Gross customer performing loan rates 4Q25 (vs 3Q25) 35% 65% Retail1 Corporates2 By business segment 6% 5% 33% 3% 11% 40% Consumer Finance Overdraft Loans RE Mortgages Impaired Loans S/T Loans Other ML/T Loans By product +0.6% Q/Q Loans to customers (Net of repos and IC - EoP) 419bn (+2.3% Q/Q) +3.2% Q/Q 30% 35% 15% 19% 0%Italy Germany Austria CEE Russia By region +1.2% +0.6% +0.5% +4.6% at constant FX -32.1% at constant FX +1.6% 3.89% (flat) 3.36% (+2bps) 3.07% (-4bps) 4.70% (+2bps at constant FX) 9.48% (+102bps at constant FX) 3.80% (+1bp)
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56 Fees & Net Insurance results details Annex 1. Including dividends from Insurance JVs and Net Insurance results 2. Group Payments & Current Account excluding, among others, Russia and Card Complete AuM+AuA stock, bn Quarterly pace 165 172 178 186 194 +5.6% Fee/Revenue1 35.7%33.5% 8.2 FY24 0.2 8.5 FY25 8.2 8.7 Insurance stock, bn Quarterly pace 58.1 57.2 57.3 58.6 59.4 Fees Net Insurance results 2.0 4Q24 2.3 1Q25 2.1 2Q25 0.1 2.0 3Q25 0.1 2.0 4Q25 2.0 2.3 2.1 2.1 2.1 FEES & NET INSURANCE RESULTS, bn CHANGE BY FEES & NET INSURANCE RESULTS CATEGORIES Payments & Current Account Investment (AuM, AuA, AuC) Insurance & Net Insurance Advisory & Financing Client Hedging Fees Securitisation costs FY/FY 4Q/4Q +10% +41% -6% +8% +16% +48% +9% +22% -1% +2% +11% +25% +2% on Client Solutions payments perimeter2 +2% on Client Solutions payments perimeter2 +0.7%
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57 Total Financial Assets Annex 1. Excluding large corporate and central functions TFAs DYN AMI CS CH AN GE BY TF As CATEGORIES TFA evolution quarterly AuM+AuA gross sales FY/FY Asset under Management +1% +6% Asset under Advisory +18% +91% Asset under Custody +1% +7% Insurance +1% +2% Deposits +3% +3% Q/Q Insurance gross sales AuM AuA AuC Insurance Deposits 816 FY24 871 FY25 TFAs1, bn +7% 13 18 14 13 13 22 201 58 392 4Q24 14328 209 57 381 1Q25 146 33 207 57 384 2Q25 143 35 214 59 391 3Q25 152 42 215 59 404 4Q25 816 819 827 849 871 150 2 3 3 3 2
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58 LLPs and CoR details Annex LLPs, bn Quarterly pace LLPs, bn 15 15 FY24 FY25 4Q24 1Q25 2Q25 3Q25 4Q25 0.4 0.1 0.1 0.1 0.4 FY24 FY25 0.6 0.7 CoR, bps 34 8 10 10 33 4Q24 1Q25 2Q25 3Q25 4Q25 CoR, bps Quarterly pace Overlays stock, bn Quarterly pace 1.7 1.7 1.7 1.7 1.7
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59 Asset quality details Annex Note: Gross NPE ratio for Group using EBA definition is 2.3% as of 4Q25 (+0.2 p.p. Q/Q), compared to weighted average of EBA sample banks of 1.8% as of 3Q25 (flat Q/Q vs 2Q25) 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 overlays) NPE COVERAGE RATIO broadly stable Q/Q at 44% on book, driven by portfolio dynamics LOW BAD LOANS 71% of gross NPEs related to UTP plus Past Due; 4Q25 net bad loans at 1.3bn and net bad loan ratio at 0.3% (net bad loans/CET1 capital at 2.9%) Gross NPE evolution, bn Quarterly pace 4Q24 1Q25 2Q25 3Q25 4Q25 11.2 11.4 11.7 11.6 12.1 Gross UTP Gross Past Due Gross Bad Loans 2.6% 2.6% 2.6% 2.6% 2.7% 1.4% 1.4% 1.5% 1.4% 1.6% Gross NPE ratio Net NPE ratio 46% 47% 45% 45% 44%NPE Coverage ratio 21.2 12.1 FY20 FY25 −43% 1.3% 0.9% 1.2% 1.1% 1.3%Default rate, (YTD)
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60 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 4Q253Q254Q24 1Q25 2.6% 2.6% 2.6% 2.6% 2.7% 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 Stage 3 Stage 2 Stage 1 11.5% 11.0% 10.5% 10.6% 10.4% 85.9% 86.3% 86.9% 86.8% 86.8% o/w Gross NPE Including c. 1.7bn of overlays Coverage ratio GROUP GROSS LOANS1 AND PROVISIONS EOP, b n 11 49 367 4Q24 11 48 374 1Q25 12 46 384 2Q25 12 47 386 3Q25 12 46 384 4Q25 428 434 442 445 442 2Q255 5 5 5 5 4 4 4 4 3 45.9% 46.9% 45.4% 45.4% 44.0% 6.2% 6.1% 5.9% 5.6% 5.6% 0.3% 0.2% 0.2% 0.2% 0.2%
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61 RWA details Annex RWA DYNAMICS Quartely pace 4Q24 1Q25 2Q25 3Q25 4Q25 277 287 288 291 296 FY24 FY25 277 296 291 3Q25 Active portfolio management Regulatory impacts PD (Probability of Default) scenario FX effects OpRisk1 Business dynamics 296 4Q25 -2.6 -0.5 -0.6 0.0 3.0 5.6 Credit risk Operational risk Market risk Y/ Y EVOLUTION DETAILS, bnQ/ Q EVOLUTION DETAILS, bn o/w -1.5bn securitizations RWA, b n +7% 277 FY24 Active portfolio management Regulatory impacts PD (Probability of Default) scenario FX effects OpRisk1 Business dynamics 296 FY25 -11.1 15.9 0.3 0.4 3.0 10.8 o/w -7.1bn securitizations Driven by Basel impact (10.4bn) Increase Q/Q mainly driven by Basel impact (10.4bn) 1. The increase in Operational Risk in 4Q25, due to the update of 3-year average Group P/L, is neutralized for Organic Capital Generation purposes as a BIV-related secondary impact
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62 End Notes
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63 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 Counc il 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 4Q25 versus 3Q25) Delta 4Q/4Q means: current quarter of the current year versus the same quarter of the previous year (in this presentation equal to 4Q25 versus 4Q24) Delta FY/FY means: 12 months of the current year versus 12 months of the previous year (in this presentation equal to FY25 versus FY24)
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64 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 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 underl ying the usufruct contract (Cashes)) EPS Earning per share Calculated as Net Profit - as defined below - divided by the 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 d ue (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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65 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 idiosy ncratic and market stress. These assets are unencumbered, which means free of legal, regulatory, contractual, or other restrictions on the ability of the bank to liq uidate, 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 (al ways assumed flat at 30%, to neutralize the possible relevant volatility of this item). Denominator resulting from 13% CET1r target multiplied by credit and counterp arty 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 du e (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 reclass ified 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 calculatio n 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 d efined 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 Europ ean 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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66 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 allo cated 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 tangible equity 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 (impact ing 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 act ions 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 Net 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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67 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.