UniCredit
Unlimited
Accelerating towards a decade of excellence A step change, marked by the best 2Q and 1H in our history Milan, 23 July 2026
222
RECORD QUARTERS
The best 2Q and 1H
in our historyUNLOCKED LAID THE FOUNDATIONS, UNLIMITED IS LEVERAGING THEM
Building on Unlocked, Unlimited delivers acceleration, with strong quality market share gains in targeted segments and products , coupled with continued transformation, leveraging AI and new technologies
STRONG TOP LINE ACCELERATION, POWERED BY CORE REVENUES
Quality Revenue and Net Revenue growth – double -digit Fees & Net Insurance growth, NII accelerating sequentially without sacrificing margins – LLPs within target and more stable across quarters
OPERATING AND CAPITAL EXCELLENCE DRIVING PROFITABILITY
Declining cost – despite accelerated growth and significant investments – C/I ratio leadership and top-tier Net Revenue/RWA lead to record1 GOP, NOP, Net Profit and RoTE
UPGRADED NET PROFIT AT HIGH ROTE AMBITION
2026 Net Profit upgraded again to well above 11bn (c.11.5bn excl. Integration cost), translating into better prospects for 2027- 30, protected by unique lines of defence
COMPELLING GROWTH AT HIGH ROTE AND DISTRIBUTION STOR Y
Double -digit EPS at best -in-class RoTE and DPS growth boosted by disciplined deployment of capital, both organically and inorganicallyUnlimited
confirms a
step change
1. Based on adjusted metrics – refer to slide 7 for more details Accelerating towards a decade of excellence
3Distributions FY26 -30C.50 bn3Double Digit
growth
EPS & DPS FY25- 30C.25 %
FY30 RoTE Distributions FY21 -25>30 bn >10 X TSR, 3x peers1#1 Across all KPIs
LEADING WITHIN BOUNDARIESUNIFIED as One Group
SIMPLIFIED and streamlined EMPOWERED and trusted People HARNESSED common denominator BUILT lines of defence, while investingUnlocked laid
the foundationsUnlimited
confirms a
step change
1. Source: FactSet considering the period spanning 31/12/2020 – 31/12/2025. Peers including BBVA, BNP Paribas, Crédit Agricole S.A. , Commerzbank, Deutsche Bank, ING, Intesa Sanpaolo, Santander, Société Générale 2. Euromoney, July 2026 3. 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 su bject to supervisory, board of directors and shareholders’ approvals.
DA AI
1Q26: OFF TO A FLYING START2Q26: CONFIRMS A STEP CHANGE Europe’s
Best Bank2
20 CONSECUTIVE QUARTERS: PROFITABILITY & EFFICIENCY EXCELLENCE in GAIN QUALITY
MARKET SHARE
Grow revenue
profitably –
more than peers – quality NII, Fees and Net Insurance
in RESET THE EFFICIENCY FRONTIER
Leveraging our
starting position andusing
new tools
BREAKING BOUNDARIES
Accelerating towards a decade of excellence
4Increasing
penetration,
targeting key
products; acquiring targeted clients Continuing to invest in ourpeople, factories and channels; leveraging digital, data & AI
Unlimited
confirms a
step change
+5%
Wealth
Clients Y/Y+8%
Total Financial
Assets2+8%
Customer Loans1
EoP+10 %
REVENUE GROWTH
adjusted for Russia & excl. trading one -off +5%
CORE REVENUE GROWTH
adjusted for Russia
+2.6 k
New hires,
84% in business3 and mainly in targeted segments and products +22 %
Average
learning hours
per FTEonemarkets
AuM c.81% of
value chain
retention>41 bn
DealSync
First cross-border
M&A transaction
completed1st
All data as of 1H26 and deltas 1H/1H unless otherwise specified 1. Loans excluding Repos and IC 2. Excluding deposits 3. Excluding Vodeno-AionUnlocked laid
the foundationsUNIFIED
as One GroupSIMPLIFIED and streamlinedEMPOWERED and trusted PeopleHARNESSED common denominatorBUILT lines of defence, while investing Relentless execution across all regions, turning ambition into deliveryGrowing top line and
improving quality
in DA
AI
5Unlimited
confirms a
step change
in Continuing to simplify and streamline; now leveraging new technology & AIAutomating at scale; targeted capital allocation 3 E2E major processes reviewed with AI−5%
Non-business related
cost2 (-1% overall)20 %
NII RoAC33.6 %
COST / INCOME
excl. one -off1, (34.3% incl.)8.9 %
NET REVENUE / RWA
excl. one off1,
(8.7% incl.)
−45 %
Organisation
structures, further
down in 2Q31.1 k
Data and
AI talents4,
increasingAI PLATFORM
enabling creation of
scalable solutions1
TOKENIZATION
pioneering POCs
launched3
All data as of 1H26 and deltas 1H/1H unless otherwise specified 1. One -off hedging and funding costs 2. Direct cost of non -business functions excluding digital 3. Jun. 2026 (c.6.4k org. units) vs.
Dec. 2020 (c.11.5k org. units, recasted ), net of Russia, main legal entities, relevant units only. For Romania, the figure includes intake, recast and simplificatio n of Alpha Bank 4. Including Vodeno-Aion FTEsDriving
operational and
capital excellence
DA AI
Unlocked laid
the foundationsUNIFIED
as One GroupSIMPLIFIED and streamlinedEMPOWERED and trusted PeopleHARNESSED common denominatorBUILT lines of defence, while investing Relentless execution across all regions, turning ambition into delivery
6Unlimited
confirms a
step changeInvesting to win, in a rapidly evolving banking landscape …
Enhanced by
Artificial Intelligence & Digital AssetsINVESTING TO … MODERNISE
CORE TECHNOLOGY & OPERATIONS
NEARSHORING
Increase standardisation and gain intra -Group synergies on operations and tech, now increasingly leveraging AI SECURITIES SERVICE REVAMP Harmonising and centralising our security setup to drastically reduce risk and optimise cost -to-serveTRADING ENGINE CENTRALISATION Re-centralising trading engine to optimise speed, capital efficiency, and overall maintenance costsACCELERATING TRANSITION TO CLOUD Enhancing data analytic capabilities, scalability, and operational resilience through our partnership
with Google CloudIT INFRASTRUCTURE EVOLUTION
Strengthen the partnership with IBM and build a new IT infrastructure operating model with Accenture, balancing strategic transformation objectives & improving efficiencyINVESTING TO … PROPEL
ENHANCED GROWTH & EFFICIENCY
ARTIFICIAL INTELLIGENCE
Deploying targeted AI solutions to accelerate key processes such as KYC, Corporate Lending, and Transaction Monitoring
TOKENIZATION
Building future -ready investment solutions for our clients, enabling greater automation, scalability and efficiency across the investment lifecycle
DIGITAL PAYMENTS
Exploring new payment rails: actively contributing to the Digital Euro pilot;
founding member of €stablecoin with Qivalis… measured by
outcomes,
not inputs
FY25 FY30 FY28RoTECOST /
INCOMECORE REVENUE
DA
AIin
in Accelerating and Transforming to build a future- ready bank
7Adjusted1 %Excl. one -off
1H26 1H26 1H/1H
Net Revenue 13,017 13,278 6% Revenue 13,394 13,655 8% Core Revenue 12,211 12,211 4% o/w NII 7,245 7,245 -1% o/w Fees + Net Insurance 4,965 4,965 11% o/w Investments incl. hedging cost 1,023 1,023 n.m.
o/w Trading & Balance excl. hedging cost 160 421 -50% Costs -4,595 -4,595 -1%
GOP 8,799 9,060 12%
LLPs -377 -377 96%
NOP 8,422 8,683 10%
Net Profit 6,123 6,293 3% 24.4% -0.3p.p.Net Rev / RWA48.7% 8.9% 0.1p.p.
C/Ir 34.3% 33.6% -2.9p.p.
RoTE 23.7%
CET1r314.3% 14.5% -1.6p.p.+14%
+13%
+22%
-7%
+23%
+22%+7%Excl. one -off
2Q26 2Q26 Y/Y
6,329 6,574 9% 6,521 6,766 11% 6,115 6,115 6% 3,658 3,658 0% 2,456 2,456 14% 495 495 n.m.
-89 157 -54% -2,298 -2,298 -1% 4,223 4,468 18% -192 -192 76% 4,031 4,276 16% 2,906 3,065 -8% 23.0% -3.3p.p.8.3% 8.7% 0.4p.p.
35.2% 34.0% -3.9p.p.
21.7%
14.3% 14.5% -1.6p.p.+10%
+10%
+16%
-6%
+18%
+24%+5%Delivering
Record
ResultsKEY HIGHLIGHTS
Y/Y adjusted
performance1
+13 %
Revenue
+7%
Core Revenue
+22 %
GOP
+23 %
NOP
3.1 bn
2Q26 Net Profit5 1. Group excluding Russia, adjusted for trading one -off, LLPs more stable distribution (assuming FY25 CoR excl. Russia of 19bps evenly distributed across quarters) and for c.650m positive one-off below the line in 2Q25 2. Accrued DPS based on 50% of the 1H26 Net Profit, adjusted for non -distributable one -offs related to the bad -will stemming from t he equity consolidation of Commerzbank and Alpha Bank 3. Including FY25 interim dividend paid in Nov. 2025 of €1.43 and FY25 final dividend paid in Apr. 2026 of €1.72, or +8% 1H/1H without 4. Adjusted for temporary RWA impact from strategic portfolio 5. Group Net Profit, adjusted for trading one -off EPS
+28 %1
DPS
+16 %2
TBVPS
+16 %3 BOOSTED
PER SHARE GROWTH 1H/1H1
One-off hedging & funding costs connected to increased position in CBK – and related protection – in 2Q26, reported in trading line.
The c ost of the structural hedge on strategic portfolio (214m in 2Q) continues to be reported in the “Investments” line.Trading
one-off:
−245m
RWA temporary impact: +4bn Temporary impact linked to trading one -off, to be re-absorbed by FY26.21 2
8All deltas Y/Y unless otherwise specified.
1. Group excluding Russia, adjusted for trading one -off 2. Equity investments refer to “dividends” including contribution from consolidated equity investments and related derivative po sitions, mainly hedges (which in the P&L are reported in the trading line) 3. Excluding hedges related to the equity investments (which in the P&L are reported in the trading line)DELIVERING RECORD RESULTS
1H25 1H26+5%+10 %
adjusted1
12.713.4(bn) Y/Y 2Q25 1Q26 2Q26
(0.0)0.5 0.5STRONG EQUITY INVESTMENTS CONTRIBUTION
(incl. hedging costs2) •Up +0.9bn 1H/1H, more than offsetting Russia compression (−200m revenue) n.m.Strong top -line growth powered by core revenue, above plan, with fees driving growth in 1 H and NII expected to contribute more from 2H
2.12.52.5STRONG FEES & NET INSURANCE GROWTH
•+14% Y/Y, +11% 1H/1H with all regions showing outstanding trajectory •Increased weight of Fees & Net Ins. on Net Revenue up 3p.p. to 39% in 2Q +14 %3.64
3.593.66ACCELERATING NII, STRONG VOLUME GROWTH
•+2% Q/Q
•Quality loan & deposits growth (+8%) at high RoAC (19.7%) in 1H •−1% 1H/1H, absorbing rates impact and Russia, slightly up excl. Russia +0.4 %
0.3 0.2
(0.1)TRADING & BALANCES AFFECTED BY RUSSIA & ONE -OFF
(excl. hedging costs3) •−245m one -off hedging and funding cost related to CBK offer •Russia compression affecting trading by −120m 1H/1H and −50m Y/Y n.m.0.2bn excl. one -offRecord
Revenue
Strong acceleration and improving quality
REVENUE
(bn)
91017 17
All deltas Y/Y unless otherwise specified.
1. Group excluding Russia, adjusted for trading one -off and LLPs more stable distribution across quarters 2. LLPs more stable distribution (assuming FY25 CoR evenly distributed across quarters) 3. On Performing portfolio and Including calibration factor 4. Adjusted for trading one -off and temporary RWA impact from strategic portfolio DELIVERING RECORD RESULTSRecord
Net Revenue
Strong acceleration, continued discipline
1H25 1H261Q26 2Q26 2Q25
Cost of Risk in line with 2026 ambition – with overlays allowing for strong earnings visibility – early indicators show no sign of deterioration
COST OF RISK (CoR) STRUCTURALLY LOW AND WITHIN TARGET
•CoR structurally low and more evenly distributed over the year2 •c.70m overlay usage mainly to absorb update of IFRS9 macro -economic scenario; 1.6bn overlays still in place3
ASSET QUALITY IMPROVING AND COVERAGE INCREASING
•Low Net NPE ratio at 1.36%, down Q/Q , −8bps •Increasing Coverage Ratio to 45.9% (+c.0.2p.p. Q/Q) •Low default rate at 0.8%, down −0.4p .p. Y/Y CoR, bps LLPs, bn 0.2 0.2 0.1
1.47%1.44%
1.36% Net
NPEr ,
%CAPITAL EXCELLENCE CONFIRMED
•Top-tier Net Revenue / RWA, broadly stable Y/Y despite LLPs more evenly distributed over the year2 and Russia compression8.4%9.0%8.3%Net Rev. / RWA, %8.7% adjusted4NET REVENUE(bn)
+4%+10 %
adjusted1
12.513.0
10All deltas Y/Y unless otherwise specified.
1. Excluding Vodeno acquisition and internalisation of life -insurance 2. Direct cost of non -business functions excluding digital DELIVERING RECORD RESULTSRecord
Efficiency
Continued cost decline, with past discipline accelerated via AI
1H25 1H262Q26 2Q25
Operational excellence ahead of 2026 ambition, with cost reduction despite continued investments to boost top -line acceleration
COSTS
(bn)
−1%−2%
excl. new
perimeters1
4.64
4.59CONTINUED COSTS DECLINE, WHILE INVESTING
•Costs down −1%, −2% excl. new perimeters1 •Decline despite inflation headwinds and continued investments to boost future growth
RECORD OPERATING PERFORMANCE
•Record GOP in 1H26: highest Revenue, lowest Costs •Contribution on both sides of the jaws also driven by AI roll -outPositive Jaws,2Q26vs. 2Q25
GOP, bnBEST -IN-CLASS COST / INCOME
•Continuing to decrease both Y/Y and 1H/1H •−5% 1H/1H non-business costs 2, re-invested in front -line to boost revenueCost / Income ratio, %37.9%
35.2%
3.84.2 +11%−1%+7%
111. Adjusted for negative trading one -off impact and temporary RWA impact from strategic portfolio expected to be fully reversed by FY26; it includes 11bps from Alpha & CBK executed distributions, reducing their equity value, and other capital related impacts 2. Accrued shareholder distributions based on 80% of the 2Q26 Net Profit, adjusted for non -distributable one -offs related to badwill stemming from the equity consolidation of Alpha 3. MDA buffer 2Q26 of 378bps (including a gap of 27bps vs. 1.88% AT1 bucket requirement) computed vs. MDA requirement at 10.21% as of 2Q26 4. Subject to supervisory approvalDELIVERING RECORD RESULTSExcellent Organic Capital Generation Leading to better -than -expected
capital trajectory2Q26
pro-forma
for temporary
RWA impact
& Danish
Compromise41Q26 2Q26 2Q26
pro-forma
for temporary
RWA impactDividend & SBB2 OtherTemporary RWA impact from strategic portfolio Danish Compromise4Reversal of temporary RWA impact from strategic portfolio14.2 % 14.3 %315.0 %
−19bps+19bps−84bps
+26bpsc.4.75bn SBB
related to FY25 –
notexecuted and
subject to regulatory approval – already
deducted from
CET1r
+85bps
Adjusted OCG1+52bps
14.5 %(+) FVOCI & FX Reserves (+) DTA impact (−) Trading one -off
EXCELLENT OCG CONFIRMED
Adjusted OCG at 2.5bn (85bps), more than offsetting accrued dividend & SBB
PRO-FORMA CET1r AT 14.5%;
AT 15% INCL. DANISH COMPROMISE4
Stated CET1r
•14.3% = affected by −19bps RWA impact from strategic portfolio, expected to be fully reversed by FY26 CET1r pro -forma •14.5% = reversal of the temporary RWA impact •15.0% = reversal of the temporary RWA impact & Danish Compromise4
12Data as of 30 June 2026, all deltas 1H/1H unless otherwise specified 1. Ratio between (i) annualised Delta Stock Eop Jun. 2026 vs. Stock Bop Jan. 2026 over (ii) Stock Bop Jan. 2026 2. Excluding deposits 3. YTD 4. Direct cost of non -business functions excluding digital and insurance 5. Computed comparing 1H26 Net Profit to the sum of Italy, Germany, Austria and CEE 6. Sum of NII and Fees & Net Insurance result 7. Excl. Profit on Investments from Life Insurance internalisation (−11% stated) 8. Annualised ratio between ( i) Net profit after Capital Charges plus Excess Capital Charge (calculated on T1) over (ii) Allocated capital 9. Excluding profit on investments from Life insurance internalisation (−13.1p.p. stated)GEOGRAPHIESItaly Strong organic growth, ready to leverage market disruption gaining further share 1H26 vs. 1H25
QUALITY GROWTH
Revenue 6.0bn +3% Core Revenue65.9bn +5% o/w NII 3.2 bn –2% o/w Fees & Net Insu. 2.8bn +14% Cost of Risk 24bps –2bps
OPERATIONAL & CAPITAL EXCELLENCE
Costs −2.0 bn –1% Cost / Income 32.5 % −1.1 p.p.
RWA 114 bn +5% Net Rev. / RWA 10.4 % –0.5p.p.
PROFITABILITY
GOP 4.1 bn +5% PBT 3.8 bn +5%7 RoAC831.0 % –3.5p.p.9Quality
Earnings
Powerhouse43 %
Unlimited
Unlimited
C.800New hires 93 %Hires in
business+4%SMEs1
+9%Wealth1
C.800New hires
3 93 %Hires in
business
−1%NHR cost−5%Non-business cost4, re-investing in the front-line23 %NII RoAC 47 %Fees & Net Insurance / Net Revenue
BUDDY
Digital branch, powered by Gen-AI to support advisorsCREDIT LIFECYCLECredit process automated, improving efficiency and reducing time -to-yesNEW TARGETED CLIENTS
GROWTH BOOSTED BY INVESTING
OPERATIONAL EXCELLENCECAPITAL EXCELLENCE
BOOSTED BY AI & NEW TECHSTRONG COMMERCIAL MOMENTUM+
8%Loans+8%Investment
fees+9%TFAs2Targeted market share gain:
>60bps overall Loans in May; +c.90bps in Corporate with increasing margins
up +2%
Q/QDELIVERING RECORD RESULTS
131H26 vs. 1H25
QUALITY GROWTH
Revenue 2.9bn +3% Core Revenue82.7bn +8% o/w NII 1.7 bn +5% o/w Fees & Net Insu. 1.0bn +13% Cost of Risk 22bps +9bps
OPERATIONAL & CAPITAL EXCELLENCE
Costs −1.0 bn –5% Cost / Income 35.3 % −3.0 p.p.
RWA 68 bn +1% Net Rev. / RWA 8.1% –0.2p.p.
PROFITABILITY
GOP 1.9 bn +8% PBT 1.7 bn +5% RoAC923.2 % –0.3p.p.
Data as of 30 June 2026, all deltas 1H/1H unless otherwise specified 1. YTD growth 2. Euromoney, Jul. 2026 3. Awarded Best Bank in Trade Finance for Corporates in Germany (Crisil Coalition Greenwich, Nov. 2025) and Best Trade Finance Bank in Western Europe (Global Finance, Feb. 2026) 4. NPS for individuals 5. Excluding deposits 6. Direct cost of non -business functions excluding digital 7. Computed comparing 1H26 Net Profit to the sum of Italy, Germany, Austria and CEE 8. Sum of NII and Fees & Net Insurance result 9. Annualised ratio between ( i) Net profit after Capital Charges plus Excess Capital Charge (calculated on T1) over (ii) Allocated capitalDELIVERING RECORD RESULTS
GEOGRAPHIESGermany
Strong growth in Mittelstand , Private & Affluent, maintaining best -in-class efficiency and profitabilityTransformation Benchmark 22 % +3.5 kPrivate & Affluent1 #1Bank for SMEs2
Trade Finance3
TopEmployer
2026+24 %Increase in
new hires+3%Loans+14NPS4
+16 %Investment
fees+3%TFAs5
Unlimited
Unlimited
NEW TARGETED CLIENTS
GROWTH BOOSTED BY INVESTINGSTRONG COMMERCIAL MOMENTUM
OPERATIONAL EXCELLENCECAPITAL EXCELLENCE
BOOSTED BY AI & NEW TECH−10 %NHR cost−9%Non-business cost6, re-investing in the front-line19 %NII RoAC 36 %Fees & Net Insurance / Net Revenue
LAUNCHED
Advanced Fraud Prevention platform based on AI
14Data as of 30 June 2026, all deltas 1H/1H unless otherwise specified 1. UniCredit Bank Austria secured 2,500 new Acquiring customers through an asset deal with First Data (c.4K terminals, volumes o f 750 €m, 16m transactions) 2. Excluding deposits 3. May 2026 vs. May 2025 4. YTD 5. Direct cost of non -business functions excluding digital 6. Computed comparing 1H26 Net Profit to the sum of Italy, Germany, Austria and CEE 7. Sum of NII and Fees & Net Insurance result 8. Annualised ratio between ( i) Net profit after Capital Charges plus Excess Capital Charge (calculated on T1) over (ii) Allocated capitalDELIVERING RECORD RESULTS
GEOGRAPHIESAustria
Profitable growth and transformation, leveraging itsgateway position to Germany and CEE 1H26 vs. 1H25
QUALITY GROWTH
Revenue 1.3bn 0% Core Revenue71.1bn +4% o/w NII 0.7 bn +2% o/w Fees & Net Insu. 0.4bn +8% Cost of Risk –12bps +3bps
OPERATIONAL & CAPITAL EXCELLENCE
Costs −0.5 bn –3% Cost / Income 37.0 % −1.1 p.p.
RWA 39bn +2% Net Rev. / RWA 6.8% –0.1p.p.
PROFITABILITY
GOP 0.8bn +2% PBT 0.8bn +2% RoAC326.8 % +1.8 p.p.14 %Gateway to
Germany
and CEE
−5%NHR
cost
>360AI agents in use to boost acceleration and transformation −4%Non-business cost5, re-investing in the front-line16 %NII RoAC 31 %Fees & Net Insurance / Net Revenue +1kSMEs+2.5 kClients, New
Acquiring Portfolio1
C.200New
hires4 4xFaster response time in branches & contact centre vs. FY25+6%Loans+14 %Investment
fees+9%TFAs2Targeted market
share gain:
+c.43bps Y/Y
inCorporate3
Unlimited
Unlimited
NEW TARGETED CLIENTS
GROWTH BOOSTED BY INVESTINGSTRONG COMMERCIAL MOMENTUM
OPERATIONAL EXCELLENCECAPITAL EXCELLENCE
BOOSTED BY AI & NEW TECH
15Data as of 30 June 2026, all deltas 1H/1H at constant FX unless otherwise specified 1. Euromoney, Jul. 2026 2. Excluding deposits 3. YTD 4. Excluding digital 5. Computed comparing 1H26 Net Profit to the sum of Italy, Germany, Austria and CEE 6. Sum of NII and Fees & Net Insurance result 7. Annualised ratio between ( i) Net profit after Capital Charges plus Excess Capital Charge (calculated on T1) over (ii) Allocated capitalDELIVERING RECORD RESULTS
GEOGRAPHIESCEE
Strong profitable growth, driven by leading client franchises and digital engagement 1H26 vs. 1H25
QUALITY GROWTH
Revenue 2.5bn +5% Core Revenue62.4bn +6% o/w NII 1.7bn +5% o/w Fees & Net Insu. 0.7bn +9% Cost of Risk 13bps +24bps
OPERATIONAL & CAPITAL EXCELLENCE
Costs −0.8 bn –1% Cost / Income 33.0 % −2.0 p.p.
RWA 62bn +11% Net Rev. / RWA 8.1% –0.6p.p.
PROFITABILITY
GOP 1.7bn +8% PBT 1.4bn –2% RoAC727.4 % –2.8p.p.
+1p.p. normalised for Systemic Charges and CoRGroup’s
Growth
Engine21 %
−3%NHR
cost −6%Non-business FTEs4, re-investing in the front-line23 %NII RoAC 31 %Fees & Net Insurance / Net Revenue
AI FEE BOOSTER
HungaryCONNECT AI PILOTHungaryREAL-TIME AI ASSISTANCE
for mobile banking app
(Bulgaria)+
19 %Affluent#1Bank for SMEs1
1kNew
Hires3+11 %Loans75 %Digital
active clients
+22 %Investment fees+19 %TFAs2
PRIME
New service model for Affluent clients
Unlimited
Unlimited
NEW TARGETED CLIENTS
GROWTH BOOSTED BY INVESTINGSTRONG COMMERCIAL MOMENTUM
OPERATIONAL EXCELLENCECAPITAL EXCELLENCE
BOOSTED BY AI & NEW TECH
1618%
Bancassurance
market share in Italy5+83%
onemarkets
AuM Y/Y
All figures refer to 1H26 and deltas 1H/1H unless otherwise specified 1. +10.4% H/H excluding Russia 2. Source: League tables as proxy for market share; Refinitiv 1 Jan. / 30 Jun. 2026 3. Awarded Best Bank in Trade Finance for Corporates in Germany (Crisil Coalition Greenwich, Nov. 2025) and Best Trade Finance Bank in Western Europe (Global Finance, Feb. 2026) 4. Italian Certificate Awards: Best Issuer Non -Protected Capital – Public Offer; Best Issuer Covered Warrant Best Liquidity Provide r; Best ESG Certificate, Special Award Wall Street Italia 5. Data as of May 2026 source ANIA 6. UniCredit Bank Austria secured 2,500 new Acquiring customers through an asset deal with First Data (c.4K terminals, volumes o f 750 €m, 16m transactions)DELIVERING RECORD RESULTSClient Solutions Strong, diversified Fee growth driven by sustained momentum CLIENT SOLUTIONSREVENUE FEES & NET INSU. KEY HIGHLIGHTS (bn) 1H26 vs. 1H25 1H26 vs. 1H25 CLIENT SOLUTIONS 6.5 +7.0% 4.7 +14.0%Strong growth across all product factories with visible benefit from internalisation. Double -digit fee growth in Italy, Germany and CEE ;
CORPORATE SOLUTIONS 3.1 +2.9% 1.4 +14.4% High RoAC at 28% driven by Revenue growth offsetting Russia drop ADVISORY & FINANCING SOLUTIONS 1.2 +3.7% 0.4 +25.6% #1 Fees market share on all Loans in Italy, Germany and Austria2 GROUP TRADE & CORRESPONDENT BANKING 0.6 +5.5% 0.4 +3.7% TOP-3 Market Share in each country we operate CLIENT RISK MANAGEMENT 1.3 +0.4%10.6 +14.7% First certificate linked to Crypto launched for Retail in AUT and HR INDIVIDUAL SOLUTIONS 2.1 +17.9% 2.1 +21.3% Accelerating the good momentum with strong results across the board INSURANCE 0.6 +32.3% 0.6 +48.9% #1 market share in Italy on Unit Linked >40%4 INVESTMENTS 1.5 +12.6% 1.5 +12.6% onemarkets funds AUM >41bn with c.81% of value chain retention PAYMENTS SOLUTIONS 1.3 +1.2% 1.2 +2.9% FAST international payments adoption reached 52% in Italy #1 Volumes in ITA in ECM, M&A Bonds, Loans2 #1 Trade Finance in Germany and WEU32.5k
New Acquiring
customers in Austria6Leading Position in Client Risk
Management4
17Unlimited
confirms a
step change
Cost / Income RoTE Net Profit Growth at best- in-class RoTE OCG Strengthened Leadership across key metrics, further protected by unique lines of defenceConsecutive record quarters 22
Upgraded Ambition
1. Excluding potential impact from Commerzbank consolidationUpgraded 2028 & 2030 Net Profit ambition1 …
2028Well above
13 bn
2030Well above
15 bn
… without diluting RoTEFY26
Net Profit
Well above
11 bn c.11.5 bn
FY26
Net Profit
excl. integration
cost
c.15 %
FY26
CET1r1
#1 Upgraded ambition translates into better prospects for 2027- 30
18Moving from attractive financial investment to strategic transaction with substantial value creation implementing our tested blueprint Further strengthening UniCredit geographic diversification and client portfolio , better positioning the Group for the future CET1 impact at c.200bps, net of 2025 SBB cancellation;
RoAC well above SBB at 15% overall Expected pre-tax value pre -merger upgraded from 0.8bn to 1.2bn, with 2.2bn pre -tax investments 2026 dividend & SBB confirmed; FY28 -30 Net Profit at high RoTE , EPS / DPS and distribution trajectory further improved Commerzbank
Offer
REGULATORY APPROVALS potentially as early as 4Q26
EXERCISE OF CONTROL
andCommerzbank Unlocked
kick-off shortly thereafter, calling an EGM if required
CONSTRUCTIVE ENGAGEMENT
sought with German government, workforce representatives,mBank governing bodies andstakeholders CASCADE OFFER IN POLAND not currently foreseen 1 1. Based on current legal assessment
191. Revenue initiatives potential as illustrated in “A New Chapter” as of 20 April 2026Commerzbank locked Substantial industrial value creation lower Revenue from RWA optimisationUpgraded
vs. 200m1
International lending and treasury asset optimisation, reducing risk
and releasing capitalCOMMITTED TO TAKING ALL NECESSARY STEPS TO IMPLEMENT
LOCKED AS FAST AND DECISIVELY AS POSSIBLE
PUT GERMANY AND ITS MITTELSTAND TRULY AT THE CENTRE: Reinforce and modernize product offering leveraging superior scale and investments, while protecting from hyperscalers and fintechs.
CONNECT POLAND TO EUROPE: Accelerate digital and AI capabilities to scale innovation and client experience, deepening Poland connection to CEE and rest of Europe.
TARGET EFFICIENCIES, WHILE RE -INVESTING: Efficiencies – excluding Poland – focusing on international network, non- HR administrative costs and central functions, reducing social impact in Germany.
REINFORCE DISCIPLINE ON CAPITAL EFFICIENCY & ALLOCATION: Increase focus on capital -light
products and targeted lending growth, while optimising low -return and sEVA negative non -core exposures, internationally and in treasury.
ENHANCE CLIENTS’ JOURNEY: Invest to offer a superior, fully -fledged, product suite through digitalised and modernised distribution channels and provide talent with upgraded tools and superior upskilling opportunities.
TRANSFORM LEVERAGING TECHNOLOGY & AI: Leverage scale in vendor and sourcing – also reusing Group platforms to speed up delivery – and refocus change through value leveraging proven cloud and data foundations.REVENUE INITIATIVES POTENTIAL
TARGETED EFFICIENCIES POTENTIAL
EXPECTED RWA s OPTIMISATION
201. Summing expected divisional Net Profit 2028. In “UC standalone case”, Commerzbank equity contribution – net of hedges – allocate d to GER and CEE & Greece proportionally to CBK GER and mBank share, respectively. Alpha equity contribution allocated to CEE & Greece. “UC incl. c.50% of CBK” considers 49.65% of Commerzbank Co nsensus Net Profit in 2028, including efficiencies 2. UC clients c.17.5m (o/w 15m active); mBank 5.9m private and Corporate customers; CBK Private and Small -Business Customers: 11 m illion (Germany); 3.7m Alpha clientsImproved Group Profile Stronger, more diversified, better positioned
STRONGER
CLIENT PORTFOLIOBETTER POSITIONED FOR THE FUTURE
>34 m+3.7GROWING
IN Skewed towards SMEs, Affluent & Private
STRENGTHENING IN
Complementary Retail and Corporates;
Affluent & Mittelstand
Champion1.6 bn
OVERLAYS
stock built by UniCredit
ADDITIONAL UPFRONT COVERAGE
on CBK loan- book
PRE-TAX INVESTMENTS
PLANNED to make CBK future -ready 15 +1INCREASED GEOGRAPHICAL
DIVERSIFICATION
2028 NET PROFIT137%33%26% 32%11% 10%26% 25%UC
standalone
Increased
diversification
may lead to
further rating
upgrades &
related funding
benefits for UC
211. Illustrative for Commerzbank full consolidation at FY26, before impacts from Purchase Price Allocation ("PPA")Capital Deployed at High Returns Capital brought to target, improved Distributions from the 49.65% overall stake, RETURNS
SHARE BUYBACKUNICREDIT CAPITAL BROUGHT TO TARGET …
… 2026- 28 UNICREDIT DISTRIBUTIONS IMPROVED
2026 distribution s unaffected, 2027- 28-29-30 improved with C ommerzbank contributionCET1r in the 13% area from day -1
ofCommerzbank
full consolidation … … increasing from there, driven by OCG and boosted by optimisation initiatives c.200 bps Initial CET1r impact1 Net of 4.75bn FY25 SBB cancelled and re -invested in a higher RoAC transaction
22“A New Chapter” Today post -offer Accelerated optimisation of administrative and HR cost Bringing forward investments to deliver higher value creationAccelerated distribution to CBK retail clients of UC superior investments products ( onemarkets )
+0.5 bn PRE -TAX INVESTMENT
following all
authorisations
for consolidationCombination 2.0bn
1.2 bn
0.8 bn2.0bn
1. Value creation pre -mergerFrontloaded value creation Expected pre -tax value pre -merger from 0.8bn to 1.2bn
2.2 bn
Pre- tax
Investments
plannedPHASED PRE -TAX
VALUE CREATION1FRONTLOADED INVESTMENTS AND VALUE CREATION PRE -MERGER
INITIALLY ENVISAGED IN “CBK UNLOCKED”
by FY28
by FY301.2 bn
Annual
Pre- tax value
before
merger
23Boosted Unlimited trajectory , even before potential merger Further enhancing our compelling standalone equity story
Strong
standalone
quality growth & distribution trajectory, accelerating excl. Russia
Commerzbank further
reinforces our trajectory – even before merger – both onprofitable growth
anddistribution
Superior trajectory continuing beyond 2028, towards 2030Illustrative directional figures, 2026- 28 CAGR Full updated targets to be provided with FY26 Results, subject to receiving the necessary regulatory approvals and assuming c.50 % ownership and full consolidation of Commerzbank from 4Q26 1. Assuming c.50% of Commerzbank 2. Excl. Russia for Net Profit and EPSUC Unlimited excl. Russia+4pp EPS
14%17%20%
16%+4p.p.+4pp DPS
14%18% + 4p.p.+6pp NET PROFIT
9%15%
11%17%
+6p.p.
Trajectory further strengthened by 2030, as we boost value creation
2422
RECORD QUARTERS
The best 2Q and 1H in our historyUnlimited
confirms a
step change
1. Based on adjusted metrics – refer to slide 7 for more details Accelerating towards a decade of excellenceUnlimited continues delivering at pace: strong core business acceleration securing targeted market share gains in every country … … coupled with unmatched transformation -led efficiency, resulting in lower cost and unique operating leverage, while investing Delivering record1 GOP, NOP, Net Profit and RoTE and improved capital trajectory Upgrading 2026 Net Profit at high RoTE and translating into better prospects for 2027- 30 Compelling profitable growth and distributions story, boosted by disciplined deployment of capital in Commerzbank
25Annex
26Commerzbank offer – a clear road ahead to generate value 1. Subject to regulatory approval 2. Based on current legal assessmentAnnex •49.6% participation is sufficient to pursue control¹, cascade offer in Poland currently not contemplated2 •We always envisaged HVB and Commerzbank operating in parallel for 2 -3 years , aligning the two banks industrially and culturally before considering a merger •Expected pre -merger value creation is upgraded to 1.2bn (60% of total) and will require upfront investments of c.2.2bnExactly where we want to be;
no revised offer •A constructive dialogue with the German government, regulators and workforce representatives would further enhance prospects for all the stakeholders •Objective remains to build a stronger and better Commerzbank refocused on Germany and Poland •Within a premier Pan -European banking group through 15+1 federated banks that lead in their countriesConstructive
engagement
continues
•We expect to receive regulatory approval within 6 months and call EGM shortly thereafter to take all necessary steps to take control and execute Unlocked •We have the right tools to begin the implementation of Commerzbank Unlocked rapidly from early 2027 •We will continue refining our plans and, if control is confirmed, update Unlimited at FY26 results to reflect the new Group perimeter and value creation pathwayReady to
execute
27Today Russia is a highly focused franchiseAnnex 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 June 2026 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 98bps are residual, meaning not already refle cted in actual CET1r.
The impact is based on the actual CET1r of 14.3%. The impact stands at – 115bps including impact from threshold deductionWHAT 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 Retail orderly exit finalized Ring fenced from the rest of the Group, with a clear impact on any potential loss Always within the letter and the spirit of thelegal, regulatory and sanction limitationsToday’s steady state (June -26) 0.1 bn 0.5 bn <6bn Limited to EUR & USD
98 bpsZero
At minimal cost Russia net creditor to Group
CROSS -BORDER
PAYMENTS1
NET LOCAL
LOANS2
LOCAL
DEPOSITS2,3
EXTREME LOSS
IMPACT CET14CROSS -BORDER
EXPOSURE
8.6 bn 7.5 bn>25 bn
c.20 currencies
128 bps Mar-22
>4.5 bn
28Annex
Executing our Strategy across all ESG dimensions A transparent view of our ESG ambition by disclosing our ESG share relative to total business for 2025- 27 yearly targets Progressing towards our 2026 ESG penetration targets
17 %
vs. 15 % ESG Lending1,2
15 %
vs. 15 % Sustainable Bonds2
52 %
vs. 50 % ESG Invest. Prod2DIVERSITY, EQUITY & INCLUSION
Gender Pay Gap4 on comparable roles at ca.1%
Women representation2
-53% in BoD -58% across Group -42% in Group Executive
Committee (GEC)
-33% in Leadership Team5
International Presence2
-40% in BoD -55% across Group6 -58% in GEC -39% in Leadership Team5
Multicultural diversity2
-134 birthplaces
-4 generations
ACCOUNTABILITY
ESG representation at GEC Sustainability KPIs in CEO and
TopManagement remuneration
Strong policy framework incontroversial sectors, with recent update of Oil&Gas policy ESG product guidelines, part of greenwashing prevention framework ENVIRONMENTAL Committed to becoming a Net Zero bank by 2050 on financed emissions with 2030 Net Zero targets on Oil&Gas , Automotive, Power Generation, 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 €6.2bn environmental lending 1,2 Launched UniCredit Valore Energia Più in Italy , a new loan for individuals to invest in energy efficiency, use of renewable energy and
sustainable mobility
Issued 14 own green bonds since 2021 for
c.€6.5bn
BEYOND CLIMATE
First Italian bank to sign the Finance for Biodiversity Pledge since 2022, as well as participation to UNEP FI Nature and CE working groups, participation to Circular economy -Nature nexus Member of Ellen MacArthur Foundation Launched One for Planet, Water Management in Italy, a new innovative financing product for investments to reduce water waste 1. Including ESG -linked 2. Figures as of 2Q26 3. Academic year 2025 -2026 4. Figures as of Dec. 2025 5. It refers to Group Executive Committee and its first reporting line 6. Calculated based on FTEsCOMMUNITIES c.109k beneficiaries 2 of financial education and
awareness initiatives
c.2,600 hours dedicated to volunteering by UCG
employees2
Launched new edition of Go for Green , a sustainability mobility challenge for Italian employees SOCIAL €3.2bn social financing1,2 via micro -
credit, impact financing and loans to
disadvantaged areas
Making classical music accessible confirming our collaboration with as Main Partner of Filarmonica della Scala since 2000 Promoting art and culture through UniCredit Art Collection, one of Europe’s largest corporate collections accessible via a free digital gallery
INNOVATION
UniCredit Start Lab:
Completed 5 sector -specific selection Boards, identifying the 50 highest -potential UniCredit Start Lab startups, with the involvement of 40+ corporate companies in the process
Strengthening client
engagement through our partnerships with Open -es, Rise Europe, IvyDecarb , and the recently renewed collaboration with Fondo per l’Ambiente
Italiano (FAI)UNICREDIT FOUNDATION
Invested €105m in education over four years, positioning UniCredit Foundation among Europe’s leading foundations tackling educational
poverty
Granted €4.2m to 9 Edu -Fund Platform 2025 –26 programmes across 8 countries, supporting inclusive education for vulnerable
young people
Awarded over €4.5 million
3 in
scholarships, fellowships and research grants, supporting 54 students , researchers and UniCredit colleagues across Europe and beyond
29Note: 2025 quarterly figures have been subject to an intra -revenues reclassification. For further details please see page 21 of 4Q25 & FY25 results presentation.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) Annex Figures in m unless otherwise stated % % abs % Total revenues 6,586 6,115 6,173 5,709 6,873 6,521 -5.1% +6.6% 12,701 13,394 693 +5.5% o/w Net Interest Income 3,661 3,643 3,541 3,627 3,587 3,658 +2.0% +0.4% 7,304 7,245 -59 -0.8% o/w Dividends 129 317 248 287 408 709 +73.8% n.m. 446 1,117 671 n.m.
o/w Fees + net insurance results 2,327 2,149 2,159 2,174 2,509 2,456 -2.1% +14.3% 4,477 4,965 489 +10.9% o/w Fees 2,327 2,149 2,071 2,073 2,431 2,350 -3.3% +9.3% 4,477 4,782 305 +6.8% o/w Net insurance result 0 0 88 101 78 106 +36.9% n.m. 0 184 184 n.m.
o/w Trading profit 497 18 284 -285 476 -246 n.m. n.m. 514 229 -285 -55.4% o/w Other operating income/expenses -28 -12 -59 -94 -107 -56 -47.7% n.m. -40 -163 -123 n.m.
Operating costs -2,321 -2,315 -2,291 -2,514 -2,297 -2,298 +0.1% -0.7% -4,636 -4,595 41 -0.9% o/w Staff expenses -1,436 -1,429 -1,432 -1,576 -1,431 -1,418 -0.9% -0.8% -2,865 -2,849 16 -0.5% o/w NHR costs -885 -886 -859 -939 -865 -880 +1.7% -0.7% -1,771 -1,746 25 -1.4% Gross operating profit 4,265 3,800 3,882 3,195 4,576 4,223 -7.7% +11.1% 8,065 8,799 734 +9.1% Loan Loss Provisions -83 -109 -113 -356 -185 -192 +4.0% +76.3% -192 -377 -185 +96.2% Net operating profit 4,182 3,691 3,768 2,839 4,392 4,031 -8.2% +9.2% 7,873 8,422 550 +7.0% Other Charges & Provisions -207 -235 -49 -371 -257 -39 -84.7% -83.3% -442 -296 146 -33.1% o/w Systemic Charges -187 -40 -62 -93 -237 -61 -74.1% +55.0% -227 -299 -72 +31.8% Integration Costs -30 -40 -53 -1,053 -23 -61 n.m. +53.5% -70 -85 -14 +20.4% Net profit (loss) on Investments -31 877 -27 417 200 20 -89.8% -97.7% 846 220 -626 -74.0% Profit (loss) before taxes 3,913 4,293 3,639 1,832 4,311 3,951 -8.4% -8.0% 8,206 8,262 55 +0.7% Income taxes -1,124 -934 -959 426 -1,031 -981 -4.8% +5.0% -2,058 -2,012 46 -2.2% Stated net profit/loss 2,771 3,344 2,633 2,167 3,218 2,905 -9.7% -13.1% 6,115 6,123 8 +0.1% Net profit 2,771 3,344 2,631 1,833 3,217 2,906 -9.7% -13.1% 6,115 6,123 8 +0.1% Net profit after AT1/CASHES 2,715 3,139 2,583 1,646 3,168 2,697 -14.8% -14.1% 5,853 5,865 12 +0.2% Cost/income ratio, % 35.2% 37.9% 37.1% 44.0% 33.4% 35.2% +1.8 p.p. -2.6 p.p. 36.5% 34.3% -2.2 p.p. -2.2 p.p.
Cost of risk, bps 8 10 10 33 17 17 - +6 9 17 +8 +8 Tax rate, % 28.7% 21.8% 26.4% n.m. 23.9% 24.8% +0.9 p.p. +3.1 p.p. 25.1% 24.3% -0.7 p.p. -0.7 p.p.
RWAs, bn 287.0 287.7 291.5 296.3 298.9 308.9 +3.3% +7.3% 287.7 308.9 21 +7.3% CET1 ratio1,% 16.1% 16.0% 14.8% 14.7% 14.2% 14.3% +0.1 p.p. -1.8 p.p. 16.0% 14.3% -1.8 p.p. -1.8 p.p.
RoTE, % 23.1% 26.3% 21.5% 13.6% 25.8% 21.7% -4.1 p.p. -4.6 p.p. 24.7% 23.7% -1.0 p.p. -1.0 p.p.
EPS, Eur 1.79 2.16 1.71 1.22 2.15 1.94 -9.7% -10.2% 3.95 4.09 0.13 3.3%
Tangible book value per share, Eur 36.5 38.4 39.7 39.5 39.5 41.5 5.0% 8.1% 38.4 41.5 3.09 8.1%1H25 1H261H26 vs 1H251Q25 4Q25 1Q26vs 1Q26 vs 2Q252Q25 3Q25 2Q26 Group
P&L and
selected
metrics
30Updated base case macro scenario Estimates based on UniCredit preliminary 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) 1. Excl. Ireland impacted by volatility in multinational- dominated sectors Inflation,% GDP growth, %UNICREDIT FOOTPRINT EUROZONE
2026
20272026
2027
2028 20282.9 0.91
2.2 1.2
2.0 1.4Group
3.6 0.8
2.8 1.3
2.5 1.6Group
excl. Russia
3.0 0.9
2.4 1.3
2.2 1.4Scenarios Market rates
2.3 2.50
2.6 2.50
2.6 2.503M Euribor
avg, %DFR,
EoP %Annex
31Balance sheet and liquidity profile
2Q26
Balance
Sheet
€932 bn56
104
19846
AssetsOther Assets
Financial Assets at Amortised Cost Financial Assets at Fair Value & Hedging derivativesCash and cash balances29 41 65 71 109 617
LiabilitiesOther liabilities
Insurance Liabilities
Financial liabilities & hedging liabilities Equity and equity instruments Debt securities issued
50452
61
617Deposits
Loans
Loans
to customersActive repos Loans to banks &
central banks
Deposits
from customersPassive repos
Deposits
from banks
528
4435233LIQUIDITY
PROFILE
LIQUID ASSETS
c.203bnLCR c.140%
NSFR c.124%
Sound and stable liquidity profile
RETAIL
1 55%
CORPORATE2 45%
deposit mix >80% in retail, with SME clients
3 includedCUSTOMER
DEPOSIT MIXo/w c.164bn
regulatory HQLA
88 %
Loans / deposits (customer loans and deposits excl. repos) 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 T reasury or by Corporate Centres for liquidity management purpose)Annex
3219.9%Net Interest Income details 1. 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 * 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 2Q26: amount c.218bn, avg yield c.1.59%, avg maturity c.5 years 4. Based on average Euribor 3M / ECB Deposit Facility RateNET INTEREST INCOME , bn
−1%NII RoAC1
20.7%
1H25 1H267.3 7.2Net NIILLPs+2%
-0.1
3.5
2Q25-0.1
3.4
3Q25-0.4
3.3
4Q25-0.2
3.4
1Q26-0.2
3.5
2Q263.6 3.5 3.6 3.6 3.7
3,587
1Q2684 -13 0
3,658
2Q263,643
2Q25174 -121 -38
3,658
2Q26NET INTEREST INCOME , bn
Quarterly pace
Q/Q EVOLUTION DETAILS , m 2Q/2Q EVOLUTION DETAILS , mEuribor 3M avg 2.10%2.01% 2.04% 2.05%2.24%
PASS- THROUGH
± 1p.p. = c.90m RATES4
± 50bps = c.0.35bn NII SENSITIVITY
(annualised) Volumes2
Rates2 & Non
Commercial3
Russia
Volumes2
Rates2 & Non
Commercial3
RussiaAnnex
33Deposit details
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 functions2Q26 avg commercial deposits , bn vs. 1Q26 Gross customer deposits
rates 2Q26
(vs. 1Q26)
Retail1
Corporates2Italy
GermanyAustria
CEERussia
Sight Deposits
Term Deposits
Saving Deposits
Other+1.3% Q/QDEPOSITS FROM CUSTOMERS
(Net of repos and IC – EoP)504 bn
(+2.4% Q/Q)
+3.9% Q/Q
+3.1% Q/Q
-4.6% Q/Q+2.7% Q/QItaly
Germany
Austria
CEE
Russia
484 Group186
137 59
99 3
484+1.1%
+0.5%+0.6%
+0.7%
at constant FX
-3.8%
at constant FX
+0.8%-0.30%
(-2bps)
-1.10%
(-8bps)
-0.81%
(-5bps)
-1.19%
(-1bp constant FX)
-0.88%
(-39bps at constant FX)
-0.77%
(-4bps)BY REGION BY BUSINESS
SEGMENTBY PRODUCTAnnex
38%
12%20%0%
29%
55%45%
73%19%
5%2%
34Loan details
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+3.5% Q/Q2Q26 avg gross commercial performing loans , bn
403149
110 59
84 1vs. 1Q26 Gross customer performing loan rates 2Q26
(vs. 1Q26)
Consumer Finance
Overdraft Loans
RE Mortgages
Impaired Loans
S/T Loans
Other ML/T Loans+1.3% Q/QLOANS TO CUSTOMERS
(Net of repos and IC – EoP)443 bn
(+3.3% Q/Q)
+4.3% Q/Q+3.0%
+1.6%
+1.5%
+2.9%
at constant FX
-11.0%
at constant FX
+2.4%4.02%
(+7bps)
3.49%
(+9bps)
3.17%
(+4bps)
4.65%
(-3bps at constant FX)
9.61%
(-20bps at constant FX)
3.89%
(+5bps)BY REGIONAnnex
Italy
GermanyAustria
CEERussiaBY BUSINESS
SEGMENTRetail1
Corporates2Italy
Germany
Austria
CEE
RussiaGroupBY
PRODUCT35%
14%19%0%
29% 34%
66% 32%
12%39%6%
3%6%
35Fees + Net Insurance results details 1. Including dividends from Insurance JVs and Net Insurance resultsAuM+AuA stock , bn Quarterly pace178 185 193 196 210 Fee / Revenue1
37.1% 35.7%
4.5
1H250.2
4.8 1H264.55.0Insurance stock , bn Quarterly pace56.8 58.1 58.8 58.8 62.0 FeesNet Insurance results2.1
2Q250.1
2.1
3Q250.1
2.1
4Q250.1
2.4
1Q260.1
2.4
2Q262.1 2.2 2.22.5 2.5FEES + NET INSURANCE
RESULTS , bn
+14%Annex
+11 %
Y/YInvestment
(AuM , AuA, AuC)
+17% Insurance
& Net Insurance +66% Payments &
Current Account
-2% Advisory &
Financing
+10% Client
Hedging Fees
+12%CHANGE BY FEES + NET INSURANCE RESULTS CATEGORIES
1H/1H +10% +47% flat +12% +7% +2.9% on Client Solutions
payment perimeter
361H25 1H26829886Total Financial Assets 1. Excluding large corporate and central functionsTFA s DYNAMICS
CHANGE BY TFA s CATEGORIESTFA evolution
QuarterlyAuM+AuA gross sales
Y/YAsset under
Management
+7% +8% Asset under
Advisory
+9% +67% Asset under
Custody
+5%
-2% Insurance
+5%
+9% Deposits
+2% +6%Q/QInsurance gross sales AuM AuA AuC
Insurance
Deposits14 13 1317 16 32 208 57 386
2Q25149
36 215
58 391
3Q25151
43 216
59 404
4Q2514649
196 59
400
1Q26157
53 204
62 409
2Q26829 849 871 850 886
1473 3 243Annex
+7%TFAs1, bn
372Q25 3Q25 4Q25 1Q26 2Q260.1 0.10.4
0.2 0.2LLPs and CoR details LLPs , bn Quarterly paceLLPs , bn 917
1H25 1H261H25 1H260.20.4
CoR, bps
10 1033
17 17
2Q25 3Q25 4Q25 1Q26 2Q26CoR, bps Quarterly paceOverlays stock1, bn Quarterly pace1.7 1.7 1.7 1.7 1.6Annex 1. On Performing portfolio and Including calibration factor
38Asset quality details Note: Gross NPE ratio for Group using EBA definition is 2.1% as of 2Q26 ( -0.1 p.p. Q/Q), compared to weighted average of EBA sample ba nks of 1.8% as of 1Q26 (flat Q/Q) 1. On Performing portfolio and Including calibration factorTOTAL GROSS NPE TOTAL GROSS NPE ALMOST STABLE
MAIN KPI sKEY HIGHLIGHTS
SOUND LEVEL OF
PROVISIONS
NPE coverage does not factor in provisions on
performing loans
(0.7% coverage including c. 1.6bn overlays1)NPE COVERAGE RATIO stable Q/Q at 46% on book, driven by portfolio dynamics
LOW BAD LOANS
68% of gross NPEs related to UTP plus Past Due;
2Q26 net bad loans slightly reduced to 1.2bn and net bad loan ratio stable at 0.3% (net bad loans/CET1 capital at 2.8%)Gross NPE evolution , bn
Quarterly pace
2Q25 3Q25 4Q25 1Q26 2Q2611.7 11.6 12.1 11.9 12.0
Gross UTPGross Past Due Gross Bad Loans 2.6% 2.6% 2.7% 2.6% 2.5% 1.5% 1.4% 1.6% 1.4% 1.4%Gross NPE ratio Net NPE ratio 45% 45% 44% 46% 46% NPE Coverage ratio
FY20 1H2621.2
12.0
1.2% 1.1% 1.3% 0.7% 0.8% Default rate, (YTD)Annex
−43 %
39Group gross loans breakdown by stages Note: Total loans to customers end -of-period, at face value (i.e. before deduction of provisions), including active repos and (in divi sional 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. On Performing portfolio and Including calibration factor1Q26 4Q25 2Q26 2Q252.6% 2.6% 2.7% 2.6% 2.5%Stage 3
Provisions on
Stage 1 and 2Provisions on
Stage 3
o/w Stage 2 o/w Stage 1o/w Gross performing loansStage 1 and 2:
473bnStage 3
Stage 2
Stage 110.5% 10.6% 10.4% 10.5% 9.7% 86.9% 86.8% 86.8% 86.9% 87.8%o/w Gross NPE
Coverage ratioGROUP GROSS LOANS1 AND PROVISIONS EOP , bn
12 46
384
2Q2512
47 386
3Q2512
46 384
4Q2512
48 397
1Q2612
47 426
2Q26442 445 442457485
3Q25Annex
Including c. 1.6bn of overlays15 5 5 5 6 4 4 3 3 345.4% 45.4% 44.0% 45.8% 45.9% 5.9% 5.6% 5.6% 5.4% 5.4% 0.2% 0.2% 0.2% 0.2% 0.2%
40RWA details
RWA DYNAMICS
Quarterly pace
2Q25 3Q25 4Q25 1Q26 2Q26288 291296 299309
288
1H25309
1H26299
1Q26 Active
portfolio
managementRegulatory
impactsPD
(Probability
of Default)
scenarioFX effects OpRisk Business
dynamics309
2Q26-2.90.4
-0.50.5 0.012.5Credit riskOperational riskMarket risk
Y/Y EVOLUTION DETAILS , bn Q/Q EVOLUTION DETAILS , bn
o/w -1.5bn
securitisationsRWA , bn 288
1H25 Active
portfolio
managementRegulatory
impactsPD
(Probability
of Default)
scenarioFX effects OpRisk Business
dynamics309
1H26-10.92.9
-0.60.5 2.826.4o/w -6.4bn
securitisationsAnnex
Including +c.4bn
temporary impact from
strategic portfolio+7%
41End notes
42General 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 2Q26 versus 1Q26) Delta 2Q/2Q (or Y/Y) means: current quarter of the current year versus the same quarter of the previous year (in this presentation equal to 2Q26 versus 2Q25) Delta 1H/1H means: current first half of the current year versus the first half of the previous year (in this presentation equal to 1H26 versus 1H25)
43Main definitionsEnd 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 (annualised) divided by the initial amount of gross performing loans DPS Dividend per shareCalculated 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 shareCalculated 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 AverageAverage 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 reclas sified assets)
44Main definitionsEnd 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 neutralise 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 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 reclassifi ed 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 calculation Net Profit after Capital Charges Net Profit as defined above + AT1 charge (allocation of cost of Coupons for AT1 issuance) + Group T2/SP/SNP charge (allocatio n of T2, SP, SNP issuances cost to meet Group Regulatory Capital Requirements) – local iMREL costs (sterilisation of cost over Euribor 3 months for Local issuances for regulatory requirements of T2 and SNP). Used as numerator for RoAC calculation only 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 GenerationCalculated as (Net Profit, as defined above, minus delta RWA excluding Regulatory impacts and PD scenario impacts x CET1r actual)/ RWA BoP
45Main definitionsEnd notes Pass -through Calculated as average cost of total deposits on average Euribor 3M or equivalent interest rate in the period. Deposit amount including term and sight products PD scenario Impacts deriving from probability of default scenario, including rating dynamics RoAC Annualised ratio between (i) Net profit after Capital Charges plus Excess Capital Charge (calculated on T1) over (ii) Allocat ed capital RoTE (i) Net Profit after AT1/Cashes , as defined before, over (ii) average Accounting tangible equity (equal to Shareholders' equity – Goodwill – Intangible – HFS intangible – AT1 ) – Cashes – accrued dividends and buybacks 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 N et 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 payThe 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 intangib les), 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
46Disclaimer
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.This document does not constitute, and shall not be construed as, an “investment recommendation” within the meaning of Article 3(1)(35) and Article 20 of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (the “MAR”), as supplemented by Commission Delegated Regulation (EU) 2016/958 of 9 March 2016. In particular, the information contained herein does not constitute and shall not be interpreted as a recommendation, suggestion, or inducement — explicit or implicit — to buy, sell, subscribe for, exchange, redeem, retain or underwrite any financial instrument or to engage in any investment strategy, and is not intended to influence, and should not influence, any person's decision in relation to any financial instrument within the scope of MAR 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.End notes
47IMPORTANT: Please read the following before continuing. The following applies to this document (the “Information”), which has been prepared by UniCredit S.p.A. (the “Company” and, together with its subsidiaries, the “Group”) solely for information purposes and independently of UniCredit’s decision to launch a voluntary tender offer (the “Offer”) on all the ordinary shares of Commerzbank Aktiengesellschaft (“Commerzbank”).
The Information is solely for discussion and feedback purposes and must not be relied upon for any purpose. It does not purport to contain all information required to evaluate the Company or the Group or Commerzbank and/or its financial position. The Information does not constitute a recommendation regarding any securities of the Company or any other member of the Group or Commerzbank.
This document does not constitute, and shall not be construed as, an "investment recommendation" within the meaning of Article 3(1)(35) and Article 20 of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (the "MAR"), as supplemented by Commission Delegated Regulation (EU) 2016/958 of 9 March 2016. In particular, the information contained herein does not constitute and shall not be interpreted as a recommendation, suggestion, or inducement — explicit or implicit — to buy, sell, subscribe for, exchange, redeem, retain or underwrite any financial instrument or to engage in any investment strategy, and is not intended to influence, and should not influence, any person's decision in relation to any financial instrument within the scope of MAR.
This document is not, and should not be construed as, a prospectus or offering document, and has not been reviewed or approved by any regulatory or supervisory authority. The Information does not constitute or form part of, and should not be construed as an offer for sale or subscription of or a solicitation or invitation of any offer to subscribe for or purchase any securities of the Company or any other member of the Group or Commerzbank or any other entity in any jurisdiction, and nothing contained therein shall form the basis of or be relied on in connection with any contract or commitment whatsoever, in particular, it must not be used in making any investment decision. Any decision to tender Commerzbank shares should be solely based on information contained in the offer document that will be published in due time by the Company which would supersede the Information in its entirety.
No representation, warranty or undertaking, express or implied, is made by the Company or any of its of their respective directors, officers, employees, advisors or agents (“Representatives”) or any other person as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the Information or the opinions contained therein or any other statement made or purported to be made in connection with the Company or the Group or Commerzbank, for any purpose whatsoever, including but not limited to any investment considerations. No responsibility, obligation or liability whatsoever, whether arising in tort, contract or otherwise, is or will be accepted by the Company or any of its Representatives or any other person for any loss, cost or damage howsoever arising from any use of the Information, or for information or opinions or for any errors, omissions or misstatements contained therein or otherwise arising in connection therewith. Any action or initiative described in the Information shall be submitted to the Company’ corporate bodies for assessment and final decision (if and) when appropriate depending on the further development of the circumstances.
The Information is indicative, preliminary in nature, subject to change, updating, correction and amendment, does not purport to be comprehensive and is qualified in its entirety by the information contained in the offering documents to be prepared by the Company in the future in connection with the Offer.
The Information contains views, beliefs and opinions of the Company and its management and such Information may constitute or include forward -looking statements. Forward -
looking statements are statements that are not historical facts and may be identified by words such as “plans”, “targets”, “aims”, “believes”, “expects”, “anticipates”, “intends”, “estimates”, “will”, “may”, “continues”, “should” and similar expressions. These forward -
looking statements reflect, at the time made, the Company’s beliefs, intentions and current targets/aims concerning, among other things, the Company’s or the Group’s results of operations, financial condition, liquidity, prospects, growth and strategies, as well as the Group’s view on Commerzbank’s financial potential, which is highly preliminary, speculative, and represent an "outside- in" perspective (i.e., is solely based on publicly available information with regard to information relating Commerzbank and without having had the benefit of any direct interaction, due diligence or otherwise). Forward -
looking statements include statements regarding: objectives, goals, strategies, outlook and growth prospects; future plans, events or performance and potential for future growth; liquidity, capital resources and capital expenditures; economic outlook and industry trends; developments of the Company’s or the Group’s markets; the impact of regulatory initiatives; and the strength of the Company’s or any other member of the Group’s competitors. Forward- looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The forward -looking statements in the Information are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in the Company’s records (and those of other members of the Group) and other data available from third parties. Although the Company believes that its beliefs and these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. There are a variety of factors that may cause actual results and performance to be materially and potentially adversely 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. No representation or warranty is made that any of these opinions, beliefs and forward -looking statements or forecasts will come to pass or that any forecast result will be achieved. Undue influence should not be given to, and no reliance should be placed on, any forward -looking statement. No statement in the Information is intended to be nor may be construed as a profit forecast.
To the extent available, the industry, market and competitive position data contained in the Information come from official or third party sources. Third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. While the Company believes that each of these publications, studies and surveys has been prepared by a reputable source, none of the Company, or any of their respective Representatives has independently verified the data contained therein. In addition, certain of the industry, market and competitive position data contained in the Information come from the Company’s own internal research and estimates based on the knowledge and experience of the Company’s management in the markets in which the Company and the other members of the Group operate. While the Company believes that such research and estimates are reasonable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change and correction without notice. Accordingly, reliance should not be placed on any of the industry, market or competitive position data contained in the Information.