Consolidated first half financial report as at 30 June 2026

Acceleration

in action

Consolidated First Half Financial Report as at 30 June 202 6 From potential to unlimited possibility

I

Contents

UniCredit Consolidated first half financial report as at 30 June 2026 3

Board of Directors, Board of Statutory Auditors and External Auditors 5 Preliminary notes 7

CONSOLIDATED FIRST HALF FINANCIAL REPORT AS AT 30 JUNE 2026 9

Glossary 265

Contacts 275

Notes

The following conventional symbols have been used in the tables:

• a dash ( -) indicates that the item/figure is non -existent;

• “n.m.” when the figures do not reach the minimum considered significant or are not meaningful.

Any discrepancy between data disclosed in this report are solely due to the effect of rounding.

UniCredit S.p.A.

A joint stock company Registered Office and Head Office: Piazza Gae Aulenti, 3 - Tower A - 20154 Milano Share capital € 21,509,089,303 fully paid in Registered in the Register of Banking Groups and Parent Company of the UniCredit Banking Group, with cod. 02008.1

Cod. ABI 02008.1

Fiscal Code, VAT number and Registration number with the Company Register of Milan -Monza -Brianza -Lodi: 00348170101 Member of the National Interbank Deposit Guarantee Fund and of the National Compensation Fund Stamp duty paid virtually, if due - Auth. Agenzia delle Entrate, Ufficio di Roma 1, No.143106/07 of 21.12.2007

Board of Directors and External Auditors as at 30 June 2026 UniCredit Consolidated first half financial report as at 30 June 2026 5 Board of Directors, Board of Statutory Auditors and External Audit ors Board of Directors

Pietro Carlo Padoan Chairman

Elena Carletti Deputy Vice Chairman

Andrea Orcel CEO

Paola Bergamaschi Directors

Paola Camagni

Vincenzo Cariello

Antonio Domingues

Julie B. Galbo Jeffrey Alan Hedberg

Doris Honold

Beatriz Lara Bartolomé

Maria Pierdicchi

Marco Rigotti

Francesca Tondi

Gabriele Villa

Paola Maria Di Leonardo Secretary of the Board of Directors

Audit Committee

Marco Rigotti Chairman

Paola Camagni Members Julie B. Galbo

Gabriele Villa

Bonifacio Di Francescantonio Manager in charg e of preparing the financial reports

KPMG S.p.A. External Auditors

Board of Directors and External Auditors as at 30 June 2026 UniCredit Consolidated first half financial report as at 30 June 2026 6

Preliminary notes

UniCredit Consolidated first half financial report as at 30 June 2026 7 Preliminary notes

General aspects

This Consolidated first half financial report was prepared pursuant to the article 154 -ter, paragraph 2 of the Legislative Decree 58 of 24 February 1998, according to IAS/IFRS international accounting standards, in compliance with the requirements of IAS34 Interim Financial Reporting, in the condensed version provided for in paragraph 10, instead of the full reporting provided for annual financial statements.

The Consolidated first half financial report includes:

• the Consolidated interim report on operations using Reclassified consolidated accounts, including not only comments on the re sults for the period and on other main events, but also the additional financial information required by Consob provisions;

• the Consolidated accounts in line with Banca d’Italia templates as prescribed by Circular 262 of 22 December 2005 (and subseq uent

amendments);

• the Explanatory notes , which include, in addition to the detailed information required by IAS34 stated according to the formats adopted in the financial statements, also the additional information required by Consob and the information deemed useful for providing a be tter pictu re of the

corporate standing;

• the Condensed interim consolidated financial statements certification pursuant to Art.81 -ter of Consob Regulation 11971/99 as amended;

• the Auditor’s Report on review ;

• the Annexes.

The definitions of the main terms used in this document are described in the Glossary chapter . Acronyms/abbreviations not explained in the Glossary are reported in full the first time they are mentioned.

UniCredit website also contains press releases concerning the main events of the period and the market presentation of Group results.

Preliminary notes

UniCredit Consolidated first half financial report as at 30 June 2026 8

Consolidated interim report on operations Consolidated first half financial report as at 30 June 202 6 UniCredit Consolidated first half financial report as at 30 June 2026 9 CONSOLIDAT ED FIRST HALF FINANCIAL R EPOR T AS AT 30 JUNE 202 6 Consolidated interim report on operations 13 Introduction and Group highlights 13 Introduction to the Consolidated interim report on operations of UniCredit group 13 Group highlights, alternative performance indicators and other measures 13 Reclassified consolidated accounts 16 Summary results by business segments 24 Group and UniCredit share historical data series 25 Group results 27 Macroeconomic situation, banking and financial markets 27 Main results and performance for the period 30 Capital and value management 37 Principles of value creation and capital allocation 37 Capital ratios 38 Risk weighted exposure amounts 44 Capital strengthening 45 Shareholders’ equity attributable to the Group 45 Contribution of the sector of activity to the results of the Group 46 Other information 49 Group activities development operations and other corporate transactions 49 Organisational model 51 Conversion of deferred tax assets (DTAs) into tax credits 51 Certifications and other communications 51 Subsequent events and outlook 52 Subsequent events 52

Outlook 53

Condensed interim consolidated financial statements 55 Consolidated accounts 55 Consolidated balance sheet 55 Consolidated income statement 57 Consolidated statement of other comprehensive income 58 Statement of changes in the consolidated shareholders’ equity 59 Consolidated cash flow statement 61 Explanatory notes 65 Part A - Accounting policies 65 A.1 - General 65 Section 1 - Statement of compliance with IFRS 65 Section 2 - General preparation criteria 65 Section 3 - Consolidation scope and methods 72 Section 4 - Events subsequent to the reference date 86 Section 5 - Other matters 87 A.2 - Main items of the accounts 96 A.3 - Information on transfers between portfolios of financial assets 96 A.4 - Information on fair value 96 Part B - Consolidated balance sheet 108

Assets 108

Section 2 - Financial assets at fair value through profit or loss - Item 20 108 Information about the units of Atlante Fund and Italian Recovery Fund 110 Information about the investments in the “Schema Volontario” (Voluntary Scheme) 110 Section 3 - Financial assets at fair value through other comprehensive income - Item

30 112

Section 4 - Financial assets at amortised cost - Item 40 113 Section 10 - Intangible assets - Item 100 114

Consolidated interim report on operations Consolidated first half financial report as at 30 June 202 6 UniCredit Consolidated first half financial report as at 30 June 2026 10 Section 12 - Non-current assets and disposal groups classified as held for sale and liabilities associated with assets classified as held for sale - Item 120 (Assets) and Item 70 (Liabilities) 116

Liabilities 118

Section 1 - Financial liabilities at amortised cost - Item 10 118 Section 2 - Financial liabilities held for trading - Item 20 119 Section 3 - Financial liabilities designated at fair value - Item 30 120 Section 7 - Liabilities associated with assets classified as held for sale - Item 70 121 Section 10 - Provisions for risks and charges - Item 100 121 Section 11 - Insurance liabilities - Item 110 123 Section 13 - Group shareholders’ equity - Items 120, 130, 140, 150, 160, 170 and 180 125 Part C - Consolidated income statement 126 Section 1 - Interest - Items 10 and 20 126 Section 2 - Fees and commissions - Items 40 and 50 127 Section 3 - Dividend income and similar revenues - Item 70 128 Section 4 - Net gains (losses) on trading - Item 80 129 Section 5 - Net gains (losses) on hedge accounting - Item 90 130 Section 6 - Gains (Losses) on disposal/repurchase - Item 100 130 Section 7 - Net gains (losses) on other financial assets/liabilities at fair value through profit or loss - Item 110 131 Section 8 - Net losses/recoveries on credit impairment - Item 130 132 Section 10 - Insurance service result - Item 160 133 Section 11 - Balance of financial income and expenses related to insurance business -

Item 170 134 Section 12 - Administrative expenses - Item 190 134 Contributions to Resolution and Guarantee Funds 136 Guarantee fees for DTA conversion 136 Section 13 - Net provisions for risks and charges - Item 200 137 Section 16 - Other operating expenses/income - Item 230 138 Section 25 - Earnings per share 139 Part E - Information on risks and related hedging policies 140

Introduction 140

Section 1 - Risks of the accounting consolidated perimeter 147 Quantitative information 147 A. Credit quality 147 A.1 Non-performing and performing credit exposures: amounts, write -downs, changes, distribution by business activity 147 Information on Sovereign Exposure 148 Section 2 - Risks of the prudential consolidated perimeter 151 2.1 Credit risk 151 Qualitative information 151 1. General aspects 151 2. Credit risk management policies 153 3. Non -performing credit exposures 164 4. Commercial renegotiation financial assets and forborne exposures 167 Quantitative information 168 A. Credit quality 168 B. Distribution and concentration of credit exposures 170 E. Prudential perimeter - Credit risk measurement models 172 2.2 Market risks 172 Risk management strategies and processes 172 Structure and organisation 176 Risk measurement and reporting systems 177

Consolidated interim report on operations Consolidated first half financial report as at 30 June 202 6 UniCredit Consolidated first half financial report as at 30 June 2026 11 Hedging policies and risk mitigation 177 Internal model for price, interest rate and exchange rate risk of the regulatory trading book 178 2.2.1 Interest rate risk and price risk - Regulatory trading book 183 Qualitative information 183 Quantitative information 184 2.2.2 Interest rate risk and price risk - Banking book 186 Qualitative information 186 2.2.3 Exchange rate risk 189 Qualitative information 189 Credit spread risk 189 Stress test 190 2.4 Liquidity risk 192 Qualitative information 192 2.5 Operational risks 200 Qualitative information 200 A. General aspects, operational processes and methods for measuring operational risk 200 B. Legal risks 204 C. Risks arising from employment law cases 209 D. Risks arising from tax disputes 210 E. Other claims by customers 211 Quantitative information 213 2.6 Other risks 214 Other risks included in Economic Capital 214 1. Business risk 214 2. Real estate risk 214 3. Financial investments risk 214 Reputational risk 216 Top and emerging risks 217 1. Ongoing conflicts 217 2. Macroeconomic and (geo -)political challenges 217 3. Cyber security risk 218 4. Developments in the European regulatory framework 218 Climate -related and environmental risks 221 Section 3 - Risk of insurance companies 241 Part F - Consolidated shareholders’ equity 243 Section 1 - Consolidated shareholders’ equity 243 A. Qualitative information 243 Part H - Related -party transactions 244

Introduction 244

Related -party transactions 245 Part L - Segment reporting 248 Organisational structure 248 A - Primary segment 249 Certification of Condensed Interim consolidated financial statements 253 Report of the External Auditors 255

Annexes 259

Annex 1 - Reconciliation between reclassified balance sheet and income statement accounts and mandatory reporting schedule 259

Consolidated interim report on operations Consolidated first half financial report as at 30 June 202 6 UniCredit Consolidated first half financial report as at 30 June 2026 12

Consolidated interim report on operations Introduction and Group highlights UniCredit Consolidated first half financial report as at 30 June 2026 13 Consolidated interim report on operations Introduction and Group highlights Introduction to the Consolidated interim report on operations of UniCredit group This Consolidated interim report on operations illustrates the performance of the UniCredit group and related amounts and res ults. It includes financial information such as Group highlights, Reclassified consolidated accounts and their Quarterly figures, S ummary results by business segment, Group and UniCredit share historical data series as well as the commented “Group results”.

To further illustrate the results of the period, the Consolidated interim report on operations includes Reclassified consolid ated accounts prepared using the same criteria of previous quarterly reports.

The information included in this report is supported, in order to provide further information about the performance achieved by the Group, by some Alternative Performance Indicators (API s) such as: Cost/Income ratio, Economic Value Added (EVA), Return On Tangible Equity (ROTE), Net bad loans to customers/Loans to customers, Net non -performing loans to customers/Loans to customers, Absorbed capital, Return On Allocated Capital (ROAC), Retur n On Assets (ROA), Cost of risk.

Although some of this information, including certain APIs, is neither extracted nor directly reconciled with Condensed interi m consolidated financial statements, in the Consolidated interim report on operations, the Annexes and the Glossary provide explana tory descriptions of the contents and, in case, the calculation methods used, in accordance with European Securities and Markets Authority Guidelines (ESMA/2015/1415) of 5 October 2015.

In particular, Annex 1 include s the reconciliation between the reclassified accounts and the mandatory reporting schedule, as required by Consob Notice No.6064293 of 28 July 2006.

The amounts related to year 202 5 Reclassified consolidated income statement and to Profitability ratios differ from the ones published at that time.

For further details refer to “Reconciliation principles followed for the Reclassified consolidated income statement”.

For the disclosure relating to related -party relations and transactions, it shall be referred to Part H - Related -party transactions, Explanatory notes of the Condensed interim consolidated financial statements.

For the complete description of risks and uncertainties that the Group has to face in the current market situation, reference shall be made to the Part E - Information on risks and related hedging policies and to paragraph “Risks and uncertainty relating to the use of estimates”, Part A -

Accounting policies, A.1 - General, Section 2 - General preparation criteria of the Explanatory notes of the Cond ensed interim consolidated financial statements.

Group highlights, alternative performance indicators and other measures

Income statement figures

(€ million)

H1

2026 2025 % CHANGE

Revenue 13,394 12,701 + 5.5%

of which:

- Net interest 7,245 7,304 - 0.8%

- Dividends 1,117 446 n.m.

- Fees 4,782 4,477 + 6.8% Operating costs (4,595) (4,636) - 0.9% Gross operating profit (loss) 8,799 8,065 + 9.1% Loan Loss Provisions (LLPs) (377) (192) + 96.2% Net operating profit (loss) 8,422 7,873 + 7.0% Profit (Loss) before tax 8,262 8,206 + 0.7% Group stated net profit (loss) 6,123 6,115 + 0.1%

The figures in this table refer to the Reclassified consolidated income statement.

Consolidated interim report on operations Introduction and Group highlights UniCredit Consolidated first half financial report as at 30 June 2026 14 Balance sheet figures

(€ million)

AMOUNTS AS AT

30.06.2026 31.12.2025 % CHANGE

Total assets 932,091 870,238 + 7.1% Financial assets held for trading 74,569 62,715 + 18.9% Loans to customers 475,850 433,541 + 9.8% Financial liabilities held for trading 46,733 38,443 + 21.6% Deposits from customers and debt securities issued 674,040 633,568 + 6.4%

of which:

- deposits from customers 564,576 535,371 + 5.5%

- debt securities issued 109,464 98,198 + 11.5% Group shareholders' equity 70,423 67,711 + 4.0%

The figures in the table above refer to the Reclassified consolidated balance sheet.

Profitability ratios

H1

2026 2025 CHANGE

EPS (€) 8.044 7.768 0.276

Cost/Income ratio 34.3% 36.5% - 2.2% EVA (€ million) 3,614 3,780 (165)

RoTE 23.7% 24.7% - 1.0%

ROA 1.3% 1.4% - 0.1%

Note:

EPS: Earnings Per Share. Annualised figure. For further details refer to “Section 25 - Earning per share ”, Explanatory notes, Part C - Consolidated income statement.

Risk ratios

AS AT

30.06.2026 31.12.2025 % CHANGE

Net bad loans to customers/Loans to customers 0.26% 0.29% -0.03% Net non -performing loans to customers/Loans to customers 1.36% 1.56% -0.20%

For the amounts refer the table “Loans to customers - Asset quality” in the paragraph “Loan Loss Provisions (LLPs)” of this Consolidated interim report on operations, Group results, Main results and performance for the period.

Consolidated interim report on operations Introduction and Group highlights UniCredit Consolidated first half financial report as at 30 June 2026 15 Staff and branches

AS AT

30.06.2026 31.12.2025 CHANGE

Number of employees 66,180 67,118 - 938 Number of branches 3,031 3,075 - 44

of which:

- Italy 1,941 1,941 -

- Abroad 1,090 1,134 - 44

Notes:

Number of employees counted for the rate of presence (FTEs - Full Time Equivalent).

Number of branches includes only Retail branches.

Group transitional capital ratios

DESCRIPTION AS AT

30.06.2026 31.12.2025 CHANGE

Total Own Funds (€ million) 57,245 56,304 + 941 Total RWEA (€ million) 308,852 296,327 + 12,525 Common Equity Tier 1 Capital ratio 14.26% 14.75% -0.49% Total Capital ratio 18.53% 19.00% -0.47%

For further details refer to paragraphs “Capital ratios" and “Risk weighted exposure amounts” of this Consolidated interim re port on operations, Group results, Capital and value management.

Ratings

SHORT -TERM MEDIUM AND STANDALONE

DEBT LONG -TERM OUTLOOK RATING

Fitch Ratings F2 A- stable a-

Moody's Investors Service P-2 A3 Under Review(*) baa2(*) Standard & Poor's A-2 A- positive a-

Note:

*Outlook moved from “stable ” to “Under Review ”, as review for upgrade is opened for standalone rating .

Ratings updated as at 22 July 202 6.

Consolidated interim report on operations Reclassified consolidated accounts UniCredit Consolidated first half financial report as at 30 June 2026 16 Reclassified consolidated accounts Changes occurred in the scope of consolidation During the first half of 202 6, the following changes have been recorded with reference to the consolidation perimeter:

• the number of fully consolidated companies, including the Parent Company and those ones classified as non -current assets and disposal groups based on accounting principle IFRS5, decreased by 6 (3 incoming and 9 exited) from 284 as at 31 December 202 5 to 278 as at 30 June 202 6;

• the number of companies consolidated though the equity method , including those ones classified as non -current assets and disposal groups, were unchanged (i.e. 21) compared to 31 December 202 5 as a result of 1 inclusion due to the acquisition of a new company and 1 exclusion for the change of consolidation method .

For further details, refer to the Explanatory n otes, Part A - Accounting Policies, A.1 - General, Section 3 - Consolidation scope and methods.

Non-current assets and disposal groups classified as held for sale As at 30 June 202 6, the main assets which, based on the application of IFRS5 accounting standard, were reclassified as non -current assets and asset disposal groups, regard the following individual assets and liabilities held for sale and groups of assets held for sal e and ass ociated liabilities which do not satisfy IFRS5 requirements for the classification as discontinued operations:

• 1 controlled company;

• the loans included in some portfolios sale’s initiatives;

• the real estate properties held by certain companies in the Group.

For additional information, reference is made to Explanatory notes, Part B - Consolidated balance sheet - Assets, Section 12 - Non-current assets and disposal groups classified as held for sale - Item 120 (Assets) and Item 70 (Liabilities).

Reconciliation principles followed for the Reclassified consolidated balance sheet The main reclassifications, whose amounts are provided analytically in the tables enclosed with this report, involve:

• the inclusion in “Loans to banks” of item “Financial assets at amortised cost: a) loans and advances to banks”, net of debt s ecurities reclassified in “Other financial assets”, and of loans related to item “Financial assets at fair value through profit or loss: c) other financial assets mandatorily at fair

value”;

• the inclusion in “Loans to customers” of item “Financial assets at amortised cost: b) loans and advances to customers”, net o f debt securities and of IFRS16 leasing assets reclassified in “Other financial assets”, and of loans related to item “Financial as sets at fair value through profit or loss: c) other financial assets mandatorily at fair value”;

• the aggregation as “Other financial assets” of items (i) “Financial assets at fair value through profit or loss: b) financial assets designated at fair value and c) other financial assets mandatorily at fair value”, net of loans reclassified in “Loans to b anks and to customers”, of (ii) “Financial assets at fair value through other comprehensive income”, of (iii) “Equity investments”, besides reclassifications of (iv) debt secu rities from item “Financial assets at amortised cost: a) loans and advances to ba nks and b) loans and advances to customers” and of (v) IFRS16 leasing assets from item “Financial assets at amortised cost: a) loans and advances to banks and b) loans and advances to customers”;

• the inclusion in “Other financial liabilities” of debt to shareholders for dividend payments from item “Financial liabilities at amortised cost: b) deposits from customers” and of leasing liabilities pursuant to accounting standard IFRS16 relating to item “Financial liabilities at amortised cost: a) deposits from banks and b) deposits from customers ”;

• grouping under “Hedging instruments”, both assets and liabilities, of items “Hedging derivatives” and “Changes in fair value of portfolio hedged items” in the assets and “Value adjustment of hedged financial liabilities” in the liabilities;

• the inclusion of items “Provision for employee severance pay” and “Provisions for risks and charges” under “Other liabilities ”.

Consolidated interim report on operations Reclassified consolidated accounts UniCredit Consolidated first half financial report as at 30 June 2026 17 Reclassified consolidated balance sheet

(€ million)

AMOUNTS AS AT CHANGE

ASSETS 30.06.2026 31.12.2025 AMOUNT %

Cash and cash balances 45,864 38,455 + 7,409 + 19.3% Financial assets held for trading 74,569 62,715 + 11,854 + 18.9% Loans to banks 52,132 48,875 + 3,257 + 6.7% Loans to customers 475,850 433,541 + 42,309 + 9.8% Other financial assets 246,413 246,982 - 569 - 0.2% Hedging instruments (2,460) (2,554) + 95 - 3.7% Insurance assets 161 152 + 8 + 5.5% Property, plant and equipment 8,601 8,811 - 209 - 2.4% Goodwill 840 843 - 3 - 0.4% Other intangible assets 2,077 2,097 - 20 - 1.0% Tax assets 9,711 10,721 - 1,011 - 9.4% Non-current assets and disposal groups classified as held for sale 274 248 + 26 + 10.6% Other assets 18,059 19,352 - 1,293 - 6.7% Total assets 932,091 870,238 61,853 + 7.1%

(€ million)

AMOUNTS AS AT CHANGE

LIABILITIES AND SHAREHOLDERS' EQUITY 30.06.2026 31.12.2025 AMOUNT %

Deposits from banks 52,377 52,181 + 196 + 0.4% Deposits from customers 564,576 535,371 + 29,205 + 5.5% Debt securities issued 109,464 98,198 + 11,267 + 11.5% Financial liabilities held for trading 46,733 38,443 + 8,290 + 21.6% Other financial liabilities 25,511 24,415 + 1,095 + 4.5% Hedging instruments (7,246) (8,335) + 1,090 - 13.1% Tax liabilities 2,789 2,822 - 33 - 1.2% Liabilities included in disposal groups classified as held for sale 0 0 + 0 -

Other liabilities 26,356 20,662 + 5,694 + 27.6% Insurance liabilities 40,715 38,372 + 2,343 + 6.1% Minorities 393 398 - 5 - 1.4% Group shareholders' equity 70,423 67,711 + 2,712 + 4.0%

of which:

- capital and reserves 64,300 56,796 + 7,504 + 13.2%

- Group stated net profit (loss) 6,123 10,915 - 4,792 - 43.9% Total liabilities and shareholders' equity 932,091 870,238 + 61,853 + 7.1%

Consolidated interim report on operations Reclassified consolidated accounts UniCredit Consolidated first half financial report as at 30 June 2026 18 Reclassified consolidated balance sheet - Quarterly figures

(€ million)

AMOUNTS AS AT AMOUNTS AS AT

ASSETS 30.06.2026 31.03.2026 31.12.2025 30.09.2025 30.06.2025 31.03.2025

Cash and cash balances 45,864 48,180 38,455 48,153 41,804 43,971 Financial assets held for trading 74,569 67,924 62,715 60,062 60,371 54,972 Loans to banks 52,132 52,535 48,875 61,655 58,779 54,851 Loans to customers 475,850 447,786 433,541 435,863 433,153 424,347 Other financial assets 246,413 248,703 246,982 241,979 231,231 183,767 Hedging instruments (2,460) (2,788) (2,554) (2,190) (1,711) (1,526) Insurance assets 161 159 152 146 164 -

Property, plant and equipment 8,601 8,760 8,811 8,715 8,824 8,760 Goodwill 840 841 843 1,090 1,091 294 Other intangible assets 2,077 2,071 2,097 2,174 2,180 2,201 Tax assets 9,711 9,881 10,721 9,500 9,914 9,382 Non-current assets and disposal groups classified as held for sale 274 230 248 234 949 899 Other assets 18,059 17,883 19,352 13,174 13,579 14,017 Total assets 932,091 902,165 870,238 880,555 860,328 795,935

(€ million)

AMOUNTS AS AT AMOUNTS AS AT

LIABILITIES AND SHAREHOLDERS' EQUITY 30.06.2026 31.03.2026 31.12.2025 30.09.2025 30.06.2025 31.03.2025

Deposits from banks 52,377 57,901 52,181 94,480 85,862 77,791 Deposits from customers 564,576 547,407 535,371 507,480 494,291 492,895 Debt securities issued 109,464 102,133 98,198 99,085 96,015 93,582 Financial liabilities held for trading 46,733 41,021 38,443 31,818 34,426 32,393 Other financial liabilities 25,511 27,521 24,415 24,279 23,677 15,804 Hedging instruments (7,246) (10,160) (8,335) (8,005) (7,801) (8,808) Tax liabilities 2,789 3,040 2,822 2,749 2,413 1,888 Liabilities included in disposal groups classified as held for sale 0 1 0 0 373 345 Other liabilities 26,356 23,963 20,662 22,002 26,390 24,339 Insurance liabilities 40,715 40,531 38,372 37,288 36,264 -

Minorities 393 383 398 385 395 384 Group shareholders' equity 70,423 68,424 67,711 68,994 68,023 65,322

of which:

- capital and reserves 64,300 65,206 56,796 60,246 61,908 62,551

- Group stated net profit (loss) 6,123 3,218 10,915 8,748 6,115 2,771 Total liabilities and shareholders' equity 932,091 902,165 870,238 880,555 860,328 795,935

Consolidated interim report on operations Reclassified consolidated accounts UniCredit Consolidated first half financial report as at 30 June 2026 19 Reconciliation principles followed for the Reclassified consolidated income

statement

The main reclassifications, whose amounts are provided analytically in the tables enclosed with this report, involve:

• the inclusion in the “Net interest” of (i) the interest component of the DBO (Defined Benefit Obligation), TFR (Trattamento d i Fine Rapporto) and Jubilee deriving from “Staff costs”, (ii) the interest component on derivatives related to the economical hedging on banking book positions and (iii) the amounts related to net result of commodity linked derivatives, the last two both coming from item “Net gains (losses) on trading”;

• the inclusion in “Dividends” of “Profit (Loss) of equity investments valued at equity”;

• the inclusion in the “Fees” (i) of the structuring and mandate fees on certificates and the connected derivatives, issued or placed by the Group (ii) of Mark -up fees on client hedging activities, (iii) the result of placement and management activities of i nsurance business related to financial advisors of the banks of the Group;

• the inclusion in “Net insurance results” of insurance companies’ contribution related to “Net interest margin”, “Net fees and commissions”, “Dividend income and similar revenues”, “Net gains (losses) on trading”, “Net gains (losses) on hedge accounting”, “ Gains (Losses) on disposal and repurchase of financial assets at fair value through other comprehensive income”, “Net gains (losses) on other financial assets/liabilities at fair value through profit or loss” along with the “Insurance service result” and t he “Balance of financial income and expenses related to insurance Business”. The “Insurance service result” is considered excluding the fees and commissions related to financial advisors of t he banks of the Group for placing and managing insurance products and the related operating costs (“Staff costs”, “Other administrative expenses”);

• the inclusion among “Trading income” (i) of the net gains (losses) on trading, (ii) of the net gains (losses) on hedge accoun ting, (iii) of the net gains/losses on other financial assets/liabilities at fair value through profit or loss, (iv) of the gains/l osses on disposal or repurchase of financial assets at fair value through other comprehensive income, (v) of gains/losses on disposal and repurchase of financial assets a t amortised cost represented by debt securities, (vi) of gains/losses on disposal and repurchase of financial liabilities at amortised cost, (vii) of the interest income and expenses deriving from Trading Book instruments, (viii) of the gain/losses on commodities held with a trading intent from “Other opera ting expenses/income”, (ix) dividends from held for trading equity instruments , (x) dividends on equity investments, shares and equity instruments mandatorily at fair value and (xi) cost of funding related to certificates from item “Net interest margin” ;

• the inclusion in the “Other expenses/income” of (i) “Other operating expenses/income”, excluding recovery of expenses not related to the credit card distribution agreement, (ii) result of industrial companies, (iii) gains/losses on disposal and repurchase of financial assets at amortised cost represented by performing loans, (iv) net value adjustments/write -backs of tangible in operating lease assets and (v) the costs related to synthetic securitizations deriving from guarantees provided by third parties fr om “Net fees and commissions” ;

• the inclusion in the “HR costs” of the staff costs related to financial advisors of the banks of the Group for placing and managing insuran ce

products;

• the inclusion in the “Non HR costs” (i) of tax recovery, excluded non -recoverable expenses incurred for customers financial transactions taxes reclassified, from “Other operating expenses/income” (ii) the costs for net value adjustments on leasehold improv ements from “Other operating expenses/income”, (iii) the component of discount associated with the accrual of the right to require specific services recog nised in the context of agreements for credit card distribution and payment services from “Net fees an d commissions”, (iv) the other administrative expenses related to financial advisors of the banks of the Group for placing and managing insurance products;

• the presentation under its own item of “Recovery of expenses” different than the tax recovery and not related to credit card distribution agreement from “Other operating expenses/income”;

• in “Loan Loss Provisions”, the inclusion (i) of net losses/recoveries on financial assets at amortised cost and at fair value through other comprehensive income net of debt securities, (ii) of the gains (losses) on disposal and repurchase of financial asse ts at amortised cost net of debt securities and of performing loans, (iii) of the net provisions for risks and charges related to commitments and financial gu arantees given, (iv) of credit recovery expenses for the variable portion of the outsourced NPE re covery costs not recovered from the clients and charged to the Bank based on the recovered volumes, reclassified from item “Other administrative expenses”, (v) of the “Net result of other finan cial assets and liabilities measured at fair value through prof it or loss: b) other financial assets mandatorily measured at fair value”, related to impaired loans;

• the inclusion in the “Other charges and provisions” (i) of contributions to the resolution funds (SRF), the deposit guarantee schemes (DGS), the Bank Levy, the life insurance Guarantee Fund and the Guarantee fees for DTA reclassified from item “Other admin istrative expenses”, (ii) of penalties on distribution of third parties products reclassified from item “Net fees and commissions”;

• the inclusion in the “Integration costs” of impact relating to the reorganization operations of “Other expenses/income”, “HR costs”, “Non HR costs”, “Amortisations and depreciations” and “Other charges and provisions”;

Consolidated interim report on operations Reclassified consolidated accounts UniCredit Consolidated first half financial report as at 30 June 2026 20 • the inclusion in “Net income from investments” of (i) net losses/recoveries on financial assets at amortised cost and at fair value through other comprehensive income - debt securities, (ii) gains (losses) on tangible and intangible assets measured at fair value, (iii) gains (losses) of equity investments and on disposal on investments, including impacts from evaluation arising from IFRS5 non -current assets and disposal groups related to equity investment consolidated line by line and at net equity method n ot presented to item “Profit (Loss) after tax from discontinued operations”, (iv) net Result on Financial Assets mandatorily at fair value related to debt securities and U CITS referred to non -performing loans (included securitisations), (v) inventories assets (IAS2) obtained from recovery procedures of NPE and (vi) impairment/write backs of r ights of use of land and buildings used in the business:

• the inclusion in “Purchase Price Allocation (PPA)” of the effects associated with Purchase price allocation related to insura nce companies.

Figures of Reclassified consolidated income statement relating to 2025 have been restated, starting from March 2026, mainly w ith the effects of the:

• shift from Trading income to Net interest of amounts related to net result of commodity linked derivatives;

• shift from Net interest to Trading income of the cost of funding related to certificates;

• shift from Fees to Other expenses/income of the costs related to synthetic securitizations deriving from guarantees provided by third parties (including the costs of issued Credit Linked notes guaranteeing the performance of specific Loan portfolios previo usly classified in Net interest);

• shift from Other expenses/income to Fees of the costs the Bank must reimburse to the Insurance companies if it fails to retai n the customer’s product for the period foreseen by specific contracts.

Figures of Reclassified consolidated income statement relating to 2025 have been restated, starting from June 2026, with the effects of the shift from Trading income to Net income from investments of UCITS whose underlying portfolio consists of debt securi ties related to non -performing loans.

Consolidated interim report on operations Reclassified consolidated accounts UniCredit Consolidated first half financial report as at 30 June 2026 21 Reclassified consolidated income statement

(€ million)

H1 CHANGE

2026 2025 P&L % % AT CONSTANT

FX(*) RATES

Net interest 7,245 7,304 - 59 - 0.8% - 1.1% Dividends 1,117 446 + 671 n.m. n.m.

Fees 4,782 4,477 + 305 + 6.8% + 6.8% Net insurance result 184 - + 184 n.m. n.m.

Trading income 229 514 - 285 - 55.4% - 54.1% Other expenses/income (163) (40) - 123 n.m. n.m.

Revenue 13,394 12,701 + 693 + 5.5% + 5.5% HR costs (2,849) (2,865) + 16 - 0.5% - 0.7% Non HR costs (1,297) (1,301) + 4 - 0.3% - 0.5% Recovery of expenses 37 43 - 6 - 13.5% - 13.5% Amortisations and depreciations (486) (513) + 27 - 5.3% - 5.8% Operating costs (4,595) (4,636) + 41 - 0.9% - 1.1%

GROSS OPERATING PROFIT (LOSS) 8,799 8,065 + 734 + 9.1% + 9.4%

Loan Loss Provisions (LLPs) (377) (192) - 185 + 96.2% + 94.4%

NET OPERATING PROFIT (LOSS) 8,422 7,873 + 550 + 7.0% + 7.2%

Other charges and provisions (296) (442) + 146 - 33.1% - 36.3% of which: systemic charges (299) (227) - 72 + 31.8% + 26.6% Integration costs (85) (70) - 14 + 20.4% + 20.3% Net income from investments 220 846 - 626 - 74.0% - 74.3%

PROFIT (LOSS) BEFORE TAX 8,262 8,206 + 55 + 0.7% + 1.0%

Income taxes (2,012) (2,058) + 46 - 2.2% - 2.1% Profit (Loss) of discontinued operations - - - - n.m.

NET PROFIT (LOSS) FOR THE PERIOD 6,250 6,149 + 101 + 1.6% + 2.0%

Minorities (32) (34) + 1 - 4.4% - 4.4%

NET PROFIT (LOSS) ATTRIBUTABLE TO THE

GROUP BEFORE PPA 6,218 6,115 + 103 + 1.7% + 2.1%

Purchase Price Allocation (PPA) (95) - - 95 n.m. n.m.

Goodwill impairment - - - - n.m.

GROUP STATED NET PROFIT (LOSS) 6,123 6,115 + 8 + 0.1% + 0.5%

Note:

Foreign Exchange.

Consolidated interim report on operations Reclassified consolidated accounts UniCredit Consolidated first half financial report as at 30 June 2026 22 Reclassified consolidated income statement - Quarterly figures

(€ million)

2026 2025

Q2 Q1 Q4 Q3 Q2 Q1

Net interest 3,658 3,587 3,627 3,541 3,643 3,661 Dividends 709 408 287 248 317 129 Fees 2,350 2,431 2,073 2,071 2,149 2,327 Net insurance result 106 78 101 88 - -

Trading income (246) 476 (285) 284 18 497 Other expenses/income (56) (107) (94) (59) (12) (28) Revenue 6,521 6,873 5,709 6,173 6,115 6,586 HR costs (1,418) (1,431) (1,576) (1,432) (1,429) (1,436) Non HR costs (658) (639) (711) (624) (653) (647) Recovery of expenses 21 16 30 20 22 21 Amortisations and depreciations (244) (243) (258) (255) (254) (259) Operating costs (2,298) (2,297) (2,514) (2,291) (2,315) (2,321)

GROSS OPERATING PROFIT (LOSS) 4,223 4,576 3,195 3,882 3,800 4,265

Loan Loss Provisions (LLPs) (192) (185) (356) (113) (109) (83)

NET OPERATING PROFIT (LOSS) 4,031 4,392 2,839 3,768 3,691 4,182

Other charges and provisions (39) (257) (371) (49) (235) (207) of which: systemic charges (61) (237) (93) (62) (40) (187) Integration costs (61) (23) (1,053) (53) (40) (30) Net income from investments 20 200 417 (27) 877 (31)

PROFIT (LOSS) BEFORE TAX 3,951 4,311 1,832 3,639 4,293 3,913

Income taxes (981) (1,031) 426 (959) (934) (1,124) Profit (Loss) of discontinued operations - - - - - -

NET PROFIT (LOSS) FOR THE PERIOD 2,970 3,280 2,257 2,680 3,359 2,790

Minorities (16) (16) (14) (16) (15) (19)

NET PROFIT (LOSS) ATTRIBUTABLE TO THE GROUP

BEFORE PPA 2,954 3,264 2,244 2,664 3,344 2,771

Purchase Price Allocation (PPA) (48) (46) (76) (31) - -

Goodwill impairment - - - - - -

GROUP STATED NET PROFIT (LOSS) 2,905 3,218 2,167 2,633 3,344 2,771

Consolidated interim report on operations Reclassified consolidated accounts UniCredit Consolidated first half financial report as at 30 June 2026 23 Reclassified consolidated income statement - Comparison of Q2 2026/2025

(€ million)

Q2 CHANGE

2026 2025 P&L % % AT CONSTANT

FX(*) RATES

Net interest 3,658 3,643 + 15 + 0.4% + 0.2% Dividends 709 317 + 392 n.m. n.m.

Fees 2,350 2,149 + 201 + 9.3% + 9.2% Net insurance result 106 - + 106 n.m. n.m.

Trading income (246) 18 - 264 n.m. n.m.

Other expenses/income (56) (12) - 44 n.m. n.m.

Revenue 6,521 6,115 + 407 + 6.6% + 6.7% HR costs (1,418) (1,429) + 11 - 0.8% - 0.9% Non HR costs (658) (653) - 4 + 0.7% + 0.5% Recovery of expenses 21 22 - 1 - 2.4% - 2.4% Amortisations and depreciations (244) (254) + 11 - 4.2% - 4.7% Operating costs (2,298) (2,315) + 17 - 0.7% - 0.9%

GROSS OPERATING PROFIT (LOSS) 4,223 3,800 + 423 + 11.1% + 11.4%

Loan Loss Provisions (LLPs) (192) (109) - 83 + 76.3% + 76.1%

NET OPERATING PROFIT (LOSS) 4,031 3,691 + 340 + 9.2% + 9.5%

Other charges and provisions (39) (235) + 195 - 83.3% - 85.4% of which: systemic charges (61) (40) - 22 + 55.0% + 44.3% Integration costs (61) (40) - 21 + 53.5% + 53.3% Net income from investments 20 877 - 856 - 97.7% - 98.0%

PROFIT (LOSS) BEFORE TAX 3,951 4,293 - 342 - 8.0% - 7.8%

Income taxes (981) (934) - 47 + 5.0% + 5.4% Profit (Loss) of discontinued operations - - - - n.m.

NET PROFIT (LOSS) FOR THE PERIOD 2,970 3,359 - 389 - 11.6% - 11.5%

Minorities (16) (15) - 1 + 4.3% + 4.3%

NET PROFIT (LOSS) ATTRIBUTABLE TO THE

GROUP BEFORE PPA 2,954 3,344 - 390 - 11.7% - 11.6%

Purchase Price Allocation (PPA) (48) - - 48 n.m. n.m.

Goodwill impairment - - - - n.m.

GROUP STATED NET PROFIT (LOSS) 2,905 3,344 - 438 - 13.1% - 13.0%

Note:

Foreign Exchange.

Consolidated interim report on operations Summary results by business segment UniCredit Consolidated first half financial report as at 30 June 2026 24 Key figures by business segment

ITALY GERMANY AUSTRIA CENTRAL

EASTERN

EUROPE RUSSIA GROUP

CORPORATE

CENTRE(*) CONSOLIDATED

GROUP TOTAL

Income statement

Revenue (€ million)

H1 2026 6,016 2,946 1,321 2,495 428 188 13,394

H1 2025 5,850 2,855 1,321 2,356 664 (345) 12,701

Operating costs (€ million)

H1 2026 (1,954) (1,041) (489) (823) (98) (190) (4,595)

H1 2025 (1,967) (1,094) (503) (825) (108) (139) (4,636)

GROSS OPERATING PROFIT (LOSS) (€ million)

H1 2026 4,062 1,905 832 1,672 330 (2) 8,799

H1 2025 3,883 1,761 817 1,531 556 (484) 8,065

PROFIT (LOSS) BEFORE TAX (€ million)

H1 2026 3,760 1,740 846 1,394 346 176 8,262

H1 2025 4,238 1,656 834 1,423 599 (543) 8,206

Balance sheet

CUSTOMERS LOANS(**) (€ million)

as at 30 June 2026 157,040 129,318 63,337 85,661 521 6,748 442,625 as at 31 December 2025 148,439 126,408 61,555 80,774 626 1,229 419,032

CUSTOMERS DEPOS(**) (€ million)

as at 30 June 2026 190,892 146,436 60,970 99,469 2,316 3,763 503,847 as at 31 December 2025 190,938 137,065 61,767 96,928 2,744 2,306 491,748 TOTAL RWEA (€ million) as at 30 June 2026 113,862 68,366 39,444 62,256 11,394 13,530 308,852 as at 31 December 2025 112,700 67,586 39,756 58,720 10,650 6,914 296,327

EVA (€ million)

H1 2026 1,402 582 400 520 (317) 1,028 3,614

H1 2025 2,187 592 358 585 (67) 125 3,780

Cost/income ratio

H1 2026 32.5% 35.3% 37.0% 33.0% 22.9% n.m. 34.3% H1 2025 33.6% 38.3% 38.1% 35.0% 16.3% n.m. 36.5%

Employees

as at 30 June 2026 26,017 8,265 4,085 18,608 1,358 7,848 66,180 as at 31 December 2025 26,484 8,345 4,030 18,970 1,563 7,724 67,118

Notes:

The item "Group Corporate Centre" comprehend Corporate Centre Global Functions, inter -segment adjustments and consolidation adjustments not attributable to individual segments.

The Customer loans and the Customers depos are net of repos, intercompany transactions.

Figures were recasted, where necessary, on a like -to-like basis to consider changes in scope of business segment and methodological rules. For further details about changes in scope of business segment, refer to the Explanatory notes, Part L - Segment reporting, Organisational structure .

Summary results by business segments

Consolidated interim report on operations Group and UniCredit share historical data series UniCredit Consolidated first half financial report as at 30 June 2026 25 Group figures 2016 - 2026

IAS/IFRS

H1 2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016

Reclassified income statement (€ million) Revenue 13,394 24,536 24,844 23,843 20,343 17,954 17,140 18,839 19,723 19,619 18,801 Operating costs (4,595) (9,441) (9,405) (9,471) (9,560) (9,797) (9,805) (9,929) (10,698) (11,350) (12,453) Gross operating profit (loss) 8,799 15,094 15,439 14,372 10,782 8,158 7,335 8,910 9,025 8,268 6,348 Profit (Loss) before tax 8,262 13,677 12,860 11,451 7,289 1,236 (1,546) 3,065 3,619 4,148 (10,978) Net profit (loss) for the period 6,250 11,086 9,775 9,537 6,473 1,570 (1,842) 3,559 4,112 5,790 (11,061) Group stated net profit (loss) 6,123 10,915 9,719 9,507 6,458 1,540 (2,785) 3,373 3,892 5,473 (11,790) Reclassified balance sheet (€ million) Total assets 932,091 870,238 784,004 784,974 857,773 916,671 931,456 855,647 831,469 836,790 859,533 Loans to customers 475,850 433,541 418,378 429,452 455,781 437,544 450,550 482,574 471,839 447,727 444,607 of which: bad exposures 1,241 1,279 944 753 601 1,121 1,645 2,956 5,787 9,499 10,945 Deposits from customers and debt securities issued 674,040 633,568 590,213 585,561 594,300 596,402 600,964 566,871 560,141 561,498 567,855 Group shareholders’ equity 70,423 67,711 62,441 64,079 63,339 61,628 59,507 61,416 55,841 59,331 39,336 Profitability ratios (%) Gross operating profit (loss)/Total assets 0.94 1.73 1.97 1.83 1.26 0.89 0.79 1.04 1.09 0.99 0.74 Cost/Income ratio 34.3 38.5 37.9 39.7 47.0 54.6 57.2 52.7 54.2 57.9 66.2

Figures shown refer to the information published in the reference period.

Group and UniCredit share historica l data series

Share information

H1 2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016

Share price (€)

- maximum 80.080 70.920 42.840 25.565 15.850 13.576 14.174 13.494 18.212 18.350 25.733

- minimum 59.630 38.345 24.850 13.446 8.021 7.420 6.213 9.190 9.596 12.160 8.785

- average 70.579 57.463 35.166 20.463 11.087 10.088 8.650 11.193 14.635 15.801 13.820

- end of period 78.260 69.350 38.525 24.565 13.272 13.544 7.648 13.020 9.894 15.580 13.701 Number of outstanding shares (million)

- at period end 1,508 1,513 1,551 1,712 1,935 2,211 2,237 2,233 2,230 2,226 6,180

- shares cum dividend 1,498 1,503 1,542 1,703 1,926 2,201 2,228 2,224 2,220 2,216 6,084 of which: savings shares - - - - - - - - - 0.25 2.52

- average 1,508 1,546 1,631 1,838 2,079 2,231 2,236 2,233 2,229 1,957 6,110

Dividend

- total dividends (€ million) - 4,750 3,726 3,015 1,875 1,170 268 - 601 726 -

- dividend per ordinary share - 3.149 2.402 1.803 0.987 0.538 0.120 - 0.270 0.320 -

- dividend per savings share - - - - - - - - - - -

Notes:

Due to extraordinary corporate operations involving the detachment of rights, splitting or grouping of shares, demerger opera tions as well as distributions of extraordinary dividends, share prices might systematically change being no longer comparable with each other. The historical series of share prices have been therefore adjusted to restore price continuity.

The number of shares, existing at the end of the reference period, is net of treasury shares and included No.9.675.64 0 of shares held under a contract of usufruct signed with Mediobanca S.p.A. supporting the issuance of convertible securities denominated “Cashes”. The shares held under a contract of usufruct are excluded from the shares cum di vidend highlighted at the row “shares cum dividend”.

The overall dividend 2025 includes interim dividend for €2.172 million paid in Novembre 2025.

Here follows detailed information concerning share capital changes and distribution to shareholders in the form of share buybacks and cash dividends , occurred the first half of 202 6.

On 9 February 2026, the ordinary share buyback programme announced to the market on 23 October 2025 and launched on the same date, pursuant to the authorization granted by the Shareholders’ Meeting held on 27 March 2025 (the “Second Tranche of the Residual 2024 SBB”), was completed. Under the Second Tranche of the Residual 2024 SBB, UniCredit purchased a total of 26,228,783 shares, representing 1.68% of the share capital, for a total consideration of EUR 1,774,461,997.22.

On 16 February 2026, the EUR 55 million capital increase resolved by the Board of Directors on 8 February 2026 was executed t hrough the free issuance of 4,011,787 ordinary shares for the implementation of the Group’s incentive plans.

Consolidated interim report on operations Group and UniCredit share historical data series UniCredit Consolidated first half financial report as at 30 June 2026 26 On 19 February 2026, pursuant to the resolution adopted by the Shareholders’ Meeting of 27 March 2025, 53,733,948 treasury sh ares were cancelled without any reduction in share capital. The number of shares cancelled corresponds to the sum of the shares pur chased under the “First Tranche of the Residual 2024 Share Buy -Back”, completed on 29 September 2025 and not previously cancelled, and the shares purchased under the “Second Tranche of the Residual 2024 Share Buy -Back”, completed on 9 February 2026.

On 22 April 2026, the cash dividend approved by the Shareholders’ Meeting of 31 March 2026 was paid, for a total amount of EU R 2,578 million, as part of the allocation of the 2025 net profit. This corresponded to a dividend of EUR 1.7208 per outstanding sh are entitled to receive the dividend as of the payment date.

Earnings ratios

IAS/IFRS

H1 2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016

Shareholders' equity (€ million) 70,423 67,711 62,441 64,079 63,339 61,628 59,507 61,416 55,841 59,331 39,336 Net profit (loss) attributable to the Group (€ million) 6,123 10,915 9,719 9,507 6,458 1,540 (2,785) 3,373 3,892 5,473 (11,790) Shareholders' equity per share (€) 46.70 44.76 40.25 37.42 32.73 27.87 26.60 27.50 25.04 26.65 6.36 Price/Book value 1.68 1.55 0.96 0.66 0.41 0.49 0.29 0.47 0.40 0.58 0.43 Earnings per share (€) 8.044 6.973 5.841 5.105 3.085 0.680 (1.306) 1.462 1.712 2.79 (1.98) Payout ratio (%) - 43.5 38.3 31.7 29.0 76.0 - - 15.4 13.3 -

Dividend yield on average price per ordinary share (%) - 5.48 6.83 8.81 8.90 5.33 1.39 - 1.84 2.03 -

Note:

The figures related to "Earnings per share" are annualised.

The amounts reported in the table are "historical figures" and they shall be read with reference to each single period.

The net profit for the period used to calculate EPS is reduced for the following amounts related to disbursements, charged to equity, made in connection with the usufruct contract signed with Mediobanca S.p.A. on UniCredit shares supporting the issuance of convertible securities denominated “ Cashes”: €128 million for 2016, €32 million for 2017, €93 million for 2018, €124 million for 2019, €122 million for 2020, €30 million in 2021 relating to the last payment referred to 2019 results, €74 million in 2022, r eferred to 2021 results, € 175 million for 2023 , referred to 2022 results, €247 million for 2024 , €207 million for 20 25 and € 97 in the first half 202 6.

The figure related to the Earnings per share of first half 2026 is annualised. -1,982,79

1,712 1,462

-1,3060,6803,0855,1055,8416,9738,044

-9,00-7,00-5,00-3,00-1,001,003,005,007,009,00

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Consolidated interim report on operations

Group results

UniCredit Consolidated first half financial report as at 30 June 2026 27 Group results Macroeconomic situation, banking and financial markets

International situation

The global economy remained resilient in the first half of 2026 despite a challenging geopolitical environment. Economic acti vity was shaped by two opposing forces: the negative supply shock stemming from the conflict in the Middle East and the positive impulse from the accelerating global technology cycle, supported by advances in artificial intelligence. While the conflict raised concerns about energy supplies, commodity prices and inflation, its impact on global activity proved more contained than initia lly feared. At the same time, technology -related investment helped support growth in countries integrated into global technology value chains. Growth prospects varied significantly across countries de pending on their exposure to energy imports, geopolitica l tensions and participation in the technology cycle. Within this context , major central banks increasingly diverged in their policy stances. The US Federal Reserve remained cautious, as tariff -related price pressures, volatile energy markets and strong AI -

driven investment kept upside risks to inflation elevated, despite some moderation in labour -market concerns. In contrast, the European Central Bank ( ECB) tightened policy further to anchor inflation expectations and reinforce confidence that inflation will return sustainably to its 2% target over the medium term .

The Chinese economy continued to face both domestic and external challenges. Domestic demand remained subdued amid the prolon ged property downturn, weak consumer confidence and persistent deflationary pressures. Household consumption continued to be constr ained by negative wealth effects due to falling house prices, elevated precautionary savings and a weak labour -market outlook. The property sector remained a major drag on growth, with real estate investment continuing to decline amid high developer indebt edness. These headwinds were partly offset by strong export performance , especially in high -tech and green manufacturing , which helped sustain growth despite ongoing trade uncertainty. Additional support measures adopted by authorities provided some relief but fell short of the stimulus needed to durably rebalance growth towards consumption.

In Japan, economic growth remained subdued in the first half of 2026, reflecting weak domestic demand, softer external demand and continued uncertainty surrounding global trade conditions. While wage growth continued to strengthen , support ing household incomes, private consumption remained uneven as higher prices weighed on purchasing power. Inflation stayed above the Bank of Japan's target, allowing pol icymakers to maintain their gradual monetary policy normalisation strategy . However, concerns about the f ragility of the recovery limited the scope for further tightening. The UK economy continued to expand at a modest pace during the first half of the year. Household consumption rema ined subdued despite a resilient labour market, as weak real income growth, elevated savings and restrictive monetary conditions continued to weigh on spending.

Growth was further constrained by weak productivity, subdued business investment and tight fiscal conditions. At the same tim e, inflationary pressures remained a concern, as higher energy prices related to the conflict in the Middle East increased the risk of a renewed pickup in inflation.

Against this backdrop, the Bank of England maintained a restrictive policy stance, keeping interest rates unchanged while see king to ensure that inflation returns sust ainably to its 2% targe t.

The Euro-area economy (excluding volatile Irish data) remained relatively resilient during the first half of 2026 despite geopolitical tensions. Growth was supported by public investment through the NextGeneration EU programme and Germany's fiscal expansion pla ns, while ICT and AI -related investment also helped sustain activity. The outbreak of the conflict in the Middle East weighed on short -term indicators, reflecting weaker consumer spending, softer confidence, renewed supply -chain pressures and some deterior ation in labour -market indicators. These developments underscored the euro area's reliance on imported energy and its vulnerability to global energy -price shocks. While the subsequent ceasefire helped stabilise conditions, the conflict continued to cast a shadow over the near -term growth outlook, notably through its impact on household purchasing power and consumer sentiment. Nonetheless, labour -market indicators recovered some ground and continue to point to a broad resilience rather than a downturn, possi bly reflecting a degree of labour hoarding by firms , which preferred to retain their workforce despite the slowdown in economic activity .

Higher energy prices temporarily interrupted the Euro area's disinflation process, pushing headline inflation well above the ECB's 2% target again.

Price pressures built up particularly quickly in services, where higher transportation, logistics and operating costs were rapidly passed on to consumers.

Consolidated interim report on operations

Group results

UniCredit Consolidated first half financial report as at 30 June 2026 28 While the conflict in the Middle East increased upside risks to inflation through higher energy prices and potential second -round effects on wages and inflation expectations, it simultaneously weighed on real incomes, confidence and domestic demand, creati ng offsetting disinflationary forces over the medium -term. Additional downward pressure on inflation stemmed from weaker global demand and increasing import competition from China amid persistent trade tensions. Against this backdrop, the ECB raised policy rates by 25bp at the June meeting . Excess liquidity in the Euro area banking system continued to decline during the first half of 2026, as the Eurosystem's balance sheet continued to contra ct. The reduction was driven primarily by the ongoing runoff of the Asset Purchase Programme (APP) and of the Pandemic Emergency Purchase Programme (PEPP ) held securities following the end of reinvestments, which reduced liquidity provision through monetary policy portfolios. By contrast, the us e of refinancing operations remained limited and broadly unchanged, reflecting banks' still comfortable liquidity positions and ready access to market -based funding .

The US economy remained robust in the first half of 2026. Growth was supported by expansionary fiscal policy, still -solid private sector balance sheets, strong AI -related investment and resilient spending by higher -income households. Another important fact or behind the United States' sound performance was its lower exposure to energy shocks. As a net energy exporter, the US is far less vulnerable to rising energy prices than the Euro area, which remains dependent on imported energy. The country's large dome stic energy sector not only cushions the impact of higher energy costs on households and businesses but also encourages additional investment in energy production, helping to offset weakness elsew here in the economy. Inflation rose above 4%, driven by higher energy prices , particularly gasoline, and persistent underlying pressures linked to strong AI -

driven demand and investment. As a result, the disinflation process stalled and price pressures became increasingly broad -based. Against this backdrop, the Fed removed its easing bias in June, citing resilient labour -market conditions and inflation moving further above its comfort zone. The dot plot also shifted materially higher, with nine Federal Open Market Committee members projecting policy rates above current levels by year -end.

Banking and financial markets The recovery in Euro-area lending to the private sector strengthened further during the first half of 2026. Annual growth in lending to non -financial corporations moved close to 4% in June , up from 3% at the end of 2025, while growth in loans to households remained broadly stable at around 3%.

Despite the outbreak of conflict in the Middle East, the continued strengthening in lending growth was mainly supported by th e resilience of domestic demand in the Euro area, particularly fixed investment, and by the still-limited repricing of borrowing costs for the private sector. Nevertheless, there are risks that geopolitical developments and lingering tensions in energy markets could induce a more cautious stance among h ouseholds and firms, weighing on credit dema nd.

The recovery in loans to the private sector continued in the main reference countries of UniCredit group (Austria, Germany an d Italy). Italy experienced a visible improvement, with growth in corporate lending gaining momentum during the first half of the y ear. The annual growth rate moved closer to 4%, compared with around 2% at the end of 2025, supported by investment activity. Corporate lending has been expanding since mid-2025. The pace of expansion in loans to households broadly stabilised during the pe riod. A similar trend was observed for lending to households in Germany, which continued to grow at around 2% yoy. By contrast, growth in loans to non -financial corporations, while improving slightly, remained subdued at below 1% yoy. A prolonged period of weak economic activity likely continued to weigh on firms' credit demand in Germany. In Austria, corporate lendi ng growth remained robust, expanding at slightly above 3% yoy, while lending to households continued its recovery, increasing by around 2% yoy by the end of the first half of 2026.

With regard to funding, deposits from households and non -financial corporations broadly confirmed the positive trends observed during the final months of last year in the main reference countries of UniCredit group. Deposits continued to expand at a health y pace across all three countries, accompanied by a strengthening of overnight deposits amid a lower interest -rate environment, at least during the first few months of 2026 .

As a consequence of the tensions in the Middle East, financing conditions for firms and households tightened again, reinforce d by the ECB's decision to raise interest rates in June. Bank lending rates for firms increased slightly across all reference count ries, while rates on household loans also edged higher. Interest rates on loans to non -financial corporations rose by 12 basis points from December 2025 to 3.8% in Italy, in Germany they remained broadly stable a round 3.7% , while in Austria t hey stood at a slightly lower level at around 3.5%. Interest rates on loans for house purchases also followed a modest upward trend, moving close to 4% in Germany and to 3.5% in both Italy and Austria. Meanwhile , deposit rates remained broadly stable throughout the period. As a result, bank spreads (defined as the difference between the average interest rate on loans and the average rate paid on deposits) widened slightly during the first half of 2026 compared with the end of 2025 .

Consolidated interim report on operations

Group results

UniCredit Consolidated first half financial report as at 30 June 2026 29 The outbreak of war in the Middle East at the end of February significantly increased volatility in financial markets, driven mainly by concerns about the inflationary impact of the sharp increase in energy prices. Bond yields rose as investors anticipated rate hikes aimed at preventing a de -

anchoring of short -term inflation expectations. Equity markets also experienced a sell -off in the first stage of the conflict. Over the same period, the US dollar strengthened, reaffirming its traditional safe -haven sta tus amid heightened uncertainty. However, this risk -off episode on equity markets proved relatively short -lived, for two reasons. First, investors viewed the escalation of tensions in the Middle East as temporary. Second, the confl ict supported certain sec tors, particularly energy. Against this backdrop, global equity markets’ performance remained sustained. The Italian and Austrian stock market indices posted strong gains, rising by around 20% compared with December 2025 . The German equity market underperf ormed other jurisdictions with year-to-date performance only slightly positive .

CEE (Central and Eastern Europe) countries Economic growth remained solid in most CEE economies in the first half of 2026, underpinned by household consumption as the k ey engine of growth and investment activity. While corporate investment sentiment remains weak and uneven, public infrastructure in vestments picked up in most countries, driven by the absorption of the EU’s Recovery and Resilience Facility (RRF), which is set to expire this year. Net exports remain a drag on growth in most countries, as external demand is still weak given the structur al challenges in the European automotive industry and, so far, limited spillover effects from the German fiscal stimulus .

CEE is set to remain one of Europe's most resilient growth regions, with domestic demand, EU investment and easing energy ris ks underpinning economic activity even as governments navigate fiscal consolidation and inflationary pressures. GDP growth across m ost CEE economies is expected to remain in the 2 -3% range in 2026 in most countries, supported primarily by household consumption and stronger absorption of European funds. Growth in Romania and Slovakia has been dragged down by fiscal adjustment, while a contraction in fixed investments has been holding back growth in Hungary. The temporary reopening of the Strait of Hormuz reduced one of the major downside risks to the regional outlook by easing concerns regarding energy -supply disruptions and inflationary risk, although the situation in the Middle East continues to present uncertainty. At t he same time, Germany's fiscal stimulus and defence spending are expected to provide an additional boost to regional exports from 2027 onwards .

Inflation remains one of the region's key challenges. Following the spike in oil and gas prices during the March -May period, after the Middle East conflict started, the disinflation trend seen in the second half 2025 was interrupted. The effects of higher energy prices on consumer prices varied largely, depending on local regulative measures muting the pass -through. Tax cuts have partially offset increases in fuel prices in most countries, while Hungary, Poland and Se rbia have introduced fuel price caps. Fu el prices have been most inflationary in Bulgaria and Romania, where retail price increases are closely linked to market pricing, or regulatory measures are limited to income -targeted subsidies (BG) .

Lower energy prices are expected to improve the outlook significantly in next quarte rs. In Romania, where inflation accelerated by more than 10% yoy in the first half 2026 , price pressures may ease from mid -year already with the fading energy -price shock and the elimination of tax and household electricity price hikes from the annual price index. In Poland, inflation may rise slightly in the second half 2026 but is estimated to remain below 3% this year. Soft inflation surprises and easing energy and food p rice pressures are likely to keep inflation below the 3% target in Hungary in the second half of the year , while in Czechia, a less -negative contribution by food prices is likely to lift inflation above the 2% target .

Soft inflation surprises in early 2026 created room for small, 25bp rate cuts in Poland and Hungary in the first quarter of the year . After the Middle East conflict started in February, central banks in the CEE region turned more cautious given the more -volatile global risk environment and potential second -round impact of higher energy prices. The Czech National Bank (CNB) was the only central bank in the region to follow the ECB’s move by delivering a 25bp rate hike to 3.75% in June. We still see room for one final rate hike by the CNB in the second half of 2026 to 4.0% but expect both hikes to be reversed in the second half 2027 . In Romania, increased political risks following the break -up of the ruling coalition and uncertainty about the fiscal outlook have also contributed to the cautious approach by the central bank, which kept the interest rate at 6.50%. We expect the N ational Bank of Romania to look through the current supply -side inflation shock and to start cutting rates in the second half 2027 , when inflation returns close to target.

Consolidated interim report on operations

Group results

UniCredit Consolidated first half financial report as at 30 June 2026 30 Following the relaunch of a gradual rate -cutting cycle in June with a 25bp step, Hungary's central bank is likely to continue lowering rates gradually during the second half of 2026 , bringing the policy rate to 5.0% by year -end. Central banks in Poland and Serbia are expected to keep rates on hold respectively at 3.7% and 5.75% , for the rest of 2026 , and begin modest easing cycles in 2027 .

Main results and performance for the period

Introduction

In the first half of 2026, UniCredit successfully launched the new "UniCredit Unlimited" strategic phase, a natural evolution of the previous "Unlocked" plan, based on the continuity of the results achieved in recent years and aimed at consolidating a sust ainable, profitable and structurally long-term growth model. "Unlimited" represents a paradigm shift, based on rigorous execution, technological innovation, the centra lity of people and the creation of sustainable value.

The launch of the "Unlimited" strategic phase confirmed the robustness of the Group’s operating model and marked a significan t step change, enabling a further strengthening of its leadership position across key financial and industrial metrics. The results achieved demonstrate the ability to combine short -term performance with a long -term structural transformation aimed at building a future -ready bank, capable of competing effectively with both traditional banking players and emerging fintechs an d hyperscal ers. The implementation of the strategy has progressed along two main directions: on the one hand, the acceleration of the core business through profitable and disciplined growth in volumes and c ustomer base, with a focus on strategic segments offering the grea test potential; on the other, a structural transformation aimed at making the operating model increasingly efficient, scalable and resilient with respect to future challenges. In this context, the Group continues to inv est in new technologies, with particular attention to Artificial Intelligence, which represents one of the main levers of innovation and digital transformati on. The progressive adoption of these solutions will promote greater operational efficiency, further cost rationalization and a con stant improvement in the quality of the service offered to the customer.

All the Group's main geographical areas contributed positively to the results of the first half of 2026. Italy showed a furth er strengthening of its operating profitability, supported by solid commercial dynamics and high levels of operating efficiency. Germany and Austria have achieved a high and resilient profitability profile, accompanied by steady progress in transformation processes. Central and Eastern Europe c ontinued to stand out as a high -growth region, thanks to robust business dynamics and stru cturally high levels of profitability.

The results achieved in the period therefore confirm the solidity of the Group's operating model and its ability to maintain high levels of performance even in a macroeconomic and geopolitical context characteri sed by growing uncertainty.

In the first half of 2026, the Group recorded a stated net profit of €6,123 million, compared to €6,115 million in the first half of 2025, up €8 million (0.1% at current exchange rates, 0.5% at constant exchange rates) despite the fact that the first half of the previous year h ad benefited, among other things, from a positive non -recurring effect of €653 million, deriving from the revaluation of the investments already held in CNP UniCredit Vita and UniCredit Allianz Vita following the acquisition of contro l of the two companies.

The Group's net profit1 for the first half of the current year, as well as that for the corresponding period of 2025, is in line with the stated net profit given the absence , in the two periods , of write -up or write -down of DTAs on tax losses carried forward deriving from the update of sustainability tests.

Revenue

In the first half of 2026, Group revenues amounted to €13,394 million, up 5.5% compared to the first half of the previous year (i.e. , up 5.5% at constant exchange rates) with the growth recorded in dividends, commissions and income from insurance activities only partial ly offset by the lower year-on-year contribution from trading profits, other income and expenses and, to a lesser extent, net interest income.

The Group's net interest amounted to €7,245 million, slightly down 0.8% (€59 million) compared to the first half of 2025 (down 1.1% at constant exchange rates); the growth in commercial volumes, both loans and deposits, together with the careful management of the beta on deposits2 made it possible to offset the effects of the unfavorable dynamics of market rates, with the average 3 -month Euribor in the first half of 2026 down by 18 basis points compared to that of the first half of 2025, as well as the negative impacts of the reduction in activities in Russia ( -€72 million at current exchange rates compared to the first half of 2025). The commercial momentum that supported loans growth was focused on business segments characteri sed by an appropriate risk/return profile, allowing resilient returns to be maintained despite the int erest rate environment.

It is also worth noting the increase in net interest income in the second quarter of the year compared to the first, thanks t o the growing dynamics of volumes and the recovery in market interest rates. Finally, the growing contribution of AION Bank S.A. and Vodeno Sp.zo.o. , consolidated from the first quarter of 2025, resulted in a further positive contribution to net interest income.

1 Group net profit (loss) net of DTAs booked or cancelled on losses carried forward from the update of sustainability tests.

2 The Beta on deposits is the percentage of the short -term interbank rate returned to customers and is expressed as the ratio between the cost of deposits and the 3 -month Euribor or equivalent market rate depending on the geographical .

Consolidated interim report on operations

Group results

UniCredit Consolidated first half financial report as at 30 June 2026 31 In detail, the Group loans to customers increased by €42.7 billion, or 9.9% (i.e., an increase of 9.7% at constant exchange rates), from €433.2 billion at 30 June 2025 to €475.8 billion at 30 June 2026.

The repurchase agreement component increased by €9.9 billion, while other customer loans increased by €32.8 billion, or 8.0% (7.8% at constant exchange rates), to €442.6 billion. In detail, loans in Italy increased by 7.9% equal to €11.4 billion, driven by the growth in both short -term and medium -long term lending in Large Corporate , Small and Medium Enterprises . Germany recorded a positive change of €3.4 billion (an increase of 2.7%) explained by the Large Corporate, Retail and Private segments, while Aust ria recorded an increase of €3.4 billion, or 5.7%, supported by the Large Corporate and Small and Medium Enterprises segments. In Central Eastern Europe, loans to customers increased by €9.1 billion compared to 30 June last year ( 11.9% at current exchange rates, corresponding to a growth of 10.8% at constant exchange rates ), supported by the positive contribution of all countries; in particular, the Czech Republic recorded an increase of €1.5 billion, or 5.9% (3.9% at constant exchange rates), Croatia by €1.7 billion, Bulgaria by €2.2 billion, Hungary by €1.3 billion and Romania by €1.0 billion. AION Bank S.A. and Vodeno Sp.zo.o. recorded a year -on-year growth of €1.0 billion, while Russia, with a loan portfolio of €0.5 billion as at 30 June 2026, recorded a year -on-year contraction of €0.5 billion.

The Group customer deposits stood at €564.6 billion at 30 June 2026, up €70.3 billion compared to 30 June of the previous yea r; excluding the repurchase component, up by €31.7 billion, customer deposits grew by €38.6 billion (equal to an increase of 8.3% a t current exchange rates and 8.1% a t constant exchange rates ). In terms of geographies, Italy recorded an increase of 5.9% or €10.6 billion compared to 30 June 2025; this growth was supported by all business segments, with a particularly significant contri bution from the Small and Medium Enterprises and Retail divisions. In Germany, the stock of deposits increased by 12.5% or €16.3 billion; growth, spread across all segments, was mainly supported by Large Corporate, Private and Small and Medium Enterprises. Austria recorded a positive change of €2.1 billion (an increase of 3.6%); the Central Eastern Europe countries recorded a n increase of 9.2% or €8.4 billion (equivalent to an increase of 8.0% at constant exchange rates) mainly due to the positive contribut ion of the Czech Republic, which increased by €2.3 billion (up 9.0% at current exchange rates or 6.9% at constant exchange rates), Bulgaria up by €1.8 billion (up 13.0% at current and constant exchange rates), Hungary (up €1.6 billion or 20.1% at current exchange rates and 7.0% at constant exchange rates) and Croatia (up €1.0 billion, or 5.8%); AION Bank S.A. and Vodeno Sp.zo.o. recorded an i ncrease in customer deposits of €2.2 billion. Finally, Russia recorded a decrease of 31.4% equal to €1.1 billion at c urrent exchange rates (33.6% measured at constant exchange rates).

Dividends and other income on Group equity investments (which include the profits of companies valued at equity) in the first half of the year amounted to €1,117 million, up €671 million compared to the first half of 2025. The year -on-year increase was driven by the higher profit on UniCredit's stake in Commerzbank , stemming from the increase in the stake occurred subsequently to 30 June 2025 and from the application of the equity method for the full first half of 2026, and the recognition of a portion of t he profit on its stake in Alpha Bank following consolidation using the equity method.

The Group commissions in the first half of 2026 amounted to €4,782 million, up €305 million or up 6.8% (6.8% at constant exchange rates) compared to the first half of 2025; the result was mainly supported by the growth in commissions on investment products, in p articular investment funds and certificates, together with the increase in commission s related to lending and advisory activities .

In detail, commissions on investment services recorded robust growth compared to the first half of 2025 of €143 million, up 1 0.4% (10.3% at constant exchange rates) driven by the positive performance of management and upfront fees on the Group investment funds as well as the increase in commissions on certificates, given the high customer demand for these products. The trend in commissions generate d by the placement of Group bonds and government bonds also contributed positivel y to the year -on-year growth.

Commissions on insurance products grew by 5.9% equal to €27 million compared to the same half of 2025; The result was supported by the good performance of both the non -life segment, driven by the development of loan protection policies, and the life insurance segment.

The component related to financing and advisory activities increased by €106 million, equal to a positive change of 11.5% com pared to the first half of 2025 (11.5% at constant exchange rates); the performance was mainly supported by the positive trend in c ommissions on new lending and structured finance transactions, with a particularly significant contribution from the Italian market as well as the solid performance of the Advisory and Capital Markets activities.

Commissions on transactional services and current accounts recorded a negative change of €4 million (equal to a decrease of 0 .3% compared to the first half of the previous year or 0.4% at constant exchange rates); the trend was affected by the decline in t he contribution of Card Complete in Austria, visible above all in commissions on cards, following the sale of the company in the third quarter of 2025, and the decline in fees on payment systems in Russia, in line with the strategic choices made by the Gro up. Net of these effects, commissions on transactional services and current accounts recorded a positive change compared to the first half of last year.

Consolidated interim report on operations

Group results

UniCredit Consolidated first half financial report as at 30 June 2026 32 Client hedging fees amounted to €492 million, up year -on-year by €33 million, an increase of 7.2% at current exchange rates and 7.4% at constant exchange rates. This performance was positively affected by the results of Italy, Germany and Central Eastern E urope, only partially offset by the decline in Russia. Overall, the Group confirmed its role as a reference partner for customers, supporting them in protecting results and managing the risks associated with business activities.

The result of the insurance business generated revenues of €184 million in the first half of 2026 thanks to the internali sation of the two insurance companies, UniCredit Life Insurance (ULI) and UniCredit Vita Assicurazioni (UVA), consolidated on a line -by-line basis in the UniCredit group as at the end of June 2025.

Overall, in the first half of 2026, the aggregate item of commissions and income from insurance business generated revenues o f €4,965 million compared to €4,477 million in the first half of 2025, with a positive change of 10.9%.

The change in the Group trading income in the first half of the year was negative compared to the first half of the previous year, recording a decrease of €285 million, equal to a decrease of 55.4% at current exchange rates or 54.1% at constant exchange ra tes, going from €514 million in the first half of 2025 to €229 million of the current half -year. This performance was mainly affected by the lower contribution of trading activities in Russia and the lower result recorded in Germany.

Finally, in the first six months of the year, the Group balance of other income and expenses amounted to -€163 million, compared to the balance of -40 million in the first half of 2025; the decrease is mainly attributable to higher costs related to securitisation s, in line with the Group's strategic choices and secondly to some non -recurring effects.

Revenue

(€ million)

H1 %

CHANGE 2026

Q2 % CHANGE

ON Q1 2026 2026 2025

Net interest 7,245 7,304 - 0.8% 3,658 + 2.0% Dividends 1,117 446 n.m. 709 + 73.8% Fees 4,782 4,477 + 6.8% 2,350 - 3.3% Net insurance result 184 - n.m. 106 + 36.9% Trading income 229 514 - 55.4% (246) n.m.

Other expenses/income (163) (40) n.m. (56) - 47.7% Revenue 13,394 12,701 + 5.5% 6,521 - 5.1%

Operating costs

Group operating costs of €4,595 million were down compared to the first six months of 2025, 0.9% at current exchange rates (€41 million), down 1.1% at constant exchange rates; excluding the impacts of the new perimeter, i.e. , AION Bank S.A. and Vodeno Sp.zo.o. and the consolidation of the insurance business in June 2025, costs decreased by 2.2% year -on-year, confirming the Group's proven track record in pursuing operational efficiencies achieved thanks to the constant discipline and rigour adopted in the management of expenses, targeted cost red uctions, significant investments and integration costs previously recorded , all of which enabled the Group to mitigate the impact of inflation and wage increases mainly related to collective agreements in the main countries in which the Group operates or is present.

Personnel costs amounted to €2,849 million, down €16 million, or 0.5%, compared to the first six months of 2025, equal to a d ecrease of 0.7% at constant exchange rates. Excluding the perimeter effects described above, personnel costs decreased by 1.6%. Thi s result was mainly achieved thanks to the positive effects generated by the continuing trend of staff reductions, which made it possible to offset the hi gher costs associated with wage increases. In detail, the number of the Group ’s employees recorded a d ecrease of 3.7% compared to 30 June 2025, equal to 2,529 units, with average FTEs down by 2,447 units.

Non HR costs in the first half of 2026 amounted to €1,297 million, down 0.3% compared to the same period of the previous year, equal to a decrease of €4 million; excluding the impact of the new perimeters, the contraction was 2.6%; the annual performance was affe cted by further actions to rationali se buildings , aimed at freeing up space, initiatives aimed at reducing energy costs as well as further actions aimed at improv ing the structural efficiency of the cost base . The savings achieved more than offset h igher expenses for Information & Technology as well as the increase in marketing costs to support business activities;

Consolidated interim report on operations

Group results

UniCredit Consolidated first half financial report as at 30 June 2026 33 Recovery of expenses for the current year amounted to €37 million, slightly down from €43 million in the first six months of 2025 (down 13.5%) mainly due to lower recoveries of administrative and accessory expenses.

Finally, in the first six months of the current year, amortization s and depreciations amounted to €486 million, down €27 million, or 5.3%, compared to €513 million in the first half of the previous year. It should be noted that these amounts consist mainly of depreciation and amortization which, on an annual basis, were mainly affected by the positive effects deriving from the write -off at the end of the previous year, of certain Information & Technology assets no longer in use.

Operating costs

(€ million)

H1 %

CHANGE 2026

Q2 % CHANGE

ON Q1 2026 2026 2025

HR costs (2,849) (2,865) - 0.5% (1,418) - 0.9% Non HR costs (1,297) (1,301) - 0.3% (658) + 3.0% Recovery of expenses 37 43 - 13.5% 21 + 34.2% Amortisations and depreciations (486) (513) - 5.3% (244) + 0.5% Operating costs (4,595) (4,636) - 0.9% (2,298) + 0.1%

The growth in revenues (5.5%) combined with the reduction in operating costs (down 0.9%) led to the Group ’s gross operating profit of €8,799 million, up 9.1% compared to the first half of the previous year (9.4% at constant exchange rates).

At the same time, the Group cost income ratio improved significantly to 34.3%, down 2.2 percentage points from 36.5% in the f irst half of 2025.

Consolidated interim report on operations

Group results

UniCredit Consolidated first half financial report as at 30 June 2026 34 Loan Loss Provisions (LLPs) The Group provisions for loan losses amounted to €377 million as at 30 June 2026, compared to €192 million as at 30 June 2025 . Excluding the Russia segment, provisions amounted to €386 million, compared to €212 million recorded in the first half of 2025.

The amount of provisions as at 30 June 2026 was determined by the combined effect of the following events: (i) write -downs related to flows to defaults of €450 million (ii) write -backs related to outflow from default to performing status of €75 million (ii i) write -downs related to other portfolio dynamics of €2 million, including provisions related to the update of the macroeconomic scenarios for IFRS9 purposes.

The amount of provisions related to other portfolio dynamics includes write -downs of €74 million arising from the update of the macroeconomic scenarios for IFRS9 purposes, which was carried out in the second quarter as part of the ordinary process of adjus ting provisions for credit losses to the most recent macroeconomic projections.

The Group cost of risk in the first semester of 2026 was 17 basis points, increasing compared to 9 basis points in the first half of 2025. Also excluding the Russia segment, the cost of risk stood at 17 basis points, higher than 10 basis points in the firs t half of 2025.

More specifically, the Italy division recorded a cost of risk of 24 basis points, slightly lower than 26 basis points in the first half of 2025. Germany recorded a cost of risk of 22 basis points, higher than 12 basis points in the first half of 2025. Aust ria recorded a negative cost of risk of -12 basis points while it was -15 basis points in the first half of 2025. Central Eastern Europe recorded a cost of risk of 13 basis points, higher than the negative cost of risk of -11 basis points recorded in the f irst half of 2025.

The Group's gross non -performing loans as at 30 June 2026 stood at €12 billion, decreasing compared to the amount as at 31 December 2025.

The ratio of gross non -performing loans to total loans moved from 2.73% in December 2025 to 2.4 8% in June 2026, due to the combined effect of lower gross non -performing loans and higher loan volumes in the denominator.

The Group's gross non -performing loan coverage ratio as at 30 June 2026 stood at 45.9%, improving in comparison with the value as at 31 December 2025.

Gross bad loans as at 30 June 2026 amounted to €3.8 billion, representing 32% of total gross non -performing loans, with a coverage ratio of 67.4%.

Loans to customers - Asset quality

(€ million)

BAD

EXPOSURES UNLIKELY

TO PAY NON -

PERFORMING

PAST -DUE TOTAL

NON -

PERFORMING PERFORMING TOTAL

LOANS

As at 30.06.2026 Gross exposure 3,803 7,511 694 12,008 472,628 484,636 as a percentage of total loans 0.78% 1.55% 0.14% 2.48% 97.52% Writedowns 2,561 2,721 232 5,514 3,272 8,786 as a percentage of gross value 67.35% 36.22% 33.36% 45.92% 0.69% Carrying value 1,241 4,790 463 6,494 469,355 475,850 as a percentage of total loans 0.26% 1.01% 0.10% 1.36% 98.64% As at 31.12.2025 Gross exposure 3,448 8,001 634 12,084 430,141 442,224 as a percentage of total loans 0.78% 1.81% 0.14% 2.73% 97.27% Writedowns 2,169 2,910 234 5,313 3,371 8,684 as a percentage of gross value 62.92% 36.37% 36.91% 43.97% 0.78% Carrying value 1,279 5,091 400 6,770 426,770 433,541 as a percentage of total loans 0.29% 1.17% 0.09% 1.56% 98.44%

Note:

Total loans to customers exclude the receivables arising from subleases recognised due to the application of IFRS16.

Consolidated interim report on operations

Group results

UniCredit Consolidated first half financial report as at 30 June 2026 35 From Net operating profit (loss) to Profit (Loss) before tax The gross operating profit recorded in the first half of 2026 (equal to €8,799 million) and the low level of provisions for loan losses (equal to €377 million corresponding to a cost of risk of 17 basis points) led to the achievement of a Group net operating result of €8,422 million, up by €550 million compared to the first half of the previous year, equal to an increase of 7.0% (i.e. , 7.2% at constant exchange rates).

The Group other charges and provisions amounted to -€296 million, down from -€442 million in the first six months of 2025.

The item includes net provisions for legal proceedings and estimated liabilities of various kinds , resulting in the first half of 2026 equal €3 million, compared to the figure of -€215 million in the first half of 2025. The same item also includes systemic charges, which amounted to -€299 million, up €72 million compared to -€227 million in the first six months of 2025; this increase is mainly attributable to the higher costs incurred in Hungary for the payment of the extra profits tax.

Group integration charges for the first half of 2026 amounted to -€85 million, compared to -€70 million in the first six months of the previous year.

The Group's net investment income in the first half amounted to €220 million, compared with €846 million in the six months of the previous year.

The figure for the first half of 2026 includes €130 million deriving from the recognition of a badwill relating to the impact of Commerzbank's share buyback and €102 million for the badwill stemming from the purchase of an additional equity stake in Alpha Bank and the impact of the share buyback.

The result recorded in the first half of 2025 included a positive impact of + €653 million deriving from the revaluation of the stakes already held in CNP UniCredit Vita (+ €170 million) and UniCredit Allianz Vita (+ €482 million) following the acquisition of control of the two companies in the second quarter of 2025. In addition, a further €230 million was added related to the recognition of badwill deriving from the acquisition of significant influence on Commerzbank, with a consequent change in the accounting treatment of the direct investment from the fair value method to the consolidation of the stake using the equity method.

As a result of the items described above, in the first half of the current year the Group recorded profit before taxes of €8,262 million, €55 million higher than the €8,206 million recorded in the first half of 2025, up 0.7% (1.0% at constant exchange rates).

Profit (loss) before tax by business segment

(€ million)

REVENUE OPERATING

COSTS LOAN LOSS

PROVISIONS (LLPs) NET OPERATING

PROFIT PROFIT (LOSS) BEFORE TAX

H1

2026 2025

Italy 6,016 (1,954) (200) 3,862 3,760 4,238 Germany 2,946 (1,041) (146) 1,759 1,740 1,656 Austria 1,321 (489) 38 870 846 834 Central Eastern Europe 2,495 (823) (56) 1,616 1,394 1,423 Russia 428 (98) 9 339 346 599 Group Corporate Centre 188 (190) (22) (24) 176 (543) Group Total 13,394 (4,595) (377) 8,422 8,262 8,206

Consolidated interim report on operations

Group results

UniCredit Consolidated first half financial report as at 30 June 2026 36 Group stated net profit (loss) In the first half of 2026, the Group income tax es amounted to -€2,012 million, down by €46 million compared to -€2,058 million in the first half of 2025.

Profit of discontinued operations amounted to €0 million, unchanged compared to the first half of the previous year.

Net profit for the period amounted to €6,250 million, up €101 million from €6,149 million in the six months of the previous year.

Minority interests, conventionally shown as negative, amounted to -€32 million compared to -€34 million in the first half of 2025.

The Purchase Price Allocation was -€95 million compared to €0 million recorded in the first half of 2025 ; the figure for the current half -year was mainly recorded following the full consolidation, starting from the second half of 2025, deriving from the acquisition of the remaining 51% stake in CNP UniCredit Vita and 50% in UniCredit Allianz Vita.

The first half of the year was not impacted by goodwill impairments , in line with the first half of the previous year.

As a result, the Group stated net profit for the first half of 2026 amounted to €6,123 million, up €8 million from €6,115 million in the first six months of 2025.

Group stated net profit (loss)

(€ million)

H1 %

CHANGE 2026

Q2 % CHANGE

ON Q1 2026 2026 2025

Revenue 13,394 12,701 + 5.5% 6,521 - 5.1% Operating costs (4,595) (4,636) - 0.9% (2,298) + 0.1%

GROSS OPERATING PROFIT (LOSS) 8,799 8,065 + 9.1% 4,223 - 7.7%

Loan loss provisions (LLPs) (377) (192) + 96.2% (192) + 4.0%

NET OPERATING PROFIT (LOSS) 8,422 7,873 + 7.0% 4,031 - 8.2%

Other charges and provisions (296) (442) - 33.1% (39) - 84.7% Integration costs (85) (70) + 20.4% (61) n.m.

Net income from investments 220 846 - 74.0% 20 - 89.8%

PROFIT (LOSS) BEFORE TAX 8,262 8,206 + 0.7% 3,951 - 8.4%

Income taxes (2,012) (2,058) - 2.2% (981) - 4.8% Profit (loss) of discontinued operations - - - - -

NET PROFIT (LOSS) FOR THE PERIOD 6,250 6,149 + 1.6% 2,970 - 9.5%

Minorities (32) (34) - 4.4% (16) - 1.7%

NET PROFIT (LOSS) ATTRIBUTABLE TO THE GROUP

BEFORE PPA 6,218 6,115 + 1.7% 2,954 - 9.5%

Purchase Price Allocation (PPA) (95) - n.m. (48) + 4.0% Goodwill impairment - - - - -

GROUP STATED NET PROFIT (LOSS) 6,123 6,115 + 0.1% 2,905 - 9.7%

Consolidated interim report on operations

Group results

UniCredit Consolidated first half financial report as at 30 June 2026 37 Capital and value management

Principles of value creation and capital allocation To create value for the shareholders , the Group’s strategic guidelines aim at optimising the composition of the business portfolio.

This goal is pursued through a process of capital allocation to each business line in relation to its specific risk profile a nd ability to generate sustainable earnings measured as EVA (Economic Value Added), which is the main performance indicator linked to TSR (Total Shareholder Return). The capital allocated to business segments is quantified by applying internal capitalisation targets to the Risk Weighted Exposure Amounts (RWEAs) plus the impact on regulatory deductions generated by business activities.

The development of Group operations with a view to value creation requires a process of allocating and managing capital gover ned by different phases in the process of planning and control, articulated as:

• formulation of the proposed risk propensity and capitalisation targets;

• analysis of the risks associated with the value drivers and resulting allocation of capital to the business lines;

• assignment of risk adjusted performance targets;

• analysis of the impact on the Group’s value and of the creation of value for shareholders;

• drafting and proposal of the financial plan, capital plan and dividend policy.

The Group dynamically manages its capital base by monitoring regulatory capital ratios, anticipating the appropriate changes necessary to achieve its defined targets, and optimising the composition of its assets and equity. Planning and monitoring refer, o n the one hand, to the total Own Funds (Common Equity Tier 1, Additional Tier 1 and Tier 2 Capital) and, on the other hand, to the Risk -Weighted Exposure Amounts (RWEAs). The RWEAs, for portfolios managed using the internal advanced models, do not only dep end on the nominal value of the assets but also on the relevant credit parameters. Besides volume dynamics, it is also crucial to monitor and forecast the change in the asset quality of the portfolio in view of the macroeconomic scenario (the so -called pro -cyclical effect).

Following the financial crisis that unfolded in 2007 -2008, the European Union implemented a substantial reform of the financial services regulatory framework to enhance the resilience of its financial institutions. This reform was largely based on internat ional standards agreed in 2010 by the Basel Committee on Banking Supervision, known as the Basel III framework. Among its many measures, the reform package include d the adoption of Regulation (EU) 575/2013 of the European Parliament and of the Council and Directive 2013/36/EU of the European Parliament and of the Council, which strengthened the prudential requirements for credit institutions and investment firms.

These rules have been modified by Regulation (EU) 876/2019 of the European Parliament and of the Council of 20 May 2019 (so -called CRR2), amending Regulation (EU) 575/2013 and by Directive 2019/878/EU of the European Parliament and of the Council of 20 May 2019 (so -called CRDV), amending Directive 2013/36/EU. Subsequently , the Regulation (EU) 873/2020, known as Quick -Fix, which was published on 26 June 2020 and came into force on 27 June 2020, anticipated some regulatory treatments, in response to the Covid -19 outbreak, and has subsequently become part of the Regulation (EU) 876/2019 (CRR2), applicable starting from 30 June 2021.

On 19 June 2024 , after extensive negotiations and the approvals of the Parliament and the Council of the European Union, the legal acts implementing the finalized Basel III rules in the EU have been published in the Official Journal and will enter into force 20 days later ; they consist of:

• the Regulation (EU) 2024/1623 of the European Parliament and of the Council of 31 May 2024 amending Regulation (EU) 575/2013 as regards requirements for credit risk, credit valuation adjustment risk, operational risk, market risk and the output floor (so -called CRR3) ;

• the Directive (EU) 2024/1619 of the European Parliament and of the Council of 31 May 2024 amending Directive 2013/36/EU as re gards supervisory powers, sanctions, third -country branches, and environmental, social and governance risks (so -called CRD6) .

The CRR3 introduces several changes to the calculation of capital requirements, concerning all the different risk s and the so -called Output Floor .

These changes implement the Basel Committee’s finalized Basel III framework, initially published in December 2017. While the rules of CRR3 in general becam e applicable in January 2025, the European Commission has proposed to postpone to January 2027 the rules regarding market risk (Fundamental Review of the Trading Book - FRTB) , that were already postponed to Jan uary 2026 to ensure consistency at global level .

The CRD6 contains a number of revised rules regarding supervisory powers, sanctions, third -country branches, and environmental, social and governance risks . EU member states shall trans pose the requirements of CRD6 into national law, in time to be a pplicable by January 2026. In Italy, Directive (EU) 2024/1619 (CRD6) was transposed through Legislative Decree No.208 of 31 December 2025, which entered into forc e in January 2026.

Consolidated interim report on operations

Group results

UniCredit Consolidated first half financial report as at 30 June 2026 38 Capital ratios The calculation of capital requirements is based on the regulatory framework known as “Basel 4”, adopted as a result of the R egulation (EU) 575/2013 on prudential requirements for credit institutions and investment firms (Capital Requirements Regulation - CRR) and subsequent updates, and in the Directive (EU) 2013/36 on access to the activity of credit institutions and the prudential supervision of credit i nstitutions and investment firms (Capital Requirements Directive - CRD) and subsequent updates, also a ccording to their adoption by Italian Laws.

Such regulation envisages the following breakdown of Own Funds:

• Tier 1 Capital (T1), made by:

- Common Equity Tier 1 Capital (CET1) and;

- Additional Tier 1 Capital (AT1).

• Tier 2 Capital (T2);

• The sum of Tier 1 Capital and Tier 2 Capital generates the Total Own Funds (Total Capital).

Capital requirements, buffers and ratios for UniCredit group The scheme below outlines UniCredit group capital requirements and buffers applicable as at 30 June 202 6, and it also provides evidence about the “Total SREP Capital Requirement” (TSCR) and the “Overall Capital Requirement” (OCR) related to the outcome of the SREP proces s held in 202 5 and applicable for 202 6.

Capital requirements and buffers for UniCredit group

REQUIREMENT CET1 T1 TOTAL

CAPITAL

A) Pillar 1 requirements 4.50% 6.00% 8.00% B) Pillar 2 requirements 1.13% 1.50% 2.00%

C) TSCR (A+B) 5.63% 7.50% 10.00%

D) Combined capital buffer requirement: 4.58% 4.58% 4.58%

of which:

1. Capital Conservation Buffer (CCB) 2.50% 2.50% 2.50% 2. Other Systemically Important Institution buffer (O -SII) 1.25% 1.25% 1.25% 3. Institution -specific Countercyclical Capital buffer (CCyB) 0.52% 0.52% 0.52% 4. Systemic risk buffer for UniCredit (SyRB) 0.31% 0.31% 0.31%

E) OCR (C+D) 10.21% 12.08% 14.58%

The following table shows UniCredit group transitional capital ratios as at 30 June 202 6 compared with previous periods.

Group transitional capital ratios

DESCRIPTION 30.06.2026

RATIO DELTA Q/Q DELTA Y/Y 31.03.2026 31.12.2025 30.09.2025 30.06.2025

CET1 Capital 14.26% 0.07% -1.76% 14.19% 14.75% 14.76% 16.02% Tier 1 Capital 15.86% -0.32% -1.88% 16.18% 16.42% 16.46% 17.74% Total Capital 18.53% -0.25% -1.83% 18.79% 19.00% 19.09% 20.36%

Transitional Capital ratios of UniCredit S.p.A.

The following table shows the transitional capital ratios of UniCredit S.p.A. as at 30 June 202 6 compared with previous periods.

Transitional capital ratios of UniCredit S.p.A.

DESCRIPTION 30.06.2026

RATIO DELTA Q/Q DELTA Y/Y 31.03.2026 31.12.2025 30.09.2025 30.06.2025

CET1 Capital 19.81% -0.71% -2.62% 20.53% 19.32% 20.71% 22.44% Tier 1 Capital 22.09% -1.21% -2.87% 23.31% 21.64% 23.14% 24.96% Total Capital 25.68% -1.05% -2.89% 26.73% 25.02% 26.67% 28.57%

Consolidated interim report on operations

Group results

UniCredit Consolidated first half financial report as at 30 June 2026 39 Consolidated profit/loss of the period eligible for Own Funds purposes • The Group consolidated net profit as at 30 June 202 6 is equal to €6,1 23 million .

• As at 30 June 2026, the amount of the Group consolidated net profit to be included in the Own Funds is equal to €1,410 millio n, the reduction of €4,713 million is related to the approval by the UniCredit S.p.A. Board of Directors , for the purposes of calculating Own Funds , of a total deduction for foreseeable dividends, distributions, and charges in line with the 2026 Ordinary Distribution Policy, equal to 80% of the total Net Profit. In this respect, Net Profit means stated consolidated net profit net of t ax loss carry forward write up and adjusted for negative goodwill ( badwill ) generated in the first half 2026 . The breakdown of the accrued distribution for €4,713 million is as follows:

(i) a cash dividend of €2,946 million, equal to 50% of 1H 2026 Net Profit;

(ii) a share buyback component of €1,767 million, complementing the cash dividend, resulting in a total distribution of 80% o f Net Profit .

Countercyclical Capital buffer (CCyB) According to the CRD article 130, the Countercyclical Capital buffer (CCyB) shall be calculated on a quarterly basis. With re ference to the second quarter 202 6, UniCredit group countercyclical capital reserve is equal to 0. 52%.

Systemic Risk Buffer (SyRB) As at 3 0 June 2026, UniCredit group Systemic Risk Buffer (SyRB) capital reserve is equal to 0.3 1%, in relation to the applicability of the following requirements at consolidated level:

• 0.29% of capital reserve , related to the SyRB of 1.00% defined by Banca d’Italia , to be calculated on all credit and counterparty risk weighted exposures to Italian residents;

• 0.02% of capital reserve , related to the SyRB of 1.00% defined by the German Federal Financial Supervisory Authority (BaFin) , to be applied on (i) IRB exposures secured by residential immovable property located in Germany, and (ii) Standard Approach based exposures fully and completely secured by residential immovable property (as referred to in article 125(2) of CRR), located i n Germany . Following the ESRB’s Recommendation ESRB/2022/4, on 20 October 2022 Banca d’Italia reciprocated the German macroprudenti al measure, asking for its applicability starting from the first quarter 2023 ;

• 0.01% of capital reserve , related to the SyRB of 1.00% defined by the Austrian Financial Market Authority (FMA) , to be applied on all commercial real estate exposure (included off balance exposure) located in Austria , of which the counterparty principal activities are construction site preparation, construction installation activities and other construction activities or other real estate activities . Following the ESRB’s Recommendation ESRB/202 5/10, on 30 January 2026 Banca d’Italia reciprocated the Austrian macroprudential measure, asking for its applicability starting from the second quarter 202 6.

Deductions connected to investments in financial sector entities and deferred tax assets that rely on future profitability an d arise from temporary differences With reference to 3 0 June 2026, UniCredit exceeds by an amount of €3, 339 million the threshold of 10% of the residual amount of CET1 items after applying the adjustments and deductions in CRR articles 32 to 36, related to significant investments in CET1 instruments issu ed by financial sector entities as defined in CRR article 48. UniCredit exceed for an amount of € 340 million the threshold of 17.65% of the residual amount of Common Equity Tier 1 items after applying the adjustments and deductions in CRR articles 32 to 36 in full, related to significant in vestments in CET1 instruments issued by financial sector entities and deferred tax assets that rely on future profitability and arise from temporary differences as defined in CRR article 48.

Atlante Fund and Italian Recovery Fund ( former Atlante Fund II) As at 30 June 202 6, the investment held by UniCredit in the quotes of Atlante Fund and Italian Recovery Fund ( former Atlante Fund II), for approximately €1 49 million, is primarily referred to investments in securitisation notes related to non -performing loans: the regulatory treatment of the Fund’s quotes recognised in the UniCredit financial statements provides for the calculation of RWEA on the basis of each underlying asset of CIUs, in accordance with CRR article 152(2) and (4b).

With reference to the residual commitments, for €8.5 million, the regulatory treatment provides for the application of a credit conversion factor equal to 100% (“full risk” according to the Annex I of the CRR) and for the calculation of the related risk -weighted exposures, CRR article 152(9) is applied .

Financial conglomerate

As at 3 0 June 2026, UniCredit is subject to supplementary supervision as a financial conglomerate, pursuant to an ECB decision, taken in agreement with IVASS, removing the exemption granted until 31 December 2025.

Consolidated interim report on operations

Group results

UniCredit Consolidated first half financial report as at 30 June 2026 40 Template EU CC1 - Composition of regulatory Own Funds

(€ million)

DESCRIPTION a b

AMOUNTS AS AT

30.06.2026 AMOUNTS AS AT

31.03.2026 SOURCE BASED ON

REFERENCE

NUMBERS/LETTERS

OF THE BALANCE

SHEET UNDER THE

REGULATORY

SCOPE OF

CONSOLIDATION

Common Equity Tier 1 (CET1) capital: instruments and reserves 1 Capital instruments and the related share premium accounts (A) 20,907 20,907 31-32 of which: Ordinary shares 20,907 20,907 0 of which: Instrument type 2 - - 0 of which: Instrument type 3 - - 0 2 Retained earnings 34,804 34,804 29 3 Accumulated other comprehensive income (and other reserves) (B) (1,779) (1,918) 9-20-21-22-23-30 EU-3a Funds for general banking risk - - 0 4 Amount of qualifying items referred to in article 484 (3) CRR and the related share premium accounts subject to phase out fro m CET1 - - 0 5 Minority interests (amount allowed in consolidated CET1) 162 154 35 EU-5a Independently reviewed interim profits net of any foreseeable charge or dividend (C) 1,410 819 36 6 Common Equity Tier 1 (CET1) capital before regulatory adjustments 55,504 54,766 0 Common Equity Tier 1 (CET1) capital: regulatory adjustments 7 Additional value adjustments (negative amount) (708) (557) 38 8 Intangible assets (net of related tax liability) (negative amount) (D) (3,469) (3,322) 4 9 Not applicable 10 Deferred tax assets that rely on future profitability excluding those arising from temporary differences (net of related tax liability where the conditions in article 38(3) CRR are met) (negative amount) (E) (2,745) (2,969) 10 11 Fair value reserves related to gains or losses on cash flow hedges of financial instruments that are not valued at fair value 190 257 17-21 12 Negative amounts resulting from the calculation of expected loss amounts - - 43 13 Any increase in equity that results from securitised assets (negative amount) - - 0 14 Gains or losses on liabilities valued at fair value resulting from changes in own credit standing 101 86 39 15 Defined -benefit pension fund assets (negative amount) (69) (44) 37 16 Direct, indirect and synthetic holdings by an institution of own CET1 instruments (negative amount) (43) (34) 34 17 Direct, indirect and synthetic holdings of the CET1 instruments of financial sector entities where those entities have recipr ocal cross holdings with the institution designed to inflate artificially the own funds of the institution (negative amount) - - 0 18 Direct, indirect and synthetic holdings by the institution of the CET1 instruments of financial sector entities where the ins titution does not have a significant investment in those entities (amount above 10% threshold and net of eligible short positions) (negative amount) - - 0 19 Direct, indirect and synthetic holdings by the institution of the CET1 instruments of financial sector entities where the ins titution has a significant investment in those entities (amount above 10% threshold and net of eligible short positions) (negative amount) (F) (3,339) (3,987) 0 20 Not applicable EU-20a Exposure amount of the following items which qualify for a RW of 1250%, where the institution opts for the deduction alternat ive (136) (128) 0 EU-20b of which: qualifying holdings outside the financial sector (negative amount) - - 0 EU-20c of which: securitisation positions (negative amount) (124) (128) 41 EU-20d of which: free deliveries (negative amount) (12) (0) 42 21 Deferred tax assets arising from temporary differences (amount above 10% threshold, net of related tax liability where the co nditions in Article 38(3) CRR are met) (negative amount) - - 0 22 Amount exceeding the 17.65% threshold (negative amount) (F) (340) (781) 0 23 of which: direct, indirect and synthetic holdings by the institution of the CET1 instruments of financial sector entities whe re the institution has a significant investment in those entities (233) (516) 1-2-3 24 Not applicable 25 of which: deferred tax assets arising from temporary differences (106) (265) 10 EU-25a Losses for the current financial year (negative amount) - - 0 EU-25b Foreseeable tax charges relating to CET1 items except where the institution suitably adjusts the amount of CET1 items insofar as such tax charges reduce the amount up to which those items may be used to cover risks or losses (negative amount) - - 0 26 Not applicable 27 Qualifying AT1 deductions that exceed the AT1 items of the institution (negative amount) - - 0 27a Other regulatory adjustments (G) (907) (856) 44 28 Total regulatory adjustments to Common Equity Tier 1 (CET1) (11,465) (12,336) 0 29 Common Equity Tier 1 (CET1) capital 44,039 42,430 0

Consolidated interim report on operations

Group results

UniCredit Consolidated first half financial report as at 30 June 2026 41 continued: Template EU CC1 - Composition of regulatory Own Funds

(€ million)

DESCRIPTION a b

AMOUNTS AS AT

30.06.2026 AMOUNTS AS AT

31.03.2026 SOURCE BASED ON

REFERENCE

NUMBERS/LETTERS

OF THE BALANCE

SHEET UNDER THE

REGULATORY

SCOPE OF

CONSOLIDATION

Additional Tier 1 (AT1) capital: instruments 30 Capital instruments and the related share premium accounts 4,961 5,925 26 31 of which: classified as equity under applicable accounting standards (H) 4,961 5,925 0 32 of which: classified as liabilities under applicable accounting standards - - 0 33 Amount of qualifying items referred to in article 484(4) CRR and the related share premium accounts subject to phase out from AT1 - - 0 EU-33a Amount of qualifying items referred to in article 494a(1) CRR subject to phase out from AT1 - - 0 EU-33b Amount of qualifying items referred to in article 494b(1) CRR subject to phase out from AT1 - - 27 34 Qualifying Tier 1 capital included in consolidated AT1 capital (including minority interests not included in row 5) issued by subsidiaries and held by third parties 28 27 45 35 of which: instruments issued by subsidiaries subject to phase out - - 0 36 Additional Tier 1 (AT1) capital before regulatory adjustments 4,989 5,951 0 Additional Tier 1 (AT1) capital: regulatory adjustments 37 Direct, indirect and synthetic holdings by an institution of own AT1 instruments (negative amount) (30) (2) 46 38 Direct, indirect and synthetic holdings of the AT1 instruments of financial sector entities where those entities have recipro cal cross holdings with the institution designed to inflate artificially the own funds of the institution (negative amount) - - 0 39 Direct, indirect and synthetic holdings of the AT1 instruments of financial sector entities where the institution does not ha ve a significant investment in those entities (amount above 10% threshold and net of eligible short positions) (negative amount) - - 0 40 Direct, indirect and synthetic holdings by the institution of the AT1 instruments of financial sector entities where the inst itution has a significant investment in those entities (net of eligible short positions) (negative amount) - - 0 41 Not applicable 42 Qualifying T2 deductions that exceed the T2 items of the institution (negative amount) - - 0 42a Other regulatory adjustments to AT1 capital - - 0 43 Total regulatory adjustments to Additional Tier 1 (AT1) capital (30) (2) 0 44 Additional Tier 1 (AT1) capital 4,959 5,949 0 45 Tier 1 capital (T1 = CET1 + AT1) 48,997 48,379 0 Tier 2 (T2) capital: instruments 46 Capital instruments and the related share premium accounts (I) 7,517 7,072 15-33 47 Amount of qualifying items referred to in article 484(5) CRR and the related share premium accounts subject to phase out from T2 as described in article 486(4) CRR - - 0 EU-47a Amount of qualifying items referred to in article 494a(2) CRR subject to phase out from T2 - - 0 EU-47b Amount of qualifying items referred to in article 494b(2) CRR subject to phase out from T2 - - 16 48 Qualifying own funds instruments included in consolidated T2 capital (including minority interests and AT1 instruments not in cluded in rows 5 or 34) issued by subsidiaries and held by third parties 54 55 48 49 of which: instruments issued by subsidiaries subject to phase out - - 0 50 Credit risk adjustments 822 803 49 51 Tier 2 (T2) capital before regulatory adjustments 8,394 7,930 0 Tier 2 (T2) capital: regulatory adjustments 52 Direct, indirect and synthetic holdings by an institution of own T2 instruments and subordinated loans (negative amount) (59) (57) 50 53 Direct, indirect and synthetic holdings of the T2 instruments and subordinated loans of financial sector entities where those entities have reciprocal cross holdings with the institution designed to inflate artificially the own funds of the institution (ne gative amount) - - 0 54 Direct, indirect and synthetic holdings of the T2 instruments and subordinated loans of financial sector entities where the i nstitution does not have a significant investment in those entities (amount above 10% threshold and net of eligible short positions ) (negative amount) - - 0 54a Not applicable 55 Direct, indirect and synthetic holdings by the institution of the T2 instruments and subordinated loans of financial sector e ntities where the institution has a significant investment in those entities (net of eligible short positions) (negative amount) (87) (85) 51 56 Not applicable EU-56a Qualifying eligible liabilities deductions that exceed the eligible liabilities items of the institution (negative amount) - - 0 EU-56b Other regulatory adjustments to T2 capital - - 52 57 Total regulatory adjustments to Tier 2 (T2) capital (146) (142) 0 58 Tier 2 (T2) capital 8,248 7,788 0 59 Total capital (TC = T1 + T2) 57,245 56,167 0 60 Total Risk exposure amount 308,852 298,934 0

Consolidated interim report on operations

Group results

UniCredit Consolidated first half financial report as at 30 June 2026 42 continued: Template EU CC1 - Composition of regulatory Own Funds

(€ million)

DESCRIPTION a b

AMOUNTS AS AT

30.06.2026 AMOUNTS AS AT

31.03.2026 SOURCE BASED ON

REFERENCE

NUMBERS/LETTERS

OF THE BALANCE

SHEET UNDER THE

REGULATORY

SCOPE OF

CONSOLIDATION

Capital ratios and requirements including buffers 61 Common Equity Tier 1 capital 14.26% 14.19% 0 62 Tier 1 capital 15.86% 16.18% 0 63 Total capital 18.53% 18.79% 0 64 Institution CET1 overall capital requirements (J) 10.21% 10.20% 0 65 of which: capital conservation buffer requirement 2.50% 2.50% 0 66 of which: countercyclical capital buffer requirement 0.52% 0.53% 0 67 of which: systemic risk buffer requirement 0.31% 0.30% 0 EU-67a of which: Global Systemically Important Institution (G -SII) or Other Systemically Important Institution (O -SII) buffer requirement 1.25% 1.25% 0 EU-67b of which: additional own funds requirements to address the risks other than the risk of excessive leverage 1.13% 1.13% 0 68 Common Equity Tier 1 capital (as a percentage of risk exposure amount) available after meeting the minimum capital requiremen ts (K) 8.36% 8.57% 0 National minima (if different from Basel III) 69 Not applicable 70 Not applicable 71 Not applicable Amounts below the thresholds for deduction (before risk weighting) 72 Direct and indirect holdings of own funds and eligible liabilities of financial sector entities where the institution does no t have a significant investment in those entities (amount below 10% threshold and net of eligible short positions) 3,163 2,395 0 73 Direct and indirect holdings by the institution of the CET1 instruments of financial sector entities where the institution ha s a significant investment in those entities (amount below 17.65% thresholds and net of eligible short positions) 4,598 4,256 0 74 Not applicable 75 Deferred tax assets arising from temporary differences (amount below 17.65% threshold, net of related tax liability where the conditions in article 38(3) CRR are met) 2,098 2,187 0 Applicable caps on the inclusion of provisions in Tier 2 76 Credit risk adjustments included in T2 in respect of exposures subject to standardised approach (prior to the application of the cap) - - 0 77 Cap on inclusion of credit risk adjustments in T2 under standardised approach - - 0 78 Credit risk adjustments included in T2 in respect of exposures subject to internal ratings -based approach (prior to the application of the cap) 1,202 1,374 0 79 Cap for inclusion of credit risk adjustments in T2 under internal ratings -based approach 822 803 0 Capital instruments subject to phase -out arrangements (only applicable between 1 January 2014 and 1 January 2022) 80 Current cap on CET1 instruments subject to phase out arrangements - - 0 81 Amount excluded from CET1 due to cap (excess over cap after redemptions and maturities) - - 0 82 Current cap on AT1 instruments subject to phase out arrangements - - 0 83 Amount excluded from AT1 due to cap (excess over cap after redemptions and maturities) - - 0 84 Current cap on T2 instruments subject to phase out arrangements - - 0 85 Amount excluded from T2 due to cap (excess over cap after redemptions and maturities) - - 0

Note:

The template below is prepared according to Regulation (EU) 3172/2024. The column “b” is not filled as refers to cross refere nce to another template relevant only for Pillar 3 disclosure purpose.

Notes to the template EU CC1 - Composition of regulatory Own Funds Amounts included in the notes below refer to 30 June 202 6 if not otherwise specified.

A.

This item does not include €609 million related to the ordinary shares underlying the Usufruct contract (Cashes), which are r eclassified in Tier 2, starting from 1 January 2022 under item “46. Capital instruments and the related share premium accounts”, fo llowing the end of the CRR1 grandfathering regime, being Tier 2 compliant according to CRR eligibility conditions currently in force.

B.

The change compared to 31 March 2026 (positive for €139 million) mainly refers to : (i) positive change (equal to € 224 million) on exchange reserve, mainly due to the Russian Ruble appreciation ; partially offset by (ii) negative chan ge (equal to €51 million) on the actuarial reserves.

C.

Reference should be made to paragraph “Consolidated profit/loss eligible for Own Funds purposes” in the introductory section of this chapter.

D.

The change compared to 31 March 2026 (negat ive for € 147 million) mainly refers to the increase of the deduction related to software assets.

Consolidated interim report on operations

Group results

UniCredit Consolidated first half financial report as at 30 June 2026 43 E.

The change compared to 31 March 2026 (positive for €224 million) is mainly related to the utilisation of DTA Tax losses carried forward .

F.

Reference shall be made to paragraph “Deductions connected to investments in financial sector entities and deferred tax asset s that rely on future profitability and arise from temporary differences” in the introductory section of this chapter.

G.

The amount reported in this item (equal to €907 million) mainly includes: (i) the additional deduction , equal to €593 million , due to article 3 of CRR in accordance with ECB guidance to banks on non -performing loans; (ii) the prudential filter, negative for €62 million, on fair value gains and losses arising from the institution's own credit risk related to derivative liabilities .

H.

The change compared to 31 March 202 6 (negative for €9 64 million) is mainly related to the execution, on 3 June 202 6, of the authorization receive d by the competent authority to early redeem the AT1 instrument (ISIN XS1963834251 ).

I.

The change compared to 31 March 202 6 (positive for € 446 million) is mainly related to (i) the new issuance, on 19 May 2026, of the T2 instrument (ISIN IT0005710055 ) computed at €1,250 million ; partially compensated by buy-back resulting from the tender offer on the T2 instrument ( ISIN XS2101558307) lowering the computable amount by €702 million .

J.

Reference should be made to table “Capital requirements and buffers for UniCredit group” in the introductory section of this chapter.

K.

The amount reported in this item is calculated by subtracting from the Common Equity Tier 1 capital ratio at the date (i.e. , item 61: 1 4.26%): (i) the minimum Common Equity Tier 1 requirement (equal to 4.5%); (ii) the Pillar 2 requirement on CET1 (equal to 1.13%) in coherence with SREP results of 202 5 and with the application of article 104a.4 of CRD based on which the Pillar 2 requirement can be satisfied also through AT1 a nd T2 instruments (i.e. , at least 75% through T1 and at least 56.25% through CET1); (iii) the shortfall on AT1 requirement covered trough the CET1 capital (equal to 0. 27%).

The change compared to 31 March 202 6 mainly depends on the following items: (i) increase in Common Equity Tier 1 Capital for € 1,609 million and (ii) increase in Risk Weighted Exposures Amounts for € 9,918 million.

Consolidated interim report on operations

Group results

UniCredit Consolidated first half financial report as at 30 June 2026 44 Risk weighted exposure amounts

Template EU OV1 - Overview of total risk exposure amounts

(€ million)

DESCRIPTION TOTAL RISK EXPOSURE AMOUNTS (TREA) TOTAL OWN FUNDS

REQUIREMENTS

a b c 30.06.2026 31.03.2026 30.06.2026 1 Credit risk (excluding CCR) 227,076 221,208 18,166 2 Of which the standardised approach 92,002 87,438 7,360 3 Of which the foundation IRB (F -IRB) approach 50,989 51,319 4,079 4 Of which slotting approach 1,966 1,826 157 EU 4a Of which equities under the simple risk weighted approach - - -

5 Of which the advanced IRB (A -IRB) approach 73,234 72,284 5,859 6 Counterparty credit risk - CCR 8,159 5,825 653 7 Of which the standardised approach 1,115 964 89 8 Of which internal model method (IMM) 6,423 4,320 514 EU 8a Of which exposures to a CCP 545 440 44 9 Of which other CCR 76 101 6 10 Credit valuation adjustments risk - CVA risk 2,269 1,126 182 EU 10a Of which the standardised approach (SA) 1,972 883 158 EU 10b Of which the basic approach (F -BA and R -BA) 297 243 24 EU 10c Of which the simplified approach - - -

11 Not applicable 12 Not applicable 13 Not applicable 14 Not applicable 15 Settlement risk 13 12 1 16 Securitisation exposures in the non -trading book (after the cap) 10,845 10,250 868 17 Of which SEC -IRBA approach 5,357 4,967 429 18 Of which SEC -ERBA (including IAA) 3,064 2,905 245 19 Of which SEC -SA approach 2,283 2,232 183 EU 19a Of which 1250%/deduction - - -

Of which Specific treatment for senior tranches of qualifying NPE securitisations 141 146 11 20 Position, foreign exchange and commodities risks (Market risk) 10,190 10,376 815 21 Of which the Alternative standardised approach (A -SA) - - -

EU 21a Of which the Simplified standardised approach (S -SA) - - -

22 Of which the Alternative Internal Models Approach (A -IMA) - - -

EU 22a Large exposures - - -

23 Reclassifications between the trading and non -trading books - - -

24 Operational risk 50,286 50,129 4,023 EU 24a Exposure to crypto assets 14 8 1 25 Amounts below the thresholds for deduction (subject to 250% risk weight) 16,769 16,143 1,342 26 Output floor applied (%) 55.00% 55.00% 27 Floor adjustment (before application of transitional cap) - -

28 Floor adjustment (after application of transitional cap) - -

29 Total 308,852 298,934 24,708

Consolidated interim report on operations

Group results

UniCredit Consolidated first half financial report as at 30 June 2026 45 Capital strengthening During 202 6 UniCredit S.p.A. carried out the following transactions on the instruments Additional Tier 1 (so -called “Non -Cumulative Temporary Write -Down Deeply Subordinated Fixed Rate Resettable Notes”) accounted for in the item “Capital Instruments” of Equity Instru ments:

• on 12 January 2026, Unicredit S.p.A. placed an issue of equity instruments Additional Tier 1 for a total amount of €1 billion (gross of charges), targeted to institutional investors, contributing to strengthening its regulatory capital. The securities are p erpetual (with maturity linked to the corporate duration of UniCredit S.p.A.) and may be called by the Issuer on any calendar day in the six -month period starting on 3 December 2035 and ending on 3 June 2036 and thereafter on any interest payment date, su bject to Regulatory approval. Notes pay fixed rate coupons of 5.8% per annum up to June 2036 on a semi -annual basis; if not called, the coupon will be reset every 5 years to the aggregate of the then 5 -Years Mid -

Swap rate plus 301.3 basis points, calculated on an annual basis and then converted into a semi -annual rate in accordance with market conventions. In line with the regulatory requirements, the coupon payments are fully discretionary ;

• on 21 April 2026, in accordance with the provisions of the terms and conditions of the Securities, UniCredit S.p.A., having r eceived authori sation from the Competent Authority, exercised the option for of full early redemption of the Additional Tier 1 instruments issued in 2019, effective on 3 June 2026. The capital instruments were redeemed at par together with accrued and unpaid interest.

For details on changes in capital and dividends paid during the year, both in cash and through share buyback programs, refer to the chapter “History of the Group and UniCredit share” of this Consolidated Report on Operation s.

Shareholders’ equity attributable to the Group The Shareholders’ equity of the Group, including the net result of the period equal to +€6,1 23 million, amounts to € 70,423 million as at 30 June 2026, compared to €6 7,711 million as at 31 December 202 5.

The following table shows the main changes occurred in the first half of 202 6.

Shareholders' equity attributable to the Group

(€ million)

Shareholders' equity as at 31 December 2025 67,711 Dividends and other allocations (2,613) Share buyback (641) Change in reserve related coupon on AT1 instruments (161) Charges related to transaction denominated "Cashes" (97) Change in the valuation reserve relating to exchange differences 342 Other changes (241) Net profit (loss) for the period 6,123 Shareholders' equity as at 30 June 2026 70,423

Notes:

The change in the valuation reserve relating to exchange differences is mainly due to the impact of Russian Ruble.

The item "Other changes" includes the recognition of the effects arising from change in net equity of associates following th e purchase of treasury shares as well as the effect arising from the sale of equity investments at fair value through other compreh ensive income.

For further information, refer to Statement of changes in the consolidated shareholders’ equity, Consolidated accounts.

Consolidated interim report on operations

Group results

UniCredit Consolidated first half financial report as at 30 June 2026 46 Contribution of the sector of activity to the results of the Group For further information about the organisational structure, reference is made to Part L - Segment reporting, Explanatory notes.

Italy

Income statement, key ratios and indicators

(€ million)

ITALY H1 %

CHANGE 2026

Q2 % CHANGE

ON Q1 2026 2026 2025

Revenue (€ million) 6,016 5,850 + 2.8% 3,033 + 1.7% Operating costs (€ million) (1,954) (1,967) - 0.7% (977) - 0.0% Loan loss provisions (LLPs) (€ million) (200) (207) - 3.2% (100) - 0.7%

NET OPERATING PROFIT (LOSS) (€ million) 3,862 3,677 + 5.0% 1,957 + 2.7%

PROFIT (LOSS) BEFORE TAX (€ million) 3,760 4,238 - 11.3% 1,916 + 3.9%

Customers loans (net Repos and IC) (€ million) 157,040 145,595 + 7.9% 157,040 + 3.4% Customers depos (net Repos and IC) (€ million) 190,892 180,305 + 5.9% 190,892 + 1.1% Total RWEA Eop (€ million) 113,862 108,424 + 5.0% 113,862 + 2.5%

EVA (€ million) 1,402 2,187 - 35.9% 709 + 2.2% Absorbed Capital (€ million) 14,664 13,600 + 7.8% 14,705 + 0.6% ROAC + 31.0% + 44.1% - 13.1 p.p. + 31.2% + 0.4 p.p.

Cost/Income 32.5% 33.6% - 1.1 p.p. 32.2% - 0.6 p.p.

Cost of Risk 24 bps 26 bps - 2 bps 23 bps - 2 bps Full Time Equivalent (eop) 26,017 26,156 - 0.5% 26,017 - 1.7%

Germany

Income statement, key ratios and indicators

(€ million)

GERMANY H1 %

CHANGE 2026

Q2 % CHANGE

ON Q1 2026 2026 2025

Revenue (€ million) 2,946 2,855 + 3.2% 1,450 - 3.1% Operating costs (€ million) (1,041) (1,094) - 4.8% (521) + 0.2% Loan loss provisions (LLPs) (€ million) (146) (80) + 83.0% (68) - 13.4%

NET OPERATING PROFIT (LOSS) (€ million) 1,759 1,681 + 4.6% 861 - 4.2%

PROFIT (LOSS) BEFORE TAX (€ million) 1,740 1,656 + 5.1% 854 - 3.6%

Customers loans (net Repos and IC) (€ million) 129,318 125,948 + 2.7% 129,318 - 0.7% Customers depos (net Repos and IC) (€ million) 146,436 130,112 + 12.5% 146,436 + 5.0% Total RWEA Eop (€ million) 68,366 67,688 + 1.0% 68,366 - 2.5%

EVA (€ million) 582 592 - 1.7% 269 - 13.8% Absorbed Capital (€ million) 8,981 8,687 + 3.4% 9,006 + 0.6% ROAC + 23.2% + 23.5% - 0.3 p.p. + 22.3% - 1.8 p.p.

Cost/Income 35.3% 38.3% - 3.0 p.p. 35.9% 1.2 p.p.

Cost of Risk 22 bps 12 bps 9 bps 20 bps - 4 bps Full Time Equivalent (eop) 8,265 8,618 - 4.1% 8,265 - 0.8%

Consolidated interim report on operations

Group results

UniCredit Consolidated first half financial report as at 30 June 2026 47 Austria

Income statement, key ratios and indicators

(€ million)

AUSTRIA H1 %

CHANGE 2026

Q2 % CHANGE

ON Q1 2026 2026 2025

Revenue (€ million) 1,321 1,321 + 0.0% 676 + 4.6% Operating costs (€ million) (489) (503) - 2.8% (246) + 0.8% Loan loss provisions (LLPs) (€ million) 38 44 - 13.7% 13 - 45.3%

NET OPERATING PROFIT (LOSS) (€ million) 870 861 + 1.0% 443 + 3.9%

PROFIT (LOSS) BEFORE TAX (€ million) 846 834 + 1.5% 445 + 10.7%

Customers loans (net Repos and IC) (€ million) 63,337 59,916 + 5.7% 63,337 + 1.9% Customers depos (net Repos and IC) (€ million) 60,970 58,838 + 3.6% 60,970 + 2.7% Total RWEA Eop (€ million) 39,444 38,825 + 1.6% 39,444 - 0.9%

EVA (€ million) 400 358 + 11.6% 201 + 1.0% Absorbed Capital (€ million) 5,164 5,116 + 0.9% 5,153 - 0.4% ROAC + 26.8% + 25.0% + 1.8 p.p. + 26.9% + 0.3 p.p.

Cost/Income 37.0% 38.1% - 1.1 p.p. 36.4% - 1.4 p.p.

Cost of Risk - 12 bps - 15 bps 3 bps - 8 bps 7 bps Full Time Equivalent (eop) 4,085 4,162 - 1.8% 4,085 + 0.5%

Central Eastern Europe

Income statement, key ratios and indicators

(€ million)

CENTRAL EASTERN EUROPE H1 %

CHANGE 2026

Q2 % CHANGE

ON Q1 2026 2026 2025

Revenue (€ million) 2,495 2,356 + 5.9% 1,255 + 1.2% Operating costs (€ million) (823) (825) - 0.3% (412) + 0.3% Loan loss provisions (LLPs) (€ million) (56) 39 n.m. (24) - 24.4%

NET OPERATING PROFIT (LOSS) (€ million) 1,616 1,570 + 3.0% 819 + 2.7%

PROFIT (LOSS) BEFORE TAX (€ million) 1,394 1,423 - 2.1% 793 + 32.0%

Customers loans (net Repos and IC) (€ million) 85,661 76,557 + 11.9% 85,661 + 3.8% Customers depos (net Repos and IC) (€ million) 99,469 91,050 + 9.2% 99,469 + 1.4% Total RWEA Eop (€ million) 62,256 55,799 + 11.6% 62,256 + 4.1%

EVA (€ million) 520 585 - 11.2% 338 + 86.0% Absorbed Capital (€ million) 7,635 7,024 + 8.7% 7,745 + 2.9% ROAC + 27.4% + 30.2% - 2.8 p.p. + 31.4% + 7.9 p.p.

Cost/Income 33.0% 35.0% - 2.0 p.p. 32.8% - 0.3 p.p.

Cost of Risk 13 bps - 11 bps 24 bps 11 bps - 4 bps Full Time Equivalent (eop) 18,608 19,534 - 4.7% 18,608 - 1.3%

Consolidated interim report on operations

Group results

UniCredit Consolidated first half financial report as at 30 June 2026 48 Russia

Income statement, key ratios and indicators

(€ million)

RUSSIA H1 %

CHANGE 2026

Q2 % CHANGE

ON Q1 2026 2026 2025

Revenue (€ million) 428 664 - 35.5% 196 - 15.6% Operating costs (€ million) (98) (108) - 9.4% (49) - 0.7% Loan loss provisions (LLPs) (€ million) 9 19 - 53.6% 0 - 95.4%

NET OPERATING PROFIT (LOSS) (€ million) 339 575 - 41.0% 148 - 23.0%

PROFIT (LOSS) BEFORE TAX (€ million) 346 599 - 42.2% 157 - 17.4%

Customers loans (net Repos and IC) (€ million) 521 1,024 - 49.1% 521 - 7.8% Customers depos (net Repos and IC) (€ million) 2,316 3,376 - 31.4% 2,316 - 12.7% Total RWEA Eop (€ million) 11,394 11,444 - 0.4% 11,394 + 7.5%

EVA (€ million) (317) (67) n.m. (180) + 31.3% Absorbed Capital (€ million) 1,405 1,498 - 6.2% 1,430 + 3.5% ROAC - 22.4% + 14.5% - 36.9 p.p. - 27.6% - 10.5 p.p.

Cost/Income 22.9% 16.3% 6.6 p.p. 24.9% 3.7 p.p.

Cost of Risk - 316 bps - 332 bps 16 bps - 29 bps 550 bps Full Time Equivalent (eop) 1,358 2,355 - 42.4% 1,358 - 8.8%

Consolidated interim report on operations

Other information

UniCredit Consolidated first half financial report as at 30 June 2026 49 Other information Group activities development operations and other corporate transactions

Transactions and initiatives involving shareholdings

Investment in Commerzbank As at 30 June 2026, UniCredit has an equity stake of around 26.8% and an overall position, including financial instruments with physical settleme nt option, of around 29.9% in the share capital of Commerzbank AG.

The shareholding in Commerzbank is consolidated at equity method.

On 16 March 2026, UniCredit S.p.A. announced the launch of a voluntary public exchange offer addressed to all outstanding sha res of Commerzbank AG. The transaction offered a consideration in shares, equal to 0.485 UniCredit shares for each Commerzbank shar e tendered.

For further information refer to paragraph “Subsequent events” of this Consolidated interim report on operation s.

Investment in Alpha Bank On 30 June 2026, UniCredit has an equity stake of around 29.8% and an overall position, including financial instruments, of a round 32% in the share capital of Alpha Bank.

The shareholding in Alpha Bank is consolidated at equity method.

Merger of UniCredit SA/NV into UniCredit S.p.A.

In order to simplify the Group’s structure, ensure greater efficiency, enhance operational synergies and eliminate duplicatio ns with a consequent optimi sation of costs, the Boards of Directors of UniCredit S.p.A. and its wholly owned subsidiary UniCredit SA/NV (formerly Aion Bank SA/NV) approved, in February 2026, a cross -border merger plan by way of incorporation of UniCredit SA/NV into UniCredit S.p.A.

The completion of the transaction, subject to obtaining the necessary regulatory approvals, including approval from the Europ ean Central Bank , granted on 19 June 2026, is expected to take place by the end of 2026.

Other information on Group activities

Direct stake and voting rights in Alpha Bank S.A.

On 5 January 2026 UniCredit S.p.A. informed that it has converted a circa 20% synthetic position in Alpha Bank S.A. taking it s physical share ownership and effective voting rights to around 29.8%.

Issue of Senior Preferred bonds for €2 billion On 8 January 2026 UniCredit S.p.A. communicated the issue of dual tranche Senior bonds comprising of a €1.25 billion with 4.5 years maturity, callable after 3.5 years, and €750 million with 10 years maturity, targeted to institutional investors.

Issue of Additional Tier 1 notes for €1 billion On 12 January 2026 UniCredit S.p.A. communicated the issue of Additional Tier 1 Non -Cumulative Temporary Write -Down Deeply Subordinated Fixed Rate Resettable Notes targeted to institutional investors for a total amount of €1 billion.

The notes will pay fixed rate coupons of 5.80% per annum up to June 2036 on a semi -annual basis; if not called, coupon will be reset every 5 years.

Standard & Poor's: rating and outlook improvement On 2 February 2026 UniCredit S.p.A. informed that the rating agency Standard & Poor's improved UniCredit S.p.A.'s rating outl ook from “stable” to “positive”, while affirming the Issuer Credit Rating (ICR) and Senior Preferred rating at “A -”.

UniCredit group's strong overall creditworthiness allowed the assignment of “positive” outlooks also to subsidiaries in Germa ny and Austria, which benefit from Group support.

The stand -alone credit profile has been affirmed at “a -”', while long - and short -term resolution counterparty ratings have been affirmed at “A” and “A -

1”, respectively. The short -term issuer credit rating has been affirmed at “A -2”'.

Consolidated interim report on operations

Other information

UniCredit Consolidated first half financial report as at 30 June 2026 50 Share Buy -Back Programmes On 10 February 2026 UniCredit S.p.A. announced the completion, on 9 February 2026, of the share buy -back programme named "Second Tranche of the 2024 Residual Share Buy -Back".

On 19 February 2026 UniCredit S.p.A. informed that, in execution of the resolution adopted by the Shareholders' Meeting held on 27 March 2025, No.53,733,948 treasury shares were cancelled without any reduction in share capital.

The number of cancelled shares is equal to the sum of the shares purchased in execution of the "First Tranche of the 2024 Res idual Share Buy -

Back", which was completed on 29 September 2025 and not previously cancelled, and of the shares purchased in execut ion of the "Second Tranche of the 2024 Residual Share Buy -Back".

Moody's : ratings ’ confirmation On 19 March 2026 UniCredit S.p.A. informed that t he rating agency Moody's confirmed UniCredit S .p.A.'s Senior Preferred and Long -Term Deposit ratings at “A3” with a “Stable ” outlook.

MREL requirements set by Resolution Authorities On 1 April 202 6 it has been announced, following the Single Resolution Board (SRB) decision and the communication received by Banca d'Italia, the Minimum Requirements for Own Funds and Eligible Liabilities (MREL) to be applied to UniCredit S.p.A. on a consolidated basis.

With reference to year -end 202 5, UniCredit was well above these requirements.

Issue of Senior Non -Preferred notes for € 1 billion On 9 April 2026 UniCredit S.p.A. informed having issued a Senior Non -Preferred bond for €1 billion with 6 years maturity, callable after 5 years, targeted at institutional investors.

Issue of Senior Non -Preferred notes for GBP 400 million On 17 April 2026 UniCredit S.p.A. informed having issued a GBP benchmark callable Senior Non -Preferred bond with maturity October 2031 for GBP 400 million, targeted at institutional investors.

Early redemption of notes for €1, 000 million On 2 1 April 2026 UniCredit S.p.A. informed that, with reference to Non-Cumulative Temporary Write -Down Deeply Subordinated Fixed Rate Resettable Notes (ISIN XS1963834251) for €1, 000 million, it would have exercised the option to early redeem in whole on 3 June 2026.

Early redemption of notes for US$1,000 million On 29 April 2026, having received the Single Resolution Board authori sation, UniCredit S.p.A. informed that it would have exercised the option to early redeem in whole , on 3 June 2026, the 1.982% Fixed -to-Fixed Rate Preferred Senior Callable Notes due 2027 (ISIN XS2348710562, US904678AW97, US904678AX70) for US$1,000 million .

Non-binding agreement to divest part of activities in Russia On 7 May 2026 UniCredit announce d the signing of a non -binding agreement term -sheet for the sale of part of its Russian subsidiary (AO Bank).

The buyer is a well -established private investor in the United Arab Emirates with long standing ties to the local institutional and business comm unity, in respect of which UniCredit performed the applicable compliance checks.

The parties will cooperate to finalise the transaction structure, related arrangements, and communication to the market in du e course.

The transaction closing is expected in the first half of 2027 .

Tender offer for notes and issue of new Tier 2 notes On 12 May 2026 UniCredit S.p.A. announce d:

• a cash tender offer for any and all of its "Fixed Rate Resettable Tier 2 Subordinated Callable Notes due 15 January 2032" (IS IN: XS2101558307)" for a total amount of € 1,25 billion ;

• the issue of a Tier 2 subordinated bond with a 10 -year maturity, callable after 5 years, for an amount of €1.25 billion under its Euro Medium Term Note Programme, targeted to institutional investors, in accordance with applicable laws and regulations.

Fitch: rating upgrade On 12 May 2026 UniCredit S.p.A. informed that the rating agency Fitch Ratings has upgraded UniCredit S .p.A.'s Long -Term Deposit Rating from “A” to “A+” to reflect the view of increased depositor protection on the back of the new bank rating criteria adopted.

The Long -Term Issuer Default Rating has been affirmed at “A-“, while outlook remains “Stable ”.

Consolidated interim report on operations

Other information

UniCredit Consolidated first half financial report as at 30 June 2026 51 Early redemption of notes for €1, 250 million On 2 3 June 2026 UniCredit S.p.A. informed that, with reference to Fixed to Floating Rate Callable Non -Preferred Senior Notes due 22 July 2027 (ISIN: XS2207976783 ) for €1, 250 million, it would have exercised the option to early redeem in whole on 22 July 2026.

Organisational model

Significant organisational changes in the first half of the year

Organisational structure

During the first half of 2026, the organizational setup was revised in line with the Group’s strategy and business/operating model, with the aim of simplifying and strengthening the organization through, among others, the following organizational changes:

• within the Group Chief Operating Office (GCOO), the assignment of responsibilities for designing, monitoring and reporting, w here delegated, First Level Controls related to Compliance Risks (AML, MiFID and Banking Transparency) for Client Solutions;

• within Group Compliance, the centralization of data management activities into a single Data Hub and the reallocation of Qual ity Assurance activities to the relevant regulatory pillars, strengthen control oversight;

• within Group Legal, the reallocation of activities across the related functions and the transfer of administrative and accoun ting activities related to shareholding processes to Group Finance, while retaining within the Legal Function responsibility for th e management of the Group’s shareholdings, as well as its role as the reference point for regulatory oversight and for the validation of related legal an d regulatory aspects;

• within Group Finance and Italy, the transfer of general accounting activities and related controls for the Italy perimeter fr om Operations Italy to Group Finance, while retaining administrative and discrepancy -management responsibilities within Italy;

• within the Central Europe & Eastern Europe Division, the evolution of the organizational structure of the central business fu nctions through the internal reallocation of activities related to business steering & strategic projects, as well as the establishment of the Head of Client Solutions CEE role, reporting directly to the Head of the Division, to facilitate interactions between the Client Solutions product factori es and the CEE countries, support the implementation of C lient Solutions products, and ens ure a comprehensive and integrated view of the Client Solutions CEE area.

Conversion of deferred tax assets (DTAs) into tax credits Referring to fiscal year 2025, UniCredit S.p.A., UniCredit Leasing S.p.A., UniCredit Factoring S.p.A. and UniCredit Bank GmbH registered a profit in their separate financial statements (respectively €8,120 million, €22,4 million, €38,5 million and €267 mil lion), therefore, the conditions to carry out, in 2026, a new transformation of deferred tax assets, for IRES and IRAP, into tax credits were not met.

Certifications and other communications With reference to the “Rules of Markets organised and managed by Borsa Italiana S.p.A.” dated 3 October 2011 (Title 2.6 “Obli gations of issuers”, Section 2.6.2. “Disclosure requirements”, paragraph 10), reference is made to paragraph “Certifications and ot her communications” of the 202 4 Annual reports and accounts, Consolidated report and accounts 202 4 of UniCredit group , Consolidated report on operations , Other information.

With reference to paragraph 8 of Art.5 - “Public information on transactions with related parties" of Consob Regulation containing provisions relating to transactions with related parties (adopted by Consob with Resolution No.17221 of 12 March 2010, as sub sequently amended by Resolution No.17389 of 23 June 2010), it should be noted that:

a) according to the Global Policy “Transactions with related parties, associated persons and Corporate Officers ex Art.136 CBA” adopted by the Board of Directors of UniCredit S.p.A. on 12 December 2024 , and published on the website www.unicreditgroup.eu, in the first half 202 6 the Bank’s Presidio Unico received no report of transaction of greater importance ended in the period;

b) in the first half of 2026, no transactions with related parties as defined by article 2427, paragraph 22 -bis of the Civil Code, were conducted, under different conditions from normal market conditions and materially affecting the Group’s financial and economic situation;

c) in the first half of 202 6, there were no changes or developments in the individual transactions with related parties already described in the latest annual report that had a material effect on the Group’s financial position or results during the reference period.

For more information on related -party transactions refer to Part H - Related -party transactions, Explanatory notes.

Consolidated interim report on operations Subsequent events and outlook UniCredit Consolidated first half financial report as at 30 June 2026 52 Subsequent events and outlook

Subsequent events3

As disclosed on 8 July 2026, at the end of the acceptance period of the voluntary public exchange offer addressed to all outs tanding shares of Commerzbank AG, the acceptance rate of the offer has been equal to 17.60% of Commerzbank’s share capital.

For further information refer to paragraph “Investment in Commerzbank” in chapter Other information, Group activities develop ment operations and other corporate transactions, Transactions and initiatives involving shareholdings of this Consolidated interim report on operations.

On 15 July 2026 UniCredit informed that the rating agency Standard & Poor's has affirmed the ratings with “positive” outlook for UniCredit S.p.A. and its German and Austrian subsidiaries .

The Issuer Credit Ratings and Senior Preferred ratings have both been affirmed at “A -“, while the Short -Term Issuer Credit Rating has been affirmed at “A -2”. The outlooks remain “positive”.

On 21 July 2026 UniCredit informed that the rating agency Moody's placed UniCredit S .p.A.'s stand -alone rating on review for upgrade following the offer on Commerzbank.

According to the rating agency, UniCredit's stand -alone rating could be upgraded from “baa2 ” to “baa1 ” if the bank receives all necessary authori sations and settles the tendered shares , gaining control and consolidating Commerzbank.

At the same time Moody's affirmed UniCredit S .p.A.'s senior preferred and long -term deposit ratings .

3 Up to the date of approval by the Board of Directors’ Meeting of 2 2 July 202 6 which, on the same date, authorised the publication also in accordance with IAS10.

Consolidated interim report on operations Subsequent events and outlook UniCredit Consolidated first half financial report as at 30 June 2026 53

Outlook

The global economy remains exposed to a range of risks, with global energy markets particularly vulnerable to spillover s from tensions in the Middle East. This remains the case despite US -Iranian efforts that resulted in a memorandum of understanding in mid -June and helped pull energy prices down from the highs reached between March and May. Against this backdrop, the basel ine scenario assumes that US growth will remain resilient, at 2.2% in 2026 and 2.0% in 2027, supported by the investment cycle linked to artificial intelligence and by the continued strength of private consumption. Inflation is expected to average 3.6% in 2026 and 2.5% in 2027. Kevin Warsh has taken over as chair of the Feder al Reserve and has signaled his intention to introduce changes to the Fed’s operating framework, while reaffirming its commitment to keeping inflation under control. US policy rates are expected to remain unchanged throughout the forecasting horizon. In China, it is forecast that growth will m oderate to 4.6% in 2026 and 4.2% in 2027, down from 5.0% in 2025. The industrial sector remains the main engine of growth, supported by robust global dem and for Chinese green -energy products, while domestic demand remains weak.

It is expected that Euro area GDP growth, excluding Ireland, to average 0.9% in 2026 and to accelerate to 1.2% in 2027. Investment should remain well supported by Germany’s fiscal bazooka, the Next Generation EU programme and the favorable trend in corporate ICT spending. Households are likely to adopt a more cautious stance amid rising inflation, but private consumption should continue to expand thanks to the resilience of the labour market. In Italy, following a solid start to the year, e conomic activity is expected to weaken in the second and third quarters. On an annual basis, it is forecast ed GDP growth of 0.5% in 2026 and 0.7% in 2027. Over the course of this year, growth in private consumption and the services sector will be affected by the energy shock. Exports are expected to remain weak, held back by uncertainty surrounding US tra de polic y, while investment should continue to benefit from the implementation of Italy’s National Recovery and Resilience Plan.

In the Euro area, inflation is expected to stabilize at around 3% in the second half of the year before gradually returning to 2% by mid -2027. One final 25 basis points ECB rate hike is foreseen in September.

In a macroeconomic environment characterized by high volatility and uncertainty about growth, inflation and credit, the Group can rely on solid lines of defence to protect its earnings , capital position and distribution capacity.

The resilience of the business model is supported by a well -balanced revenue mix between net interest income and commissions. Net interest income remains protected and may potentially benefit from higher interest rates, while margin discipline and the diversificat ion of fee -generating activities help mitigate any pressure on volumes and market volatility. In additio n, the Group’s disciplined lending growth strategy, focused on the most strategic segments and priority markets, further strengthens its defensi ve profile.

On the cost side, UniCredit benefits from best -in-class efficiency levels, the result of a transformation journey that has already been delivered and continues to generate structural benefits while supporting future profitability.

Asset quality represents another key strength. The loan portfolio maintains solid coverage levels, supported by significant overlays to protect against macroeconomic risks.

Thanks to these factors, profitability and distribution capacity remain fully protected.

The completion of the Commerzbank offer and the achievement of 49.65% of voting rights mark the beginning of a new phase, in which financial investment is complemented by a perspective of industrial value creation.

This development could further strengthen UniCredit group’s profile by enhancing its geographic diversification and broadening its customer base, while supporting growth in full compliance with financial discipline and capital strength.

Milan, 22 July 202 6

THE BOARD OF DIRECTORS

CHAIRMAN CEO

PIETRO CARLO PADOAN ANDREA ORCEL

Consolidated interim report on operations Subsequent events and outlook UniCredit Consolidated first half financial report as at 30 June 2026 54

Condensed interim consolidated financial statements | Consolidated accounts

Consolidated accounts

UniCredit Consolidated first half financial report as at 30 June 2026 55 Condensed interim consolidated financial statements

Consolidated accounts

Consolidated balance sheet

(€ million)

AMOUNTS AS AT

ASSETS 30.06.2026 31.12.2025

10. Cash and cash balances 45,864 38,455 20. Financial assets at fair value through profit or loss: 111,527 98,839 a) financial assets held for trading 74,569 62,715 b) financial assets designated at fair value 293 269 c) other financial assets mandatorily at fair value 36,665 35,855 30. Financial assets at fair value through other comprehensive income 89,056 93,201 40. Financial assets at amortised cost: 632,258 586,100 a) loans and advances to banks 66,050 64,770 b) loans and advances to customers 566,208 521,330 50. Hedging derivatives 986 941 60. Changes in fair value of portfolio hedged items (+/ -) (3,446) (3,495) 70. Equity investments 16,124 13,972 80. Insurance assets 160 152 a) insurance contracts issued that are assets 26 18 b) reinsurance contracts held that are assets 134 134 90. Property, plant and equipment 8,601 8,811 100. Intangible assets 2,917 2,940 of which: goodwill 840 843 110. Tax assets: 9,711 10,721 a) current 1,922 2,052 b) deferred 7,789 8,669 120. Non -current assets and disposal groups classified as held for sale 274 248 130. Other assets 18,059 19,353 Total assets 932,091 870,238

Consolidated balance sheet

Condensed interim consolidated financial statements | Consolidated accounts

Consolidated accounts

UniCredit Consolidated first half financial report as at 30 June 2026 56

(€ million)

AMOUNTS AS AT

LIABILITIES AND SHAREHOLDERS' EQUITY 30.06.2026 31.12.2025

10. Financial liabilities at amortised cost: 727,501 687,008 a) deposits from banks 52,384 52,191 b) deposits from customers 565,653 536,619 c) debt securities in issue 109,464 98,198 20. Financial liabilities held for trading 46,733 38,443 30. Financial liabilities designated at fair value 24,426 23,158 40. Hedging derivatives 1,827 1,317 50. Value adjustment of hedged financial liabilities (+/ -) (9,072) (9,653) 60. Tax liabilities: 2,789 2,823 a) current 2,136 2,197 b) deferred 653 626 70. Liabilities associated with assets classified as held for sale - -

80. Other liabilities 19,632 12,863 90. Provision for employee severance pay 246 251 100. Provisions for risks and charges: 6,477 7,547 a) commitments and guarantees given 972 1,091 b) post -retirement benefit obligations 2,611 2,740 c) other provisions for risks and charges 2,894 3,716 110. Insurance liabilities 40,716 38,372 a) insurance contracts issued that are liabilities 40,710 38,370 b) reinsurance contracts held that are liabilities 6 2 120. Valuation reserves (3,918) (4,271) 130. Redeemable shares - -

140. Equity instruments 4,963 4,952 150. Reserves 41,723 39,744 155. Advanced dividends ( -) - (2,172) 160. Share premium 23 23 170. Share capital 21,509 21,454 180. Treasury shares ( -) - (2,934) 190. Minority shareholders' equity (+/ -) 393 398 200. Profit (Loss) for the period (+/ -) 6,123 10,915 Total liabilities and shareholders' equity 932,091 870,238

Condensed interim consolidated financial statements | Consolidated accounts

Consolidated accounts

UniCredit Consolidated first half financial report as at 30 June 2026 57 Consolidated income statement

(€ million)

AS AT

ITEMS 30.06.2026 30.06.2025

10. Interest income and similar revenues 13,311 13,825 of which: interest income calculated with the effective interest method 12,450 12,302 20. Interest expenses and similar charges (6,038) (6,810) 30. Net interest margin 7,273 7,015 40. Fees and commissions income 4,652 4,660 50. Fees and commissions expenses (1,007) (952) 60. Net fees and commissions 3,645 3,708 70. Dividend income and similar revenues 592 549 80. Net gains (losses) on trading 1,218 1,019 90. Net gains (losses) on hedge accounting (224) (64) 100. Gains (Losses) on disposal and repurchase of: 186 234 a) financial assets at amortised cost 63 109 b) financial assets at fair value through other comprehensive income 120 110 c) financial liabilities 3 15 110. Net gains (losses) on other financial assets/liabilities at fair value through profit or loss: 496 (122) a) financial assets/liabilities designated at fair value (226) (331) b) other financial assets mandatorily at fair value 722 209 120. Operating income 13,186 12,339 130. Net losses/recoveries on credit impairment relating to: (497) (216) a) financial assets at amortised cost (501) (212) b) financial assets at fair value through other comprehensive income 4 (4) 140. Gains/Losses from contractual changes with no cancellations - 1 150. Net profit from financial activities 12,689 12,124 160. Insurance service result 183 -

a) insurance revenues from insurance contracts issued 385 -

b) insurance service costs from insurance contracts issued (196) -

c) insurance revenues from reinsurance contracts held 8 -

d) insurance service costs from reinsurance contracts held (14) -

170. Balance of financial income and expenses related to insurance business (942) -

a) insurance finance net revenues/costs arising from insurance contracts issued (943) -

b) insurance finance net revenues/costs arising from reinsurance contracts held 1 -

180. Net profit from financial and insurance activities 11,930 12,124 190. Administrative expenses: (4,738) (4,796) a) staff costs (2,823) (2,945) b) other administrative expenses (1,915) (1,851) 200. Net provisions for risks and charges: 169 (146) a) commitments and financial guarantees given 165 75 b) other net provisions 4 (221) 210. Net value adjustments/write -backs on property, plant and equipment (309) (279) 220. Net value adjustments/write -backs on intangible assets (275) (297) 230. Other operating expenses/income 276 486 240. Operating costs (4,877) (5,032) 250. Gains (Losses) of equity investments 1,098 1,123 260. Net gains (losses) on property, plant and equipment and intangible assets measured at fair value 10 (8) 270. Goodwill impairment - -

280. Gains (Losses) on disposals on investments 1 (1) 290. Profit (Loss) before tax from continuing operations 8,162 8,206 300. Tax expenses (income) for the period from continuing operations (2,007) (2,057) 310. Profit (Loss) after tax from continuing operations 6,155 6,149 320. Profit (Loss) after tax from discontinued operations - -

330. Profit (Loss) for the period 6,155 6,149 340. Minority profit (loss) for the period (32) (34) 350. Parent Company's profit (loss) for the period 6,123 6,115

Earnings per share (€) 4.022 3.884 Diluted earnings per share (€) 3.994 3.854

Consolidated income statement

Condensed interim consolidated financial statements | Consolidated accounts

Consolidated accounts

UniCredit Consolidated first half financial report as at 30 June 2026 58

Consolidated statement of comprehensive income

(€ million)

AS AT

ITEMS 30.06.2026 30.06.2025

10. Profit (Loss) for the period 6,155 6,149 Other comprehensive income after tax not reclassified to profit or loss 146 356 20. Equity instruments designated at fair value through other comprehensive income 132 111 30. Financial liabilities designated at fair value through profit or loss (own creditworthiness changes) 3 15 40. Hedge accounting of equity instruments designated at fair value through other comprehensive income (109) -

50. Property, plant and equipment (3) 8 60. Intangible assets - -

70. Defined -benefit plans 64 216 80. Non -current assets and disposal groups classified as held for sale - (5) 90. Portion of valuation reserves from investments valued at equity method 59 11 100. Insurance finance revenue or costs arising from insurance contracts issued - -

Other comprehensive income after tax reclassified to profit or loss 260 827 110. Foreign investments hedging (33) (33) 120. Foreign exchange differences 335 698 130. Cash flow hedging 53 (64) 140. Hedging instruments (non -designated items) (3) -

150. Financial assets (different from equity instruments) at fair value through other comprehensive income (212) 216 160. Non -current assets and disposal groups classified as held for sale - -

170. Part of valuation reserves from investments valued at equity method (26) 10 180. Insurance finance revenue or costs arising from insurance contracts issued 146 -

190. Insurance finance revenue or costs arising from reinsurance contracts held - -

200. Total other comprehensive income after tax 406 1,183 210. Comprehensive income (Item 10+200) 6,561 7,332 220. Minority consolidated comprehensive income 25 30 230. Parent Company's consolidated comprehensive income 6,536 7,302

Consolidated statement of other comprehensive income

Condensed interim consolidated financial statements | Consolidated accounts

Consolidated accounts

UniCredit Consolidated first half financial report as at 30 June 2026 59 Statement of changes in the consolidated shareholders' equity as at 30 June 2026

(€ million)

PREVIOUS

YEAR PROFIT

(LOSS)

ALLOCATION CHANGES IN THE PERIOD

SHAREHOLDERS' EQUITY TRANSACTIONS

BALANCE AS AT 31.12.2025

CHANGE IN OPENING BALANCE

BALANCE AS AT 01.01.2026

RESERVES

DIVIDENDS AND OTHER ALLOCATIONS

CHANGES IN RESERVES

ISSUE OF NEW SHARES

PURCHASE OF TREASURY SHARES

ADVANCED DIVIDENDS

DIVIDENDS EXTRAORDINARY DISTRIBUTION

CHANGE IN EQUITY INSTRUMENTS

TREASURY SHARES DERIVATIVES

STOCK OPTIONS

CHANGES IN EQUITY INVESTMENTS

OTHER COMPREHENSIVE INCOME FIRST HALF 2026

TOTAL SHAREHOLDERS' EQUITY AS AT 30.06.2026

GROUP SHAREHOLDERS' EQUITY AS AT 30.06.2026

MINORITY SHAREHOLDERS' EQUITY AS AT 30.06.2026

Share capital: 21,540 - 21,540 - - - 55 - - - - - - - - 21,595 21,509 86

- ordinary shares 21,540 - 21,540 - - - 55 - - - - - - - - 21,595 21,509 86

- other shares - - - - - - - - - - - - - - - - - -

Share premium 60 - 60 - - - - - - - - - - - - 60 23 37 Reserves: 39,983 - 39,983 6,163 - (4,139) (55) - - - - - 43 - - 41,995 41,723 272

- from profits 29,554 - 29,554 6,163 - (808) (55) - - - - - - - - 34,854 34,706 148

- other 10,429 - 10,429 - - (3,331) - - - - - - 43 - - 7,141 7,017 124 Valuation reserves (4,299) - (4,299) - - (59) - - - - - - - - 406 (3,952) (3,918) (34) Equity instruments 4,952 - 4,952 - - - - - - - 11 - - - - 4,963 4,963 -

Advanced dividends (2,172) - (2,172) - 2,172 - - - - - - - - - - - - -

Treasury shares (2,934) - (2,934) - - - 3,575 (641) - - - - - - - - - -

Profit (Loss) for the period 10,979 - 10,979 (6,163) (4,816) - - - - - - - - - 6,155 6,155 6,123 32 Total shareholders’ equity 68,109 - 68,109 - (2,644) (4,198) 3,575 (641) - - 11 - 43 - 6,561 70,816 70,423 393 Group shareholders' equity 67,711 - 67,711 - (2,613) (4,199) 3,575 (641) - - 11 - 43 - 6,536 70,423 Minority shareholders' equity 398 - 398 - (31) 1 - - - - - - - - 25 393

Statement of changes in the consolidated shareholders’ equity For further details about the Shareholders’ equity changes see Part B - Liabilities, Section 13 of the Explanatory notes.

Condensed interim consolidated financial statements | Consolidated accounts

Consolidated accounts

UniCredit Consolidated first half financial report as at 30 June 2026 60 Statement of changes in the consolidated shareholders' equity as at 30 June 2025

(€ million)

PREVIOUS

YEAR PROFIT

(LOSS)

ALLOCATION CHANGES IN THE PERIOD

SHAREHOLDERS' EQUITY TRANSACTIONS

BALANCE AS AT 31.12.2024

CHANGE IN OPENING BALANCE

BALANCE AS AT 01.01.2025

RESERVES

DIVIDENDS AND OTHER ALLOCATIONS

CHANGES IN RESERVES

ISSUE OF NEW SHARES

PURCHASE OF TREASURY SHARES

ADVANCED DIVIDENDS

DIVIDENDS EXTRAORDINARY DISTRIBUTION

CHANGE IN EQUITY INSTRUMENTS

TREASURY SHARES DERIVATIVES

STOCK OPTIONS

CHANGES IN EQUITY INVESTMENTS

OTHER COMPREHENSIVE INCOME FIRST HALF 2025

TOTAL SHAREHOLDERS' EQUITY AS AT 30.06.2025

GROUP SHAREHOLDERS' EQUITY AS AT 30.06.2025

MINORITY SHAREHOLDERS' EQUITY AS AT 30.06.2025

Share capital: 21,476 - 21,476 - - (2) 86 - - - - - - - - 21,560 21,454 106

- ordinary shares 21,476 - 21,476 - - (2) 86 - - - - - - - - 21,560 21,454 106

- other shares - - - - - - - - - - - - - - - - - -

Share premium 66 - 66 - - 1 - - - - - - - - - 67 23 44 Reserves: 33,454 - 33,454 5,985 - 543 (86) - - - - - 50 - - 39,946 39,706 240

- from profits 26,888 - 26,888 5,985 - (3,460) (86) - - - - - - - - 29,327 29,212 115

- other 6,566 - 6,566 - - 4,003 - - - - - - 50 - - 10,619 10,494 125 Valuation reserves (5,447) - (5,447) - - (2) - - - - - - - - 1,183 (4,266) (4,237) (29) Equity instruments 4,958 - 4,958 - - - - - - - 4 - - - - 4,962 4,962 -

Advanced dividends (1,440) - (1,440) - 1,440 - - - - - - - - - - - - -

Treasury shares - - - - - - - - - - - - - - - - - -

Profit (Loss) for the period 9,774 - 9,774 (5,985) (3,789) - - - - - - - - - 6,149 6,149 6,115 34 Total shareholders’ equity 62,841 - 62,841 - (2,349) 540 - - - - 4 - 50 - 7,332 68,418 68,023 395 Group shareholders' equity 62,441 - 62,441 - (2,315) 541 - - - - 4 - 50 - 7,302 68,023 Minority shareholders' equity 400 - 400 - (34) (1) - - - - - - - - 30 395

Condensed interim consolidated financial statements | Consolidated accounts

Consolidated accounts

UniCredit Consolidated first half financial report as at 30 June 2026 61 Consolidated cash flow statement (indirect method)

(€ million)

AS AT

30.06.2026 30.06.2025

A. OPERATING ACTIVITIES

1. Operations 8,836 9,376

- profit (loss) for the period (+/ -) 6,155 6,149

- gains/losses on financial assets held for trading and on other financial assets/liabilities at fair value through profit or loss ( -/+) 32 390

- gains (losses) on hedge accounting ( -/+) 224 64

- net impairment losses/writebacks on impairment for credit risk (+/ -) 1,684 1,450

- net value adjustments/write -backs on property, plant and equipment and intangible assets (+/ -) 574 584

- net provisions for risks and charges and other expenses/income (+/ -) (999) (750)

- net revenues/costs arising from insurance contracts issued and reinsurance contracts held 759 -

- unpaid duties, taxes and tax credits (+/ -) 189 1,294

- impairment/write -backs after tax on discontinued operations (+/ -) - -

- other adjustments (+/ -) 218 195 2. Liquidity generated/absorbed by financial assets (43,114) (25,431)

- financial assets held for trading (4,532) (4,035)

- financial assets designated at fair value (20) (35)

- other financial assets mandatorily at fair value (222) (91)

- financial assets at fair value through other comprehensive income 3,904 3,491

- financial assets at amortised cost (47,511) (29,383)

- other assets 5,267 4,622 3. Liquidity generated/absorbed by financial liabilities 44,723 19,124

- financial liabilities at amortised cost 39,869 15,013

- financial liabilities held for trading 506 1,328

- financial liabilities designated at fair value 1,161 1,470

- other liabilities 3,187 1,313 4. Liquidity generated/absorbed by Insurance contracts issued and by reinsurance contracts held 1,830 -

- insurance contracts issued that are liabilities/assets (+/ -) 1,831 -

- reinsurance contracts held that are assets/liabilities (+/ -) (1) -

Net liquidity generated/absorbed by operating activities 12,275 3,069

B. INVESTMENT ACTIVITIES

1. Liquidity generated by 585 410

- sales of equity investments - 10

- collected dividends on equity investments 456 263

- sales of property, plant and equipment 84 134

- sales of intangible assets - 1

- sales of subsidiaries and business units 45 2 2. Liquidity absorbed by (2,133) (982)

- purchases of equity investments (1,665) -

- purchases of property, plant and equipment (222) (260)

- purchases of intangible assets (246) (223)

- purchases of subsidiaries and business units - (499) Net liquidity generated/absorbed by investment activities (1,548) (572)

C. FUNDING ACTIVITIES

- issue/purchase of treasury shares (641) -

- issue/purchase of equity instruments 4 (5)

- dividend distribution and other (2,875) (2,569)

- sale/purchase of minority control - (2) Net liquidity generated/absorbed by funding activities (3,512) (2,576)

NET LIQUIDITY GENERATED/ABSORBED IN THE PERIOD 7,215 (79)

Consolidated cash flow statement

Key:

(+) generated;

(-) absorbed.

Condensed interim consolidated financial statements | Consolidated accounts

Consolidated accounts

UniCredit Consolidated first half financial report as at 30 June 2026 62

Reconciliation

(€ million)

AS AT

ITEMS 30.06.2026 30.06.2025

Cash and cash balances at the beginning of the period 38,455 41,442 Net liquidity generated/absorbed in the period 7,215 (79) Cash and cash balances: foreign exchange effect 194 441 Cash and cash balances at the end of the period 45,864 41,804

The conversion of the synthetic share position in Alpha Bank S.A. and Commerzbank AG in physical shares absorbed liquidity fo r €1,653 million.

With reference to the disclosure required by par. 44 B of IAS7, it is noted that the changes in liabilities deriving from fin ancing activities amount to €50,051 million and comprise (i) € 41,536 million in liquidity generated, (ii) € 8,515 million changes which have not determined an inflow or an outflow of cash.

UniCredit Consolidated first half financial report as at 30 June 2026 63

Condensed interim consolidated financial statements | Consolidated accounts

Consolidated accounts

UniCredit Consolidated first half financial report as at 30 June 2026 64

Condensed interim consolidated financial statements | Explanatory notes Part A - Accounting policies UniCredit Consolidated first half financial report as at 30 June 2026 65

Explanatory notes

Part A - Accounting policies A.1 - General

Section 1 - Statement of compliance with IFRS The contents of this Condensed interim consolidated financial statements are in line with IAS34 on interim reporting. In acco rdance with paragraph 10 of the mentioned IAS34, the Group has opted to provide condensed first half Consolidated accounts.

In detail, with regard to the initial recognition, measurement and derecognition of assets and liabilities and the recognitio n of costs and revenues , the rules set out in international accounting standards were applied including the interpretation documents issued by the SIC and the IFRIC, and endorsed by the European Commission up to 30 June 202 6, pursuant to Regulation (EU) 1606/2002 , which was incorporated into Italy’s legislation through Legislative Decree 38 dated 28 February 2005 and as required by ar ticle 154 -ter, paragraph 3, of the Single Finance Act (Consolidated Law on Finance (TUF), Legislative Decree No.58 dated 2/24/1998).

They are an integral part of the Consolidated first half financial report as required by article 154 -ter, paragraph 2, of the Consolidated Law on Finance .

As required by article 154 -ter, paragraph 2, Consolidated Law on Finance , this Consolidated first half financial report includes the Condensed interim consolidated financial statements, the Consolidated interim report on operations and the Certification required by article154 -bis, paragraph 5, Consolidated Law on Finance .

The Condensed interim consolidated financial statements are subject to a review engagement by KPMG S.p.A. as per the resolution passed by the Shareholders’ Meeting on 9 April 2020.

Section 2 - General preparation criteria As mentioned above, these Condensed interim consolidated financial statements of UniCredit group as at 30 June 202 6 have been prepared in accordance with the international accounting standards endorsed by the European Commission.

The following documents have been used to interpret and support the application of IAS/IFRS, even though they have not all be en endorsed by the

European Commission:

• The Conceptual Framework for Financial Reporting;

• Implementation Guidance, Basis for Conclusions, IFRICs and the documents prepared by either the IASB or the International Fin ancial Reporting Interpretations Committee (IFRIC) supplementing the IFRS;

• Interpretative documents on the application of the IAS/IFRS in Italy prepared by the Organismo Italiano di Contabilità (OIC - the Italian Standard Setter) and Associazione Bancaria Italiana (Italian Banking Association, that is the trade association of Ita lian Banks; ABI);

• Coordination Table between Banca d'Italia, Consob and Ivass with regard to the application of IAS/IFRS, in particular the Doc ument No.9, dated 5 January 2021, Accounting Treatment of tax credits connected with the “Cura Italia” and “Rilancio” Law Decrees p urchased following the sale without recourse by the direct beneficiaries or previous buyers (“Trattamento contabile dei crediti d’imposta connessi con i Decreti Legge “Cura Italia” e “Rilancio” acquistati a seguito di cessione da parte dei beneficiari dire tti o di precedenti acquirenti”); such document was subsequently updated by Banca d’Italia on 24 July 2023 with the clarification note “Credit risk - Standardised method and IRB - Clarification note” (“Rischio di credito - Metodo Standardizzato e IRB - Nota di chiarimenti”);

• ESMA (European Securities and Markets Authority), European Banking Authority, European Central Bank and Consob documents on t he application of specific IAS/IFRS provisions also with specific reference to the presentation of the effects arising from geop olitical tensions and their effects on the evaluation processes. In particular, it shall be made reference to the ESMA statements dated 29 October 2021, 14 March 2022, 13 May 2022, 28 October 2022, 25 October 2023 , 24 October 2024 , 14 October 2025 ; and to Con sob “Call for attention" dated 18 March 2022, 19 May 2022 and 20 December 2024 .

These Condensed interim consolidated financial statements comprise the Balance sheet, the Income statement, the Statement of comprehensive income, the Statement of changes in shareholders’ equity, the Cash flow statement (compiled using the indirect method ), the Explanatory notes and Annexes.

The schemes of the Condensed interim consolidated financial statements as at 30 June 202 6 are coherent with the Banca d’Italia templates as prescribed by the Circular 262 of 22 December 2005 of Banca d’Italia (and subsequent amendments) and t hey present comparative figures, as at 31 December 202 5 for the Balance sheet, and as at 30 June 202 5 for the Income statement, the Statement of comprehensive income, the Statement of changes in shareholders’ equity and the Cash flow statement.

Figures in the Consolidated accounts and Explanatory notes are reported in millions of euros, unless otherwise specified .

Condensed interim consolidated financial statements | Explanatory notes Part A - Accounting policies UniCredit Consolidated first half financial report as at 30 June 2026 66 Risks and uncertainties related to the use of estimates Under the IFRS, management must make judgments, estimates and assumptions that affect the application of accounting principle s and the amounts of assets/liabilities and income and expenses reported in the accounts, as well as the disclosure concerning cont ingent assets and liabilities.

Estimates and related assumptions are based on previous experience and on the available information framework with reference to the current and expected context and have been used to estimate the carrying values of assets and liabilities not readily availa ble from other sources.

Estimates and assumptions are regularly reviewed. Any change resulting from these reviews is recognised in the period in whic h the review was carried out, provided the change only concerns that period. If the review concerns both current and future periods , it is recognised accordingly in both current and future periods.

In particular, estimated figures have been used for the recognition and measurement of some of the main items in the Condense d interim consolidated financial statements as at 30 June 202 6, as required by the accounting policies, statements and regulations described above.

As at 30 June 2026, the market environment continues to be affected by a persistent level of uncertainty. In this respect, the ECB macroeconomic projections updated in June 20264, remark ed that the economic outlook for the euro area remains highly uncertain in the context of the war in the Middle East, the closure of the Strait of Hormuz and elevated oil price volatility .

Short -term indicators point to subdued economic growth in the near term, as higher energy prices and greater uncertainty weigh on d omestic demand; in particular, as rising energy costs erode real disposable income and dampen consumer sentiment, household c onsumption growth (a key driver of growth in 2025) is projected to slow considerably this year.

Conditional on a relatively rapid resolution of the conflict and a related reduction in uncertainty, the weakness in private consumption growth is expected to be temporary. Over the medium -term, domestic demand should be bolstered by a recovery in real dis posable income, owing to falling energy prices and a resilient labour market, and by rising government spending on infrastructure and defence, especially in G ermany, complemented by investment related to artificial intelligence (AI). On the external side, export growth is expected to remain constrained by persistent competitiveness challenges, with euro area exporters experiencing further declines in their global market shares . The baseline projections foresee annual real GDP growth of 0.8% in 2026, 1.2% in 2027 and 1.5% in 2028; compared to March 2026 projections, GDP growth has bee n revised down, reflecting the stronger than previously expected impact of the war in the Middle East, while for 2028 it has been revised up as this impact is seen to unwind.

Headline inflation, as measured by the Harmonised Index of Consumer Prices (HICP), picked up from 2.1% in 2025 to 3.0% in 2026, before declining to 2.3% in 2027 and then returning to target at 2.0% in 2028. The outlook for HICP inflation has been revised up due to higher energy and food price assumptions, including stronger indirect effects on non -energy inflation .

In the context of persisting uncertainty, UniCredit group has defined different macro -economic scenarios, to be used for the purposes of the evaluation processes for the first half 202 6 Condensed interim Consolidated financial statements.

In particular, in addition to the "Base" scenario, which reflects the expectations considered most likely concerning macro -economic trends, an Alternative and a Positive Scenario have been outlined, reflecting respectively a downward and an upward forecast for the macroeconomic parameters and consequently of the expected profitability of the business.

Such updated scenarios were applied for the valuation of credit exposures , deferred tax assets and goodwill (for the latter two the Positive scenario was not considered).

Macroeconomic scenarios

In order to reflect the heightened uncertainty, the Group has developed the following scenarios:

• Base scenario: it is the main reference scenario, which embeds the following assumptions: (i) Eurozone GDP growth of +0.8% in 2026, impacted by geopolitical tensions and related energy shock with an improving trend in 2027 -2028, also benefiting from fiscal spending in Germany and increasing defence spending acr oss the Eurozone; (ii) inflation increasing in 2026 y/y, due to higher energy costs, before moderating subsequently and stabili sing close to the ECB target of 2% from second half 2027; (iii) ECB monet ary policy consistent with inflation dynamics with the ECB Deposit Facility Rate at 225 bps from June 2026 and assumed at 2.50% from September 2026; (iv) 3M Euribor assumed to increase in 2026, landing to approx. 2.6% at year -end 2026 and remaining broadly stable in 2027 -2028; and (v) Russia Sovereign Rating at CCC .

Italy is expected to grow slightly below the Eurozone average, at +0.5% in 2026 (vs. +0.8% of Eurozone - “EZ”) and +0.6% in 2027 (vs. +1.1% in EZ), as among the European countries most exposed to energy shocks (rising energy costs may constrain the recover y of the manufacturing sector).

German GDP is expected to expand in 2026 (+0.9%) and in the subsequent years (+1.3% in 2027 and in 2028) supported by fiscal spending / government’s investment boost.

Austrian GDP is expected to benefit from a modest recovery in construction and other investments in 2026 (+0.8%), with furthe r strengthening in subsequent years (+1.2% in 2027 and +1.5% in 2028).

Central and Eastern Europe (excluding Russia) GDP is expected to increase by +1.6% in 2026 and approx . +2.3% and +2.7% respectively in 2027 and 2028.

Russia GDP growth is assumed at approx . 1.2% in 2026, with improvements in 2027 (+1.6%) and 2028 (+2.0%) .

With reference to FX rates, the Base scenario assumes Russian Ruble depreciation over time from current levels to 1 19 in 202 8 end of period , reflecting decreasing energy prices and declining gas export s.

4 ECB staff macroeconomic projections for the euro area, June 202 6.

Condensed interim consolidated financial statements | Explanatory notes Part A - Accounting policies UniCredit Consolidated first half financial report as at 30 June 2026 67 Average Inflation (excluding Russia) will increase in 202 6, converging close to 2% in 202 8; still above 2% in CEE Region.

Upward pressure is assumed on BTP -Bund spread ( 85 bps at year -end 202 6, 105 bps at year -end 2027 , 120 bps at year -end 2028 ), to factor -in volatility and uncertainties on Italian Sovereign debt and macro developments .

• Alternative/Recession scenario: this scenario embeds stressed macro -economic conditions and assumes that negotiations between the US and Iran fail, tensions escalate again and the Strait of Hormuz remains closed for longer than assumed in the baseline scenario.

Energy and supply -chain shocks drive a temporary tightening of monetary policy, followed by rate cuts as economic conditions deteriorate in 202 7.

The shock is assumed to start in the third quarter of 2026, allowing macro -financial impacts to build up and peak in 2027 with a shallow recovery in 2028 as the energy shock gradually fades.

EZ GDP is expected to: (i) contract by -0.5% in 2026, (ii) contract by -1.4% in 2027, (iii) recover by +0.4% in 2028 .

For Italy , Germany and Austria , the GDP would contract in 202 6-2027 before recovering in 2028.

For Central and Eastern Europe (excluding Russia) , the growth shock vs Baseline scenario is assumed to be approx. -7pp (cumulated in 2026 -

2028 vs. Base).

For Russia, the growth shock is assumed to be approx. -4pp (cumulated in 2026 -2028) vs the Base scenario.

With reference to the inflation, the expected inflation is higher than in the B ase scenario , driven by energy cost .

BTP credit spread is expected to experience a higher pressure compared to the Base scenario (125bps YE2026, 175bps YE2027, 195bps YE2028) , reflecting deteriorated economic conditions.

European Central Bank is assumed to raise interest rates to counter rising inflation risks, before reversing course in mid -2027 and throughout 2028 due to deteriorating economic conditions .

• Positive scenario: this scenario embeds an upward forecast of the parameters and the expected profitability of the business; in detail, it assumes a rapid and sustained de -escalation of geopolitical tensions in the Middle East, supported by decisive diplomatic progress and a swift improvement in the regional security outlook and reduced uncertainty around US trade policy. Lower energy costs provide a sizeable boost to real disposable income, improve profitability in energy intensive sectors, and support a b road-based recovery in consumption and investment. Inflation remains relatively elevated in 2026, partly due to lagged effects and base dynamics, but declines rapidly in 2027, supported by a sharp drop in energy and transportation costs. Labor market conditions improve accordingly, with unemployment remaining broadly aligned with the Basel ine in 2026 but declining more visibly from 2027 onwards, reflecting sustained and supply supported growth rather than a purely cyclical rebound. Financial markets adjust smoothly to the improved macroeconomic outlook, with higher risk appetite but no signs of overheating.

For Italy, Germany , Austria, GDP increases constantly through the 3-year forecast period by 3.3%, 6.0% and 4.9%, respectively, on cumulative basis.

For Central and Eastern Europe (excl. Russia), GDP is expected to rise by 8. 5% (cumulated 2026 -2028).

For Russia, GDP would increase by 6. 7% (2026 -2028), at lower pace vs CEE area.

With reference to inflation, lower inflation is expected compared to the Base scenario, due to lower energy costs.

BTP credit spread is expected to experience a lower pressure compared to the Base scenario, reflecting improved economic cond itions .

Condensed interim consolidated financial statements | Explanatory notes Part A - Accounting policies UniCredit Consolidated first half financial report as at 30 June 2026 68

INTEREST RATES, INFLATION AND YIELD ENVIRONMENT 2025 Actual 2026 2027 2028

Base scenario Euribor 3M (Eop, bps) 203 256 256 255 Spread BTP – Bund (Eop, bps) 69 85 105 120 Real GDP growth y/y, % Italy 0.7 0.5 0.6 0.8 Germany 0.4 0.9 1.3 1.3 Austria 0.6 0.8 1.2 1.5 CEE (excl. Russia) 1.6 1.6 2.3 2.7 Russia 1.0 1.2 1.6 2.0 Inflation avg, % Italy 1.6 3.2 2.1 1.8 Germany 2.2 2.7 2.3 2.2 Austria 3.6 3.0 2.6 2.1 CEE (excl. Russia) 4.5 4.9 3.7 2.9 Russia 8.7 5.3 4.0 4.0 Alternative/Recession scenario Euribor 3M (Eop, bps) - 285 244 155 Spread BTP – Bund (Eop, bps) - 125 175 195 Real GDP growth y/y, % Italy - (0.8) (2.5) (0.2) Germany - (0.6) (1.6) 0.9 Austria - (0.8) (1.7) 0.3 CEE (excl. Russia) - 0.4 (1.5) 0.6 Russia - (0.5) (0.2) 1.5 Inflation avg, % Italy - 4.6 5.1 2.5 Germany - 4.0 5.0 3.2 Austria - 4.5 5.1 3.1 CEE (excl. Russia) - 5.9 6.6 3.8 Russia - 11.9 11.1 8.4 Positive scenario Euribor 3M (Eop, bps) - 230 233 230 Spread BTP – Bund (Eop, bps) - 85 85 74 Real GDP growth y/y, % Italy - 0.9 1.2 1.2 Germany - 1.3 2.3 2.4 Austria - 1.1 1.8 2.0 CEE (excl. Russia) - 2.1 3.0 3.4 Russia - 1.7 2.3 2.7 Inflation avg, % Italy - 2.7 1.5 1.6 Germany - 2.4 1.7 1.8 Austria - 2.7 1.8 2.0 CEE (excl. Russia) - 4.4 3.4 2.8 Russia - 5.2 4.4 4.1

Condensed interim consolidated financial statements | Explanatory notes Part A - Accounting policies UniCredit Consolidated first half financial report as at 30 June 2026 69 Main items subject to valuation uncertainties

Deferred tax assets With reference to deferred tax assets, for the purposes of the Condensed interim consolidated financial statements as at 30 June 202 6, the following analyses were performed regarding the Italian Tax Perimeter (which accounts for the significant majority of the DTAs): (i) an alysis of the evolution of the macroeconomic scenarios highlighted above compared to the scenario underlying the va luation process at 31 December 202 5; (ii) comparison between the actual profit before taxes and the budget underlying the test executed in December 202 5; (iii) confirmation of the validi ty of the additional methodological assumptions (reference tax legislation, perimeter of companies); and (iv) update of the volatility parameter underlying the model and of the reversal of non -convertible DTAs used in the valuation process. Following such assessment, the DTA sustainability test has been executed leading to the confirm ation of both the stock of existing DTAs TLCF (“Tax Loss Carried Forward ”) and the sustainability of temporary differences.

Regarding the points above, the following outcome was respectively reported:

• with reference to the macroeconomic scenario, the comparison between (i) the Base/Alternative scenarios underlying Multiyear projections and used in the evaluation process as at 31 December 2025, and (ii) the updated macroeconomic scenario, highlighted that Italian cumulated GDP for the period 2026 -2028 is slightly below the Base scenario used in the previou s valuation, but well above the Blended scenario (65% Base; 35% Alternative). In addition, interest rates are higher than those used in the Multiyear pr ojections in 2026 -2028, while the expectations for inflation are higher in 2026 - 2027 and aligned in 2028, thus from a macro -scenario perspective, KPIs lead to confirm the official projections;

• the Italian Tax Perimeter profit before taxes was above budget;

• No changes occurred to the methodological assumptions underlying the test execution.

Thus, execution of the DTAs sustainability test as at June 2026 led to confirm both the stock of existing DTAs TLCF, as well as sustainability of temporary differences .

The results of these evaluations might be subject to changes depending on the evolution of the underlying parameters, mainly Profit Before Tax, volatility parameter, and confidence level used in the Monte Carlo calculation, whose changes, which may also be driven by change in macro -

economic scenario, might determine a change in the valuation.

Goodwill

As at 30 June 2026, UniCredit group recognised an overall goodwill for €8 40 million, stemming from the Purchase Price allocation processes executed at the time of acquisition of Alpha Bank Romania (€3 6 million), Aion Bank and Vodeno (€ 254 million), UniCredit Life Insurance (ULI, €144 million) and UniCredit Vita Assicurazioni (UVA, €406 million). Such goodwill was allocated to operational Divisions of the Group, identified as Cash Generating Units (CGUs) and tested for impairment through the calculation of a Value in Use by applying a Free Cash Flow to E quity model.

In more detail, cash flows and other parameters underlying the test (CET1 ratio, growth rates, cost of equity) were calculate d considering both the “Base” and the “Alternative/Recession” scenario s above outlined, weighting them 65% and 35% , respectively .

In this regard, specific analysis was performed as at 30 June 2026 by : (i) ca lculation of year end 2025 test updated by shifting the time value by two quarters; (ii) 2026 Ke recalculated based on latest macro scenario and FX spot shifted from December 2025 to the June closing.

The analysis outlined the sustainability of the goodwill recognised given: (i) no significant gaps between the Base/Alternati ve scenarios underlying the Multiyear projections and used in the evaluation process as at 31 December 2025, and the updated macroeconomic scenario, (ii) actual results of the Cash Generating Units in line with the budget; (iii) the excess of the recoverable amount over the carrying amount highlighted by the test executed as at 31 December 2025.

Furthermore, with specific reference to the investment in Alpha Bank and Commerzbank, the sustainability of the values recogn ised was assessed by comparing the carrying value s of the equity investment with the recoverable amount . Considering that the latter was higher than the carrying value, no impairment was recognised.

The result of the impairment test and the sustainability of goodwill are affected by the evolution of the underlying parameters; hence, a lower profitability than the one embedded in the test , or an adverse change in market parameters also following an increase in geopolitical tension and a worsening of macroeconomic conditions , might determine the recognition of an impairment of goodwill.

Measurement of Real estate portfolio With continued reference to the valuation of the non -financial assets, the valuation of the real estate portfolio has become relevant following the adoption, starting from 31 December 2019, of the fair value model (assets held for investment) and the revaluation model ( assets used in the business). For these assets, with reference to the 30 June 202 6 reporting date, the fair value has been determined through external appraisals, following the Group guidelines.

Condensed interim consolidated financial statements | Explanatory notes Part A - Accounting policies UniCredit Consolidated first half financial report as at 30 June 2026 70 In this context, it is worth not ing that, in the upcoming financial years, the fair value of these assets might be different from the fair value observed as at 30 June 202 6, as a result of the possible evolution of the real estate market, which also depend s on the evolution of the macro -economic scenario, including but not limited to the geo -political tensions as well as the evolution of the macroeconomic conditions .

Measurement of Credit Exposures With reference to the credit exposures as at 30 June 202 6, the macroeconomic scenarios used for the calculation of credit risk parameters (Probability of Default, Loss Given Default, Exposure at Default) were updated according to the Group policies, on the basis of the scenarios highlighted above. Considering the persistent level of uncertainty, the Base scenario was set at 60%, the A lternative /Recession scenario at 35% and the Positive scenario at 5%. For further information about the valuation of the cred it exposures, reference is made to “Section 2.1 Credit risk”, Explanatory notes, Part E - Information on risks and related hedging policies, Section 2 - Risks of the prudential consolidation perimeter.

It shall be noted that the amount of loan loss provisions is determined by considering: (i) the classification (current and expected) of credit exposures as non -performing; (ii) the expected sale prices, for those non -performing exposure s whose recovery is expected through sale to external counterparties; and (iii) credit parameters (Probability of Default, Loss Given Default and Exposure at Default) which, in ac cordance with IFRS9, incorporate, among the other factors, forward looking info rmation and the e xpected evolution of the macro -economic scenario.

Therefore, also in this case, the measurement is affected by the mentioned degree of uncertainty on the evolution of the geop olitical tension s as well as the evolution of macroeconomic conditions.

The evolution of these factors may, indeed, require, in future financial years, the classification of additional credit expos ures as non -performing, thus determining the recognition of additional loan loss provisions related to both these exposures, as wel l as performing exposures, following the update in credit parameters.

In addition, adjustments to the loan loss provisions might derive from the occurrence of a macro -economic scenario different from the one estimated for the calculation of the credit risk parameters, or by the prevalence on the market of non -performing expo sures of prices different from those used in the measurement.

Furthermore , the evolution of the real estate market, in terms of downward correction of real estate prices, might impact (i) the value of properties received as collateral , requiring an adjustment to the loan loss provisions or (ii) the ability of certain counterparties operating in the real estat e sector to serve their debt.

Starting from 2024, the measurement of credit exposures reflects Climate and Environmental risk by incorporating such risk in the evolution of Credit Risk parameters (Probability of Default, Loss Given Default as applicable), which have been calibrated con sidering different assumptions in terms of implementation of transition policies and severity on physical risk. Therefore, adverse changes in climate risks may result in a tightening of transition policies and associated cost s or in an increase in the seve rity of physical risk may require the recognition of additional loan loss provisions.

Russia

UniCredit group is exposed to Russia through (i) its investments in AO UniCredit Bank, its subsidiar y OOO UniCredit Leasing, and (ii) exposures toward Russian Counterparties held by non -Russian subsidiaries.

Geopolitical tensions have arisen from the conflict between Russia and Ukraine, leading to sanctions and countersanctions among the parties; the Russian administration also took actions towards western investors, in terms of, e.g.,: (i) temporary management by Russian e ntities of subsidia ries of western investors; (ii) the lack of procedures for capital repatriation from Russia; (iii) limit ations to the ability for Russian subsidiaries to distribute dividends towards western investors; (iv) ruling s of Russian Courts which considered local subsidiaries of western investors jointly and severally liable in legal cases.

The evolution of such geopolitical tensions may also significantly affect the value of these assets and liabilities , possibly resulting in the need to recognise additional losses.

Regarding the Russian R ouble FX rate, the ECB has suspended the quotation of the EUR/RUB exchange rate since 2 March 2022 .

Therefore, as at 30 June 202 6 and in coherence with previous years, the Group applies for an OTC foreign exchange rate provided by Electronic Broking Service (EBS5). In this regard it cannot be excluded that, once the ECB restarts listing the RUB/EUR FX rate, these quot ations might differ from EBS quot ations , thus requiring the recognition of an impact on Net Equity and on P&L.

For additional information on the FX rate, refer to the “Section 5 - Other matters”, Explanatory notes , Part A - Accounting policies, A.1 General.

Other measurement

The following additional Balance sheet items might be significantly affected in their evaluation by risks and uncertainties, even if not directly connected with the slowdown of the economic activity and the associated level of uncertainty regarding t he economic recovery:

• fair value of financial instruments not listed in active markets;

• severance pay (in Italy) and other employee benefits (including defined benefit obligation);

• provisions for risks and charges.

5 EBS is a wholesale electronic trading platform used to trade on the foreign exchange market (FX) with market -making banks. It is part of CME Group (Chicago Mercantile Exchange).

Condensed interim consolidated financial statements | Explanatory notes Part A - Accounting policies UniCredit Consolidated first half financial report as at 30 June 2026 71 While evaluations have been made on the basis of information deemed to be reasonable and supportable as at 30 June 202 6, such evaluations might be subject to changes not foreseeable at the moment, as a result of changes in the parameters used for the valuation.

Furthermore, the following factors, in addition to those illustrated above, might influence the future results of the Group a nd cause outcomes materially different from those deriving from the valuations: (i) general economic and industrial conditions of t he regions in which the Group operates or holds significant investments; (ii) exposure to various market risks (e.g. foreign exchange risk); (iii) political instabi lity in the areas in which the Group operates or holds significant investments; (iv) legisla tive, regulatory , and tax changes, including regulatory capital and liquidity requirements, and increased regulation in response to the financial crisis; (v) adverse change s in climate which may affect the value of the assets held and/or the ability of customers to serv ice their debts6. Other unknown and unforeseeable factors could determine material deviations between actual and expected results .

Statement of going concern In their joint Document No.4 of 3 March 2010, Banca d’Italia, Consob and ISVAP made observations on the situation of the mark ets and businesses and requested that information essential for a better understanding of business trends and outlook be disclosed in financial reports. Also following these guidelines , the present statement of going concern is released.

The Directors of UniCredit noted that, during the first half of 2026, geopolitical tensions in the Middle East intensified, w hile the conflict between the Russian Federation and Ukraine continued. In addition, uncertainty surrounding international trade po licies persisted.

These factors contributed to a heightened level of uncertainty in the macroeconomic outlook, particularly with respect to GDP growth, inflation dynamics and interest rate developments.

After assessing these circumstances, the Directors concluded, with reasonable certainty, that the Group will be able to conti nue its operations and generate profits in the foreseeable future as a result, in accordance with the provisions of IAS1, the Conde nsed interim consolidated financial statements as at 30 June 2026 was prepared on a going concern basis.

The measurement criteria adopted are therefore consistent with this assumption and with the principles of accrual -based accounting, the relevance and materiality of accounting information, and the prevalence of economic substance over legal form.

These criteria have not changed with respect to the previous year .

Finally, for releasing such statement and the connected evaluations, the main Group regulatory ratios were also taken into ac count at 30 June 202 6, in terms of actual figures: Common Equity Tier 1 Ratio equal to 1 4.26% and MREL Ratio equal to 3 0.58% in terms of RWEA and 9.74% in terms of Leverage exposure which are in excess of the minimum requirements (CET1 Ratio: excess of 378 basis points; MREL Ratio: excess of 332 basis points in terms of RWEA and 374 basis points in terms of Leverage exposure).

6 For additional information about climate risk and how the Group affects it refer to Part E - Information on risks and related hedging policies - Climate -related and environmental risks .

Condensed interim consolidated financial statements | Explanatory notes Part A - Accounting policies UniCredit Consolidated first half financial report as at 30 June 2026 72 Section 3 - Consolidation scope and methods The consolidation criteria and principles used to prepare the Consolidated first half financial report as at 30 June 202 6 are described below.

Consolidated accounts

For the preparation of the Consolidated first half financial report as at 30 June 202 6 the following sources have been used:

• the parent company UniCredit S.p.A. first half accounts as at 30 June 202 6;

• the first half accounts as at 30 June 202 6 of the other fully consolidated subsidiaries , or associates accounted for through the equity method7, duly reclassified and adjusted to take account of consolidation needs and, where necessary, to align them to the Group accounting principles.

Amounts in foreign currencies are converted at closing exchange rates in the Balance sheet, whereas the average exchange rate for the year is used for the Income statement.

The accounts and explanatory notes of the main fully consolidated subsidiaries prepared under IAS/IFRS for the Consolidated f inancial report purposes are subject to a limited review by leading audit companies.

Subsidiaries

Entities, including structured entities, over which the Group has direct or indirect control, are considered subsidiaries.

Control over an entity entails:

• the existence of power over the relevant activities;

• the exposure to the variability of returns;

• the ability to use the power exercised in order to influence the returns to which the Group is exposed.

In order to verify the existence of control, the Group considers the following factors:

• the purpose and design of the investee, to identify which are the entity's objectives, the activities that determine its returns and how these activities

are governed;

• the power, to understand whether the Group has contractual rights that attribute the ability to govern the relevant activities; to this end only substantial rights that provide practical ability to govern are considered;

• the exposure held in relation to the investee, to assess whether the Group has relations with the investee, the returns of which are subject to changes depending on the investee's performance;

• the existence of potential “ principal - agent ” relationships.

If the relevant activities are governed through voting rights, the existence of control is verified considering the voting ri ghts held, including the potential ones, and the existence of any shareholders' or other agreements which attribute the right to co ntrol the majority of the voting rights, to appoint the majority of the governing body or in any case the power to determine the entity's financial and operating policie s.

Subsidiaries may also include any “structured entity” in which the voting rights are not significant for establishing control , including special purpose entities and investment funds.

In the case of structured entities, the existence of control is ascertained considering both the contractual rights that enab le governance of the relevant activities of the entity (or those that contribute most to the results) and the Group's exposure to t he variability of returns deriving from these activities.

The carrying amount of an equity interest in a fully consolidated entity held by the Parent Company or another Group company is eliminated against the recognition of the assets and liabilities of the investee as an offsetting entry to the corresponding portion of net equi ty of the subsidiary attributable to the Group.

Intragroup balances, the off -Balance sheet transactions, the income and expenses, and the gain/losses between consolidated companies are eliminated in full, according to the method of consolidation adopted.

A subsidiary’s income and expenses are included in the consolidation from the date the Parent acquires control . On disposal of a subsidiary, its income and expenses are consolidated up to the disposal date, i.e. , until the Parent ceases to control the subsidiary. The difference between the consideration received f or the subsidiary and the carrying amount of its net assets at the same date is recognised : (i) in the Income statement under item “280. Gains (Losses) on disposal of investments” in case the dispo sal determines the loss of control; (ii) in net equity if the sale does not entail loss of control.

7 In limited circumstances accounts dated three months prior to the 30 June 202 6 have been used if more updated accounts were not available .

Condensed interim consolidated financial statements | Explanatory notes Part A - Accounting policies UniCredit Consolidated first half financial report as at 30 June 2026 73 The portion attributable to non -controlling interests is presented in the Balance sheet under item “190. Minorities shareholders’ equity ”, separately from the liabilities and net equity attributable to the Group. In the Income statement, the portion attributable to minoritie s is also presented separately under item “340. Minority profit (loss) of the year”.

With respect to companies included in the consolidation scope for the first time, the fair value of the consideration paid to obtain control of this equity interest is measured on the acquisition date.

Joint arrangements

A joint arrangement is a contractual agreement under the terms of which two or more counterparties arrange to jointly control an entity.

Joint control is the contractually agreed sharing of control of an arrangement, which exists only when the decisions about th e relevant activities require the unanimous consent of the parties sharing control.

According to standard IFRS11 - Joint Arrangements, such agreements must be classified as Joint Operations or Joint Ventures according to the contractual rights and obligations held by the Group.

A Joint Operation is a joint arrangement in which the parties have rights to the assets and obligations with respect to the liabilities of the arrangement.

A Joint Venture is a joint arrangement in which the parties have rights to the net assets of the arrangement.

The Group has assessed the nature of the joint arrangements and has determined that its jointly controlled equity investments are of the Joint Venture type. These equity investments are recognised using the equity method.

The c arrying amount of the Joint Ventures is tested in accordance with IAS36 as a single asset, by comparing it with the corresponding recoverable amount (i.e. , higher of value in use (VIU) and fair value (FV) less cost to sell).

Associates

An associate is an entity over which the investor has significant influence, and which are not subsidiaries or joint ventures. Significant influence is presumed when the investor:

• holds, directly or indirectly, at least 20%8 of the share capital of another entity, or • is able, also through shareholders' agreements, to exercise significant influence through:

- representation of the governing body of the company;

- participation in the policy -making process, including participation in decisions about dividends or other distributions;

- the existence of significant transactions;

- interchange of managerial personnel;

- provision of key technical information.

It is to be pointed out that only companies which are governed through voting rights can be classified as being subjects to significant influence.

Investments in associates are recognised using the equity method. Carrying amount of Associates is tested in accordance with IAS36 as a single asset, by comparing it with the corresponding recoverable amount (i.e. , higher of VIU and FV less cost to sell).

Equity method

The carrying value of companies measured using the equity method includes goodwill (less any impairment loss) paid to purchase them. The investor’s share of the profit and loss of the investee after the date of acquisition is recognised in the Income statement u nder item “250. Gains (Loss es) of equity investments”. Any dividend distributed reduce s the carrying amount of the equity investment.

If the investor’s share of an investee’s losses is equal to or greater than its carrying amount, no further losses are recogn ised, unless the investor has incurred specific obligations or made payments on behalf of the associate.

Gains and losses on transactions with associates or joint arrangements are eliminated according to the percentage interest in the company.

Any changes in the revaluation reserves of associates or joint arrangements, which are recorded as a contra item to changes i n value of the relevant phenomena, are reported separately in the Statement of other comprehensive income.

The following table shows the companies included in the scope of consolidation.

8 10% for listed companies.

Condensed interim consolidated financial statements | Explanatory notes Part A - Accounting policies UniCredit Consolidated first half financial report as at 30 June 2026 74 Investments in subsidiaries and valued at equity

OWNERSHIP RELATIONSHIP

COMPANY NAME ADMINISTRATIVE

OFFICE MAIN OFFICE COUNTRY TYPE OF

RELATIONSHIP

(1) BUSINESS

SECTOR

(5) HELD BY HOLDING

% VOTING

RIGHTS

% (2)

A. LINE BY LINE METHOD

1 UNICREDIT SPA MILAN MILAN ITALY HOLDING

Issued Capital EUR 21,509,089,303

2 ALLEGRO LEASING GESELLSCHAFT M.B.H. VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

Issued Capital EUR 36,500 UNICREDIT LEASING (AUSTRIA) GMBH 99.80

3 ALMS LEASING GMBH. VIENNA VIENNA AUSTRIA 1 2 UNICREDIT LEASING (AUSTRIA) GMBH 100.00

Issued Capital EUR 36,000

4 ALPHA RENT DOO BEOGRAD BELGRADE BELGRADE SERBIA 1 3 UNIVERSALE INTERNATIONAL REALITAETEN

GMBH 100.00

Issued Capital RSD 3,285,948,900

5 AO UNICREDIT BANK(4) MOSCOW MOSCOW RUSSIA 1 1 UNICREDIT SPA 100.00

Issued Capital RUB 41,787,805,174

6 ARABELLA FINANCE DAC DUBLIN DUBLIN IRELAND 4 2 UNICREDIT BANK GMBH ... (3)

7 ARGENTAURUS IMMOBILIEN -VERMIETUNGS -

UND VERWALTUNGS GMBH MUNICH MUNICH GERMANY 1 5 HVB PROJEKT GMBH 100.00

Issued Capital EUR 511,300

8 ARNO GRUNDSTUECKSVERWALTUNGS

GESELLSCHAFT M.B.H. VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

Issued Capital EUR 36,337 GALA GRUNDSTUECKVERWALTUNG

GESELLSCHAFT M.B.H. 99.80

9 ARTS CONSUMER 2023 SRL

(CARTOLARIZZAZIONE: CONSUMER 2023) VERONA VERONA ITALY 4 2 UNICREDIT SPA ... (3)

10 ARTS CONSUMER SRL (CARTOLARIZZAZIONE:

CONSUMER IV) VERONA VERONA ITALY 4 2 UNICREDIT SPA ... (3)

11 BA CA SECUND LEASING GMBH VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

Issued Capital EUR 36,500 UNICREDIT LEASING (AUSTRIA) GMBH 99.80

12 BA EUROLEASE BETEILIGUNGSGESELLSCHAFT

M.B.H. VIENNA VIENNA AUSTRIA 1 2 UNICREDIT ZEGA LEASING -GESELLSCHAFT

M.B.H. 100.00

Issued Capital EUR 363,364

13 BA GEBAEUDEVERMIETUNGSGMBH VIENNA VIENNA AUSTRIA 1 3 UNICREDIT BANK AUSTRIA AG 89.00

Issued Capital EUR 36,336 PAYTRIA UNTERNEHMENSBETEILIGUNGEN

GMBH 1.00

BA-CA MARKETS & INVESTMENT BETEILIGUNG

GES.M.B.H. 10.00

14 BA-CA ANDANTE LEASING GMBH VIENNA VIENNA AUSTRIA 1 2 UNICREDIT LEASING (AUSTRIA) GMBH 100.00

Issued Capital EUR 36,500

15 BA-CA LEASING DREI GARAGEN GMBH VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

Issued Capital EUR 35,000 BETEILIGUNGSVERWALTUNGSGESELLSCHAFT

DER BANK AUSTRIA CREDITANSTALT LEASING

GMBH 99.80

16 BA-CA LEASING MAR IMMOBILIEN LEASING

GMBH VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

Issued Capital EUR 36,500 UNICREDIT LEASING (AUSTRIA) GMBH 99.80

17 BA-CA MARKETS & INVESTMENT BETEILIGUNG

GES.M.B.H. VIENNA VIENNA AUSTRIA 1 2 UNICREDIT BANK AUSTRIA AG 100.00

Issued Capital EUR 127,177

18 BA-CA PRESTO LEASING GMBH VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

Issued Capital EUR 36,500 UNICREDIT LEASING (AUSTRIA) GMBH 99.80

19 BA/CA -LEASING BETEILIGUNGEN GMBH VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

Issued Capital EUR 454,000 CALG DELTA GRUNDSTUECKVERWALTUNG

GMBH 99.80

20 BACA HYDRA LEASING GMBH VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

Issued Capital EUR 36,500 UNICREDIT LEASING (AUSTRIA) GMBH 99.80

21 BACA KOMMUNALLEASING GMBH VIENNA VIENNA AUSTRIA 1 2 UNICREDIT LEASING (AUSTRIA) GMBH 100.00

Issued Capital EUR 36,500

22 BACA LEASING UND

BETEILIGUNGSMANAGEMENT GMBH VIENNA VIENNA AUSTRIA 1 2 CALG IMMOBILIEN LEASING GMBH 98.80

Issued Capital EUR 18,287 UNICREDIT LEASING (AUSTRIA) GMBH 1.00

UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

23 BAL HESTIA IMMOBILIEN LEASING GMBH VIENNA VIENNA AUSTRIA 1 2 UNICREDIT LEASING (AUSTRIA) GMBH 99.80

Issued Capital EUR 36,500 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

24 BAL HORUS IMMOBILIEN LEASING GMBH VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

Issued Capital EUR 36,500 CALG DELTA GRUNDSTUECKVERWALTUNG

GMBH 99.80

25 BAL HYPNOS IMMOBILIEN LEASING GMBH VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

Issued Capital EUR 36,500 CALG DELTA GRUNDSTUECKVERWALTUNG

GMBH 99.80

26 BAL OSIRIS IMMOBILIEN LEASING

GESELLSCHAFT M.B.H. VIENNA VIENNA AUSTRIA 1 2 UNICREDIT LEASING (AUSTRIA) GMBH 99.80

Issued Capital EUR 36,500 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

Condensed interim consolidated financial statements | Explanatory notes Part A - Accounting policies UniCredit Consolidated first half financial report as at 30 June 2026 75 OWNERSHIP RELATIONSHIP

COMPANY NAME ADMINISTRATIVE

OFFICE MAIN OFFICE COUNTRY TYPE OF

RELATIONSHIP

(1) BUSINESS

SECTOR

(5) HELD BY HOLDING

% VOTING

RIGHTS

% (2)

27 BANK AUSTRIA CREDITANSTALT LEASING

IMMOBILIENANLAGEN GMBH VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

Issued Capital EUR 36,500 GALA GRUNDSTUECKVERWALTUNG

GESELLSCHAFT M.B.H. 99.80

28 BANK AUSTRIA LEASING ARGO IMMOBILIEN

LEASING GMBH VIENNA VIENNA AUSTRIA 1 2 WOEM GRUNDSTUECKSVERWALTUNGS -

GESELLSCHAFT M.B.H. 99.80

Issued Capital EUR 36,500 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

29 BANK AUSTRIA LEASING IKARUS IMMOBILIEN

LEASING GESELLSCHAFT M.B.H. VIENNA VIENNA AUSTRIA 1 2 UNICREDIT LEASING (AUSTRIA) GMBH 99.80

Issued Capital EUR 36,500 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

30 BANK AUSTRIA REAL INVEST IMMOBILIEN -

KAPITALANLAGE GMBH VIENNA VIENNA AUSTRIA 1 2 BANK AUSTRIA REAL INVEST IMMOBILIEN -

MANAGEMENT GMBH 100.00

Issued Capital EUR 5,000,000

31 BANK AUSTRIA REAL INVEST IMMOBILIEN -

MANAGEMENT GMBH VIENNA VIENNA AUSTRIA 1 2 UNICREDIT BANK AUSTRIA AG 94.95

Issued Capital EUR 10,900,500

32 BANK AUSTRIA WOHNBAUBANK AG VIENNA VIENNA AUSTRIA 1 2 UNICREDIT BANK AUSTRIA AG 100.00

Issued Capital EUR 18,765,944

33 BETEILIGUNGSVERWALTUNGSGESELLSCHAFT

DER BANK AUSTRIA CREDITANSTALT LEASING

GMBH VIENNA VIENNA AUSTRIA 1 2 UNICREDIT LEASING (AUSTRIA) GMBH 100.00

Issued Capital EUR 36,500

34 BREWO GRUNDSTUECKSVERWALTUNGS -

GESELLSCHAFT M.B.H. VIENNA VIENNA AUSTRIA 1 2 UNICREDIT PEGASUS LEASING GMBH 100.00

Issued Capital EUR 36,337

35 CABET -HOLDING GMBH VIENNA VIENNA AUSTRIA 1 2 UNICREDIT BANK AUSTRIA AG 100.00

Issued Capital EUR 290,909

36 CABO BETEILIGUNGSGESELLSCHAFT M.B.H. VIENNA VIENNA AUSTRIA 1 2 CABET -HOLDING GMBH 100.00

Issued Capital EUR 35,000

37 CALG 307 MOBILIEN LEASING GMBH VIENNA VIENNA AUSTRIA 1 2 UNICREDIT ZEGA LEASING -GESELLSCHAFT

M.B.H. 100.00

Issued Capital EUR 36,500

38 CALG 443 GRUNDSTUECKVERWALTUNG GMBH VIENNA VIENNA AUSTRIA 1 2 BETEILIGUNGSVERWALTUNGSGESELLSCHAFT

DER BANK AUSTRIA CREDITANSTALT LEASING

GMBH 98.80

Issued Capital EUR 36,336 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

CALG IMMOBILIEN LEASING GMBH 1.00

39 CALG 445 GRUNDSTUECKVERWALTUNG GMBH VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.40

Issued Capital EUR 18,168 CALG IMMOBILIEN LEASING GMBH 99.60

40 CALG ANLAGEN LEASING GMBH VIENNA VIENNA AUSTRIA 1 2 UNICREDIT LEASING (AUSTRIA) GMBH 99.80

Issued Capital EUR 36,500 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

41 CALG ANLAGEN LEASING GMBH, WIEN & CO.

GRUNDSTUECKSVERMIETUNG UND -

VERWALTUNG KG MUNICH MUNICH GERMANY 1 2 CALG ANLAGEN LEASING GMBH 99.90

Issued Capital EUR 2,326,378

42 CALG DELTA GRUNDSTUECKVERWALTUNG

GMBH VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

Issued Capital EUR 36,336 CALG ANLAGEN LEASING GMBH 99.80

43 CALG GAMMA GRUNDSTUECKVERWALTUNG

GMBH VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

Issued Capital EUR 36,337 CALG IMMOBILIEN LEASING GMBH 99.80

44 CALG GRUNDSTUECKVERWALTUNG GMBH VIENNA VIENNA AUSTRIA 1 2 CALG IMMOBILIEN LEASING GMBH 74.80

Issued Capital EUR 36,500 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

UNICREDIT LEASING (AUSTRIA) GMBH 25.00

45 CALG IMMOBILIEN LEASING GMBH VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

Issued Capital EUR 254,355 CALG ANLAGEN LEASING GMBH 99.80

46 CALG MINAL GRUNDSTUECKVERWALTUNG

GMBH VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

Issued Capital EUR 18,286 CALG ANLAGEN LEASING GMBH 99.80

47 CAPITAL MORTGAGE SRL

(CARTOLARIZZAZIONE: CAPITAL MORTGAGE

2007 - 1) VERONA VERONA ITALY 4 2 UNICREDIT SPA ... (3)

48 CASTELLANI LEASING GMBH VIENNA VIENNA AUSTRIA 1 2 UNICREDIT ZEGA LEASING -GESELLSCHAFT

M.B.H. 90.00

Issued Capital EUR 1,800,000 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 10.00

49 CHARADE LEASING GESELLSCHAFT M.B.H. VIENNA VIENNA AUSTRIA 1 2 BETEILIGUNGSVERWALTUNGSGESELLSCHAFT

DER BANK AUSTRIA CREDITANSTALT LEASING

GMBH 74.80

Issued Capital EUR 36,500 UNICREDIT LEASING (AUSTRIA) GMBH 25.00

UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

50 CHEFREN LEASING GMBH VIENNA VIENNA AUSTRIA 1 2 UNICREDIT LEASING (AUSTRIA) GMBH 100.00

Issued Capital EUR 36,500

51 CIVITAS IMMOBILIEN LEASING GESELLSCHAFT

M.B.H. VIENNA VIENNA AUSTRIA 1 2 UNICREDIT LEASING (AUSTRIA) GMBH 99.80

Issued Capital EUR 36,500 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

52 COIMA LAMPUGNANO REGENERATION FUND MILAN MILAN ITALY 4 2 UNICREDIT SPA ... (3)

Condensed interim consolidated financial statements | Explanatory notes Part A - Accounting policies UniCredit Consolidated first half financial report as at 30 June 2026 76 OWNERSHIP RELATIONSHIP

COMPANY NAME ADMINISTRATIVE

OFFICE MAIN OFFICE COUNTRY TYPE OF

RELATIONSHIP

(1) BUSINESS

SECTOR

(5) HELD BY HOLDING

% VOTING

RIGHTS

% (2)

53 COMMUNA - LEASING

GRUNDSTUECKSVERWALTUNGSGESELLSCHAFT

M.B.H. VIENNA VIENNA AUSTRIA 1 2 REAL -LEASE GRUNDSTUECKSVERWALTUNGS -

GESELLSCHAFT M.B.H. 99.80

Issued Capital EUR 36,337 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

54 CONTRA LEASING -GESELLSCHAFT M.B.H. VIENNA VIENNA AUSTRIA 1 2 BETEILIGUNGSVERWALTUNGSGESELLSCHAFT

DER BANK AUSTRIA CREDITANSTALT LEASING

GMBH 74.80

Issued Capital EUR 36,500 JAUSERN -LEASING GESELLSCHAFT M.B.H. 25.00

UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

55 CORDUSIO SOCIETA' FIDUCIARIA PER AZIONI MILAN MILAN ITALY 1 2 UNICREDIT SPA 100.00

Issued Capital EUR 520,000

56 DLV IMMOBILIEN LEASING GESELLSCHAFT

M.B.H. VIENNA VIENNA AUSTRIA 1 2 UNICREDIT LEASING (AUSTRIA) GMBH 90.00

Issued Capital EUR 36,500 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 10.00

57 DUODEC Z IMMOBILIEN LEASING

GESELLSCHAFT M.B.H. VIENNA VIENNA AUSTRIA 1 2 UNICREDIT LEASING (AUSTRIA) GMBH 99.80

Issued Capital EUR 36,500 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

58 EBS FINANCE S.R.L. MILAN MILAN ITALY 1 2 UNICREDIT SPA 100.00

Issued Capital EUR 10,000

59 EBS FINANCE S.R.L. (PATR.SEPARATO) MILAN MILAN ITALY 4 2 UNICREDIT SPA ... (3)

60 EDILTRENNO S.R.L. - IN LIQUIDAZIONE MILAN MILAN ITALY 1 3 VISCONTI SRL 100.00

Issued Capital EUR 103,200

61 ELEKTRA PURCHASE NO. 28 DAC DUBLIN DUBLIN IRELAND 4 2 UNICREDIT BANK GMBH ... (3)

62 ELEKTRA PURCHASE NO. 31 DAC DUBLIN DUBLIN IRELAND 4 2 UNICREDIT BANK GMBH ... (3)

63 ELEKTRA PURCHASE NO. 32 S.A. -

COMPARTMENT 1 LUXEMBOURG LUXEMBOURG LUXEMBOURG 4 2 UNICREDIT BANK GMBH ... (3)

64 ELEKTRA PURCHASE NO. 33 DAC DUBLIN DUBLIN IRELAND 4 2 UNICREDIT BANK GMBH ... (3)

65 ELEKTRA PURCHASE NO. 350 DAC DUBLIN DUBLIN IRELAND 4 2 UNICREDIT BANK GMBH ... (3)

66 ELEKTRA PURCHASE NO. 36 DAC DUBLIN DUBLIN IRELAND 4 2 UNICREDIT BANK GMBH ... (3)

67 ELEKTRA PURCHASE NO. 38 DAC DUBLIN DUBLIN IRELAND 4 2 UNICREDIT BANK GMBH ... (3)

68 ELEKTRA PURCHASE NO. 43 DAC DUBLIN DUBLIN IRELAND 4 2 UNICREDIT BANK GMBH ... (3)

69 ELEKTRA PURCHASE NO. 54 DAC DUBLIN DUBLIN IRELAND 4 2 UNICREDIT BANK GMBH ... (3)

70 ELEKTRA PURCHASE NO. 56 DAC DUBLIN DUBLIN IRELAND 4 2 UNICREDIT BANK GMBH ... (3)

71 ELEKTRA PURCHASE NO. 66 DAC DUBLIN DUBLIN IRELAND 4 2 UNICREDIT BANK GMBH ... (3)

72 ELEKTRA PURCHASE NO. 69 DAC DUBLIN DUBLIN IRELAND 4 2 UNICREDIT BANK GMBH ... (3)

73 ELEKTRA PURCHASE NO. 71 DAC DUBLIN DUBLIN IRELAND 4 2 UNICREDIT BANK GMBH ... (3)

74 ELEKTRA PURCHASE NO. 79 DAC DUBLIN DUBLIN IRELAND 4 2 UNICREDIT BANK GMBH ... (3)

75 ELEKTRA PURCHASE NO. 82 DAC DUBLIN DUBLIN IRELAND 4 2 UNICREDIT BANK GMBH ... (3)

76 ELEKTRA PURCHASE NO. 84 DAC DUBLIN DUBLIN IRELAND 4 2 UNICREDIT BANK GMBH ... (3)

77 ELEKTRA PURCHASE NO. 85 DAC DUBLIN DUBLIN IRELAND 4 2 UNICREDIT BANK GMBH ... (3)

78 EUROLEASE ANUBIS IMMOBILIEN LEASING

GESELLSCHAFT M.B.H. VIENNA VIENNA AUSTRIA 1 2 UNICREDIT LEASING (AUSTRIA) GMBH 99.80

Issued Capital EUR 36,500 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

79 EUROLEASE ISIS IMMOBILIEN LEASING

GESELLSCHAFT M.B.H. VIENNA VIENNA AUSTRIA 1 2 UNICREDIT LEASING (AUSTRIA) GMBH 99.80

Issued Capital EUR 36,500 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

80 EUROLEASE MARDUK IMMOBILIEN LEASING

GESELLSCHAFT M.B.H. VIENNA VIENNA AUSTRIA 1 2 UNICREDIT LEASING (AUSTRIA) GMBH 99.80

Issued Capital EUR 36,500 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

81 EUROLEASE RA IMMOBILIEN LEASING

GESELLSCHAFT M.B.H. VIENNA VIENNA AUSTRIA 1 2 UNICREDIT GARAGEN ERRICHTUNG UND

VERWERTUNG GMBH 99.80

Issued Capital EUR 36,500 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

82 EUROLEASE RAMSES IMMOBILIEN LEASING

GESELLSCHAFT M.B.H. VIENNA VIENNA AUSTRIA 1 2 UNICREDIT LEASING (AUSTRIA) GMBH 99.80

Issued Capital EUR 36,336 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

83 EUROPA INGATLANBEFEKTETESI ALAP (EUROPE

REAL -ESTATE INVESTMENT FUND) BUDAPEST BUDAPEST HUNGARY 4 2 UNICREDIT BANK HUNGARY ZRT. ... (3)

84 FACTORBANK AKTIENGESELLSCHAFT VIENNA VIENNA AUSTRIA 1 2 UNICREDIT BANK AUSTRIA AG 100.00

Issued Capital EUR 3,000,000

85 FINN ARSENAL LEASING GMBH VIENNA VIENNA AUSTRIA 1 2 UNICREDIT LEASING (AUSTRIA) GMBH 0.20

Issued Capital EUR 36,500 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

BETEILIGUNGSVERWALTUNGSGESELLSCHAFT

DER BANK AUSTRIA CREDITANSTALT LEASING

GMBH 99.60

Condensed interim consolidated financial statements | Explanatory notes Part A - Accounting policies UniCredit Consolidated first half financial report as at 30 June 2026 77 OWNERSHIP RELATIONSHIP

COMPANY NAME ADMINISTRATIVE

OFFICE MAIN OFFICE COUNTRY TYPE OF

RELATIONSHIP

(1) BUSINESS

SECTOR

(5) HELD BY HOLDING

% VOTING

RIGHTS

% (2)

86 FOLIA LEASING GESELLSCHAFT M.B.H. VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

Issued Capital EUR 36,336 BETEILIGUNGSVERWALTUNGSGESELLSCHAFT

DER BANK AUSTRIA CREDITANSTALT LEASING

GMBH 99.80

87 FONDO AURORA MILAN MILAN ITALY 4 2 UNICREDIT SPA ... (3)

88 GALA GRUNDSTUECKVERWALTUNG

GESELLSCHAFT M.B.H. VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

Issued Capital EUR 27,434 CALG IMMOBILIEN LEASING GMBH 99.80

89 GEBAEUDELEASING

GRUNDSTUCKSVERWALTUNGSGESELLSCHAFT

M.B.H. VIENNA VIENNA AUSTRIA 1 2 BETEILIGUNGSVERWALTUNGSGESELLSCHAFT

DER BANK AUSTRIA CREDITANSTALT LEASING

GMBH 98.80

Issued Capital EUR 36,500 UNICREDIT LEASING (AUSTRIA) GMBH 1.00

UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

90 GEMEINDELEASING

GRUNDSTUECKVERWALTUNG GESELLSCHAFT

M.B.H. VIENNA VIENNA AUSTRIA 1 2 BETEILIGUNGSVERWALTUNGSGESELLSCHAFT

DER BANK AUSTRIA CREDITANSTALT LEASING

GMBH 37.30

Issued Capital EUR 18,333 UNICREDIT LEASING (AUSTRIA) GMBH 25.00

UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

CALG IMMOBILIEN LEASING GMBH 37.50

91 GEMMA VERWALTUNGSGESELLSCHAFT MBH &

CO. VERMIETUNGS KG PULLACH PULLACH GERMANY 1 2 HVB PROJEKT GMBH 98.69

Issued Capital EUR 74,248,181

92 GRUNDSTUECKSVERWALTUNG LINZ -MITTE

GMBH VIENNA VIENNA AUSTRIA 1 2 UNICREDIT LEASING (AUSTRIA) GMBH 99.80

Issued Capital EUR 35,000 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

93 H.F.S. LEASINGFONDS DEUTSCHLAND 7 GMBH &

CO. KG MUNICH MUNICH GERMANY 1 2 HVB IMMOBILIEN AG 99.43

Issued Capital EUR 85,430,630

94 H.F.S. LEASINGFONDS GMBH GRUENWALD GRUENWALD GERMANY 1 5 WEALTHCAP INVESTMENT SERVICES GMBH 100.00

Issued Capital EUR 26,000 95 H.F.S. LEASINGFONDS GMBH & CO.

DEUTSCHLAND 10 KG EBERSBERG EBERSBERG GERMANY 4 5 WEALTH MANAGEMENT CAPITAL HOLDING

GMBH ... (3)

96 H.F.S. LEASINGFONDS GMBH & CO.

DEUTSCHLAND 11 KG EBERSBERG EBERSBERG GERMANY 4 5 WEALTH MANAGEMENT CAPITAL HOLDING

GMBH ... (3)

97 H.F.S. LEASINGFONDS GMBH & CO.

DEUTSCHLAND 12 KG EBERSBERG EBERSBERG GERMANY 4 5 WEALTH MANAGEMENT CAPITAL HOLDING

GMBH ... (3)

98 H.F.S. LEASINGFONDS GMBH & CO.

DEUTSCHLAND 8 KG EBERSBERG EBERSBERG GERMANY 4 5 WEALTH MANAGEMENT CAPITAL HOLDING

GMBH ... (3)

99 H.F.S. LEASINGFONDS GMBH & CO.

DEUTSCHLAND 9 KG EBERSBERG EBERSBERG GERMANY 4 5 WEALTH MANAGEMENT CAPITAL HOLDING

GMBH ... (3)

100 HVB IMMOBILIEN AG MUNICH MUNICH GERMANY 1 2 UNICREDIT BANK GMBH 100.00

Issued Capital EUR 520,000

101 HVB PROJEKT GMBH MUNICH MUNICH GERMANY 1 3 UNICREDIT BANK GMBH 10.00

Issued Capital EUR 25,633,778 HVB IMMOBILIEN AG 90.00

102 HVB TECTA GMBH MUNICH MUNICH GERMANY 1 2 HVB IMMOBILIEN AG 94.00

Issued Capital EUR 1,534,000 UNICREDIT BANK GMBH 6.00

103 HVB VERWA 4.4 GMBH MUNICH MUNICH GERMANY 1 2 UNICREDIT BANK GMBH 100.00

Issued Capital EUR 25,000

104 ICE CREEK POOL NO. 5 DAC DUBLIN DUBLIN IRELAND 4 2 UNICREDIT BANK GMBH ... (3)

105 IDEA FIMIT SGR FONDO SIGMA IMMOBILIARE ROME ROME ITALY 4 2 UNICREDIT SPA ... (3)

106 INTRO LEASING GESELLSCHAFT M.B.H. VIENNA VIENNA AUSTRIA 1 2 PROJEKT -LEASE

GRUNDSTUECKSVERWALTUNGS -

GESELLSCHAFT M.B.H. 100.00

Issued Capital EUR 36,336

107 ISB UNIVERSALE BAU GMBH IN LIQUIDATION BERLIN BERLIN GERMANY 1 5 UNIVERSALE INTERNATIONAL REALITAETEN

GMBH 100.00

Issued Capital EUR 6,288,890

108 JAUSERN -LEASING GESELLSCHAFT M.B.H. VIENNA VIENNA AUSTRIA 1 2 UNICREDIT LEASING (AUSTRIA) GMBH 100.00

Issued Capital EUR 36,336

109 KAISERWASSER BAU - UND ERRICHTUNGS GMBH

UND CO OG VIENNA VIENNA AUSTRIA 1 3 UNICREDIT BANK AUSTRIA AG 99.80 100.00

Issued Capital EUR 36,336

110 KUTRA GRUNDSTUECKSVERWALTUNGS -

GESELLSCHAFT M.B.H. VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

Issued Capital EUR 36,337 CALG DELTA GRUNDSTUECKVERWALTUNG

GMBH 99.80

111 LAGEV IMMOBILIEN LEASING GESELLSCHAFT

M.B.H. VIENNA VIENNA AUSTRIA 1 2 UNICREDIT LEASING (AUSTRIA) GMBH 99.80

Issued Capital EUR 36,500 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

112 LARGO LEASING GESELLSCHAFT M.B.H. VIENNA VIENNA AUSTRIA 1 2 UNICREDIT LEASING (AUSTRIA) GMBH 1.00

Issued Capital EUR 36,500 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

VAPE COMMUNA LEASINGGESELLSCHAFT

M.B.H. 98.80

113 LEASFINANZ ALPHA ASSETVERMIETUNG GMBH VIENNA VIENNA AUSTRIA 1 3 LEASFINANZ GMBH 100.00

Issued Capital EUR 35,000

114 LEASFINANZ GMBH VIENNA VIENNA AUSTRIA 1 2 BACA LEASING UND

BETEILIGUNGSMANAGEMENT GMBH 100.00

Issued Capital EUR 218,019

Condensed interim consolidated financial statements | Explanatory notes Part A - Accounting policies UniCredit Consolidated first half financial report as at 30 June 2026 78 OWNERSHIP RELATIONSHIP

COMPANY NAME ADMINISTRATIVE

OFFICE MAIN OFFICE COUNTRY TYPE OF

RELATIONSHIP

(1) BUSINESS

SECTOR

(5) HELD BY HOLDING

% VOTING

RIGHTS

% (2)

115 LEGATO LEASING GESELLSCHAFT M.B.H. VIENNA VIENNA AUSTRIA 1 2 BETEILIGUNGSVERWALTUNGSGESELLSCHAFT

DER BANK AUSTRIA CREDITANSTALT LEASING

GMBH 74.80

Issued Capital EUR 36,500 UNICREDIT LEASING (AUSTRIA) GMBH 25.00

UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

116 LIPARK LEASING GESELLSCHAFT M.B.H. VIENNA VIENNA AUSTRIA 1 2 UNICREDIT LEASING (AUSTRIA) GMBH 25.00

Issued Capital EUR 36,500 BETEILIGUNGSVERWALTUNGSGESELLSCHAFT

DER BANK AUSTRIA CREDITANSTALT LEASING

GMBH 74.80

UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

117 LIVA IMMOBILIEN LEASING GESELLSCHAFT

M.B.H. VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

Issued Capital EUR 36,500 UNICREDIT GARAGEN ERRICHTUNG UND

VERWERTUNG GMBH 99.80

118 M. A. V. 7., BANK AUSTRIA LEASING

BAUTRAEGER GMBH & CO.OG. VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 1.97

Issued Capital EUR 3,707 UNICREDIT LUNA LEASING GMBH 98.04

119 MBC IMMOBILIEN LEASING GESELLSCHAFT

M.B.H. VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

Issued Capital EUR 36,500 UNICREDIT LEASING (AUSTRIA) GMBH 99.80

120 MENUETT GRUNDSTUECKSVERWALTUNGS -

GESELLSCHAFT M.B.H. VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

Issued Capital EUR 36,337 UNICREDIT LEASING (AUSTRIA) GMBH 99.80

121 MOMENTUM ALLWEATHER STRATEGIES - LONG

TERM STRATEG HAMILTON HAMILTON BERMUDA 4 2 UNICREDIT SPA ... (3)

122 MOMENTUM LONG TERM VALUE FUND HAMILTON HAMILTON BERMUDA 4 2 UNICREDIT SPA ... (3)

123 OCT Z IMMOBILIEN LEASING GESELLSCHAFT

M.B.H VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

Issued Capital EUR 36,500 UNICREDIT GARAGEN ERRICHTUNG UND

VERWERTUNG GMBH 99.80

124 OLG HANDELS - UND

BETEILIGUNGSVERWALTUNGSGESELLSCHAFT

M.B.H. VIENNA VIENNA AUSTRIA 1 2 BETEILIGUNGSVERWALTUNGSGESELLSCHAFT

DER BANK AUSTRIA CREDITANSTALT LEASING

GMBH 100.00

Issued Capital EUR 36,336

125 OMNIA GRUNDSTUCKS -GMBH & CO. OBJEKT

HAIDENAUPLATZ KG MUNICH MUNICH GERMANY 1 3 HVB IMMOBILIEN AG 94.00

Issued Capital EUR 26,000 UNICREDIT BANK GMBH 6.00

126 OOO UNICREDIT LEASING(4) MOSCOW MOSCOW RUSSIA 1 2 AO UNICREDIT BANK 100.00

Issued Capital RUB 149,160,248

127 ORBIT PERFORMANCE STRATEGIES - ORBIT US

CLASSE I U HAMILTON HAMILTON BERMUDA 4 2 UNICREDIT SPA ... (3)

128 OTHMARSCHEN PARK HAMBURG GMBH & CO.

GEWERBEPARK KG MUNICH MUNICH GERMANY 1 5 HVB PROJEKT GMBH 10.00

Issued Capital EUR 51,129 T & P FRANKFURT DEVELOPMENT B.V. 30.00

T & P VASTGOED STUTTGART B.V. 60.00

129 PADEL FINANCE 01 DAC DUBLIN DUBLIN IRELAND 4 2 UNICREDIT BANK GMBH ... (3)

130 PAI (BERMUDA) LIMITED HAMILTON HAMILTON BERMUDA 1 2 UNICREDIT SPA 100.00

Issued Capital USD 12,000

131 PALAIS ROTHSCHILD VERMIETUNGS GMBH & CO

OG VIENNA VIENNA AUSTRIA 1 3 SCHOELLERBANK AKTIENGESELLSCHAFT 100.00

Issued Capital EUR 2,180,185

132 PAYTRIA UNTERNEHMENSBETEILIGUNGEN

GMBH VIENNA VIENNA AUSTRIA 1 2 UNICREDIT BANK AUSTRIA AG 100.00

Issued Capital EUR 36,336

133 PENSIONSKASSE DER HYPO VEREINSBANK

VVAG MUNICH MUNICH GERMANY 4 5 UNICREDIT BANK GMBH ... (3)

134 PIANA LEASING GESELLSCHAFT M.B.H. VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

Issued Capital EUR 36,500 UNICREDIT LEASING (AUSTRIA) GMBH 99.80

135 PIRTA VERWALTUNGS GMBH VIENNA VIENNA AUSTRIA 1 3 UNICREDIT SPA 100.00

Issued Capital EUR 2,067,138

136 POLLUX IMMOBILIEN GMBH VIENNA VIENNA AUSTRIA 1 3 UNICREDIT BANK AUSTRIA AG 99.80

Issued Capital EUR 36,500 PAYTRIA UNTERNEHMENSBETEILIGUNGEN

GMBH 0.20

137 POSATO LEASING GESELLSCHAFT M.B.H. VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

Issued Capital EUR 36,500 UNICREDIT LEASING (AUSTRIA) GMBH 25.00

BETEILIGUNGSVERWALTUNGSGESELLSCHAFT

DER BANK AUSTRIA CREDITANSTALT LEASING

GMBH 74.80

138 PROJEKT -LEASE

GRUNDSTUECKSVERWALTUNGS -

GESELLSCHAFT M.B.H. VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

Issued Capital EUR 36,500 UNICREDIT LEASING (AUSTRIA) GMBH 25.00

ARNO GRUNDSTUECKSVERWALTUNGS

GESELLSCHAFT M.B.H. 74.80

139 QUADEC Z IMMOBILIEN LEASING

GESELLSCHAFT M.B.H. VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

Issued Capital EUR 36,500 UNICREDIT LEASING (AUSTRIA) GMBH 99.80

140 QUART Z IMMOBILIEN LEASING GESELLSCHAFT

M.B.H. VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

Issued Capital EUR 36,500 CALG ANLAGEN LEASING GMBH 99.80

141 QUINT Z IMMOBILIEN LEASING GESELLSCHAFT

M.B.H VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

Issued Capital EUR 36,500 UNICREDIT LEASING (AUSTRIA) GMBH 99.80

Condensed interim consolidated financial statements | Explanatory notes Part A - Accounting policies UniCredit Consolidated first half financial report as at 30 June 2026 79 OWNERSHIP RELATIONSHIP

COMPANY NAME ADMINISTRATIVE

OFFICE MAIN OFFICE COUNTRY TYPE OF

RELATIONSHIP

(1) BUSINESS

SECTOR

(5) HELD BY HOLDING

% VOTING

RIGHTS

% (2)

142 RANA -LIEGENSCHAFTSVERWERTUNG GMBH VIENNA VIENNA AUSTRIA 1 3 UNIVERSALE INTERNATIONAL REALITAETEN

GMBH 99.90

Issued Capital EUR 72,700

143 REAL -LEASE GRUNDSTUECKSVERWALTUNGS -

GESELLSCHAFT M.B.H. VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

Issued Capital EUR 36,500 UNICREDIT GARAGEN ERRICHTUNG UND

VERWERTUNG GMBH 99.80

144 REAL -RENT LEASING GESELLSCHAFT M.B.H. VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

Issued Capital EUR 73,000 UNICREDIT LEASING (AUSTRIA) GMBH 99.80

145 REDEUS FUND MILAN MILAN ITALY 4 2 UNICREDIT SPA ... (3)

146 ROSENKAVALIER 2008 GMBH FRANKFURT FRANKFURT GERMANY 4 2 UNICREDIT BANK GMBH ... (3)

147 ROSENKAVALIER 2015 UG FRANKFURT FRANKFURT GERMANY 4 2 UNICREDIT BANK GMBH ... (3)

148 ROSENKAVALIER 2020 UG FRANKFURT FRANKFURT GERMANY 4 2 UNICREDIT BANK GMBH ... (3)

149 ROSENKAVALIER 2022 UG FRANKFURT FRANKFURT GERMANY 4 2 UNICREDIT BANK GMBH ... (3)

150 SCHOELLERBANK AKTIENGESELLSCHAFT VIENNA VIENNA AUSTRIA 1 1 UNICREDIT BANK AUSTRIA AG 99.99

Issued Capital EUR 20,000,000 PAYTRIA UNTERNEHMENSBETEILIGUNGEN

GMBH 0.01

151 SCHOELLERBANK INVEST AG SALZBURG SALZBURG AUSTRIA 1 2 SCHOELLERBANK AKTIENGESELLSCHAFT 100.00

Issued Capital EUR 2,543,549

152 SECA -LEASING GESELLSCHAFT M.B.H. VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

Issued Capital EUR 36,500 UNICREDIT LEASING (AUSTRIA) GMBH 25.00

CALG DELTA GRUNDSTUECKVERWALTUNG

GMBH 74.80

153 SEXT Z IMMOBILIEN LEASING GESELLSCHAFT

M.B.H VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

Issued Capital EUR 36,500 CALG DELTA GRUNDSTUECKVERWALTUNG

GMBH 99.80

154 SIGMA LEASING GMBH VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

Issued Capital EUR 18,286 UNICREDIT LEASING (AUSTRIA) GMBH 0.40

CALG ANLAGEN LEASING GMBH 99.40

155 SOCIETA' AGRICOLA TENUTA CESARINA SRL ROME ROME ITALY 1 3 VISCONTI SRL 100.00

Issued Capital EUR 5,000,000

156 SOCIETA' AGRICOLA TENUTA DEL GHIRLANDAIO

SRL IN LIQUIDAZIONE MILAN MILAN ITALY 1 3 VISCONTI SRL 100.00

Issued Capital EUR 10,000

157 SPECTRUM GRUNDSTUECKSVERWALTUNGS -

GESELLSCHAFT M.B.H. VIENNA VIENNA AUSTRIA 1 2 WOEM GRUNDSTUECKSVERWALTUNGS -

GESELLSCHAFT M.B.H. 100.00

Issued Capital EUR 36,336

158 STEWE GRUNDSTUECKSVERWALTUNGS -

GESELLSCHAFT M.B.H. VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

Issued Capital EUR 36,337 UNICREDIT GARAGEN ERRICHTUNG UND

VERWERTUNG GMBH 75.80

PROJEKT -LEASE

GRUNDSTUECKSVERWALTUNGS -

GESELLSCHAFT M.B.H. 24.00

159 T & P FRANKFURT DEVELOPMENT B.V. MUNICH AMSTERDAM NETHERLANDS 1 5 HVB PROJEKT GMBH 100.00

Issued Capital EUR 4,938,271

160 T & P VASTGOED STUTTGART B.V. MUNICH AMSTERDAM NETHERLANDS 1 5 HVB PROJEKT GMBH 87.50

Issued Capital EUR 10,769,773

161 TERRENO GRUNDSTUCKSVERWALTUNG GMBH

& CO. ENTWICKLUNGS - UND

FINANZIERUNGSVERMITTLUNGS -KG MUNICH MUNICH GERMANY 1 3 HVB TECTA GMBH 75.00

Issued Capital EUR 920,400

162 TERZ Z IMMOBILIEN LEASING GESELLSCHAFT

M.B.H. VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

Issued Capital EUR 36,500 UNICREDIT GARAGEN ERRICHTUNG UND

VERWERTUNG GMBH 99.80

163 UCLA AM WINTERHAFEN 11 IMMOBILIENLEASING

GMBH & CO OG VIENNA VIENNA AUSTRIA 1 2 UNICREDIT ZEGA LEASING -GESELLSCHAFT

M.B.H. 50.00

Issued Capital EUR 0 UNICREDIT PEGASUS LEASING GMBH 50.00

164 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG VIENNA VIENNA AUSTRIA 1 2 BA EUROLEASE BETEILIGUNGSGESELLSCHAFT

M.B.H. 90.00

Issued Capital EUR 10,000 BA-CA ANDANTE LEASING GMBH 10.00

165 UCTAM RU LIMITED LIABILITY COMPANY(4) MOSCOW MOSCOW RUSSIA 1 5 UNICREDIT TURN -AROUND MANAGEMENT CEE

GMBH 100.00

Issued Capital RUB 4,000,000

166 UFFICIUM IMMOBILIEN LEASING GESELLSCHAFT

M.B.H. VIENNA VIENNA AUSTRIA 1 2 UNICREDIT LEASING (AUSTRIA) GMBH 95.00

Issued Capital EUR 36,337 KUTRA GRUNDSTUECKSVERWALTUNGS -

GESELLSCHAFT M.B.H. 5.00

167 UNICOM IMMOBILIEN LEASING GESELLSCHAFT

M.B.H. VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

Issued Capital EUR 36,500 UNICREDIT LEASING (AUSTRIA) GMBH 99.80

168 UNICREDIT ACHTERHAUS LEASING GMBH VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 10.00

Issued Capital EUR 35,000 UNICREDIT ZEGA LEASING -GESELLSCHAFT

M.B.H. 90.00

169 UNICREDIT AURORA LEASING GMBH VIENNA VIENNA AUSTRIA 1 2 UNICREDIT LEASING (AUSTRIA) GMBH 100.00

Issued Capital EUR 219,000

170 UNICREDIT BANK A.D. BANJA LUKA BANJA LUKA BANJA LUKA BOSNIA AND

HERZEGOVINA 1 1 UNICREDIT SPA 99.67

Issued Capital BAM 97,055,000

Condensed interim consolidated financial statements | Explanatory notes Part A - Accounting policies UniCredit Consolidated first half financial report as at 30 June 2026 80 OWNERSHIP RELATIONSHIP

COMPANY NAME ADMINISTRATIVE

OFFICE MAIN OFFICE COUNTRY TYPE OF

RELATIONSHIP

(1) BUSINESS

SECTOR

(5) HELD BY HOLDING

% VOTING

RIGHTS

% (2)

171 UNICREDIT BANK AUSTRIA AG VIENNA VIENNA AUSTRIA 1 1 UNICREDIT SPA 100.00

Issued Capital EUR 1,681,033,521

172 UNICREDIT BANK CZECH REPUBLIC AND

SLOVAKIA, A.S. PRAGUE PRAGUE CZECH

REPUBLIC 1 1 UNICREDIT SPA 100.00

Issued Capital CZK 8,754,617,898

173 UNICREDIT BANK D.D. MOSTAR MOSTAR BOSNIA AND

HERZEGOVINA 1 1 ZAGREBACKA BANKA D.D. 99.30 99.31

Issued Capital BAM 119,195,000

174 UNICREDIT BANK GMBH MUNICH MUNICH GERMANY 1 1 UNICREDIT SPA 100.00

Issued Capital EUR 2,407,151,016

175 UNICREDIT BANK HUNGARY ZRT. BUDAPEST BUDAPEST HUNGARY 1 1 UNICREDIT SPA 100.00

Issued Capital HUF 24,118,220,000

176 UNICREDIT BANK S.A. BUCHAREST BUCHAREST ROMANIA 1 1 UNICREDIT SPA 89.09

Issued Capital RON 1,312,483,938

177 UNICREDIT BANK SERBIA JSC BELGRADE BELGRADE SERBIA 1 1 UNICREDIT SPA 100.00

Issued Capital RSD 23,607,620,000

178 UNICREDIT BANKA SLOVENIJA D.D. LJUBLJANA LJUBLJANA SLOVENIA 1 1 UNICREDIT SPA 100.00

Issued Capital EUR 20,383,698

179 UNICREDIT BPC MORTAGE SRL (COVERED

BONDS) VERONA VERONA ITALY 4 2 UNICREDIT SPA ... (3)

180 UNICREDIT BPC MORTGAGE S.R.L. VERONA VERONA ITALY 1 2 UNICREDIT SPA 60.00

Issued Capital EUR 12,000

181 UNICREDIT BROKER S.R.O. BRATISLAVA BRATISLAVA SLOVAKIA 1 2 UNICREDIT LEASING SLOVAKIA A.S. 100.00

Issued Capital EUR 8,266

182 UNICREDIT BULBANK AD SOFIA SOFIA BULGARIA 1 1 UNICREDIT SPA 99.45

Issued Capital EUR 145,746,104

183 UNICREDIT CAPITAL MARKETS LLC NEW YORK NEW YORK U.S.A. 1 2 UNICREDIT U.S. FINANCE LLC 100.00

Issued Capital USD 100,100

184 UNICREDIT CENTER AM KAISERWASSER GMBH VIENNA VIENNA AUSTRIA 1 3 UNICREDIT BANK AUSTRIA AG 100.00

Issued Capital EUR 35,000

185 UNICREDIT CONSUMER FINANCING EAD SOFIA SOFIA BULGARIA 1 2 UNICREDIT BULBANK AD 100.00

Issued Capital EUR 1,428,000

186 UNICREDIT CONSUMER FINANCING IFN S.A. BUCHAREST BUCHAREST ROMANIA 1 2 UNICREDIT BANK S.A. 50.10

Issued Capital RON 173,269,200 UNICREDIT SPA 49.90

187 UNICREDIT DIRECT SERVICES GMBH MUNICH MUNICH GERMANY 1 3 UNICREDIT BANK GMBH 100.00

Issued Capital EUR 767,000

188 UNICREDIT FACTORING CZECH REPUBLIC AND

SLOVAKIA, A.S. PRAGUE PRAGUE CZECH

REPUBLIC 1 2 UNICREDIT BANK CZECH REPUBLIC AND

SLOVAKIA, A.S. 100.00

Issued Capital CZK 222,600,000

189 UNICREDIT FACTORING SPA MILAN MILAN ITALY 1 2 UNICREDIT SPA 100.00

Issued Capital EUR 414,348,000

190 UNICREDIT FLEET MANAGEMENT EOOD SOFIA SOFIA BULGARIA 1 3 UNICREDIT BULBANK AD 100.00

Issued Capital EUR 51,129

191 UNICREDIT FLEET MANAGEMENT S.R.O. PRAGUE PRAGUE CZECH

REPUBLIC 1 3 UNICREDIT LEASING CZ, A.S. 100.00

Issued Capital CZK 5,000,000

192 UNICREDIT FLEET MANAGEMENT S.R.O. BRATISLAVA BRATISLAVA SLOVAKIA 1 3 UNICREDIT LEASING SLOVAKIA A.S. 100.00

Issued Capital EUR 6,639

193 UNICREDIT GARAGEN ERRICHTUNG UND

VERWERTUNG GMBH VIENNA VIENNA AUSTRIA 1 2 EUROLEASE RAMSES IMMOBILIEN LEASING

GESELLSCHAFT M.B.H. 99.80

Issued Capital EUR 57,000 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

194 UNICREDIT GUSTRA LEASING GMBH VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 10.00

Issued Capital EUR 35,000 UNICREDIT PEGASUS LEASING GMBH 90.00

195 UNICREDIT HAMRED LEASING GMBH VIENNA VIENNA AUSTRIA 1 2 UNICREDIT PEGASUS LEASING GMBH 90.00

Issued Capital EUR 35,000 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 10.00

196 UNICREDIT INSURANCE BROKER EOOD SOFIA SOFIA BULGARIA 1 2 UNICREDIT LEASING EAD 100.00

Issued Capital EUR 2,556

197 UNICREDIT INSURANCE BROKER GMBH VIENNA VIENNA AUSTRIA 1 2 PIRTA VERWALTUNGS GMBH 100.00

Issued Capital EUR 156,905

198 UNICREDIT INSURANCE BROKER SRL BUCHAREST BUCHAREST ROMANIA 1 2 UNICREDIT LEASING CORPORATION IFN S.A. 100.00

Issued Capital RON 150,000

199 UNICREDIT INTERNATIONAL BANK

(LUXEMBOURG) SA NIEDERANVEN NIEDERANVEN LUXEMBOURG 1 1 UNICREDIT SPA 100.00

Issued Capital EUR 13,406,600

200 UNICREDIT INVEST ALTERNATIVES GMBH GRUENWALD GRUENWALD GERMANY 1 2 WEALTH MANAGEMENT CAPITAL HOLDING

GMBH 100.00

Issued Capital EUR 125,000

201 UNICREDIT INVEST LUX S.A. SENNINGERBERG SENNINGERBERG LUXEMBOURG 1 2 UNICREDIT INTERNATIONAL BANK

(LUXEMBOURG) SA 100.00

Issued Capital EUR 125,500

202 UNICREDIT JELZALOGBANK ZRT. BUDAPEST BUDAPEST HUNGARY 1 1 UNICREDIT BANK HUNGARY ZRT. 100.00

Issued Capital HUF 3,000,000,000

203 UNICREDIT KFZ LEASING GMBH VIENNA VIENNA AUSTRIA 1 2 GALA GRUNDSTUECKVERWALTUNG

GESELLSCHAFT M.B.H. 100.00

Issued Capital EUR 648,000

204 UNICREDIT LEASED ASSET MANAGEMENT SPA MILAN MILAN ITALY 1 3 UNICREDIT LEASING SPA 100.00

Issued Capital EUR 1,000,000

205 UNICREDIT LEASING (AUSTRIA) GMBH VIENNA VIENNA AUSTRIA 1 2 UNICREDIT BANK AUSTRIA AG 89.98

Issued Capital EUR 17,296,134 PAYTRIA UNTERNEHMENSBETEILIGUNGEN

GMBH 0.02

BA-CA MARKETS & INVESTMENT BETEILIGUNG

GES.M.B.H. 10.00

Condensed interim consolidated financial statements | Explanatory notes Part A - Accounting policies UniCredit Consolidated first half financial report as at 30 June 2026 81 OWNERSHIP RELATIONSHIP

COMPANY NAME ADMINISTRATIVE

OFFICE MAIN OFFICE COUNTRY TYPE OF

RELATIONSHIP

(1) BUSINESS

SECTOR

(5) HELD BY HOLDING

% VOTING

RIGHTS

% (2)

206 UNICREDIT LEASING ALPHA ASSETVERMIETUNG

GMBH VIENNA VIENNA AUSTRIA 1 3 BETEILIGUNGSVERWALTUNGSGESELLSCHAFT

DER BANK AUSTRIA CREDITANSTALT LEASING

GMBH 100.00

Issued Capital EUR 35,000

207 UNICREDIT LEASING CORPORATION IFN S.A. BUCHAREST BUCHAREST ROMANIA 1 2 UNICREDIT CONSUMER FINANCING IFN S.A. 0.05

Issued Capital RON 90,989,013 UNICREDIT BANK S.A. 99.96

208 UNICREDIT LEASING CROATIA D.O.O. ZA

LEASING ZAGREB ZAGREB CROATIA 1 2 ZAGREBACKA BANKA D.D. 100.00

Issued Capital EUR 3,810,000

209 UNICREDIT LEASING CZ, A.S. PRAGUE PRAGUE CZECH

REPUBLIC 1 2 UNICREDIT BANK CZECH REPUBLIC AND

SLOVAKIA, A.S. 100.00

Issued Capital CZK 981,452,000

210 UNICREDIT LEASING EAD SOFIA SOFIA BULGARIA 1 2 UNICREDIT BULBANK AD 100.00

Issued Capital EUR 1,328,550

211 UNICREDIT LEASING FLEET MANAGEMENT S.R.L. BUCHAREST BUCHAREST ROMANIA 1 3 PIRTA VERWALTUNGS GMBH 90.02

Issued Capital RON 680,000 UNICREDIT LEASING CORPORATION IFN S.A. 9.99

212 UNICREDIT LEASING HUNGARY ZRT BUDAPEST BUDAPEST HUNGARY 1 2 UNICREDIT BANK HUNGARY ZRT. 100.00

Issued Capital HUF 50,000,000

213 UNICREDIT LEASING SLOVAKIA A.S. BRATISLAVA BRATISLAVA SLOVAKIA 1 2 UNICREDIT LEASING CZ, A.S. 100.00

Issued Capital EUR 26,560,000

214 UNICREDIT LEASING SPA MILAN MILAN ITALY 1 2 UNICREDIT SPA 100.00

Issued Capital EUR 1,106,877,000

215 UNICREDIT LEASING SRBIJA D.O.O. BEOGRAD BELGRADE BELGRADE SERBIA 1 2 UNICREDIT BANK SERBIA JSC 100.00

Issued Capital RSD 2,067,955,401

216 UNICREDIT LEASING TECHNIKUM GMBH VIENNA VIENNA AUSTRIA 1 2 LEASFINANZ GMBH 99.80

Issued Capital EUR 35,000 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

217 UNICREDIT LIFE INSURANCE S.P.A. MILAN MILAN ITALY 1 4 UNICREDIT SPA 100.00

Issued Capital EUR 381,698,529

218 UNICREDIT LUNA LEASING GMBH VIENNA VIENNA AUSTRIA 1 2 UNICREDIT LEASING (AUSTRIA) GMBH 99.80

Issued Capital EUR 36,500 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

219 UNICREDIT MOBILIEN UND KFZ LEASING GMBH VIENNA VIENNA AUSTRIA 1 2 UNICREDIT LEASING (AUSTRIA) GMBH 1.00

Issued Capital EUR 36,500 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

BETEILIGUNGSVERWALTUNGSGESELLSCHAFT

DER BANK AUSTRIA CREDITANSTALT LEASING

GMBH 98.80

220 UNICREDIT NV/SA BRUSSELS BRUSSELS BELGIUM 1 1 UNICREDIT SPA 100.00

Issued Capital EUR 316,388,562

221 UNICREDIT OBG S.R.L. VERONA VERONA ITALY 1 2 UNICREDIT SPA 60.00

Issued Capital EUR 10,000

222 UNICREDIT OBG SRL (COVERED BONDS) VERONA VERONA ITALY 4 2 UNICREDIT SPA ... (3)

223 UNICREDIT OK1 LEASING GMBH VIENNA VIENNA AUSTRIA 1 2 UNICREDIT ZEGA LEASING -GESELLSCHAFT

M.B.H. 90.00

Issued Capital EUR 35,000 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 10.00

224 UNICREDIT PEGASUS LEASING GMBH VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

Issued Capital EUR 36,500 CALG IMMOBILIEN LEASING GMBH 74.80

UNICREDIT LEASING (AUSTRIA) GMBH 25.00

225 UNICREDIT POJISTOVACI MAKLERSKA SPOL.S

R.O. PRAGUE PRAGUE CZECH

REPUBLIC 1 2 UNICREDIT LEASING CZ, A.S. 100.00

Issued Capital CZK 510,000

226 UNICREDIT POLARIS LEASING GMBH VIENNA VIENNA AUSTRIA 1 2 UNICREDIT LEASING (AUSTRIA) GMBH 99.80

Issued Capital EUR 36,500 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

227 UNICREDIT RE SERVICES S.P.A. MILAN MILAN ITALY 1 3 UNICREDIT SPA 100.00

Issued Capital EUR 500,000

228 UNICREDIT STERNECK LEASING GMBH VIENNA VIENNA AUSTRIA 1 2 UNICREDIT PEGASUS LEASING GMBH 90.00

Issued Capital EUR 35,000 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 10.00

229 UNICREDIT TECHRENT LEASING GMBH VIENNA VIENNA AUSTRIA 1 2 BETEILIGUNGSVERWALTUNGSGESELLSCHAFT

DER BANK AUSTRIA CREDITANSTALT LEASING

GMBH 99.00

Issued Capital EUR 36,336 UNICREDIT LEASING (AUSTRIA) GMBH 1.00

Condensed interim consolidated financial statements | Explanatory notes Part A - Accounting policies UniCredit Consolidated first half financial report as at 30 June 2026 82 OWNERSHIP RELATIONSHIP

COMPANY NAME ADMINISTRATIVE

OFFICE MAIN OFFICE COUNTRY TYPE OF

RELATIONSHIP

(1) BUSINESS

SECTOR

(5) HELD BY HOLDING

% VOTING

RIGHTS

% (2)

230 UNICREDIT TURN -AROUND MANAGEMENT CEE

GMBH VIENNA VIENNA AUSTRIA 1 5 UNICREDIT SPA 100.00

Issued Capital EUR 750,000

231 UNICREDIT U.S. FINANCE LLC NEW YORK WILMINGTON U.S.A. 1 2 UNICREDIT BANK GMBH 100.00

Issued Capital USD 130

232 UNICREDIT VITA ASSICURAZIONI S.P.A. MILAN MILAN ITALY 1 4 UNICREDIT SPA 100.00

Issued Capital EUR 112,200,000

233 UNICREDIT ZEGA LEASING -GESELLSCHAFT

M.B.H. VIENNA VIENNA AUSTRIA 1 2 BETEILIGUNGSVERWALTUNGSGESELLSCHAFT

DER BANK AUSTRIA CREDITANSTALT LEASING

GMBH 99.80

Issued Capital EUR 36,500 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

234 UNIVERSALE INTERNATIONAL REALITAETEN

GMBH VIENNA VIENNA AUSTRIA 1 5 UNICREDIT BANK AUSTRIA AG 100.00

Issued Capital EUR 32,715,000

235 VAPE COMMUNA LEASINGGESELLSCHAFT

M.B.H. VIENNA VIENNA AUSTRIA 1 2 UNICREDIT LEASING (AUSTRIA) GMBH 25.00

Issued Capital EUR 36,500 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

BETEILIGUNGSVERWALTUNGSGESELLSCHAFT

DER BANK AUSTRIA CREDITANSTALT LEASING

GMBH 74.80

236 VERMIETUNGSGESELLSCHAFT MBH & CO

OBJEKT MOC KG MUNICH MUNICH GERMANY 1 5 HVB IMMOBILIEN AG 89.45 89.40

Issued Capital EUR 48,728,161

237 VISCONTI SRL MILAN MILAN ITALY 1 3 UNICREDIT SPA 76.00

Issued Capital EUR 2,649,992

238 VODENO SP.ZO.O. WARSAW WARSAW POLAND 1 3 UNICREDIT SPA 100.00

Issued Capital PLN 695,642,840

239 WEALTH MANAGEMENT CAPITAL HOLDING

GMBH MUNICH MUNICH GERMANY 1 2 UNICREDIT BANK GMBH 100.00

Issued Capital EUR 26,000

240 WEALTHCAP ENTITY SERVICE GMBH MUNICH MUNICH GERMANY 1 5 WEALTHCAP REAL ESTATE MANAGEMENT

GMBH 100.00

Issued Capital EUR 25,000

241 WEALTHCAP EQUITY GMBH MUNICH MUNICH GERMANY 1 2 WEALTHCAP INITIATOREN GMBH 100.00

Issued Capital EUR 500,000

242 WEALTHCAP FONDS GMBH MUNICH MUNICH GERMANY 1 2 WEALTHCAP INITIATOREN GMBH 100.00

Issued Capital EUR 512,000

243 WEALTHCAP IMMOBILIEN 1 GMBH & CO. KG MUNICH MUNICH GERMANY 1 2 WEALTHCAP REAL ESTATE MANAGEMENT

GMBH 100.00 50.00

Issued Capital EUR 5,000

244 WEALTHCAP IMMOBILIEN 2 GMBH & CO. KG MUNICH MUNICH GERMANY 1 2 WEALTHCAP REAL ESTATE MANAGEMENT

GMBH 94.34 50.00

Issued Capital EUR 10,600 WEALTHCAP VORRATS -2 GMBH 5.66 50.00

245 WEALTHCAP IMMOBILIENANKAUF

KOMPLEMENTAER GMBH MUNICH MUNICH GERMANY 1 5 WEALTHCAP ENTITY SERVICE GMBH 100.00

Issued Capital EUR 25,000

246 WEALTHCAP IMMOBILIENFONDS DEUTSCHLAND

36 KOMPLEMENTAR GMBH MUNICH MUNICH GERMANY 1 3 H.F.S. LEASINGFONDS GMBH 100.00

Issued Capital EUR 25,565

247 WEALTHCAP IMMOBILIENFONDS DEUTSCHLAND

38 KOMPLEMENTAR GMBH MUNICH MUNICH GERMANY 1 3 WEALTHCAP ENTITY SERVICE GMBH 100.00

Issued Capital EUR 25,000

248 WEALTHCAP INITIATOREN GMBH MUNICH MUNICH GERMANY 1 2 WEALTH MANAGEMENT CAPITAL HOLDING

GMBH 100.00

Issued Capital EUR 1,533,876

249 WEALTHCAP INVESTMENT SERVICES GMBH MUNICH MUNICH GERMANY 1 2 UNICREDIT BANK GMBH 10.00

Issued Capital EUR 4,000,000 WEALTH MANAGEMENT CAPITAL HOLDING

GMBH 90.00

250 WEALTHCAP INVESTORENBETREUUNG GMBH MUNICH MUNICH GERMANY 1 2 WEALTHCAP INVESTMENT SERVICES GMBH 100.00

Issued Capital EUR 60,000

251 WEALTHCAP LEASING GMBH GRUENWALD GRUENWALD GERMANY 1 2 WEALTH MANAGEMENT CAPITAL HOLDING

GMBH 100.00

Issued Capital EUR 25,000

252 WEALTHCAP MANAGEMENT SERVICES GMBH MUNICH MUNICH GERMANY 1 2 WEALTHCAP PEIA MANAGEMENT GMBH 100.00

Issued Capital EUR 50,000 253 WEALTHCAP OBJEKT -VORRAT 35 GMBH & CO.

KG MUNICH MUNICH GERMANY 1 2 UNICREDIT INVEST ALTERNATIVES GMBH 79.80 25.00

Issued Capital EUR 10,000 WEALTHCAP IMMOBILIEN 1 GMBH & CO. KG 10.10 25.00

WEALTHCAP IMMOBILIEN 2 GMBH & CO. KG 10.10 25.00

254 WEALTHCAP OBJEKT -VORRAT 37 GMBH & CO.

KG MUNICH MUNICH GERMANY 1 2 UNICREDIT INVEST ALTERNATIVES GMBH 79.80 25.00

Issued Capital EUR 10,000 WEALTHCAP IMMOBILIEN 1 GMBH & CO. KG 10.10 25.00

WEALTHCAP IMMOBILIEN 2 GMBH & CO. KG 10.10 25.00

255 WEALTHCAP PEIA KOMPLEMENTAR GMBH GRUENWALD GRUENWALD GERMANY 1 5 WEALTHCAP PEIA MANAGEMENT GMBH 100.00

Issued Capital EUR 26,000

256 WEALTHCAP PEIA MANAGEMENT GMBH MUNICH MUNICH GERMANY 1 2 UNICREDIT BANK GMBH 6.00

Issued Capital EUR 1,023,000 WEALTH MANAGEMENT CAPITAL HOLDING

GMBH 94.00

Condensed interim consolidated financial statements | Explanatory notes Part A - Accounting policies UniCredit Consolidated first half financial report as at 30 June 2026 83 OWNERSHIP RELATIONSHIP

COMPANY NAME ADMINISTRATIVE

OFFICE MAIN OFFICE COUNTRY TYPE OF

RELATIONSHIP

(1) BUSINESS

SECTOR

(5) HELD BY HOLDING

% VOTING

RIGHTS

% (2)

257 WEALTHCAP REAL ESTATE MANAGEMENT GMBH MUNICH MUNICH GERMANY 1 2 WEALTHCAP INVESTMENT SERVICES GMBH 100.00

Issued Capital EUR 60,000

258 WEALTHCAP SPEZIAL - AIF-SV BUERO 8 GRUENWALD GRUENWALD GERMANY 4 2 WEALTH MANAGEMENT CAPITAL HOLDING

GMBH ... (3)

259 WEALTHCAP VORRATS -2 GMBH MUNICH MUNICH GERMANY 1 2 WEALTHCAP FONDS GMBH 100.00

Issued Capital EUR 25,000

260 WEICKER S.A R.L. * LUXEMBOURG LUXEMBOURG LUXEMBOURG 1 3 UNICREDIT BANK GMBH 100.00

Issued Capital EUR 20,658,840

261 WOEM GRUNDSTUECKSVERWALTUNGS -

GESELLSCHAFT M.B.H. VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

Issued Capital EUR 36,336 UNICREDIT LEASING (AUSTRIA) GMBH 99.80

262 Z LEASING ALFA IMMOBILIEN LEASING

GESELLSCHAFT M.B.H. VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

Issued Capital EUR 36,500 UNICREDIT LEASING (AUSTRIA) GMBH 99.80

263 Z LEASING ARKTUR IMMOBILIEN LEASING

GESELLSCHAFT M.B.H. VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

Issued Capital EUR 36,500 UNICREDIT LEASING (AUSTRIA) GMBH 99.80

264 Z LEASING AURIGA IMMOBILIEN LEASING

GESELLSCHAFT M.B.H. VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

Issued Capital EUR 36,500 UNICREDIT GARAGEN ERRICHTUNG UND

VERWERTUNG GMBH 99.80

265 Z LEASING DORADO IMMOBILIEN LEASING

GESELLSCHAFT M.B.H. VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

Issued Capital EUR 36,500 CALG GRUNDSTUECKVERWALTUNG GMBH 99.80

266 Z LEASING GAMA IMMOBILIEN LEASING

GESELLSCHAFT M.B.H. VIENNA VIENNA AUSTRIA 1 2 UNICREDIT LEASING (AUSTRIA) GMBH 99.80

Issued Capital EUR 36,500 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

267 Z LEASING GEMINI IMMOBILIEN LEASING

GESELLSCHAFT M.B.H. VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

Issued Capital EUR 36,500 UNICREDIT GARAGEN ERRICHTUNG UND

VERWERTUNG GMBH 99.80

268 Z LEASING HEBE IMMOBILIEN LEASING

GESELLSCHAFT M.B.H. VIENNA VIENNA AUSTRIA 1 2 GEBAEUDELEASING

GRUNDSTUCKSVERWALTUNGSGESELLSCHAFT

M.B.H. 99.80

Issued Capital EUR 36,500 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

269 Z LEASING HERCULES IMMOBILIEN LEASING

GESELLSCHAFT M.B.H. VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

Issued Capital EUR 36,500 UNICREDIT GARAGEN ERRICHTUNG UND

VERWERTUNG GMBH 99.80

270 Z LEASING IPSILON IMMOBILIEN LEASING

GESELLSCHAFT M.B.H. VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

Issued Capital EUR 36,500 UNICREDIT GARAGEN ERRICHTUNG UND

VERWERTUNG GMBH 99.80

271 Z LEASING ITA IMMOBILIEN LEASING

GESELLSCHAFT M.B.H. VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

Issued Capital EUR 36,500 GALA GRUNDSTUECKVERWALTUNG

GESELLSCHAFT M.B.H. 99.80

272 Z LEASING KALLISTO IMMOBILIEN LEASING

GESELLSCHAFT M.B.H. VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

Issued Capital EUR 36,500 UNICREDIT LEASING (AUSTRIA) GMBH 99.80

273 Z LEASING LYRA IMMOBILIEN LEASING

GESELLSCHAFT M.B.H. VIENNA VIENNA AUSTRIA 1 2 GALA GRUNDSTUECKVERWALTUNG

GESELLSCHAFT M.B.H. 99.80

Issued Capital EUR 36,500 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

274 Z LEASING NEREIDE IMMOBILIEN LEASING

GESELLSCHAFT M.B.H. VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

Issued Capital EUR 36,500 UNICREDIT LEASING (AUSTRIA) GMBH 99.80

275 Z LEASING OMEGA IMMOBILIEN LEASING

GESELLSCHAFT M.B.H. VIENNA VIENNA AUSTRIA 1 2 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 0.20

Issued Capital EUR 36,500 CALG DELTA GRUNDSTUECKVERWALTUNG

GMBH 99.80

276 Z LEASING PERSEUS IMMOBILIEN LEASING

GESELLSCHAFT M.B.H. VIENNA VIENNA AUSTRIA 1 2 UNICREDIT ZEGA LEASING -GESELLSCHAFT

M.B.H. 90.00

Issued Capital EUR 36,500 UCLA IMMO -BETEILIGUNGSHOLDUNG GMBH &

CO KG 10.00

277 ZAGREBACKA BANKA D.D. ZAGREB ZAGREB CROATIA 1 1 UNICREDIT SPA 96.19

Issued Capital EUR 850,068,233

278 ZB EPLUS ZAGREB ZAGREB CROATIA 4 2 ZAGREBACKA BANKA D.D. ... (3)

Condensed interim consolidated financial statements | Explanatory notes Part A - Accounting policies UniCredit Consolidated first half financial report as at 30 June 2026 84

OWNERSHIP RELATIONSHIP

COMPANY NAME MAIN OFFICE ADMINISTRATIVE

OFFICE COUNTRY TYPE OF

RELATIONSHIP

(1) BUSINESS

SECTOR (5) HELD BY HOLDING % VOTING RIGHTS %

(2)

VALUED AT EQUITY METHOD

A.2 INVESTMENTS IN JOINT VENTURES

1 FIDES LEASING GMBH VIENNA VIENNA AUSTRIA 7 2 CALG ANLAGEN LEASING GMBH 50.00

Issued Capital EUR 36,000

A.3 COMPANIES UNDER SIGNIFICANT

INFLUENCE

2 ALLIANZ ZB D.O.O. DRUSTVO ZA

UPRAVLJANJE OBVEZNIM I

DOBROVOLJNIM MIROVINSKIM

FONDOVIMA ZAGREB ZAGREB CROATIA 8 2 ZAGREBACKA BANKA D.D. 49.00

Issued Capital EUR 13,935,895

3 ALPHA BANK S.A. ATHENS ATHENS GREECE 8 1 UNICREDIT SPA 29.80(6) 32.07(7)

Issued Capital EUR 671,000,000

4 BKS BANK AG KLAGENFURT KLAGENFURT AUSTRIA 8 1 CABO

BETEILIGUNGSGESELLSCHAFT

M.B.H. 23.15

Issued Capital EUR 91,612,000 UNICREDIT BANK AUSTRIA AG 6.63

5 BP HOLDING S.P.A. MILAN MILAN ITALY 8 2 UNICREDIT SPA 20.00

Issued Capital EUR 42,500,000

6 BTV VIER LAENDER BANK AG INNSBRUCK INNSBRUCK AUSTRIA 8 1 CABO

BETEILIGUNGSGESELLSCHAFT

M.B.H. 37.53

Issued Capital EUR 74,250,000 UNICREDIT BANK AUSTRIA AG 9.85

7 CAMFIN S.P.A. MILAN MILAN ITALY 8 5 UNICREDIT SPA 8.53 15.82

Issued Capital EUR 110,000,000

8 CASH SERVICE COMPANY AD SOFIA SOFIA BULGARIA 8 5 UNICREDIT BULBANK AD 25.00

Issued Capital EUR 6,391,125

9 CBD INTERNATIONAL SP.ZO.O. WARSAW WARSAW POLAND 8 5 UNIVERSALE INTERNATIONAL

REALITAETEN GMBH 49.75

Issued Capital PLN 100,500

10 COMMERZBANK AG FRANKFURT AM

MAIN FRANKFURT AM

MAIN GERMANY 8 1 UNICREDIT SPA 26.77(8) 29.99(9)

Issued Capital EUR 1,081,000,000

11 COMPAGNIA AEREA ITALIANA S.P.A. ROME ROME ITALY 8 5 UNICREDIT SPA 36.59

Issued Capital EUR 352,940

12 COMTRADE GROUP GMBH ZUG ZUG SWITZERLAND 8 5 UNICREDIT BANK GMBH 21.05

Issued Capital EUR 4,522,000

13 DA VINCI S.R.L. ROME ROME ITALY 8 5 IDEA FIMIT SGR FONDO SIGMA

IMMOBILIARE 37.50

Issued Capital EUR 100,000

14 NOTARTREUHANDBANK AG VIENNA VIENNA AUSTRIA 8 2 UNICREDIT BANK AUSTRIA AG 25.00

Issued Capital EUR 8,030,000

15 OBERBANK AG LINZ LINZ AUSTRIA 8 1 CABO

BETEILIGUNGSGESELLSCHAFT

M.B.H. 23.76

Issued Capital EUR 105,917,000 UNICREDIT BANK AUSTRIA AG 3.41

16 OESTERREICHISCHE KONTROLLBANK

AKTIENGESELLSCHAFT VIENNA VIENNA AUSTRIA 8 1 CABET -HOLDING GMBH 24.75

Issued Capital EUR 130,000,000 SCHOELLERBANK

AKTIENGESELLSCHAFT 8.26

UNICREDIT BANK AUSTRIA AG 16.14

17 OESTERREICHISCHE

WERTPAPIERDATEN SERVICE GMBH VIENNA VIENNA AUSTRIA 8 5 UNICREDIT BANK AUSTRIA AG 29.30

Issued Capital EUR 100,000

18 PSA PAYMENT SERVICES AUSTRIA

GMBH VIENNA VIENNA AUSTRIA 8 2 UNICREDIT BANK AUSTRIA AG 24.00

Issued Capital EUR 285,000

19 RCI FINANCIAL SERVICES S.R.O. PRAGUE PRAGUE CZECH

REPUBLIC 8 2 UNICREDIT LEASING CZ, A.S. 50.00 49.86

Issued Capital CZK 70,000,000

20 UNICREDIT ALLIANZ ASSICURAZIONI

S.P.A. MILAN MILAN ITALY 8 4 UNICREDIT SPA 50.00

Issued Capital EUR 52,000,000

21 WKBG WIENER KREDITBUERGSCHAFTS -

UND BETEILIGUNGSBANK AG VIENNA VIENNA AUSTRIA 8 2 UNICREDIT BANK AUSTRIA AG 21.54

Issued Capital EUR 9,205,109

Notes to the table showing the investments in subsidiaries and valued at equity:

* Companies classified in the consolidated Financial Statements their assets and liabilities respectively as "Non -current assets and disposal groups classified as held for sale" and "Liabilities associated with assets classified as held for sale" according t o IFRS5.

(1) Type of relationship:

1= majority of voting rights at ordinary shareholders’ meeting;

2= dominant influence at ordinary shareholders’ meeting;

3= agreements with other shareholders;

4= other types of control;

5= centralised management pursuant to paragraph 1 of Art.39 of “Legislative decree 136/2015”;

6= centralised management pursuant to paragraph 2 of Art.39 of “Legislative decree 136/2015”;

7= joint control;

8= associated companies.

(2) Voting rights available in general meeting. Voting rights are disclosed only if different from the percentage of ownershi p.

(3) Companies consolidated line by line under IFRS10 as a result of the simultaneous availability of power to govern the rele vant activities and exposures to variability of related returns.

Condensed interim consolidated financial statements | Explanatory notes Part A - Accounting policies UniCredit Consolidated first half financial report as at 30 June 2026 85 (4) It should be noted that as at 30 June 2026 the voting rights that can be exercised directly or indirectly relating to subsidi aries based in Russia, or companies subject to significant influence by them, are enforceable and there are no indications that lead to reconsider the effectiveness of the shareholding relationship with these companies on t he same date.

(5) Business sector:

1= Banks;

2= Financial entities;

3= Ancillary banking entities services;

4= Insurance enterprises;

5= Non -financial enterprises;

6= Other equity investments.

(6) Percentage calculated considering the number of Alpha Bank’s shares issued as at 30 June 2026. Considering the number of share outstanding, net of those repurchased under the share buy -back program, the percentage of holding would be equal to 30.61%. For further information on the acquisition of the significant influence over Alpha Bank S.A., refer to “Section 5 - Other matters” in Part A - Accounting policies, A.1 General.

(7) It should be noted that as at 30 June 2026 the total voting rights equal to 32.07% is due to: (i) voting rights that can be d irectly exercised by UniCredit equal to 29.8 0%; and (ii) voting rights coming from the Total Return Swap (TRS) derivatives convertible into shares equal to 2.27%. Percentages are calculated considering the number of Alpha Ban k’s shares issued as at 30 June 2026. Considering the number of share outstanding, net of those repurchased under the share buy -back program, the percentage o f voting rights would be equal to 32.94 %. For further information on the acquisition of the significant influence over Alpha Bank S.A., refer to “Section 5 - Other matters” in Part A - Accounting policies, A.1 General.

(8) Percentage calculated considering the number of Commerzbank’s shares issued as at 30 June 2026. Considering the number of share outstanding, net of those repurchased under the share buy -back program, the percentage of holding would be equal to 27.93% . For further information on the acquisition of the significant influence over Commerzbank AG, refer to “Section 5 - Other matters” in Part A - Accounting policies, A.1 General.

(9) It should be noted that as at 30 June 2026 the total voting rights equal to 29.99% is due to: (i) voting rights that can be d irectly exercised by UniCredit equal to 26.77%; and (ii) voting rights coming from the Total Return Swap (TRS) derivatives currentl y convertible into shares equal to 3.22%. Percentages are calculated considering the number of Commerzbank’s shares issued as at 30 June 2026. Considering the number of share outstanding, net of those repurchased under the share buy -back program, the p ercentage of voting rights would be equal to 31.29%. For further information on the acquisition of the significant influence over Commerzbank AG, refer to “Section 5 - Other matters” in Part A - Accounting policies, A.1 General.

Changes in the scope of consolidation Companies consolidated line by line, including the Parent Company and those ones classified as non -current assets and asset disposal groups, decreased by 6 entities compared with 31 December 202 5 (3 inclusions and 9 exclusions as a result of disposals /liquidations , changes of the consolidation method and mergers), from 284 as at 31 December 202 5 to 278 as at 30 June 20 26.

Companies consolidated at equity, including those ones classified as non -current assets and asset disposal groups, were unchanged (i.e. 21 companies) compared to 31 December 2025 as a result of 1 inclusion due to the acquisition of a new company and 1 exclusion for the change of consolidation method .

With reference to 30 June 202 6, it can be noted that 1 23 controlled entities (of which 17 belonging to the banking group) were not consolidated for materiality threshold and/or liquidation procedures. Based on available information, it is believed that their consolidation would not have impacted significantly the Group net equity.

Wholly -owned subsidiaries The following table shows the changes in equity investments in wholly -owned subsidiaries.

Equity investments in wholly -owned subsidiaries (consolidated line by line): annual changes

NUMBER OF COMPANIES

A. Opening balance (from previous year) 284 B. Increased by 3 B.1 Newly established companies -

B.2 Change of the consolidation method 2 B.3 Entities consolidated for the first time in the year 1 C. Reduced by 9 C.1 Disposal/Liquidation 7 C.2 Change of the consolidation method 2 C.3 Mergers in other Group entities -

D. Closing balance 278

The tables below analyse s the increases and decreases occurred during the first half of the year by company.

Increases

Change of the consolidation method

COMPANY NAME MAIN OFFICE

SOCIETA' AGRICOLA TENUTA CESARINA SRL ROME

EDILTRENNO S.R.L. - IN LIQUIDAZIONE MILAN

Entities consolidated for the first time in the year

COMPANY NAME MAIN OFFICE

SOCIETA' AGRICOLA TENUTA DEL GHIRLANDAIO

SRL IN LIQUIDAZIONE MILAN

Condensed interim consolidated financial statements | Explanatory notes Part A - Accounting policies UniCredit Consolidated first half financial report as at 30 June 2026 86 Reductions

Disposal/Liquidation

COMPANY NAME MAIN OFFICE COMPANY NAME MAIN OFFICE

MONNET 8 -10 S.A R.L. LUXEMBOURG ELEKTRA PURCHASE NO. 74 DAC DUBLIN

ELEKTRA PURCHASE NO. 37 DAC DUBLIN ELEKTRA PURCHASE NO. 83 DAC DUBLIN

ELEKTRA PURCHASE NO. 46 DAC DUBLIN PAI MANAGEMENT LTD DUBLIN

CA-ZETA REAL ESTATE DEVELOPMENT LIMITED

LIABILITY COMPANY BUDAPEST

Change of the consolidation method

COMPANY NAME MAIN OFFICE

NUOVA COMPAGNIA DI PARTECIPAZIONI - SOCIETA'

A RESPONSABILITA' LIMITATA ROME

WEALTHCAP EQUITY MANAGEMENT GMBH MUNICH

Entities line by line which changed the company name during the the year

COMPANY NAME MAIN OFFICE COMPANY NAME MAIN OFFICE

UNICREDIT INVEST ALTERNATIVES GMBH (former

WEALTHCAP

KAPITALVERWALTUNGSGESELLSCHAFT MBH) GRUENWALD

UNICREDIT INVEST LUX S.A. (former STRUCTURED

INVEST SOCIETE ANONYME) SENNINGERBERG

Equity investments in joint ventures and in companies under significant influence (consolidated at net equity): annual change s

NUMBER OF COMPANIES

A. Opening balance (from previous year) 21 B. Increased by 1 B.1 Newly established companies 1 B.2 Change of the consolidation method -

B.3 Entities consolidated for the first time in the year -

C. Reduced by 1 C.1 Disposal/Liquidation -

C.2 Change of the consolidation method 1 C.3 Mergers in other Group entities -

C.4 Other changes -

D. Closing balance 21

Increases

Newly established companies

COMPANY NAME MAIN OFFICE

BP HOLDING S.P.A. MILAN

Reductions

Change of the consolidation method

COMPANY NAME MAIN OFFICE

ASSET BANCARI II MILAN

As at 30 June 202 6, 7 equity investments (all held either directly or through consolidated subsidiaries) in associates were carried at cost.

Section 4 - Events subsequent to the reference date No material events have occurred after 30 June 202 6 that would make necessary to change any of the information provided in the “Condensed interim consolidated financial statements” as at the same date.

Condensed interim consolidated financial statements | Explanatory notes Part A - Accounting policies UniCredit Consolidated first half financial report as at 30 June 2026 87 Section 5 - Other matters In 2026, (i) Amendments to the Classification and Measurement of Financial Instruments - Amendments to IFRS9 and IFRS7 - (EU Regulation 2025/1047); (ii) Contracts Referencing Nature -dependent Electricity - Amendments to IFRS9 and IFRS7 (EU Regulation 2025/ 1266); (iii) Annual Improvements Volume 11 (EU Regulation 2025/1331) came into force.

With regard to: (i) Contracts Referencing Nature -dependent Electricity - Amendments to IFRS9 and IFRS7 (EU Regulation 2025/1266); and (ii) Annual Improvements Volume 11 (EU Regulation 2025/1331), they did not determine any material effect on the amounts re cognised in Balance sheet or Income statement.

With specific reference to the Amendments to IFRS9 and IFRS7, they clarify: (i) SPPI assessment for financial assets with con tingent features, including ESG linked terms, (ii) derecognition timing and introduced an accounting policy option for liabilities settled via electronic payment systems when specified criteria are met, (iii) guidance for assets with non recourse features and contractually linked instruments (C LIs).

Moreover, the Amendments require new and enhanced disclosures. In more details:

• with reference to the SPPI assessment for financial assets with contingent features, the amendments clarify how to assess whe ther contractual cash flows remain consistent with a basic lending arrangement when the contingent event itself does not relate dir ectly to changes in basic lending risks and costs. The analysis requires to consider all contractually possible scenarios. A contingent feature can still pass SPPI if contractual cash flows would not be significantly different from those of a financial ins trument with identical contractual terms, but without such a contingent feature;

• with reference to derecognition, the amendments clarify the date of derecognition of financial liabilities and introduce an a ccounting policy option to derecognise a financial liability before the settlement date when paid via an eligible electronic paymen t system. Conditions include: (i) no practical ability to withdraw/stop/cancel the payment; (ii) no practical ability to access the cash after initiating the instruction; a nd (iii) insignificant settlement risk with only a short time between instruction an d delivery;

• with reference to assets with non -recourse features and CLI the amendments clarify what ‘non recourse’ means in practice and refine the ‘look through’ requirements for both non recourse loans and CLIs.

The amendments enhance disclosures on: (i) investments in equity instruments designated at FVOCI to improve transparency on a mounts recognised in OCI, (ii) Instruments with contingent features requiring disclosing nature and terms of features that could ch ange the timing or amount of cash flows (e.g., ESG triggers), and how they affect risk and performance.

In this regard the Group has carried out a project to (i) assess the impact of new requirements specifically on ESG - linked instruments, (ii) guarantee compliance with new requirements, amending its policies and processes coherently, if needed, and (iii) produce the required disclosure.

No material impacts have arisen as Group policies were basically already compliant with the new requirements.

As at 3 0 June 2026 IFRS18 Presentation and Disclosure in Financial Statements (EU Regulation 2026/338) was endorsed by the European Commission, with applicability starting from 1 January 2027.

In detail, IFRS18 replaces IAS1 and introduces three sets of requirements to improve entities’ communication of financial per formance in the income statement: (i) presentation of new defined subtotals in the income statement, (ii) disclosure of Management -defined Performance Measures (MPM) and (iii) enhanced requirements for grouping (aggregation and disaggregation) of information.

With reference to the presentation of new defined subtotals, the standard requires an entity to (i) classify income and expen ses into operating, investing, financing, income taxes and discontinued operations categories in the income statement, and (ii) pre sent two new defined subtotals:

operating profit and profit before financing and income taxes.

The operating category consists of all income and expenses that are not classified in the investing, financing, income taxes or discontinued operations categories and, therefore, includes income and expenses arising from the entity’s main business activiti es.

The investing category includes: (i) income and expenses from assets that generate returns separately from an entity’s busine ss activities as well as (ii) income and expenses from cash and cash equivalents and investments in associates and joint ventures.

The financing category includes income and expenses on liabilities.

The income taxes category consists of income tax expense (or tax income) that is included in profit or loss in accordance wit h IAS12 Income Taxes.

The discontinued operations category consists of income and expenses from discontinued operations recognised in accordance with IFRS5 Non -

current Assets Held for Sale and Discontinued Operations.

With reference to banks, the standard envisages that income and expenses that would otherwise be classified in the investing or financing categories (such as interest income and expenses, fees, income and expenses, write -downs on loans and trading profit) are part of the operating result for such companies. Consequently, banks would not present the ‘profit before financing and income taxes’ subtotal.

Regarding MPM, the standard requires the disclosure of subtotals of income and expenses other than those listed by IFRS18 or specifically required by IFRS Accounting Standards, that a company uses in public communications outside financial statements to co mmunicate to investors management’s view of the financial performance.

Condensed interim consolidated financial statements | Explanatory notes Part A - Accounting policies UniCredit Consolidated first half financial report as at 30 June 2026 88 With reference to the requirements for grouping of the information, IFRS18 gives guidance for companies on grouping transacti ons and other events into the line items in the primary financial statements and information disclosed in the notes. In this regard the standard requires to present in the operating category expenses classified based on either their nature or their function.

The entry into force of IFRS18 will also lead to an update of Ban ca d’Italia Circular 262 with the aim to adjust the schemes and the disclosure tables to the requirements of the standard.

In this regard the Group has started a project for (i) classifying income and expenses within the categories foreseen by the new standard and (ii) update the internal processes and templates used for the production of financial statements to IFRS18 and Ban ca d’Italia Circular 262 requirements.

With specific refence to MPM the project foresees (i) the analysis of performance measures currently published in the Consoli dated report on operations, press release and market presentation to identify those measures that meet IFRS18 requirement for being qualified as MPM and (ii) the development of reconciliations between the MPM so identified and the related total or subtotal of income statement as well as the related disclosure .

The application of the following standards, amendments or interpretations of the existing accounting standards, issued by the IASB, is subject to completion of the endorsement process by the competent bodies of the European Commission: (i) IFRS19 Subsidiar ies without Public Accountability: Disclosures (May 2024) ; (ii) IFRS20 Regulatory Assets and Regulatory Liabilities (May 2026) ; (iii) Amendments to IAS21 The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Curr ency (November 2025) , (iv) Amendments to IFRS19 Subsidiaries without Public Accountability: Disclosures (August 2025) , and (v) Amendments to the Fair Value Option in IAS 28 Investments in Associates and Joint Ventures (June 2026) . Such new standards and amendments are not expected to have material impacts on amounts recognised in balance sheet or income statement.

The whole document is filed in the competent offices and entities as required by law.

The document “Consolidated first half financial report of UniCredit group as at 30 June 202 6” has been approved by the Board of Directors of 2 2 July 202 6 and is subject to review engagement by the External auditors KPMG S.p.A.

Acquisition of significant influence over Commerzbank AG On 8 May 2025, UniCredit received, from regulatory authorities, the consent to increase its investment in Commerzbank AG up t o 29.99%. Such authorisations allowed UniCredit to potentially exercise the option to convert into shares the Total Return Swap (TR S) derivatives envisaging physical settlement. Considering that:

• according to IAS28, (i) significant influence is presumed to exist if investors hold at least 20% of investee’s voting rights, and (ii) such asse ssment shall consider both actual and potential, currently exercisable, voting rights; and • as at 8 May 2025 , UniCredit held cash equity and TRS investments attributing actual and potential voting rights exceeding 20% of Commerzbank

share capital,

the significant influence was deemed acquired over Commerzbank since the same date .

As at 30 June 2026, the equity investment held in Commerzbank is equal to 27.9% (calculated on the basis of shares outstanding net of those repurchased by Commerzbank , equal to 26.8% considering issued shares) increased by 1.1% compared with 31 December 2025, following the conversions of derivative positions and the execution of Commerzbank Share Buy Back program. Regarding each incremental stake :

• Commerzbank net equity was estimated according to the latest available financial statements, adjusted to consider: (i) the performance accrued from 1 January 2026 till the acquisition date of each incremental stake; (ii) the effects resulting from the payment of AT1 c oupons ;

• the fair value of Commerzbank’s identifiable assets and liabilities was based on the public available information , leading to recogni se adjustments for: (i) the fair value of financial assets and liabilities; (ii) the newly recognised intangible assets9; (iii) deferred tax assets and liabilities .

In the first half of 2026, the application of the equity method and the effects stemming from the incremental stakes led to r ecogni se an overall profit for €698 million.

Acquisition of significant influence over Alpha Bank S.A.

On 11 December 2025, UniCredit received, from regulatory authorities, all the consents to increase its investment in Alpha Ba nk S.A. up to 29.99%.

Such authorisations allowed UniCredit to potentially exercise the option to convert into shares the Total Ret urn Swap (TRS) derivatives envisaging physical settlement. Considering that:

• according to IAS28, (i) significant influence is presumed to exist if investor holds at least 20% of investee’s voting rights and (ii) such assessment shall consider both actual and potential, currently exercisable, voting rights, and • as at 11 December 2025, UniCredit held cash equity and TRS investments attributing actual and potential voting rights exceedi ng 20% of Alpha Bank share capital, the significant influence was deemed acquired over Alpha Bank since the same date.

9 Intangible assets are mainly constituted by Customer relationships and Core deposits intangible evaluated , respectively , through : (i) “relief from royalty” method which, by applying market -based royalty rates, projects revenues over the asset’s useful life ; (ii) Multi -Period Excess Earnings Method which estimates the net cash flows attributable to the asset over its useful lif e.

Condensed interim consolidated financial statements | Explanatory notes Part A - Accounting policies UniCredit Consolidated first half financial report as at 30 June 2026 89 As at 30 June 2026, the equity investment held in Alpha Bank is equal to 30.6% (calculated on the basis of shares outstanding net of those repurchased by Alpha Bank , equal to 29.8% considering issued shares) increased by 20.7% compared with 31 December 2025 , following the conversions of derivative positions and the execution of Alpha Bank Share Buy Back program . Regarding each incremental stake:

• Alpha Bank net equity was estimated according to the latest available financial statements, adjusted to consider: (i) the performance accrued from 1 January 2026 till the acquisition date of each incremental stake; (ii) the effects resulting from the payment of AT1 coupon s;

• the fair value of Alpha Bank identifiable assets and liabilities was based on the public available information , leading to recogni se adjustments for:

(i) the fair value of financial assets and liabilities; (ii) the newly recognised intangible assets10; (iii) deferred tax assets and liabilities .

In the first half of 2026, the application of the equity method and the effects stemming from the incremental stakes led to r ecogni se an overall profit for €223 million.

Intervention in Banca Progetto On 27 March 2026, the Extraordinary Shareholders’ Meeting of Banca Progetto resolved a capital increase of €750 million, fully subscribed and paid in by the Interbank Deposit Protection Fund (FITD) as part of a preventive intervention - pursuant to article 35 of the Fund’s Articles of Association -

which involved five banks, including UniCredit.

The capital increase forms part of a recovery transaction - authorised by the Authorities - which provides for:

• the termination of the existing securitisation transactions of Banca Progetto entered for funding purposes, through the repur chase of the underlying receivables and the redemption of the related notes;

• the sale of a portfolio of non -performing exposures amounting to €2.1 billion to an Alternative Investment Fund (AIF), subscribed for 50% by AMCO - Asset Management Company S.p.A. (“AMCO”) and for the remaining 50% by the five Banks;

• the sale of a portfolio of the Bank’s performing loans to the five Banks and other institutional investors, through securitis ation transactions involving significant risk transfer;

• the disposal by FITD to a special purpose vehicle (BP Holding, equally owned by the five Banks) of 90% plus one share of the share capital of Banca Progetto following the capital increase.

Similarly to the other five banks participating in the intervention, UniCredit subscribed a 20% interest in BP Holding for €8 .5 million. In this regard, the governance structure of BP Holding provides that: (i) the Board of Directors of BP Holding consists of five members, each appointed by one of the five banks; (ii) the Board decisions are adopted by simple majority, except for a limited number of matters reserved to t he Board, such as extraordinary transactions, which require a qualified majority; (iii) shareholders’ meeting resolutions are passed in accordance with the majorities required under the applicable legislation.

Therefore, according to IAS28, and considering (i) the ownership interest held (20%) and (ii) the governance arrangements in place, the interest in BP Holding was classified as an investment in an associate and recognised under item “70. Equity Investments ”.

The subscribed assets (fund units for €148 million and securitisation notes for €112 million) were classified either under it em “20c. Other financial assets mandatorily at fair value” or under item “40. Financial assets at amortised cost”, depending on whe ther the contractual cash flow characteristics meet the requirements for measurement at amortised cost.

Implications of geopolitical tensions between Russia and Ukraine on C onsolidated first half financial report UniCredit group holds assets and liabilities potentially exposed to the consequences of the geopolitical tensions between Rus sia and Ukraine, specifically: (i) the Russian Subsidiaries included in the accounting scope of consolidation; (ii) the financial a ssets held by UniCredit S.p.A. and its non-Russian subsidiaries towards Russian counterparties.

The following sections outline further details specifically for Russian Subsidiaries (section “Assets and liabilities of Russ ian subsidiaries”) and for financial assets held by UniCredit S.p.A. and its non -Russian subsidiaries toward Russian counterparties (section “Financial assets held by UniCredit S.p.A. and its non -Russian subsidiaries toward Russian counterparties”).

10 Intangible assets are mainly constituted by Customer relationships and Core deposits intangible evaluated , respectively , through : (i) “relief from royalty” method which, by applying market -based royalty rates, projects revenues over the asset’s useful life ; (ii) Multi -Period Excess Earnings Method which estimates the net cash flows attributable to the asset over its useful lif e.

Condensed interim consolidated financial statements | Explanatory notes Part A - Accounting policies UniCredit Consolidated first half financial report as at 30 June 2026 90 1. Assets and liabilities of Russian subsidiaries The Group holds investments in Russia through AO UniCredit Bank and its subsidiar y OOO UniCredit Leasing.

The line -by-line consolidation determined the recognition of total assets for €6, 088 million vs . €6,048 million as at 31 December 202 5. The increase in total assets is mainly attributable to the appreciation of Ruble vs Euro compared to 31 December 2025 which more than offs ets the decrease in total asset s in local currenc y11.

As at 30 June 202 6, the revaluation reserves, whose treatment envisages the recycling through P&L in case of derecognition of the associated assets and liabilities , are equal to -€2,406 million mainly arising from the foreign exchange revaluation reserve resulting from the conversion of assets and liabilities of these companies in E uro; the positive delta for € 323 million compared to 31 December 2025 (-€2,729 million), is mainly due the appreciation of the Russian Ruble over the period12.

The loss of control over AO UniCredit Bank would determine the derecognition of net assets having a carrying value of €6, 982 million13 (also embedding the negative revaluation reserves), with a correspondent negative effect through P&L, in case the events leading to the derecognition would not envisage cash -in receivables; under a regulatory perspective over CET1 capital, the negative ef fect related to the revaluation Reserves (-€2,406 million) is basically neutral since it is already considered according to its nature and sign (also taking into account regul atory filters).

The following tables present the Balance sheet of such entities, together with their incidence over the corresponding consoli dated (UniCredit group level) Balance sheet line item s14.

(€ million)

AMOUNTS AS AT % OVER

CONSOLIDATED ITEM ASSETS 30.06.2026

10. Cash and cash balances 1,262 2.8% 20. Financial assets at fair value through profit or loss: 1 0.0% a) financial assets held for trading 1 0.0% b) financial assets designated at fair value - 0.0% c) other financial assets mandatorily at fair value - 0.0% 30. Financial assets at fair value through other comprehensive income 4 0.0% 40. Financial assets at amortised cost: 4,618 0.7% a) loans and advances to banks 3,616 5.5% b) loans and advances to customers 1,002 0.2% 50. Hedging derivatives 24 2.4% 60. Changes in fair value of portfolio hedged items (+/ -) - 0.0% 70. Equity investments - 0.0% 80. Insurance assets - 0.0% a) insurance contracts issued that are assets - 0.0% b) reinsurance contracts held that are assets - 0.0% 90. Property, plant and equipment 163 1.9% 100. Intangible assets - 0.0% of which: goodwill - 0.0% 110. Tax assets: 4 0.0% a) current - 0.0% b) deferred 4 0.1% 120. Non -current assets and disposal groups classified as held for sale 12 4.4% 130. Other assets - 0.0% Total assets 6,088 0.7%

11 Total assets in local currency decreased from RUB 583 billion to RUB 542 billion.

12 The exchange rate Ruble/ Euro as at 3 0 June 2026 was equal to 89.04 vs. 96.36 as at 31 December 202 5.

13 Amount which includes the recognition in P&L, following loss of control, of impairment losses on intercompany loans and the r ecycling of the Foreign investments hedging reserve .

14 The reported amounts provide the contribution of the mentioned subsidiaries to the consolidated financial statements thus net of intercompany a ssets and liabilities.

Condensed interim consolidated financial statements | Explanatory notes Part A - Accounting policies UniCredit Consolidated first half financial report as at 30 June 2026 91

(€ million)

AMOUNTS AS AT % OVER

CONSOLIDATED ITEM LIABILITIES AND SHAREHOLDERS' EQUITY 30.06.2026

10. Financial liabilities at amortised cost: 2,748 0.4% a) deposits from banks 426 0.8% b) deposits from customers 2,322 0.4% c) debt securities in issue - 0.0% 20. Financial liabilities held for trading 5 0.0% 30. Financial liabilities designated at fair value - 0.0% 40. Hedging derivatives 8 0.4% 50. Value adjustment of hedged financial liabilities (+/ -) - 0.0% 60. Tax liabilities: 96 3.4% a) current 27 1.3% b) deferred 69 10.6% 70. Liabilities associated with assets classified as held for sale - 0.0% 80. Other liabilities 1,302 6.6% 90. Provision for employee severance pay - 0.0% 100. Provisions for risks and charges: 63 1.0% a) commitments and guarantees given 4 0.4% b) post -retirement benefit obligations 21 0.8% c) other provisions for risks and charges 38 1.3% 110. Insurance liabilities - 0.0% a) insurance contracts issued that are liabilities - 0.0% b) reinsurance contracts held that are liabilities - 0.0%

Equity 1,866

Total liabilities and shareholders' equity 6,088 0.7%

Condensed interim consolidated financial statements | Explanatory notes Part A - Accounting policies UniCredit Consolidated first half financial report as at 30 June 2026 92 1.1 IFRS9 macroeconomic scenario The IFRS9 macroeconomic scenarios for the Russian subsidiaries were updated as at 30 June 202 6 consistently with other geographies of the Group . In line with IFRS9 standard and ESMA recommendations, the ECL is computed based on a multi -scenario approach, where the following ones , were considered , coherently with Budget/ Multiyear Plan :

• Basel ine scenario, broadly aligned with the scenario applied for the Shareholding Impairment Test and the Deferred Tax Assets Sustainability Test. Differences between the two scenarios are mainly attributable to the timing of updates (April for IFRS9 versus May for DTA), whi le the macroeconomic forecasts are broadly consistent15. It represents the central reference scenario with the highest probability of occurrence (60%) ;

• Alternative scenario, in line with the Alternative scenario adopted for Budget/Multiyear Plan, embedding a deterioration in the macroeconomic context, but with a lower probability of occurrence than the Base (35%) ;

• Positive scenario, reflecting better macroeconomic forecasts than the Base, with a lower probability than the other two scenarios (5%) .

The update of the IFRS9 macroeconomic scenario for the Russian subsidiaries has led to recognize, as at 30 June 202 6, additional write -downs for a not material amount, mainly driven by weaker GDP growth expectation, cumulatively around 1.5 percentage points lower over 2026 - 2028 compared with December 2025 .

For a description of main assumptions behind IFRS9 scenarios and related probability of realization, refer to Part A - Accounting policies, A.1 General, Section 2 - General preparation criteria.

1.2 Classification and re -rating of loans exposure Starting from 31 March 2022, in line with the IFRS916 provisions, AO UniCredit Bank loan exposures were entirely classified in Stage 2 as a significant increase in credit risk triggered by macro -economic circumstances, given the geopolitical crisis and the expected decrease in Russian GDP for the period 2022 -2024, observed starting from the first quarter 2022.

In addition, the internal ratings of Russian Sovereign exposures (resulting from IRB Groupwide Sovereign PD Model) were revie wed throughout 2022; and ultimately downgraded to timely embed the worsening of Russia creditworthiness, triggered by the severity of Western countries’ sanctions, the Russian authorities’ response (ban on transfer of FX currencies abroad) and the economic effects of the war.

The downgrade of the Sovereign internal ratings triggered the downgrades of Groupwide Multinationals (i.e., MNC) and Banks (b ulk of downgrades), which had Russia as country of risk. These downgrades determined an increase in the Expected Credit Losses (res ulting from the combination of PD, LGD and EAD parameters) and Loan Loss Provisions.

Starting from June 2024, the classification to Stage 2 for loan exposures held by AO UniCredit Bank was removed, and staging remains driven by the ordinary IFRS9 framework; the reasons underlying the removal of collective staging measures are motivated by the following risk analyses observed throughout an approx. 2 years’ time span:

• regular repayment performance of local portfolio;

• low level of default in -flows;

• significant portfolio de -risking achieved since first quarter 2022 thus further reducing the expected future default and loss risks;

• local portfolio progressively re -rated, thus incorporating quali -quantitative information representative of a post -crises outbreak in the Financial and

Qualitative modules;

• substantial irrelevance of government moratoria supporting measures activated in 2022;

• lower riskiness of onshore domestic portfolio compared to Russian cross -border/offshore portfolio booked outside AO UniCredit Bank.

As at 30 June 202 6, the related stock of LLP over performing loans is basically in line with the Group coverage over a gross exposure of € 4,111 million, whose breakdown is reported below :

• €3,623 million are represented by exposures towards Banks (as at December 202 5 the Gross exposure was equal to € 3,522 million);

• €488 million are represented by exposures towards customers (as at December 202 5 the Gross exposure was equal to €5 89 million).

15 The main differences relate to the CEE forecasts, such as higher Czech Republic average unemployment by 0.2% over 2026 -2028, higher cumulative Hungarian HPI by 1.6% and higher Slovenian unemployment by 1.1% in 2028. Further differences concern German GDP growth expectations for 2027 and 2028, equal to 1.6% and 2.0% under IFRS9 versus 1.3% and 1.3% under the DTA scenario.

16 IFRS9 par. B5.5.17 .

Condensed interim consolidated financial statements | Explanatory notes Part A - Accounting policies UniCredit Consolidated first half financial report as at 30 June 2026 93 1.3 Classification and re -rating of Russian government bonds During the 2022, the Russian debt securities belonging to the Amortized cost and FVtOCI portfolios were classified in Stage 2 and downgraded, given the increase in credit risk according to the internal models, in coherence with the loan exposures.

Starting from June 2024, the classification to Stage 2 for loan exposures held by AO UniCredit Bank was removed, and staging remains driven by the ordinary IFRS9 framework, consistently with credit exposures.

As at 30 June 2026, the related LLPs stock amounts to -€38 million (-€43 million as at year-end 202 5) with reference to € 541 million gross exposure (€538 million as at year-end 202 5)17.

With reference to the fair value calculation, starting from 28 February 2022, the Moscow Stock Exchange (MOEX) closed, and RU B bonds quotes became rare, disperse and actually not executable. Despite the MOEX progressively resumed trading starting from 21 M arch 2022, the bonds quotes were deemed to be not suitable for valuation purposes at consolidated level: as a matter of fact, from the perspective of UniCredit group (i.e., a Western based financial institution), the Russian market is not accessible and it cannot be representative of the fair value f or consolidated purposes’ evaluation; as a consequence, the fair value of the Russian Government debt securities was determined by applying a mark -to-model18 approach, instead of a mark -to-market approach.

Starting from the end of March 2026, however, a progressive deterioration in the reliability of the results produced by the a bove mark -to-model approach became evident due to: (i) the unavailability of a USD/RUB spread reflecting current market conditions; (ii) the absence of reliable market quotes for the model inputs; and (iii) unrealistic implied spreads for bonds approaching maturity, as these had become excess ively high. In light of these findings and the limited materiality of the phenomenon19, effective from the end of June 2026, it was decided to discontinue the use of this methodology and to consider the prices observed at the end of March 2026, without any further adjustments, as the best proxy for fair value.

1.4 Asset quality The following table provides the breakdown of financial assets held by Russian subsidiaries broken down by accounting portfol io and Credit quality.

(€ million)

NON -PERFORMING ASSETS PERFORMING ASSETS

TOTAL (NET

EXPOSURE) PORTFOLIOS/QUALITY GROSS

EXPOSURE OVERALL

WRITEDOWNS NET EXPOSURE OVERALL

PARTIAL

WRITE -OFFS(*) GROSS

EXPOSURE OVERALL

WRITEDOWNS NET EXPOSURE

1. Financial assets at amortised cost 221 201 20 - 4,649 52 4,597 4,617 2. Financial assets at fair value through other comprehensive income - - - - 4 - 4 4 3. Financial assets designated at fair value - - - - - - - -

4. Other financial assets mandatorily at fair value - - - - - - - -

5. Financial instruments classified as held for sale 27 15 12 - - - - 12 Total 30.06.2025 248 216 32 - 4,653 52 4,601 4,633

1.5 Derivative exposures In 2022, the sanctions and restrictions led the derivatives’ counterparties to interrupt servicing (stopping settlement and d isregarding margin call), thus resulting in the activation of close -out process according to ISDA Master Derivatives Agreements/Cre dit Support Annex. Such circumstance determined the recognition of Trading Profits/Losses in 2022 for -€94 million and of LLPs in 2022 and 2023 for -€45 million (the latter mainly referred to the write -downs recognised in “excess” of collaterals posted by counterparties and measured in Group Balance sheet at amortised cost).

Additional LLPs for approx. €1 million were recognised in first half of 2026, as a result the relevant net claim at that date is equal to €13 million.

With reference to the Fair value calculation, an update of XVA methodology, regarding calibration of risk inputs, was introdu ced since 31 March 2022, to reflect offshore risk (i.e., Russian risk assessment outside Russia). Indeed, till February 2022, the C VA risk mapping assimilated the country risk “Russia” to the average risks of Eastern Europe counterparties; then, since March 2022, a new CVA risk mapping w as introduced to assess Russian counterparty credit risk, by referencing the Russian Sovereign Credit Default Swap (CDS), separated from the E astern Europe counterparties considering the changed geopolitical framework.

The overall impact stemming from XVA in first half of 2026 was equal to €3 million, arising from the already mentioned de -risking activity which determined a decrease in the perimeter of instruments subject to such adjustments.

17 Net exposure equal to approximately €503 million as at 30 June 202 6 vs. approx imately €495 million as at year-end 202 5.

18 More specifically, the implicit spreads of the Russian Federation’s USD -denominated debt were used by the UniCredit Group to value Russian Federation bonds denominated in rubles; these spreads were adjusted by an additional spread observed in the last tra ded prices in 2022, which was added to the Level 1 curve used to calculate mark -to-model prices. The curve was subsequently revised to remove its dependence on the CDS level (which had remained unchanged since September 2022) and to stabilize the short - and medium -term points.

19 As at 30 June 2026 , AO UniCredit Bank’s portfolio of Russian government securities, including those issued by public sector entities, measured at fair value, consists of securities classified under Item 30 - Financial assets measured at fair value through other comprehensive income (FVOCI), with a carrying amount of €3 million.

Condensed interim consolidated financial statements | Explanatory notes Part A - Accounting policies UniCredit Consolidated first half financial report as at 30 June 2026 94 1.6 Real estate portfolio The real estate portfolio of Russian subsidiaries (mainly composed by owned instrumental assets located in Moscow and Saint P etersburg Commercial Business District) was subject to external independent appraisals right before 3 0 June 2026; the evaluation, aimed to update the fair value of the assets, led to recognise not -material effects.

2. Financial assets held by UniCredit S.p.A. and its non -Russian subsidiaries toward Russian counterparties The present section provides information about the credit exposures subject to Russian risk held by UniCredit S.p.A. and its non-Russian subsidiaries (i.e., such exposures include neither the positions held by the Russian Legal Entities belonging to UniCre dit group, nor Letters of Credit).

The overall gross book value for € 165 million is composed as follows:

• €38 million attributable to the credit exposures of the Russia operating segment ;

• €127 million basically related to the exposures held by the Group entities not belonging to the Russian operating segment, mainly having the following features: (i) on-balance exposures benefitting from ECA guarantees for approx imatel y €114 million; (ii) the related coverage substantially reflecting the presence of ECA guarantees for most of the exposures.

The reduction for -€10 million compared to year -end 202 5 (gross exposure for € 175 million and overall write down for -€28 million) is mainly attributable to redemptions of On -Balance exposures.

PERFORMING ASSETS

GROSS EXPOSURE OVERALL WRITEDOWNS NET EXPOSURES

Deposits - - -

Financial assets held for trading - - -

Financial assets at FV through OCI - - -

Financial assets at amortized cost 161 26 135 Total on balance exposures 161 26 135 Off Balance 4 - 4 Total 30.06.2026 165 26 139 Total 31.12.2025 175 28 147

Note:

Non-performing assets report a gross exposure (GBV) of € 58 million and overall writedowns (LLP) of -€21 million (o/w Non -ECA amounting to € 29 million in terms of GBV and -€21 million in terms of LLP).

2.1 Classification and re -rating of loans toward Russian counterparties held by UniCredit S.p.A. and its non -Russian subsidiaries During 2022, the assessment outlined in the previous paragraph (i.e., reclassification into Stage 2 and rating downgrade) was also applied to exposures held by UniCredit S.p.A. and its non -Russian subsidiaries toward Russian counterparties.

Furthermore, an analysis was performed on the amount of LLPs to grant that they would be able to reflect in the measurement t he differentiation in asset valuation between onshore and offshore investors, where the latter are penalised in their ability to re cover the claims against investments in Russia. Indeed, in the perspective of an offshore investor exposed towards obligors with direct risk on Russia, such exposure s are expected to suffer from higher risk of missed fulfilment of credit obligation, as a c onsequence of sanctioning limitations and potential accelerated de -leveraging actions.

Such analysis is still valid as at 30 June 202 6; indeed, the persisting sanctions against Russia indicates that the mentioned differentiation in asset valuation observed in 2022 continues to exist, thus justifying the maintenance of both (i) collective staging, differently fr om the removal of collectiv e staging for AO UniCredit Bank portfolio , and (ii) specific measures.

In this regard, the additional LLPs were quantified by assuming a coverage ratio comparable with the proactive classification of these exposures as unlikely to pay.

As at 30 June 202 6, the stock of the overall write downs is equal to -€26 million ( -€28 million as at year-end 202 5).

Condensed interim consolidated financial statements | Explanatory notes Part A - Accounting policies UniCredit Consolidated first half financial report as at 30 June 2026 95 2.2 Classification and re -rating of government bonds toward Russian counterparties held by non -Russian subsidiaries As at 30 June 2026, t he overall investments in Russian government bonds held by non -Russian subsidiaries (netted by short positions) in trading portfolio is not significant (€ 0.4 million).

3. FX rate s used as at 3 0 June for the conversion of exposures denominated in Rubles As a result of the geopolitical tension, the ECB suspended the EUR/RUB listing since 2 March 2022 (last fixing on 1 March 202 2), while Central Bank of Russia (CBR) continued to provide a fixing versus other currencies. Despite such suspension, the availabi lity of RUB FX rate is needed for preparing the Consolidated financial statements for the conversion into EUR of:

• RUB denominated exposures held by UniCredit S.p.A. and subsidiaries having a presentation currency different from RUB;

• Russian subsidiaries’ net assets (and related FX reserve) in the consolidated financial results of UniCredit group.

In light of the IAS21 requirements (which establish that when several exchange rates are available, the rate used is the one at which the future cash flows represented by the transaction could have been settled if those cash flows had occurred at the measu rement date), the Group decided to adopt the RUB quotes listed by the Electronic Broking Service (EBS) in substitution of the lacking EUR/RUB quote. The choice of the provider was executed following qualitative and quantitative assessment, which reported t he following outcome: (i) the RUB quotes published by the platform are representative of effective transactions between participants to the market; (ii) the FX quotes are substantially aligned wit h those provided by other sources; (iii) the EBS RUB quotes resulted from actual transactions by non -Russian based operators, thus granting that such quote effectively represents a market participant assessment of the value of the RUB and therefore of the economic conditions of Russia20. In more detail, the mentioned EBS rate was used both for converting RUB denominated exposures held by entities having EUR as presentation currenc y, as well as for consolidating the net assets of AO UniCredit Bank (Russia) and determining the related FX r eserve.

In addition to the above, it is worth reminding those exposures held by Russian subsidiaries and denominated into currencies different from RUB shall be first converted into RUB for the purpose of Consolidated financial statements preparation; in this rega rd, while the adoption of EBS RUB quote would be appropriate, the conversion into RUB of exposures denominated in foreign currencies held by Russian Subsidiari es was executed considering the rate provided by CBR in line with the approach followed in the pr evious years .

4. Claims in relation to guarantees and sanctions In August 2023, UniCredit Bank GmbH (“UCB GmbH ”) was named as a defendant in a lawsuit pertaining to guarantee claims commenced by a Russian energy company before a court in Saint Petersburg, Russia. For additional information about this lawsuit reference is made to paragraph B.

Legal risks, Part E - Information on risks and related hedging policies, 2.5 Operational risks,

In addition, UniCredit S.p.A. has made an application to the General Court of European Union (GCEU) to obtain definitive lega l clarification of the obligations set by the European Central Bank's (ECB) requirements to further reduce the risks associated wit h UniCredit's activities in Russia, carried out by subsidiaries including AO UniCredit Bank. In this regard UniCredit has been adopting a series of strategies to reduce its Russian presence resulting in a significant reduction of its cross -border and domes tic exposures since Russia’s invasion of Ukraine in February 2022.

However, the unprecedented circumstances, the complexities inherent in the geopolitical and economic scenario, the lack of a harmonised regulatory framework applicable and the potential for serious unintended consequences of implementing the decision that would impact not only the Russian subsidiaries but UniCredit S.p.A., have compelled the Board of Directors of UniCredit to seek for clarity and certain ty of the duties and of the actions to be undertaken. To this purpose, UniCredit filed the application to the GCEU to get clarity about the obligations that UniCred it shall abide by. This application has been made in the full knowledge of the ECB. While this application is being heard, UniCred it has requested an interim suspension of the Decision pending the proceeding, which was denied by the GCEU in November 2024. Pending the proceedings on the merits, UniCredit continued to engage with the ECB and, thanks to the supervisory dialogue and the clarifications received during the case, designed and implemented risk ‑mitigation measures suitable to ensure compliance with the prudential requirements set out by the ECB. In light of this, on 3 0 January 2026 UniCredit filed a withdrawal of the action before the GCEU, as it no longer had a concrete interest in pursuing the proceedings, which have thus been terminated .

20 Such conclusions are also corroborated by the meeting held by ECB - Foreign Exchange Contact Group during May 2022 in which EBS representative reported that EBS EUR/RUB Market continue to funct ion, and that liquidity in the Russian ruble is below pre -invasion levels, with activity concentrated mostly among larger banks in offshore markets .

Condensed interim consolidated financial statements | Explanatory notes Part A - Accounting policies UniCredit Consolidated first half financial report as at 30 June 2026 96 A.2 - Main items of the accounts With regard to the classification and measurement criteria of the main items, refer to Part A.2 - Main items of the accounts of the document Annual Reports and Accounts 202 5, Consolidated report and accounts 202 5 of UniCredit group, Notes to the consolidated accounts , Part A - Accounting policies .

A.3 - Information on transfers between portfolios of financial assets There were no transfers between portfolios of financial assets in the first half 202 6.

A.4 - Information on fair value

Qualitative information

This section presents a disclosure on fair value as required by IFRS13.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an ordinary transaction be tween market participants in the principal market at the measurement date (i.e. , an exit price).

The fair value of a financial liability with a demand feature (e.g. , a demand deposit) cannot be lower than the amount payable on demand, discounted from the first date that the amount could be required to be paid.

For financial instruments listed in active markets, fair value is determined on the basis of official prices in the principal market to which the Group has access ( Mark to Market ).

A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly available from a pricing service, dealer, broker, agency that determines prices or regulatory agency, and those prices represent actual and regularl y occurring market transactions on an arm’s length basis. If a published price quotation in an active market does not exist for a financial instrument in its entir ety, but active markets exist for its component parts, fair value can be determined on the ba sis of the relevant market prices for the component parts.

The Group may use valuation techniques, such as:

• a market approach (e.g., using quoted prices for similar assets, liabilities or equity instruments held by other parties as a ssets);

• cost approach (e.g., it reflects the amount that would be required currently to replace the service capacity of an asset, tha t is the current

replacement cost);

• an income approach (e.g., a present value technique that takes into account the future cash flows that a market participant w ould expect to receive from holding the liability or equity instrument as an asset).

The Group uses valuation models ( Mark to Model ) in line with the methods generally accepted and used by the market. Valuation models include techniques based on the discounting of future cash flows and on volatility estimates, and they are subject to revision both d uring their development and periodic ally in order to ensure their consistency with the objectives of the valuation.

These methods use inputs based on prices set in recent transactions for the instrument being valued and/or prices/quotations for instruments having similar characteristics in terms of risk profile. Indeed, these prices/quotations are relevant for determini ng significant parameters in terms of credit, liquidity and price risk of the instrument being valued.

Reference to these market parameters allows to limit the discretionary nature of the valuation and ensures that the resulting fair value can be verified. If, for one or more risk factors it is not possible to refer to market data, the valuation models empl oyed use estimates based on historical data as inputs.

As a further guarantee of the objectivity of valuations derived from valuation models, the Group employs:

• independent price verifications (IPVs);

• fair value adjustments (FVAs).

Independent price verification requires that the prices are verified at least monthly by Risk Management units that are indep endent from the units that assume the risk exposure.

This verification calls for comparing and adjusting the price in line with valuations obtained from independent market partic ipants.

Condensed interim consolidated financial statements | Explanatory notes Part A - Accounting policies UniCredit Consolidated first half financial report as at 30 June 2026 97 For instruments not quoted in active markets, the above verification process uses prices contributed by info rmation providers as a reference and assigns a greater weighting to those prices that are considered representative of the instrument being valued.

This valuation can include the feasibility of the transaction at the price observed, the number of contributors, the degree o f similarity of the financial instruments, the consistency of prices from different sources, and the process followed by the info p rovider to obtain the information.

A.4.1 Fair value levels 2 and 3: valuation techniques and inputs used Hereby we provide IFRS13 disclosure requirements about accounting portfolios measured at fair value on a recurring basis, not measured at fair value, or measured at fair value on a non -recurring basis .

Assets and Liabilities measured at fair value on a recurring basis

Debt securities

Debt securities are priced in a two -tier process depending on the liquidity in the respective market. Liquid instruments in active markets are marked to market and consequently they are allocated in the fair value hierarchy under Level 121.

Instruments not traded in active markets are marked to model through discounted cash flows model whose inputs include implied credit spread curves. With this respect, depending on the proximity of the credit spread curve applied, the bonds are disclosed as Level 2 or Level 3 respectively.

Under fair value accounting , fair value adjustments for liquidity and model deficiencies compensate for the lack of market observables for the Level 2 and Level 3 positions.

In the global bond IPV process market prices of Level 1 bonds and pricing models for illiquid bonds are regularly verified fo r accuracy.

Structured financial products The Group determines the fair value of structured financial products not quoted on active markets using the appropriate deriv ative valuation methodology given the nature of the embedded structure (when this is not to be separated). Such instruments are cla ssified as Level 2 or Level 3 depending on the observability of significant inputs to the model.

Asset Backed Securities UniCredit valuation process assigns prices considering quotes available on the market.

As a second step, prices are assessed by benchmarking each security to a pool of similar securities with available market quo tes. An alternative approach consists in evaluating the instrument through the use of quantitative pricing models, which are applic able every time that information regarding market participants assumptions on model parameters is reasonably made available without excessive costs or efforts .

ABS are assigned to Level 2 or Level 3 depending on the observability of either prices or model inputs.

Derivatives

Fair value of derivatives not traded in an active market is determined using a mark -to-model valuation technique.

Where active markets exist for its component parts, then fair value is determined on the basis of the relevant market prices for the component parts.

Valuation techniques that are based on significant inputs that are observable are referred to as Level 2 v aluations, while those based on techniques that use significant unobservable inputs are referred to as Level 3 valuations.

Equity instruments

Equity instruments are assigned to Level 1 when a quoted price is available on a liquid market and to Level 3 when no quotati ons are available, or quotations have been suspended indefinitely. These instruments are classified as Level 2 only when trading vo lume on the market is not sufficient to qualify the market as active.

Investment funds

The Group holds investments in certain investment funds that publish net asset value (NAV) per share, including mutual funds, private equity funds, hedge funds (including funds of funds) and real estate funds. The Group’s investments include co -investments in funds that are managed by the Group and investments in funds that are managed by third parties and in particular:

• Real estate funds: these funds are mapped to Level 1 when quoted prices are available on an active market; when this conditio n does not hold, real estate funds are disclosed as Level 3 and they are evaluated through an adequate credit adjustment of the NAV based on the specific features of each fund ;

• Other funds: the Group holds investments also in mutual funds, hedge funds and private equity funds. Funds are usually assign ed to Level 1 when a quoted price is available on an active market. Funds are disclosed as Level 2 or Level 3 depending on NAV avai lability, portfolio transparency and possible issues relating to position write -off, these funds are measured on the basis of internal analysis that consider further information included those provided by management companies.

21 As far as Italian government bonds are concerned, it is worth stressing they are typically exchanged on the MTS market which is largely acknowledged as the main liquid platform for this kind of asset.

Condensed interim consolidated financial statements | Explanatory notes Part A - Accounting policies UniCredit Consolidated first half financial report as at 30 June 2026 98 Loans Fair Value of loans measured at fair value is determined using either quoted prices or discounted cash flows analysis. They a re classified under Level 2 if implied credit spread curves, as well as any other parameters used for determining fair value, are o bservable on the market. In the case the spreads curves are not observable they are derived using an internal spread model that is based both on observable and un observable inputs, in the case the impact of unobservable inputs is significant they are class ified as Level 3. These include loans to corporates and household for which no indication of applicable credit spread is available and for which, therefore, fair value has been determined through inter nal credit risk parameters.

Tangible assets measured at fair value The Group owns real estate assets for which changed, starting from 31 December 2019, its measurement accounting policy moving from a cost model to a fair value model for properties held for investment and revaluation model for properties used in business.

For both type of assets the fair value/revaluation model is determined on the basis of a valuation by an independent appraise r who holds a recognised and relevant professional qualification which perform its valuation by directly visiting the property and in consideration of market analysis (i.e. full appraisal) or, always considering the market analysis, on the basis of an indirect knowledge of the assets through the information made available by the owner and relating to the localisation, consistency, des tination (i.e. desktop appraisal).

The attribution of fair value levels is based on the level of observability of the significant market parameters used by the valuation technique. In particular, given the current portfolio composition, most of the positions are at Level 3.

Fair Value Adjustments (FVA) Fair value adjustment is defined as the amount to be added either to the market observed mid -price or to the theoretical price generated by a valuation model with the aim of obtaining a fair value of the position. Therefore, FVA are aimed at insuring that the fair value reflects the actual exit price of a certain position.

Below a list of adjustments:

• Credit/Debit Valuation Adjustment (CVA/DVA);

• Funding Cost and Benefit Value Adjustment (FCA/FBA);

• model risk;

• close -out costs;

• other adjustments.

Credit/Debit Valuation Adjustment (CVA/DVA) Credit valuation adjustments (CVAs) and debit valuation adjustments (DVAs) are incorporated into derivative valuations to ref lect the impact on fair value of counterparty credit risk and UniCredit group own credit quality respectively.

UniCredit CVA/DVA methodology is based on the following inputs:

• EAD derived by simulation techniques. Simulated exposures also take into account Specific Wrong -Way Risk that arises from transactions where there is a correlation between counterparty credit risk and the underlying derivative risk factors;

• PD implied by current market default rates, obtained from Credit Default Swaps;

• LGD based on the estimated level of expected recovery should a counterparty default and implied by current market default rat es, obtained from credit default swaps.

Funding Cost and Benefit Adjustment (FCA/FBA) Funding Valuation Adjustment (FundVA) is the sum of a Funding Cost Adjustment (FCA) and of a Funding Benefit Adjustment (FBA) that indeed account for the expected future funding costs/benefits for derivatives that are not fully collateralised. Most materia l contributors are in -the-money trades with uncollateralised counterparties.

UniCredit FundVA methodology is based on the following inputs:

• positive and Negative exposure profiles derived leveraging on a risk -neutral spin -off of the counterparty credit risk internal model;

• PD term structure implied by current market default rates obtained from credit default swaps;

• a funding spread curve that is representative of the average funding spread of peer financial groups.

Model risk

Financial models are used for the valuation of the financial instruments if the direct market quotes are not deemed reliable. In general, the model risk is represented by the possibility that a financial instrument’s evaluation is actually sensitive to the choice of model. It is possible to value the same financial instrument by using alternative models which could provide different results in term of pricing. The model risk adj ustment refers to the risk that the actual fair value of the instrument differs from the value produced by the model.

Condensed interim consolidated financial statements | Explanatory notes Part A - Accounting policies UniCredit Consolidated first half financial report as at 30 June 2026 99 Close -out cost It measures the implicit cost of closing a trading position. The position can be closed by a long position (or purchase in th e case of a short position), or by entering into a new transaction (or several transactions) that offsets (hedges) the open positio n. The close -out costs are typically derived from the bid/ask spreads observed on the market. It accounts for the fact that a position is valued at mid but can only be closed at bid or ask. This adjustment is not needed when the position is marked at bid o r ask and already represents an exit price. In addition, a close -out adjustment of the NAV is applied when there are some penalties relating to position write -off in an investment fund.

Other adjustments

Other fair value adjustments, which are not included in the previous categories, could be taken into consideration to align t he evaluation to the current exit price, also according to the level of liquidity of the market and valuation parameters, e.g. adju stment of equity prices whose quotation on the market are not representative of the effective exit price.

Assets and liabilities not measured at fair value or measured at fair value on a non -recurring basis Financial instrument not carried at fair value, for example retail loans and deposit, and credit facilities extended to corpo rate clients are not managed on a fair value basis.

For these instruments fair value is calculated for disclosure purposes only and does not impact the Balance sheet or the prof it or loss. Additionally, since these instruments generally do not trade, there is significant management judgment required to dete rmine their fair values as defined by IFRS13.

Cash and cash balances Cash and cash balances are not carried at amounts that approximate fair value, due to their short -term nature and generally negligible credit risk.

Financial assets at amortised cost For securities, fair value is determined according to what reported in section “Assets and liabilities measured at fair value on a recurring basis - Debt securities”.

On the other hand, fair value for performing loans to Banks and customers is determined using the discounted cash flow model adjusted for credit risk. Some portfolios are valued according to simplified approaches, which however take into account the financial features o f the financial instruments.

Property, plant and equipment The fair value of under construction properties, obtained through the enforcement of guarantees received and the right of use of leased assets is determined on the basis of a valuation by independent external appraisers who hold a recognised and relevant p rofessional qualification which perform their valuation by directly visiting the property and in consideration of market analysis (i.e. full appraisal) or, a lways considering the market analysis, on the basis of an indirect knowledge of the assets through the information made available by the owner and relating to the localisation, consistency, destination (i.e. desktop appraisal).

The attribution of fair value levels is based on the level of observability of the significant market parameters used by the valuation technique. In particular, given the current portfolio composition, most of the positions are at Level 3.

Financial liabilities at amortised cost Fair value for issued debt securities is determined using the discounted cash flow model adjusted for UniCredit credit risk. The Credit Spread takes seniority into account.

Likewise, fair value for other financial liabilities is determined using the discounted cash flow model adjusted for UniCredi t credit risk.

Description of the valuation techniques Specific valuation techniques are used to value positions for which a market price is not directly observable from market sou rces. The Group uses well known valuation techniques for determining fair values of financial and non -financial instruments that ar e not actively traded and quoted. The valuation techniques used for Level 2 and 3 assets and liabilities are described below.

Option Pricing Model Option Pricing models are generally used for instruments in which the holder has a contingent right or obligation based on th e occurrence of a future event, such as the price of a referenced asset going above or below a predetermined strike price. Option m odels estimate the likelihood of the specified event occurring by incorporating assumptions such as volatility estimates, price of the underlying instrument and e xpected rate of return.

Condensed interim consolidated financial statements | Explanatory notes Part A - Accounting policies UniCredit Consolidated first half financial report as at 30 June 2026 100 Discounted cash flow Discounted cash flow valuation techniques generally consist of developing an estimate of future cash flows that are expected to occur over the life of an instrument. The model requires the estimation of the cash flow and the adoption of market’s parameters for the discounting: discount rate or discount margin reflects the credit and/or funding spreads required by the market for instruments with similar risk and liqui dity profiles to produce a “discounted value”. The fair value of the contract is given by th e sum of the present values of future cash flows.

Hazard Rate Model The valuation of CDS instruments (Credit Default Swap) requires the knowledge of the entity’s survival probability at future dates. The estimate of this probability curve uses the standard model for survival probabilities and requires as parameters the cre dit default swap market quotes on standard future dates in addition to the risk -free curve and the expected recovery rate. The Hazard Rate is part of the described process and it indicates the instantaneous probability of default at different future instan ts.

Market Approach

A valuation technique where the value is determined based on the prices generated by market or previous transactions involvin g identical or comparable (i.e., similar) assets, liabilities or a group of assets and liabilities.

Gordon Growth Model A model used to determine the intrinsic value of a stock, based on a strip of future cash flows growing at a constant rate. G iven a single cash flow and a hypothesis on constant growth through time, the model estimates the present value of future cash flow s.

Dividend Discount Model A model used to determine the value of a stock based on expectations on its future dividend flow.

Given a series of forecasts on dividends payable in future exercises and a hypothesis on the subsequent annual growth of divi dends at a constant rate, the model estimates the fair value of a stock as the sum of the current value of all future dividends.

Adjusted NAV (Net Asset Value) NAV is the total value of a fund’s assets less liabilities. An increase in NAV would result in an increase in a fair value me asure. Usually for funds classified as Level 3, depending on the methodology adopted by the Fund to calculate the NAV, the fair val ue is adjusted to consider the issuer’s default risk and liquidity risk.

Sum of the parts This approach determines the economic value of a company or a business unit as the sum of the economic capital values attribu table to the various business lines within the same corporate structure.

Equity method

In the case of unlisted investments for which a limited availability of information does not allow for other methods to be ad opted, the portion of shareholders' equity resulting from the latest financial statements or interim report (quarterly or half -yearly) approved by the company can be used as the best proxy of the fair value. For the purposes of determining shareholders' equity, valuation reserves must also be co nsidered.

Simple equity method With this method, the value of the company is determined as the difference between the assets and liabilities of the company restated at current values; this method consists, therefore, in defining the individual asset and liability values at current value s, highlighting any gains or losses with respect to the carrying amounts.

Complex equity method In addition to the measurement of the company using the Simple equity method, this method measures some "intangible" assets n ot present in the financial statements, such as goodwill, trademarks, patents, intellectual property, concessions.

Mixed equity/income method Determines the value of the company taking into account objective and verifiable aspects of the equity method , without however neglecting the expected income flows, which are conceptually an essential component of the value of the economic capital and represented in the income methods .

Description of the inputs used to measure the fair value of items categorised in Level 2 and 3 Hereby a description of the main significant inputs used to measure the fair value of items categorised in Level 2 and 3 of t he fair value hierarchy.

Condensed interim consolidated financial statements | Explanatory notes Part A - Accounting policies UniCredit Consolidated first half financial report as at 30 June 2026 101 Volatility Volatility is the measure of the variation of price of a financial instrument over time. In particular, volatility measures t he speed and severity of market price changes for an instrument, parameter or market index given the particular instrument, paramet er or index changes in value over time, expressed as a percentage of relative change in price. The higher the volatility of the underlying, the riskier the instrumen t. In general, long option positions benefit from increases in volatility, whereas short op tion positions will suffer losses.

There are different macro -types of volatility:

• volatility of interest rate;

• inflation volatility;

• volatility of foreign exchange;

• volatility of equity stocks, equity or other indexes/prices.

Correlation

Correlation is a measure of the relationship between the movements of two variables. When parameters are positively correlate d, an increase in correlation results in a higher fair value measure. On the contrary, given a short correlation position, an incre ase in correlation, in isolation, would generally result in a decrease in a fair value measure. Therefore, changes in correlation levels can have a major impact, fav ourable or unfavourable, on the fair value of an instrument, depending on the type of corre lation.

Correlation is a pricing input for a derivative product where the payoff is driven by multiple underlying risks. The level of correlation used in the valuation of derivatives with multiple underlying risks depends on a number of factors including the natur e of those risks.

Dividends

The derivation of a forward price for an individual stock or index is important both for measuring fair value for forward or swap contracts and for measuring fair value using option pricing models. The relationship between the current stock price and the f orward price is based on a combination of expected future dividend levels and payment timings and, to a lesser extent, the relevant funding rates applicable to the stock in question.

The dividend yield and timing represent the most significant parameter in determining fair value for instruments that are sen sitive to an equity forward price.

Interest rate curve The calculation of the interest rate curve is based on standard bootstrapping techniques relying on the set of quotes of appr opriate financial instruments, for each currency, which turns interest rates in zero -coupon.

Less liquid currencies interest rate curve refer to the rates in currencies for which a market liquidity doesn’t exist in ter ms of tightness, depth and resiliency.

Inflation swap rate The determination of forward levels for inflation indexes is based on swap quote over inflation indexes. Swap over inflation may present a low liquidity level whether there is no liquid market in terms of rigidity, deepness and resistance.

Credit spreads

Credit spreads reflects the credit quality of the associated credit name.

The credit spread of a particular security is reported in relation to the yield on a benchmark security or reference rate and is generally expressed in terms of basis points. In the loan evaluation model, the credit spread is used to estimate the market ri sk premium applied to discounting the cash -

flows .

Loss Given Default (LGD)/Recovery Rate LGD also known as loss severity (the inverse concept is the recovery rate) represents the percentage of contractual cash flow s lost in the event of a default, expressed as the net amount of loss relating to the outstanding balance. An increase in the loss severity, in isolation, would result in a decrease in a fair value measure. Loss given default is facility -specific because such losses are generally understood to be influenced by key transaction characteristics such as the presence of collateral and the degree of subordination.

Price

Where market prices are not observable, comparison via proxy is used to measure a fair value of the instrument.

Condensed interim consolidated financial statements | Explanatory notes Part A - Accounting policies UniCredit Consolidated first half financial report as at 30 June 2026 102 Prepayment Rate (PR) The PR is the estimated rate at which forecasted prepayments of principal of the related debt instrument are expected to occu r. Voluntary unscheduled payments (prepayments) change the future cash flows for the investor and thereby change the fair value of the security.

In general, as prepayment speeds change, the weighted average life of the security changes, which impacts the valuation eithe r positively or negatively, depending on the nature of the security and the direction of the change in the weighted average life.

Probability of Default (PD) The probability of default is an estimate of the likelihood of not collecting contractual amounts. It provides an estimate of the likelihood that a client of a financial institution will be unable to meet its debt obligations over a particular time horizon . The PD of an obligor does not only depend on the risk characteristics of that particular obligor but also the economic environment and the degree to which it affects the obligor.

Early conversion

The early conversion is the estimate of the probability that the liability would be converted into equity earlier than the te rms stated .

EBITDA

EBITDA is an indicator of the current operating profitability of the business, that is the income generated by the use of the company’s assets and the commercialisation of the products manufactured.

Ke The Ke (cost of capital) represents the minimum rate that the company has to offer to its shareholders as remuneration for th e funds received.

Growth rate

It is the constant growth rate used for the future dividends estimate.

A.4.2 Valuations processes and sensitivities The Group verifies that the value attributed to each position reflects the current fair value in an appropriate way. Assets a nd liabilities subject to fair value measurements are determined using different techniques, among which (but not only) models such as discounted cash flow and internal models. On the basis of the observability of the input used, all the measurements are classified as Level 1, Level 2 or Level 3 of the fair value hierarchy.

When a financial instrument, measured at fair value, is valued through the use of one or more significant inputs not directly observable on the market, a further procedure for the price verification is implemented. These procedures include the revision of relevant historical data, the analysis of profits and losses, the individual valuation of each component for structural products and benchmarking . This approach uses subjective opinions and judgments based on experience and, therefore, it could require val uation adjustments which take into account the bid/ask spread, liquidity and counterparty risk, in addition to the valuation model type adopted.

According to Group Market Risk Governance guidelines, in order to ensure the right separateness of the functions in charge of the model development and those in charge of the validation processes, all the valuation models developed by Group companies’ fron t offices are independently tested centrally and validated by Risk Managements functions. The aim of this independent control structure is evaluating the model risk from a theoretical solidity, calibration techniques eventually applied and appropriateness of the model for a specific product in a defined market point of views.

In addition to the daily mark -to-market or mark -to-model valuation , the Independent Price Verification (IPV) is applied by from Market Risk function with the aim of guaranteeing a fair value provided by an independent structure for all instruments, illiquid included.

A.4.3 Fair value hierarchy IFRS13 establishes a fair value hierarchy according to the observability of the input used in the valuation techniques adopte d for valuations.

The fair value hierarchy level associated to assets and liabilities is set as the minimum level among all the significant val uation inputs used.

A valuation input is not considered significant for the fair value of an instrument if the remaining inputs are able to expla in a major part of the fair value variance itself.

In particular, three levels are considered:

• Level 1: the fair value for instruments classified within this level is determined according to the quoted prices on active ma rkets;

• Level 2: the fair value for instruments classified within this level is determined according to the valuation models for whic h significant inputs are observable on active markets;

• Level 3: the fair value for instruments classified within this level is determined according to the valuation models for whic h significant inputs are unobservable on active markets.

Financial instruments are classified to a certain fair value level according to the observability of the input used for the v aluation.

Condensed interim consolidated financial statements | Explanatory notes Part A - Accounting policies UniCredit Consolidated first half financial report as at 30 June 2026 103 Level 1 (quoted prices in active markets): at measurement date, quoted prices in active markets are available for identical assets or liabilities. An active market is a market in which orderly transactions for the asset or liability take place with sufficient frequency and volume for pricing information to be provided on an on -going basis (e.g. MTS market about prices for most of the government bonds therein traded).

Level 2 (observable inputs) : inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Inputs are observable if they are developed on the basis of publicly available information about actual events or trans actions and reflect the assumptions that market participants would use when pricing the asset or liability.

Level 3 (unobservable inputs) : inputs other than the ones included in Level 1 and Level 2, not directly observable on the market for the evaluation of asset and liability or used for the definition of significant adjustments to fair value. Unobservable inputs shall reflect the assumptions that market participants would use when pricing the asset or liability, including assumptions about risk.

Deciding among various valuation techniques to be used, the Group employs the one which maximises the use of observable input s.

Transfers between hierarchy levels The main drivers to transfers in and out the fair values levels (both between Level 1 and Level 2 and in/out Level 3) include changes in market conditions (among which liquidity parameter) and enhancements to valuation techniques and weights for unobservab le inputs used for the valuation itself.

A.4.4 Other information The Group uses the IFRS13 exception for fair value measurements on a net basis with reference to financial assets and liabili ties with offsetting positions of market risk or counterparty credit risk.

Starting from 31 December 2019, UniCredit Real Estate Assets are classified as “held for investment” (hereinafter also referred to as “Investment properties”) as well as Real Estate Assets used in business have to be measured at fair value, by applying the “Fair Value me thod” determined in accordance with IFRS13.

In this context, UniCredit issued a dedicated Global Policy for Real Estate Assets Evaluation, which has the purpose to defin e common principles, guidelines and models to be followed by the Group Legal Entities in the evaluation of their Real Estate Proper ties; the policy applies to all Real Estate Assets reflected in the Group Consolidated Financial Statements. The attribution of fair value levels is based on the level of observability of the significant market parameters used by the valuation technique. I n particular, given the current portfolio composition, most of the positions are classified at Level 3.

With specific reference to investment properties, Fair value is determined under a “market perspective”; i.e., it is the pric e that a third party would pay to buy the asset in an orderly transaction at the measurement date under a “Highest and Best Use” as sumption. The “Highest and Best Use” assumption needs to be supported by reasonable evidence that the use is physically possible, and legally and financially allo wed. As a rule, it is assumed that the use of a given asset, foreseen by UniCredit managerial intentions, is already the “Highest and Best Use”, unless there is a clear demonstration of the opposite.

In order to derive the Fair value of an asset, either a Market Comparable Approach (i.e., taking into consideration the curre nt market conditions and prices of observable transactions) or an Income Approach (i.e., discounting market level rental fees) is u sed.

The choice of the valuation methodology and the assumptions used shall include all the available information and reflect the strategy for the Asset;

all the inputs used in the evaluation are supported by internal (e.g., technical documents, managerial planning and reporting , existing contracts, etc.) and external evidence (e.g., market reports, researches, etc.).

Fair value is determined, for both Investment properties and Assets used in business, by an external, independent, certified expert either through “full form” or through “desktop appraisals” and are subject to remeasurement every six months.

With specific reference to investment properties, the entire portfolio is subject to “full/on -site appraisals” over 3 years; hence, in each year, part of the portfolio is subject to “full/on -site appraisal”, while “Desktop appraisals” are performed on a se mi-annual basis for the remaining ones.

In case the difference between the fair value resulting from the desktop appraisals and the fair value resulting from the las t “full/on -site” valuation exceeds 10%, the real estate asset shall be subject to full/on -site appraisal even if 3 years have not pass yet, if the quality and functionality of the RE Asset has been affected by physical trigger events (e.g., catastrophic events) or extraordinary renovation activities.

In case the Market Comparable Approach is applied, fair value is determined by external appraisers, according to the features of transact ions occurr ing in the market for properties in the same area and with the same characteristics as the one being valued. In case the property has no comparable transactions, appraisers are asked to apply the most similar transactions available with a reasonable discount that reflects the inherent illiquidity of the property.

Condensed interim consolidated financial statements | Explanatory notes Part A - Accounting policies UniCredit Consolidated first half financial report as at 30 June 2026 104 This approach:

• is applied when there is no long -term rental agreement in place, as well as for land plots without planned or ongoing developments;

• relies on two key parameters: (i) the area of the real estate property; (ii) the value per unit of area (through the adjustme nt of values in comparable transactions).

The real estate property valuation is determined as the surface area multiplied by the value per unit of area.

In case the Income approach is applied, external appraisers determine the fair value by converting future cash flows to a sin gle current capital value.

The income stream may be derived under contracts, or it can be non -contractual, thus leveraging the most updated version of the International Valuation Standards.

In detail, cash flows generated by the property shall be calculated considering rent free periods, rental growth, incentive p eriods, total contractual length, as well as any additional proceeds/expenses directly related to the rental contract.

The discount rate to be used is the Weighted Average Cost of Capital (measured at the valuation date) of an ideal entity oper ating in the specific real estate market of reference for the specific asset, financed through the average debt/equity structure of comparable entities operating in the same market.

The income approach is preferred when there is a long -term rental agreement in place and the agreement is consistent with market conditions, or when there is a decline in market activity. Such approach could be used also for land plots with planned or ongoing developme nts. In this case, the value may be determined based on the analysis of the expected future cash flows, assum ing that a reasonable expectation of demand for the development can be demonstrated.

Fair value s arising from appraisals are subject to plausibility checks; in this regard, the following shall be noted:

• when an income approach is used by external appraisers, the main input underlying the valuation (Cash flows, Capitali sation rate, etc.) are internally assessed in terms of plausibility;

• the plausibility of fair values arising from external appraisals is assessed internally through a control approach that acqui res information from different external info rmation providers, thus determining a range of possible fair values within which the valuation shall fall; for the most significant real estate assets, the analysis is further supported by a discounted cash flow analysis that compares the fair value determi ned by the external appraisal with the outcome of an internal Discounted Cash flow mod el.

Condensed interim consolidated financial statements | Explanatory notes Part A - Accounting policies UniCredit Consolidated first half financial report as at 30 June 2026 105 Quantitative information

A.4.5 Fair value hierarchy The following tables show the portfolios breakdown in terms of financial assets and liabilities valued at fair value.

A.4.5.1 Assets and liabilities measured at fair value on a recurring basis: breakdown by fair value levels

(€ million)

FINANCIAL ASSETS/LIABILITIES MEASURED AT FAIR VALUE AMOUNTS AS AT 30.06.2026 AMOUNTS AS AT 31.12.2025

LEVEL 1 LEVEL 2 LEVEL 3 LEVEL 1 LEVEL 2 LEVEL 3

1. Financial assets at fair value through profit or loss 52,771 52,732 6,024 48,950 44,546 5,343 a) Financial assets held for trading 20,896 51,606 2,067 18,007 42,719 1,989 b) Financial assets designated at fair value 293 - - 269 - -

c) Other financial assets mandatorily at fair value 31,582 1,126 3,957 30,674 1,827 3,354 2. Financial assets at fair value through other comprehensive income 82,311 5,366 1,379 86,822 4,909 1,470 3. Hedging derivatives - 959 27 - 918 23 4. Property, plant and equipment - - 5,930 - - 6,113 5. Intangible assets - - - - - -

Total 135,082 59,057 13,360 135,772 50,373 12,949 1. Financial liabilities held for trading 6,903 38,258 1,572 5,840 31,101 1,502 2. Financial liabilities designated at fair value - 22,210 2,216 - 22,350 808 3. Hedging derivatives - 1,822 5 - 1,271 46 Total 6,903 62,290 3,793 5,840 54,722 2,356

Item “1. c) Other financial assets mandatorily at fair value” at Level 3 as at 30 June 202 6 includes the investments in Atlante and Italian Recovery Fund, (former Atlante II) carrying value € 149 million.

As at 30 June 202 6 the Fair Value of Atlante and Italian Recovery Fund (former Atlante II) has been determined adopting an internal model in whi ch credit risk changes of single ABS in which Atlante fund is invested are considered.

For further information reference is made to Section 2.5 - Other financial assets mandatorily at fair value income, Explanatory notes, Part B -

Consolidated balance sheet - Assets.

Transfers between level of fair value occurring during the first half 202 6 mainly reflect the evolution of reference market and the enhancement of processes for fair value level attribution in some Group entities.

Besides the transfers relating to financial assets and liabilities carried at Level 3 detailed in the sections below during t he semester the following

transfers occurred:

• from Level 1 to Level 2 owing to a worsening of the liquidity and price reliability indicators (based on the bid -ask spread, relative size and applicability of the published prices) collected by third parties as calculated and recorded in the context of th e Global Bond IPV process:

- of financial assets measured at fair value through profit or loss (financial assets held for trading, designed at fair value and mandatorily at fair value) for € 39 million;

- of financial assets measured at fair value through other comprehensive income for € 15 million ;

- of financial liabilities held for trading for €1 million .

• from Level 2 to Level 1 owing to an improvement of the liquidity and price reliability indicators (based on the bid -ask spread, relative size and applicability of the published prices) collected by third parties as calculated and recorded in the context of the Global Bond IPV (Independent Price

Verification) process:

- of financial assets measured at fair value through profit or loss (financial assets held for trading, designed at fair value and mandatorily at fair value) for € 45 million ;

- of financial assets measured at fair value through other comprehensive income for € 29 million.

Condensed interim consolidated financial statements | Explanatory notes Part A - Accounting policies UniCredit Consolidated first half financial report as at 30 June 2026 106 A.4.5.2 Annual changes in assets measured at fair value on a recurring basis (Level 3)

(€ million)

CHANGES IN FIRST HALF 2026

FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS

FINANCIAL

ASSETS AT FAIR

VALUE THROUGH

OTHER

COMPREHENSIVE

INCOME HEDGING

DERIVATIVES PROPERTY,

PLANT AND

EQUIPMENT INTANGIBLE

ASSETS TOTAL OF WHICH: A)

FINANCIAL

ASSETS HELD

FOR TRADING OF WHICH: B)

FINANCIAL

ASSETS

DESIGNATED AT

FAIR VALUE OF WHICH: C)

OTHER

FINANCIAL

ASSETS

MANDATORILY

AT FAIR VALUE

1. Opening balances 5,343 1,989 - 3,354 1,470 23 6,113 -

2. Increases 2,385 1,288 - 1,097 84 12 332 -

2.1 Purchases 847 539 - 308 10 6 6 -

2.2 Profits recognised in 814 491 - 323 21 4 160 -

2.2.1 Income statement 814 491 - 323 9 2 55 -

- of which unrealised gains 411 381 - 30 - 1 55 -

2.2.2 Equity X X X X 12 2 105 -

2.3 Transfers from other levels 556 255 - 301 - - - -

2.4 Other increases 168 3 - 165 53 2 166 -

of which: business combinations - - - - - - - -

3. Decreases 1,704 1,210 - 494 175 8 515 -

3.1 Sales 404 310 - 94 6 1 1 -

3.2 Redemptions 271 - - 271 54 - - -

3.3 Losses recognised in 758 653 - 105 62 2 207 -

3.3.1 Income statement 758 653 - 105 7 2 81 -

- of which unrealised losses 348 257 - 91 - - 45 -

3.3.2 Equity X X X X 55 - 126 -

3.4 Transfers to other levels 259 238 - 21 27 4 36 -

3.5 Other decreases 12 9 - 3 26 1 271 -

of which: business combinations - - - - - - - -

4. Closing balances 6,024 2,067 - 3,957 1,379 27 5,930 -

Transfers between levels of fair value occurring during the first half 202 6 mainly reflect the evolution of reference market and the enhancement of processes for fair value level attribution in some Group entities and mostly refer to expo sures held by UniCredit S.p.A. and its subsidiar ies UniCredit Bank GmbH and UniCredit Bank Austria A G.

Condensed interim consolidated financial statements | Explanatory notes Part A - Accounting policies UniCredit Consolidated first half financial report as at 30 June 2026 107 A.4.5.3 Annual changes in liabilities measured at fair value on a recurring basis (Level 3)

(€ million)

CHANGES IN FIRST HALF 2026

FINANCIAL LIABILITIES

HELD FOR TRADING FINANCIAL LIABILITIES

DESIGNATED AT FAIR

VALUE HEDGING DERIVATIVES

1. Opening balances 1,502 808 46 2. Increases 940 2,020 13 2.1 Issuance 468 1,916 1 2.2 Losses recognised in 262 68 7 2.2.1 Income statement 262 53 7

- of which unrealised losses 187 39 -

2.2.2 Equity X 15 -

2.3 Transfers from other levels 179 27 -

2.4 Other increases 31 9 5 of which: business combinations - - -

3. Decreases 870 612 54 3.1 Redemptions 207 - 6 3.2 Purchases 36 360 -

3.3 Profits recognised in 258 45 43 3.3.1 Income statement 258 43 6

- of which unrealised gains 219 43 5 3.3.2 Equity X 2 37 3.4 Transfers to other levels 362 200 4 3.5 Other decreases 7 7 1 of which: business combinations - - -

4. Closing balances 1,572 2,216 5

Transfers between levels of fair value occurring during the first half 2026 mainly reflect the evolution of reference market and the enhancement of processes for fair value level attribution in some Group’s entities and mostly refer to exposures held by UniCredit S.p.A. an d its subsidiary UniCredit Bank GmbH.

Condensed interim consolidated financial statements | Explanatory notes Part B - Consolidated balance sheet - Assets UniCredit Consolidated first half financial report as at 30 June 2026 108 Part B - Consolidated balance sheet

Assets

Section 2 - Financial assets at fair value through profit or loss - Item 20

2.1 Financial assets held for trading: breakdown by product

(€ million)

AMOUNTS AS AT 30.06.2026 AMOUNTS AS AT 31.12.2025

ITEMS/VALUES LEVEL 1 LEVEL 2 LEVEL 3 LEVEL 1 LEVEL 2 LEVEL 3

A. Financial assets (non -derivatives) 1. Debt securities 6,356 622 53 5,033 406 38 1.1 Structured securities 30 414 36 28 271 13 1.2 Other debt securities 6,326 208 17 5,005 135 25 2. Equity instruments 10,531 1 1 9,969 10 -

3. Units in investment funds 598 1,722 7 670 1,858 4 4. Loans 1,260 12,148 - 581 10,172 91 4.1 Reverse Repos - 981 - - 462 -

4.2 Other 1,260 11,167 - 581 9,710 91 Total (A) 18,745 14,493 61 16,253 12,446 133 B. Derivative instruments 1. Financial derivatives 2,151 35,686 1,951 1,754 29,468 1,791 1.1 Trading 2,151 32,315 1,141 1,754 28,526 1,135 1.2 Linked to fair value option - 111 49 - 80 45 1.3 Other - 3,260 761 - 862 611 2. Credit derivatives - 1,427 55 - 805 65 2.1 Trading - 1,427 55 - 805 65 2.2 Linked to fair value option - - - - - -

2.3 Other - - - - - -

Total (B) 2,151 37,113 2,006 1,754 30,273 1,856 Total (A+B) 20,896 51,606 2,067 18,007 42,719 1,989

Total Level 1, Level 2 and Level 3 74,569 62,715

Valuations at fair value were classified according to a hierarchy of levels reflecting the observability of the valuation inp uts.

For further information refer to paragraph “A.4 Information on fair value”, Explanatory notes, Part A - Accounting policies.

The increase of the item is mainly due to the rise in the sub -items “1.1 Financial derivatives - trading” and “4.2 Loans - Other”, which is largely attributable to UniCredit S.p.A. and its subsidiary UniCredit Bank GmbH respectively.

The financial assets and liabilities relating to OTC Derivatives and Reverse repos managed through Central Counterparty Clear ing Houses (CCPs) are offset when (i) the clearing systems of CCPs guarantee the elimination or reduc tion to an immaterial level of the credit and liquidity risks of these contracts and (ii) the entity intends to settle these contracts on a net basis, in accordance with IAS32 - Offsetting, in order to improve the presentation of the liquidity profile and counterparty risk connected wi th them.

The offset effect as at 30 June 202 6, already included in the net presentation of these transactions, totaled €130 ,245 millio n, decreas ing in comparison with €137,624 million as at 31 December 202 5 due to the evolution of reference market conditions, mainly relating to the activities of UniCredit S.p.A.

Condensed interim consolidated financial statements | Explanatory notes Part B - Consolidated balance sheet - Assets UniCredit Consolidated first half financial report as at 30 June 2026 109 2.3 Financial assets designated at fair value: breakdown by product

(€ million)

AMOUNTS AS AT 30.06.2026 AMOUNTS AS AT 31.12.2025

ITEMS/VALUES LEVEL 1 LEVEL 2 LEVEL 3 LEVEL 1 LEVEL 2 LEVEL 3

1. Debt securities 293 - - 269 - -

1.1 Structured securities - - - - - -

1.2 Other debt securities 293 - - 269 - -

2. Loans - - - - - -

2.1 Structured - - - - - -

2.2 Other - - - - - -

Total 293 - - 269 - -

Total Level 1, Level 2 and Level 3 293 269

Valuations at fair value were classified according to a hierarchy of levels reflecting the observability of the valuation inp uts.

For further information , refer to paragraph “A.4 Information on fair value”, Explanatory notes, Part A - Accounting policies.

2.5 Other financial assets mandatorily at fair value: breakdown by product

(€ million)

AMOUNTS AS AT 30.06.2026 AMOUNTS AS AT 31.12.2025

ITEMS/VALUES LEVEL 1 LEVEL 2 LEVEL 3 LEVEL 1 LEVEL 2 LEVEL 3

1. Debt securities 4,295 351 25 4,148 374 45 1.1 Structured securities 94 183 3 80 157 3 1.2 Other debt securities 4,201 168 22 4,068 217 42 2. Equity instruments 3,040 - 340 2,607 26 330 3. Units in investment funds 24,247 293 2,370 23,919 424 2,227 4. Loans - 482 1,222 - 1,003 752 4.1 Reverse Repos - - - - - -

4.2 Other - 482 1,222 - 1,003 752 Total 31,582 1,126 3,957 30,674 1,827 3,354

Total Level 1, Level 2 and Level 3 36,665 35,855

A financial asset is classified as a financial asset mandatorily measured at fair value if it does not meet the conditions, in terms of business model or cash flow characteristics, for being measured at amortised cost or at fair value through other comprehensive income.

Valuations at fair value were classified according to a hierarchy of levels reflecting the observability of the valuations in put.

For further information , refer to paragraph “A.4 Information on fair value”, Explanatory notes, Part A - Accounting policies.

Condensed interim consolidated financial statements | Explanatory notes Part B - Consolidated balance sheet - Assets UniCredit Consolidated first half financial report as at 30 June 2026 110 Information about the units of Atlante Fund and Italian Recovery Fund Atlante is a closed -end alternative investment fund (FIA) ruled by Italian law reserved to professional investors and managed by DeA Capital Alternative Funds SGR S.p.A. (DeA). The size of the fund was equal to €4,249 million, of which UniCredit S.p.A. inv ested for about 19.9%.

The investment policy of Atlante foresees that the fund may be invested (i) in Banks with regulatory capital ratios lower than the minimum level set down in the SREP process and, thus, realise, upon request of the supervisory authority, actions of capital strengthening thro ugh capital increases and (ii) in Non -Performing Loans (NPLs) of a plurality of Italian Banks.

With reference to Atlante fund, as at 30 June 202 6 UniCredit S.p.A. holds shares classified as financial assets mandatory at fair value with a carrying value of € 75 million. The cumulative cash investments are equal to €844 million against which impairments for €684 million and negative fair value changes for € 16 million were carried out. Received reimbursement s amount to € 69 million. In addition, UniCredit S.p.A. has a residual commitment to invest in the fund for an amount less than €2 million.

In addition to the above, as at 30 June 202 6 UniCredit Vita Assicurazioni holds shares classified as financial assets mandatory at fair value with a carrying value of € 4.5 million.

On August 2016, it was launched the Atlante II fund, redenominated Italian Recovery Fund since 27 October 2017, a closed -end investment alternative fund reserved to professional investors, also managed by DeA, which, unlike the Atlante fund, may invest onl y in NPL and instruments linked to NPL transactions (such as warrants) in order to reduce the risk in line with the parameters used by the largest wor ld institutional investors.

With reference to Italian Recovery Fund, as at 30 June 202 6 UniCredit S.p.A. holds shares with a carrying value of € 74 million, classified as financial assets mandatory at fair value. The cumulative cash investments have been equal to €187 million against which negative fair v alue changes for € 17 million were carried out. Received reimbursement s amount to € 96 million. In addition, UniCredit S.p.A. has a residual commitment to invest in Italian Recovery Fund for about €8 million.

As at 30 June 202 6 the book value (fair value) of these funds has been determined adopting an internal model in which credit risk changes of sin gle ABS in which Atlante fund has invested are considered. This fair value valuation resulted in a lower value of € 19 million in the year, accounted in the profit and loss.

Under a regulatory perspective, the treatment of the quotas held by UniCredit S.p.A. in the Atlante Fund and Italian Recovery foresees the calculation of RWEA on the basis of each underlying assets of CIUs, in accordance with CRR article 152(2) and (4b). With reference to the residual commitments, the regulatory treatment foresees the application of a credit conversion factor equal to 100% (“full risk” accor ding to the Annex I of the CRR) and for the calculation of the related risk -weighted exposures, it i s applied the CRR article 152(9).

Information about the investments in the “Schema Volontario” (Voluntary Scheme) In November 2015 UniCredit S.p.A. has joined the "Schema Volontario" (hereafter SV), a private entity introduced by Fondo Int erbancario di Tutela dei Depositi (FITD), with appropriate modification of its statute. SV was fully impaired since December 2022.

SV is an instrument for the resolution of Bank crises through supporting measures in favour of its member Banks, if specific conditions laid down by the legislation occur. SV has an independent funding and the participating Banks are committed to supply the relevant resources upon demand, when resources are needed to fund interventions. The initial participating size of the SV has been set up to €700 million (of which €110 million referred to UniCredit S.p.A.).

Here follow the main transactions carried out by SV .

Cassa di Risparmio di Cesena (CariCesena) In June 2016 the SV approved an action supporting CariCesena, in relation to a capital increase approved by the Bank itself on 8 June 2016 for €280 million of which €44 million referred to UniCredit S.p.A. On 30 September 2016 this commitment was converted into a mone tary payment which has led to the recognition of capital instruments classified, on the basis of the pre-existing accounting standard IAS39, as “available for sale" for €44 million for UniCredit S.p.A. (in line with the monetary payment). The u pdate of the evaluation of the instruments as at 31 December 2016, according to an internal evaluation model based on multiples of a banking basket integrated with estimates on Cassa di Rispar mio di Cesena’s credit portfolio and the related equity/capital needs, brought to the full impairment of the position.

CariCesena, Cassa di Risparmio di Rimini (Carim) e Cassa di Risparmio di San Miniato (Carismi) In September 2017, in order to face Crédit Agricole CariParma intervention in favour of CariCesena, Carim and Carismi, based on a capital increase of €464 million and on the subscription of bonds from NPL securitisation of these Banks for €170 million, the Fund increased its capital endowment for €95 million (to an overall amount of €795 million), increasing the residual commitment referred to UniCredit S.p.A. to €8 1 million. Hence, in the same month UniCredit S.p.A. paid €9 millio n in respect of the part o f the intervention relating to the capital increase of Carim and Carismi, and in December 2017, UniCredit S.p.A. paid the remaining €72 million (of which €45 million referred to the capital increase of the Banks and €27 million referred to the subscription of securitisations). Following these events, UniCredit group’s residual commitment towards SV wa s substantially nil.

Condensed interim consolidated financial statements | Explanatory notes Part B - Consolidated balance sheet - Assets UniCredit Consolidated first half financial report as at 30 June 2026 111 All the payments referred to the capital increase of the Banks led to the recognition of capital instruments classified, on the basis of the pre -existing accounting standard IAS39, as “available for sale” and amounting to €54 million for UniCredit S.p.A., entirely written -down in 2017 financial statements due to the sale of the Banks to Crédit Agricole CariParma at a symbolic price.

Regarding the portion of investment referred to the subscription of SV of Junior and Mezzanine quot as of the securitisation, the initial value (€27 million for UniCredit S.p.A.) was rectified in 2017 to reflect fair value declared by the SV (€4 million for UniCredit S.p.A. ) resulting from the analysis conducted by the advisors in charge of the underlying credits evaluation, conducted according to a Discounted Cash Flow model based on recovery plans elaborated by SPV’s special servicer.

The update of the assessment received from the SV (supported by the analysis of the appointed advisor) as at 31 December 2022 UniCredit S.p.A.

led to the full impairment of the position.

Banca Carige

On 30 November 2018, the Shareholders' Meeting of the SV decided to intervene in favour of Banca Carige S.p.A. by subscribing a Tier 2 subordinated loan (for a maximum amount of €320 million) issued by Banca Carige S.p.A. and addressed to the conversion in to capital to the extent necessary to allow an expected capital increase of €400 million.

On the same date, within the framework of the agreement stipulated with SV, Banca Carige S.p.A. placed bonds for €320 million , of which €318.2 million subscribed directly through the SV itself. The bonds were issued at par (100% of the nominal value), with a fixed rate coupon of 13% and a maturity of 10 years (maturity 30 November 2028).

Considering the failure to provide by 22 December 2018 the delegation to the Board of Directors by the Extraordinary Sharehol ders' Meeting of Banca Carige S.p.A. to increase by payment the share capital for a maximum total amount of €400 million, with retr oactive effect interests on the principal amount of outstanding bonds from time to time mature at a nominal fixed rate of 16% starting from the date of issue .

With reference to the intervention in favour of Banca Carige S.p.A., UniCredit S.p.A. contribution to the SV at the recogniti on date amounts to €53 million, and it has been identified as a financial instrument classified, on the basis of the existing accou nting standard IFRS9, under item "20.c) Financial assets mandatorily at fair value through profit or loss”.

As at 31 December 2018, following the evaluation process of the investment, UniCredit S.p.A. recognised impairments for €16 m illion, thus bringing the carrying value of the instrument to €37 million.

As at 31 December 2019 UniCredit S.p.A. has evaluated instrument’s fair value according to internal models (Market Multiples and Multi -Scenario Analysis) for €13 million, also considering the occurred reimbursement of interests for €9 million.

Update of evaluation at 31 December 2020 has determined a fair value of €5.1 million.

From 31 December 2021 fair value is substantially zeroed.

Condensed interim consolidated financial statements | Explanatory notes Part B - Consolidated balance sheet - Assets UniCredit Consolidated first half financial report as at 30 June 2026 112 Section 3 - Financial assets at fair value through other comprehensive income - Item 30

3.1 Financial assets at fair value through other comprehensive income: breakdown by product

(€ million)

AMOUNTS AS AT 30.06.2026 AMOUNTS AS AT 31.12.2025

ITEMS/VALUES LEVEL 1 LEVEL 2 LEVEL 3 LEVEL 1 LEVEL 2 LEVEL 3

1. Debt securities 75,842 4,921 788 81,267 4,431 869 1.1 Structured securities 131 23 - 144 55 -

1.2 Other 75,711 4,898 788 81,123 4,376 869 2. Equity instruments 6,469 445 591 5,555 478 601 3. Loans - - - - - -

Total 82,311 5,366 1,379 86,822 4,909 1,470

Total Level 1, Level 2 and Level 3 89,056 93,201

Valuations at fair value were classified according to a hierarchy of levels reflecting the observability of the valuation inp uts.

For further information refer to paragraph “A.4 Information on fair value”, Explanatory notes, Part A - Accounting policies.

The decrease in the item is mainly due to minor stock of debt securities held by UniCredit S.p.A.

The Item “2. Equity instruments” includes Banca d’Italia stake with a value of €375 million .

Condensed interim consolidated financial statements | Explanatory notes Part B - Consolidated balance sheet - Assets UniCredit Consolidated first half financial report as at 30 June 2026 113 Section 4 - Financial assets at amortised cost - Item 40

Financial assets at amortised cost: breakdown by product of loans and advances to banks

(€ million)

AMOUNTS AS AT 30.06.2026 AMOUNTS AS AT 31.12.2025

BOOK VALUE BOOK VALUE

TYPE OF TRANSACTIONS/VALUES STAGE 1 AND STAGE 2 STAGE 3 PURCHASED OR

ORIGINATED CREDIT -

IMPAIRED FINANCIAL

ASSETS STAGE 1 AND STAGE 2 STAGE 3 PURCHASED OR

ORIGINATED CREDIT -

IMPAIRED FINANCIAL

ASSETS

A. Loans and advances to Central Banks 20,436 - - 20,655 - -

1. Time deposits 4,336 - - 3,885 - -

2. Compulsory reserves 7,546 - - 10,178 - -

3. Reverse repos 8,412 - - 6,517 - -

4. Other 142 - - 75 - -

B. Loans and advances to banks 45,599 15 - 44,093 22 -

1. Loans 31,639 15 - 28,157 22 -

1.1 Current accounts - - - - - -

1.2 Time deposits 2,354 - - 2,910 - -

1.3 Other loans 29,285 15 - 25,247 22 -

- Reverse repos 24,972 - - 21,319 - -

- Lease Loans - - - 1 - -

- Other 4,313 15 - 3,927 22 -

2. Debt securities 13,960 - - 15,936 - -

2.1 Structured - - - - - -

2.2 Other 13,960 - - 15,936 - -

Total 66,035 15 - 64,748 22 -

Financial assets at amortised cost: breakdown by product of loans and advances to customers

(€ million)

AMOUNTS AS AT 30.06.2026 AMOUNTS AS AT 31.12.2025

BOOK VALUE BOOK VALUE

TYPE OF TRANSACTIONS/VALUES STAGE 1 AND STAGE

2 STAGE 3 PURCHASED OR

ORIGINATED CREDIT -

IMPAIRED FINANCIAL

ASSETS STAGE 1 AND STAGE

2 STAGE 3 PURCHASED OR

ORIGINATED CREDIT -

IMPAIRED FINANCIAL

ASSETS

1. Loans 467,802 6,268 208 425,135 6,598 190 1.1 Current accounts 24,845 668 12 22,287 778 2 1.2 Reverse repos 33,225 - - 14,508 - -

1.3 Mortgages 184,689 1,960 39 180,447 1,969 44 1.4 Credit cards and personal loans, including wage assignment 22,729 365 3 21,531 340 4 1.5 Lease loans 10,103 261 - 10,332 263 -

1.6 Factoring 11,920 69 - 12,751 61 -

1.7 Other loans 180,291 2,945 154 163,279 3,187 140 2. Debt securities 91,921 9 - 89,403 4 -

2.1 Structured securities 494 1 - 379 1 -

2.2 Other debt securities 91,427 8 - 89,024 3 -

Total 559,723 6,277 208 514,538 6,602 190

The column “of which: purchased or originated credit -impaired financial assets” includes impaired loans purchased as part of transactions other than business combination s.

The increase in the item “1. Loans” to customers as at 30 June 202 6 compared with 31 December 202 5 is mainly attributable to higher repo transaction volumes, particularly at UniCredit S.p.A. and its subsidiary UniCredit Bank Austria AG.

Sub-items “1.2. Reverse repos" and “1.7 Other loans” do not include securities lending transactions collateralised by securities or not collateralised.

Condensed interim consolidated financial statements | Explanatory notes Part B - Consolidated balance sheet - Assets UniCredit Consolidated first half financial report as at 30 June 2026 114 4.4a Financial assets at amortised cost subject to Covid -19 measures: gross value and total accumulated impairments

(€ million)

GROSS VALUE TOTAL ACCUMULATED IMPAIRMENTS

STAGE 1

OF WHICH:

INSTRUMENTS

WITH LOW

CREDIT RISK

EXEMPTION STAGE 2 STAGE 3 PURCHASED

OR

ORIGINATED

CREDIT

IMPAIRED STAGE 1 STAGE 2 STAGE 3 PURCHASED

OR

ORIGINATED

CREDIT

IMPAIRED PARTIAL

ACCUMULATED

WRITE -OFFS(*)

Loans guaranteed by public guarantee Covid 19 2,538 - 461 294 2 2 6 65 - -

Total 30.06.2026 2,538 - 461 294 2 2 6 65 - -

Total 31.12.2025 4,151 - 658 431 2 5 9 91 - -

Section 10 - Intangible assets - Item 100 An intangible asset is an identifiable non -monetary asset without physical substance, to be used for several years.

Intangible assets may include goodwill and, among “other intangible assets”, brands, customer relationships and software.

Goodwill is defined as the excess of the cost of a business combination over the percentage acquired of the net fair value of the assets and liabilities of companies or businesses at the acquisition date.

As at 30 June 2026, this item mostly referred to software, goodwill and customer relationships.

Goodwill arises from the acquisition of control of the following entities: (i) UniCredit NV/SA, (ii) Vodeno Sp . z o.o., (iii) UniCredit Life Insurance S.p.A., (iv) UniCredit Vita Assicurazioni S.p.A., (v) Alpha Bank Romania S.A. (subsequently merged into UniCredit Bank S.A. Romania).

The change is only due to foreign exchange effects on goodwill recognised on entities with a functional currency other than the Euro.

10.1 Intangible assets: breakdown by asset type

(€ million)

AMOUNTS AS AT 30.06.2026 AMOUNTS AS AT 31.12.2025

ASSETS/VALUES FINITE LIFE INDEFINITE LIFE FINITE LIFE INDEFINITE LIFE

A.1 Goodwill X 840 X 843 A.1.1 Attributable to the Group X 840 X 843 A.1.2 Attributable to minorities X - X -

A.2 Other intangible assets 2,077 - 2,097 -

of which: software 2,035 - 2,060 -

A.2.1 Assets carried at cost 2,077 - 2,097 -

a) Intangible assets generated internally 1,689 - 1,705 -

b) Other assets 388 - 392 -

A.2.2 Assets measured at fair value - - - -

a) Intangible assets generated internally - - - -

b) Other assets - - - -

Total 2,077 840 2,097 843

Total finite and indefinite life 2,917 2,940

The Group does not use the revaluation model (fair value) to measure intangible assets.

Condensed interim consolidated financial statements | Explanatory notes Part B - Consolidated balance sheet - Assets UniCredit Consolidated first half financial report as at 30 June 2026 115 10.2 Intangible assets: annual changes

(€ million)

CHANGES IN FIRST HALF 2026

OTHER INTANGIBLE ASSETS

GENERATED INTERNALLY OTHER

GOODWILL FINITE LIFE INDEFINITE

LIFE FINITE LIFE INDEFINITE

LIFE TOTAL

A. Gross opening balance 843 6,972 - 2,957 - 10,772 A.1 Total net reduction in value - 5,267 - 2,565 - 7,832 A.2 Net opening balance 843 1,705 - 392 - 2,940 B. Increases - 211 - 55 - 266 B.1 Purchases - 8 - 41 - 49 B.2 Increases in intangible assets generated internally X 197 - - - 197 B.3 Write -backs X - - - - -

B.4 Increases in fair value - - - - - -

- In equity X - - - - -

- Through profit or loss X - - - - -

B.5 Positive exchange differences - 4 - 6 - 10 B.6 Other changes - 2 - 8 - 10 of which: business combinations - - - - - -

C. Reduction 3 227 - 59 - 289 C.1 Disposals - - - - - -

C.2 Write -downs - 221 - 54 - 275

- Amortisation X 210 - 54 - 264

- Write -downs - 11 - - - 11 + In equity X - - - - -

+ Through profit or loss - 11 - - - 11 C.3 Reduction in fair value - - - - - -

- In equity X - - - - -

- Through profit or loss X - - - - -

C.4 Transfer to non -current assets held for sale - - - - - -

C.5 Negative exchange differences 3 2 - 2 - 7 C.6 Other changes - 4 - 3 - 7 of which: business combinations - - - - - -

D. Net closing balance 840 1,689 - 388 - 2,917 D.1 Total net write -down - 5,498 - 2,607 - 8,105 E. Gross closing balance 840 7,187 - 2,995 - 11,022 F. Carried at cost - - - - - -

Impairment testing of indefinite -life intangible assets recognised during business combinations As at 30 June 2026, UniCredit group recognised an overall goodwill for €8 40 million, stemming from the Purchase Price allocation processes executed at the time of acquisition of Alpha Bank Romania (€36 million), UniCredit NV/SA (€122 million), Vodeno (€131 million), UniCredit Life Insurance (ULI, €144 million) and UniCredit Vita Assicurazioni (UVA, €406 million).

According to IAS36.99, the results of the goodwill impairment test performed as at 31 December 20 25 were also used for the test as at 30 June 2026 (for the Group and the CGUs to which residual goodwill is allocated). More in detail , an analysis of qualitative indicators has been carried out on the main hypotheses underlying the calculations for the goodwill impairment test as at 31 December 20 25.

Estimating cash flows to determine the value in use as at 31 December 20 25 The set of projections employed for the impairment test as at 31 December 2025 follows ESMA requirements to issuers to c onsider alternative scenarios for the valuation of items whose sustainability depends on future forecasts. To this purpose two scenarios were pre pared: “Ba se” scenario underlying the financial forecasts (Net Profit and RW EA) of 2026 Budget, approved by the Board of Directors on 8 February 2026 meeting, and the projections for 202 7 and 202 8 presented to the BoD on the same date; an “Alternative ” scenario projection acknowledged by the Board of Directors on the same da te.

Condensed interim consolidated financial statements | Explanatory notes Part B - Consolidated balance sheet - Assets UniCredit Consolidated first half financial report as at 30 June 2026 116 Analysis of indicators as at 30 June 20 26 With the aim of assessing potential variations occurred in the first half of 20 26 in the assumptions underlying latest impairment test calculation, a trigger analysis of the key indicators has been carried out.

Pursuant to IAS36.99, the result of the analysis of changes in the prevailing circumstances as at 30 June 20 26 compared to 31 December 20 25 and of events that have occurred during the same period confirms the validity of the outcome of the goodwill impairment test perf ormed on 31 December 2025; following this analysis, the results have therefore been confirmed also with respect to the 30 June 20 26 impairment test.

In particular, the following considerations have been made:

• there have been no substantial changes in the structure of assets and liabilities of the CGUs;

• Net Profit actual results22 and RW EAs are in line with budget target, at Group level and for the CGUs’ to which goodwill is allocated ;

• cost of Equity updated as at June 20 26 is slightly above the level recorded as at December 20 25;

• there have been no changes in capital ratio target ;

• no significant gaps between the Base/Alternative scenarios, underlying Multiyear projections and used in the evaluation proce ss as at 31 December 2025, and the updated macroeconomic scenario ;

• excess of the value in use over the carrying amount highlighted by the test executed as at 31 December 2025

Results of the impairment test Based on analysis of events that have occurred and circumstances that have changed since December 20 25, pursuant to IAS36.99, the results of 31 December 20 25 impairment test, that confirmed the sustainability of the goodwill with no need for an impairment on the consolidated account s of UniCredit group, are also confirmed for June 20 26.

It must be noted that the parameters and information used to verify the recoverability of goodwill (in particular the expecte d cash flows for the CGUs and the discount rates used) are significantly influenced by the macroeconomic and market situation, whic h may be subject to currently unpredictable changes.

The effect that these changes may have on the estimated cash flows of the different CGUs, as well as on the main assumptions made, could therefore lead to different results in the coming financial years.

Section 12 - Non-current assets and disposal groups classified as held for sale and liabilities associated with assets classified as held for sale - Item 120 (Assets) and Item

70 (Liabilities)

Non-current assets or groups of assets and directly connected liabilities, which constitute a set of cash flow generating assets, the sale of which is highly likely, are recognised under these items.

In the Balance sheet as at 30 June 202 6, compared with 31 December 202 5, the main variations relate to : (i) the new classification of real estate, mainly in Germany ; (ii) the sales of mainly non -performing loans related to portfolio sale initiatives ; (iii) the sale of the controlled company Monnet 8 -

10 S.A .R.L.

Fair value measurements are classified , for disclosure purposes only, into a fair value hierarchy that reflects the significance of inputs used in the valuations. For further information refer to paragraph “A.4 Information on fair value”, Explanatory notes, Part A - Accounting policies.

22 At Budget Foreign Exchange Rates.

Condensed interim consolidated financial statements | Explanatory notes Part B - Consolidated balance sheet - Assets UniCredit Consolidated first half financial report as at 30 June 2026 117 12.1 Non -current assets and disposal groups classified as held for sale: breakdown by asset type

(€ million)

AMOUNTS AS AT

30.06.2026 31.12.2025

A. Assets held for sale A.1 Financial assets 35 121 A.2 Equity investments - -

A.3 Property, plant and equipment 239 126 of which: obtained by the enforcement of collateral - -

A.4 Intangible assets - -

A.5 Other non -current assets - 1 Total (A) 274 248 of which: carried at cost 24 114 of which: designated at fair value - level 1 - -

of which: designated at fair value - level 2 29 63 of which: designated at fair value - level 3 221 71 B. Discontinued operations B.1 Financial assets at fair value through profit or loss - -

- Financial assets held for trading - -

- Financial assets designated at fair value - -

- Other financial assets mandatorily at fair value - -

B.2 Financial assets at fair value through other comprehensive income - -

B.3 Financial assets at amortised cost - -

B.4 Equity investments - -

B.5 Property, plant and equipment - -

of which: obtained by the enforcement of collateral - -

B.6 Intangible assets - -

B.7 Other assets - -

Total (B) - -

of which: carried at cost - -

of which: designated at fair value - level 1 - -

of which: designated at fair value - level 2 - -

of which: designated at fair value - level 3 - -

C. Liabilities associated with assets classified as held for sale C.1 Deposits - -

C.2 Securities - -

C.3 Other liabilities - -

Total (C) - -

of which: carried at cost - -

of which: designated at fair value - level 1 - -

of which: designated at fair value - level 2 - -

of which: designated at fair value - level 3 - -

D. Liabilities associated with discontinued operations D.1 Financial liabilities at amortised cost - -

D.2 Financial liabilities held for trading - -

D.3 Financial liabilities designated at fair value - -

D.4 Provisions - -

D.5 Other liabilities - -

Total (D) - -

of which: carried at cost - -

of which: designated at fair value - level 1 - -

of which: designated at fair value - level 2 - -

of which: designated at fair value - level 3 - -

As at 30 June 202 6 the financial assets classified as non -current assets and disposal groups classified as held for sale included in stage 3 are equal to €2 4 million (€ 68 million as at December 202 5).

Condensed interim consolidated financial statements | Explanatory notes Part B - Consolidated balance sheet - Liabilities UniCredit Consolidated first half financial report as at 30 June 2026 118 Liabilities

Section 1 - Financial liabilities at amortised cost - Item 10

Financial liabilities at amortised cost: breakdown by product of deposits from banks

(€ million)

AMOUNTS AS AT

TYPE OF TRANSACTIONS/VALUES 30.06.2026 31.12.2025

1. Deposits from central banks 5,809 7,674 2. Deposits from banks 46,575 44,517 2.1 Current accounts and demand deposits 10,759 9,075 2.2 Time deposits 10,372 12,602 2.3 Loans 23,846 22,096 2.3.1 Repos 11,730 9,562 2.3.2 Other 12,116 12,534 2.4 Liabilities relating to commitments to repurchase treasury shares - 83 2.5 Lease deposits 8 10 2.6 Other deposits 1,590 651 Total 52,384 52,191

Sub-item “2.3 Loans” includes repos executed using proprietary securities issued by Group companies, which were eliminated from a ssets on consolidation.

The same sub -item does not include bond lending transactions collateralised by securities or not collateralised.

Financial liabilities at amortised cost: breakdown by product of deposits from customers

(€ million)

AMOUNTS AS AT

TYPE OF TRANSACTION/VALUES 30.06.2026 31.12.2025

1. Current accounts and demand deposits 390,967 387,981 2. Time deposits 104,139 93,694 3. Loans 63,348 46,150 3.1 Repos 60,729 43,622 3.2 Other 2,619 2,528 4. Liabilities relating to commitments to repurchase treasury shares - -

5. Lease deposits 1,077 1,248 6. Other deposits 6,122 7,546 Total 565,653 536,619

The increase in the item “2. Deposits from customers” is mainly due to an increase in the Repos transactions volumes, attribu table in particular to UniCredit S.p.A. and its subsidiar y UniCredit Bank GmbH.

Item “3. Loans” also includes liabilities relating to repos executed using proprietary securities issued by Group companies, which were eliminated from assets on consolidation; the same sub -item does not include bond lending transactions collateralised by securities or not collateralised.

Condensed interim consolidated financial statements | Explanatory notes Part B - Consolidated balance sheet - Liabilities UniCredit Consolidated first half financial report as at 30 June 2026 119 Financial liabilities at amortised cost: breakdown by product of debt securities in issue

(€ million)

AMOUNTS AS AT

TYPE OF SECURITIES/VALUES 30.06.2026 31.12.2025

A. Debt securities 1. Bonds 102,914 90,711 1.1 Structured 3,273 2,469 1.2 Other 99,641 88,242 2. Other securities 6,550 7,487 2.1 Structured 49 48 2.2 Other 6,501 7,439 Total 109,464 98,198

The sum of sub -items “1.1 Bonds - Structured” and “2.1 Other securities - Structured” amounts to € 3,322 million and account for 3.03% of total debt securities.

The fair value of derivatives embedded in structured securities and subject to bifurcation, presented in item 20 of Assets an d item 20 of Liabilities and included in Trading derivatives - Others, amounted to a net balance of € 79 million negative.

The increase in the item is mainly attributable to net issuance performed by UniCredit S.p.A. and its subsidiary UniCredit Bank GmbH .

Section 2 - Financial liabilities held for trading - Item 20

2.1 Financial liabilities held for trading: breakdown by product

(€ million)

TYPE OF TRANSACTIONS/VALUES AMOUNTS AS AT 30.06.2026 AMOUNTS AS AT 31.12.2025

NOMINAL

VALUE FAIR VALUE

FAIR VALUE* NOMINAL

VALUE FAIR VALUE FAIR VALUE*

LEVEL 1 LEVEL 2 LEVEL 3 LEVEL 1 LEVEL 2 LEVEL 3 FAIR VALUE*

A. Cash liabilities 1. Deposits from banks - 976 - - 976 - 852 - - 852 2. Deposits from customers 5 1,423 26 4 1,454 5 1,492 12 4 1,508 3. Debt securities 4,293 - 3,803 439 4,242 3,625 - 3,383 264 3,645 3.1 Bonds 2,072 - 1,873 185 2,058 1,822 - 1,739 114 1,852 3.1.1 Structured 1,753 - 1,550 185 X 1,622 - 1,539 114 X 3.1.2 Other 319 - 323 - X 200 - 200 - X 3.2 Other securities 2,221 - 1,930 254 2,184 1,803 - 1,644 150 1,793 3.2.1 Structured 2,221 - 1,930 254 X 1,803 - 1,644 150 X 3.2.2 Other - - - - X - - - - X Total (A) 4,298 2,399 3,829 443 6,672 3,630 2,344 3,395 268 6,005 B. Derivatives instruments 1. Financial derivatives X 4,504 33,300 1,116 X X 3,496 27,174 1,178 X 1.1 Trading derivatives X 4,504 30,081 1,075 X X 3,496 26,719 1,149 X 1.2 Linked to fair value option X - 207 34 X X - 204 - X 1.3 Other X - 3,012 7 X X - 251 29 X 2. Credit derivatives X - 1,129 13 X X - 532 56 X 2.1 Trading derivatives X - 1,129 13 X X - 532 56 X 2.2 Linked to fair value option X - - - X X - - - X 2.3 Other X - - - X X - - - X Total (B) X 4,504 34,429 1,129 X X 3,496 27,706 1,234 X Total (A+B) X 6,903 38,258 1,572 X X 5,840 31,101 1,502 X

Total Level 1, Level 2 and Level 3 46,733 38,443

Note:

Fair value* = Fair value calculated excluding the value changes due to the change of credit worthiness of the issuer compared to the issue date.

Valuations at fair value were classified according to a hierarchy of levels reflecting the observability of the valuation inp uts.

Condensed interim consolidated financial statements | Explanatory notes Part B - Consolidated balance sheet - Liabilities UniCredit Consolidated first half financial report as at 30 June 2026 120 For further information refer to paragraph “A.4 Information on fair value”, Explanatory notes, Part A - Accounting policies.

The increase of the item is mainly due to the rise in the sub -item “1. Financial derivatives”, which is largely attributable to UniCredit S.p.A. and its subsidiary UniCredit Bank GmbH.

The financial assets and liabilities relating to OTC Derivatives and Repos managed through Central Counterparty Clearing Hous es (CCPs) are offset when (i) the clearing systems of CCPs guarantee the elimination or reduc tion to an immaterial level of the credit and liquidity risks of these contracts and (ii) the entity intends to settle these contracts on a net basis, in accordance with IAS32 - Offsetting, in order to better present the liquidity profile and counterparty risk connected with them.

The offset effect as at 30 June 2026, already included in the net presentation of these transactions, totaled € 131,272 million decreas ing in comparison with €138,566 million as at 31 December 2025 due to the evolution of reference market conditions, mainly relating to the activitie s of UniCredit S.p.A.

The sub -items “1. Deposits from banks” and “2. Deposits from customers” include short selling totaling € 2,408 million as at 30 June 202 6 (€2,355 million as at 31 December 202 5), in respect of which no nominal amount was attributed.

Section 3 - Financial liabilities designated at fair value - Item 30

3.1 Financial liabilities designated at fair value: breakdown by product

(€ million)

TYPE OF TRANSACTIONS/VALUES AMOUNTS AS AT 30.06.2026 AMOUNTS AS AT 31.12.2025

NOMINAL

VALUE FAIR VALUE

FAIR VALUE* NOMINAL

VALUE FAIR VALUE

FAIR VALUE* LEVEL 1 LEVEL 2 LEVEL 3 LEVEL 1 LEVEL 2 LEVEL 3

1. Deposits from banks - - - - - - - - - -

1.1 Structured - - - - X - - - - X 1.2 Other - - - - X - - - - X

of which:

- loan commitments given - X X X X - X X X X

- financial guarantees given - X X X X - X X X X 2. Deposits from customers 7,250 - 7,178 14 7,190 7,798 - 7,734 30 7,760 2.1 Structured - - - - X - - - - X 2.2 Other 7,250 - 7,178 14 X 7,798 - 7,734 30 X

of which:

- loan commitments given - X X X X - X X X X

- financial guarantees given - X X X X - X X X X 3. Debt securities 17,169 - 15,032 2,202 17,095 15,269 - 14,616 778 15,251 3.1 Structured 16,996 - 14,859 2,202 X 15,052 - 14,403 778 X 3.2 Other 173 - 173 - X 217 - 213 - X Total 24,419 - 22,210 2,216 24,285 23,067 - 22,350 808 23,011

Total Level 1, Level 2 and Level 3 24,426 23,158

Note:

Fair value* = Fair value calculated excluding the value changes due to the change of credit worthiness of the issuer compared to the issue date.

Liabilities are recognised in this item to reduce the accounting mismatch arising from financial instruments measured with ch anges in fair value in the Income statement in order to manage the risk profile.

Valuations at fair value are classified in accord ance with a hierarchy of levels reflecting the observability of the valuation inputs.

For further information refer to paragraph “A.4 Information on fair value”, Explanatory notes, Part A - Accounting policies.

The sub -item “3.1 Debt securities - Structured” includes “Certificates”, structured debt securities, issued by UniCredit S.p.A. and other Group legal entities. These instruments are designated at fair value , as the embedded derivatives cannot be bifurcated.

Condensed interim consolidated financial statements | Explanatory notes Part B - Consolidated balance sheet - Liabilities UniCredit Consolidated first half financial report as at 30 June 2026 121 Section 7 - Liabilities associated with assets classified as held for sale - Item 70 Refer to the paragraph “Section 12 - Non-current assets and disposal group classified as held for sale and Liabilities associated with assets classified as held for sale - Item 120 (Assets) and Item 70 (Liabilities)” of the Consolidated financial statements of UniCredit group, Explanatory notes , Part B - Consolidated balance sheet - Assets.

Section 10 - Provisions for risks and charges - Item 100

10.1 Provisions for risks and charges: breakdown

(€ million)

AMOUNTS AS AT

ITEMS/COMPONENTS 30.06.2026 31.12.2025

1. Provisions for credit risk on commitments and financial guarantees given 872 1,019 2. Provisions for other commitments and other guarantees given 100 72 3. Pensions and other post -retirement benefit obligations 2,611 2,740 4. Other provisions for risks and charges 2,894 3,716 4.1 Legal and tax disputes 903 953 4.2 Staff expenses 1,421 2,199 4.3 Other 570 564 Total 6,477 7,547

As at 30 June 202 6 Provision for risks and charges amounted to €6, 477 million, of which about €9 72 million relating to total impairment losses on off-Balance sheet exposures, €2, 611 million relating to pensions and other post -retirement benefit obligations and €2, 894 million relating to other provisions for risks and charges.

Item "4. Other provisions for risks and charges" consists of:

• provisions for legal and tax disputes: cases in which the Group is a defendant, and post -insolvency clawback petitions (more information on litigation is set out in paragraphs “B. Legal risks” and “D. Risks arising from tax disputes”, Explanatory notes, Pa rt E - Information on risks and related hedging policies, 2.5 Operational risks, Qualitative information);

• provisions for staff expenses including also the expenses relating to the implementation of the Strategic Plan;

• other provisions: these include provisions for risks and charges not attributable to the above items, whose details are illus trated in the table 10.6 below.

10.5 Pensions and other post -retirement defined -benefit obligations There are several defined -benefit plans within the Group, i.e., plans whose benefit is linked to salary and employee s’ length of service both in Italy and abroa d. The Austrian, German and Italian plans account for over 90% of the Group’s pension obligations.

About 60% of the total obligations for defined benefit plans are financed with segregated assets. These plans are established in (i) Germa ny, including the "Direct Pension Plan" (i.e. an external fund managed by independent trustees), the "HVB Trust Pensionfonds AG" and the "Pensionkasse der Hypovereinsbank WaG" all created by UniCredit Bank GmbH (UCB GmbH ), and (ii) the United Kingdom, Italy and Luxembourg , and were created by UCB GmbH and UniCredit S.p.A.

The Group’s defined -benefit plans are mainly closed to new recruits where most new recruits join defined -contribution plans instead and the related contributions are charged to the Income statement.

According to IAS19, obligations arising from defined -benefit plans are determined using the “Projected Unit Credit” method, while segregated assets are measured at fair value at the Balance sheet’s reference date. The Balance sheet obligation is the result of the deficit/surplus (i.e., the difference between obligations and assets) net of any impacts of the asset ceiling; actuarial gains and losses are recognised in shareho lders’ equity and shown in a specific item of revaluation reserves in the financial y ear in which they are recorded.

The actuarial assumptions used to determine obligations vary from country to country and from plan to plan; the discount rate is determined, depending on the currency of denomination of the commitments and the maturity of the liability, by reference to mar ket yields at the Balance sheet date on a basket of “high quality corporate bonds” (HQCB).

In the light of evolving common interpretation about “ high quality corporate bonds ” identification , UniCredit determines the discount rate by referencing AA rated corporate bonds (HQCB) basket. In addition, a Nelson Siegel methodology is applied in the modelling of the yield -curve expressed by the basket of securities adjusted above the “last liquid point” (defined as the average maturity of the last 5 a vailable bonds) relying on the slope of a Treasury curve buil t with AA Govies.

The measurement of commitments as at 30 June 202 6 (including those relating to employee severance pay for so -called “Trattamento di fine rapporto del personale ”) leads to a decrease, compared with 31 December 202 5 levels, of approx. €64 million, net of taxes, in the negative Balance of the valuation reserve of actuarial gains/losses on defined benefit plans.

Condensed interim consolidated financial statements | Explanatory notes Part B - Consolidated balance sheet - Liabilities UniCredit Consolidated first half financial report as at 30 June 2026 122

10.6 Provisions for risks and charges - other provisions

(€ million)

AMOUNTS AS AT

30.06.2026 31.12.2025

4.3 Other provisions for risks and charges - other Real estate risks/charges 47 50 Restructuring costs 19 23 Allowances payable to agents 78 78 Disputes regarding financial instruments and derivatives 7 7 Costs for liabilities arising from equity investment disposals 1 1 Other 418 405 Total 570 564

It should be noted that sub -item “Others” includes provisions:

• posted in order to cope with the probable risks of loss relating to claims by customers. Further information is reported in t he related paragraph “E.

Other claims by customers”, Explanatory notes, Part E - Information on risks and related hedging policies, 2.5 Operational risks, Qualitative information .

Condensed interim consolidated financial statements | Explanatory notes Part B - Consolidated balance sheet - Liabilities UniCredit Consolidated first half financial report as at 30 June 2026 123 Section 11 - Insurance liabilities - Item 110

11.3 Changes in the carrying amount of insurance contracts issued broken down by measurement component Insurance contracts issued with direct participation features - Life Segment (€ million)

MEASUREMENT COMPONENTS OF THE CARRYING AMOUNT OF THE INSURANCE CONTRACTS ISSUED

30.06.2026 31.12.2025

ITEMS/MEASUREMENT COMPONENTS PRESENT VALUE

OF CASH FLOWS ADJUSTMENT FOR

NON -FINANCIAL

RISKS CONTRACTUAL

SERVICE MARGIN TOTAL PRESENT VALUE

OF CASH FLOWS ADJUSTMENT FOR

NON -FINANCIAL

RISKS CONTRACTUAL

SERVICE MARGIN TOTAL

A. Opening carrying amount - -

1. Insurance contracts issued that are liabilities 36,303 62 1,318 37,683 - - - -

2. Insurance contracts issued that are assets (18) - - (18) - - - -

3. Net carrying amount as at 1 January 36,285 62 1,318 37,665 - - - -

B. Changes that relate to current service - -

1. Contractual service margin recognised in profit or loss - - (164) (164) - - (144) (144) 2. Change in risk adjustment for non -financial risk for risk expired - (6) - (6) - (6) - (6) 3 Experience adjustments (7) - - (7) 46 - - 46 4. Total (7) (6) (164) (177) 46 (6) (144) (104) C. Changes that relate to future service - -

1. Changes in the contractual service margin (8) 3 5 - (89) 6 81 (2) 2. Losses on groups of onerous contracts and related recoveries - - - - - - - -

3. Effects of contracts initially recognised in the reference year (262) 7 255 - (154) 7 147 -

4. Total (270) 10 260 - (243) 13 228 (2) D. Changes that relate to past service - -

1. Adjustments to the liability for incurred claims 80 - - 80 (54) - - (54) E. Insurance service result (B+C+D) (197) 4 96 (97) (251) 7 84 (160) F. Financial expenses/income - -

1. Related to insurance contracts issued 739 - (4) 735 1,540 1 43 1,584 1.1. Recognised in profit or loss 927 1 9 937 1,443 1 10 1,454 1.2. Recognised through other comprehensive income (188) (1) (13) (202) 97 - 33 130 2. Effects of exchange rate changes - - - - - - - -

3. Total 739 - (4) 735 1,540 1 43 1,584 G. Total amount recognised in profit or loss and through other comprehensive income (E+F) 542 4 92 638 1,289 8 127 1,424 H. Other changes (325) - 204 (121) 35,210 55 459 35,724 I. Cash movements - -

1. Premiums received 5,765 - - 5,765 4,163 - - 4,163 2. Payments related to contract acquisition costs (8) - - (8) (32) - - (32) 3. Claims paid and other cash outflows (4,103) - - (4,103) (3,542) - - (3,542) 4. Other movements - - - - - - - -

5. Total 1,654 - - 1,654 589 - - 589 L. Net carrying amount as at 31 December

(A.3+G+H+I.5) 38,156 66 1,614 39,836 37,088 63 586 37,737

M. Closing carrying amount - -

1. Insurance contracts issued that are liabilities 38,986 65 885 39,936 36,303 62 1,318 37,683 2. Insurance contracts issued that are assets (26) - - (26) (18) - - (18) 3. Net carrying amount as at 31 December 38,960 65 885 39,910 36,285 62 1,318 37,665

Condensed interim consolidated financial statements | Explanatory notes Part B - Consolidated balance sheet - Liabilities UniCredit Consolidated first half financial report as at 30 June 2026 124 11.3 Changes in the carrying amount of insurance contracts issued broken down by measurement component Insurance contracts issued without direct participation features - Life Segment (€ million)

MEASUREMENT COMPONENTS OF THE CARRYING AMOUNT OF THE INSURANCE CONTRACTS ISSUED

30.06.2026 31.12.2025

ITEMS/MEASUREMENT COMPONENTS PRESENT VALUE

OF CASH FLOWS ADJUSTMENT FOR

NON -FINANCIAL

RISKS CONTRACTUAL

SERVICE MARGIN TOTAL PRESENT VALUE

OF CASH FLOWS ADJUSTMENT FOR

NON -FINANCIAL

RISKS CONTRACTUAL

SERVICE MARGIN TOTAL

A. Opening carrying amount - -

1. Insurance contracts issued that are liabilities 349 32 306 687 - - - -

2. Insurance contracts issued that are assets - - - - - - - -

3. Net carrying amount as at 1 January 349 32 306 687 - - - -

B. Changes that relate to current service - -

1. Contractual service margin recognised in profit or loss - - (31) (31) - - (25) (25) 2. Change in risk adjustment for non -financial risk for risk expired - (3) - (3) - (3) - (3) 3 Experience adjustments (11) - - (11) (11) - - (11) 4. Total (11) (3) (31) (45) (11) (3) (25) (39) C. Changes that relate to future service - -

1. Changes in the contractual service margin (1) 1 - - (21) 2 20 1 2. Losses on groups of onerous contracts and related recoveries - - - - - - - -

3. Effects of contracts initially recognised in the reference year (107) 3 104 - (89) 5 84 -

4. Total (108) 4 104 - (110) 7 104 1 D. Changes that relate to past service - -

1. Adjustments to the liability for incurred claims 1 - - 1 26 - - 26 E. Insurance service result (B+C+D) (118) 1 73 (44) (95) 4 79 (12) F. Financial expenses/income - -

1. Related to insurance contracts issued (2) (1) 4 1 2 - 5 7 1.1. Recognised in profit or loss 2 - 4 6 1 - 5 6 1.2. Recognised through other comprehensive income (4) (1) - (5) 1 - - 1 2. Effects of exchange rate changes - - - - - - - -

3. Total (2) (1) 4 1 2 - 5 7 G. Total amount recognised in profit or loss and through other comprehensive income (E+F) (120) - 77 (43) (93) 4 84 (5) H. Other changes (26) - (7) (33) 299 26 228 553 I. Cash movements - -

1. Premiums received 214 - - 214 185 - - 185 2. Payments related to contract acquisition costs (9) - - (9) (7) - - (7) 3. Claims paid and other cash outflows (27) - - (27) (19) - - (19) 4. Other movements - - - - - - - -

5. Total 178 - - 178 159 - - 159 L. Net carrying amount as at 31 December

(A.3+G+H+I.5) 381 32 376 789 365 30 312 707

M. Closing carrying amount - -

1. Insurance contracts issued that are liabilities 397 32 380 809 349 32 306 687 2. Insurance contracts issued that are assets - - - - - - - -

3. Net carrying amount as at 31 December 397 32 380 809 349 32 306 687

Condensed interim consolidated financial statements | Explanatory notes Part B - Consolidated balance sheet - Liabilities UniCredit Consolidated first half financial report as at 30 June 2026 125 Section 13 - Group shareholders’ equity - Items 120, 130, 140, 150, 160, 170 and 180

13.4 Reserves from profits: other information

(€ million)

AMOUNTS AS AT

30.06.2026 31.12.2025

Legal reserve 1,618 1,618 Statutory reserve 19,661 16,066 Other reserves 13,427 11,756 Total 34,706 29,440

13.6 Other Information Valuation reserves: breakdown (€ million)

AMOUNTS AS AT

ITEM/TYPES 30.06.2026 31.12.2025

1. Equity instruments designated at fair value through other comprehensive income 286 155 2. Financial assets (other than equity instruments) at fair value through other comprehensive income (175) 37 3. Hedging of equity instruments at fair value through other comprehensive income (119) (10) 4. Financial liabilities at fair value through profit or loss (changes in own credit risk) (103) (104) 5. Hedging instruments (non -designated elements) 13 16 6. Property, plant and equipment 1,511 1,587 7. Intangible assets - -

8. Hedges of foreign investments (309) (276) 9. Cash -flow hedges (209) (262) 10. Exchange differences (2,745) (3,087) 11. Non -current assets classified as held for sale 43 27 12. Actuarial gains (losses) on defined -benefit plans (2,508) (2,572) 13. Part of valuation reserves of investments valued at net equity 63 31 14. Insurance finance revenues or costs arising from insurance contracts issued or from reinsurance contracts held 57 (90) 15. Special revaluation laws 277 277 Total (3,918) (4,271)

The FX currency reserves as at 30 June 2026 mainly refer to the Russian Ruble amounting to -€2,411 million , included in the item “Exchange differences” , whose variations in comparison to 31 December 202 5 is equal to +€303 million.

Condensed interim consolidated financial statements | Explanatory notes Part C - Consolidated income statement UniCredit Consolidated first half financial report as at 30 June 2026 126 Part C - Consolidated income statement

Section 1 - Interest - Items 10 and 20

1.1 Interest income and similar revenues: breakdown

(€ million)

AS AT 30.06.2026 AS AT

DEBT SECURITIES LOANS OTHER

TRANSACTIONS 30.06.2025

ITEMS/TYPES TOTAL TOTAL

1. Financial assets at fair value through profit or loss 131 85 190 406 432 1.1 Financial assets held for trading 98 26 190 314 366 1.2 Financial assets designated at fair value 2 - - 2 2 1.3 Other financial assets mandatorily at fair value 31 59 - 90 64 2. Financial assets at fair value through other comprehensive income 1,243 - X 1,243 1,094 3. Financial assets at amortised cost 1,441 9,766 X 11,207 11,208 3.1 Loans and advances to banks 169 1,357 X 1,526 1,725 3.2 Loans and advances to customers 1,272 8,409 X 9,681 9,483 4. Hedging derivatives X X 269 269 843 5. Other assets X X 181 181 241 6. Financial liabilities X X X 5 7 Total 2,815 9,851 640 13,311 13,825 of which: interest income on impaired financial assets 3 217 - 220 175 of which: interest income on financial lease X 230 X 230 271

1.3 Interest expenses and similar charges: breakdown

(€ million)

AS AT 30.06.2026 AS AT

DEBTS SECURITIES OTHER

TRANSACTIONS 30.06.2025

ITEMS/TYPES TOTAL TOTAL

1. Financial liabilities at amortised cost (3,119) (1,410) X (4,529) (4,648) 1.1 Deposits from central banks (73) X X (73) (97) 1.2 Deposits from banks (475) X X (475) (896) 1.3 Deposits from customers (2,571) X X (2,571) (2,408) 1.4 Debt securities in issue X (1,410) X (1,410) (1,247) 2. Financial liabilities held for trading - (70) (360) (430) (564) 3. Financial liabilities designated at fair value (4) (69) - (73) (60) 4. Other liabilities and funds X X (47) (47) (36) 5. Hedging derivatives X X (945) (945) (1,493) 6. Financial assets X X X (14) (9) Total (3,123) (1,549) (1,352) (6,038) (6,810) of which: interest expenses on lease deposits (14) X X (14) (15)

Condensed interim consolidated financial statements | Explanatory notes Part C - Consolidated income statement UniCredit Consolidated first half financial report as at 30 June 2026 127 Section 2 - Fees and commissions - Items 40 and 50

2.1 Fees and commissions income: breakdown

(€ million)

TYPE OF SERVICES/VALUES AS AT 30.06.2026 AS AT 30.06.2025

a) Financial Instruments 842 831 1. Placement of securities 609 615 1.1 Underwriting and/or on the basis of an irrevocable commitment 6 3 1.2 Without irrevocable commitment 603 612 2. Reception and transmission of orders 152 143 2.1 Reception and transmission of orders of financial instruments 108 101 2.2 Execution of orders on behalf of customers 44 42 3. Other fees related to activities linked to financial instruments 81 73 of which: proprietary Trading 3 3 of which: individual portfolio management 79 71 b) Corporate Finance 59 49 1. M&A advisory 8 8 2. Treasury services - -

3. Other fee and commission income in relation to corporate finance activities 51 41 c) Fee based advice 96 74 d) Clearing and settlement - -

e) Collective portfolio management 248 191 f) Custody and administration of securities 159 146 1. Custodian Bank 14 13 2. Other fee and commission income in relation to corporate finance activities 145 133 g) Central administrative services for collective investment 1 1 h) Fiduciary transactions - -

i) Payment services 1,079 1,112 1. Current accounts 94 92 2. Credit cards 108 168 3. Debits cards and other card payments 297 290 4. Transfers and other payment orders 252 246 5. Other fees in relation to payment services 328 316 j) Distribution of third party services 650 833 1.Collective portfolio management 385 341 2. Insurance products 258 480 3. Other products 7 12 of which: individual portfolio management 1 1 k) Structured finance 1 -

l) Loan securitisation servicing activities 12 9 m) Loan commitment given 59 58 n) Financial guarantees 175 179 of which: credit derivatives - -

o) Lending transaction 370 314 of which: factoring services 39 38 p) Currency trading 96 99 q) Commodities - -

r) Other fee income 805 764 of which: management of sharing multilateral trading facilities - -

of which: management of organized trading systems - -

Total 4,652 4,660

Condensed interim consolidated financial statements | Explanatory notes Part C - Consolidated income statement UniCredit Consolidated first half financial report as at 30 June 2026 128 Item “r) other fee income” mainly comprise s:

• fees for ancillary services linked to current accounts (e.g., token, deb it card): € 364 million in the first half 202 6, €366 million in the same period of

2025 (-0.5%);

• fees for immediate funds availability: € 161 million in the first half 202 6, €16 2 million in the same period of 202 5 (-0.6%);

• fees for commercial guarantees : €110 million in the first half 202 6, €91 million in the same period of 202 5 (+20.9%).

2.2 Fees and commissions expenses: breakdown

(€ million)

SERVICES/VALUES AS AT 30.06.2026 AS AT 30.06.2025

a) Financial instruments (48) (65) of which: trading in financial instruments (45) (38) of which: placement of financial instruments (2) (25) of which: individual Portfolio management (2) (2)

- own portfolio (1) (1)

- third party portfolio (1) (1) b) Clearing and settlement (2) (2) c) Portfolio management: collective (23) (23) 1. Own portfolio (14) (16) 2. Third party portfolio (9) (7) d) Custody and Admnistration (142) (138) e) Collection and payments services (439) (452) of which: debit credit card service and other payment cards (340) (399) f) Loan securitisation servicing activities - (11) g) Loan commitment given (11) (9) h) Financial guarantees received (187) (112) of which: credit derivatives - -

i) Off - site distribution of financial instruments, products and services (19) (24) j) Currency trading (3) (4) k) Other commission expenses (133) (112) Total (1,007) (952)

Section 3 - Dividend income and similar revenues - Item 70

3.1 Dividend income and similar revenues: breakdown

(€ million)

AS AT 30.06.2026 AS AT 30.06.2025

ITEMS/REVENUES DIVIDENDS SIMILAR REVENUES DIVIDENDS SIMILAR REVENUES

A. Financial assets held for trading 248 - 283 -

B. Other financial assets mandatorily at fair value 44 9 59 4 C. Financial assets at fair value through other comprehensive income 287 - 196 -

D. Equity investments 4 - 7 -

Total 583 9 545 4

Total dividends and similar revenues 592 549

Dividends are recognised in the Income statement when distribution is approved.

The item “A. Financial assets held for trading” includes the dividends that UniCredit Bank GmbH received in relation to equit y securities recognised as Financial assets held for trading.

The item “B. Other financial assets mandatorily at fair value” and the item “C. Financial assets at fair value through other comprehensive income” include the dividends received relating to the investment not subject to control, joint control or significan t influence.

Condensed interim consolidated financial statements | Explanatory notes Part C - Consolidated income statement UniCredit Consolidated first half financial report as at 30 June 2026 129 Section 4 - Net gains (losses) on trading - Item 80

4.1 Net gains (losses) on trading: breakdown

(€ million)

AS AT 30.06.2026

TRANSACTIONS/INCOME ITEMS CAPITAL GAINS

(A) REALISED PROFITS

(B) CAPITAL LOSSES

(C) REALISED LOSSES

(D) NET PROFIT

[(A+B) -(C+D)]

1. Financial assets held for trading 2,120 31,189 (2,178) (31,237) (106) 1.1 Debt securities 109 126 (68) (69) 98 1.2 Equity instruments 819 1,053 (648) (547) 677 1.3 Units in investment funds 74 81 (31) (27) 97 1.4 Loans 411 5,430 (1,135) (5,447) (741) 1.5 Other 707 24,499 (296) (25,147) (237) 2. Financial liabilities held for trading 355 382 (515) (383) (161) 2.1 Debt securities 222 286 (255) (60) 193 2.2 Deposits - - - (2) (2) 2.3 Other 133 96 (260) (321) (352) 3. Financial assets and liabilities: exchange differences X X X X (47) 4. Derivatives 23,587 71,569 (24,153) (70,296) 1,532 4.1 Financial derivatives 22,777 70,554 (23,382) (69,209) 1,565

- On debt securities and interest rates 9,110 49,665 (8,452) (49,875) 448

- On equity securities and share indices 6,876 3,181 (7,367) (3,596) (906)

- On currencies and gold X X X X 825

- Other 6,791 17,708 (7,563) (15,738) 1,198 4.2 Credit derivatives 810 1,015 (771) (1,087) (33) of which: economic hedges linked to the fair value option X X X X -

Total 26,062 103,140 (26,846) (101,916) 1,218

Condensed interim consolidated financial statements | Explanatory notes Part C - Consolidated income statement UniCredit Consolidated first half financial report as at 30 June 2026 130 Section 5 - Net gains (losses) on hedge accounting - Item 90

5.1 Net gains (losses) on hedge accounting: breakdown

(€ million)

INCOME COMPONENT/VALUES AS AT 30.06.2026 AS AT 30.06.2025

A. Gains on A.1 Fair value hedging instruments 3,295 5,486 A.2 Hedged financial assets (in fair value hedge relationship) 573 515 A.3 Hedged financial liabilities (in fair value hedge relationship) 121 248 A.4 Cash -flow hedging derivatives 399 115 A.5 Assets and liabilities denominated in currency - -

Total gains on hedging activities (A) 4,388 6,364 B. Losses on B.1 Fair value hedging instruments (2,921) (4,456) B.2 Hedged financial assets (in fair value hedge relationship) (511) (441) B.3 Hedged financial liabilities (in fair value hedge relationship) (760) (1,482) B.4 Cash -flow hedging derivatives (420) (49) B.5 Assets and liabilities denominated in currency - -

Total losses on hedging activities (B) (4,612) (6,428) C. Net hedging result (A -B) (224) (64) of which: net gains (losses) of hedge accounting on net positions - -

Changes in the items gains and losses on the hedging activities are mainly attributable to the evolution of markets interest rate curves observed in the first half of 202 6.

Section 6 - Gains (Losses) on disposal/repurchase - Item 100 Net results on financial assets at amortised cost mainly arise from sale of bonds.

Net gains on financial assets at fair value through other comprehensive income are essentially related to effects of the sale of government bonds.

6.1 Gains (Losses) on disposal/repurchase: breakdown

(€ million)

AS AT 30.06.2026 AS AT 30.06.2025

ITEMS/INCOME ITEMS GAINS LOSSES NET PROFIT GAINS LOSSES NET PROFIT

A. Financial assets 1. Financial assets at amortised cost 105 (42) 63 394 (285) 109 1.1 Loans and advances to banks 8 (10) (2) 9 (6) 3 1.2 Loans and advances to customers 97 (32) 65 385 (279) 106 2. Financial assets at fair value through other comprehensive income 132 (12) 120 487 (377) 110 2.1 Debt securities 132 (12) 120 487 (377) 110 2.2 Loans - - - - - -

Total assets (A) 237 (54) 183 881 (662) 219 B. Financial liabilities at amortised cost 1. Deposits from banks - - - - - -

2. Deposits from customers - - - 1 (1) -

3. Debt securities in issue 5 (2) 3 18 (3) 15 Total liabilities (B) 5 (2) 3 19 (4) 15

Total financial assets/liabilities 186 234

Condensed interim consolidated financial statements | Explanatory notes Part C - Consolidated income statement UniCredit Consolidated first half financial report as at 30 June 2026 131 Section 7 - Net gains (losses) on other financial assets/liabilities at fair value through profit or loss - Item 110

7.1 Net gains (losses) on other financial assets/liabilities at fair value through profit or loss: breakdown of financial ass ets and liabilities designated at fair value

(€ million)

AS AT 30.06.2026

TRANSACTIONS/INCOME ITEMS CAPITAL GAINS

(A) REALISED PROFITS

(B) CAPITAL LOSSES

(C) REALISED LOSSES

(D) NET PROFIT

[(A+B) -(C+D)]

1. Financial assets 4 - - - 4 1.1 Debt securities 4 - - - 4 1.2 Loans - - - - -

2. Financial liabilities 287 191 (401) (307) (230) 2.1 Debt securities 283 190 (376) (306) (209) 2.2 Deposits from banks - - - - -

2.3 Deposits from customers 4 1 (25) (1) (21) 3. Financial assets and liabilities in foreign currency: exchange differences X X X X -

Total 291 191 (401) (307) (226)

Some financial derivatives entered into for economic hedg ing purposes are linked to financial liabilities represented by debt securities and their economic results are included in table “4.1 Net gains (losses) on trading: breakdown”, Explanatory notes , Part C - Consolidated income statement, Section 4 - Net gains (losses) on trading - Item 80 .

7.2 Net change in other financial assets/liabilities at fair value through profit or loss: breakdown of other financial asset s mandatorily at

fair value

(€ million)

AS AT 30.06.2026

TRANSACTIONS/INCOME ITEMS CAPITAL GAINS

(A) REALISED PROFITS

(B) CAPITAL LOSSES

(C) REALISED LOSSES

(D) NET PROFIT

[(A+B) -(C+D)]

1. Financial assets 1,073 437 (533) (255) 722 1.1 Debt securities 70 42 (62) (35) 15 1.2 Equity securities 168 84 (89) (31) 132 1.3 Units in investment funds 825 304 (328) (187) 614 1.4 Loans 10 7 (54) (2) (39) 2. Financial assets: exchange differences X X X X -

Total 1,073 437 (533) (255) 722

Units in investment funds include economic the effects from Atlante and Italian Recovery funds, for which reference is made to the specific comment below table 2.5 Financial assets mandatory at fair value, Explanatory notes, Part B - Consolidated balance sheet - Assets, Section 2 - Financial assets at fair value through profit or loss - Item 20 .

Condensed interim consolidated financial statements | Explanatory notes Part C - Consolidated income statement UniCredit Consolidated first half financial report as at 30 June 2026 132 Section 8 - Net losses/recoveries on credit impairment - Item 130 As at 30 June 202 6, net losses on credit impairment amounts to -€501 million.

For further details reference is made to the paragraph “2.1 Credit risk”, Explanatory notes, Part E - Information on risks and related hedging policies, Section 2 - Risks of the prudential consolidated perimeter, and, with specific reference to exposures s ubject to Russian risk, to the paragraph “Section 5 - Other matters, Explanatory notes, Part A - Accounting policies, A.1 General.

8.1 Net impairment losses for credit risk relating to financial assets at amortised cost: breakdown

(€ million)

AS AT 30.06.2026 AS AT

WRITE -DOWNS WRITE -BACKS

TOTAL 30.06.2025

STAGE 1 STAGE 2 STAGE 3 PURCHASED OR

ORIGINATED CREDIT -

IMPAIRED FINANCIAL

ASSETS

STAGE 1 STAGE 2 STAGE 3 PURCHASED

OR

ORIGINATED

CREDIT -

IMPAIRED

FINANCIAL

ASSETS

TRANSACTIONS/INCOME ITEMS WRITE -OFF OTHER WRITE -OFF OTHER TOTAL

A. Loans and advances to banks (4) (2) - (7) - (1) 3 12 - - 1 9

- Loans (3) (2) - (7) - (1) 2 12 - - 1 11

- Debt securities (1) - - - - - 1 - - - - (2) B. Loans and advances to customers (426) (1,316) (27) (1,201) - (30) 697 1,063 733 5 (502) (221)

- Loans (416) (1,304) (27) (1,200) - (30) 692 1,051 733 5 (496) (251)

- Debt securities (10) (12) - (1) - - 5 12 - - (6) 30 Total (430) (1,318) (27) (1,208) - (31) 700 1,075 733 5 (501) (212)

8.2 Net change for credit risk relating to financial assets at fair value through other comprehensive income: breakdown

(€ million)

AS AT 30.06.2026 AS AT

WRITE -DOWNS WRITE -BACKS

TOTAL 30.06.2025

STAGE 1 STAGE 2 STAGE 3 PURCHASED OR

ORIGINATED CREDIT -

IMPAIRED FINANCIAL

ASSETS

STAGE 1 STAGE 2 STAGE 3 PURCHASED

OR

ORIGINATED

CREDIT -

IMPAIRED

FINANCIAL

ASSETS

TRANSACTIONS/INCOME ITEMS WRITE -OFF OTHER WRITE -OFF OTHER TOTAL

A. Debt securities (3) (2) - (4) - - 7 1 5 - 4 (4) B. Loans - - - - - - - - - - - -

- Loans and advances to customers - - - - - - - - - - - -

- Loans and advances to banks - - - - - - - - - - - -

Total (3) (2) - (4) - - 7 1 5 - 4 (4)

Condensed interim consolidated financial statements | Explanatory notes Part C - Consolidated income statement UniCredit Consolidated first half financial report as at 30 June 2026 133 Section 10 - Insurance service result - Item 160

10.1 Insurance income and expenses from insurance contracts issued - Breakdown

(€ million)

AS AT 30.06.2026

ITEMS \AGGREGATION BASES BASIS A1 BASIS A2 BASIS A3 BASIS A4 BASIS A5 TOTAL

A. Insurance revenue from insurance contracts issued measured under the GMM and the VFA A.1 Amounts related to changes in the liability for remaining coverage 241 70 - - - 311 1. Incurred claims and other expected insurance service expenses 70 35 - - - 105 2. Changes in the adjustment for non -financial risks 6 3 - - - 9 3. Contractual service margin recognised in profit or loss for services provided 159 31 - - - 190 4. Other amounts 6 1 - - - 7 A.2 Insurance contract acquisition costs recovered 56 18 - - - 74 A.3 Total insurance revenue from insurance contracts issued measured under the GMM or the VFA (A.1+A.2) 297 88 - - - 385 A.4 Total insurance revenue from insurance contracts issued measured under the PAA -

- Life Segment X X X X X -

- Non-Life Segment - Motor X X X X X -

- Non-Life Segment - Non-Motor X X X X X -

A.5 Total insurance revenue from insurance contracts issued

(A.3+A.4) 297 88 - - - 385

B. Insurance service expenses from insurance contracts issued - GMM or VFA 1. Incurred claims and other directly attributable expenses (11) (23) - - - (34) 2. Changes in the liability for incurred claims (80) (1) - - - (81) 3. Losses on onerous contracts and recovery of those losses - - - - - -

4. Amortisation of insurance contract acquisition costs (62) (19) - - - (81) 5. Other amounts - - - - - -

B.6 Total insurance service expenses from insurance contracts issued - GMM or VFA (153) (43) - - - (196) B.7 Total insurance service expenses from insurance contracts issued measured under the PAA -

- Life Segment X X X X X -

- Non-Life Segment - Motor X X X X X -

- Non-Life Segment - Non-Motor X X X X X -

B.8 Total insurance service expenses from insurance contracts issued (B.6+B.7) (153) (43) - - - (196) C. Total net expenses/revenue from insurance contracts issued (A.5+ B.8) 144 45 - - - 189

The comparative figure as at 30 June 2025 has not been presented, as the income statement contribution from the insurance com panies was nil at that date, given that they were fully consolidated for the first time starting from 30 June 2025 .

Condensed interim consolidated financial statements | Explanatory notes Part C - Consolidated income statement UniCredit Consolidated first half financial report as at 30 June 2026 134 Section 11 - Balance of financial income and expenses related to insurance business -

Item 170

11.1 Net finance income and expenses from insurance contracts issued

(€ million)

AS AT 30.06.2026

ITEMS \AGGREGATION BASES BASIS A1 BASIS A2 BASIS A3 TOTAL

1. Interest accreted - (6) - (6) 2. Effects of changes in interest rates and other financial assumptions - - - -

3. Changes in fair value of underlying assets of contracts measured under the

VFA (1,051) - - (1,051)

4. Effects of exchange rate changes - - - -

5. Other 114 - - 114 6. Total financial net income/expenses from insurance contracts issued recognised in profit or loss (937) (6) - (943)

The comparative figure as at 30 June 2025 has not been presented, as the income statement contribution from the insurance com panies was nil at that date, given that they were fully consolidated for the first time starting from 30 June 2025.

Section 12 - Administrative expenses - Item 190

12.1 Staff expenses: breakdown

(€ million)

TYPE OF EXPENSES/VALUES AS AT 30.06.2026 AS AT 30.06.2025

1) Employees (2,813) (2,924) a) Wages and salaries (1,939) (2,052) b) Social charges (478) (473) c) Severance pay (7) (8) d) Social security costs - -

e) Allocation to employee severance pay provision (5) (7) f) Provision for retirements and similar provisions (71) (77)

- Defined contribution - (1)

- Defined benefit (71) (76) g) Payments to external pension funds (112) (114)

- Defined contribution (111) (113)

- Defined benefit (1) (1) h) Costs arising from share -based payments (44) (53) i) Other employee benefits (157) (140) 2) Other non -retired staff (9) (18) 3) Directors and Statutory Auditors (4) (4) 4) Early retirement costs - -

5) Recoveries of payments for seconded employees to other companies 7 8 6) Refund of expenses for secunded employees to the company (4) (7) Total (2,823) (2,945)

Condensed interim consolidated financial statements | Explanatory notes Part C - Consolidated income statement UniCredit Consolidated first half financial report as at 30 June 2026 135 12.5 Other administrative expenses: breakdown

(€ million)

TYPE OF EXPENSES/SECTORS AS AT 30.06.2026 AS AT 30.06.2025

1) Indirect taxes and duties (547) (465) 1a. Settled (515) (450) 1b. Unsettled (32) (15) 2) Contributions to Resolution Funds, Deposit Guarantee Schemes (DGS) and Life Insurance Guarantee Fund (58) (61) 3) Guarantee fee for DTA conversion (22) (29) 4) Miscellaneous costs and expenses (1,288) (1,296) a) Advertising marketing and communication (91) (77) b) Expenses relating to credit risk (50) (49) c) Indirect expenses relating to personnel (35) (33) d) Information & Communication Technology expenses (644) (638) Lease of ICT equipment and software (35) (36) Software expenses: lease and maintenance (248) (230) ICT communication systems (26) (29) Services ICT in outsourcing (273) (281) Financial information providers (62) (62) e) Consulting and professionals services (55) (69) Consulting (38) (50) Legal and tax expenses (17) (19) f) Real estate expenses (159) (173) Premises rentals (14) (16) Utilities (60) (66) Other real estate expenses (85) (91) g) Operating costs (254) (257) Surveillance and security services (24) (25) Money counting services and transport (28) (29) Printing and stationery (10) (9) Postage and transport of documents (29) (32) Administrative and logistic services (77) (78) Insurance (23) (27) Association dues and fees and contributions to the administrative expenses deposit guarantee funds (44) (41) Other administrative expenses - other (19) (16) Total (1+2+3+4) (1,915) (1,851)

Condensed interim consolidated financial statements | Explanatory notes Part C - Consolidated income statement UniCredit Consolidated first half financial report as at 30 June 2026 136 Contributions to Resolution and Guarantee Funds Item “Other administrative expenses” includes the Group contributions to resolution funds (Single Resolution Fund - SRF) and guarantee funds (Deposit Guarantee Schemes - DGS), harmonised and non -harmonised, due pursuant to the Directives 49 and 59 of 2014.

In more details:

• the European Directive 2014/59/EU (“BRRD Directive”) and the EU Regulation on the Single Resolution Mechanism Regulation (Reg ulation 806/2014 of the European Parliament and of the Council dated 15 July 2014) established a framework for the recovery and res olution of crises in credit institutions, by setting up in particular the Single Resolution Board and the Single Resolution Fund (SRF) in the Bank ing Union. The Directive set a target level of the resolution funds equal at least to 1% of the amount of the covered deposits of all the institutions authorized in each territory. This level has been reached by the SR F, but if the available financial resources fall below the target level in the future, the collection of contributions from Banks shall resume until that level has been recovered. The contribution mechanism to resolution funds provides for ex -ante contributions and extraordinary ex -post contributions, when the available financial resources are not sufficient to cover the losses and costs of potential interventions ;

• the Directive 2014/49/EU, in relation to the DGS, aims to enhance the protection of depositors through the harmonisation of t he related national legislation. The Directive set a target level of national resolution funds of at least 0.8% of the amount of it s members' covered deposits. This minimum target level has been reached by all national DGSs in the European Union, but if the capacity falls below the target level, the contribution shall resume until that level is reached again. In particular, if, after the target level has been reached for the first time, the available financial means have been reduced to less than two -thirds of the target level, the regular contribution shall be set at a level allowing the target level to be reached within six years. If the available financial means of a DGS are insufficient to repay depositors when deposits become unavailable, its members shall pay extraordinary contributions not exceeding 0,5% of their covered deposits per calendar year. DGSs may in exceptional circums tances and with the consent of the competent authority require higher contributions.

Contributions to these schemes are accounted for in accordance with IFRIC21 “Levies”. Therefore, contributions are recognised in Income statement when the obligating event identified by the legislation (i.e., having covered deposits at a certain date), tha t triggers the payment of the contribution , occurs. Being economically compelled to continue to have covered deposits or assumption of going concern does not represent a present obligation under IFRIC21 to pay such contributions for future periods. Future contributions will be recognised when they accrue upon occurrence of the obligating event. In this regard, the Group approach envisages the recognition as expense in Income stateme nt of the full amount of contributions due for the year, disregarding whethe r they are settled in cash or through irrevocable payment commitments. As a result, from a regulatory perspective, the whole amount of the contributions for the year reduces the CET1 capital23.

With reference to first half 2026, contributions for -€49 million were recogni sed in P&L ( -€61 million as at June 2025), whose breakdown is here

reported:

• regarding Directive 59 (contributions to Resolution funds), the Group contributions recognised through the Income statement t otaled -€11 million (no contributions recognised by UniCredit S.p.A.). These contributions are entirely referred to ordinary contributions paid b y certain Legal Entities to local Resolution funds; no contributions were recognised for SRF being the relevant target lev el reached. The Group did not make recourse to Irrevocable Payment Commitments;

• regarding Directive 49 (DGS contribution), the Group contributions recognised through the Income statement totaled -€38 million (no contributions recognised by UniCredit S.p.A .) of which -€33 million ordinary contributions and -€5 million additional and supplementary contributions. Such contribution also includes the amounts recognised by UniCredit Bank GmbH and referred to the contribution to the statutory and voluntary Compensation Schemes of German Banks24. The Group did not make recourse to Irrevocable payment commitments.

Guarantee fees for DTA conversion In order to preserve for the future the regime of conversion of DTAs into tax credits, and in order to overcome the issues ra ised by the European Commission in connection to the application of State Aid rules, Art.11 of DL 3 May 2016 No.59 (so -called "Bank s Decree", converted into Law 30 June 2016 No.119), introduced the possibility, starting from 2016 until 2030, to elect for the payment of an annual fee equal to 1.5% levied on an aggregate amount deriving from the difference between:

• the increase in convertible DTAs recognised at the end of the fiscal year and the convertible DTAs existing as at 31 December 2007, for IRES, and as at 31 December 2012 for IRAP, taking into account the amounts already converted into tax credits;

• taxes:

- IRES paid by the tax Group starting from 1 January 2008;

- IRAP paid starting from 1 January 2013 by legal entities included in the tax Group with convertible DTAs;

- substitute taxes that generated convertible DTAs.

The fee due for the financial year 2026 has been paid on 30 June 2026 for an overall amount of €43 .544 million relating to the whole Italian Tax Group, of which €41.7 million for UniCredit S.p.A., €1.8 million for UniCredit Leasing S.p.A., €0 .04 million for UniCredit Factoring S.p.A. and €0 .004 million for UniCredit Bank GmbH - Milan Branch.

23 In previous periods, from 2015 to 2020, the Group also made recourse to irrevocable payment commitments; the related amounts (overall equal to €165 million for SRF and DGS) were recognized as expenses in P&L.

24 Entschädigungseinrichtung Deutscher Banken and Einlagensicherungsfonds des Bundesverbandes deutscher Banken e.V.

Condensed interim consolidated financial statements | Explanatory notes Part C - Consolidated income statement UniCredit Consolidated first half financial report as at 30 June 2026 137 Section 13 - Net provisions for risks and charges - Item 200

13.1 Net provisions for credit risk from loans commitments and financial guarantees given: breakdown

(€ million)

AS AT 30.06.2026

PROVISIONS SURPLUS

REALLOCATIONS TOTAL

Loan committments (162) 298 136 Financial guarantees given (159) 173 14

13.2 Net provisions for other commitments and guarantees given: breakdown

(€ million)

AS AT 30.06.2026

PROVISIONS SURPLUS

REALLOCATIONS TOTAL

Other committments 1 - 1 of which: commitment related to contribution for Resolution funds and Guarantee schemes - - -

Other guarantees given (30) 44 14

13.3 Net provisions for risks and charges: breakdown

(€ million)

AS AT 30.06.2026 AS AT

ASSETS/INCOME ITEMS PROVISIONS SURPLUS

REALLOCATIONS TOTAL 30.06.2025

TOTAL

1. Other provisions 1.1 Legal disputes (48) 65 17 (236) 1.2 Staff costs - - - -

1.3 Other (51) 38 (13) 15 Total (99) 103 4 (221)

Net provisions for risks and charges refer to revocatory actions, claims for compensation, legal and other disputes, and are updated on the basis of the evolution of cases in progress and the assessment of their foreseen outcomes.

For further information to Item “1.1 Legal disputes” , refers to the paragraph “B. Risks arising from legal disputes”, Explanatory notes, Part E -

Information on risks and related hedging policies, 2.5 Operational risks, Qualitative information.

Net provisions in item “1.3 Other” mainly co mprise provisions made by the parent company UniCredit S.p.A. and its subsidiary UniCredit Bank GmbH for various type s of risks for which reference is made to the paragraph “B. Risks arising from legal disputes”, Explanatory notes, Part E -

Information on risks and related hedging policies, 2.5 Operational risks, Qualitative information.

Condensed interim consolidated financial statements | Explanatory notes Part C - Consolidated income statement UniCredit Consolidated first half financial report as at 30 June 2026 138 Section 16 - Other operating expenses/income - Item 230

Other net operating income: breakdown

(€ million)

INCOME ITEMS/VALUE AS AT 30.06.2026 AS AT 30.06.2025

Total of other operating expenses (556) (848) Total of other operating income 832 1,334 Other operating expenses/income 276 486

16.1 Other operating expenses: breakdown

(€ million)

TYPE OF EXPENSE/VALUES AS AT 30.06.2026 AS AT 30.06.2025

Costs for operating leases - -

Non-deductible tax and other fiscal charges (1) (1) Write -downs on leasehold improvements (19) (22) Costs relating to the specific service of financial leasing (11) (14) Other (525) (811) Total other operating expenses (556) (848)

The item “Other” includes -€321 million relat ing to trading in commodities, including gold and precious metals (-€588 million in the same period of 2025).

The remaining part mainly includes: (i) -€91 million for various settlements and indemnities and (ii) -€23 million for non-banking business costs .

16.2 Other operating income: breakdown

(€ million)

TYPE OF REVENUE/VALUES AS AT 30.06.2026 AS AT 30.06.2025

A) Recovery of costs 328 377 B) Other revenues 504 957 Revenues from administrative services 11 16 Revenues from operating leases 91 98 Recovery of miscellaneous costs paid in previous years 5 4 Revenues on financial leases activities 17 20 Other 380 819 Total other operating income (A+B) 832 1,334

The item B) “Other revenues - Other” includes (i) € 255 million relat ing to trading in commodities, including gold and precious metals (€692 in the same period of 2025) and (ii) €70 million of profits pertaining to instrumental Group companies and other entities other than banks and other financial companies mainly due to profits arising from non -business activit ies and from settlement s and indemnities.

Condensed interim consolidated financial statements | Explanatory notes Part C - Consolidated income statement UniCredit Consolidated first half financial report as at 30 June 2026 139 Section 25 - Earnings per share

25.1 and 25.2 Average number of diluted shares and other information

AS AT 30.06.2026 AS AT 30.06.2025

Net profit (Loss) attributable to the Group (€ million) 6,026 6,006 Average number of outstanding shares 1,498,293,020 1,546,306,105 Average number of potential dilutive shares 10,275,297 12,039,407 Average number of diluted shares 1,508,568,317 1,558,345,512 Earnings per share (€) 4.022 3.884 Diluted earnings per share (€) 3.994 3.854

The first half 2026 net profit attributable to the Group of € 6,123 million has been reduced of €97 million due to disbursements (charged to net equity) in connection with the usufruct contract signed with Mediobanca S.p.A. on UniCredit shares supporting the issuance of convert ible securities denominated “Cashes” (€ 109 million was deducted from 202 5 first half net profit attributable to the Group).

The average number of outstanding shares is net of the average number of treasury shares , considering the shares buyback made during the first half 2026 and totally cancelled , and of a further average No.9,675,640 shares held under a contract of usufruct.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 140 Part E - Information on risks and related hedging policies

Introduction

UniCredit group monitors and manages its risks through tight methodologies and procedures that prove effective through all phases of the economic cycle. The steering, coordination and control role of the Group’s risks is performed by the Parent Company’s Risk Management functio n.

The structure’s “Risk Management” mission, under the responsibility of the Group Risk Officer (Group CRO) is to:

• optimise the quality of the Group's assets, minimising the risk cost in accordance with the risk/profitability goals set for the business areas;

• ensure the strategic steering and definition of the Group's risk management policies;

• define and provide the Heads of the Business Functions and Group Companies with the criteria for assessing, managing, measuri ng, monitoring and communicating risk. It also ensures that the procedures and systems designed to control risk at Group and individual Group Company level

are coherent;

• help build a risk culture across the Group by training and developing, together with the competent Group People & Culture function ;

• help to find ways to rectify asset imbalances, where needed in conjunction with the Group Financial Officer ;

• help business functions to achieve their goals, including by assisting in the development of products and businesses (e.g. innovation of cre dit products, competitive opportunities linked to Basel accords, etc.);

• support the Chief Executive Officer in defining the Group Risk Appetite proposal, to be shared in the managerial committee Gr oup Executive Committee , and submitted for approval to the Board of Directors, as a preliminary and preparatory step for the yearly and multi -yearly budget plan pertaining to the Group Financial Officer. The Group Risk Appetite shall include a series of parameters defined by the Group Risk Officer, with the contribution of Group Financial Officer and of other relevant functions; each parameter can be complemented by limits and thresholds proposed by the Group Risk Officer and targets proposed by the Group Financial Officer and/or by the relevant Group functions, each respecting their mission and internal regulations. The Group Risk Officer is responsible for ensuring the overall coherence of the proposed parameters and valu es.

Furthermore , the Group Risk Officer is responsible for ensuring to the Chief Executive Officer and the Board of Directors the coherence of the Group Risk Appetite with the Group strategic guidelines, as well as the coherence between the budget goals with the Group Risk Appetite setting and the periodical monitoring of the Risk Appetite Framework ( RAF). The Group Financial Officer remains responsible for monitoring the performance of the Group and of the business functions, to identify possible underperforming areas and the related corrective measures.

Such mission is accomplished by coordinating the Group's risk management as a whole . More specifically, it involves carrying out the following macro -functions :

• governing and checking credit, cross -border, market, Balance sheet, liquidity, ICT, operational and reputational, climate and environmental risks at Group level as well as any other risks relating to Basel II Pillar II (e.g., strategic, real estate, financial investment, business risks ), by defining risk strategies and limits, developing risk measurement methodologies , performing stress tests and portfolio analysis;

• supervising, on a Group level and for UniCredit S.p.A., Basel accords related activities;

• coordinating the internal capital measurement process within the “Internal Capital Adequacy Assessment Process” (ICAAP) and c oordinating activities for drawing up the “ICAAP Regulatory Report”;

• performing internal validation activities, at Group level, on systems for measuring, credit, operating and market risks, or Basel Pillar II risks on related processes and data quality and IT components, to check that they conform to regulatory requirements and in -house standards, overseeing consequently the non -compliance risk regarding such regulatory requirements;

• ensuring that the competent Bodies/ Functions get adequate reports;

• developing the strategy and oversee ing the management, process, targets and disposals of Non -Performing Exposures/NPE, repossessed assets and any other distressed assets for the entire Group . The Group R isk Officer define s the criteria/rules for identifying the exposures and assets for sale and portfolio targets;

• drafting and managing risk policies, both at Group level (Group Rules) and at Parent Company level, on the performance of ris k-related activities for which UniCredit S.p.A. is competent as well as ensuring monitoring ;

• defining framework and performing second -level controls on risks within the Group and the Parent Company;

• assigning ratings for Banks and for the Group’s major exposures , carrying out the relevant mapping, at Group level, and managing the ‘rating override’ process regarding Group -wide rating systems as well as those for measuring credit risk on Uni Credit S.p.A.’s counte rparts;

• defining the minimum standards and guidelines for validating IT infrastructures and data quality, credit risks, operating ris ks and Pillar II risks, for feeding the Group and Parent Company reports on credit risk and for feeding credit risk measurement models .

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 141 The Group Internal Validation structure , directly reporting to Group Risk Management, has the mission to validate, at Group level and for UniCredit S.p.A ., and to steer the local validation assessments of the risk measurement methodologies, the related processes, the IT componen ts and the data quality for Pillar I and Pillar II risks, the main managerial models, as well as Group Risk Reporting, providing ad equate reporting for Company Bodies and the Supervisory Authority , as well as for assessing, monitorin g and reporting, at Group level, the model risk for the models in scope of the Model Risk Management (MRM) framework, providing adequate reporting for competent committees and the Board of Directors.

To strengthen the capacity of independent steering, coordination and control of Group risks, to improve the efficiency and fl exibility o f the risk decision process and to address the interaction among the relevant risk stakeholders, specific Committees are in place:

• the Group Executive Committee (GEC) and the Group Risks and Controls Committee (GRC) support the CEO in the role of steering, coordinating and monitoring the strategic and all categories of risks ( including compliance risk), at Group level, as well as defining the Group Recovery Plan;

• the GEC - “Risk” session, which has approval as well as consulting and proposal functions, aims at support the CEO in its role of steer ing, coordinating and monitoring all categories of risks (includ ing compliance risk), managing and overseeing the Internal Control System (ICS) also at a Group level, as well as discussing and approving strategic risk topics such as Group Risk Appetite Framework, ICAAP, ILAAP, SREP, NPE strategy coherently with the overal l risk profile defined by RAF and the steering of Envi ronmental, Social and Governance (ESG) including Climate & Environmental Risks (i.e. transition and physical risk);

• the GEC - “Group Recovery Plan” session support s the CEO to deal with the Group Recovery Plan, defining the proposal to be submitted to the Board of Directors’ final decision and to solve issues that emerg e during the production and the maintenance of the Plan;

• the Group Risks and Controls Committee (GRC) support s the CEO in the steering, coordination and control of the Credit, Financial and Non -

Financial Risks (including Climate & Environmental risks and Insurance Risks) at Group level, also managing and overseeing th e related Internal Control System (ICS).

In order to understand and evaluate the significant critical issues which have an impact on ICS, as well as the effectiveness of related controls in place, the Committee i) examines reports related to ICS issues (e.g. produced by External Regulators, Inter nal Audit, Second -level control functions, other Group structures/functions with control duties or operating within the ICS, External Auditors ii) evaluates weaknesses and shortcomings and, if needed, addressing and prioritizing potential corrective action s and iii) monitoring the implementation milestones of corrective plans and evaluation of the proposed review.

The Committee enables the coordination among the three lines of defense with the aim to identify and share Group priorities c oncerning Non -

Financial Risks (e.g. events, regulations or emerging risks), assessing and monitoring the effectiveness of initiativ es put in place in order to address them.

The Committee consists of the following sessions: (i) Credit Risk session, responsible for defining policies, operational lim its and methodologies for the measurement, management and control of the Credit Risks as well as for the definition of the methodol ogies for the measurement and control of internal capital, (ii) Rating approval session, responsible for approving rating overrides (iii) Market Risk session, resp onsible for approving strategies, policies and methodologies for Market and Insurance Risks a nd for the monitoring of related risks, (iv) ALCO session, responsible for approving strategies, policies and methodologies for Financial Risks and for the monitoring of risks related to Fund Transfer Pricing (v) General Non-Financial Risks and Controls Se ssion, responsible for defining and approving policies, operational limits and methodologies for the measurement, management and control of Non -Financial Risks (excluding reputational risk), including the methodologies for the measurement, management, and control of Non -Financial Risks (Operational and Reputational Risk) impacting internal capital; (vi) ICT, Security, Cyber and Third party Risk Session responsible for evaluating and providing guidelines for the management of risks related to ICT, Security, Cyber, a third party contracts and business continuity plan; (vii) Reputational Risk Session responsible for defining and approving policies and m ethodologies for the measurement, management and control of the reputational risk and evaluating and managing the reputational risk related to strategic decisions and single transactions/relationships.

Internal Capital Adequacy Assessment Process (ICAAP) and Risk Appetite UniCredit group assesses its capital adequacy on a going concer n approach, ensuring that an adequate level of capital is maintained to continue business activities as usual even in case of severe loss events, such as those caused by an economic downturn.

The Group’s approach to ICAAP consists of the following phases:

1. Risk identification and mapping;

2. Risk measurement and stress testing;

3. Risk appetite setting and capital allocation;

4. Monitoring and reporting.

1. Risk identification and mapping The first step is the identification and mapping of all the risks embedded in the Group and in the relevant legal entities, w ith particular focus on the risks not explicitly covered by the Pillar I framework. The output of this activity is Group Risk Map , which includes all the risk types quantified by Economic Capital.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 142 2. Risk measurement and stress testing The second phase is the identification of the internal methodologies for measurement and quantification of the different risk profiles, resulting in the calculation of Group Economic Capital. The Economic Capital measures are supported by aggregated stress tests, which are a fundamental part of a sound risk management process. The aim of stress testing is to assess the Bank's viability with respect to exceptional but plausible events. The impact of adverse economic scenarios is assessed on the capital posit ion and/or the liquidity position of the Group.

3. Risk Appetite setting and capital allocation Risk Appetite is a key managerial instrument used to set the adequate level of risk the Bank is willing to have and consistently steering its business evolution (see the RAF section below for details). The Group capital plays a crucial role in the main corporate governance pr ocesses that drive strategic decision s, as target s and risk tolerance thresholds, in terms of regulatory and economic capital. It is also a key element of the Risk Appetite Framework of the Group.

4. Monitoring and reporting Capital adequacy evaluation is a dynamic process that requires regular monitoring to support the decision -making processes.

The Bank monitors its main risk profile with a frequency consistent with the nature of each single risk. On top of this, a qu arterly reporting of integrated risks and Risk Appetite evolution is performed to the relevant Risk Committees and Governing Bodies, to set and implement an efficient and effective ICAAP framework.

Capital adequacy is assessed considering the balance between the assumed risks and the available capital both in a regulatory and in an economic perspective. With respect to the economic perspective and to the Going Concern approach , capital adequacy is assessed by comparing the amount of financial resources available to absorb losses and to ensure the business continuity of the Group, the so -called Available Financial Resources (AFR), with the economic capital internally estimated ( Economic Capital - EC). The AFR are computed according to the Group principles and consistent with prudential regulation, in fact the regulatory capital (Own Funds) is the basis for the AFR quantification. Th e Group capital instruments that are included in the AFR satisfy the fol lowing three criteria:

• loss absorbency in Going Concern approach;

• permanence;

• flexibility of payments.

The ratio between AFR and EC is the Risk-Taking Capacity (RTC). This ratio must exceed 100% (AFR>EC) to avoid that risk exposures are higher than the Available Financial Resources. RTC is one of the key indicators included in the Group RAF dashboard on which the Ban k leverages to guide the selection of the desired risk -return profile in alignment with its b usiness strategies.

A milestone of the ICAAP is the Risk Appetite, which in UniCredit group is defined as the level of risk that the Group is wil ling to take and the risk -

return profile it fixes to achieve in pursuing its strategic objectives and business plan, taking into ac count the interest of its stakeholders (e.g.

customers, policymakers, regulators, shareholders) as well as capital and other regulatory and law requirements. The Group Ri sk Appetite is approved on an annual basis by the Board of Directors and is regularly monitored and reported, at least quarterly, to the relevant committees, with the aim of ensuring the consistency with the risk return profile set by the Board of Directors. At local level, the risk appe tite is set for the main Legal Entities and approved b y the local competent functions.

The main goals of UniCredit group’s Risk Appetite are:

• assessing explicitly the risks and their interconnections UniCredit group is willing to accept or should avoid in a forward -looking view;

• specifying the types of risk UniCredit group intends to assume by setting the targets, triggers and limits, under both normal and stressed operating

conditions;

• ensuring an “ex ante” risk -return profile consistent with long term sustainability, in coherence with multi -year strategic plan/budget;

• ensuring that the business develops within the risk tolerance set by the Parent Company Board of Directors, also in respect o f national and

international regulations;

• supporting the evaluation of future strategic options with reference to risk profile;

• addressing internal and external stakeholders’ view on risk profile consistent with the strategic positioning;

• provide qualitative statements concerning identified risks to strategically guide the relevant processes, the internal control system and ensure prevention/early intervention on emerging risks.

The Group Risk Appetite is defined consistently with UniCredit group business model. For this purpose, Group Risk Appetite is integrated in the budget process, to guide the selection of the desired risk -return profile in alignment with the Strategic Plan guidelines and at inception of the budget process.

UniCredit Remuneration Policy is consistent with the Group Risk Appetite to allow the effective implementation of risk reward remuneration for bonus definition and payments.

The structure of the Risk Appetite in UniCredit group includes the Group Risk Appetite Statement and the Group Risk Appetite KPIs Dashboard.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 143 The Risk Appetite Statement defines the positioning of the Bank in terms of strategic targets and related risk profiles to address internal and external stakeholders’ expectations and includes:

• guidance on the overall key boundaries for the Group in terms of focus of activity;

• a definition of the desired risk -return profile, in line with the Group’s overall strategy;

• the risks the Bank is willing to accept or should avoid both in normal and stressed conditions;

• an indication on strategies to manage key risks within the perimeter of the Group;

• qualitative statements for not quantifiable risks to ensure prevention/early intervention on emerging risks.

The quantitative elements of the Risk Appetite Framework are instead represented by a Dashboard, composed of a set of KPIs, based on the analysis of the expectations of UniCredit group internal and external stakeholders, including material risks to which the Gro up is exposed and addressing the following categories:

• Regulatory KPIs: to guarantee at any time the fulfilment of the KPIs requested by Regulators (e.g., Common Equity Tier 1 Rati o, Liquidity

Coverage Ratio);

• Managerial KPIs: KPIs considered to be key from strategic and Risk Appetite standpoint and defined to ensure steering of all key financial risks (e.g., Credit Risk, Liquidity and Interest Rate Risks, Market and Sovereign Risks), Profitability, non -financia l risks (e.g., Operational risk, ICT and Cyber risk, Compliance risk) and Climate & Environmental risk.

For each of the above dimensions, one or more KPIs are identified, in order to quantitatively measure the position of the Gro up in different ways:

absolute values, ratios, sensitivities to defined parameters.

Various levels of thresholds are defined to act as early warning indicators anticipating potential risk situations that will be promptly escalated at relevant organisational level. If specific Risk Appetite thresholds are met, the necessary management meas ures have to be adopted for effectively adjusting the risk profile. The thresholds are identified as follows (on certain KPIs, not all the thresholds may be meaningf ul):

• targets represent the amount of risk the Group is willing to take on in normal conditions in line with the Group ambition. The y are the reference thresholds for the development and steering of the business;

• trigger s represent, from a managerial standpoint, the maximum acceptable level of deviation from the defined target thresholds, or mor e generally a warning level, and are set consistently to assure that the Group can operate, even under stress conditions;

• limits are hard points that represent, from a statutory standpoint, the maximum acceptable level of risk for the Group.

Thresholds setting is evaluated by the relevant competent functions, also through managerial decision by the Board of Directo rs, respecting regulatory and supervisory requirements and considering stakeholders’ expectations and positioning versus peers. In addition, UniCredit group has a series of transversal operational limits and metrics that cover the main risk profiles to supplement the Risk Appetite Framework.

According to the EBA guidelines, each year ICAAP information is collected for SREP purposes and sent to the Regulator. The Bo ard of Directors, which authorises the sending of this information to the Authorities, also acknowledges that the risk governance o f the Group is deemed adequate, guaranteeing that the risk management system in place is in line with the risk profile and strategy of the Group. In addition , the Board of Directors approved and signed the Capital Adequacy Statement during the last Board o f Directors held on 12 March 2026. In the Capital Adequacy Statement, the Board of Directors states that the Group demonstrated to have a strong capital position, allowing to maintain under basel ine scenario an adequate managerial buffer on top of Combined Buffer Requirement (CBR) and, in case of more severe conditions, to ensure adequate buffer in addition to the Total SREP Capital Ratio (TSCR). Considering the current geopolitical environment, the Management and the Board of Directors are committed to pru dent and sustainable approach, assessing any possible impact on the capital adequacy and taking related mitigation actions, i f needed.

UniCredit group is consistently engaged in identifying areas of improvement of the ICAAP process in compliance with Superviso ry expectations.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 144 Risk culture in UniCredit In an evolving regulatory environment and considering recent developments in the banking sector, Risk Culture plays an increasingly central role in ensuring sound and effective governance. In line with the principles set out by the Financial Stability Board (FSB), the Base l Committee on Banking Supervision ( BCBS), and the European Banking Authority (EBA) Guidelines, UniCredit promotes and develops an integrated and cross -functional approach to Risk Culture at Group level.

Risk Culture therefore contributes to guiding both strategic and operational decisions, ensuring consistency with the Risk Ap petite Framework and with long -term sustainability objectives.

A sound Risk Culture is built on four key pillars:

• tone from the Top: the Board of Directors and Senior Management define guiding values and promote a consistent risk culture th rough conscious behaviors , fostering integrity, transparency and responsible risk -taking;

• accountability: all employees are required to understand and apply risk management principles, operating in compliance with th e Group Risk Appetite Framework and taking full responsibility for their actions and decisions;

• effective communication and challenge: an environment characteri sed by open, inclusive and transparent communication is promoted, encouraging constructive dialogue, diversity of views and the ability to challenge existing practices in order to improve dec ision-making processes;

• incentives: incentive systems are structured to align individual behaviours and performance outcomes with the Group’s risk pro file and its long -

term strategic objectives.

Group Risk Management, in line with the mandate received from the Board of Directors, adopts a structured and integrated appr oach aimed at continuously strengthening these principles, promoting coordinated and cross -functional initiatives at Group level.

Senior Management actively contributes through communication initiatives (“Tone from the Top”) focused on key emerging and fo rward -looking risks that may significantly impact the Group’s financial and reputational profile.

Particular emphasis is placed on training and awareness -raising activities, developed within a Group -wide framework coordinated by UniCredit Corporate University. Within this framework, a structured and continuous training plan has been defined, based on a broad catalogue of initiatives addressed to the wider UniCredit population.

This training offering is primarily delivered through the Risk Teach -in Series, a set of digital courses and in -depth sessions covering topics across the Risk Competence Line - including, by way of example, cyber and ICT risks, climate and environmental risks (ESG), insurance risks and conduct risks - and is accessible to a broad range of UniCredit employees.

The Risk Teach -in Series represents a key tool for the dissemination of Risk Culture, as they enable the sharing and scaling of the specialised expertise of Risk professionals, with the objective of :

• strengthening awareness of current and emerging risks;

• fostering the dissemination of knowledge and best practices across different Group functions;

• promoting an integrated approach to risk management, consistent with the Risk Appetite Framework;

• supporting informed and responsible behaviours in decision -making and operational processes.

Internal communication represents a further key element for the spread of Risk Culture. Corporate values , Integrity, Ownership and Caring , are promoted through dedicated channels and periodic initiatives, including the Viva Engage social platform, as well as events an d cross -functional initiatives aimed at strengthening engagement within the Risk Community.

The performance evaluation system integrates, in addition to economic and financial indicators, qualitative elements related to compliance with regulations, the Code of Conduct and expected behaviors . Access to incentive schemes is subject to the completion of mandatory training activities, particularly with regard to customer relationship management, Know Your Customer (KYC) requirements and, for relevant roles, MiFID obligations.

UniCredit aims to consolidate a strong and consistent Risk Culture, as a fundamental element for effective and sustainable ri sk management over time.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 145 The following table contains the reconciliation between the Balance sheet according to the accounting and prudential perimete r.

(€ million)

AMOUNTS AS AT 30.06.2026

ASSETS ACCOUNTING

PERIMETER PRUDENTIAL

PERIMETER DELTA

10. Cash and cash balances 45,864 45,215 (649) 20. Financial assets at fair value through profit or loss: 111,527 80,636 (30,891) a) financial assets held for trading 74,569 74,569 -

b) financial assets designated at fair value 293 293 -

c) other financial assets mandatorily at fair value 36,665 5,774 (30,891) 30. Financial assets at fair value through other comprehensive income 89,056 72,638 (16,418) 40. Financial assets at amortised cost: 632,258 632,354 96 a) loans and advances to banks 66,050 66,050 -

b) loans and advances to customers 566,208 566,304 96 50. Hedging derivatives 986 986 -

60. Changes in fair value of portfolio hedged items (+/ -) (3,446) (3,446) -

70. Equity investments 16,124 18,879 2,755 80. Insurance assets 160 - (160) a) insurance contracts issued that are assets 26 - (26) b) reinsurance contracts held that are assets 134 - (134) 90. Property, plant and equipment 8,601 8,560 (41) 100. Intangible assets 2,917 2,363 (554) of which: goodwill 840 290 (550) 110. Tax assets: 9,711 8,833 (878) a) current 1,922 1,142 (780) b) deferred 7,789 7,691 (98) 120. Non -current assets and disposal groups classified as held for sale 274 274 -

130. Other assets 18,059 17,275 (784) Total assets 932,091 884,567 (47,524)

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 146

continued:

AMOUNTS AS AT 30.06.2026

LIABILITIES AND SHAREHOLDERS' EQUITY ACCOUNTING

PERIMETER PRUDENTIAL

PERIMETER DELTA

10. Financial liabilities at amortised cost: 727,501 728,445 944 a) deposit from banks 52,384 52,384 -

b) deposit from customers 565,653 566,510 857 c) debt securities in issue 109,464 109,551 87 20. Financial liabilities held for trading 46,733 46,733 -

30. Financial liabilities designated at fair value 24,426 17,814 (6,612) 40. Hedging derivatives 1,827 1,827 -

50. Value adjustment of hedged financial liabilities (+/ -) (9,072) (9,072) -

60. Tax liabilities: 2,789 2,040 (749) a) current 2,136 1,841 (295) b) deferred 653 199 (454) 70. Liabilities associated with non -current assets held for sale - - -

80. Other liabilities 19,632 19,250 (382) 90. Provision for employee severance pay 246 246 -

100. Provision for risks and charges: 6,477 6,459 (18) a) commitments and guarantees given 972 972 -

b) post -retirement benefit obligations 2,611 2,611 -

c) other provisions for risks and charges 2,894 2,876 (18) 110. Insurance liabilities 40,716 - (40,716) a) insurance contracts issued that are liabilities 40,710 - (40,710) b) reinsurance contracts held that are liabilities 6 - (6) 120. Valuation reserves (3,918) (3,918) -

130. Redeemable shares - - -

140. Equity instruments 4,963 4,963 -

150. Reserves 41,723 41,723 -

155. Advanced dividends ( -) - -

160. Share premium 23 23 -

170. Share capital 21,509 21,509 -

180. Treasury shares ( -) - - -

190. Minority shareholders' equity (+/ -) 393 402 9 200. Profit (Loss) for the period (+/ -) 6,123 6,123 -

Total liabilities and shareholders' equity 932,091 884,567 (47,524)

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 147 Section 1 - Risks of the accounting consolidated perimeter

Quantitative information

In the following tables, the volume of non -performing assets according to the IFRS definition is equivalent to th at of non-performing exposures referred to in the EBA standards.

A. Credit quality For the purposes of the disclos ing quantitative information about credit quality, the term “credit exposures” does not include equity instruments and units of investment funds.

A.1 Non-performing and performing credit exposures: amounts, write -downs, changes, distribution by business activity

A.1.1 Breakdown of financial assets by portfolio and credit quality (carrying value)

(€ million)

PORTFOLIOS/QUALITY BAD

EXPOSURES UNLIKELY TO

PAY NON -

PERFORMING

PAST -DUE

EXPOSURES PERFORMING

PAST -DUE

EXPOSURES OTHER

PERFORMING

EXPOSURES TOTAL

1. Financial assets at amortised cost 1,244 4,771 467 6,542 619,234 632,258 2. Financial assets at fair value through other comprehensive income - 33 - - 81,518 81,551 3. Financial assets designated at fair value - - - - 293 293 4. Other financial assets mandatorily at fair value - 41 - 3 6,331 6,375 5. Financial instruments classified as held for sale - 24 - - 10 34 Total 30.06.2026 1,244 4,869 467 6,545 707,386 720,511 Total 31.12.2025 1,283 5,224 400 7,310 665,162 679,379

A.1.2 Breakdown of financial assets by portfolio and credit quality (gross and net values)

(€ million)

NON -PERFORMING ASSETS PERFORMING ASSETS

PORTFOLIOS/QUALITY GROSS

EXPOSURE OVERALL

WRITEDOWNS NET EXPOSURE OVERALL

PARTIAL WRITE -

OFFS(*) GROSS

EXPOSURE OVERALL

WRITEDOWNS NET EXPOSURE TOTAL (NET

EXPOSURE)

1. Financial assets at amortised cost 11,943 5,461 6,482 546 629,153 3,377 625,776 632,258 2. Financial assets at fair value through other comprehensive income 109 76 33 - 81,531 13 81,518 81,551 3. Financial assets designated at fair value - - - - X X 293 293 4. Other financial assets mandatorily at fair value 204 163 41 - X X 6,334 6,375 5. Financial instruments classified as held for sale 48 24 24 - 10 - 10 34 Total 30.06.2026 12,304 5,724 6,580 546 710,694 3,390 713,931 720,511 Total 31.12.2025 12,438 5,531 6,907 597 669,384 3,496 672,472 679,379

Note:

(*) Value shown for information purposes.

(€ million)

ASSETS OF EVIDENT LOW CREDIT QUALITY OTHER ASSETS

PORTFOLIOS/QUALITY CUMULATED LOSSES NET EXPOSURE NET EXPOSURE

1. Financial assets held for trading 4 15 61,694 2. Hedging derivatives - - 986 Total 30.06.2026 4 15 62,680 Total 31.12.2025 6 16 51,129

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 148 Information on Sovereign Exposure With reference to the Group’s Sovereign exposures25, the book value of Sovereign debt securities as at 30 June 202 6 amounted to €1 31,548 million26, of which over the 7 2% concentrated in eight countries; Italy, with €4 3,400 million, represents about 3 3% of the total. For each of the eight countries, the following table shows the book value and the fair value of the exposures broken down by portfolio as at 30 Jun e 202 6.

Breakdown of sovereign debt securities by country and portfolio

(€ million)

COUNTRY/PORTFOLIO AMOUNTS AS AT 30.06.2026

BOOK VALUE FAIR VALUE

- Italy 43,400 43,661 financial assets/liabilities held for trading (net exposures*) 914 914 financial assets designated at fair value - -

financial assets mandatorily at fair value 840 840 financial assets at fair value through other comprehensive income 21,937 21,937 financial assets at amortised cost 19,709 19,970

- Spain 17,371 17,406 financial assets/liabilities held for trading (net exposures*) 52 52 financial assets designated at fair value - -

financial assets mandatorily at fair value 172 172 financial assets at fair value through other comprehensive income 7,272 7,272 financial assets at amortised cost 9,875 9,910

- France 9,433 9,334 financial assets/liabilities held for trading (net exposures*) 1,066 1,066 financial assets designated at fair value - -

financial assets mandatorily at fair value 255 255 financial assets at fair value through other comprehensive income 4,782 4,782 financial assets at amortised cost 3,330 3,231

- Germany 8,079 7,996 financial assets/liabilities held for trading (net exposures*) 266 266 financial assets designated at fair value - -

financial assets mandatorily at fair value 398 398 financial assets at fair value through other comprehensive income 3,054 3,054 financial assets at amortised cost 4,361 4,278

- Czech Republic 4,985 4,995 financial assets/liabilities held for trading (net exposures*) 32 32 financial assets designated at fair value - -

financial assets mandatorily at fair value - -

financial assets at fair value through other comprehensive income 2,796 2,796 financial assets at amortised cost 2,157 2,167

- Austria 4,628 4,609 financial assets/liabilities held for trading (net exposures*) 19 19 financial assets designated at fair value - -

financial assets mandatorily at fair value 69 69 financial assets at fair value through other comprehensive income 2,559 2,559 financial assets at amortised cost 1,981 1,962

- Bulgaria 3,626 3,611 financial assets/liabilities held for trading (net exposures*) 4 4 financial assets designated at fair value - -

financial assets mandatorily at fair value 1 1 financial assets at fair value through other comprehensive income 1,569 1,569 financial assets at amortised cost 2,052 2,037

- U.S.A. 3,350 3,350

financial assets/liabilities held for trading (net exposures*) 958 958 financial assets designated at fair value - -

financial assets mandatorily at fair value 39 39 financial assets at fair value through other comprehensive income 1,055 1,055 financial assets at amortised cost 1,298 1,298 Total on -balance sheet exposures 94,872 94,962

Note:

(*) Including exposures in Credit Derivatives. Negative amount indicates the prevalence of liabilities positions.

25 Sovereign exposures are bonds issued by and loans given to central and local governments and governmental bodies. To the purpose of this risk exposure are not included:

• Sovereign exposures and Group’s Legal entities classified as held for sale as at 30 June 202 6, if any;

• ABSs , if any .

26 Information on Sovereign exposures refer to the scope of the UniCredit Consolidated First Half Financial Report as at 30 June 2026, determined under IAS/IFRS.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 149 The weighted duration of the Sovereign bonds shown in the table above, divided by the banking27 and trading book, is the following:

Weighted duration

(years)

TRADING BOOK

COUNTRY BANKING BOOK ASSETS POSITIONS LIABILITIES POSITIONS

Italy 3.86 6.94 7.82 Spain 6.06 13.82 11.43 France 5.95 9.94 18.45 Germany 4.47 8.12 7.45 Czech Republic 5.16 3.40 3.14 Austria 7.14 9.97 1.76 Bulgaria 4.57 8.90 7.67

U.S.A. 8.69 11.13 -

The remaining 2 8% of the total of sovereign debt securities, amounting to € 36,676 million with reference to the book values as at 30 June 202 6, is divided into 52 countries, including Romania (€3,331 million), Croatia (€3,157 million), Slovakia (€2,619 million), Hungary (€2,497 million), Poland (€2,164 million), Belgium (€1,757 million), Serbia (€958 million), Portugal (€851 million), Bosnia and Hercegovina (€659 mill ion), Slovenia (€60 6 million) and Finland (€599 million).

With respect to these exposures, as at 30 June 202 6 there were no indications that default have occurred and the Group is closely monitoring the evolution of the situation.

With particular reference to the book value of the sovereign debt securities exposure to Russia amounting to €503 million as at 30 June 2026, it should be noted that it is almost totally held by the Russian controlled Bank in local currency and classified in the banking book . For more information on the criteria adopted for the evaluation of the Russian counterparties, refer to “Section 5 - Other matters”, Explanatory notes, Part A -

Accounting policies, A.1 - General.

It should also be noted that among the aforementioned remaining part of sovereign debt securities as at 30 June 202 6 there are also debt securities towards Supranational Organisations such as the European Union, the European Financial Stability Facility and the European St ability Mechanism amounting to € 14,958 million.

The table below shows the classification of bonds belonging to the banking book and their percentage proportion of the total of the portfolio under which they are classified.

Breakdown of sovereign debt securities by portfolio (banking book)

AMOUNTS AS AT 30.06.2026

FINANCIAL ASSETS

DESIGNATED AT

FAIR VALUE FINANCIAL ASSETS

MANDATORILY AT

FAIR VALUE FINANCIAL ASSETS AT

FAIR VALUE THROUGH

OTHER

COMPREHENSIVE

INCOME FINANCIAL ASSETS AT

AMORTISED COST TOTAL

Book value (€ million) 293 2,109 58,236 67,034 127,672 % Portfolio 100.00% 5.75% 65.39% 10.60% 16.84%

In addition to the exposures to Sovereign debt securities, loans28 given to central and local governments and governmental bodies must be taken into account.

The table below shows the total amount as at 30 June 202 6 of loans booked in financial assets at amortised cost portfolio given to Countries towards which the overall exposure exceeds €100 million, representing about 96% of the total.

27 The banking book includes financial assets designated at fair value, those mandatorily at fair value, those at fair value thr ough other comprehensive income and those at amortised cost.

28 Tax items are not included.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 150 Breakdown of sovereign loans by country

(€ million)

COUNTRY AMOUNTS AS AT 30.06.2026

BOOK VALUE

- Germany (*) 9,681

- Austria(**) 6,608

- Italy 4,229

- Croatia 1,944

- Romania 854

- Qatar 595

- Indonesia 465

- Hungary(***) 378

- Slovakia 320

- Angola 305

- Serbia 298

- Egypt 295

- Bosnia and Hercegovina 229

- Czech Republic 227

- Bulgaria 212

- Slovenia 164

- Turkey 118

- Kenya 105 Total on -balance sheet exposures 27,027

Notes:

(*) of which € 188 million in financial assets mandatorily at fair value.

(**) of which €2 3 million in financial assets mandatorily at fair value.

(***) of which €5 million in financial assets mandatorily at fair value.

It should also be noted that, as at 30 June 202 6, there are in addition also loans to Supranational Organisations amounting to € 263 million booked in financial assets at amortised cost portfolio .

Lastly, it should be noted that derivatives are traded within the ISDA master agreement and accompanied by Credit Support Ann exes, which provide for the use of cash collaterals or low -risk eligible securities.

For more details on the sensitivity analysis of credit spreads and on the results of stress tests refer to the paragraph “Stress test” of Section 2.2 -

Market risk and for liquidity management policies see the following Section 2.4 - Liquidity risk.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 151 Section 2 - Risks of the prudential consolidated perimeter

2.1 Credit risk

Qualitative information

1. General aspects

Credit policies

In UniCredit, the current governance model of credit risk, intended as the risk of impairment of credit exposure deriving from an unexpected deterioration of the counterparty’s creditworthiness, provides for two levels of control:

• on the one hand, the supervision of the Parent Company functions which steer and control the credit risk and perform manageri al coordination with respect to the relevant Group legal entities’ Risk Management functions ;

• on the other hand, the supervision of the relevant Group legal entities’ Risk Management functions which perform the control and the management of the risk portfolio at country level.

With reference to credit risk management topics, the mechanisms of interaction between the Parent Company and the Group Legal Entities are defined by specific credit governance rules that, on the one hand, regulate the respective responsibilities and, on t he other hand, ensure the compliance of the overall credit risk framework with the regulatory framework which the Parent Company is subject.

Within its role of guidance, support and control, the Parent Company acts in the following areas: credit rules (principles, p olicies and processes), credit strategies and credit risk limits, models development, rating systems validation, large exposures ma nagement, credit risk portfolio monitoring and reporting.

In line with these credit governance rules, the Group Legal Entities request either the Holding Company Credit Committee’s or the Group Risk Management Functions’ opinion before granting new or reviewing existing credit lines to single counterparties/Economic Groups whenever they exceed defined thresholds, also with reference to their complia nce with the credit risk concentration limits, being measured with respect to regulatory capital.

According to the role assigned by the Group governance to the Parent Company, specifically to the Group Risk Management funct ion, general provisions are established (“Group General Principles for Credit Activities”, “Group Credit Risk Management Framework”, “Guidelines on Loan Categorization and Forbearance Classification”, “Credit Risk Parameters and IFRS9 Modelling and Planning”, “Credit Risk Strat egies”, “Non -

Performing Exposures Risk Strategies”, “Cred it Risk Mitigation”), defining Group -wide rules and principles for guiding, classifying, managing, governing and standardising the credit risk assessment and management, as well as the development of its models, in line with the regulatory requirements and Group best practice. These general provisions are f urther supplemented by policies which, regulat e specific topics (e.g., business areas, segment activities, type of counterpart/transaction), are divided into two categories:

• policies on Group -wide topics, drafted and issued by the Parent Company and sent to all the Legal Entities;

• policies locally developed by single Legal Entities, fully in line with the guidelines defined at Parent Company level, that regulate credit practices relating to rules and peculiarities of the local market and that are, therefore, applicable only within the respective perime ter.

Credit policies, which usually have a static approach and are revised when necessary (e.g. in case of evolution of the extern al regulatory framework), are supplemented by credit risk strategies which, instead, are updated at least once a year and define wi th which customers/products, industry segments and geographical areas the Group and the Group Legal Entities intend to develop their credit business.

At both Legal Entity and Parent Company level, the policies are further detailed through operating instructions that describe specific rules supporting the execution of day -by-day activities. In UniCredit S.p.A. lending is governed by a regulatory framework, which is constantly updated. This framework includes the guidelines and operating procedures for managing the various phases of the credit life cycle, t aking into account potential changes in the credit strategy and progressive process and procedural im provements.

More specifically, the following process phases are regulated:

• the assessment of the creditworthiness of the borrower, including the rating assignment procedures;

• the decision to grant credit lines, their implementation and the rules for managing them;

• the acquisition, management and monitoring of the value of collaterals and guarantees;

• the performance monitoring process and the initiatives to improve the sustainability of the counterpart, the customer classif ication process;

• the restructuring and the credit recovery process (debt collection policy/workout) .

The creditworthiness assessment involves the analysis of the counterparty, any guarantors and the type of financing; these an alyses include a structured path for collecting customer data and are supported by a combined approach of subjective assessments an d automated processes. In particular, the analysis of the counterparty requires the preliminary assignment of a rating, which includes, depending on th e type of customer and the complexity/size of the credit transaction, a quantitative component and a qual itative component. The analysis of the counterparty's repayment capacity is carried out by the Business functions that manage the relationship with the customer, with a forward -looking perspective, also evaluating

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 152 possible adverse scenarios. Depending on the customer segment, the economic sector of reference, the complexity and size of the transaction, aspects of reputational risk, legal risk and climate risks (transition risk and physical risk) are considered in the analysis .

The review of credit proposals for customers with exposure exceeding a certain threshold is entrusted to specialists in the R isk Management function, who prepare reasoned opinions in favor of the corporate bodies or committees responsible for making credit decisions. The approval of credit transactions is delegated to the bodies authorized with a specific sub -delegation of powers, regularly to consider the riskiness of the portfolios and any organizational changes that have occurred in the meantime.

Borrowers are subject to regular review on an annual basis, unless a greater frequency is envisaged for cases in which signs of deterioration in the credit risk profile have emerged. Credit exposures are also continuously subjected to a performance monitor ing process, through which the Business and independent Credit Monitoring specialists assess any signs of deterioration in the risk profile, establish any risk mitig ation strategies and, where appropriate, classify customers in specific managerial 'watch -lists' or propose, in the most serious cases, the transfer of customer management to Risk Management structures speciali sed in customer management for restructuring or credit recovery purposes.

Real estate collaterals, where present, are subject to an assessment by a party independent of the credit process during the granting phase, though the value of the collateral, except for so -called asset -based financing, is to be considered an element of c redit risk mitigation and does not constitute the only assessment element. Real Estate collaterals are subject to regular monitoring to assess their consistency over time, in line with the requirements set out in the CRR regarding credit risk mitigation.

The granting, review and monitoring activities of credit in UniCredit are carried out in line with the EBA Guidelines on loan origination and monitoring.

The Non -Performing Exposure (NPE) Strategy represents the bas is on which specialised debt collection processes are developed. The NPE Strategy defines, at both the Group and Legal Entity level, the qualitative NPE management approach and quantitative time -bound targets by time -

horizon and dynamics (write -off, recoveries, disposals, flows etc.) with the goal of managing the NPE stock in a clear, credible, and feasible manner.

The Group customer base is mixed and heterogeneous and is managed through segmentations, which makes it possible to manage customers competently through dedicated functions, as well as through tailored products/initiatives.

The recovery initiatives are supported by a combined approach between subjective assessments and automated processes.

Depending on the strategy and organi zational set -up implemented locally by the Legal Entities, Group collection rules stipulate an early transfer of files/clients to specialised functions independently of, and long before, a possible default. This is done to anticipate and avoid defaults through a relationship management framework committed to proactive risk management.

To allow proactive risk management and the related reduction of a client’s existing exposure, Legal Entities may grant forbearance measures as described in the relevant section of the current Consolidated first half financial report . The main objective of this activity is to protect the economic and financial structure of the borrowers. In a forbearance context, the restructuring can be conducted in a Performing or Non-Performing classification according to the related regulatory framework ruling the loan classification.

The co -operation of clients is a precondition to any restructuring activity. Close and direct interaction with the borrower, as well as with other parties/stakeholders involved, is crucial for the success of the restructuring process. UniCredit acts in line with its Code of Conduct, adopting appropri ate behavior and language to build and maintain a relationship of trust with the customer (e.g., use of non -coercive language and a non -

harassment attitude). For this reason, the relationship with the borrower i s assigned to specialised functions which maintain the responsibility of the borrower as long as the restructuring is in place. In case the credit restructuring activities are not feasible or successful , or there is no improvement of the client risk profil e, Workout activities aim at maximizing the credit recovery, and the credit exposure must be classified in the relevant defau lt status, if not already done. These activities are carefully devised to ensure that the relationships fostered with clients ar e maintained to the best extent possible.

Recovery activities at UniCredit are carried out in compliance with EBA guidelines on the management of credit impaired and f orborne exposures.

Credit strategies

More generally , the Group credit strategies are an effective tool for managing credit risk, contributing to the definition of the budget ob jectives in line with the Group's Risk Appetite, of which they are an integral part. They also constitute a management tool as they translate the metrics defined within the Risk Appetite into concrete form.

Based on the macroeconomic and credit scenario, the sector outlook , as well as the business initiatives/strategies, the credit strategies provide a set of guidelines and operational targets aimed at the countries and business segments in which the Group operates and are applied within the operating structures of each Group legal entity and included in their respective commercial policies. The ultimate goal is to ensure sustainable commercial growth, consistent with the risk profile of each company, remainin g within the limits defined by the Group Risk Appetite Framework.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 153 Within the framework of the strategies underlying credit activity, concentration risk is considered particularly important. T his is the risk associated with losses generated by a single exposure or group of related exposures that (in relation to the capita l of a bank, total assets, or the overall risk level) can generate potentially serious effects on the solidity and "core" operation of the Group. In compliance with the rel evant regulatory framework, UniCredit group manages the concentration credit risk th rough specific limits that represent the maximum risk that the Group intends to accept regarding , for example :

• individual counterparties or groups of connected counterparties (Single Name Bulk Risk);

• counterparties belonging to the same economic sector (Industry Concentration Risk).

The results of stress test simulations relating to expected loss are an integra l part of the definition of credit strategies .

2. Credit risk management policies

2.1 Organisational aspects

Factors that generate credit risk During the ongoing credit and business activities, the Group is exposed to the risk that an unexpected change in a counterpar ty's creditworthiness may generate a corresponding unexpected change in the value of the associated credit exposure and may thus re sult in a partial or full write -off.

This risk is always associated to the traditional lending practice, regardless of the form of the credit facility (whether ca sh or credit commitments, secured or unsecured, etc.).

The main reasons of a default lie in the borrower’s failure to fulfil its credit obligation (due to the lack of liquidity, fo r insolvency reasons, etc.), as well as the occurrence of macro -economic and political events that are affecting the debtor’s opera ting and financial conditions.

Other banking operations, in addition to traditional lending and deposit activities, can constitute other credit risk factors . In this view, “non -traditional” credit risk may arise from:

• subscription of derivative contracts;

• purchase and selling of securities, futures, currencies or commodities ;

• holding third -party securities.

The counterparties in these transactions or issuers of securities held by Group Legal Entities could default as a result of insolvency, political and economic events, lack of liquidity, operational deficiencies or other reasons. Defaults of a large number of transactions, or of one or more large transactions, could have a material adverse im pact on the Group’s activities, financial condition and operating profits. The Group therefore monitors and manages the specific risk of each counterparty as well as the overall risk of loan portfolios through procedures, Functio ns and rules that steer, govern, and standardise the assessment and management of credit risk, in line with the Group principles and best practice.

Organisational structure

Credit risk management in the UniCredit group is under the responsibility of the Competence Line Group Risk Management, which is responsible for the direction, governance and control of credit risk. The operational management of credit activities is assigned to Business and Credit Risk Operations functions at local level, with the activities of granting, periodic review and performance monitoring requiring the cooperation between Commercial Relationship Managers, Credit Analysts supporting Business Managers and Credit Risk Managers of the Credit Operations functions (Credit Underwriting, Credit Monitoring) who intervene for cases of greater complexity or amount, while the activities of cla ssification, restructuring and credit recovery are under the responsib ility of local Credit Operations functions, internally divided into different levels:

• functions with responsibilities at Group level;

• functions with responsibilities at Country level.

Regarding Group Risk Management, Parent Company Functions with responsibilities at Group level include:

• Group Credit Risk ;

• Group Enterprise Risk Management.

Group Credit Risk The structure has the following mission:

responsible for the overall steering and governance of credit risk at Group level, including, for instance, defining Group cr edit risk strategies, monitoring and controlling the credit risk framework and methodologies, planning and overseeing asset quality , large credit transactions, FIBS group -wide assessment, as well as monitoring country risks & cross -border risks.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 154 The structure of “Group Credit Risk” breaks down in the following structures:

• Credit Risk Strategies and Rating Desk The structure has the following mission:

responsible at Group level, both for performing and nonperforming credit, for defining credit risk strategies, planning, moni toring and controlling the Group portfolio’s relevant credit risk KPIs (e.g. Asset Quality, provisions), as well as for defining an d applying the credit risk controls to identify risk areas and mitigation actions. These responsibilities also apply to the CE&EE portfolio booked in Legal Entities or in UniCred it S.p.A. (Profit Center Milan), for both Retail and Corporate segments. In re ference to PCM, additional activities are carried out to directly analyze and monitor the portfolio.

• Group Credit Transactions The structure has the following mission:

it is responsible for the assessment, monitoring and supervision at Group level of Large Credit Transactions and for the mana gement of the global credit model of Financial Institutions, Banks and Sovereign States (FIBS). Furthermore, it is responsible for the assessment, approval and daily management of Country Risks and the assumption of cross -border credit risk and the mapping of the economic Groups defined as “Top”. Finally, it is responsible for supporting, as a point of reference at Group level, credit transactions above defined thresholds or in accordance with other applicable regulations, the preparation and coordination of the various procedural phases and information flows to facilitate the functioning of the approval and reporting processes involvi ng the Committees under its jurisdiction or the higher Bodies .

Group Enterprise Risk Management The structure has the following mission:

responsible for cross -risk oversight and coordination, including Risk Appetite Framework (RAF), Internal Capital Adequacy Assessment Process (ICAAP) and integrated stress testing.

Moreover, the function is responsible to support the Group CRO in defining the strategic evolution of “Group Risk Management” , including the organizational set -up and governance arrangements and to steer the integration of climate and environmental risks i n the overall risk management framework.

Finally, it is also in charge for the development, maintenance, governance and oversight of Credit and Financial risk modelli ng both for regulatory and managerial purposes across the organization.

For what credit risk coverage is concerned, the structure breaks down in the following way:

• Risk Governance and RWA Analysis Responsible for steering the evolution of the Regulatory Headwinds, for the planning of all the IRB model interventions (incl uding IRB roll -out) at Group level, monitoring progress and reporting to Company governance Bodies for central steering and coordin ation role across the Group to ensure alignment of Risk Management modelling governance framework.

• Risk Modelling and Data Analytics The structure has the following mission:

responsible to develop and maintain Group methodologies, models, governance and architectures regarding Credit risk and finan cial risk to ensure front-to-back engagement, execution and accountability, at Group level and UniCredit S.p.A. level.

With respect to credit risk, the following specific Committees are active:

• the “Risks” session of the GEC (Group Executive Committee), with approval, proposal and consultancy functions, supports the C EO in the direction, coordination and control of all risk categories (including compliance risk), in the management and supervision of the internal control system also at Group level as well as in the discussion and approval of risk issues of strategic relevance such as the Group Risk Appetite Framework, ICAAP, ILAAP, SREP, NPE strategy in line with the global risk profile defined by the RAF and the direction of Environmental, Social and Governance (ESG) issues including Climate & Environmental Risks (i.e. physical and transition risks);

• the Group Risks and Controls Committee (GRC) supports the CEO in the role of addressing, coordinating and controlling credit and financial risks (including Climate & Environmental risks) at Group level, also through the management and supervision of the related In ternal Control System (ICS) and is d ivided into various sessions, two of which are relevant to credit risk management: (i) Credit Risk session, responsible for defining policies, operating limits and methodologies for measuring, managing and contro lling credit risk, as well as defining methodologies for measuring and controlling internal capital and assessing risk reporting and estimating risk provisions; ii) Rating approval s ession, responsible, within its own scope of competence and within its del egated powers, for approving rating changes (rating override);

• the Group Transactional Committee (GTC) that consists in the following sessions:

- Group Credit Committee Session (GCC) meets with consulting and proposal functions for the definition of the CEO’s proposals for the Board of directors for the following topics:

• Debt -to-Equity transactions or transactions related to Equity participations resulting from Debt -to-Equity transactions for which the powers to approve or issue a Non -Binding Credit Opinion (NBCO) have not been delegated to the Group Transactional Credit C ommittee.

- Group Credit Committee Session (GCC) meets with approval/NBCO functions (decision -making and/or issuing of non -binding credit opinions to the Group Legal Entities), within the delegated powers, for:

• sub-delegation to the Personnel of the Bank, without the right to further sub -delegate, the powers to take decisions in the matters referred to in subparagraphs A, N, O, Q and R of the Delegation of Powers by the Board of Directors;

• credit proposals referring to all files, including restructuring/workout ones;

• status classification of files;

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 155 • relevant strategies and corrective actions to be taken for watchlist files;

• specific limits for transactions related to Debt Capital Markets on Trading book;

• single issuer exposures limits on Trading book;

• temporary/annual breaches to Single Names Concentration Risk Limits within the thresholds defined by Group regulation of comp etence;

• Debt to Equity transactions and transactions related to Equity participations deriving from Debt to Equity transactions;

• the Debt Capital Market (DCM) transactions issuing Non -Binding Credit Opinion (NBCO);

• ECM (Equity Capital Market) Risk transactions above specific threshold levels of transaction’s value.

- Group Transactional Credit Committee Session (GTCC) has, in particular, approval/NBCO functions (decision -making and/or issuing of non -

binding credit opinions to the Group Legal Entities) within the delegated powers for:

• credit proposals referring to all files, including the Group NPE files;

• decisions regarding credit proposals within the sub -delegations of powers and competence of decisional structures regarding the perimeter of Large Corporates, Corporates CE&EE, Group Financial Institutions in case of escalation activated by them on files a ssessed with a "not supportive unless all conditions are met " or a "not supportive" opinion expressed by the Head of Group Credit Risk and/or th e Head of Group Credit Transactions, on the basis of new evidences with respect to those presented at the time of issuing of the opinion;

• classification status of files;

• relevant strategies and corrective actions to be taken for watch -list files;

• single issuer exposure limits on Trading book;

• Debt to Equity transactions and/or actions/rights -execution related to equity participations resulting from Debt to Equity transactions, within its assigned delegations of powers;

• Debt to Assets transactions and/or actions/rights execution related to asset resulting from Debt to Asset transactions, withi n its assigned delegations of powers;

• proposal of distressed asset disposal, within its assigned delegations of powers and in accordance with the regulated specifi cations and limitations in force;

• the Debt Capital Market (DCM) transactions issuing Non -Binding Credit Opinion (NBCO);

• on semi -annual basis, the “DCM pre -approved list”: list of a selected group of names and respective commitment amounts for which there is no need to have the NBCO on the single transaction;

• ECM (Equity Capital Market) Risk transactions above specific threshold levels of transaction’s value;

• temporary/annual breaches to Single Names Concentration Risk Limits within the thresholds defined by dedicated Group regulati on.

Specific committees related to UniCredit S.p.A. are described in the paragraph “2.1 Organisational aspects which is herewith quoted entirely” of the Company financial statements 2025 of UniCredit S.p.A., Notes to the accounts, Part E - Information on risks and related hedging policies, Section 1 - Credit risk, Qualitative information, 2. Credit risk management policies, which is herewith quoted entirely.

2.2 Credit risk management, measurement and control

2.2.1 Credit risk management The credit risk, associated to the potential loss arising either from a default of the borrower/issuer or from a decrease in the market value of a financial obligation due to a deterioration in its credit quality, is measured at both single borrower/transa ction and at whole portfolio level.

Credit lending to single customers, during both the approval and monitoring phases, is supported by a credit rating process, differentiated by customer segment and product. The assessment of a counterpart’s creditworthiness, within the credit proposal eval uation, begins with an analysis of the financial statements and the qualitative data (competitive positioning, corporate and organisational structure, etc.), re gional and industry factors and counterpart behavior within the entity or the banking system (e. g. Centrale dei Rischi of Banca d’Italia) . Such analysis and results in a rating, i.e.

the counterpart’s probability of default (PD) on a one -year time horizon.

Each borrower’s credit rating is reviewed at least annually on the basis of the new information acquired. Each borrower is al so assessed in the context of the belonging economic group by taking into account, when needed, the risk for the entire group.

The internal rating assigned to each borrower and its economic group exposure both contribute to the lending decision calcula tion, defined in such a way that, at a constant credit amount, the approval powers granted to each decision - making corporate body are gradually reduced in proportion to the increased borrower related risk level.

The organisational model used by UniCredit group also includes a dedicated function, which is separated from loan approval an d business functions and is responsible for the management of the so -called rating “overrides”, i.e. any changes to the automatic r ating calculated by the rating system (where it is foreseen).

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 156 Regular monitoring of the rating focuses on the borrower’s performance management, using all the internal and external availa ble information in order to get a score representing a synthetic assessment of the risk associated. This score is obtained using a statistical function that summari zes the available information using a set of significant variables that are predictors of an event of default within a 12 -months horizon.

In addition to the usual estimation of risk parameters over one - year time horizon, multi - period risk parameters are estimated to provide a more robust assessment of the risk -adjusted performance in compliance with the accounting standards requirements.

All the above -mentioned risk parameters are subject to an initial validation and a regular monitoring process for each rating system in all its components: models, processes, IT architecture and data quality. The aim is to give evidence of the systems comp liance, highlighting improvement areas as well as possible misalignments in the methodologies, which could limit the full comparability among the resulting ri sk measures.

2.2.2 Risk parameters Besides the methodologies summarised in the rating systems, the Group Risk Management function leverages on portfolio model e nabled to measure credit risk for Basel Pillar 2 purposes on an aggregated basis and to identify the contribution of single sub -portfolio or obligor to the overall risk.

There are two fundamental portfolio credit risk measures which are calculated and evaluated on a time horizon of one year:

• Expected Loss (EL);

• Credit Value at Risk (Credit VaR).

The estimate of Credit VaR at overall portfolio level is derived from the distribution of losses obtained by Monte Carlo simu lation on the horizon of one year, considering the correlations among counterparties. The total loss in each default scenario is th e sum of the individual losses, being defined as the product of LGD TTC (Loss Given Default Through the Cycle) and EAD (Exposure at Default) for transactions relat ed to defaulted counterparts. For exposures classified at amortised cost, in each simulated s cenario, the loss estimation related to their simulated creditworthiness deterioration is added to the total loss related to the counterparts simulated in default.

Within the Credit VaR framework, the Expected Loss (EL) at portfolio level is defined as the sum of the product of PD, LGD (b oth TTC) and EAD for each obligor in the considered portfolio plus a migration risk charge related to the expected creditworthiness deterioration for exposures classified at amortised cost.

The Value at Risk (VaR) represents the monetary threshold of the losses distribution which is overcome only with a given prob ability level (a 99.9% confidence level VaR implies that the loss threshold is exceeded in 1 case out of 1,000). Economic Capital i s derived from Value at Risk subtracting the Expected Loss and is an input for determining Economic Capital set up to cover potential losses from all the sources of r isk (reference is made to paragraph “Other risks included in Economic Capital”, Explanatory notes, Part E - Information on risks and related hedging policies, Section 2.6 Other risks).

The measures of Economic Capital based on Credit VaR are also a fundamental input for the design and application of credit st rategies, the analysis of credit limits and risk concentration. The Economic Capital calculation engine is also one of the instrume nts used for the analysis of stress testing of the credit portfolio.

The internal Credit VaR model is also subject to assessment in the context of Pillar II validation.

The calculation of the credit economic capital is available on a single technological platform (Group Credit Portfolio Model, GCPM), with a shared methodology for the structures of UniCredit S.p.A. and the main entities of the Group.

In order to assess the credit risk transfer created by securitisation transactions originated by the Group, an engine (Struct ured Credit Analyser) has also been developed, which simulates the loss distribution of the securitised portfolio and of the tranch es, both for synthetic securitisations (in which the risk is transferred through guarantees/credit derivatives) and for traditional ones (where the assets are sold to a speci al purpose vehicle).

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 157 2.2.3 Rating systems In order to determine capital requirements for credit risks, UniCredit group uses the IRB Advanced approach, as stated by Ban ca d’Italia act No.365138 dated 28 March 2008 and subsequent authorization s provided by the Supervisory Authorities .

With specific reference to credit risk, the Group has been authorised to use internal estimations of PD, LGD and EAD paramete rs for Group wide credit portfolios (Sovereign and Global Project Finance) and for local credit portfolios of relevant subsidiaries (corporate and retail). Considering CRR3 provisions, only PD internal models are used for Banks & Financial Institutions and Multinational Corporate . Starting from 2025, the revert to Standardi sed Approach (Permanent Partial Use) have been authorized in U niCredit Bank SA in Romania for all Group -Wide and Local IRB portfolios and in UniCredit Bulbank AD for all local IRB portfolios. Starting from July 2025, UniCredit International Bank (Luxembourg) SA is authorized to use the GW Multinational Corporate PD model.

The following table summarizes the rating systems authorized by the Supervisory Authorities for each main exposure class/Lega l Entities.

PREVAILING ASSET CLASS RATING SYSTEM LEGAL ENTITY

Central governments and

central banks

Group -Wide Sovereign (PD, LGD, EAD) UCI S.p.A., UCB GmbH, UCBA AG, UCB CZ & SK

Institutions Banks & Financial Institutions (PD) UCI S.p.A., UCB GmbH, UCBA AG, UCB CZ & SK, UCB

SLO, UCB BG, UCB HU

Corporate Multinational Corporate (PD) UCI S.p.A., UCB GmbH, UCBA AG, UCB CZ & SK, UCB

SLO, UCB BG, UCB HU, AO UCB(*) , UCI LUX

Global Project Finance (PD, LGD, EAD) UCI S.p.A., UCB GmbH, UCBA AG, UCB CZ & SK Local Integrated Corporate Rating (RIC) (PD, LGD) UCI S.p.A.

Mid Corporate (PD, LGD, EAD) UCB GmbH, UCBA AG, UCB CZ & SK, UCB HU(*)

Foreign Small and Medium Sized Enterprises (PD, LGD, EAD) UCB GmbH Income Producing Real Estate (IPRE) (PD, LGD, EAD) UCB GmbH, UCB CZ & SK Income Producing Real Estate (IPRE) (Slotting criteria) UCI S.p.A., UCBA AG Acquisition and Leveraged Finance (PD, LGD, EAD) UCB GmbH Wind Project Finance (PD, LGD, EAD) UCB GmbH Real Estate (PD, LGD) UCI S.p.A.

Commercial Real Estate Finance (PD, LGD, EAD) UCB GmbH Real Estate Customers Rating (PD, LGD, EAD) UCBA AG Retail exposures Integrated Small Business Rating (RISB) (PD, LGD) UCI S.p.A.

Integrated Private Rating (RIP -One) (PD, LGD, EAD) UCI S.p.A.

Small Business (PD, LGD, EAD) UCB GmbH, UCBA AG, UCB CZ & SK

Private Individuals (PD, LGD, EAD) UCB GmbH, UCBA AG, UCB CZ & SK Securitisation Asset Backed Commercial Paper (PD, LGD, EAD) UCB GmbH

Note:

(*) These entities are currently authorized only to use the IRB Foundation, therefore use only PD internal estimations for de termination of capital requirements. Moreover, for AO UCB the use of the FIRB approach is for consolidated purposes only.

Keywords:

UCI S.p.A.: UniCredit S.p.A.

UCB GmbH: UniCredit Bank GmbH UCBA AG: UniCredit Bank Austria AG UCB CZ & SK: Czech & Slovak portfolio of UniCredit Bank Czech Republic and Slovakia a.s.

UCI LUX: UniCredit International Bank (Luxembourg) SA UCB BG: UniCredit Bulbank AD UCB HU: UniCredit Bank Hungary Zrt.

UCB SLO: UniCredit Banka Slovenija d.d.

AO UCB: AO UniCredit Bank (Russia)

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 158 2.2.4 Stress test With reference to the strategies of credit risk management, the use of Credit Risk Stress Test is considered of particular im portance because its aim is to analyse the portfolio vulnerability in case of an economic downturn or a structural change of the ma croeconomic framework. In performing the stress test exercise s, different scenarios are considered, based on increasing levels of severity. In addition, scenarios may also be defined base d on specific economic hypotheses.

The credit stress test models (or satellite models) are the set of models aimed at translating the macro -economic conditions into credit risk parameters (PD/LGD). Within the wider stress testing framework, the models serve as basis for calculating the stre ssed PD/LGD projections under the Adverse Scenarios. They are used in the same way for the estimation of Forward -Looking component within the IFRS9 framework.

As regards the modelling methodology, the current framework envisages to estimate the relationships between the macro -economic factors and the internal default/recovery rate historically observed at cluster level (Country/Asset Class), through time series and/or panel regressive analysis.

However, with regard to the low default portfolios (e.g. Multinational, Banks, Sovereigns), for which no enough defaults even ts are available, alternative approaches are considered. These imply to leverage either on extern al data (i.e. external rating) or stressing directly the input of Group Wide Rating System (i.e. Sovereign Rating System ).

Model’s output in terms of expected variations of PD/LGD conditional to the macro -economic scenarios are then used in order to obtain stressed PD/LGD of each credit exposure. Starting from the stressed PD/LGD the Pillar I Credit Risk metrics (LLP and RW EA) are calculated through dedicated simulation engine and according to the EBA Stress test methodology, while Pillar II stress metrics (EC and AFR) are calculated according to the following methodology:

• Credit Economic Capital: stressed PDs and LGDs are used as a basis to recalculate the Credit Economic Capital using the GCPM. The result represents the Credit Economic Capital that would be obtained in the current Bank portfolio if the stressed scenario is experienced;

• AFR: the amount stemming from the difference between the Stressed Expected Loss (calculated based on PD -TTC and LGD -TTC) and the actual Expected losses is deducted from AFR.

2.3 Measurement methods for expected losses

Risk management practices

2.3.1 Staging Allocation and Expected Credit Losses Calculation The Credit Risk Management, Measurement and Control processes described in the previous paragraph, are also used for the calc ulation of impairment of Loans and debt securities classified as financial assets at amortised cost, financial assets at fair value through other comprehensive income and relevant off -Balance sheet exposures as required by IFRS9.

For this purpose, the calculation of impairment in accordance with expected credit losses is based on two main pillars:

• the Stage allocation of the credit exposures;

• the associated calculation of expected credit loss.

Stage allocation - General framework In the UniCredit group, the Stage allocation is based on the application of qualitative and quantitative components. With ref erence to the quantitative component of the stage allocation model, the Group has adopted a statistic approach, whose goal is to de fine a threshold in terms of maximum variation acceptable between the PD measure at the disbursement and the one at the reference date.

In more detail among the others qualitative and quantitative elements to be assessed, the following are worth to be outlined:

• comparison, on a transaction basis, between the PD as at origination date, and the PD as at the reporting date, both calculated according to the internal models and based on a Lifetime view; the thresholds consider all the key variables that can affect the Bank's expect ation about PD changes over time (e.g., residual maturity, PD level at the ti me of first origination). In the comparison between Lifetime PDs as at origination and reporting dates, beside considering the specific current and forward -looking c onditions as a key element affecting the PD comparison, also the repayment structure (specifically bullet/balloon compared to amortizing loans) is taken into consideration in the PD comparis on, in order to factor -in higher riskiness of financial instrument s with significant repayment at maturity, where the risk of a default occurring may not necessarily decrease as time passes29;

• further quantitative criteria, in order to support the timely detection of the Significant Increase in Credit Risk, namely:

- threefold increase in lifetime PD, Stage 2 classification is triggered in case the Lifetime PD at the reporting date results higher than three times the one at the inception date of the financial instruments, in line with Supervisory expectations;

- adoption of a threshold value of 1 year IFRS9 PD equal or higher than 20% as a Stage 2 criterion, such threshold, adopted con sidering the benchmark value retrievable within the ECB Asset Quality Review Manual, has the aim to identify financial instruments that, with little room for interpretation, have registered a significant increase of credit risk since inception date and with high risk of migration to default;

29 In line with IFRS9 Par. B5.5.11. In this regard, the Lifetime PD considered for bullet/balloon loans and used in the PD compa rison for staging allocation is also consistently adopted for Expected Credit Loss calculation.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 159 • absolute elements, such as the backstops required by law (e.g., 30 days past -due). In this case, the Group has chosen not to reject the significant deterioration presumption after 30 days past -due by allocating in Stage 2 transactions with more than 30 day s past due30;

• additional internal assessment, also including renegotiations of financial instruments due to financial difficulties met by t he counterparty (e.g., Forborne classification) and certain kinds of credit monitoring watchlist classifications.

The Stage allocation model is tested at each reporting date, to timely capture both significant deterioration and its reverse in a symmetric way and to correctly allocate each transaction within the proper stage and related expected loss calculation model. In this regard it is noted that in order to achieve lower volatility in the migrations of the Stage classifications the following measures are in place:

• adoption of a minimum time permanence in stage 2 of at least 3 months, since initial classification in such a stage, preventi ng the reclassification to Stage 1 from Stage 2 in case of overcoming of the quantitative and/or qualitative conditions underlying the Significant Increase in Credit Risk before a minimum period in stage 2 has passed, stabilising Staging migrations;

• full alignment of the Stage 2 classification to the Forborne Performing status, thus ensuring a minimum period of permanence for concessions to clients in financial difficulty equal to the regulatory Probation Period. Such measure makes consistent the entr ance/exit criteria to/from Stage 2 due to Forborne Performing classification, avoiding potentially premature reverts to Stage 1 for obligors having yet significantl y higher credit risk than the ordinary performing portfolio.

The outcome of the Stage allocation is the classification of credit exposure in Stage 1, Stage 2, or Stage 3 according to the ir absolute or relative credit quality with respect to the initial disbursement. Specifically:

• the Stage 1 includes:

- newly issued or acquired credit exposures;

- exposures for which credit risk has not significantly deteriorated since initial recognition;

- exposures having low credit risk (low credit risk exemption), qualifiable as investment grade debt securities as well as loan s on clients having a 1 -

year IFRS9 PD lower than 0.3%31. Such a treatment of these types of exposure allows to stabilise staging 2 migrations, reducing volatility and avoiding classification into Stage 2 for customers characterised by a clearly low level of credit risk ;

• the Stage 2 includes credit exposures that, although performing, have seen their credit risk significantly deteriorating sinc e initial recognition;

• the Stage 3 includes impaired credit exposures. With reference to Stage 3, it should be noted that it includes impaired expos ures in accordance with Banca d’Italia rules, defined in Circular 272 of 30 July 2008 and subsequent updates, to the aggregate Non -Performing Exposures as ITS EBA (EBA/ITS/2013/03/rev1 24 July 2014). In particular, EBA32 has defined as “Non -Performing” exposures that meet one or both of the following

criteria:

- material exposures more than 90 days past due;

- exposures for which the Bank assesses that is unlikely that the debtor would pay in full his credit obligations without recurring to enforcement and realisation of collaterals, regardless of past due exposures and the number of days the exposure is past due.

The result of the stage allocation affects the amount of expected credit losses recognised in financial statements (ref. to t he next caption). Indeed:

• for exposures in Stage 1, impairment is equal to the expected loss calculated over a time horizon of up to one year;

• for exposures in Stages 2 or 3, impairment is equal to the expected loss calculated over a time horizon corresponding to the entire life of the exposure.

Expected credit loss calculation - General framework To calculate expected loss, the Group has developed specific models based on PD, LGD and EAD parameters and the effective int erest rate.

In particular:

• PD (Probability of Default), which expresses the exposure probability of default in a given time horizon (e.g.: 1 year);

• LGD (Loss Given Default), which expresses the estimated loss percentage and therefore the expected recovery rate when a defau lt event occurs;

• EAD (Exposure at Default), expresses the level of the exposure at the time of default event;

• the effective interest rate is the base rate which expresses the time value of money.

30 The only one exception on the adoption of 30 days past -due as backstop is in UniCredit S.p.A. in presence at client level of purchased receivables without recourse . Indeed, given the peculiarity of factoring business, characterised by roll -over of receivables payment and technical timing for management of the payment of the receivables, the 30 days past -due can be prone to be breached due to pure technical reasons. Consequently, the 30 days past -due significant deterioration presumption may be rebutted demonstrating that most of the client exposures in 30 days past -due is related to factoring activities. In such case the backstop for 30 days past -due is set out at 60 days past -due.

31 Such threshold, in addition to be a supervisory benchmark retrievable from ECB Asset Quality Review Manual, is also consisten t with an Investment Grade equivalent level of risk.

32 The regulatory framework for the new definition of default has been integrated with the entry into force, starting from 1 Jan uary 2021 of the "Guidelines on the application of the definition of default under article 178 of (EU) Regulation 575/2013"(EBA/GL /2016/07).

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 160 Such parameters are calculated starting from the same parameters applied for regulatory purposes, specifically adjusted to gu arantee full consistency, however respecting the different requirements between accounting and regulatory treatment. The main adjus tments are aimed at:

• removing the conservativism required for regulatory purposes;

• introducing “point in time” adjustments which replace the “through -the-cycle” view required by the regulation;

• including “forward looking” information;

• extending credit risks parameters to a multi years horizon.

With reference to lifetime PD, PD curves calculated through -the-cycle are calibrated to reflect the point -in-time and forward -looking expectation with reference to the portfolio default rate. The recovery rate embedded in the LGD calculated along the econo mic cycle (through -the-cycle) is adjusted to remove the margin of conservatism and reflect the current trends in recovery rates as well as expectations about future tr ends discounted to the effective interest rate or its best approximation.

The EAD calculated along the instrument lifetime is determined by extending the prudential or managerial one -year model, removing the margin of conservatism. The forecast in terms of default rate and recovery rate, determined through models that estimate a relationship between these variables and macroeconomic indicators, is embedded in the PD and LGD parameters during the calibration phase. The credit par ameters, in fact, are normally calibrated on a horizon that considers the entire economic cycle (Throug h-the-cycle - TTC), so it is necessary to calibrate them Point -

in - time (PIT) and Forward - Looking (FL) allowing to reflect in these credit parameters the current situation as well as expectations about the future evolution of the economic cycle.

The expected credit loss deriving from the parameters previously described considers macroeconomic forecasts through the appl ication of multiple scenarios to the forward -looking components in order to compensate the partial non -linearity that is naturally embedded in the correlation between the macroeconomic changes and expected credit loss. Specifically, the non -linearity effect is incorporated by estimating a correction factor applied directly to the expected credit loss (ECL) of the portfolio.

Expected credit loss calculation - adjustments applied as at 30 June 202 6

Overlay

As at 3 0 June 2026, in light of the persistent geopolitical and trade tensions, including renewed global protectionism, supply chain fragmentation and prolonged market uncertainty, with a revamping of energy tensions , the relevant adjustment with impact on loan loss provisions’ recognition w as maintained .

In this regard, UniCredit applied a Geopolitical overlay for Corporate customers considering the potential economic sectors whose credit risk might be adversely affected by an intensification of geopolitical , trade and energy either directly, being such sectors either relying on export or energy sensitive , or through spillover effect for those industry sectors which are interconnected and more exposed to the external demand.

The methodological approach of the Geopolitical Corporate overlay leverages on:

• the identification of the “potential sectors perimeters” affected by trade vulnerability, persisting geo -political risk and sensitive to energy tensions considering both direct impacts on sectors which are export exposed/energy sensitive and indirect spill overs on interconnected sectors;

• a country/sector specific adjusted default rate is derived by running satellite models by applying, as macro -economic conditions, the Alternative Scenario .

Then, the resulting adjusted default rate is applied to the relevant categories to estimate the expected new inflows of defaulted exposures at sector level and, eventually, additional LLPs were calculated by applying to the expected new inflows of defaulted exposures a distr essed coverage rate.

Finally, the Geopolitical Corporate overlay is complemented with a proactive staging classification of credit exposures. Indeed, economic sectors affected by overlays have potentially experienced an increase in credit risk as a result of geopolitical and trade tensions. Therefore, those exposure s belonging to such sectors and classified in “Moderate Watch” are proactively classified into Stage 2 (if not already classified in Stage 2 from the ordinary framework).

As at 30 June 2026, as a result of the approach here outlined the total amount of overlays is equal to € 1,592 million, of which UniCredit S.p.A. €8 39 million, with an amount of exposures proactively classified in Stage 2 equal to € 7,995 million (on -balance and off -balance exposures), of which UniCredit S.p.A. €2, 318 million

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 161 2.3.2 Non -performing exposures With reference to impaired exposures (Stage 3) the expected recoverable amount, and therefore the expected credit loss, is th e present value of future cash flows expected to be recovered, discounted at the original interest rate.

Therefore, the main determinants of this value are:

• the expected cash flows;

• the expected timing of payments of these cash flows;

• the effective interest rate used for discounting.

Expected cash flows on defaulted exposures are calculated on an individual basis for individually significant exposures.

Expected cash flows on already defaulted exposures that are not individually significant are calculated either on an individu al or collective basis.

Where a legal entity has several individually significant exposures towards a single counterparty, each loan is individually assessed while also considering the overall position of the counterparty.

Future cash flows must be estimated considering the historical recovery trend for exposures having similar credit risk features. The historical trend , in any case , is adjusted to reflect the current economic environment and the expected economic outlook.

2.3.3 Selling scenarios In the assessment of impaired exposures (Stage 3), possible sales scenarios are also considered where the Group's NPE strateg y envisages experiencing recovery through their sale to the market.

For this purpose, the presumed recovery value of credit exposures classified as Bad Loans and Unlikely to Pay is determined a s weighted average between two scenarios:

• internal recovery scenario, whose expected recovery value is estimated assuming an internal restructuring or work -out process according to what has previously been described;

• sale scenario, whose expected recovery value is estimated assuming the sale of the exposures on the market. The expected sale price is determined considering market or internal information based on the following hierarchy:

- prices deriving from past sales of impaired loans with homogeneous characteristics with those evaluated;

- prices observable on the market for impaired loans with homogeneous characteristics with those evaluated;

- internal evaluation models.

In line with the strategy to maximi se the value of non -performing portfolio through all possible levers , during the first six months of 2026 deleveraging actions were implemented on non-performing positions for which the sale was considered the solution.

The residual perimeter UniCredit S.p.A. evaluated under IFRS9 “selling scenario” approach at 30 June 2026 is €53 million.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 162 2.3.4 Scenarios and Sensitivity In line with IFRS9 and Group’s internal regulation, the IFRS9 parameters have been calibrated considering the macroeconomic scenarios updated as at the second quarter 2026.

Specifically, the Group selected three macroeconomic scenarios to determine the forward -looking component of expected credit loss es (ECL):

• Base scenario , broadly aligned with the scenario applied for the Shareholding Impairment Test and the Deferred Tax Assets Sustainability Test.

Differences between the two scenarios are mainly attributable to the timing of updates ( April for IFRS9 versus May for DTA) , while the macroeconomic forecasts are broadly consistent33. It represents the central reference scenario with the highest probability of occurrence (60%);

• Alternative scenario, in line with the Alternative scenario adopted for Budget/Multiyear Plan , embedding a deterioration in the macroeconomic context, but with a lower probability of occurrence than the Base (35%) ;

• Positive scenario, reflecting better macroeconomic forecast s than the Base , with a lower probability than the other two scenarios (5%).

For a description of main assumptions behind the “Base ”, “Alternative ” and “ Positive ” scenarios , please refer to Part A - Accounting policies, A.1 General, Section 2 - General preparation criteria.

The probability weights of 60% for the Base , 35% for the Alternative , and 5% for the Positive scenario reflect a macroeconomic outlook still marked by significant uncertainty. The Base assumes a subdued growth , affected by energy -driven inflationary pressures following the outbreak of the Middle East conflict and supported by expansionary fiscal policy and strong households and corporate balance sheets . The Alternative scenario is assigned a higher probability than the Positive due to the greater perceived likelihood of adverse shocks. The Positive scenario, although plausible, depends on a less likely combination of favorable global and regional developments. This asymmetric distribution supports a prudent approach to risk assessment and planning, in line with current macro -financial conditions.

For the purpose of calculating the IFRS9 ECL , determined as the weighted average of the ECL underlying each scenario, the interest rate trend in the Alternative scenario has been floored at the values of the Base to ensure consistent ECL outcomes (i.e., Alternative scenario ECL higher than Base ).

Besides the update of macroeconomic scenarios, default rates and recovery rates , underlying the IFRS9 PD and LGD calibration , have been updated accordingly, in line with ordinary process.

The update of the macroeconomic scenarios under the rules described above led to the recognition of write -downs for approximately €74 million in the first half of 2026. This impact reflect s the update of macroeconomic factors and the weights assigned to the scenarios, with the following breakdown by geography:

• Germany: €23 million of write -downs;

• Central & Eastern Europe: €34 million of write -downs;

• Italy: €17 million of total net write -downs to which UniCredit S.p.A. contributes for €16 million of net write -downs.

Sensitivity of Expected Credit Losses (ECL) The sensitivity of IFRS9 ECL to change s in scenarios is estimated by comparing the ECL calculated by alternatively assigning a 100% weight to the Alternative , Base and Positive scenarios.

Compared with the Base scenario, under the Alternative one, ECL would increase by 8.7% (5.8% for UniCredit S.p.A.) equivalent to €367 million (of which €102 million for UniCredit S.p.A.), while the ECL in the Positive scenario would decrease by 2.3% (1.5% for UniCredit S .p.A.) equivalent to €96 million (of which €27 million for UniCredit S.p.A.).

Furthermore, a sensitivity factor to a 1 percentage point change in GDP , cumulated over the reference time horizon 2026 -2028, has been calculated.

More specifically, ECL sensitivity to GDP change s is calculated as the ratio between :

• the difference between the ECL estimated under the alternative scenarios ( Positive and Alternative ) and the Base ;

• the GDP point deviations , on a three -year cumulative basis , between the alternative scenarios and the Base .

33 The main differences relate to the CEE forecasts, such as higher Czech Republic average unemployment by 0.2% over 2026 -2028, higher cumulative Hungarian HPI by 1.6% and higher Slovenian unemployment by 1.1% in 2028. Further differences concern German GDP growth expectations for 2027 and 2028, equal to 1.6% and 2.0% under IFRS9 versus 1.3% and 1.3% under the DTA scenario.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 163 The i mplied assumptions are as follows :

• GDP growth is assumed to be the most relevant economic factor as an indicator of scenario severity;

• for each Legal Entity , the GDP of the reference country is considered for the calculation of the respective sensitivity (e.g., Italian GDP for UniCredit S.p.A., German GDP for UniCredit Bank GmbH , etc.).

The results considering the current IFRS9 scenarios and portfolio are as follows :

• for 1 point of increase in GDP (cumulated over 3 Years) the ECL at Group level is estimated to decrease by -1.4% ( -1.1% for UniCredit S.p.A.);

• for 1 point of GDP drop (cumulated over 3 years) the ECL at Group level is estimated to increase by +1.4% (+1.1% for UniCredi t S.p.A.).

Inclusion of Climate Risk in provisioning (ECL) Starting from 2024 the potential impacts of climate change , relating to both transition risk and physical risk , have been incorporated into the estimation of Expected Credit Losses.

The approach involves modelling both transition and physical risk s directly in the evolution of forward -looking parameters (PD/LGD) and using them to calculate IFRS9 Expected Credit Losses.

In line with industry best practices and IFRS9 standards , the impacts of C&E risk s have been calibrated considering alternative assumptions in terms of transition policies and the severity o f physical risk. The climate scenarios relevant for IFRS9 , based on those defined by Network for Greening the Financial System (NGFS) , are:

• Net Zero 2050 - this scenario limits global warming to 1.5 °C through stringent climate policies and innovation, reaching global net zero CO ₂ emissions around 2050. Some jurisdictions reach net zero for all greenhouse gases by this point. Physical risks are relativel y low, while transition risks are high ;

• Delayed Transition - this scenario assumes that global annual emissions do not decrease until 2030 , as new climate policies are not introduced before that year. Strong policies are then required to limit global warming to below 2°C. The level of action differs across countries and regions based on currently implemented policies. This leads to both higher transition and physical risks than in the Net Zero 2050 ;

• Current Policies - this scenario assumes that only currently implemented policies are maintained , leading to limited transition risk but severe physical risks .

The inclusion of climate -related transition and physical risks upon first -time adoption in 2024 resulted in additional provisions of €106 million. In the second quarter of 2026, the scenarios remain unchanged compared with the fourth quarter of 2025. Net of the portfolio dynamics that occurred during the first half of the year, the stock of provisions remained stable at approximately 101 million, consistent with the level observed in fourth quarter 2025.

The next update of ECL for climate risks is expected by the end of the year, to include any potential changes in climate scenarios.

2.4 Credit risk mitigation techniques UniCredit group uses various credit risk mitigation techniques to reduce potential credit losses in case of the obligor defau lt. Consistent with the “Regulation (EU) 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requi rements for credit institutions and investment firms (CRR)”, and subsequent updates or amendments, UniCredit group is committed to satisfy the requirements for t he correct application of credit risk mitigation techniques, according to the different approac hes adopted, Standardised, Foundation IRB (F -IRB) or Advanced IRB (A -IRB), for both operational and regulatory purposes.

Specific Group guidelines are in force, issued by the Parent Company, including the Global Credit Risk Mitigation Policy (CRM), defining group -wide rules and principles with the aim to steer the credit risk mitigation management, in accordance with the relevant regulatory requirements.

Integrating these guidelines, Legal entities have adopted local regulations, specifying processes, strategies and procedures for collateral management. In particular, such internal regulations detail, according to each Country's local legal system, collate ral eligibility, acquisition, valuation and monitoring rules and ensure the soundness, legal enforceability and timely liquidation of valuable collateral.

Legal entities are responsible for managing collateral and verifying the compliance of risk mitigation techniques with regula tory requirements, with a particular focus on Internal Rating System and relevant approaches applications, in order to assess the presence of adequate documentation and procedure concerning the credit risk mitigation instruments used for supervisory capital .

According to the credit policies, collaterals or guarantees can be accepted to support loans but cannot serve as a substitute for the borrower’s ability to meet its obligations. For this reason, in addition to the overall analysis of the borrowers’ credit worthiness and of his repayment capacity, collaterals are subject to specific assessment with the aim to verify their viability to support the repayment of the exposur e34.

34 Except for "asset -based" loans, which identify the primary source of repayment in the collateral supporting the loan in preference to the borro wer's cash flow/income, which is usually the source of income to be considered for borrower valuation purposes.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 164 Collaterals accepted in support of credit lines granted by the Legal entities, primarily include:

• real estate, both residential and commercial ;

• financial collateral including cash deposits, debt securities, equities, and units of Undertakings for Collective Investment in Transferable Securities (UCITS).

Other types of collateral are envisaged, including insurance policies and pledged goods or pledged loans (the latter are less common).

UniCredit group also makes use, between funded credit protection, of bilateral netting agreements regarding OTC derivatives ( by means of ISDA and CSA agreements), Repos and securities lending transactions where the counterparties are, generally, Financial Institutions.

In relation to personal guarantees, their use is widespread within UniCredit group, though their characteristics differ among the different local markets; they can be accepted as complementary and accessory to the granting of loans.

Personal guarantees can be provided by banks, government, central banks and other public entities , insurance companies and others.

The last category includes the personal guarantees provided by natural persons, whose eligibility for CRM depends on the appr oach used by the different Legal Entities.

In case the guarantee is represented by credit derivatives, the protection providers are mainly banks and institutional counterparties. As already highlighted, the list of eligible protection providers depends on the specific approach adopted by each single Legal entity. Specifically:

• Both for the s tandardised approach and the F-IRB approach, eligible protection providers pertain to a restricted list of counterparts, such as central government and central banks, public sector entities and regional and local authorities, multilateral development banks, supervised institutions and corporate entities that have a credit assessment by an eligible ECAI ;

• under A-IRB approach, for the recognition of guarantees in the calculation of capital requirements, in addition to verify that the re levant minimum requirements are satisfied, the Legal entity can evaluate the protection provider risk profile, through an internal rating system, at the time the guarantee is provided and over its entire duration.

The management system of credit risk mitigation techniques is embedded in the credit approval process and in the credit risk monitoring process, to support the evaluation and data quality checks of collaterals/guarantees and their linking to the defined ca tegories. Controls and related responsibilities are duly formalised and documented in internal rules. Furthermore, processes are implemented to control relevant information regarding the identification and evaluation of the credit protection and for their proper registration in the systems.

In the collateral acquisition phase, UniCredit group emphasises the importance of processes and controls of the legal certain ty requirements of the protection, as well as the assessment of the suitability of the collateral or guarantee. In case of personal guarantees, the protection provider (or the protection seller in case of credit default swap) has to be assessed in order to measure his/her credit worthiness and risk p rofile.

Monitoring processes of credit risk mitigation techniques ensure that general and specific requirements set by credit policie s, internal and regulatory rules are met over the time.

Among such processes, it is pointed out the one connected to concentration risk, which occurs when the major part of Group -wide collateral financial assets (at portfolio level) are concentrated in a small number of collateral types, protection instruments, or specific provi ders of collaterals.

Such concentration is monitored and controlled by the following processes/mechanisms:

• in case of personal guarantees/credit derivatives, a contingent liability (indirect risk) is charged to the protection provider. In the evaluation of the credit application, a secondary commitment is added to the guarantor, and it is reflected in the guarantor’s tota l credit exposure as approved in accordance with the internal delegation framework of each Group Entity ;

• in case the protection provider, directly or indirectly, is a Central Bank or a Sovereign country, a specific credit limit has to be instructed ; if the guarantor is a foreign subject, it is necessary to evaluate case by case the definition of a country limit.

3. Non -performing credit exposures

3.1 Management strategies and policies To ensure a homogeneous approach in the classification of credit exposures for regulatory and reporting purposes, UniCredit h as defined guidelines at Group level for the classification of non -performing exposures that refer to the principles reported in th e Implementing Technical Standards issued by the European Banking Authority in 2014. This definition of non -performing exposures complements the definition of “default” exposures, regulated by EBA Guidelines on default definition in line with article 178 o f Regulation (EU) 575/2013 of the European Parliament and of the Council (EBA/GL/2016/07) in force since 1 January 2021, and “impaired” exposures defined by IFRS9 Accounting Standards. A substantial alignment within the Group has been pursued between the t hree definitions, providing the Supervisory Authorities with a harmonised view of these concepts, and strengthening the tools available to the Authorities for assessing the asset quality.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 165 The default classification criteria in force since 1 January 2021 include, among the main aspects, harmoni sed thresholds at European level for past due materiality and additional Unlikely to Pay triggers further regulated by EBA/GL/2016/07 with respect to the high -level provisions of article 178 of Regulation (EU) 575/2013. In this regard, it is highlighted the Distressed Restructuring for credit obligation subject of concession, where a maximum threshold for decreasing the Net Present Value of 1% has been set, as well as specific requirements on the contagion effects of default in the case of connected customers (mainly, groups of companies, joint exposures and links between individuals and companies with unlimited liability). In addition, a mandatory minimum probation period before returning to the non -defaulted status has been defined.

Furthermore, in accordance with the provisions of Banca d’Italia in Circular 272/2008, non -performing credit exposures of each Group entity must be classified in one of the following risk classes:

• past-due and/or overdue exposures: problematic exposures that are more than 90 days past due on any material obligation (the latte r assessed in line with article 178 (2d) of Regulation (EU) 575/2013 and the Technical Standards of the EBA);

• unlikely to pay: the classification in this category is the result of the judgment of the bank about the unlikeliness, withou t recourse to actions such as realising collaterals, that the obligor will pay in full (principal and/or interest) its credit oblig ations. This assessment should be carried out independently of the presence of any (or rate) past due and unpaid amount;

• bad loans: exposures to borrowers in a state of insolvency (even when not recognised in a court of law) or in an essentially similar situation, regardless of any loss forecasts made by the bank.

According to the Group rules, all debtors in the bank's portfolio must be mapped in to the classes defined by Banca d’Italia, regardless of local reporting which has to be performed according to local accounting standards and/or local supervisory regulations or instructi ons.

These classification rules are further integrated by accounting principles defined in IFRS9, according to which credit exposu res must be allocated in three "stages" (for details refer to section "2.3 Expected loss measurement method”). Regarding non -perfor ming exposures, the allocation to "Stage 3" occurs when the customer's status changes into "non -performing".

This is a classification at counterparty level and not at transaction level based on specific regulations on the classificati on of non -performing exposures.

In accordance with Art.156 EBA ITS, an exposure must remain classified as non -performing35 as long as the following criteria (exit criteria) are not

met simultaneously:

• the situation of the debtor has improved to the extent that full repayment of the original due amount is likely to be made;

• the debtor does not have any amount past -due by more than 90 days.

Specific exit criteria must be applied in case the Forbearance measures are extended to non -performing exposures, listed below:

• the starting date of the observation period of one year is the latest between the adoption of Forbearance measures and the cl assification as non -

performing;

• any past due amount is verified if no past due occurs at debtor level;

• from a judgmental evaluation by the empowered Body, there are no doubts regarding the “full repayment” of the amount owed by the debtor.

In the non -performing credit exposures management, UniCredit group adopts certain strategies that operationally define the activities ne cessary to achieve the targets defined yearly.

The aforementioned strategies concerning impaired loans include:

• an effective internal restructuring activity, aiming at bringing fully back to bonis the portfolio thanks to qualified resour ces with specific skills dedicated to the management of loans classified as unlikely to pay ;

• proactive portfolio management through judicial and extra -judicial procedures managed by internal Workout professionals or assigned to external agencies specialised in credit recovery;

• optimi sation of recovery performance thanks to formalised partnerships with speciali sed servicers • disposal of impaired loans both for individual positions and for portfolios of impaired loans, already classified as bad loans and unlikely to pay , adopted on a selective and opportunistic basis .

A successful NPE Strategy execution requires effective interaction between the Group Risk Management structure and the functi ons dedicated to the management of non -performing exposures directly reporting the local CROs of the Legal Entities.

More specifically, within Group Risk Management, the Group NPE structure was set -up to ensure an adequate control over the execution and monitoring of the NPE Strategy.

35 The regulatory framework for the transition from performing to non -performing exposures ("criteria for a return to a non -defaulted status ") has been integrated with the entry into force of the "Guidelines on the application of the definition of default u nder Art.178 of Regulation (EU) 575/2013"(EBA/GL/2016/07) as at 1 January 2021.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 166 In all Legal Entities dedicated functions to the management of non -performing exposures are in place; they cover all the phases of the NPEs life cycle, consider local regulations and the specific characteristics of portfolios, monitor and manage the amount of NPEs coherently with both European Central Bank Guidelines and Group organizational model.

The structures dedicated to the operational management of non -performing exposures are therefore tailored to each state of the life cycle of non -

performing loans, starting from a careful monitoring of the performing portfolio, up to the recovery activity t hat includes the disposal of credit or the “repossession” of the collateral.

In particular, the monitoring activity is aimed at preventing flows to default and reducing the amount of past due exposures by detecting signals of risk of deterioration and early warning, as well as identifying the needed corrective measures to manage th e potential deterioration of exposures starting from the early signs of worsening of the counterparties’ credit quality.

Soft collection, door -to-door and re -management activities relating to both performing (though already overdue) counterparties and already defaulted clients are carried out using multiple channels, also using outsourcing solutions to third -party companies ( for door-to-door recovery activities). These activities also aim at preventing flows to default and facilitating the return to performing status (main focus), thus contributing to a reduction of the overall amount of non -performing exposures.

In some Legal Entities the aforementioned activities can be managed within either the Monitoring or Restructuring or Workout units; with reference to UniCredit S.p.A. these responsibilities are allocated to the Corporate Proactive Management & NPE unit within which an ad hoc department was created (i.e. Customer Recovery) exclusively dedicated to soft c ollection and re -management for retail portfolio .

As part of the overall management of deteriorated exposures, the Restructuring activity is aimed at mitigating the risk of in solvency and the quality of exposures with restructuring agreements and company reorganization plans as well as reducing the amount unlikely to pay with recoveries and performing re -classification, by means of forbearance measures. Specifically, among the strategies for managing unlikely to pay loans to co rporate counterparties, there are also restructuring platforms (up to now limite d to the Italian market), the disposal of individual exposures and extraordinary finance transactions.

The coordination and implementation of recovery strategy on positions classified as bad loans fall within the responsibility instead of the "Workout" unit, whose reporting structures identify the optimal strategies for maximizing recoveries, including the timely enforcement of collaterals.

In some Group legal entity, the activity is also implemented by leveraging on service agreements with external agencies.

As pertains the disposal activities, these refer to the organization , and execution of sales processes (both credit portfolios and individual positions), through the application of transparent and competitive processes and methodologies. Disposals execution falls within the resp onsibility of Capital & Portfolio Management (G roup Finance) which evaluates various disposal options, in cooperation with the legal entities’ Restructuring and Workout units .

3.2 Write -off Group guidelines for write -offs on financial assets provide that whenever a loan is deemed to be uncollectable/unrecoverable it needs to be identified at the earliest possible opportunity and properly dealt with in accordance with financial regulations. Wr ite-offs can relate to a financial asset in its entirety , or to a portion of it.

In assessing the recoverability of non -performing exposures (NPE) and in determining internal NPE write -off approaches, the following cases, in particular, are considered:

• exposures with prolonged arrears: it is assessed the recoverability of an exposure that presents arrears for a prolonged peri od. If, following this assessment, an exposure or part of an exposure is deemed as non -recoverable, it should be written -off in a t imely manner, adopting different thresholds predefined on the basis of the different portfolios;

• exposures under insolvency procedure: where the collateralization of the exposure is low, legal expenses often absorb a signi ficant portion of the proceeds from the bankruptcy procedure and therefore estimated recoveries are expected to be very low;

• a partial write -off may be warranted where there are reasonable elements to demonstrate the debtor's inability to repay the full amount of th e debt, i.e., a significant level of debt, even following the implementation of a forbearance treatment and/or the execution of collateral.

Below a non -exhaustive list of hard evidence s implying, with high likelihood, the not recoverability of the exposure to be assessed for the potential (total or partial) write -off:

• the Bank cannot call the guarantor(s), or his assets are not sufficient for the recovery of the debtor’s exposures;

• negative outcome of the judicial and/or out -of-court initiatives with absence of other assets that can be called in the event of un -recoverability of the debtor’s exposures;

• impossibility to initiate actions to recover credit;

• current insolvency procedure, from which the procedure itself states that the unsecured exposures will not have redress;

• loans not backed by mortgage security older than 3 years that have not registered repayments/collections during the first 3 y ears after the NPE classification.

Specifically, as at 30 June 202 6 write -offs on financial assets at amortised cost still subject to an enforcement procedure amount to € 5,507 million, of which partial write -offs amount to € 546 million and total write -offs amount to € 4,961 million. The amount of write -offs (both partial and total) related to the 202 6 first half financial year is € 113 million. The write -offs as at 30 June 202 6 cannot be compared to write -offs amount reported in gross changes in non -performing exposures, because the latter inc ludes “debt forgiveness” as well as portfolios other than financial assets at amortised cost.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 167 3.3 Acquired or originated impaired financial assets Purchased or Originated Credit Impaired (POCI) are credit exposures that are already impaired on initial recognition. Consequ ently, every purchase of credit assets of Non Performing obligors or significant new origination done on obligors already in Non -Performing status, considering the full alignment between impaired status and Non -Performing one, shall be considered as POCI Assets (though, in general, POCI classification is the result of the restructuring of impaired exposures which has led to the provis ion of significant new finance, either in absolute or in relative terms, compared with the among of the original exposure).

These exposures are subject to management, measurement and control according to the principles described in the paragraph “2. 2 Credit risk management, measurement and control”, Explanatory notes , Part E - Information on risks and related hedging policies, Section 2 - Risk of the prudential consolidated perimeter, 2.1 Credit risk, Qualitative information, 2. Credit risk management policies.

In particular, the expected credit losses recorded at initial recognition within the carrying amount of the instrument are pe riodically reviewed based on the processes described in the previous paragraphs.

The expected credit loss calculated for these credit exposures is always determined considering their residual life, and such exposures are conventionally allocated into Stage 3, or in Stage 2 if, because of an improvement in the creditworthiness of the counterparty following the initial recognition, the assets are performing.

These assets are never classified under Stage 1 because the expected credit loss must always be calculated considering a time horizon equal to the residual duration.

4. Commercial renegotiation financial assets and forborne exposures Renegotiations of existing financial instruments which determine a modification of contractual conditions might be the result of either :

• commercial initiatives, which may be specific for each customer or applied to portfolio of customers also as a result of dedi cated initiatives sponsored by public authorities or banking associations;

• concessions granted in light of debtor’s financial difficulties (Forbearance).

Such changes are accounted on the basis of whether the modification is considered significant or not. In this regard, referen ce is made to paragraph “A.2 - Main items of the accounts”, Explanatory notes, Part A - Accounting policies.

The concessions granted due to debtor’s financial difficulties, so -called Forbearance initiatives, are usually considered not significant from an accounting perspective.

4.1 Loan categorisation in the risk categories and forborne exposures In July 2014, the European Banking Authorities issued the “Implementing Technical Standards” (ITS) on non -performing and Forborne exposures, with the aim to allow a closer supervisory monitoring of banking forbearance practices. In line with the mentioned ITS, a transaction has to be considered as forborne when both of the following conditions are simultaneously met:

• a concession in favour of the debtor exists, in the form of either (i) a contractual modification or (ii) refinancing aimed a t ensuring the repayment of

pre-existing obligation;

• the debtor is facing or about to face financial difficulties.

To comply with EBA ITS, since 2015 UniCredit S.p.A ., has worked on the definition of a common methodological framework for Forbearance process, issuing group’s guidelines on forbearance management and setting up a shared IT infrastructure (i.e., Forbearance en gine). Specifically, the Forbearance engine automatically performs, on the basis of a set of a pre -defined criteria, an assessment of the overall financial difficulty of the client subject to a concession (Trouble Debt Test). In coherency with the overall solution, the different Group’s legal entit ies adopted some fine tunings to adapt the Group’s framework to the local IT tools and credit practices.

Starting from 2017, the regulatory framework relating to the management of Forborne exposures has been integrated with the fo llowing papers:

• “Guidance to Banks on Non -Performing Loans”, issued by European Central Bank in March 2017, which require to Banks to define a clear NPL strategy aiming at the reduction of NPE Stock;

• “Guidelines on management of non -performing and forborne exposures”, issued by European Banking Authority in October 2018, which are overall aligned with the ECB Guidance;

• “Guidelines on disclosure of non -performing and forborne exposures”, issued by European Banking Authority in December 2018, which is focused on the disclosure templates to be used for Group’s supervisory reporting purposes.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 168 In order to ensure ongoing alignment with the regulatory and supervisory requirements mentioned above regarding Bank’s forbearance practices, the Parent Company finalised the following activities:

• review of the list of the potential Forbearance measures to acknowledge: (i) with the split between short -term measures (duration less than 24 months) and long -term measures (duration higher than or equal to 24 months), (ii) with the possibility of grantin g combinations of short and long -

term FBE measures and (iii) with the “ viability criteria ” defined by Supervisory for each FBE measure;

• reinforcement of the affordability assessment of the client prior to the Forbearance concession taking care to the case of mu ltiple forbearance measures on the same exposure;

• extension of financial difficulty criteria in order to better capture significant increase in credit risk deterioration and t o be more sensitive to credit monitoring managerial evidence;

• collection and monitoring of the relevant information within F INREP Reporting with disclosure on:

- performing and non -performing portfolio;

- guarantees;

- default inflows and outflows;

- list of the FBE Measures granted.

Quantitative information

In the following tables, the volume of impaired assets according to the IFRS definition is equivalent to the one for non -performing exposures referred to in the EBA standards.

A. Credit quality For the purposes of the disclosure of quantitative information about credit quality, the term “credit exposures” does not inc lude equity instruments and units in investment funds.

A.1 Non -performing and performing credit exposure: amounts, writedowns, changes, distribution by business activity

A.1.1 Regulatory consolidation - Breakdown of financial assets by past -due buckets (carrying value)

(€ million)

PORTFOLIOS/RISK STAGES STAGE 1 STAGE 2 STAGE 3 PURCHASED OR ORIGINATED

CREDIT -IMPAIRED FINANCIAL

ASSETS

FROM 1

TO 30

DAYS OVER 30

AND UP

TO 90

DAYS OVER 90

DAYS FROM 1

TO 30

DAYS OVER 30

AND UP

TO 90

DAYS OVER 90

DAYS FROM 1

TO 30

DAYS OVER 30

AND UP

TO 90

DAYS OVER 90

DAYS FROM 1

TO 30

DAYS OVER 30

AND UP

TO 90

DAYS OVER 90

DAYS

1. Financial assets at amortised cost 3,481 133 156 1,874 695 120 277 324 2,349 2 2 49 2. Financial assets at fair value through other comprehensive income - - - - - - - - - - - -

3. Financial instruments classified as held for sale - - - - - - - - 12 - - -

Total 30.06.2026 3,481 133 156 1,874 695 120 277 324 2,361 2 2 49 Total 31.12.2025 3,649 123 172 1,941 572 638 807 306 2,493 5 5 50

The amounts past due over 90 days and related to Stage 1 and Stage 2 exposures refer to loans that do not meet the definition of non -performing past due (below the materiality threshold).

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 169 Regulatory consolidation - On-balance sheet credit exposures with banks: gross and net values

(€ million)

AMOUNTS AS AT 30.06.2026

GROSS EXPOSURE OVERALL WRITE -DOWNS AND PROVISIONS

EXPOSURE TYPES/VALUES STAGE 1 STAGE 2 STAGE 3 PURCHASED

OR

ORIGINATED

CREDIT -

IMPAIRED

FINANCIAL

ASSETS STAGE 1 STAGE 2 STAGE 3 PURCHASED

OR

ORIGINATED

CREDIT -

IMPAIRED

FINANCIAL

ASSETS NET

EXPOSURE OVERALL

PARTIAL

WRITE -

OFFS(*)

On-balance sheet credit

exposures

A.1 At Sight 42,133 41,442 585 73 33 85 3 - 57 26 42,048 -

a) Non -performing 106 X - 73 33 82 X - 57 26 24 -

b) Performing 42,027 41,442 585 X - 3 3 - X - 42,024 -

A.2 Other 80,438 75,539 4,045 23 - 41 22 10 8 - 80,397 -

a) Bad exposures 4 X - 4 - 4 X - 4 - - -

of which: forborne exposures - X - - - - X - - - - -

b) Unlikely to pay 19 X - 19 - 4 X - 4 - 15 -

of which: forborne exposures - X - - - - X - - - - -

c) Non -performing past due - X - - - - X - - - - -

of which: forborne exposures - X - - - - X - - - - -

d) Performing past due 16 16 - X - - - - X - 16 -

of which: forborne exposures - - - X - - - - X - - -

e) Other performing exposures 80,399 75,523 4,045 X - 33 22 10 X - 80,366 -

of which: forborne exposures - - - X - - - - X - - -

Total A 122,571 116,981 4,630 96 33 126 25 10 65 26 122,445 -

Note:

(*) Value shown for information purposes.

On-Balance sheet exposures to Banks include all financial assets regardless of their belonging portfolio (held -for-trading, assets designed and mandatorily at fair value through profit or loss, assets at fair value through other comprehensive income, assets at amortise d cost and assets held for sale).

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 170 Regulatory consolidation - On-balance sheet credit exposures with customers: gross and net values

(€ million)

AMOUNTS AS AT 30.06.2026

GROSS EXPOSURE OVERALL WRITE -DOWNS AND PROVISIONS

EXPOSURE TYPES/VALUES STAGE 1 STAGE 2 STAGE 3 PURCHASED

OR

ORIGINATED

CREDIT -

IMPAIRED

FINANCIAL

ASSETS STAGE 1 STAGE 2 STAGE 3 PURCHASED

OR

ORIGINATED

CREDIT -

IMPAIRED

FINANCIAL

ASSETS NET

EXPOSURE OVERALL

PARTIAL

WRITE -

OFFS(*)

On-balance sheet credit

exposures

a) Bad exposures 3,809 X - 3,722 57 2,565 X - 2,508 28 1,244 537 of which: forborne exposures 772 X - 768 4 479 X - 478 2 293 22 b) Unlikely to pay 7,768 X - 7,421 174 2,919 X - 2,768 18 4,849 10 of which: forborne exposures 4,064 X - 3,862 159 1,388 X - 1,337 14 2,676 1 c) Non -performing past due 699 X - 694 5 232 X - 231 - 467 -

of which: forborne exposures 21 X - 21 1 4 X - 4 - 17 -

d) Performing past due 6,854 3,858 2,989 X 5 326 23 304 X - 6,528 -

of which: forborne exposures 221 - 220 X 1 28 - 28 X - 193 -

e) Other performing exposures 630,497 561,922 46,122 X 13 3,027 749 2,278 X - 627,470 -

of which: forborne exposures 4,877 15 4,825 X 2 314 - 314 X - 4,563 -

Total A 649,627 565,780 49,111 11,837 254 9,069 772 2,582 5,507 46 640,558 547

Note:

(*) Value shown for information purposes.

On-Balance sheet exposures to customers include all financial assets regardless of their belonging portfolio (held -for-trading, assets designed and mandatorily at fair value through profit or loss, assets at fair value through other comprehensive income, asset s at amortised cost and assets held for sale).

For a description of the rules for identification of forborne exposures reference is made to the paragraph “4. Commercial ren egotiation financial assets and forborne exposures”, Explanatory notes, Part E - Information on risks and related hedging policies, Section 2 - Risks of the prudential consolidated perimeter, 2.1 Credit risk, Qualitative information.

B. Distribution and concentration of credit exposures

B.4 Large exposures

30.06.2026

a) Amount book value (€ million) 338,188 b) Amount weighted value (€ million) 67,521 c) Number 23

In compliance with Art.4.1 39 of Regulation (EU) 575/2013 (CRR), in case of exposures towards a group of connected clients fo rmed by a Central Government and other groups of connected clients, such exposure towards the Central Government is reported for ea ch group of connected clients when remitting regulatory reporting; despite the above mentioned regulatory approach, both the amounts shown in letter a), b) , and the number in letter c) in the attached table above disclose only once the exposure towards the Central Government.

It should be noted that deferred tax assets towards Central Government were considered as fully exempted and, consequently, t he weighted amount reported is null.

Carrying and weighted amounts also include the indirect exposures towards the issuers of securities used as collateral under reverse repurchase agreement transactions included in master netting agreements, in compliance with EBA Q&A n.5496.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 171 Other transactions With reference to the indications of Banca d’Italia/Consob/IVASS document No.6 of 8 March 2013 - Booking of "long -term structured repos" instructions, there are no transactions of this kind to report.

Information on structured trading derivatives with customers The business model governing OTC derivatives trading with customers provides for the centralisation of market risk in Group C lient Risk Management, while credit risk is assumed by the Group company which, under the divisional or geographical segmentation model, manages the relevant customer’s account.

The Group’s operational model provides for customer trading derivatives business to be carried on, as part of each subsidiary ’s operational

independence :

• by the commercial Banks and divisions that close transactions in OTC derivatives in order to provide non -institutional clients with products to manage currency, interest -rate and price risks. Under these transactions, the commercial Banks transfer their market risks to the Group Client Risk Management by means of equal and opposite contracts, retaining only the relevant counterparty risk. The commercial banks also place or collect orders on behalf of others for investment products with embedded derivatives (e.g., structured bonds) ;

• by CE and EE Banks, which transact business directly with their customers (and possibly manage market risk associated with specific product s and/or risk factors) .

UniCredit group trades OTC derivatives on a wide range of underlying, e.g., interest rates, currency rates, share prices and indexes, commodities (precious metals, base metals, petroleum and energy materials) and credit rights.

OTC derivatives offer considerable scope for personalisation: new payoff profiles can be constructed by combining several OTC derivatives (for example, a plain vanilla IRS with one or more plain vanilla or exotic options). The risk and the complexity of the structures obtained in this manner depend on the respective characteristics of the components (reference parameters and indexation mechanisms ) and the way in which they are combined.

Credit and market risk arising from OTC derivatives business is controlled by the Chief Risk Officer competence line (CRO) in the Parent Company and/or in the Division or subsidiary involved. This control is carried out by means of guidelines and policies covering risk management, measurement and controls in terms of principles, rules and processes, as well as by setting VaR limits.

Business with non -institutional clients does not (usually) entail the use of margin calls, whereas with institutional counterparties recourse m ay be made to ‘credit -risk mitigation’ (CRM) techniques, by using netting and/or collateral agreements.

Write -downs and write -backs of derivatives to take account of counterparty risk are determined in line with the procedure used to assess other cred it exposure, specifically :

• performing exposure s to customers are mapped by deriving EAD (Exposure at Default) with simulation techniques that take into account the Wrong -Way Risk and measured with PD (Probability of Default) and LGD (Loss Given Default) implied by current market default rates o btained from credit & loan -credit default swaps, in order to obtain a value in terms of ‘expected loss’ (EL) to be used for items designated and measure d at fair value maximising the usage of market’s inputs ;

• non-performing positions are valued in terms of estimated expected future cash flows according to specific indications of impairment (which are the basis for the calculation of the amount and timing of the cash flow ).

Here follows the breakdown of balance -sheet asset item “20. Financial assets at fair value through profit or loss: a) financial assets held for trading” and of balance -sheet liability item “20. Financial liabilities held for trading”.

For the purpose of the distinction between customers and banking counterparties, the definition contained in Circular 262 of 22 December 2005 of Banca d’Italia and subsequent amendments (which was used for the preparation of the accounts) was used as a ref erence.

Structured products were defined as derivative contracts that incorporate in the same instrument forms of contracts that gene rate exposure to several types of risk (with the exception of cross -currency swaps) and/or leverage effects.

Fair values of OTC derivatives managed through Central Clearing counterpart ies are reported on a net basis. The related reduction of balances is €130,245 million and € 131,272 million on trading asset (item “20. Financial assets at fair value through profit or loss: a) financial assets held for trading”) and liabilities (“20. Financial liabilities held for trading”), respectively.

The balance of item “20. Financial assets at fair value through profit or loss: a) financial assets held for trading” of the Consolidated accounts with regard to derivative contracts totaled € 41,270 million (with a notional value of € 5,790,106 million) including € 28,200 million with customers.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 172 The notional value of derivatives with customers amounted to € 5,408,496 million including € 5,385,955 million in plain vanilla (with a fair value of €27,723 million) and € 22,541 million in structured derivatives (with a fair value of € 477 million).

The notional value of derivatives with banking counterparties totaled € 381,610 million (fair value of € 13,070 million) including € 6,450 million relating to structured derivatives (fair value of € 759 million).

The balance of item “20. Financial liabilities held for trading” of the Consolidated accounts with regard to derivative contr acts totaled € 40,062 million (with a notional value of €5,477,182 million) including € 27,627 million with customers. The notional value of derivatives with customers amounted to €5,107,985 million including € 5,092,551 million in plain vanilla (with a fair value of € 26,955 million) and € 15,434 million in structured derivatives (with a fair value of € 672 million).

The notional value of derivatives with banking counterparties totaled € 369,197 million (fair value of € 12,435 million) including € 9,709 million relating to structured derivatives (fair value of € 1 million).

E. Prudential perimeter - Credit risk measurement models As at 3 0 June 2026, the expected loss on the credit risk perimeter36 was 0. 38% of total Group credit exposure. The result does not include the exposures which have migrated to default and therefore do not enter in the calculation of expected loss. Besides, since risk measurement systems tend to be anti -cyclical, this may result in a smaller elasticity to the swift changes of the macroeconomic scenario.

As at 31 March 202 637, the ratio between credit economic capital (including a component to cover migration risk) and its relative credit exposure amount is 1. 79%.

2.2 Market risk s Market risk derives from the effect that changes in market variables (interest rates, securities prices, exchange rates, etc. ) can cause to the economic value of the Group's portfolio, including the assets held both in the trading book, as well as those posted in the banking book, which involve both the operations typical of the commercial banking and in the choice of strategic investments. Market risk managem ent within UniCredit group accordingly includes all the activities relating to cash transactions and capital str ucture management, both for the Parent Company, as well as for the individual entities of the Group.

From a regulatory perspective, market risk stems from all the positions included in Banks' trading book as well as from commo dity and foreign exchange risk positions in the whole Balance sheet.

Therefore, the risks subject to market risk capital requirements include but are not limited to:

• default risk, interest rate risk, credit spread risk, equity risk, foreign exchange (FX) risk and commodities risk for tradin g book instruments;

• FX risk and commodities risk for banking book instruments.

From a managerial perspective, the Group extends the definition of Market Risk to include Fair value through Profit and Loss (i.e., FVtPL) and Other Comprehensive Income (i.e., FVtOCI assets, net of Micro Fair Value Hedges) portfolios, which are therefore monitored and limited through a set of market -risk specific metrics.

Amortised Cost (AC) securities are also included in the scope with the aim of check ing the consistency with the Investment Plan.

The current organisational model guarantees the ability to steer, coordinate and control the activities of some aggregated ri sks (so -called Portfolio Risks), through dedicated responsibility centres (Portfolio Risk Managers), completely focused and specialised on such risks, under a Group and inter-divisional perspective.

According to this organisation, the structure at first level of reporting to Group Risk Management, dedicated to market risk governance is the Group Financial Risk department.

Risk management strategies and processes The Parent Company's Board of Directors lays down strategic guidelines for taking on market risks by calculating capital allo cation for the Parent Company and its subsidiaries, depending on risk appetite and value creation objectives in proportion to the r isks assumed. The Parent Company has defined Global Rules to manage and control market risk, including strategies and processes to be followed. Market risk st rategies are set by the Parent Company at least on an annual basis, in line with the definition of the overall Group Risk appetite and then cascaded to the legal entities.

Market risk appetite is also fundamental for the development of the Group's business strategy, ensuring consistency between the budgeted revenues and the setting of Value -at-Risk limits.

In this context, on an annual basis the Market Risk Management function of the Parent Company agrees with the local Market Risk functions on possible changes to the Group Market Risk Framework. Changes to the Group Market Risk Framework can include changes to the pe rimeter for the calculation of managerial market risk metrics and methodological changes in the limit monitoring framework.

36 Exposures towards Central Banks, exposure in debt securities issued by central governments or other sovereign entities, and t he non -performing portfolio are excluded from the calculation.

37 Latest available data.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 173 For this purpose, Market Risk Management of the Parent Company gathers the information needed to set up the Group Market Risk Strategy for the following year. In particular, Group Market Risk Management receives from the competent function the Group Risk Appetite Fram ework, which sets, among others, Market Risk KPIs and from local Market Risk functions the list of legal entities (LEs)/Business Lines allowed t o assume market risk exposures, the levels of the related limits and the proposals for the review of market risk levels.

Based on these inputs, the Group Market Risk Strategy is defined including the following information:

• the proposed Market Risk Takers Map;

• limits and Warning Levels (WLs) proposal in accordance with the proposed Market Risk Takers Map;

• any change that occurred to the risk limit framework compared to the previous year;

• overview of the macroeconomic scenario and related risks for the Group;

• Market Risk RAF KPIs;

• the business strategy and key initiatives to support the limit proposal.

After all the Group relevant bodies have approved the Group Market Risk Strategy and given the relevant NBOs for local market risk limits, the approval is communicated to the local functions.

In terms of monitoring, the LEs carry out periodical activities (e.g., daily monitoring of VaR, weekly monitoring of Regulato ry VaR, IRC and SVaR, monthly monitoring of Stress Test Warning Level) under the coordination of the Parent Company Market Risk Man agement function and breaches are timely escalated locally to Senior Management and to the Parent Company.

Ultimately, it should be noted hat detailed Global Rules on market risk strategy definition, limits setting, monitoring, escalation and reporting activities are in place and applied at Group level.

Trading Book

In accordance with the Capital Requirements Regulation, and as defined in the current policy “Group Market Risk Governance Guidelines", the trading book is defined as all positions in financial instruments and commodities held either with trading intent, or to hedge positions held with the trading intent.

Books held with trading intent are composed of:

• positions arising from client servicing and market making;

• positions intended to be resold in the short term;

• positions intended to benefit from actual or expected short -term price differences between buying and selling prices or from other price or interest rate variations.

In addition, trading book may include internal or intra -group hedging derivatives transferring risk from banking book into trading book, entitled to manage the relevant risk and having access to the derivatives market.

The essential requirement for the Regulatory trading book assignment is a clear "trading intent", as defined above, which the trader has to commit to and has to confirm on an ongoing basis. Additionally, the so -called "tradability", "marketability" and "hedge -ability" requirements have to be assessed in order to evaluate the appropriateness of the trading book assignment:

• tradability refers to positions free of restrictions on their tradability and coherently reflected within the "Trader Mandate " of the risk taker;

• marketability refers to the positions for which a reliable Fair Value can be evaluated based to the largest extent on indepen dently verified observable market parameters;

• hedge -ability refers to positions for which a hedge could be put in place. The hedge -ability is meant to concern the "material" risks of a position which implies not necessarily that all the various risk features are to be hedge -able.

When opening a new book, the book manager makes a proposal as to whether the book should be managed as a trading book, or a banking book based on the planned trading activity. This has to be in line with the Bank's internal rules and criteria for the assignment of either trading book or banking book. The book manager is required to clearly declare the trading intent and therefore to explain the business strateg y behind the request for the Regulatory Trading assignment. The book manager is then responsible f or all the positions held in his book and the eligibility criteria are expected to be fulfilled on an ongoing basis.

Concerning the monitoring phase, to demonstrate adequate trading intent, the following minimum criteria must be fulfilled at book level and are checked at least on a quarterly basis:

• minimum of 5 trades during the past 90 trading days;

• minimum of 5% of the volume of each book traded during the past 90 trading days with reference to the last day of the period.

In the case of a breach of the trading intent criteria, the possibility to re -classify the book must be assessed.

With reference to the methodology used to ensure that the policies and procedures implemented for the management of the trading book are appropriate, first of all it has to be noted that any new/updated regulation has to be preliminar ily shared with the main impacted functions/legal entities in order to collect their feedback. The competent Group function also assesses the compliance risks with reference t o the regulations falling within its direct scope of competence. In addition, befor e the issuance, the owner of the rule submits it to the competent body/function for the approval.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 174 The financial instruments (an asset or a liability, cash, or derivative) held by the Group are exposed to changes over time d riven by moves of market risk factors. The market risk factors are classified in the following five standard market risk asset clas ses:

• Credit risk: the risk that the value of the instrument decreases due to c hanges in c redit spreads, issuer correlation and recovery rates;

• Equity risk: the risk that the value of the instrument decreases due to increase/decrease of index/stock prices, equity volat ilities, implied

correlation;

• Interest rate risk: the risk that the value of the instrument decreases due to changes in interest rates, basis risk, interest rates volatility;

• Currency risk: the risk that the value of the instrument decreases due to changes in foreign exchange rates, foreign exchange rates volatility;

• Commodity risk: the risk that the value of the instrument decreases due to changes in commodity prices, for example gold, crude oil, commodity prices volatility.

Market risk in UniCredit group is measured and limited mainly through two sets of metrics: Broad Market Risk measures and Gra nular Market Risk

measures:

• Broad market risk measures : these measures are meant to set a boundary for regulatory capital absorption and to the economic loss accepted for FVtOCI and/or FVtPL exposures. Limitations on Broad Market Risk measures must be reviewed at least annually in the contex t of the drafting of the Group and Local Market Risk Strategies an d must be consistent with the assigned revenue budget , the defined risk -taking capacity (ICAAP process) and Group Risk Appetite KPIs. The set of all limitations on Broad Market Risk measures assigned to a specific market risk taker must be consistent with each other.

The consistency must be checked whenever a level for a Broad Market Risk Measure is defined. The legal entity Market Risk Fun ction needs to provide evidence of such consistency when required. Broad Market Risk measures are :

- Value at Risk (VaR), the potential 1 -day loss in value of a portfolio for a 99% single -tail confidence interval; calculated through historical simulation in full revaluation using the last 250 equally weighted daily observations;

- Stressed VaR (SVaR), the VaR of a portfolio calculated using a 250 -day period of significant financial stress;

- Incremental Risk Charge (IRC), the amount of regulatory capital aimed at addressing the credit shortcomings (migration and de fault risks) that can affect a portfolio in one year at a 99.9% confidence level;

- 60 days PL, set as the 60 calendar days rolling period Accumulated Economic P&L without resetting at year end; the limitation on this metrics is called Loss Warning Level (LWL);

- Worst Stress test result, defined as the worst conditional loss on a given portfolio resulting from the application of a pred efined set of scenarios;

the limitation on this metrics is called Stress Test Warning Level (STWL); for all STWL included in the Ma rket Risk Taker Maps, Parent Company monitoring is based on the set of scenarios defined in the Group Market Risk Strategy; legal entities are allowed to add spec ific scenarios for local monitoring purposes.

The Group has undertaken a progressive review of Market Risk measure scope and, starting from 2019, Warning Levels for 60 day s PL and Worst Stress test result have been defined on FVtPL and FVtOCI perimeters;

• Granular market risk measures : these measures allow a more detailed and stringent control of risk exposures than Broad Market Risk measures. Limitations on Granular Market Risk measures (so -called Granular Market Limits, GMLs) are specific limits to individual risk factors or group of risk factors:

- sensitivity levels which represent the change in the market value of a financial instrument due to small moves of the relevan t market risk asset classes/factors. Among others, and not limited to, particularly relevant considering the asset and liability st ructure of the commercial Bank are the Basis Point Value Sensitivity, that measures the change in the present value of the interest rate sensitive positions resulti ng from a 1 bp parallel shift to interest rate, and the Credit Point Value Sensitivity, that measure the change in the present value of the credit risk sensitive positions resulting from a 1 bp parallel shift to credit spread (per issuer, rating or industry);

- stress scenario levels, which represent the change in the market value of a financial instrument due to large moves of the re levant market risk

asset classes/factors;

- nominal levels, which are based on the notional value of the exposure.

The main objectives of Granular Market Limits are:

- supporting the management of market risk;

- ensuring desk's focus to exposure under their mandate;

- restricting risk concentration, i.e., preventing the build -up of positions that, although consistent with allocated VaR limits, could become unmanageable in case of turmoil or reduced market liquidity;

- complementing VaR when it does not cover sufficiently a specific risk factor;

- facilitating interaction with traders, who manage their books according to sensitivities or scenario analysis;

- limiting P&L volatility due to a specific risk factor;

- complementing the compliance framework (e.g., Volcker rule and the German Trennbanken act).

The Granular Market Limits must be consistent with limitations on Broad Market Risk measures .

To cover Amortised Cost securities, the Market Risk Strategy defines notional and CPV granular limits on Regulatory banking book perimeter.

This ensures the monitoring of Credit spread risk in the banking book, which originates mainly from government bond portfolios held for liquidity purposes. The main credit spread exposure relates to Italian sovereign risk in the Italian perimeter.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 175 As for banking book FX risk, the FX Management & Control Global Policy in force requires every legal entity to set up local processes and controls to transfer the transactional exchange risk exposures to one single unit, generally in the Treasury department, mandated to m anage the open exposure within the allotted limits and the general market risk appetite.

Finally, the Group is exposed to FX risk in relation to the holding of subsidiaries, associates and joint ventures presenting their financial statements in currencies different from EUR (Structural FX Risk). To limit the impacts of FX rates movements on the Capital ratios volatility, a RAF KPI on Structural FX risk is set at Group level to identify an appropriate level of risk the Group is willing to maintain and thresh olds that , in case of breaches , require the activation of the proper escalation mechanisms. The Group risk management strategy could envisage the steering of the FX risk exposure in the LEs or the booking in the Holding of positions deliberately taken to hedge the Total capital ratio from FX vo latility. On a yearly basis, this strategy is presented t o the relevant Group committees and approved by the BoD. The potential losses deriving from the implemented strategy are limited through market risk metrics. The general policy is to hedge th e foreign currency exposures from dividends and contributions to consolidate profit (loss) considering hedging cost and market circumstances. FX exposure is hedged using forwards and options. This general rule is valid for the Parent Company. The hedge strategy is reviewed by the relevant risk committees on a regular basis.

Banking Book

The main components of market risk in the banking book are: credit spread risk, FX risk and interest rate risk.

As for the first two components (Credit Spread risk and exchange rate risk), please refer to what is reported in this paragra ph in the Trading Portfolio section.

With regards to the third component (interest rate risk), the exposure is measured and monitored as defined in the RAF framew ork in terms of sensitivity of the economic value and of the net interest income.

The Group Risk Committee (GRC) is responsible for the definition of the interest rate risk strategy for the strategic positio n of the banking book, including the strategic management of the capital and structural gap between non -interest rate sensitive ass ets and liabilities.

The main objective of the interest rate management in the banking book is the reduction of the adverse impacts on net interes t income due to interest rate volatility in a multiyear horizon, in order to achieve a flow of earnings and a return on capital coh erent with the strategic plan. The strategy does not imply any intended directional or discretionary positioning to generate additional earnings, unless approve d by the relevant bodies and separately monitored. The only exception is for those functions aut horized to carry interest rates positions within an approved level of limitations from the relevant risk committees.

The Treasury functions manage the interest rate risk deriving from commercial transactions maintaining the exposure within th e limits set by the relevant risk committees and optimizing the natural hedging opportunities between assets and liabilities. Expos ure is measured and monitored daily by the risk management functions.

The interest rate management strategy takes also into account the main impacts from clients’ behavior, which may impact on th e value of interest margins or on the economic value of the banking book. Such are for instance the loans prepayment and the stabil ity of sight deposits.

The prepayment risk is managed through the adaptation of the contractual profile on the basis of behavior of clients inferred from historical data, where relevant across the Group.

The stability of sight deposits is assessed by means of an internal model that estimates the stable volume and non -sensitive interest rate portion of it (“Core deposits”).

Hedging strategy for core deposits is proposed by Finance and approved by GRC. Such strategy aims to stabilize the NII over t ime within IRRBB RAF framework; a prudential stance is kept in determining the volume and duration of the hedging strategy to limit over-hedging risk.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 176 Structure and organisation The Group Financial Risk department is responsible for the governance , guidelines and control , and evaluati on of the exposure to financial risk of the Group through the definition of the framework in close coordination with the Methodology function in Enterprise Risk Mana gement. The structure is also responsible for defining strategies to be submitted to the competent functions/Bod ies to mitigate such risks and containing the related losses and Risk Weighted Exposure A sset, as well as setting their continual and independent monitoring and control.

Furthermore, it ensures that the control activities of the risk s in charge of the UniCredit S.p.A. Foreign Branches are monitored and reported to the Group Risk Officer and to the Top Management.

Finally, the structure governs the Group activities aimed at ensuring the independent control of the process and on the Front Office relevant parameters, for the fair value calculation.

The structure breaks down as follows:

The relevant Committees of reference are:

• Group Risks and Controls Committee (GRC) - Market Risk session;

• Group Executive Committee (GEC) - Risk Session.

The “ Group Risks and Controls Committee (GRC) - Market Risk session ” meets monthly and is responsible for approving strategies, policies and methodologies for Market, Counterparty and non -trading book Credit Spread Risks and for the monitoring of risks, with the aim to optimi se the usage of financial resources (e.g., capital) in coherence with Risk Appetite and Business Strategies. It is also responsible for ev aluating the impact of transactions significantly affecting the overall market risk portfolio profile.

The “Group Executive Committee (GEC) - Risk Session” which has approval , as well as consulting and proposal functions, meets monthly and aims at supporting the CEO in its role in steering, coordinating and monitoring all categories of risks (includ ing compliance risk), managing and overseeing the internal control system also at Group level, as well as discussing and approving strategic risk topics such as the Group Risk Appetite Framework, ICAAP, ILAAP, SREP, NPE strategy coherently with the overall risk pr ofile defined by RAF and the steering of Environmental, Social and Governance (ESG) including Climate & Environmental Risks (i.e. transition and physical risk).

The Parent Company’s governing bodies delegate to the Group Risk Committee (GRC) the development of detailed internal regulat ions with the goal of establishing an integrated and consistent IRRBB management framework within the Group with the goal of facili tating an effective decision -

making process and governance.

Local relevant committee of the liquidity reference Banks (LRBs) or Legal Entities (LEs) (in accordance with local rules in f orce), within the scope of their responsibilities and delegated powers, are responsible for implementing the IRRBB management frame work established by GRC, also considering the peculiarities of each LRB or LEs and given the guidelines and indications of their respective governing bodie s (both those responsible for strategic supervision and management).

The GRC is also responsible for the Group -wide monitoring of Interest Rate Risk, with a broad perspective which includes also market risks. Having regard to the overall operations and risk exposures of the Group, it involves the Group Executive Committee ( GEC) within its responsibilities and delegated powers.

GROUP FINANCIAL RISK

“Trading & Investment Risk ”, responsible for the govern ance, guidelines and control either at Group level and UniCredit S.p.A. level ( including the Foreign Branches), of collateral and counterparty credit risk (CCR) as well as govern ance and control of market risk and credit spread risk of the non -trading book .

“Asset & Liability Risk”, responsible for the governance, guidelines and control of liquidity risk, balance sheet interest rate risk, credit spread risk of the non -trading book and Structured Entities Risk, at both Group level and UniCredit S.p.A.

level (with the Foreign Branch included) and the Country Italy (when applicable), as well as preparing and coordinating the Internal Liquidity Adequacy Assessment Process (ILAAP).

“Valuation Risk & Analytics”, responsible to develop and maintain adequate evaluation of financial instruments of the banking and trading book at both Group level and UniCredit S.p.A. level through close cooperation with Risk Mode lling & Data Analytics in develop ing the required analytics.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 177 The committee’s involvement in interest rate risk management includes:

• the initial approval and fundamental modifications for the measurement and control system of Banking book interest rate risks with the support of internal validation function (where necessary);

• the definition of the operational strategies of Balance sheet (e.g., replicating portfolio).

Risk measurement and reporting systems

Trading Book

UniCredit group continued to improve and consolidate market risk models to properly measure, represent and control the Group ’s risk profile, reflecting these changes in the reporting activity. As regards market risk measurements, further details are reported in paragraph “Internal Model for Price, Interest Rate and Exchange Rate Risk of the regulatory trading book”, while for both the monthly and daily reporting process, Global Process Regulation are periodically updated.

Within the organisational context described above, the policy implemented by UniCredit group within the scope of market risk management aims to gradually adopt and use common principles, rules and processes in terms of appetite for risk, limit calculations, model development, pricing and risk model scrutiny.

The Group Financial Risk Department is specifically required to ensure that principles, rules, and processes are in line with industry’s best practice and consistent with standards and uses in the various countries in which they are applied.

The main tool used by UniCredit group to measure market risk on trading positions is Value at Risk (VaR), calculated using th e historical simulation method. Further details on risk valuation models are included in the following chapter.

Group Financial Risk defines market risk reporting standards, both in terms of contents and recurrence, and provides timely i nformation to Senior Management and regulators regarding the market risk profile at consolidated level.

In addition to VaR and Basel 2 risk measures, stress tests represent an important risk management tool that provides UniCredi t with an indication of how much capital might be needed to absorb losses in the case of large financial shocks. Stress testing forms an integral part of the Internal Capital Adequacy Assessment Process (ICAAP), which requires UniCredit to undertake rigorous, forward -looking stress testing that identifies possible events or changes in market conditions that could adversely impact the Bank.

Banking Book

The primary responsibility of the monitoring and control of the risk management for market risk in the Banking book lies in t he Bank’s competent bodies. For instance, the Parent Company is responsible for the process of monitoring the market risks on the B anking book at consolidated level.

As such, it defines structure, data, and frequency of the necessary Group reporting.

The Banking book interest rate risk measure covers both the economic value and net interest income risk aspects. In particular, these two perspectives are complementary and involve:

• Economic Value: variations in interest rates can affect the economic value of assets and liabilities. The economic value of t he Bank can be viewed as the present value of the Bank’s expected net cash flows, defined as the expected cash flows on assets minu s the expected cash flows on liabilities; a relevant risk measure from this perspective is the economic value sensitivity per time bucket for a 1 bp rate shock. This measure is reported to the relevant committees to assess the economic value impact of poss ible changes in the yield curve. In addition, the economic value sensitivity is computed also for the regulatory scenarios (“Supervisory Outlier Test” described in EBA/GL/2022/14);

• Net Interest Income: the focus of the analysis is the impact of changes of interest rates on Net Interest Income. An example of a measure of risks used is Net Interest Income sensitivity for a 200 bps parallel shock of rates. This measure is reported to th e competent committees to the end of evaluating its impact on the interest income over the next 12 months under constant Balance sheet assumption as prescribed by relevant regulation (“Supervisory Outlier Test” described in EBA/GL/2022/14).

As for other sources of market risk, such as Credit Spread risk and FX risk, please refer to the information in the paragraph Risk management strategies and processes, relating to the Trading Book section.

Hedging policies and risk mitigation

Trading Book

The mitigation of trading book risk is performed through the Market Risk Strategy, where broad and granular limits are defined. The effective limit utilisation is provided to “ Group Risks and Controls Committee (GRC) ” (through the Market Risk Overview report) and related breaches are escalated to the competent body, according to the severity define d by the Market Risk Strategy. The escalation process is ruled by the Global Policy "Group Market Risk Governance Guidelines" which defines the nature of the vari ous thresholds/limits applied, as well as the relevant bodies to be involved in establishing the most appropriate course of action to restore exposure within the approved limits.

A set of risk indicators is also provided to the Group Executive Committee (and subsequently to the Risk Committee and to the Board of Directors) on a quarterly basis through the Group Risk Appetite Framework (RAF) and Integrated Risk Report (IRR).

If required, focus is provided to relevant committees on the activit ies of a specific business line/desk to ensure the highest level of understanding and discussion of the risks in certain areas which are deemed to require particular attention.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 178 Banking Book On a regular basis, at least quarterly, the relevant IRR exposure, complemented by the analysis of the compliance to the limi ts, must be reported to Management bodies and internal committees. As a general principle, compliance to the limits must be reported to Boards and committees depending on their role in limit setting and it is proportionate to the severity hierarchy.

The Group Risk Committee (GRC) receives reporting with respect to RAF KPIs and Overall Group and LRB Granular Limits and Trig gers with the same frequency of the committee’s meetings. The same reporting process must be implemented within LRBs with respect t o Local relevant committees (in accordance with local rules in force).

Breaches of limits and warning levels are reported, upon occurrence, to the relevant bodies. Consequently, the escalation pro cess is activated in line with the procedures set in relative Policy, to establish the most appropriate course of action to restore exposure within the approved limits.

The execution of structural hedges to mitigate interest rate risk exposure on client business is responsibility of the treasury functions. The strategic transactions in the Banking book are managed by the CFO department.

Internal model for price, interest rate and exchange rate risk of the regulatory trading book The current Market Risk internal model is based on the Value -at-Risk (VaR) framework, integrated with other risk measures: Incremental Risk Charge (IRC) and Stressed VaR (SVaR) , aimed at reducing the pro -cyclicality of the minimum capital requirements for market risk, in line with the European directives in force.

All the regulatory requirements in the contest of market risk have been addressed via the internal development of the necessary model and IT infrastructure as opposed to the external acquisition of ready -made solutions.

This enabled UniCredit to craft solutions that in many aspects can be considered at the sophisticated end of the spectrum of practices that can be found in industry . In this respect , one distinctive feature of the market (and counterparty) risk frameworks implemented in UniCredit group is the full revaluation approach employing the same pricing libraries used in the Front Office.

UniCredit group calculates both VaR and SVaR for market risk on trading positions using the historical simulation method.

Under the historical simulation method positions are revaluated (in full revaluation approach) based on trends in market pric es over an appropriate observation period. The empirical distribution of profits/losses deriv ed therefrom is analysed to determine the effect of extreme market movements on the portfolios.

For a given portfolio, probability and time horizon, VaR is defined as a threshold value so that the probability that the mar k - to - market loss on the portfolio, over the given time horizon, does not exceed this value (assuming no trading in the portfolio) has the given confidence level. Current configuration of the internal model defines VaR at a 99% confidence level on the 1 day P&L distribution obtained from equally weighted historical scenarios covering the previous 250 days.

Historical scenarios are built relying on proportional shocks for Equities and FX rates, and on absolute shocks for Interest Rates and Credit Spreads.

The UniCredit VaR model simulates all the risk factors, both referring to general and specific risk, thus providing diversification in a straigh tforward approach. The model is recalibrated daily. The use of a 1 day time horizon makes the immediate comparison with realised profits/losses possible and such comparison is the core of the back -testing exercise.

The VaR measure identifies a consistent measure across all the portfolios and products, since it:

• allows a comparison of risk among different businesses;

• provides a means of aggregating and netting position s within a portfolio to reflect correlation and offset between different assets classes;

• facilitates comparisons of market risk both over time and against daily results.

Although a valuable guide to risk, VaR should always be viewed within its limitations:

• historical simulation relies on past occurrences to forecast potential losses. In case of extreme shifts this might not be ap propriate;

• the length of the time window used to generate the forecasted distribution will necessarily embed a trade -off between the responsiveness of the metric to recent market evolutions (short window) and the spectrum of scenarios that will be embed ded (long window);

• assuming a constant one/ten -day horizon there is no discrimination between different risk -factor liquidity.

Stressed VaR calculation is based on the very same methodology and architecture of the VaR, and it is analogously calculated with a 99% confidence level and 1 day time horizon on a weekly basis, but over a stressed observation period of 250 days. The chosen historical period identifies the 1 year observation window which produces the highest resulting measure for the current portfolio.

Stress windows are recalibrated monthly and are tailored to the portfolio of each legal entity of the Group subject to the in ternal model, plus the Group itself that is relevant for RWEA calculation on a consolidated level. The SVaR window for UniCredit S. p.A. at Group level is the “Covid" period (2020 -2021), while for UniCredit S.p.A. at solo level, for UniCredit Bank GmbH and for UniCredit Bank Austria AG is the “Lehman Cri sis” period (2008 -2009).

The 10 day capital requirement is, however, obtained by extending the 1 day risk measure to the 10 day horizon taking the maximum of the square root of time scaling and a convolution approach that turns the one -day distribution into a 10 day distribution for both the VaR and the Stressed VaR.

The 1 day measures are instead actively used for market risk management.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 179 In order to validate the consistency of VaR internal models used in calculating capital requirements on market risks, back - testing is performed by comparing the internal model risk estimates with the portfolio profit and loss, to check if the 99% of the trading outcomes i s covered by the 99th percentile of the risk measures.

The test is based on the last twelve months’ data (250 daily observations). In case the number of exceptions in the previous year exceeds what is forecasted by the confidence level assumed, a careful revision of model parameters and assumptions is initiated.

Group Internal Validation perform s the periodic validation of the VaR/SVaR framework to assess the compliance with regulatory requirements including an independent back -testing analysis complemented with different parameterisations and detailing the results for a set of representative portfolios of the Bank.

The IRC capital charge captures default risk as well as migration risk for un - securitised credit products held in the Trading book. The internally developed model simulates, via a multivariate version of a Merton - type model , the rating migration events of all the issuers relevant to the Group trading positions over a capital horizon of one year. The transition probabilities and the sector correlations are historical ly calibrated, while idiosyncratic correlations are derived f rom the IRB correlation form ula. Simulated migration events are turned into credit spread scenarios , while default events are associated with a simulated recovery rate. In doing so a constant position assumption is employed and products are all conservatively attributed to a common liquidity horizon of one year.

In each scenario all the relevant product inventory is revalued under such spread and default events producing a simulated pr ofit or loss (P&L) that fully reflects convexity, basis risk, portfolio effects and portfolio concentration risks. In this way , a Monte Carlo simulation with a high number of paths generates a P&L distribution for the Group (and each leaf of its portfolio tree).

IRC is defined as the 99.9 th percentile of such loss distribution.

Additional capital charge for securitisations and credit products not covered by IRC is evaluated through the standardised ap proach.

The following table summarises the main characteristics of the different measures that define the capital requirement for mar ket risk at UniCredit.

MEASURE RISK TYPE HORIZON QUANTILE SIMULATION CALIBRATION

VaR All Market Risk Factors 10d 99% Historical 1Y window, equally weighted SVaR All Market Risk Factors 10d 99% Historical 1Y window, equally weighted IRC Rating Migration & Default 1Y 99.9% Monte Carlo Through -the-cycle (min 16Y)

The IRC Model is subject to a quarterly program of Stress tests aimed at evaluating the robustness of the model. The relevant parameters , such as recovery rates, transition probabilities, idiosyncratic correlation and c redit spread shocks , are stressed and the impact on the IRC measure is computed.

“Group Internal Validation” performed its analyses to evaluate the conceptual soundness of the IRC model, to supplement the a vailable analyses on that topic and to ensure compliance of the resulting risk management environment with all the relevant regulat ory requirements and internal standards. As already remarked by the regulation, traditional back -testing procedures, regarding the 99.9% one -year soundness standard for IRC, are not applicable due to the 1 -year time horizon of the measure.

Consequently, while validation of the IRC model relied heavily on indirect methods (including stress tests, sensitivity analy sis and scenario analysis) in order to assess the qualitative and quantitative reasonableness of the model, special focus has indee d been given to the specific situation of UniCredit portfolios.

“Group Internal Validation” Department kept the scope of its analyses as wide as possible in order to comprise the many diverse issues acting concurrently in such a model (general model design, regulatory compliance, numerical implementation, outcomes explanation). G roup Internal Validation performed a full spectru m of validation analyses on the IRC measure calculation using its internal replica libraries. The replica allows simple verification of the results provided by the productive environment, and in addition opens the door to a more dynamic and tailored implem entation of the needed tests. The spectrum of analys es encompassed Monte Carlo stability, correlation analysis and stress testing , assessment o f portfolio concentration, calculation of parameter sensitivity, marginal contribution analysis, comparisons of alternative models. All major parameters were tested, i.e., correlation matrices, transition probabilities matrices, transition shocks, recovery rate s, probabilities of default, number of scenarios. To understand the overall performance of the model in repl icating the real -world migration and default phenomena, Group Internal Validation also performs a historical performance exercise comparing the migrations and defaults predicted by the UniCredit IRC model with the ones actually observed since 1981 (due to data availability).

Banca d’Italia authorised UniCredit group to use internal models for the calculation of capital requirements for market risk. As of today, the Group legal entities within CEE countries mainly us e the standardised approach for calculating capital requirements relating to trading positions. However, the VaR measure is used for the management of market risk in the abovementioned entities of the Bank.

For Trading book VaR the Bank differentiates between regulatory and managerial views. The managerial measure is used for risk monitoring and business steering purposes as prescribed by the Market Risk Framework: in particular VaR limits represent the main metric translating the Risk Appetite into the Market Risk framework.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 180 The managerial VaR has a wider scope: it is used to monitor both trading book and banking book perimeter (specifically FVtPL and FVtOCI positions), also including legal entities for which the standardised measurement method is applied for regulatory purposes, in order to have a complete picture of risk through P &L and capital. Furthermore, the exposure coming from hedges of the XVA sensitivities is excluded from managerial VaR monitoring but included in the Regulatory VaR limits in order to allow a proper s teering of Market Risk RWEA; additionally, respective sensitivities are closely monitored against XVA risk.

The standardised measurement method is also applied to the calculation of capital covering the risk of holding Banking book e xposure in foreign currencies for UniCredit S.p.A., which does not have an approval for FX Risk simulation under Internal Model. In this respect , the FX risk for both Trading and the Banking book is included in VaR and SVaR for Regulatory purposes as for the approved legal entities (UniCredi t Bank GmbH and UniCredit Bank Austria AG); as regards the managerial view the FX Risk of Banki ng book is included in the Overall (Trading book and Banking book) VaR. The UniCredit Internal Model Approach includes the Risk Not In Model Engine framework, which provides an estimate o f the completeness of the risk factors included in VaR, SVaR and IRC.

Although the RNIME program shows that UniCredit IMA adequately captures material price risks, since the fourth quarter of 2019 UniCredit computes via Stress Test a prudential capital add -on.

To sum up, the Internal Model approach is used for regulatory purposes for UniCredit S.p.A., UniCredit Bank GmbH, UniCredit Bank Austria AG, and UniCredit Bank Austria sub -group, while it is used for all legal entities (including CEE countries) for managerial purposes.

Finally ,Trading portfolios are subject to Stress tests according to a wide range of simple and complex scenarios. Simple scenarios , which envisage the shock of single asset classes, are defined in the context of Interest Rate Risk/Price Risk/Exchange Rate Risk/Credit Spre ad Risk Sensitivity.

Complex scenarios apply simultaneous changes to several risk factors. Both simple and complex scenarios are applied to the whole Trading book.

Detailed descriptions are included in the paragraph on the stress test.

Stress tests results are calculated in the Group Market Risk system, thus ensuring a common methodological approach across th e Group.

Results are calculated applying a full revaluation approach , meaning that all positions are revalued under stressed conditions; no ad hoc models or pricing functions are applied for stress testing.

According to national regulations, some relevant scenarios are also a matter of regulatory reporting on a quarterly basis.

In addition, a set of scenarios is run monthly on the overall Group perimeter, thus covering both Trading and Banking book positions. Results are shared monthly in Market Risk Stress Test Open Forum involving Market Risk functio n representatives of all the legal entities and Business representatives.

Results are analysed in depth in the monthly report “Monthly Overview on Market Stress Test”.

Stress test warning levels usage is monitored monthly. More details on Warning Levels and Strategy are given in the previous paragraph on risk management strategies and processes.

VaR, SVaR and IRC Diversified VaR, SVaR and IRC are calculated considering the diversification arising from positions taken by different entiti es within the I -mod perimeter (i.e., for which the use of the internal model for the risk calculation is approved). VaR is however in place for all the legal entities and its value is reported in Managerial VaR section for information purpose.

The VaR reduction observed in the second quarter of 202 6 is mainly driven by portfolio changes in the Trading book of UniCredit Bank GmbH affect ing several asset classes, particularly Credit Sprea d. While the SVaR increase observed in the second quarter is mainly driven by portfolio changes in the Trading book of UniCredit S.p.A. and UniCredit Bank GmbH , affecting several asset classes, particularly Interest Rates and Equity.

The IRC trend observed in the first half of 202 6 is driven by changed exposure towards Republic of Italy Credit Spread in the Trading book of UniCredit S .p.A.

Risk on trading book

Daily VaR on Regulatory Trading book (*) (€ million)

25 JUNE 2026 AVERAGE

LAST 60 DAYS 2026 2025

I-MOD PERIMETER AVERAGE MAX MIN AVERAGE

Diversified UniCredit group 6.8 4.5 6.1 9.6 3.6 6.2

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 181 Risk on trading book

SVaR on Regulatory Trading Book (*) (€ million)

25 JUNE 2026 AVERAGE

LAST 12 WEEKS 2026 2025

I-MOD PERIMETER AVERAGE MAX MIN AVERAGE

Diversified UniCredit group 21.7 17.2 16.8 22.5 11.5 14.4

Risk on trading book

IRC on Regulatory Trading Book (*) (€ million)

25 JUNE 2026 AVERAGE

LAST 12 WEEKS 2026 2025

I-MOD PERIMETER AVERAGE MAX MIN AVERAGE

Diversified UniCredit group 32.4 47.1 43.6 64.4 28.1 56.1

Note:

(*) End of month for Regulatory risk metrics refers to last Thursday of the month, differently from managerial metrics

EU MR4 Comparison of VaR estimates with gain/losses The following graph shows back -testing results referred to the market risk on the Trading book, in which VaR results for the last twelve months are compared to the hypothetical “profit and loss” results for Group (I -Mod Perimeter).

During the first half of 202 6, two exceptions occurred at UniCredit group level:

• 30 March 2026 (Hypo and Actual): t he Hypothetical and the Actual P&L breaches were caused by a combined adverse market movement of several risk factors, mostly EUR interest rates, affecting different books across all the legal entities. The Actual P&L is also affected by the monthly update of Fair Value Adjustments (FVA);

• 11 June 2026 (Hypo): t he Hypothetical P&L breach was caused by a combined adverse market movement of several risk factors, primarily interest rates, equity dividends and credit spreads, affecting several books and legal entities.

-40-30-20-10 - 10 20 30 40(€ million) VaR 1d Hypothetical P&L

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 182 Managerial VaR Below are reported the Managerial diversified trading book VaR as at the end of June 202 6 at Group and Regional Centre levels and the Undiversified trading book VaR at Group level, calculated as at the sum of the values of all legal entities (without considering diversification benefit).

The d ifference with the Regulatory Trading book was described above.

Daily VaR on Managerial Trading Book (€ million)

TRADING BOOK 30 JUNE 2026

Diversified UniCredit group as per internal model 6.4

Germany 1.9

Italy 3.4

Central Europe 1.0

Austria 0.1

Czech Republic 0.9

Hungary 0.3

Slovenia 0.0

Eastern Europe 5.6

Bosnia 0.0

Bulgaria 0.0

Croatia 0.0

Romania 0.1

Russia 5.7

Serbia 0.2

Undiversified UniCredit group 12.5

Marginal Regulatory VaR The table below provides a breakdown of 10 -days VaR figure (i.e., referred to a 10 -days’ time horizon) according to the different market risks (debt, equity, FX, commodities) and its evolution during the year, in the form of template C24 of COREP.

Risk on Trading book by instruments classes

10-days VaR on Regulatory Trading book (€ million)

2026 2025

Q1 Q2 Q4

Traded Debt Instruments 21.3 14.3 19.2 TDI - General Risk 15.8 14.3 13.3 TDI - Specific Risk 8.1 5.7 11.5 Equities 10.3 5.9 9.1 Equities - General Risk - - -

Equities - Specific Risk 10.3 5.9 9.1 Foreign Exchange Risk 3.6 3.3 3.8 Commodities Risk 4.8 6.6 3.2 Total Amount For General Risk 17.3 16.1 13.6 Total Amount For Specific Risk 12.5 7.2 13.8

CVA The CVA charge values for the Group are reported below (considering diversification benefit across the Group). The charge acc ounts for the volatility affecting regulatory CVA, related to movements in credit spreads of the counterparties and market risk fac tors underlying the exposures.

Since the first quarter of 2025, it is computed as per CRR3 regulatory prescriptions via:

• Standardised (SA -CVA) model for exposures covered by the CCR internal model;

• Full Basic Approach (BA -CVA) model for exposures outside the CCR internal model.

The mitigation of CVA exposure across the UniCredit group is managed by a dedicated XVA Desk, whose mandate is to provide a centralised Front Office service function with responsibility for XVA pricing and exposure management for OTC derivatives. The XVA Desk actively hedges the exposure to risk factors within the prescribed limit framework in UniCredit S.p.A., UniCredit Bank GmbH and UniCredit Bank Au stria AG.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 183 The increase observed between the first and the second quarter of 2026 is due to activities related to strategic transactions.

CVA Regulatory Capital Charge (€ million)

2026 2025

Q1 Q2 Q4

CVA 89.6 181.1 76.2

Standardised approach (SA) 70.6 157.8 58.5 Full Basic approach (F -BA) 19.0 23.4 17.7

2.2.1 Interest rate risk and price risk - Regulatory trading book

Qualitative information

Interest rate risk

A. General aspects Interest rate risk arises from financial positions taken by Group specialist centres holding assigned market risk limits with in certain levels of discretion. Regardless of the use of the internal models in calculating capital requirements on market risks, risk positions in the Group are monitored and subject to limits assigned to the portfolios based on managerial responsibilities , and not purely on regulatory criteria.

B. Risk management processes and measurement methods For both a description of internal processes for monitoring and managing risk and an illustration of the methodologies used t o analyse exposure, also refer to the introduction on internal models.

As regards stress test, refer to the introduction on Risk Management Strategies and Processes and for the description of complex scenarios , to stress test paragraph.

In addition to the monitoring of Granular Market Limits, Group Market Risk functions conduct sensitivity analysis at least on a monthly basis, to determine the effect on the Income statement of changes in the value of individual risk factors or several risk factors of th e same type.

Additionally to the sensitivity of financial instruments to changes in the underlying risk factor, the sensitivity to the vol atility of interest rates is also calculated assuming positive and negative 30% shifts in volatility curves or matrices.

Price risk

A. General aspects Price risk relating to equities, commodities, C.I.U . and related derivative products included in the Trading book originates from positions taken by Group specialist centres holding assigned market risk limits within certain levels of discretion.

Price risk deriving from the own trading of these instruments is managed using both directional and relative value strategies via direct sale and purchase of securities, regulated derivatives and OTCs and recourse to security lending. Volatility trading strategies are im plemented usin g options and complex derivatives.

B. Risk management processes and measurement methods For both a description of internal processes for monitoring and managing risk and an illustration of the methodologies used t o analyse exposure, refer to the introduction on internal models.

As regards stress test , refers to the introduction on “Risk management strategies and processes ” and for the complex scenarios’ description to the “Stress test ” paragraph.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 184 Quantitative information

1. Regulatory trading portfolio: distribution by residual duration (re -pricing date) of financial assets and liabilities for cash and financial

derivatives

The table is not reported since a table showing Interest Rate sensitivity is described below, in accordance with Internal Mod el.

2. Regulatory trading portfolio: distribution of equity exposures and equity indices for the main listing countries The table is not reported since a table showing price risk sensitivity is described below, in accordance with Internal Model.

3. Regulatory trading portfolio: internal models and other methods for sensitivity analysis For both a description of internal processes for monitoring and managing risk and an illustration of the methodologies used t o analyse exposure, also refer to the introduction on internal models.

Interest rate risk

Interest Rate Risk Sensitivity Sensitivity to changes in interest rates is determined using both parallel shifts of interest -rate curves, and changes in the curve itself.

The curves are analysed using parallel shifts of ±1 bp/±10 bps and ±100 bps.

For each 1 bp shift, sensitivity is calculated for a series of time -buckets. Sensitivity for changes in the steepness of the rate curve is analysed by clockwise turning (Turn CW), i.e. an increase in short -term rates and a simultaneous fall in long -term rates, and by counter -clockwise turning (Turn CCW), whereby short -term rates fall and long -term rates rise.

In particular, clockwise and counter -clockwise turning use the following changes in absolute terms:

• +50 bps/-50 bps for the one -day bucket;

• 0 bps for the one -year bucket;

• -50 bps/+50 bps for the 30 -year plus bucket;

• for buckets between the above ones, the change to be set is found by linear interpolation.

The Group also calculates sensitivity to the volatility of Interest Rate assuming a positive shift of 30% or negative change of 30% in volatility curves or matrixes.

The tables below show trading book sensitivities.

(€ million)

INTEREST

RATES +1BP LESS

THAN 1

MONTH +1BP 1

MONTH TO

6 MONTHS +1BP 6

MONTHS

TO 1 YEAR +1BP 1

YEAR TO 5

YEARS +1BP 5

YEARS TO

10 YEARS +1BP 10

YEARS TO

20 YEARS +1BP

OVER 20

YEARS +1 BP

TOTAL -10 BP +10 BP -100 PB +100 BP CW CCW

Total -0.1 -1.2 0.1 -0.2 0.7 -0.4 -0.1 -1.2 11.5 -10.7 132.9 -110.3 -19.8 31.5

of which:

EUR 0.0 -1.0 0.0 0.0 1.0 0.0 0.0 -1.2 8.6 -7.8 113.6 -82.1 -15.1 26.9

USD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 -1.5 1.4 -15.5 13.0 -6.0 5.8

GBP 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 -0.2 2.1 -2.5 0.1 -0.1

CHF 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.4 -0.4 4.1 -4.2 0.3 -0.3

JPY 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 -0.1 0.8 -0.8 0.2 -0.2

(€ million)

-30% +30%

Interest Rates -16.9 1.7

EUR -16.8 1.5

USD -0.1 0.2

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 185 Price risk

Share -price sensitivity Share -price sensitivity is expressed in two ways:

• as a “Delta cash -equivalent”, i.e. the euro equivalent of the quantity of the underlying that would expose the Bank to the same risk arising from its

actual portfolio;

• as the economic result of a rise or fall in spot prices of 1%, 10% and 20%.

The Delta cash -equivalent and the Delta 1% (i.e. the economic impact of a 1% rise in spot prices) are calculated both for each geographical region (assuming that all stock markets in the region are perfectly correlated) and on the total (assuming therefore that all stock markets are perfectly correlated). The sensitivity arising from changes of 10% and 20% is calculated solely on the total.

The Group also calculates sensitivity to the volatility of equities assuming a positive shift of 30% or negative change of 30 % in volatility curves or matrixes.

In addition, sensitivity to commodity price changes is calculated according to the above criteria. Given its secondary import ance as compared to other risk exposures, this is calculated as a single class.

The tables below show Trading book sensitivities.

(€ million)

EQUITIES

ALL MARKETS DELTA

CASH -EQUIVALENT -20% -10% -1% +1% +10% +20%

Europe 38.1 - - - 0.4 - -

USA 10.9 - - - 0.1 - -

Japan -1.8 - - - 0.0 - -

Asia ex -Japan -1.7 - - - 0.0 - -

Latin America -0.2 - - - 0.0 - -

Other -43.8 - - - -0.4 - -

Total 1.4 15.1 -2.2 -0.2 0.0 -1.6 -6.8 Commodity -27.3 4.8 2.5 0.3 -0.3 -2.2 -4.1

(€ million)

-30% +30%

Equities -38.0 10.9

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 186 2.2.2 Interest rate risk and price risk - Banking book

Qualitative information

Interest rate risk

A. General aspects, operational processes and methods for measuring interest rate risk a) Interest rate risk refers to the current or future risk to the Bank's capital and earnings arising from unfavorable moveme nts in interest rates that affect the Bank's position. As interest rates change, the present value and timing of future cash flows change and this, in turn, changes the underlying value of a Bank's assets, liabilities and off -balance sheet items and therefore its economic value. Changes in interest rates also affect the formation of the interest margin and, consequently, the Bank's pr ofits.

Dedicated interest rate risk monitoring and management procedures are applied to all positions sensitive to changes in intere st rates, excluding portfolios held for trading and Defined Benefit Obligations (DBO) portfolio for which a specific framework with in the market risk management is envisaged.

The main sources of interest rate risk can be classified as follows:

• “Gap” risk: arises from the term structure of the banking book; this is the risk that is generated from different timings in the rate changes of the instruments. The extent of the change in the "gap" also depends on the linearity of the change in the term structure of rates, which can occur consistently across the entire rate curve (parallel risk) or differently from period to period of the curve (non -parallel risk). The “gap” risk also includes the repricing risk, i.e., the risk of changes in the interest margin which occurs when the rate of a financial contract resets; th is also refer refers to the yield curve risk, which occurs when a shift in an interest rate curve impacts the economic value of the assets and liabilities sensitive to interest rate risk;

• Basis risk: it can be divided into two types of risk:

- “tenor” risk: derives from a mismatch between the maturity of the instrument and changes in interest rates;

- currency risk: derives from the potential lack of compensation between interest rate sensitivities emerging from different cu rrencies.

• Option risk: derives from positions in derivatives or from optional elements incorporated in many assets, liabilities and off -balance sheet items of the Bank, where either the Bank or the customer have the right to change the amount and timing of cash flow s.

b) The Group Risk Committee is responsible for defining the operational strategy for managing the interest rate risk of the b anking book, including the strategy for managing the capital and the structural gap between assets and liabilities not sensitive to the interest rate.

The management of the interest rate risk of the banking book aims to limit the net interest income volatility due to interest rate movements in a multi -

year horizon, to achieve a flow of profits and a return on capital consistent with the strategic plan. T he strategy does not envisage any directional or discretionary positioning aimed at generating additional profits, unless approved by the competent bodies and monitored separ ately. The only exception refers to the functions authorized to take positions on interest rates within the limits approved by the Risk Committees.

The Treasury functions manage the interest rate risk stemming from commercial transactions while maintaining the exposure wit hin the limits set by the Risk Committees.

Limits and alert thresholds are defined for each Bank or Group Company in terms of sensitivity to the economic value or inter est margin. The set of metrics is defined according to the level of complexity of the Company's business and each of the Banks or c ompanies of the Group is responsible for managing the exposure to interest rate risk within the defined limits.

At consolidated level, the Group Risk Management function is responsible for measuring interest rate risk, which reports to t he Group Risk Committee the interest rate risk of the banking book exposures and analysis, on a monthly basis.

The interest rate risk management strategy is established considering also the main impacts deriving from the behavioral aspe cts of customers, which can impact on the value of interest margins and the economic value of the banking book, such as the example of early repayments of disbursed loans ("prepayment") and the stability of on demand items.

The monitoring activity is coupled with constant Stress Testing aimed at verifying compliance with the limits under more seve re stress scenarios from those expected and occurred in the market. The calibration and monitoring of stress test scenarios takes p lace at least annually.

The Internal Validation functions periodically carry out an independent assessment of the correct application of the measurem ent methodology applied by the risk functions within the monitoring perimeter of the banking book including behavioral assumptions.

The Audit functions ensure the adequacy and compliance with regulatory and internal regulations, at least with an annual freq uency.

c) The interest rate risk is monitored daily in terms of the sensitivity of the economic value, for an instantaneous and para llel shock of +1 basis point of the term structure of the interest rates. The function responsible for managing interest rate risk checks on a daily basis the use of the limits for exposure to interest rate risk following a 1 bp shock. The basis risk and the risk emerging from options are also measured da ily respectively by the "IR Basis" and "IR Vega" metrics. On a monthly basis, the sensitivity of the Economic Value is monitored for more severe parallel and non -parallel shocks on the term structure of interest rates and that of the interest margin, as described in the previous paragraph.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 187 d) The measurement of interest rate risk includes:

• the sensitivity analysis of interest margins to changes in interest rates: a constant balance sheet analysis (under the assum ption that positions remain constant during the period), and a simulation of the impact on the interest margin for the current peri od, also considering the elasticity assumptions for items on demand. Furthermore, the simulation analysis assesse s the impact on income of different shocks of the interest rate curves, including the Supervisory Outlier Test scenarios prescribed in the EBA Guidelines (EBA/GL/2022/14) and other instantaneous parallel rate scenarios. Additional scenarios are simulated to consider basis risk and other non -parallel shocks.

• the analysis of the sensitivity of the Economic Value to changes in interest rates: it includes the calculation of duration m easures, sensitivity of the economic value of the balance sheet items for the different points of the curve, as well as the impact on the economic value deriving from large changes in market rates, in accordance with the SOT scenarios required by the above EBA Guidelines.

e) The assumptions and parameters of the behavioral models used for the internal measurement systems are the same as those used to generate the regulatory exposures published in EU IRRBB1 template.

f) The mitigation of the interest rate risk and the hedging activities of the banking book are carried out through the use of regulated or Over the Counter (OTC) derivatives with an underlying interest rate. The optimization of the natural hedge of the ass ets with the Bank's liabilities is managed by the Treasury function in each legal entity. The remaining interest rate risk is mainly transferred from the regulatory banking book to the regulatory trading book optimi sing group's hedging costs and market exe cution. Derivative contracts hedging the interest rate risk of the banking book and not held for trading are recognised in the accounts as cash flow hedges or fair value hedges.

g) The presence and effects of behavioral options in the balance sheet are taken into consideration through the development a nd application of behavioral models. The maturity profile as well as the repricing profile of non -maturity deposits takes into acco unt the identification of the "stable" portion of the balances that is the amount of deposit that could represent a stable source of financing despite the short con tractual maturity, and the identification of the "core" part of the deposits that is the amo unt of deposits which is stable and unlikely to reprice even under significant changes in the interest rates environment and/or other deposits with limited elasticity to interest rate changes. Both components are es timated through statistical models evalua ting the stability of the volume and elasticity of the customer rate (i.e. the beta parameter). Hedging strategy for core deposits is proposed by Finance and approved by the Group Risk Committee. Such strategy aims to optimi se the NII over time within IRRB B RAF; a prudent stance is kept in determining the volume and duration of the hedging strategy to limit over -hedging risk.

The maturity profile, as well as the average repricing maturity of mortgages and retail loans, both take into account the opt ionality of the advance payment, which is assessed through the statistical estimate of the CPR ( Conditional early Repayment Rate) on the loan portfolio.

h) The scenarios used in the EU IRRBB1 template related to the change in both economic value and interest margin correspond t o the scenarios of the Supervisory Outlier Test required by the EBA Guidelines (EBA/GL/2022/14).

i) The average repricing maturity assigned to non -maturity deposits is 3. 2 years (the longest repricing maturity is up to 25 years for a residual part of the portfolio naturally hedging assets in some countries).

Price risk

A. General aspects, operational processes and methods for measuring price risk Banking Book price risk primarily originates from equity interests held by the Parent Company and its subsidiaries as stable investments, as well as units in mutual investment funds not included in the Trading Book as they are also held as stable investmen ts.

For Stress Test refer to the introduction on Risk Management Strategies and Processes paragraph and for the complex scenarios ’ description to Stress Test paragraph.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 188 2. Banking book: internal models and other methods for sensitivity analysis

Interest Rate Risk The economic value and net interest income sensitivit ies to change s in interest rate s are computed as described in the EBA Guidelines (EBA/GL/2022/14) and in regulation update (2024/856) , which adopts the Regulatory Technical Standard on SOTs.

The EU IRRBB1 template reported below contains the interest rate risk exposure metrics as at 30 June 2026 and 31 December 2025. For the descriptions of the scenarios refer to Qualitative information - Interest rate risk section. With regard to the sensitivity of the economic value of shareholders’ equity , the worst of the six SOT scenarios is the Parallel up and for that scenario a sudden change in interest rates, differentiated by currency, is applied. The sensitivity of the economic value of shareholders’ equity under the worst of the six SOT scenarios as at 30 June 2026 was equal to - €4,372 million. The change in the sensitivity of the economic value of shareholders’ equity in the first half of 2026 is mainly driven by the update of the non-maturing deposit representation across the Group, partially offset by the execution of non-maturing deposit replicating strategy.

As at 30 June 2026, the net interest income sensitivity (with annual time -horizon and constant balance sheet) under the worst of the two SOT scenarios (Parallel down) was equal to - €905 million. The Parallel down scenario applies an immediate and parallel change in interest rates differentiated by currency (e.g. -200 bps for EUR and USD, -300 bps for HUF etc.). The change in net interest income sensitivity in the first half of 2026 is mainly driven by non -maturing deposit replicating strategy execution wit hin WEu banks.

Template EU IRRBB1 - Interest rate risks on positions not held in the trading book

(€ million)

SUPERVISORY SHOCK SCENARIOS a b c d

CHANGES OF THE ECONOMIC VALUE OF EQUITY CHANGES OF THE NET INTEREST INCOME

30.06.2026 31.12.2025 30.06.2026 31.12.2025 1 Parallel up (4,372) (5,311) (605) 68 2 Parallel down 2,127 2,907 (905) (1,615) 3 Steepener 1,100 1,532 - -

4 Flattener (769) (397) - -

5 Short rates up (1,930) (1,850) - -

6 Short rates down 1,989 1,747 - -

Note:

The template above is prepared according to Regulation (EU) 2022 /631 of 13 April 2022 amending the implementing technical standards laid down in Implementing Regulation (EU) 2021 /637 as regards the disclosure of exposures to interest rate risk on positions not held in the trading book.

As at 30 June 2026 , the net interest income sensitivity to an immediate and parallel change in interest rates of +100 bps was equal to - €79 million, while the sensitivity to an immediate and parallel change in interest rates of -100 bps was equal to - €177 million.

Sensitivity of the net interest income to the +/ -100 bps scenarios

(€ million)

INTEREST RATE RISK SCENARIOS a b

CHANGES OF THE NET INTEREST INCOME

30.06.2026 31.12.2025

1 NII +100 bps (79) 297 2 NII -100 bps (177) (549)

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 189 2.2.3 Exchange rate risk

Qualitative information

A. General information, risk management processes and measurement methods Exchange rate risk originates both from banks in the Group operating in currency areas other than the euro area and from positions taken by specialist centres holding the Group's market risk within the limits assigned.

Risk deriving from the own trading of these instruments is managed using both directional and relative value strategies via direct sale and purchase of securities, regulated derivatives and OTC. Volatility trading strategies are implemented using options. Exchange rate risk is constantly monitored and measured by using internal models developed by Group companies.

For both a description of internal processes for monitoring and managing risk and an illustration of the methodologies used t o analyse exposure, reference is made to the introduction on internal models. These models are also used to calculate capital requirements on market risks due to t he exposure to such risk.

As regards stress test , refer to the introduction on “Risk management strategies and processes” paragraph and for the complex scenarios’ description to “Stress test” paragraph.

B. Hedging exchange rate risk Exchange risk hedging activity within the Trading book is aimed at keeping the FX risk within the defined Granular and Global limits.

Regarding the banking book, the Group adopts hedge strategies for profits and dividends arising from its subsidiaries not belonging to the euro area, considering market circumstances when defining hedging strategies.

Credit spread risk

Qualitative information

A. General aspects Risk relating to credit spreads and related credit derivative products included in the Trading book originates from positions taken by Group specialist centres holding assigned market risk limits within certain levels of discretion.

Risk deriving from own trading of these instruments is managed using both directional and relative value strategies via direc t sale and purchase of securities, regulated derivatives and OTC.

B. Risk management processes and measurement methods For both a description of internal processes for monitoring and managing risk and an illustration of the methodologies used t o analyse exposure, refer to the introduction on internal models, Explanatory notes , Part E - Information on risks and related hedging policies, 2.2 Market risk.

As regards the Stress Test , refer to the introduction on “Risk management strategies and processes” and for the complex scenarios’ description to “Stress test” paragraph, Explanatory notes , Part E - Information on risks and related hedging policies, 2.2 Market risk.

Quantitative information

Credit spread sensitivity Credit spread sensitivity is calculated by assuming a worsening of creditworthiness seen in a parallel shift of +1 bp/+10 bps/+100 bps in the credit spread curves.

These sensitivities are calculated both inclusively, assuming a parallel shift of all the credit spread curves, and in respec t of specific rating classes and economic sectors.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 190 The table below shows Trading book sensitivities.

(€ million)

+1BP

LESS THAN

1 MONTH +1BP

1 MONTH

TO

6 MONTHS +1BP

6 MONTHS

TO 1 YEAR +1BP

1 YEAR TO

5 YEARS +1BP

5 YEARS TO

10 YEARS +1BP

10 YEARS

TO

20 YEARS +1BP

OVER 20

YEARS +1 BP

TOTAL +10BP +100BP

Total 0.2 0.0 0.1 0.9 0.5 -0.3 0.0 1.4 14.0 136.2

Rating

AAA 0.0 -0.0 -0.0 -0.0 0.1 -0.0 0.0 0.1 0.5 0.3

AA -0.0 -0.0 -0.0 0.1 0.0 -0.1 0.0 0.1 0.6 9.5

A -0.0 0.0 0.1 0.3 0.1 -0.0 -0.0 0.4 4.2 42.6

BBB 0.3 -0.0 0.0 0.4 0.3 -0.2 -0.1 0.7 7.0 67.9

BB 0.0 -0.0 0.0 0.1 0.0 -0.0 -0.0 0.1 1.1 10.4

B -0.0 -0.0 0.0 0.0 -0.0 0.0 -0.0 0.0 0.5 4.8

CCC and NR 0.0 -0.0 0.0 0.0 0.0 -0.0 0.0 0.0 0.1 0.8

Sector

Sovereigns & Related 0.3 -0.0 0.0 0.0 0.1 -0.2 0.0 0.1 0.8 8.9

ABS and MBS 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.3

Financial Services -0.0 0.0 0.1 0.2 0.1 -0.0 -0.0 0.3 3.2 31.3 All Corporates -0.0 -0.0 0.0 0.7 0.3 0.0 0.0 1.0 10.0 95.7 Basic Materials 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.7 6.3 Communications 0.0 -0.0 0.0 0.1 0.0 0.0 0.0 0.1 1.2 11.6 Consumer Cyclical -0.0 -0.0 0.0 0.3 0.1 0.0 0.0 0.4 3.6 34.6 Consumer Non cyclical -0.0 -0.0 0.0 0.1 0.0 0.0 0.0 0.2 1.7 16.5 Energy 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.3 3.3 Technology 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.9 Industrial 0.0 -0.0 -0.0 0.1 0.1 0.0 0.0 0.2 1.6 15.5 Utilities -0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.1 0.7 6.7 All other Corporates 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.9 79.0

Stress test

Stress tests complement the sensitivity analysis and VaR results in order to assess the potential risks in a different way. A stress test performs the evaluation of a portfolio under both simple scenarios (assuming change to single risk factors) and comple x scenarios (assuming simultaneous changes in a number of risk factors).

The description of complex scenarios, which combine changes in interest rate, price, exchange -rate and credit spread risk factors , is reported below.

For the description of simple scenarios, refer to the previous paragraphs.

As far as complex scenarios are concerned, different scenarios have been applied to the Trading book and Banking book (specif ically FVtPL and FVtOCI positions) on a monthly basis and reported to the Top Management.

Recession Scenario

In this scenario, we assume that negotiations between the US and Iran fail, tensions escalate anew and the Strait of Hormuz r emains closed for longer than assumed in the baseline scenario. Inventories of energy products fall rapidly. Cumulative supply loss and diminishing confidence in stockpile adequacy push the price of oil and natural gas significantly above baseline levels. Energy prices remain the primar y transmission channel, with intensifying supply -chain disruption amplifying the shock.

Indirect and second -round effects are stronger than in the baseline scenario. Inflation expectations drift higher. A large erosion of households’ purchasing power, a strong increase in firms production costs (particularly for energy ‑intensive industries) supply shortages and a big confidence shock hit global growth and financial markets. Labour markets deteriorate while monetary policy faces a difficult trade -off.

Central banks focus primarily on inflation risks in the first year. Subsequently, deteriorating growth prospects and a gradua l easing of the energy shock allow central banks to cut interest rates below baseline levels. Real estate prices, both in the resid ential and commercial sectors, enter a correction phase as the confidence shock compounds deteriorating economic fundamentals. In terms of timing, the shock is assu med to start in the third quarter of 2026, with peak macro ‑financial effects materializing i n 2027.

In the eurozone, activity starts contracting in 2026 ( -0.5%) and the recession deepens in 2027 ( -1.4%). This is followed by a shallow recovery in 2028 (+0.4%) as the energy shock gradually fades. The cumulative hit to GDP growth is 4.8 pp.

Energy and supply -chain woes and their broader spillovers push eurozone inflation to 4.4% in 2026 and to 4.8% in 2027.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 191 The inflation shock subsides in 2028 (2.8%) as energy prices decline and trade frictions ease, while the recession dampens un derlying price pressure.Overall, inflation settles a cumulative 4.6 pp above the baseline. Inflation expectations rise, increasing pressure on the ECB to tighten monetary policy. US inflation climbs further above the Federal Reserve’s target, averaging 4.2% in 2026 and 4.4% in 2027, before easing to 2.8 % in 2028.

The ECB hikes interest rates by 25 bp to 2.75% in 2026 to counter rising inflation risks, but it reverses course in 2027 and 2028 due to deteriorating economic activity and slack building in the labour market. The deposit rate declines to 1.50% by 2028, 1 pp below the baseline.

The inflation shock leads the Federal Reserve to remain on hold in 2026, followed by rate cuts to 3.0% by 2028 (50 bp below the baseline).

Sovereign credit spreads would be under moderate widening pressure due to the weaker growth outlook. BTPs are expected to widen to 75 bps in ASW (BTP vs IRS 10ys) once the shock materializes.

Corporate credit spreads would also be under widening pressure, especially at the lower end of the rating scale. Cyclical sec tors, notably energy intensive sectors, such as auto and utilities and lower rated corporate bonds are expected to be more vulnerab le. The high oil price should, however, reduce the adverse impact of the recession on energy sector companies.

High rated financials should remain relatively well supported.

Equity markets are expected to post significant losses (25% on average in the market risk exercise), reflecting the recession ary environment.

In FX, we expect EUR -USD to weaken more relative to our baseline scenario. By contrast, both the CHF and the JPY will continue to work as safe -

haven currencies. GBP -USD is expected to weaken to a lesser extent.

Severe Recession

In this scenario, we assume a renewed escalation of tensions in the Middle East and more severe disruption of energy flows th an in the Recession scenario. The Strait of Hormuz remains closed for a prolonged time while fresh damage to physical energy infras tructure, including regional pipelines, further curtails energy supply. The crisis broadens as Iran’s proxies (especially the Houthi movement) threaten to disrupt Bab el -Mandeb, another critical global maritime choke point in the region. Inventories of ene rgy products fall very rapidly.

Cumulative supply loss and fading confidence in stockpile adequacy push the price of oil and natural gas above levels of the Recession scenario.

Energy prices remain the primary transmission channel, with intensifying supply -chain disruption amplifying the shock. Indirect and second -round effects are stronger than in the Recession scenario. Inflation expectations become unmoored. The erosion of households ’ purchasing power, the increase in firms’ production costs, particularly for energy ‑intensive industrie s, supply shortages and the confidence shock are larger than in the Recession scenario. Labour markets deteriorate markedly. Monetary policy faces a difficult trade -off as inflation surges while activity contracts heavily. Central banks focus primarily on inflation risks in the first year, while they cut interest rates below baseline levels by the end of the forecasting horizon amid recession and a gradual easing of the energy shock. Real estate prices, both in the residential and commercial sectors, declin e as the confidence shock compounds deteriorating economic fundamentals.

In terms of timing, the shock is assumed to start in the third quarter of 2026, with peak macro ‑financial effects materializing in 2027.

In the eurozone, activity contracts in all three years. The recession troughs in 2027, when GDP declines by 3.4%, while the c umulative hit to GDP growth is 8 pp.

Energy and supply -chain woes and their broader spillovers push eurozone inflation to 4.4% in 2026 and to 4.8% in 2027. The inflation shock gradually subsides in 2028 (3.8%) as energy prices decline and trade frictions ease, while the recession dampens unde rlying price pressure.

The ECB hikes interest rates by 50 bp to 3% in 2026 to prevent a de -anchoring of inflation expectations, but it reverses course in 2027 and 2028 due to deteriorating economic activity and slack building in the labour market. The deposit rate declines to 1.75% by 2028, 75 bp below the baseline.

The inflation shock forces the Fed to remain on hold in 2026, followed by rate cuts to 3.25% by 2028 (25 bp below the baseline).

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 192 Sovereign credit spreads would be under widening pressure due to lower growth outlook. BTPs are expected to widen 115 bps in ASW once the shock materializes. Based on current market levels, this would result in a peak for the 10Y BTP -Bund spread of around 220 bp.

Corporate credit spreads would be under strong widening pressure, especially at the lower end of the rating scale as default rates would rise sharply. Cyclical fand energy intensive sectors, e.g. utilities, industrials and automobiles, should be under stronger pressure in this scenario, due to massive slump in domestic and external demand.

In FX, we expect EUR -USD to accelerate its slide compared to the recession scenario, while the CHF and the JPY will strengthen even further against the common currency, reflecting their safe -haven role even more. GBP -USD is set to weaken slightly more in d epth compared to the recession scenario.

Equity markets are expected to post significant losses (40% on average in the market risk exercise), reflecting the recession ary environment.

Stress Test on Trading book (*)

(€ million)

25 JUNE 2026

RECESSION SCENARIO SEVERE RECESSION

UniCredit group total 138 217 Germany 31 35 Italy 77 133 Central Europe -12 -16 Eastern Europe 42 64

Note:

(*) End of month for Stress Test results refers to last Thursday .

Conditional results of Managerial Trading Book, as defined above, have been reported. Conditional profits in Recession and Severe Recession scenario s mainly arise from UCI S.p.A., due to structured Funds and Credit products in Equity & Brokerage Trading business line.

2.4 Liquidity risk

Qualitative information

A. General aspects, operational processes and methods for measuring liquidity risk Liquidity risk is defined as the risk that the Group may find itself unable to fulfil its expected or unexpected payment obligations (by cash or delivery), current and future, without jeopardising its day-to-day operations or its financial condition.

The key principles

The liquidity reference Banks The Group aims at maintaining liquidity at a level that enables it to perform the main operations in safe mode , fund its operations at the best rate conditions under normal operating circumstances, and to remain always in a position to meet payment obligations.

To this end, the Group complies accurately with the legal and regulatory provisions imposed by the national Central Banks and by the national authorities of each country where it operates.

In addition to local legal and regulatory requirements, the Parent Company, under the responsibility of the Group Risk Manage ment, defines policies and metrics to be applied at Group level, to ensure that the liquidity position of any entity meets the requirements of the Group.

For these reasons, the Group is organised from a managerial perspective, according to the concept of the liquidity reference bank.

The liquidity reference banks are legal entities that act in their responsibility as liquidity hub s. They are in charge:

• of the liquidity management and concentration process of liquidity flows of the legal entities falling within their perimeter of responsibility;

• of the funding optimisation carried out on the relevant local markets and are responsible to coordinate the access to short -term and medium -long-

term markets of the Legal Entities belonging to their perimeter;

• finally, of the implementation of the Group’s liquidity rules at local level in line with Group Governance Guideline and Policy and with local regulations.

A particularly important role is played by the Parent Company, as a “supervisory and overarching liquidity reference Bank” with its role in steering, coordinating, and controlling all the aspects regarding liquidity for the whole Group.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 193 The Parent Company has the responsibility to set the overall Group risk appetite and sub -allocate the limits in agreement with the liquidity reference Banks and/or Legal Entities. In particular, the Parent Company functions are responsible for the following:

• outlining Group overall liquidity risk management strategies;

• developing liquidity risk metrics and methodologies;

• setting specific limits for liquidity risk exposures, in line with the Group risk appetite;

• optimising liquidity allocation amongst Legal Entities, in compliance to the local regulations and transferability limitation ;

• coordinating access to financial markets for liquidity management;

• outlining the yearly Group funding and contingency funding plan, coordinating and monitoring their execution;

• assessing the adequacy of the liquidity reserves buffers at Legal Entity and Group level;

• coordinating the refinancing transactions with the E uropean Central Bank;

• defining, periodically reviewing the Group ILAAP and approving the Group ILAAP Report on a yearly basis.

The Parent Company, moreover, acts as the liquidity reference Bank for the Italian perimeter.

The principle of “self -sufficiency ” This organisational model allows self -sufficiency of the Group by accessing the local and global markets for liquidity in a controlled and coordinated way. According to Group Policies, structural liquidity surpluses can be upstreamed to the Parent Company, unless legal requirements prevent it. The liquidity available at country level could be subject to restrictions due to legal, regulatory, and political constraints.

The so -called “Large Exposure Regime”, applied throughout Europe, along with specific national laws like the “German Stock Corporati on Act”, are examples of legal constraints to the free circulation of funds within a cross - border banking Group38.

As a general rule, the large exposure regime, ruled by the CRR 575/2013 (from art.387 on wards ) and subsequent amendments , limits interbank exposures to a maximum of 25% of the institution’s Tier 1 capital: this rule is also applicable to intra -group exposures.

However, there are significant differences in the way in which this EU regulation has been implemented in the various countri es. In many CE&EE countries the 25% limit is valid, with some countries showing even stricter rules; in Austria, according to the N ational law, the 25% limit is not applied to exposures towards the Parent Company, if located in the European Economic Area; finally, in Germany the national Regulator has set up a process to apply for a waiver, exempting intra -group exposures from the lar ge exposure limitation.

In the absence of official limits valid at national level, Austrian and German Regulators reserve the right to judge the expo sure level on a case - by -

case basis. In the current economic environment, in many of the territories in which the Group operates, Banking Regulatory A uthorities are adopting measures aimed at reducing the exposure of their national banking system towards foreign jurisdictions wit h potential negative impacts on the ability of the Group to finance its activities.

For these reasons, the “ Group Liquidity Management & Control Policy” provides for a further principle to enhance a sound liquidity risk management;

each Legal Entity with market access has to increase its liquidity self - sufficiency, fostering in this way the exploitation of its strengths. In addition, the Group rule states that each LE (including the liquidity reference bank) should be self -sufficient in terms of liquidity in its local currency, either on its own or by leveraging on the relevant liquidity reference bank.

This self -sufficiency principle is reflected in a specific “limit structure”: limits are set both at Group and at individual level, wit h the purpose of avoiding/controlling significant imbalances among legal entities.

This type of organisation promotes the self -sufficiency of the legal entities, by allowing them to access the local and global markets for liquidity in a controlled and coordinated way, whilst optimising: i) the liquidity surpluses and deficits within the Group’s Legal Entities ii) the overall costs of funding across the Group.

The adoption of the Single Point of Entry by the Group implies that the Holding provides internal MREL to all the other subsi diaries within Europe, representing the only exception to the self -sufficiency principle.

Roles and responsibilities At Group level, three main functions are identified in the management of liquidity: the Group Risk Management competence line , the Group Finance competence line, and Group Treasury function, each with different roles and responsibilities.

In particular, the operational responsibilities reside in the Finance and Treasury functions, while the Risk Management funct ion has responsibilities of independent control and independent reporting compared to the operational functions (in line with the c urrent requirements of Banca d’Italia).

Specifically, the Risk Management function is responsible for the independent control of liquidity risk and of Balance sheet interest rate and FX risk at Group level and for the internal and regulatory stress testing.

38 Also, Banca d’Italia Rules, Circular 285, foresees that the Group should ensure the maintenance through the time of adequate reserves in each Legal Entity, in order to take into account possible regulatory constraints (First Part, Title IV, Chapter 6, Sec tion III, paragraph 7).

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 194 In detail:

• defining policies and methodologies for measuring and controlling the liquidity risk and developing, updating and presenting the independent internal risk reports/assessments to internal competent functions (second level controls);

• putting in place a strong and comprehensive internal limit and control framework to mitigate or limit the liquidity risk in l ine with the risk tolerance in order to monitor the different material drivers of liquidity risk;

• contributing to the setting of the risk appetite framework;

• assessing and monitoring liquidity risk exposure trends at Group and Country level and confronting them with the respective l imits and triggers;

• verifying the correct implementation of the agreed mapping rules;

• performing an independent assessment of the Funding Plan and of the Contingency Funding Plan as well as monitoring their exec ution;

• developing and performing the liquidity stress test at Group level, analysing the outcome, delineating new scenarios to be ta ken into account and centralising the action plan relating to the stress test results; it is also responsible for periodically reviewing the liquidity stress test framework;

• monitoring the liquidity risk and producing regular risk reporting at Group level in alignment with Basel Committee’s “Princi ples for effective risk data aggregation and risk reporting”, setting common standards in terms of presentations and communications .

• performing internal validation activities at Group level on systems for measuring liquidity risks on related processes and da ta quality and IT components, as well as on models for pricing financial instruments in order to check that they comply with regulatory requirements and in -house

standards;

• developing and back -testing the behavioural models for the measurement of the liquidity risk;

• validating, controlling the implementation and releases independent assessments on the models to map the liquidity profile of Balance sheet items (i.e. behavioral models on deposit stickiness, on loans prepayment, e cc.).

Group Treasury acts as main coordinator in the management of infra -group flows, stemming from liquidity deficits or surplus of the various Group’s Legal Entities, and applies the appropriate transfer prices to such fund’s movements. By doing so, Group Trea sury ensures disciplined and efficient access to the markets.

Group Finance competence line is responsible for the coordination of the overall financial planning process at Group, liquidi ty reference Banks and relevant L egal Entitie s level, aiming to efficiently ensure the stability and the sustainability of the financial structure through time, addressin g assets and liabilities composition and maturities, in compliance with the limits and triggers set for liquidity and Balance sheet metrics.

It is also responsible for the execution of the medium long term Group’s funding strategy (including securitisation operation s), coordinating the access to national and international capital markets for all the liquidity reference banks and relevant L egal Entitie s, exploiting local market opportunities in order to reduce the costs of funding and diversify the financing sources.

In addition to this, the function performs first level controls on liquidity positions managed by Group Finance and Group Tre asury aimed at ensuring the proper P&L and liquidity workflow of the operations and defines conditions and rules for transfer price application.

All the relevant issues that concern the liquidity risk and management perspective of the Group are discussed in GRC (Group r isks and controls committee - ALCO session).

The Committee is responsible for approving strategies, policies and methodologies for Financial Risks and for the monitoring of risks related to Fund Transfer Pricing, across Liquidity Reference Banks, Business Functions and Legal Entities, with the aim to optimi se the usage of financial resources (e.g., liquidity and capital) in coherence with Risk Appetite and Business Strategies.

It is also responsible for the approval of the Financial Plan, Funding Plan, Ordinary Counterbalancing Capacity Plan and Cont ingency Funding Plan to be submitted to the Board by the CEO as well as for evaluating the impact of transactions significantly aff ecting the overall financial risk portfolio profile.

The optimisation of liquidity risks is pursued through the setting of specific limits on the standard banking activity of tra nsforming short, medium and long-term maturities . This process is implemented in accordance with legal and regulatory framework in each country and internal rules and policies of the Group companies through management models in place within the individual liquidity reference banks.

Such models are subject to analyses carried out by the local Risk Management or equivalent structure with the same responsibi lities in coordination with the Group’s Risk Management to ensure that they comply with the metrics and the objectives of the Group ’s liquidity framework.

In addition, the regional rules must comply with national laws and regulatory requirements.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 195 Risk measurement and reporting systems

Techniques for risk measurement The different types of liquidity risk managed by the Bank are:

• short term liquidity risk refers to the risk arising from mismatches in the amounts and/or the maturities of cash inflows and cash outflows in the short term (below one year);

• market liquidity risk is the risk that the Bank may face a considerable and unfavourable price change generated by exogenous or endogenous factors and incur losses as a result of the sale of assets deemed to be liquid. In the worst case, the Bank might not be able to liquidate such

positions;

• intraday liquidity risk appears when a Bank is not able "to meet payment and settlement obligations on a timely manner basis under both normal and stressed conditions";

• structural liquidity risk is defined as the inability to raise the necessary funds to maintain an adequate ratio between medi um to long -term (over one year) assets and liabilities at reasonable pricing level, in a stable and sustainable way, without affect ing the daily operations or the financial condition of the Bank. It could have a potential impact on the cost of funding (own credit and market funding spreads), affecting future income of

the institution;

• contingency risk, or stress liquidity relates to future and unexpected obligations (i. e. draw on committed facilities, depos its withdrawal, increase in collateral pledging) and could require the Bank a greater amount of liquidity compared to what is considered the amount to run the ordinary

business;

• intragroup liquidity risk, that might generate from an excessive exposure or dependency towards/from specific Group counterpa rts;

• funding concentration risk arises when the Bank leverages on such a limited number of funding sources, that they become so significan t that the withdrawal of one or few could trigger liquidity problems;

• foreign exchange liquidity risk, generated by the current and projected liquidity mismatch between cash inflows and cash outf lows in foreign currencies (refinancing risk) or related with the maturity distribution of the assets and liabilities in foreign cu rrencies (foreign currency structural mismatch risk).

The exposure of the Group and its Legal Entities to any of these risks is measured by associating to any of them a metric or a set of metrics.

Every legal entity of the Group is exposed to the above - mentioned risks to a different extent: a materiality analysis is performed in order to define the perimeter of the liquidity risk management and control.

Liquidity risk, for its particular nature, is addressed by means of gap analyses, liquidity stress testing, and complementary measures (mainly through a set of indicators, among which: loans to deposits ratio, liquidity coverage ratio).

In particular, gap analyses are performed within two distinct time horizons:

• liquidity imbalance mismatch approach on a daily basis, which controls the short -term liquidity risk arising from the overnight up to 12 months

maturity;

• gap ratios on a monthly basis, which control the medium to long -term risk (structural liquidity) from the 1 -year maturity onwards.

Strategies and processes to manage the liquidity risk The Group’s liquidity framework is based upon the Liquidity Risk Mismatch Model which is characterised by the following funda mental principles:

• short -term liquidity risk management (operational liquidity), which considers the events that will impact upon the Group’s liquidity position from 1 day up to one year. The primary objective is to maintain the Group’s capacity to fulfil its ordinary and extraordinary paymen t obligations while minimising the relevant costs;

• structural liquidity risk management (structural risk), which considers the events that will impact upon the Group’s liquidity position over one year.

The primary objective is to maintain an adequate ratio between medium/long term liabilities and medium to long -term assets, with a view to avoid pressures on sh ort-term funding sources (both current and future), while in the meantime optimising the cost of funding;

• stress tests: Liquidity crisis is a low probability, high impact event. Therefore, stress testing is an excellent tool to reveal potential vulnerabilities i n the Balance sheet. The Bank uses several scenarios ranging from general market crisis to idiosyncratic crisis, as well as combinations thereof .

In this context, the models to manage the liquidity take into account all assets, liabilities, off -Balance sheet positions and also both present and future events which generate certain or potential cash flows for the Group, thereby protecting the Group Ba nks/Companies from risks relating to the transformation of maturity.

In addition, the liquidity risk is included in the Group’s risk appetite framework through some specific liquidity indicators .

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 196 Short -term liquidity management Short -term liquidity management aims at ensuring that the Group remains in a position to fulfil its cash payment obligations, wheth er expected or unexpected, focused on the exposure for the first twelve months.

The standard measures taken for such purposes are the following:

• management of the access to payment systems (operational liquidity management);

• management of cash payments to be made and monitoring of the level of liquidity reserves and the extent of their utilisation (analysis and active management of the maturity ladder).

These principles are applicable at Group level and have to be used across the liquidity reference Banks .

The operative maturity ladder is composed by the net contractual cash flows ( in/outflows ) affecting the cash position at Central Banks or “Nostro Account”.

Therefore, these flows impact directly the “ core liquidity ” of the Bank, over pre -defined time buckets .

The operative maturity ladder is composed of:

• primary gap, which shows the net wholesale refinancing requirements over the various time -buckets of the horizon ;

• counterbalancing capacity, which shows the amount of unencumbered securities that are accepted as collateral by Central Banks and/or market counterparties. The counterbalancing capacity is considered at its “liquidity value” (i.e. the market value minus th e applicable haircut) ;

• cumulative gap, which is the sum of the previous components;

• reservation for unexpected flows, which consists of liquidity adjustment to the operative maturity ladder, to consider a buff er that can be used by the Treasury to refinance unexpected outflows impacting the Central Bank position (included in the short - term buckets). The reservation for unexpected flows takes into account the volatility of the funding needs of the commercial asset portfolio, the volatility of the commercial funding sources, including potential concentration effects, the change of liquidi ty value of the counterbalancing capacity due to observed market price changes.

The operative maturity ladder is included in the Group risk appetite framework, with a limit of 0 on the 3 months bucket.

The Group also adopts the cash horizon as a synthetic indicator of the short - term liquidity risk levels.

The cash horizon identifies the number of days after which the relevant entity is no longer able to meet its liquidity obliga tions as expressed in the operative maturity ladder, after having exhausted the available counterbalancing capacity.

Structural liquidity management The Group’s structural liquidity management aims at limiting refinancing exposures above one year and thus reducing refinanci ng needs in the shorter term. The maintenance of an adequate ratio between medium to long -term liabilities and assets aims at avoiding pressures on short -term sources, whether present or future.

The standard measures taken for such purposes are the following:

• the spreading of the maturity of funding operations in order to reduce the usage of less stable funding sources, while in the meantime optimi sing the cost of funding (integrated management of strategic liquidity and tactical liquidity);

• the financing of growth through strategic funding activities, setting the most appropriate maturities (yearly funding plan);

• the balancing of medium/to long -term wholesale funding requirements with the need to minimise costs, by diversifying sources, national markets, currencies of issuance and instruments used (realisation of the yearly funding plan).

The main metric used to measure the medium/long -term position is the net stable funding ratio, as described by CRR2.

In general, the net stable funding ratio is calculated as the ratio between the stable portion of liabilities and assets.

All the Balance sheet items are mapped according to their contractual maturity. In addition, they are assigned a weight that reflect, for the liabilities, their stability within the Balance sheet and, for the assets, the portion that is rolled over by the Bank or that, more in general, cannot be traded on the market in exchange of liquidity that would generate relief to the institution.

The internal limit , set at 102 .40% for 2026, means that stable liabilities have to fully cover the requirements of funding generated by the stable assets.

In addition to the regulatory perspective offered by the net stable funding ratio, an internal metric, named structural liqui dity ratio, is adopted to steer structural liquidity risk from an economic point of view, i.e. considering the liquidity risk stemming from different Balance sheet items under the perspective of internal models.

Another key structural metric, aimed at measuring the funding needs originated from the commercial activity of the Bank, is t he loans to deposits ratio.

It measures the need of funding the Bank has to finance on the wholesale market. The indicator is integrated in the risk appetite framework with the aim of monitoring and managing the level of funding coverage of net loans to customers, coming from funding sources not exclu sively obtained through Treasury/Finance activity.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 197 Liquidity under stress Stress testing is a risk management technique used to evaluate the potential effects on an institution’s financial condition of a specific event and/or movement in a set of financial variables.

As a forward -looking tool, liquidity stress testing assesses the institution’s liquidity risk. In particular, the results of the stress tests are used to:

• determine liquidity limits both in quantitative and qualitative terms;

• plan and carry out alternative funding transactions for purposes of off -setting liquidity outflows;

• structure/modify the liquidity profile of the Group’s assets;

• provide support to the development of the liquidity contingency plan.

In order to execute stress tests that are consistent across the liquidity reference Banks, the Group has a centralised approach, requiring each local liquidity reference Bank to run the same scenario set under the coordination of the Group risk management.

The Group runs liquidity scenarios and sensitivity analyses on a regular basis, the latter by assessing the impact on an inst itution's financial condition of a move in one particular risk factor, whereas scenario tests tend to consider the impact of simult aneous moves in several risk factors, based on a hypothetical, well defined and consistent stress scenario.

The Group identifies three different types of potential liquidity crisis:

• market (systemic, global or sector): market downturn scenario. This scenario consists of a sudden turmoil in a monetary and c apital market, which may be caused by closure (or limited access) to market/settlement system, critical political events, country c risis, credit crunch, etc.;

• specific to the Group, or part of it (idiosyncratic): name crisis; the assumptions could be operational risk, events relating to the worsened perception of the Group reputational risk and a downgrade in UniCredit S.p.A. rating or another legal entities;

• a combination of market and specific crisis: combined scenario.

These scenarios are expected to cause a substantial reduction in the funding coming from rating -sensitive customers, CD/CPs’ investors and inter -

Bank markets. In addition, a possible usage of the undrawn portion of the committed lines is considered.

The combined scenario is defined as a general negative development in the market environment and as a factual or market -hypothesised problem specific to the Group.

In the first half of 2026, the Group liquidity stress test result on the combined scenario was always positive on the time horizon relevant for the internal limit system.

In addition to the internal stress test, the Bank adopts and monitors the liquidity coverage ratio (LCR), calculated in accordance with the provisions of Implementing Regulation (EU) 2016/322 in force from 1 October 2016 as amended by DR (EU) 2018/1620. It is the ratio between the high -quality liquid assets (HQLA) and the net cash outflows expected over the coming 30 days, under stress test conditions. The compliance with this regulatory requirement is constantly monitored by setting, in the risk appetite framework, internal limitations above the bindi ng minimum level of 100%.

Among the liquidity outflows that occur in a stress scenario, the Bank monitors on a monthly basis the impact in terms of additional collateral that the Bank may be required to provide given a downgrade of its own credit rating. All the relevant rating agencies are taken into account. The testing is carried out on a Legal Entity level, but consolidated reporting is available to analy se the impact on group wide basis. Specific attention is dedicated to exposures towards special purpose vehicles (SPV).

At Group level the amount of material outflows due to deterioration of own credit quality, included in the components of the Liquidity Coverage Ratio, amount to € 125 million as at 30 June 202 6.

Risk mitigation

Monitoring and reporting In the Group the governance and control of liquidity risk is mainly performed through the setting and monitoring of operating managerial and regulatory restrictions aimed at preventing potential vulnerabilities in the Bank's ability to meet its cash flow obligations that are embedded in risk metrics limits or warning/trigger levels.

The short -term liquidity limits are monitored and reported on a daily basis. The structural liquidity ratios and their exposure against limits are monitored and reported on a monthly basis. The survival period and the result of the liquidity stress test are reported and m onitored on a monthly basis.

In case of limit breach or warning level activation at Group level, the Group risk management function investigates the ratio nale of the events, triggering proper escalation and reporting them to the relevant committees.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 198 Mitigation factors Liquidity risk is considered a relevant risk category for the risk appetite determination of the Group.

The practices and processes are included in the “ Group Liquidity Management & Control Policy”, that defines the principles that the Parent Company and the Legal Entities have to apply for hedging and mitigating this risk and the roles to be interpreted by the diff erent committees and functions. In addition to an adequate liquidity buffer to face unexpected outflows and robust and regular up -to-date stress testing, the main liquidity mitigation factors for UniCredit Group are:

• an accurate plan of short -term and medium to long -term liquidity needs, to be monitored on a monthly basis;

• an effective Contingency Liquidity Policy with feasible and up -to-date Contingency Action Plan to be executed in case of crisis;

• a system of early warning indicators such as to anticipate any potential liquidity crisis and give enough time to the Group to restore its safe liquidity profile.

Funding plan

The funding plan plays a fundamental role in the overall liquidity management, influencing both the short -term and the structural position.

The funding plan, defined at each level (i.e., Group, liquidity reference Bank and Legal Entity level), is developed consistently with a sustainable analysis of uses and sources, both on short -term and structural positions.

One of the objectives of accessing the medium and long -term channels is to avoid the pressure on the short -term liquidity position.

The funding plan is updated at least on a yearly basis and is approved by the Board of Directors. In addition, it is aligned with the budgeting process and the risk appetite framework.

The Parent Company accesses the market for Group capital instruments.

The Parent Company coordinates the market access of the liquidity reference banks and legal entities, while the liquidity reference banks coordinate the access of the legal entities falling within their perimeter.

Each legal entity or liquidity reference bank can access the markets for medium and long -term funding, in order to increase its self -sufficiency, exploit market opportunities and functional specialisation, safeguarding the optimisation of cost of funds of the Group.

Group Finance competence line is responsible for the elaboration of the funding plan. Risk management is responsible for prov iding an independent assessment of the funding plan.

Group contingency liquidity management The liquidity cris es usually develop quickly, and early warning signals may be difficult to interpret or even absent ; it is, therefore, important to clearly identify players, powers, responsibilities, communication and reporting criteria, in order to increase significantly the prob ability of overcoming the state of emergency successfully. A liquidity crisis could be cla ssified as systemic (e.g. , overall capital and money market disruption) or specific (e.g. , specific to the Bank), or a combination of both.

The ability to act in time is essential to minimise the potentially disruptive consequences of a liquidity crisis.

The analysis of the stress tests will form a valuable tool to identify the expected consequences and to define up front the m ost suitable actions in a certain crisis scenario.

In combination with the early warning Indicators the organisation may be able to reduce negative liquidity effects in the ini tial stages of a crisis.

Therefore, a crisis -mode operating model, that can be activated effectively in case of crisis according to an approved procedure, has been define d.

In order to be able to proceed timely, a set of mitigating actions have been pre -defined. Depending on the situation some of these actions can then be approved for execution.

The Group contingency liquidity management rules have the objective of ensuring effective interventions starting from the very outset (initial hours) of the liquidity crisis, through the definition of specific guidelines on activation, meetings, decisions, actions and commun ications.

This is achieved through:

• a set of early warning indicators that may help to identify emerging vulnerabilities in the Group liquidity risk position;

• activation of extraordinary liquidity governance and operating model linked to indicators included in both the risk Appetite and Recovery Plan

framework;

• a set of available standby mitigating liquidity actions;

• consistent internal and external communication.

A relevant part of the contingency liquidity management is the contingency funding plan. This plan consists of a set of poten tial but concrete management actions to be performed in time of crisis.

These actions are described in terms of size, instrument, and timing of execution aimed at improving the Bank’s liquidity position during time of crisis. The contingency funding plan is developed on the basis of the annual Funding Plan.

A specific early warning indicators dashboard is in place, both at Group and Legal Entities level, in order to continuously monitor situations of stress, which may, among others, be originated by market, sector or name specific events.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 199 They are based either on macroeconomic or market indicators that also reflect the monetary policy stance of the Central Banks variables, or on specific internal metrics. The system of early warning indicators helps to identify emerging vulnerabilities in t he Group’s liquidity risk position or potential funding needs, triggering a potential response by the Senior management.

A “traffic light approach” is adopted for each metric in order to have sufficient time to inform senior management of a deter iorating situation and allow to put in place adequate actions aimed at restoring the business -as-usual state.

Adequacy of the Liquidity Risk Management In the yearly process of the ILAAP, the Senior management is requested to give a judgement on the adequacy of the liquidity p osition and stability of funding, called Liquidity Adequacy Statement (LAS). This assessment aims at showing the main drivers that had modified the liquidity position throughout the year and provides comment also on the evolution of the main metrics that are used to steer the different aspec ts of the liquidity risk.

In the first half of 2026, the Group liquidity situation is deemed ad equate, and the liquidity risk management arrangements of the institution ensure that the liquidity risk management systems put in place are adequate with regard to the institution’s profile and strategy.

The framework of measurement systems and of limits in place aims to ensure that the Group has always an internal liquidity bu ffer/reserve that allows it to face expected and unexpected payments.

In the daily Treasury activity, the (managerial) liquidity reserve is represented by the Counterbalancing Capacity (CBC).

Group Treasury, in its role of operational liquidity management function is entitled to monetise also the bonds belonging to the trading book, if this is necessary to restore the liquidity positions, prevailing o ver any existing business or risk management strategies.

From a regulatory perspective, the liquidity reserve is represented by the amount of high -quality liquid assets (HQLA).

This is the numerator of the LCR and is made of assets, which can be easily and immediately converted into cash at little or no loss of value even in periods of severe idiosyncratic and market stress. These assets are unencumbered, which means free of lega l, regulatory, contractual or other restrictions on the ability of the Bank to liquidate, sell, transfer, or assign them.

The adequacy of the liquidity reserve under both perspectives is monitored and controlled through the limitations set on the operative maturity ladder (managerial) and on the liquidity coverage ratio (regulatory), as described above.

In the first half of 2026, the operative maturity ladder of the Group, measured considering the impediments in the transfer of liquidity among Legal Entities, was constantly above the Risk Appetite Trigger, defined at a level that ensures that the Group would have enough li quidity to survive to a period of stress.

Similarly, the Group liquidity coverage ratio (LCR) was always well above the trigger (set above the minimum regulatory requi rement of 100%), confirming that its liquidity reserve was large enough to cover one month of stress designed according to the regu latory hypothesis.

While the operative maturity ladder and the LCR restrictions ensure that the liquidity reserves are adequate, compliance with the loans to deposits ratio and other structural liquidity metrics restrictions ensure that the Bank maintains an appropriate balance between assets and liabilities in the medium -long term (beyond one year), preventing additional pressure on the short -term liquidity position.

In the first half of 2026, the net stable funding ratio , the loans to deposits ratio and the structural liquidity ratio were compliant with the limitations set in the risk appetite framework, thus confirming the relative stability of the funding source of the Group.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 200 2.5 Operational risks

Qualitative information

A. General aspects, operational processes and methods for measuring operational risk

Operational risk definition Operational risk is the risk of loss due to errors, infringements, interruptions, or damages caused by internal processes , personnel , systems or external events. This definition includes legal and compliance risks but excludes strategic and reputational risk.

For example, losses arising from the following can be defined as operational: internal or external fraud, employment practice s and workplace safety, client claims, products distribution, fines and penalties due to regulation breaches, damages to the compan y’s physical assets, business disruption and system failures, process management , service disruptions or failures by third parties .

Group operational risk framework UniCredit group sets the operational risk management framework as a combination of policies and procedures for the identifica tion, the assessment and measurement, addressing and mitigation, the monitoring and reporting of the operational risk of the Group and of the controlled entities. In order to ensure that the Operational Risk framework is consistently applied throughout the Group, guaranteeing that an adequate and proportional oversight mechanism is adopted also with reference to smaller Entities the “ Group Operational Risk Oversight “model has been defined.

The operational risk policies, applying to all Group Legal Entities, as defined by the Group Operational Risk Oversight model , are common principles defining the roles of the company bodies, the operational risk management function, as well as the relation ship with other functions involved in the process.

The Parent Company coordinates the Group Legal Entities according to the internal regulation, Governance Mechanisms , Managerial Accountability and Organizational Book and Application. The methodologies for data classification and completeness verification, scenario analysis, risk indicators, monitoring and reporting, capital at risk measurement, Risk and Control Self - Assessments and Mitigation Strategies are set by the Group Non -

Financial Risks (GNFR) structure and applied by all Legal Entities. A key element of the risk control framework is the operational risk management application, allowing the collection of data required for operational risk control and capital measurement.

The compliance of the Group Operational risk control and measurement system with external regulations and Group standards is assessed through an internal validation process, which is the responsibility of the Group Internal Validation department of the Par ent Company and is independent from the Group Non -Financial Risks structure.

Since March 2025 the UniCredit group applies the Basel IV standardised approach (SMA) for calculating operational risk capital for the Group and Legal Entities.

Organisational structure

Senior Management is responsible for approving all aspects related to the Group operational risk framework and verifying the adequacy of the measurement and control system; it is regularly updated on changes to the risk profile and operational risk exposur e, with the support of the appropriate risk committees if required.

The Group Risk s and Controls Committee (GRC) supports the CEO in the steering , coordination and control of the Non -Financial Risks (including Climate & Environmental risks) at Group level, also managing and overseeing the related internal control system (ICS).

The GRC enables the coordination among the “three lines of defence” with the aim to identify ing and share Group priorities concerning Non -

Financial Risks (e.g., events, regulations or emerging risks), assessing and monitoring the effectiveness of initiatives put in place in order to address them.

Without prejudice to the role reserved to the Board of Directors by the provisions in force at the time, the GRC, in order to support the CEO in implementing the strategic guidelines and the Group general Risk Management policies is responsible for:

• defining and approving policies, operational limits and methodologies for the measurement, management and control of Non -Financial Risks, as well as for the definition of the methodologies for the measurement, management, and control of Non -Financial Risks (Operational and reputational Risk) on the internal capital;

• evaluating and providing guidelines for the management of risks related to ICT, Security, Cyber, a third party contracts and business continuity

plan;

• evaluating and providing guidelines for the management of reputational risk also on single customer transactions.

With particular reference to the operational risk, GRC committee meets with approval, consulting, and information functions for:

1) Approv ing:

• Group Non -Financial Risk priorities and mitigation strategies ;

• general governance policies for the different types of NFRs;

• Group policies and methodologies for the measurement, management and control of the NFRs as well as for the measurement and c ontrol of the related internal capital;

• Group insurance strategies proposed by the competent functions.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 201 2) Consulting and information concerning:

• the main NFRs, for the industry and for the Group, and overall strategies for their optimisation;

• the relevant Group and local Legal Entities issues (also emerging by the activities carried out by local NFR Committees) conc erning NFR and ICS topics, evaluating weaknesses and shortcomings and, if needed, recommending and prioritising corrective actions, as well as monitoring main implementation plans milestones;

• external events having potential impact on Group NFRs profile, and best practices and/or lessons learned deriving from events , assessments and action plans defined by the Group Legal Entities;

• the periodical reporting provided by Risk Management on operational losses (with particular focus on events having relevant f inancial impacts), near misses, Risk Weighted Exposure Amounts (RWEA), Indicators and Scenario Analysis • the Compliance and Risk Management evidences on second level controls carried out, as well as on current and expected impacts of regulations;

• the Group relevant risks/criticalities highlighted by Internal Audit function, for specific cases and in relation to specific areas or geographies;

• Regulatory Report on operational risk significant or critical elements emerging from reports produced by External Regulators, other Group functions with control duties or operating within the ICS and External Auditors.

Group Non -Financial Risks structure (GNFR) is responsible for the governance and control of non -financial risks of the Group and of Unicredit S.p.A .

and for evaluating the exposure to them, through the definition of the framework and the related methodologies. The structure is also responsible for defining strategies to be submitted to the competent functions/bodies, in order to mitigate non -financial risks and to limit the related losses and Risk Weighted Exposure Amounts, as well as for setting their continual and independent monitoring and control. The structure is re sponsible for ensuring integrated analysis and reporting, in alignment with the oth er control functions (i.e. Compliance, Audit, Group Internal Validation) on the main non -

financial risks of the Group and of Unicredit S.p.A.

The structure is also responsible for the digital risks governance and control leveraging on the established framework method ology (i.e. the “Framework”), for the evaluations on mitigation measures’ adequacy on digital processes for UniCredit S.p.A., for t he oversight of the Framework’s implementation across the Group Entities as well as for the periodic reporting to the Group Top Management to support risk -based decision making.

The structure is organised as follow:

• Operational and Reputational Risk Management is responsible for defin ing principles and rules at Group level for identification, assessment, control and reporting of operational and reputational risks, monitoring their correct application by Legal Entities. The stru cture is also responsible for defining operational and reputat ional risk economic capital measurement methodologies, conducting analysis of the Group ’s and of UniCredit S.p.A. ’s exposure to operational risk also based on operational risk analytic s models. Furthermore, the structure identifies the operational risk strategic priority areas, coordinating and monitoring the definition and planning of related relevant risks mitigation action s by the Legal Entities of the Group and it is responsible for the definition of Risk Appetite Framework/RAF metrics of competence as well as for the related periodical monitoring. The structure is also responsible for the definition of the principles and minimum requirements necessary to iden tify and address the risks deriving from the development of new products or significant modifications to existing ones, assessing the impact of opera tional and reputational risks for products having a Global span (e.g. the ones submitted by “Client Solutions” functions) or in the UniCredit S.p.A . perimeter, together with the competent Group Compliance function. The structure provides oversight and challenge on the execution of the operational risk assessments for the Holding and Global functions perimeter, ensuring a specific oversight on the identification, ruling and management of Group activities connected to Reputational Sensitive Sectors and is responsible to define the methodologies for assessing the reput ational risk related to activities performed by the Group, providing reputat ional risk assessments for UniCredit S.p.A. and Non -Binding opinions for the other Legal Entities of the Group.

The structure furthermore carries out the activities as per the dedicated service agreement, for the perimeter of its compete nce, also for the company UniCredit Leasing S.p.A.

The structure finally supports the organization activities of the “Group Risks and Controls Committee” (GRC) for the perimeter of competence preparing cases for discussion and providing reporting on operational and reputational risks.

• Digital and Third party Risk Management is responsible to define principles and rules at Group level for identification, asse ssment, control and reporting - leading to a group -wide evaluation, monitoring and supervision - of digital and Third Parties risks , with the aim to enable the Group as a safe, secure and resilient digital Bank. Determines the most relevant areas within the operational risk framework in regard to the Group Digital perimeter of activity, in coherence with the Risk Appetite Framework/RA F and Group strategic objectives and defines the guidelines for the control of the Digital risks (i.e. IT and Cyber) and Third Parties performed by the Group Legal Entities, monitoring their execution. The Structure is also responsible to identify, assess, respond, monitor and report Digital risks affecting processes belonging to the Group Digital & Information area. In addition, the structure is responsible for monitoring the ICT and Cyber risks for Unicredit S.p.A . through specific risk indicators and/or second -level controls, as well as for the definition of appropriate mitigation actions.

Reporting

A reporting system has been developed by the Parent Company to keep senior management and the Management Body regularly infor med on the Group operational risk exposure and the risk mitigation actions.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 202 In particular, weekly reports are provided on operational losses trend, the main initiatives undertaken to prevent or mitigat e operational risk in the various business areas and main operational risk events. Quarterly updates are provided on capital -at-risk estimations and RAF metric monitoring.

Operational loss reports, submitted to Group Non -Financial Risks and Controls Committee are periodically provided to Regulators.

Risk addressing and mitigation On a yearly basis, NFR priorities are defined at Group and local level on the basis of both internal data (losses, scenarios, incidents, risk indicators) and external information (external events, market trends and emerging risks).

To address the identified NFR Priorities, the Mitigation Strategies are defined through the identification of Strategic Guide lines aimed at ensuring an effective presidium on Group and Local priorities.

NFR Priorities represent the basis for the identification and planning of the related Mitigation Strategies. NFR Priorities a re yearly defined by GNFR and Local NFR functions through a qualitative evaluation o f selected forward -looking key risk drivers, arising from internal and external data such as industry, market trends evolution and additional Group or Local drivers.

The defined NFR Priorities are analysed by GNFR and local NFR functions to identify the proper Group and Local Strategic Guid elines to mitigate such priorities and their main weaknesses/points of concern (overall referring to Group and Local Mitigation Str ategies).

Group NFR Priorities and Mitigation Strategies, particularly, are aligned with Risk Appetite Framework (RAF), shared with the other Control Function for overall coherence and are provided to the local NFR Functions as reference for their further analysis a nd setting (with the goal to define the Group NFR Priorities and Strategies applicable at local level and to identify any specific NFR Priority and Strategy locally relevant).

The local NFR function analyses the relevance of each Group NFR Priority at local level to define if it is applicable also in its Legal Entity, consistently with the Group approach and any other methodological instructions potentially provided by GNFR.

Additionally, the local NFR management functions should identify and evaluate additional priorities affecting their own Legal Entity, considered relevant on the basis of the local market trends, the business evidences of the last and ongoing year and the s pecificities of the Legal Entity. For each locally relevant NFR Priority, the NFR function defines the local second level control activities (i.e. local Mitigation Strategies) addressing the related risk. Group/Local NFR Priorities and Mitigation Strategie s are then submitted to the Group/Local Non -Financial Risk Committee or designated risk Committee for approval.

Afterwards, the status of the related Group and Local mitigation actions is regularly monitored on a risk -based approach by GNFR and local NFR Functions, reporting any relevant deviation to the designated Committees. In particular, the monitoring is perfor med through:

• the second Level Controls, aimed at verifying that the actions defined through the NFR Strategic Guidelines in scope are effe ctively and timely carried out and in case of significa nt changes concerning the implementation timeline, mitigation action effectiveness or risk exposure, the local NFR function is responsible for finding the proper recovery, involving the relevant functions as needed, and/or escalating th e issue to the designa ted Risk Committee. Same role is acted by GNFR for Group mitigation action . Local NFR function has also to timely inform GNFR;

• the oversight, during which GNFR checks the actions reported by NFR functions on a risk -based approach and in case of criticalities detected during the monitoring phase of Local and Group mitigation actions, GNFR and local NFR functions can agree on any re covery action and/or any escalation to local or Group designated Risk Committees.

Operational Risk Permanent Work Group (PWG) The Global Operational Regulation Operational Risk Monitoring and Control rules the PWG, an inter -functional working group established in the Legal Entities, which aims at identifying the root causes of Operational Risks and reduce the Operational Risk exp osure of the Group Legal Entities, leveraging mainly on the expertise of the NFR management function and the other competent functions (e.g., Compliance, Securi ty, Business functions, etc.) involved time by time.

The meetings, called at least quarterly, contribute to identify the risks, propose the mitigation actions, and monitor their implementation status.

Insurance as risk mitigation GNFR/local NFR management function, respectively at Group/Local level, is involved in the decision process related to insuran ce coverage with analyses regarding the exposure to operational risks, effectiveness of deductibles and of policy limits. Such func tions regularly inform management on insurance related matters connected to operational risks. The role of GNFR and the local NFR management function in insura nce management is defined in in the Global Operational Regulation Operational Risk Monitoring and Control. Any proposal for relevant change in the risk transfer strategy through insurance is submitted to the competent functions/Bodies for approval. The operational risks commonly insured in the Group are damages to physical assets, frauds, and liability toward s third parties.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 203 On the basis of a risk classification, the Group has insurance policies according to the following forms:

• internal fraud: “Bankers Blanket Bond” (BBB) policy, according to Employee Dishonesty insuring clause;

• external fraud: BBB policy, according to the following insuring clauses premises and transit (including loss of property resu lting directly from theft & robbery), forgery or alteration, computer manipulation, includ ing the cases of “fraudulent impersonation of counterparty” aimed at the execution of fraudulent transactions (e.g., “the so -called CEO frauds”);

• ICT and cyber breach es: Cyber policy, coverage for liability claims (including legal expenses and customer notification costs) and business interruption costs (included also damages to UniCredit group caused by the system failure of the external IT providers). The coverage is e xtended also to Group multimedia liability (i.e., infringement of the copyright, defamation and general negligence in the course of p ublication);

• protection for the personal liabilities of the management including legal expenses: Directors and Officers Liability (D&O) po licy;

• Employer’s Liability: protection for the Bank’s liability against claims for damages suffered by employees (compared to third -parties);

• third Party Liability Policy: protection for the Bank’s general liability against claims for damages suffered by third partie s;

• external occurrences: “Property all risks” policy as well as “EDP (Electronic Data Processing) all risks” policy are provided in respect of buildings and other assets, extended to natural events, catastrophic losses, vandalism and terrorism, Fine Art polic y to cover entrusted or owned works of art.

Non-Financial Risks Appetite (NFRs Appetite) Non-Financial Risks Appetite metrics (Key Performance Indicators - KPIs) are reviewed annually and quarterly monitored; KPIs are cascaded to Legal Entities (in line with the perimeter defined by RAF).

ELOR (Expected Losses on Revenues) is an overarching NFRs metrics within Risk Appetite framework; in addition, ICT Security R isk, ICT Risk, Financial Crime, Third Parties Risks and Reputational Risk are monitored through dedicated KPIs and/or qualitative s tatements covering the main identified risk factors.

ELOR is a ratio estimated with a statistical model, based on the historical losses time series and forward -looking factors, as numerator, and the budget revenues, as denominator.

ELOR is monitored using the actual losses on actual revenues booked until end of quarters. The comparison between the thresho lds estimated at the beginning of the year and the actual calculated on each quarter allows a close monitoring by the Parent Compan y of changes or reactions put in place by the legal entities to reduce and prevent risks. These analyses are also used to evaluate the impact of mitigation ac tions implemented in the past and as a bas is for future strategies and mitigation activities, as w ell as the improvement of existing ones.

A disciplined approach in monitoring expected losses and implementing remedial actions will ensure consistency with best prac tice standards, increasing accountability and alignment between business and risk control functions.

Risk capital measurement and allocation mechanism The capital requirement is calculated by applying the Business Indicator Component (BIC) as provided by the CRR3 and the EBA/ CP/2024/05.

It means that the operational risk capital requirement and the corresponding OpRisk RWEA are quantified using the Business In dicator (BI) and the proper scaling factor. Therefore, as a first step, the Business Indicator is determined by relying on the Grou p's P&L item sources as reported in Tagetik (i.e., the IT platform used by Finance departments as the internal accounting system). The calculations are performed in ARGO (i.e., the IT platform used by the Group Non -Financial Risks department).

More in detail, the Business Indicator (BI) is calculated as the sum of the items in the last three years: BI = ILDC + SC + F C

where:

ILDC = Interest, Lease, and Dividend Component, SC = Service Component, FC = Financial Component.

The requirement is calculated as the Business Indicator Component (BIC) by applying an increasing % (12%, 15%, 18%) to the Bu siness Indicator in brackets as defined below (BI in € billion):

The equivalent RWEA amount for Operational Risk (i.e., the risk exposure amount) is obtained as follows: OpRisk RWEA = 12.5 * BIC

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 204 According to the Group Finance functions, all the Group OpRisk RWEA have to be allocated to the Legal Entities, according to the Group -view (not related to individual or sub -consolidated regulatory requirements). Therefore, an allocation has been defined in cooperation between the OpRisk function and the Group Finance functions, taking into consideration that:

• the BI is not additive due to the rules for its construction (i.e., minimum between NI and 2.25% of AC, max between FI and FE, max between OOI and OOE, absolute values of financial P&L for trading book and banking book);

• the BIC is, in general, hyper -additive ( (i.e., BIC(Group) ≥ ∑BIC(LEs)) due to its increasing scaling coefficients (i.e., 12% of BI until €1 billion, 15% between €1 billion and €30 billion, and 18% above €30 billion).

The allocation mechanism has been defined to be additive (i.e., BIC(Group) = ∑ Capital Requirement (LEs)) as follows:

And then: OpRisk RWEA (LEi) = 12.5 * Capital Requirement (LEi) .

Stress test

Since 2017, the Group has conducted regular stress analyses on operational risks. These include a comprehensive stress -testing exercise aimed at assessing, through the application of a statistical -econometric model, the potential impact on operational loss es and the related implications for the economic capital -at risk, arising from the changes in key macroeconomic variables.

The exercise is based on internally developed macroeconomic scenarios defined by the Group Stress Test Council, based on prop osals from the Research function. It is performed on a semi -annual basis, or on an ad hoc basis upon request, whenever such an asse ssment is deemed necessary to evaluate risks associated with a potential deterioration in the macroeconomic environment.

B. Legal risks The parent company UniCredit S.p.A. and other UniCredit group companies are named as defendants in several legal proceedings. In particul ar, as at 30 June 2026, the parent company UniCredit S.p.A. and other UniCredit group companies were named as defendants in 23,857 legal proceedings, of which 4,403 involving the parent company UniCredit S.p.A. (excluding labour law cases, tax cases and credit recovery actions in which counterclaims were asserted or objections raised with regard to the credit claims of Group companies ). In addition, from time to time, past and present directors, officers and employees may be involved in civil and/or criminal proceedings, the details of which UniCredi t group may not lawfully know about or communicate.

The Group is also required to fulfil appropriately various legal and regulatory requirements in relation to certain aspects o f its activity, such as conflicts of interest, ethical issues, anti -money laundering laws, EU, US and international sanctions, clie nt assets, competition law, privacy and information security rules and others.

Actual or alleged failure to do so may lead to additional litigation and investigations and subject the Group to damages clai ms, regulatory fines, other penalties and/or reputational damages. In addition, one or more Group companies and/or their current an d/or former directors are subject or may in the future be subject to investigations by the relevant supervisory or prosecutorial authority in a number of countries in wh ich the Group operates.

These include investigations and/or proceedings relating, inter alia, to aspects of systems and controls and instances of actual and potential regulatory infringement by the relevant Group companies and/or its clients.

Given the nature of UniCredit group’s business and its reorganisation over time, there is a risk that claims or matters that initially involve one Group company may affect or involve other Group entities.

In many cases, there is substantial uncertainty regarding the outcome of the proceedings and the amount of possible losses. Where it is possible to estimate reliably the amount of possible losses and the loss is considered as more likely than not, provisions have been made in the financial statements to the extent the parent company UniCredit S.p.A., or any of the Group companies involved, deemed appropriate based on the circumstances of the case and in compliance with the International Accounting Standards (IAS).

To provide for possible liabilities and costs that may result from pending legal proceedings (excluding labour law and tax ca ses), as at 30 June 2026, UniCredit group set aside a provision for risks and charges of €797.73 million, of which €491.9 million f or the parent company UniCredit S.p.A.

As at 30 June 2026, the total amount of claimed damages relating to judicial proceedings other than labour, tax and debt coll ections proceedings amounted to €5.3 billion, of which €3.8 billion for the proceedings involving the parent company UniCredit S.p.A.

This figure is affected by both the heterogeneous nature of the pending proceedings and the number of involved jurisdictions and their corresponding characteristics in which UniCredit group companies are named as defendants.

The estimate for reasonably possible liabilities and the provisions are based upon the available information, however, given the many uncertainties inherent in legal proceedings, they involve significant elements of judgment. Therefore, any provision may not be sufficient to meet entirely the legal costs and the fines and penalties that may result from pending legal actions.

Set out below is a summary of information, including, if material and/or indicated, the single requests of the plaintiffs, re lating to matters involving UniCredit group which are not considered groundless or in the ordinary course of the Group companies’ b usiness.

𝐶𝑎𝑝𝑖𝑡𝑎𝑙 𝑅𝑒𝑞𝑢𝑖𝑟𝑒𝑚𝑒𝑛𝑡 𝐿𝐸𝑖 =𝐵𝐼(𝐿𝐸𝑖)×𝐵𝐼𝐶(𝐺𝑟𝑜𝑢𝑝)

𝐵𝐼(𝐿𝐸𝑗)𝑛

𝑗=1

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 205 This section also describes pending proceedings against the parent company UniCredit S.p.A. and/or other UniCredit group companies and/or employees (even former employees) that the parent company UniCredit S.p.A. considers relevant and which, at present, are not characteri sed by a defined claim or for which the respective claim cannot be quantified.

Unless expressly mentioned below, labour law and tax claims or debt collections proceedings are excluded from this section an d are described elsewhere in the notes of this section. In accordance with IAS37, information that would seriously prejudice the re levant company’s position in the dispute may be omitted .

Proceedings which involve the parent company UniCredit S.p.A.

Proceedings arising out of the purchase of UniCredit Bank GmbH ( UCB - formerly UniCredit Bank AG) by the parent company UniCredit S.p.A. and the related Group reorgani sation

Squeeze -out of UCB minority shareholders (Appraisal Proceeding) In 2008, approximately 300 former minority shareholders of UCB filed a request before the District Court of Munich to have a review of the price paid to them by the parent company UniCredit S.p.A., equal to €38 per share, in the context of the squeeze out of minority shareholders (Appraisal Proceeding). The dispute mainly concerns the valuation of UCB, which is the basis for the calculation of the price to be paid to the form er minority shareholders. On 22 June 2022, the competent court in Munich rejected all applications for higher compensation than th e one that the parent company UniCredit S.p.A. paid to the former minority shareholders of UCB hence dismissing all claims. Ce rtain claimants have filed appeals, which have been pending before the Bavarian Highest Regional Court since 2022 .

Squeeze -out of UniCredit Bank Austria AG’s minority shareholders (Appraisal Proceeding) In 2008, approximately 70 former minority shareholders of UCB Austria commenced proceedings before the Commercial Court of Vi enna claiming that the squeeze -out price paid to them, equal to €129.4 per share, was inadequate, and asking the court to review th e adequacy of the amount paid (Appraisal Proceeding). In April 2025, the Vienna Commercial Court handed down its first -instance decision, determining that the appropriate cash compensation which should have been paid to the minority shareholders excluded f rom the squeeze -out should be set at €154 per share.

Consequently, UniCredit S.p.A., as the principal shareholder, should make an additional payment of €24.60 per share (i.e. the difference between €154 and €129.40). Interest at roughly 4% p.a. from 2007 u ntil the date of the final decision, plus costs, increase UniCredit S.p.A.’s exposure.

The court’s decision is not enforceable and has been appealed by UniCredit S.p.A. and certain applicants, who are requesting an even higher cash compensation. At present, the parent company UniCredit S.p.A. has made provisions that it deems appropriate for the risks associated with the proceedings .

Euro -denominated bonds issued by EU countries On 31 January 2019, the parent company UniCredit S.p.A. and UCB received a Statement of Objections from the European Commission referring to the investigation by the European Commission of a suspected violation of antitrust rules in relation to European government b onds. The subject matter of the investigation extended to certain periods from 2007 to 2011 and included activities by UCB between September and No vember 2011.

The European Commission concluded its investigation by issuance of its decision on 20 May 2021. The decision provides for the imposition of a fine of €69 million on the parent company UniCredit S.p.A. and UCB.

The parent company UniCredit S.p.A. and UCB contested the European Commission's findings and brought an action for the annulment of its decision before the General Court of the European Union on 30 July 2021. On 26 March 2025, the General Court of the European Union i ssued a decision which reduced the amount of the fine previously imposed, but otherwise upheld the Commission’s decision. In June 202 5, the parent company UniCredit S.p.A. and UCB submitted an appeal to the European Court of Justice, contesting the General Court’s judgment .

Proceeding relating to certain forms of banking operations The UniCredit group is named as a defendant in several proceedings in matters connected to its operations with clients, which are not specific to UniCredit group, rather affect the financial sector in general.

In this regard, as at 30 June 2026 (i) proceedings against the parent company UniCredit S.p.A. pertaining to compound interest, typical of the Italian market, had a total claimed amount of €289 million, mediations included; (ii) proceedings pertaining to derivative products, mainly affecting the Italian market (for which the claimed amount against the parent company UniCredit S.p.A. was €255 million, mediations included); and (iii) proceedings relating to foreign currency loans, mainly affecting the CEE cou ntries (for which the claimed amount was around €314 million).

The proceedings pertaining to compound interest mainly involve damages requests from clients arising from the alleged unlawfu lness of the calculation methods of the amount of interest payable in connection with certain banking contracts. At present, the parent company UniCredit S.p.A.

has made provisions that it deems appropriate for the risks associated with these claims.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 206 With regard to the litigation connected to derivative products, several financial institutions, including UniCredit group com panies, entered into a number of derivative contracts, both with institutional and non -institutional investors. In Germany and in I taly there are a number of pending proceedings against certain Group companies that relate to derivative contracts concluded by both institutional and non -institutional investors. The filing of such litigations affects the financial sector generally and is not specific to the parent company UniCredit S.p.A. and its Group companies. At present, the parent company UniCredit S.p.A. and the involved Group companies have made provisions deemed appropriate based on the best estimate of the impact which might derive from such proceedings.

With respect to proceedings relating to foreign currency (FX) loans, in the last decade, a significant number of customers in the Central and Eastern Europe area took out these types of loans and mortgages denominated in a foreign currency. In a number of instances customers, or consumer associations acting on their behalf, have sought to renegotiate the terms of such FX loans and mortgages, including having th e loan principal and associated interest payments redenominated in the local currency at the time that the loan was taken out, and floating rates retrospectively changed to fixed rates. In addition, in a number of countries legislation that impacts FX loans was proposed or implemented. These de velopments resulted in litigation against subsidiaries of t he parent company UniCredit S.p.A. in a number of CE&EE countries including Croatia, Slovenia and Serbia.

In 2015, the Republic of Croatia enacted amendments to the Consumer Lending Act and Credit Institutions Act mandating the con version with retroactive effect of Swiss franc (CHF) -linked loans into Euro -linked (the “Conversion Amendments”).

In 2019, the Supreme Court of the Republic of Croatia ruled that the CHF currency clause contained in certain loan and mortga ge documentation was invalid (standing confirmed by the Constitutional Court in March 2021). In March 2020, the Supreme Court ruled that agreements entered into following the Conversion Amendments whereby customers converted their CHF mortgages and/or loans into EUR are valid and accor dingly no additional payments are due.

In May 2022, the European Court of Justice (ECJ) rendered a preliminary ruling in the court case against Zagrebacka banka d.d . (Zaba) taking the stand that the Directive on unfair terms in consumer contracts is not applicable in cases in which the conversi on was based on national law (as it was in Croatia). The ECJ also referred to the local Croatian courts to decide on the conversion agreements and their effects. In December 2022, the Supreme Court publicly announced three legal standings related to CHF lo an conversions:

• customers who converted their loans under the Conversion Amendments are not entitled to damages;

• customers who converted their loans are fully entitled to claim both interest and principal;

• customers who converted their loans are entitled to penalty interest on overpayments made prior to the conversion.

The third legal standing, supported by a majority of 13 judges, was officially confirmed, and provisions were booked accordin gly. In July 2024, the European Court of Justice (ECJ) issued its decision in the Hann Invest case (C -554/21) challenging the Croat ian Supreme Court’s procedure of withholding final judgments on its December 2022 rulings. In response, between October 2024 and January 2025, the Croatian Su preme Court issued binding rulings on its December 2022 legal standings.

These rulings introduced additional legal uncertainty and increased the risk of outflows for the Bank. Provisions were adjust ed to reflect these developments.

In June 2026, the Croatian Supreme Court, sitting in an extended panel of thirteen judges, adopted a legal position regarding compensation claims relating to converted CHF loans. The Court confirmed that the conversion of CHF loans into euros settled the p arties’ contractual obligations in respect of the loan principal, while holding that consumers may be entitled to statutory default interest on certain overpaym ents. This decision may give rise to additional cash outflows, primarily relating to default int erest and litigation -related costs. Based on the Bank’s current assessment and scenario analyses, the existing level of provisions remains appropriate. The Bank continues to monitor legal developments and judicial practice and will reassess its provisionin g approach as further guidance becomes available. The issue of the legal effects of loan conversion remains pending before the Constitutional Court .

Lawsuit brought by Paolo Bolici In May 2014, the company wholly owned by Paolo Bolici sued the parent company UniCredit S.p.A. in the Court of Rome asking fo r the return of €12 million for compound interest (including alleged usury component) and €400 million for damages. The company the n went bankrupt. The parent company UniCredit S.p.A. won the case in the first instance and, in the course of the appeal, the parties reached a settlemen t, following which the case was definitively discontinued, also after the intervention by Mrs . Beatrice Libernini, Mr . Bolici’s business partner, was declared inadmissible. In late 2025, the plaintiffs commenced new proceedings seeking to invalidate the settlement agreement and claiming damages. The proceedings are pending, with the case adjourned for decision in Septembe r 2027.

On 31 July 2020, Mrs . Libernini sued the parent company UniCredit S.p.A., seeking damages based on analogous facts to those alleged in the 2014 proceedings. UniCredit S.p.A. prevailed at both first instance and appeal. The other party has appealed to the Supreme Court and the case is pending.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 207 In February 2023, Mr . Bolici and Mrs . Libernini commenced new proceedings before the Court of Rome, in which, recalling most of the claims already put forward by both of them and identifying the Bank as the main architect of the Group's financial collapse, they cl aim further damages for vario us reasons, also invoking new allegations. UniCredit S.p.A. prevailed at both first instance and appeal. The other party has appealed to the Supreme Court and the case is pending .

Giovanni Lombardi Stronati In June 2023 Mr . Giovanni Lombardi Stronati commenced proceedings before the Court of Rome seeking a declaration that the Bank is contractually liable for having ordered the sale of securities in his name, which had been seized in the context of criminal proceedings in wh ich he was charged and then acquitted for embezzlement and fraudulent bankruptcy. The claim amounts to €420 million. In September 20 24, the Court ruled in favo ur of the Bank, rejecting the claimant’s arguments. The claimant has since appeal ed the decision, and the appeal is currently pending .

Franco Colaiacovo

In June 2025, Franco Colaiacovo Gold S.r.l. in liquidation filed a claim for damages against the Bank before the Court of Mil an, alleging pre -

contractual liability in connection with the Bank’s decision not to grant a loan in 2014. The Bank filed its defen ce and raised, inter alia, a statute of limitations objection. Following the first hearing held in January 2026, the Judge admitted the hearing of witnesses. The cas e is thus in evidentiary phase .

Mazza

In 2005 the parent company UniCredit S.p.A. filed a criminal complaint against a notary, Mr. Mazza, representatives of certain companies and disloyal employees of the parent company UniCredit S.p.A. in relation to unlawful lending transactions in favour of certain c lients for €84 million.

The criminal court of first instance acquitted the defendants.

The Court of Appeal of Rome reversed this decision and found all the defendants guilty.

Following a further appeal, while stating that some accusations were time -barred, the Supreme Court confirmed the decisions of the Court of Appeal in respect of the damages sought by the Bank. In May 2022, the insurance company indemnified the parent compa ny UniCredit S.p.A. under the applicable policy, paying an amount of €33 million in relation to the losses suffered by the Bank.

Following the acquittal in the first -instance criminal proceedings, Mr. Mazza and other persons involved in the criminal proceedings filed two lawsuits for compensation claims against the parent company UniCredit S.p.A.: (i) the first (commenced by Mr. Maz za with a claimed amount of €15 million) was won by the Bank at first -instance and the judgment is now final; (ii) in the second (commenced by Como S.r.l. and Mr. Colella with a claimed amount of €379 million) case the Court of Rome ruled in favour of the parent company UniCredit S.p.A. Plaintiffs have appealed and reduced the claimed amount to €100 million. A decision is awaited .

Criminal proceedings

Certain entities within UniCredit group and certain of its representatives (including those no longer in office), are involve d in various criminal proceedings and/or, as far as the parent company UniCredit S.p.A. is aware, are under investigation by the competent authorities with regard to various cases linked to banking transactions.

At present, these criminal proceedings have had no significant negative impact on the operating results and capital and finan cial position of the parent company UniCredit S.p.A. and/or the Group, however there is a risk that, if the parent company UniCredit S.p.A. and/or other UniCredit group entities or their representatives (including those no longer in office) were to be convicted, these events could have an impa ct on the reputation of the parent company UniCredit S.p.A. and/or UniCredit group.

In relation to the criminal proceedings pertaining to the Diamonds offer topic reference is made to the paragraph “E. Other c laims by customers -

Diamond offer”, Explanatory notes, Part E - Information on risks and related hedging policies, Section - 5 Ope rational risks, Qualitative information .

Other proceedings

Claims in relation to guarantee payments and sanctions In August 2023, UCB was named as a defendant in a lawsuit pertaining to guarantee claims commenced by a Russian energy compan y before a court in Saint Petersburg, Russia. UCB had issued part of a guarantee package in favour of the Russian company on behalf of a German guarantee client. The Russian company had drawn down the guarantees by making payment claims to UCB, which UCB could not fulfil under t he applicable EU sanctions. Notwithstanding an anti -suit injunction obtained by UCB in the English courts (E nglish ASI) in January 2024, the Russian company continued the litigation in Russia, and joined AO UniCredit Bank (a member of the UniCredit group and a Bank operating in Rus sia, AO Bank) as a co-defendant in the lawsuit. On 26 June 2024, the Russian court fully satisfied the Russian company’s claims. Further appeals filed by UCB and AO Bank were rejected in February and August 2025. UCB and AO Bank filed a further appeal with the Russian Supreme Court, which was rejected in January 2026. UCB submitted an i mmediate protest to the Chairman of the Judicial Collegium of Economic Disputes of the Supreme Court, which was rejected in March 2026. In December 2025, UCB filed a claim against the German guarantee client to secure its reimburseme nt claim.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 208 Furthermore, in December 2024, the Russian company obtained an anti -suit injunction (Russian ASI) from a Russian court obliging UCB to refrain from taking legal action against the Russian company in any jurisdiction, and to take steps to annul the English ASI. If the Russian ASI were to be violated, UCB could be liable for a court fine payable to the Russian company. In light of this obligation, in February 2025, UCB obtained an order from the English Court of Appeal to amend its January 2024 order and remo ve the English ASI. UCB appealed against this decision in the Russian Supreme Court, but the appeal was rejected in June 2025 .

Claims in relation to counter guarantees and sanctions In April 2024, UCB was named as a defendant in a lawsuit brought by AO Bank before a court in Moscow, Russia, in connection w ith guarantee claims. UCB issued counter -guarantees to AO Bank for guarantees issued by AO Bank to a Russian company. When AO Bank made a payment under the guarantees to the Russian company, AO Bank demanded payment under the counter -guarantees from UCB, which UCB was unable to perform due to applicable EU sanctions. In October 2024, the Russian court ordered UCB to pay the guarantee amounts plus interest. UCB has appealed against the ruling. Further appeals filed by UCB were rejected in January and November 2025. UCB filed a further app eal with the Russian Supreme Court, which was rejected in March 2026. UCB submitted an immediate pro test to the Deputy Chairman of the Supreme Court, which was rejected in April 2026. In March 2025, AO Bank initiated measures to secure enforcement against UCB and subsequently commence d formal enforcement proceedings .

Proceedings related to claims for withholding tax credits On 31 July 2014 the Supervisory Board of UCB concluded its internal investigations into the so -called “cum -ex” transactions (the short selling of equities around dividend dates and claims for withholding tax credits on German share dividends) at UCB.

In this context, criminal investigations have been conducted against current or former employees of UCB and UCB itself as an ancillary party by the Prosecutors in Frankfurt/Main, Cologne and Munich. With respect to UCB, all proceedings originally initiated by the aforesaid prosecution offices were finally closed with payment of a fine or the payment of a forfeiture.

In December 2018, in connection with an ongoing investigation against other financial institutions and former bank employees, UCB was informed by the Cologne Prosecutor of the initiation of a new investigation in connection with an administrative offence regarding “cu m-ex” transactions involving Exchange Traded Funds (ETF).

In April 2019 these investigations were extended to so -called ex/ex -transactions, in which an involvement of the Bank in the sourcing of cum/ex transactions of other market participants on the ex -day is suspected. The facts are being examined internally. U CB is cooperating with the authorities.

On 28 July 2021, the Federal Criminal Court (BGH) rendered a decision through which the principle of criminal liability of cu m/ex structures was determined for the first time. With its decisions of 6 April 2022, 17 November 2022, 20 September 2023, 29 Octo ber 2024 and 27 May 2025, 7 and 8 July 2025, the BGH confirmed eight criminal judgements in other cum/ex cases of the Regional Court of Bonn and the Regional C ourt of Frankfurt/Main and the Regional Court of Wiesbaden, thus further solidifying its case law . Moreover, in its decision of 8 July 2025, the BGH dealt with the confiscation for the first time and upheld it; this decision thus goes beyond a mere, further confirmation of the cr iminal liability of cum/ex. The Federal Constitutional Court rejected sev eral complaints against decisions of the BGH, thereby confirming the case law of the BGH. UCB is monitoring the development.

In June 2023, the Munich tax authorities completed a regular field audit of UCB for the years 2013 to 2016 which includes, am ong other things, a review of transactions in equities around the dividend record date (so -called cum/cum transactions). During the se years UCB performed, among other things, securities -lending transactions with different counterparties which include, but are not limited to, different types of cum/cum transactions. It still remains to be clarified whether, and under which circumstance s, tax credits can be obtained or taxes refunded with regard to different types of cum/cum transactions. However, the Federal Tax Court (BFH) has provided some clarification through its cas e law, most recently in its decision of 13 November 2024. Some of t he taxes credited from the cum/cum transactions are currently not recognised for tax purposes by the tax audit. UCB appealed against the tax assessments for 2013 to 2015, which were amended based on the findings of the tax aud it regarding cum/cum transacti ons. Moreover, with respect to cum/cum transactions in which the counterparty of UCB claimed tax credits in the past, it cann ot be ruled out that UCB might be exposed to third party claims under civil law .

Romanian competition case In October 2022, the Romanian Competition Council (RCC) initiated an antitrust investigation into the ROBOR/ROBID benchmark f ixing.

The investigation focused on an alleged coordinated conduct among the main Romanian banks participating in the ROBOR fixing p anel. Following an extensive investigation process, in the first quarter 2 026, the RCC issued its preliminary investigation report, which concludes that the banks engaged in an exchange of confidential, strategic, and non -public information related to the ROBOR quotes; as a result, the non -complaint actions have taken place since No vember 2018.

In June 2026 RCC Plenum (Board) announced its decision which imposes fines for all involved credit institutions (of which an amount of approximately RON 431 million (a bout €82 million) applied for UniCredit Bank Romania SA). The full reasoning (motivated decision) is still pending as of date of preparation of the present financial statement s. The decision of the competition authority may and will be challenged before the Court of Appeal within 30 days from the communication of the reasoned decision, whereas the Bank will also seek suspension of the payment and enforcement of the fine through all available legal means.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 209 The ultimate outcome of the matter, including any related effects, depends on the resolution of the Bank's challenges to the RCC decision and subsequent court decisions. Significant uncertainty exists regarding the decision of the courts and regarding the timing of any final resolution.

Based on the assessment of the facts and circumstances currently available, including external legal advice, management has c oncluded that the criteria for recognition of a provision under IAS37 are not met as of the reporting date.

Accordingly, the maximum exposure associated with this matter amounts to RON 431 million (a bout €82 million), excluding any related interest or penalties that may arise. The Bank will continue to monitor developments and reassess its position as the matter progresses t hrough legal proceedings.

VIP 4 Medienfonds Various investors in “Film & Entertainment VIP Medienfonds 4 GmbH & Co. KG” to whom UCB issued loans to finance their partici pation, brought legal proceedings against UCB. In the context of the conclusion of the loan agreements, the plaintiffs claim that t he Bank provided inadequate disclosure about the fund structure and the related tax consequences. A settlement was reached with the vast majority of the plaintiffs. An outstanding final decision with respect to the question of UCB's liability for the prosp ectus in the proceeding pursuant to the Capital Markets Test Case Act (Kapitalanleger -Musterverfahrensgesetz) which is pending at Munich Higher Regional Court, will affect only a few pending cases .

Alpine Holding GmbH Legal proceedings against UCB Austria arose from bondholders’ claims commenced in June/July 2013. The claims stemmed from the insolvency of Alpine Holding GmbH, as UCB Austria acted as joint lead manager, together with another bank, for the undertaking of Alpine Holding GmbH bond issues in 2010 and 2011. Bondholders’ claims are mainly referred to prospectus liability of the joint lead manager, whereas a minority of the cases is based on misselling due to allegedly unlawful invest ment advice. In July 2025, i n proceedings concerning prospectus liability claims brought by bondholders, the Austrian Supreme Court confirmed the legal position of UCB Austria and the other issuing banks that the pros pectuses were correct and complete, and dismissed in their entirety the bondholders’ claims based on prospectus liability. On the basis of this landmark decision in favour of UCB Austria and the subsequent settlements, the total volume of claims was reduced to approximately €10.3  million, the majority of which relates to prospectus liability.

In addition to the ongoing proceedings against UCB Austria stemming from the Alpine insolvency, further Alpine -related actions have been threatened and may be filed in the future. The pending or future actions may have negative consequences for UCB Austria . Despite the favourable developments mentioned above, at the moment it is impossible to estimate reliably the timing and results of the various lawsu its, nor determine the level of liability, if any.

Bitminer litigation in the Republic of Srpska, Bosnia and Herzegovina In 2019, a local customer, Bitminer Factory d.o.o. Gradiška (Bitminer), filed a lawsuit before the District Commercial Court in Banja Luka claiming damages for unjustified termination of its current bank accounts by UniCredit Bank a.d. Banja Luka (UCBL), a subsidiary of the parent company UniCredit S.p.A. in Bosnia and Herzegovina, Republic of Srpska. Bitminer alleged that termination of the accounts obstructed its Initial Coin Offering (ICO) relating to a start -up renewable -energy -powered cryptocurrency mi ning project in Bosnia and Herzegovina.

On 30 December 2021, the first instance court adopted most of Bitminer's claims and ordered UCBL to pay damages in the amount of BAM 256,326,152 (€131 million) (the “Judgment”). The appeal was filed in January 2022. On 18 April 2023, the High Commercial Co urt reversed the Judgment in its entirety, and issued a final, binding, and enforceable second instance judgement (the "Second -Instance Judgment"). The second instance court established that Bitminer's claim is unfounded and that UCBL is not liable for any damages. Bitminer duly filed a revision, an extraordinary legal remedy, to the Supreme Court of the Republic of Srpska. The revision proceedings do not suspend or otherw ise affect the finality and enforceability of the Second -Instance Judgement. In April 2024, the Supreme Court of the Republic of Srpska issued the ruling and rejected the revisions. Bitminer filed an appeal with the Constitutional Court of Bosnia and Herzegovina, which is pending.

On 2 February 2026, the District Public Prosecutor's Office in Banja Luka opened an investigation involving certain individua ls and the legal entity connected with the Bitminer case (Darko Šljivar, Milica Vranjković and Bitminer). In May 2026, a representa tive of the Bank provided a statement in connection with the reopened criminal investigation. In June 2026, the Bank, through its external counsel, submitted to the P rosecutor's Office an expert report entitled "Assessment of Methodology and Validation of Damages Calculation", setting out the Bank's assessment of the financial losses allegedly incurred as a consequence of the first -instance judgment .

C. Risks arising from employment law cases UniCredit is involved in employment law disputes. In general, all employment law disputes are supported by provisions made to meet any disbursements incurred and, in any case, UniCredit does not believe that any liabilities relating to the outcome of the p ending proceedings could have a significant impact on its economic and/or financial standing.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 210 Lawsuits filed against UniCredit S.p.A. by members of the former Cassa di Risparmio di Roma Fund Lawsuits brought against UniCredit S.p.A. by members of the former Cassa di Risparmio di Roma Fund are aimed at reconsti tuting the patrimony of the fund, ascertaining and quantifying the individual social security position of each member. The value of the claims is about €384 million. The litigation is now pending before the Supreme Court after two decisions favo urable to the Bank. No provision has been made , as these claims are considered groundless .

D. Risks arising from tax disputes The following disclosure relates to the most significant disputes arising in the first half of 2026, as well as those already pending for which decisions or other forms of resolution have occurred. For matters not addressed herein, reference should be made to prior financial statements.

Contingencies that have arisen During the first half of 202 6 there are no outstanding contingencies of a significant amount.

Updates on pending litigation and tax audits With reference to the litigation initiated by the Bank following the express denial of its claims for refunds of IRPEG and IR AP for the 2000 and 2001 tax years (total amount in dispute: €9.2 million), the judgment of the Second -Level Tax Justice Court of L iguria, which upheld the Bank’s appeal, was challenged by the Tax Authority both before the Court of Cassation and through a motion for revocation before the same Second -Level Tax Justice Court. The revocation judgment, unfavorable to the Bank, has been ap pealed before the Court of Cassation. The proceedings have been joined, and the hearing was held on 21 May 2026. The filing of the judgment is pending.

With reference to the litigation brought by the Bank against the administrative suspension order issued by the Tax Authority in connection with the claim for a refund of substitute tax on medium - and long -term financing paid on account for the second half of 2002 (amount in dispute: €2.5 million), the Court of Cassation, by judgment filed on 22 September 2025, upheld the Bank’s appeal and remitted the case to the Second -Level Tax Justice Court of Emilia -Romagna, in a different panel. The proceedings were re sumed within the statutory time limits, and the hearing is scheduled for 6 July 2026.

With reference to the litigation brought by the Bank before the First -Level Tax Justice Court of Rome following the tacit denial of the claim for a refund of substitute tax on IRES and IRAP (and related surtaxes), relating to the revaluation of equity inte rests in the share capital of Banca d’Italia for the 2014 tax year (amount in dispute: €399.6 million), the First -Level Tax Justice Court of Rome, by judgment filed on 3 June 2025, dismissed the Bank’s claim and offset legal costs. The Bank appealed the de cision; the hearing was held on 4 June 2026. The Second -Level Tax Justice Court of Lazio, by operative part filed on 11 June 2026, dismissed the Bank’s appeal and ordered it to pay costs. The filing of the reasoned judgment is pending.

With reference to the litigation brought by the Bank, as merging entity following the merger of Pioneer Global Asset Manageme nt S.p.A., before the First-Level Tax Justice Court of Milan following the tacit denial of the claim for a refund of IRAP on divide nds for the 2014 tax year (amount in dispute: €2.6 million), which resulted in an unfavorable first -instance judgment, the decision was appealed before the Second -Level Tax Justice Court of Lombardy, which stayed proceedings pending the ruling of the Court of Justice of the European Union on the relevant matter. Following the judgment of the Court of Justice of the European Union, filed on 1 August 2025, which found the domestic legislation incompat ible with the Parent -

Subsidiary Directive, the hearing was scheduled for 16 February 2026. By judgment filed on 12 March 2026, the Second -Level Tax Justice Court of Lombardy upheld the Bank’s appeal and ordered the Tax Authority to pay legal costs. While the time limit for filing an appeal before the Court of Cass ation is still pending, discussions are underway to agree on the terms of the refund.

With reference to the litigation brought by the Bank before the First -Level Tax Justice Court of Rome following the tacit denial of the claim for a refund of IRES paid on dividends distributed by Banca d’Italia for the 2014 tax year (amount in dispute: €21 .9 million), the hearing took place on 5 June 2026; the filing of the judgment is pending.

With reference to the litigation brought by the Bank before the First -Level Tax Justice Court of Rome following the tacit denial of the claim for a refund of IRES paid on dividends distributed by Banca d’Italia for the 2015 tax year (amount in dispute: €19 .6 million), the hearing took place on 5 June 2026; the filing of the judgment is pending.

Within the group of active cases pending against UniCredit S.p.A. following the reassignment, on June 29, 2020, of the receiv ables previously assigned to Banca Farmafactoring S.p.A., the following updates are reported .

Denial of refund of IRPEG credit (1989) of the former Cassa di Risparmio di Reggio Emilia (amount in dispute: €1.9 million fo r principal and €1.82 million for interest): the Regional Tax Court of Emilia -Romagna, by judgment filed on 3 January 2022, dismiss ed the Tax Authority’s appeal, confirming the Bank’s entitlement to the refund. The Tax Authority filed an appeal before the Court of Cassation, and the Ban k filed a counter -appeal with an incidental claim. The hearing has yet to be scheduled.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 211 Denial of refund of IRPEG credit (1997) of the former Banca di Roma S.p.A. (total amount in dispute: €43.5 million): the judg ment of the Second -

Level Tax Justice Court of Lazio, which dismissed the Bank’s appeal, was challenged both before the Court of Cas sation and through a motion for revocation before the same court. The Cassation hearing has not yet been scheduled. The Second -Level Tax Justice Court of Lazio, by judgment filed on 10 December 2024, upheld the Bank’s appeal and ordered further evidentiary proceedings, appointing an expert to examine the documentation and report to the panel. The expert report, including observations by the parties’ consultants, was filed on 10 June 2025, and the hearing was held on 25 June 2025. By judgment filed on 27 Jan uary 2026, the court recognized the Bank’s right to a refund of €11 million in principal. By appeal filed on 6 May 2026, the Bank challenged the judgment with respect to the portion of the claim not recog nized. The Tax Authority entered an appearance and a ppealed the judgment as well, contesting the recognized portion. The hearing date is pending.

Denial of refund of IRPEG credits (1994 -1997) and ILOR (1996) of the former Banca Mediterranea S.p.A. (amount in dispute: €31 million): the Second -Level Tax Justice Court of Basilicata, by judgment filed on 22 January 2024, dismissed the Bank’s appeal. The Bank has appeal ed before the Court of C assation; the hearing date is pending.

Regarding the settled disputes, please note that:

With reference to litigation brought by UniCredit S.p.A. against IRES -IRAP assessments for the 2006 -2007 tax years (total amount in dispute: €5.12 million), the Court of Cassation, by judgment filed on 28 April 2026, upheld the Bank’s appeal with respect to the adjustment s not covered by a prior settlement. Discussions are ongoing with the Tax Authority for the recovery of amounts paid during the pendency of the proceedings.

A tax audit is currently ongoing on UniCredit Leasing S.p.A. concerning direct taxes, VAT, IRAP, and withholding agents in re lation to the 2021 tax year.

As at 31 December 2025, the total provisions set aside by UniCredit S.p.A. to cover tax risks arising from litigation and tax audit s amounted to €92.54 million, of which €1.71 million related to legal expenses. As at 30 June 2026, the provisions for risks and charges amounted to €87.94 million, of which €1.55 million related to legal expenses.

Tax proceedings in Germany It should be noted that following the tax audit for fiscal years 2009 -2012, some findings were made to the Bank for which the pre -litigation administrative phase is ongoing.

In a nutshell, the payments made concerning the tax proceedings are: (i) Corporate Income Tax/Trade Tax: allocation of costs for cum/ex -

investigations and “Roth case” related to London branch €14.8 million.

It should be noted that following the tax audit for fiscal years 2013 -2016, some findings were made to the Bank for which the pre -litigation administrative phase has been started in the first half of 2025.

In a nutshell, the payments made concerning the tax proceedings are: (i) Corporate Income Tax/Trade Tax: allocation of costs for cum/ex -

investigations related to London branch €10.3 million (ii) adjustments of the provisions regarding loan commitments €9.1 million (iii) income adjustments because of a letter of comfort to UC Lux/HypoVereinsFinance N.V. €5.1 million (iv) not accepted withholding taxes re cum -cum transaction €15.8 million (v) adjustments of the provisions for other lending business €3.2 milli on (vi) adjustments dotation capital Milan branch €0.6 million (vii) further one topics with small amount in dispute €0.01 million.

E. Other claims by customers Supporting the business structures, the Compliance function oversees the regulatory environment evolution relating to banking services and products in areas like transparency, financial and investment services and anti -usury. Compliance, as control functio n, develops rules, checks processes and procedures and monitors complaints trends. The Compliance function, along with the Legal one, also supports ana lysis and evaluation stages of adequacy of potential "customer care" actions or other initiatives designe d to compose particular situations in which UniCredit S.p.A. might be involved in order to define them.

Considering the regulatory complexity and interpretations not always homogeneous, UniCredit S.p.A. time -to-time assesses the accounting of provisions for risk and charges, aimed at facing costs, deemed probable, in a contest that has increased the litigiou sness at baking system level.

Concerning the financing of consumer credit, the EU Directive 2008/48 establishes that “the consumer shall be entitled at any time to discharge fully or partially his obligations under a credit agreement. In such cases, he shall be entitled to a reduction in the total cost of credit, such reduction consisting of the interest and the costs for the remaining duration of the contract".

Following the decision of the European Court of Justice in September 2019 (judgment C -383/18 referring to the "Lexitor" case) and the communication of Banca d’Italia issued in December 20 19, UniCredit S.p.A. proceeded to adapt to the most recent interpretation of this legislation, also as a result of the declaration of unconstitutionality of Law 106 of 2021.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 212 Diamond offer Over the years, within the diversification of investments to which the available assets are a llocated and also considering in this context those investments with the characteristics of the so -called “safe haven” with a long -term horizon, several UniCredit S.p.A. customers have historically invested in diamonds through a specialised intermediary company, w ith which the Bank has stipulated, since 1998, a collaboration agreement as an “Introducer”, in order to regulate the "reporting" methods of the offer of d iamonds by the same company to UniCredit S.p.A. customers.

Since the end of 2016, the liquidity available on the market to meet the requests of customers who intended to divest their d iamond assets has contracted to a certain extent until it became nil, with the suspension of the service by the brokerage company.

In 2017 UniCredit S.p.A. started a “customer care” initiative which envisaged the availability of the Bank to intervene through the acknowledgement to the customer of the original cost incurred for the purchase of precious items and the consequent withdrawal of the stones, upon certain conditions. The initiative has been adopted by the Bank assessing the absence of responsibility f or its role as “Introducer”; nevertheless, the AGCM ascertained the responsibility of UniCredit S.p.A. for unfair commercial pra ctice (confirmed in appeal by the Administrative Regional Court in the second half of 2018), imposing, in 2017, a fine of €4 million paid in the same year. The Bank has filed an appeal with the Council of State. With a sentence of 11 March 2021, the Council of State accepted the appeal brought by UniCredit S.p.A. against the fine imposed , reducing the amount of the fine to €2.8 million and sentenced AGCM to return 1.2 million, an amount reimbursed in June 2021.

For the sake of completeness, it should be noted that on 8 March 2018, a specific communication was issued from Banca d ’Italia concerning the “Related activities exercisable by the Bank”", in which large attention was given to the reporting at the Bank branches of operations, purchase and sale of diamonds by specialised third -party companies.

The Public Prosecutor’s Office of Milan conducted an investigation into allegations of fraud and self -laundering relating to the reporting activities concerning the purchase of diamonds by customers. The case was first heard by the Court of Milan and then by the Court of Tri este due to territorial jurisdiction.

In February 2023, the proceedings relating to the Bank’s administrative liability were dismissed.

In May 2024, the Public Prosecutor’s Office of Milan filed a request to dismiss the remaining charges of fraud referred to th e jurisdiction of the Court of Milan, in line with the requests of the defences.

In the absence of objections, the judge will finalise the dismissal of all charges.

As at 30 June 202 6, in the context of the aforementioned “customer care” initiative, UniCredit S.p.A. has received total reimbursement requests for about €41 8 million (equivalent value of the original purchases made by Customers), proceeding with refunds for about €41 1 million. In order to cope with the probable risks of loss associated with the repurchases of diamonds, a specific Provision for risks and charges has b een maintained.

Finally, it’s reported that the stones purchased for the initiative are recognised for about €30 million in item "120. Other assets" of the Balance sheet .

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 213 Quantitative information UniCredit group uses the Basel IV standardised approach (SMA) for calculating the capital against operational risks. In parti cular, the regulatory capital requirement is calculated by applying the Business Indicator Component (BIC) as provided by CRR3 and the EBA/CP/2024/05 .

Detailed below is the percentage composition at Group Level, by type of event, of operational risk sources , in accordance with the standards defined by the Basel Committee .

The risk categories for event type are the following:

• internal fraud: losses owing to unauthorised activity, fraud, embezzlement or violation of laws, regulations or business dire ctives that involve at least one internal member of the Bank;

• external fraud: losses owing to fraud, embezzlement or violation of laws by subjects external to the Bank;

• employment practices and workplace safety: losses arising from actions in breach of employment, health and workplace safety l aws or agreements, from personal injury compensation payments or from cases of discrimination or failure to apply equal treatment;

• clients, products and business practices: losses arising from non -fulfilment of professional obligations towards clients or from the nature or characteristics of the products or services provided;

• damage to physical assets: losses arising from external events, including natural disasters, acts of terrorism and vandalism;

• business disruption and system failures: losses owing to business disruption and system failures or interruptions;

• process management, execution, and delivery: losses owing to operational or process management shortfalls, as well as losses arising from transactions with commercial counterparties, sellers and suppliers.

“Employment practices and workplace safety” and “internal fraud” are not shown in the chart since they recorded overall posit ive impacts in the reference period due to the effects of recoveries and releases of funds.

In first half 2026, the main source of operational risk was “clients, products and business practices”, which includes losses arising from the non -

fulfilment of professional obligations towards clients or from the nature or characteristics of the products or services pr ovided.

65,2%14,7%

14,1%

3,8%

2,2%Operational losses 1H 2026 divided by risk category

Business practices

Process execution

External fraud

Damage to physical assets Business disruption and technology

system failures

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 214 The second largest contribution is the category is “process management execution and delivery” due to operational or process management shortfalls.

There were also, in decreasing order, losses stemming from “external fraud”, “damage to physical assets” and “business disrup tion and technology system failures .

Information on Operational risk is reported in paragraph 2.5 “Operational risks”, Part B “Legal risks”, Part C “Risks arising from employment law cases” and Part D “Risks arising from tax disputes”, Explanatory notes, Part E - Information on risks and rela ted hedging policies, Section 2 “Risks of the prudential consolidated perimeter”.

2.6 Other risks

Other risks included in Economic Capital As reported in the paragraph “Introduction”, Explanatory notes, Part E - Information on risks and related hedging policies, among the Group’s risks there are other risks relating to Pillar II that are Business Risk, Real Estate Risk, Financial Investment Risk and Reputatio nal Risk (the latter is described in the paragraph Reputational Risk, Explanatory notes , Part E - Information on risks and related hedging policies , 2.6 Other risks). For each risk, the Economic Capital calculation is performed adopting a confidence level equal to the regulatory level (99.90%) a nd a one -year time horizon.

1. Business risk Business Risk is defined as adverse, unexpected changes in business volumes and/or margins on a one -year time horizon; in this context the margin is defined as the difference between earnings and costs not explained by risk factors already included, e.g., in credit, market, operational risk. Business risk can result, above all, from changes in the competitive situation or customer behaviour, but may also resu lt from changes in the reference regulatory framework.

The exposure data used to calculate business risk are taken from the Income statements of each Entity of the Group for which the risk is significant.

Volatility and correlations are estimated from the time series of the relevant items of the Income statement reports.

The Business Risk calculation is performed on a quarterly basis for monitoring and for planning purposes according to the rel evant time schedule.

2. Real estate risk Real estate risk is defined as the potential loss resulting from market value fluctuations of the Group’s real estate portfolio, including real estate Special purpose vehicles. It does not take into consideration properties held as collateral which are evaluated inside credit risk.

The relevant data for the real estate risk calculation include general information relating to properties and area or regional rental price indexes for each property to enable calculation of volatility and correlation in the model.

The real estate risk calculation is performed on a quarterly basis for monitoring purposes and for planning purposes according to the relevant time schedule.

3. Financial investments risk Financial investments risk stems from the equity investments held in companies not included in the Group consolidation perime ter.

The relevant portfolio mainly includes listed and unlisted shares, derivatives with underlying equity, private equity, units of mutual, hedge and private equity funds. For all the Group equity positions, capital charges may be calculated using either a PD/LGD -based approach or a market -based one.

Listed equity holdings , funds and derivatives , which are a subset of Financial Investment risk are treated relying on the Market Risk Internal Model infrastructure.

The unlisted component is evaluated into the Group Credit Portfolio Model (GCPM). The calculation of the risk is based on a V alue at Risk (VaR) model calculated at 99.90% confidence level and is executed inside credit and market risk models according to th e nature of the underlying portfolio.

The Financial Investments Risk is calculated on a quarterly basis for monitoring and for planning purposes according to the r elevant time schedule.

Risk measurement methods

1.Economic Capital

As described in the paragraph Introduction, Explanatory notes, Part E - Information on risks and related hedging policies, within the Internal Capital Adequacy Assessment Process (ICAAP) and in line with the proportionality principle defined in Pillar II o f Basel II, the risk profile of the Group and the main Group legal entities is assessed for all the Pillar II risk types (Credit, Market, Operational, Reputational, Busine ss, Financial Investments and Real Estate risks).

The Economic Capital represents the capital needed to face the potential losses inherent in the Group’s business activities a nd takes into consideration all the Pillar II risk types reported above that are quantifiable in terms of Economic Capital. The eff ect of the diversification among risk types (“inter -risk diversification”) and of the diversification at portfolio level (“intra -risk diversification”) is also considered.

In addition, a Capital add -on is calculated as prudential cushion to account for Model Risk uncertainty.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 215 As for its components, the Economic Capital is calculated on a one -year time horizon and adopting a confidence level equal to the regulatory level (99.90%). For monitoring purposes, the Economic Capital is calculated quarterly and disclosed to Senior Manag ement quarterly through RAF Monitoring & Integrated Risk reporting; it is also calculated for planning purposes according to the relevant time schedule.

Consistently with the corporate governance system, the function Strategic & Integrated Risks of UniCredit S.p.A. is responsib le for the Group Economic methodology development and its measurement, as well as for the setting and implementation of the Group r elated processes.

The "Group Rules", after the approval, are submitted to relevant Legal Entities for local approval and implementation.

2.Stress Testing

The multidimensional nature of risk requires to supplement the measurement of economic capital with stress testing, not only to estimate losses in certain scenarios, but also to assess their impacts in terms of capital requirements. Stress testing is a key risk management tool for the management of the relevant risks to assess the Bank's vulnerability with respect to exceptional but plausible events, providing additional information to the monitoring activities.

Stress testing activities, in compliance with regulatory requirements, are performed based on a set of internally defined stress scenarios , that include the Group ’s main geographies where the Group is active and are carried out at least twice a year.

In the context of the activities of risk measurement prescribed by Pillar II, the Group stress test methodology considers the impacts on the various risks generated from the materialization of the macroeconomic adverse scenarios. These scenarios are drawn analysing both current macroeconomic events and plausible future events that could take place and that are considered penalizing for the Group.

The stress test exercise is performed both with reference to single risk types and overall , considering possible interactions. The results of the exercise are represented by the additional expected losses and by the stressed Economic Capital. The overall results consider both the single risk variations as well as any possible benefit of diversifi cation.

Since 2017, two complementary approaches are considered in stress testing activities: the so -called “Normative Perspective” focuses on the impacts of stressed scenarios on regulatory capital metrics while the “Economic Perspective” quantifies impacts of scenarios on the Economic Capital.

The Group Senior Management is involved in the Group -wide stress test in the following phases:

• macro -economic stressed scenarios approval used to estimate the impacts on regulatory and economic capital;

• after the exercise is finalised, with the approval of the results and impacts and a potential discussion of actions to return into the predetermined limits of capital.

The adequacy of the risk measurement methodologies supporting the ICAAP, including stress testing and risk aggregation, is ch ecked by internal validation functions.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 216 Reputational risk Reputational risk is defined as the current or prospective risk of a decrease in earning or capital arising from the adverse perception of the image of the financial institution on the part of customers, counterparties (also including debtholders, market analysts, other releva nt parties, such as civil society, NGOs, media, etc.), shareholders /investors, regulators or employees (stakeholders).

Reputational risk is a secondary risk generated as a "knock -on effect" from risk categories, such as credit, market, operational and liquidity risks and all other risk types (e.g., business risk, strategy risk, ESG risk which considers the environmental, social and governance aspects of responsible investments). Reputational risk could also be generated from material events.

The management of reputational risk relies on:

• setting clear general rules and guidelines to:

- defining the profile of relationships (with clients as well as with other relevant counterparties such as suppliers) and oper ations (mainly financial support, but also investments and other financial products and services offered) that the Group is availab le to manage and develop ;

- defining the profile of what the Group does not consider to be in line with its foundation principles and reputational standa rds. These rules and guidelines are designed to ensure alignment with laws, internal and external regulations , best practices within the sector and reflect the risk appetite and the sensitivity of the Group;

• setting additional specific rules and guidelines for sectors considered sensitive (Coal, Oil & Gas, Defence, Nuclear, Mining, Water Infrastructures) and contributing to the Group commitments for specific topics (Rainforest, Tobacco, Human Rights, Natural Ca pital/Biodiversity);

• requiring , for each relationship the evaluation of the conformity to the rules and guidelines mentioned above;

• ensuring respect for the rules mentioned above for each operation, performing a specific Reputational Risk Assessment involving the dedicated Reputational Risk function and other specialist/competent functions (e.g., ESG, Compliance, Legal) in cases of potential devi ation and rejecting operations in breach of such rules;

• setting conditions, controls or limitations, where deemed necessary, in order to reduce the material residual Reputational Ri sk for Group, regardless of the sector connected to the case;

• independently of the sector, evaluation of the liability/litigation risk that can derive from supporting a deal which could produce a negative environmental or social impact, when the deal is under the Equator Principles (EP);

• taking the right decisions at the appropriate level of authorization in cases of potential reputational risk, involving the Group Risks and Controls Committee (GRC) for the highest risk cases.

UniCredit Group constantly monitors the market for evaluating the opportunity or need to regulate new economic sectors and/or cross sectors topics that assume a relevance from a Reputational and ESG -related risk perspective or to update provisions of the current regulated Sensitive Sectors.

In this respect, in the first half of 2026, Defence and Oil&Gas sectors internal regulations have been updated to reflect the Bank risk appetite and sectors’ evolution.

The reputational risk management is in the charge of the Group Non -Financial Risks Department of UniCredit S.p.A. and of dedicated functions within the Group legal entities.

The Group Risks and Controls Committee (GRC) has approval functions, according to the regulations in place, for the following topics:

• governance policies and guidelines for the management of reputational risk;

• binding opinions, whenever a relevant reputational risk is present on strategic decisions or specific single transactions/relationship s, as foreseen by the Internal Regulations, to be provided to UniCredit S.p.A. functions;

• non-binding opinions, whenever a relevant reputational risk is present on specific single transactions/relationships, as foreseen by the I nternal Regulations, on cases submitted by Local NFRC, to be provided to other Group legal entities.

The Committee meets with consulting and information functions for the following topics, evaluating and providing guidelines w ith reference to:

• Reputational risk relevant emerging trends or material events, for their implications on Group and Local strategies, initiati ves, transactions, projects, customers or other business activities, leveraging evidences and assessments provided by Risk Manageme nt, Compliance, Legal, Group ESG, Group Institutional Affairs and Group Marketing and Communication;

• Periodical reporting provided by the Group competent structures on the business activities and decisions taken in relation to the defined sensitive sectors.

Within the UniCredit Group’s risk management framework and in accordance with the Basel principles (Pillar 2 and Pillar 3), a proprietary methodology has been developed to measure reputational risk and to quantify the related Value -at-Risk (VaR).

The methodology is based on the estimation of causal relationships between media sentiments relating to UniCredit , as captured by the Media Tonality Index, produced by CISION Ltd, a company speciali sed in Reputation Intelligence and Media Monitoring , customer claims, and market expectations regarding changes in the Group’s expected net profits. Such expectations are derived from share prices through a reverse engineering process applied to a dividend discount model, duly adjusted to neutrali se systemic effe cts affecting the European banking sector.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 217 In this context, reputational VaR represents the maximum potential decline in future net profits, at a 99.9% confidence level , based on the model’s estimated parameters and the joint distribution of the Media Tonality Index and customer claims.

Reputational risk is monitored within the ICAAP (Internal Capital Adequacy Assessment Process) under Pillar 2, while qualitat ive disclosures are provided under Pillar 3 in line with applicable transparency and market discipline requirements.

Top and emerging risks At UniCredit, the management and monitoring of risks are based on a dynamic approach; Top management is promptly informed on top risks and/or emerging risks through a strict monitoring process embedded in the risk assessment process.

The Risk Management identifies and estimates these risks and submits them regularly to Senior/Top management and Board of Dir ectors which takes the appropriate actions to manage and mitigate them.

The following top and/or emerging risks have been considered relevant during 2026 :

1. Ongoing conflicts;

2. Macroeconomic and geopolitical challenges;

3. Cybersecurity risks;

4. Risks stemming from the current European regulatory developments .

1. Ongoing conflict s Ongoing military conflicts (Russia -Ukraine and Middle East) and renewed escalations in 2025 -2026, notably involving the US, Israel, Iran and broader regional tensions continue to pose downside risks for the global economy. These developments contribute to heightened geopolitical uncertainty with spillovers on inflation, volatility in financial markets, disruptions in energy supply chains and upward pressure on commodity and energy prices.

The following ongoing effects need to be considered: 1) potential intensification of sanctions on Russia; 2) continuous energ y policy shifts towards secure access and source diversification; 3) heightened competition for critical materials, equipment, and commodities. The level of uncertainty regarding the evolution of these conflicts persists along with the risk of escalation , with potentially larger humanitarian, political and economic impacts hindering global post -pandemic recovery.

Europe is advancing its gradual phasing out from Russian energy imports, already sharply reduced since 2022, increasing suppl y from U.S., Middle East area (e.g. Qatar) and North Africa and generating more biofuel. In this context, the attention to supply c hains and price amid ongoing conflicts and related risks remains high for Europe.

For additional information about the update of macro -economic scenarios and its effects on valuation of Group’s asset refer to “Section 2 - General preparation criteria”, Explanatory notes , Part A - Accounting policies.

Cyber -attacks remain an important risk factor. Since the beginning of the conflict, several cyber -attacks also took place at banking industry level.

Depending on the evolution of the conflict, cyber threat is expected to continue to be relevant .

2. Macroeconomic and (geo -)political challenges Macroeconomic uncertainty persists, amplified by geopolitical tensions and increasing political -economic fragmentation that risks undermining demand and confidence.

Weaker growth, market volatility and monetary tightening are among the main drawbacks to economic recovery. Corporate vulnerabilities persist as financial conditions have tightened and economic outlook weakened.

Further potential drawbacks include the following: 1) Non -Bank Financial Intermediation (NBFI) sector structural vulnerabilities’ in the form of liquidity mismatch and leverage, considering the strict interconnection with the banking system; 2) technologic al advances in Artificial Intelligence (AI) that could erode social trust and disrupt businesses and markets; 3) increased defence spending needs that, among other factors, could exacerbate fiscal pressures for some highly indebted sovereigns; 4) uncertain ty stemming from trade conflicts, geopolitical risks and market volatility could affect the Insurance sector through portfolio valuation, liquidity and underwriting channels; 5) impacts from climate change as further detailed in “Climate -

related and environmental risks” section, Explanatory notes , Part E - Information on risks and related hedging policies.

In addition to the above -mentioned factors, the following trends and challenges on the geopolitical arena remain relevant:

• US-China tensions over Taiwan;

• Trade tariffs tensions (US/EU/China);

• Rise of nationalism, protectionism , and populist movements has created an uncertain environment that could potentially lead to a slowdown of globalization.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 218 3. Cyber security risk During 2025 and in the first months of 2026, the cyber risk profile for large, digitised financial institutions has remained elevated, highly dynamic and increasingly complex.

In addition to traditional threats, which persist, threat actors have further evolved and industrialised their operations, no tably through the increasingly pervasive use of generative/agentic AI to automate social engineering, deepfake enabled fraud (inclu ding near real -time scenarios) and orchestrate adaptive, modular attack chains, while ransomware and data extortion remain among the most significant systemic threats, with models increasingly focused on access brokerage and rapid data moneti sation.

The diffusion of these patterns, which includes the persistence of affiliate migrations among ransomware groups together with increasing attacker specialization, the rise of AI assisted phishing and impersonation, and innovation in infostealers, the growth of fileless malware and identity -based attacks, further reinforce the need for forward leaning detection and response capabilities.

The DDoS (Distributed Denial of Service) threat has continued to intensify in terms of volume, frequency and sophistication, with AI enhanced automation continuing to lower barriers to entry for hacktivists, often coinciding with geopolitical flashpoints a nd major events. Financial services remain a high visibility target for such disruption campaigns.

In parallel, geopolitical ly motivated cyber activities (particularly linked to tensions in Eastern Europe and the Middle East) continued to target European institutions, leveraging volunteer botnets and coordinated campaigns against banks and public services, often throug h coordinat ed hybrid campaigns, increasing systemic risk to availability and customer trust.

Third party and cloud concentration risk continues to be one of the key areas of concern in 2026. Sector wide incidents in 20 25 and early in 2026 demonstrated how upstream outages or software errors at hyperscalers, SaaS (Software as a Service) providers a nd critical API (Application Programming Interface) platforms can cascade at large scale, underscoring concentration risk and the need for multi -vendor strategies, architectural resilience and stronger segregation, robust BCP (Business Continuity Plan)/DR (Disaster Recovery), and contractually anchored resilience obligations for critical suppliers.

In addition, growing attention is being paid to identity, privilege and access management risks in cloud environments.

As a consequence, the regulatory environment has transitioned from definition to active implementation and supervision during 2025 -2026, shaping and strengthening cyber risk management expectations. Among these are the EU Digital Operational Resilience Act (DORA), now in full application and supervisory phase, imposing harmonised requirements on ICT risk management, incident classification/reporting, resilience testing (including TLPT - Threat -Led Penetration Testing), and oversight of critical ICT third pa rty providers, and the EU Artificial Intelligence Act currently under phased implementation, as well as the Cyber resilience Act introducing new requirements for product and supply chain security .

Against this backdrop, UniCredit group continued to prioritise end-to-end ICT resilience, defense in depth and third-party risk management, aligned with DORA’s pillars and supervisory expectations. The Group also focused on enhancing fraud prevention, threat intelligence s haring, strengthening DDoS mitigation, reinforcing identity security through IAM (Identity and Access Man agement) policy, PAM (Privileged Access Management) solutions and deepening supplier oversight and resilience testing, including advan ced scenarios and TLPT exercises.

Looking ahead, the cyber risk landscape for financial institutions is expected to remain highly volatile and continue evolvin g.

The proliferation of AI -driven attack vectors, including autonomous agents and deepfake, will likely accelerate, with increasing sophistication and reduced detectability.

Regulatory pressure is expected to further intensify as supervisory authorities enforce full DORA implementation and expand s crutiny on critical ICT third-party providers, while the phased implementation of the EU AI Act and the introduction of obligations under the Cyber Resilience Act will require continuous enhancements to governance. Additionally, progress in quantum computing is increasing urgency for crypto -agility programs and migration to quantum -safe standards.

Geopolitical tensions and hybrid warfare are expected to sustain elevated risks of state -sponsored and hacktivist campaigns, particularly targeting financial services as critical infrastructure.

Concentration risk in cloud and SaaS ecosystems will continue to represent a critical area, with regulators and industry bodi es emphasizing operational resilience testing and supplier diversification.

In this context, UniCredit group will continue to invest in AI -enabled threat intelligence, zero -trust architectures, identity protection, cloud security and resilience -by-design, ensuring robust protection of data privacy and integrity, service continuity , and regulatory compliance in an evolving threat and regulatory environment .

4. Developments in the European regulatory framework Over the last few years, the regulatory framework in which financial institutions act has become increasingly complex and str ict. This complexity has further increased following the introduction of new financial regulations, some of which are still under discussion, and by the ECB ’s central role in the supervision of a large portion of the European banking system.

All these changes might significantly affect UniCredit and introduce additional challenges for the profitability of general banking sector and capital requirements .

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 219 The most relevant changes are the following:

• “Pillar 2” MREL is bank -specific and was introduced by the BRRD (Bank Recovery and Resolution Directive) in 2014 and later amended in June 2019 (BRRD2), and again in 2026 (BRDD3) with the Crisis Management and Deposit Insurance package (CDMI). MREL is defi ned annually by the EU Resolution Authorities, also in its subordinated component, i.e., to me et with subordinated instruments;

• The CMDI reform package was formally adopted on 30 March 2026 and published in the Official Journal of the EU on 20 April 202 6. The new EU Banking Union framework harmonises bank crisis management tools, extending resolution procedures also to small and me dium -sized banks. A relevant aspect for large banking groups is the greater harmonisation of the creditor hierarchy, which makes the distinction between ordinary liabilities, subordinated instruments and other categories of creditors more uniform across Me mber States. This intervention reduces national discrepancies in the liability side structure of banks’ balance sheets, with direct effects on the predictability of how liab ilities are treated in a bail -in scenario. For cross -border groups, the harmonisation helps make resolution planning more efficient by limiting the risk of divergent outcomes across jurisdictions ;

• Basel III implementation: The European Union implemented the final Basel III reforms through the CRR3/CRD6 package, which formally entered into force in June 2024. Most CRR3 provisions started applying from 1 January 2025, although certain measures are subject to different application dates , transitional arrangements or phased -in implementation mechanism (e.g. the application of the output floor at jurisdiction level).

The market risk framework, already postponed once, is scheduled to apply from January 202 7. Regarding CRRD6, Member States were granted 18 months from entry into force to transpose the Directive (deadline 9 January 2026). This staggered implementation timeline keeps Base l III reforms a live issue through 2026 -2027, while additional technical standards and reporting/disclosure updates continue to be developed across

jurisdictions ;

• In January 2025 the EBA kicked off a stress test exercise aiming to assess the resilience of EU Banks to a common set of nega tive economic shocks; the adverse scenario assumes a hypothetical aggravation of geopolitical tensions leading to a severe decline in GDP. The results were published in August 2025 .

In years when there is no EU -wide EBA stress test, the ECB, in cooperation with national supervisory authorities, tests significant institutions under its direct supervision against a specific kind of shock.

For 2026, the ECB launched a geopolitical risk reverse stress test. It is its first -ever reverse stress test on geopolitical risk: in a reverse stress test, a pre -determined outcome is prescribed, and each bank defines the scenario in which that outcome would materialize. Banks are recommended to identify and quantify how the relevant geopolitical events would affect them. In addition, they are asked to describe how, if necessary, they would act to reduce that impact, to ensure they have robust governance a nd operational resilience frameworks in place.

The reverse stress test will not directly affect banks’ Pillar 2 guidance for capital. Its outcome will be used to inform and complement the SREP in a qualitative way and in line with the broader 2026 internal capital adequacy assessment process (ICAAP). Results will be published by the ECB on an aggregate basis in summer 2026 ;

• Climate risk and environmental risk regulation updates:

- ECB issued in November 2020 a Guide with supervisory expectations, based on current regulations, on how banks should incorpor ate climate -

related and environmental risks into business strategy, governance, credit -granting process, Risk Appetite Frameworks, risk management framework, liquidity and capital adequacy processes, through dedicated stress testing scenarios;

- The updated CRR/CRD framework (Banking Package 2021) introduces new obligations for banks to integrate climate risks into col lateral valuation and to consider long -term environmental impacts in their strategies and processes. It also mandates the EBA to de velop climate stress testing, set minimum ESG risk standards, and assess potential prudential treatments of climate -related risks by 2027 ;

- Pillar 3 ESG disclosure rules (from 2023) require banks to publish standardized information on ESG risks, including qualitati ve disclosures, green asset indicators such as the GAR, and Scope 3 emissions, improving transparency on climate and transition ris ks;

- Recent developments (2025 - 2026) temporarily suspend the disclosure of key taxonomy metrics (e.g. GAR and BTAR) until end -2026, with supervisors expected to apply a flexible enforcement approach during this transitional phase ;

- The EBA ESG risk management guidelines (2025), applicable from January 2026, require full integration of ESG risks into gover nance, risk appetite, credit processes, ICAAP, and stress testing, with stronger data and forward -looking requirements ;

- The EBA environmental scenario analysis guidelines (2025), effective from January 2027, set supervisory expectations on how b anks should conduct climate and environmental scenario analysis ;

• Capital markets, payments and digital finance regulation updates:

- Markets in Crypto -Assets Regulation (MiCAR);

- Negotiations between Parliament and the Council on the regulation concerning the establishment of a digital euro have entered an advanced stage, although the legislative framework has not yet been finalized. The Commission’s legislative proposal dates back to 28 June 2023 and is intended to create the legal framework that would enable the ECB, should it decide to do so, to issue the digital euro as a d igital form of central bank money, alongside cash. The two key risks linked to the issuance of the digital euro are: (i) in the event of excessively high holding limits, the digital euro risks converting part of bank deposits into digital central bank money, increasing funding costs, liquidity risk s and pressure on the intermediation model; and (ii) an inadequa te remuneration model would hinder banks’ ability to recover the significant investment costs incurred.

The Council already adopted its negotiating position in December 2025, while Parliament is moving closer to defining its posi tion. Once Parliament has d efined its position , final negotiations with the Council can begin with a view to agreeing to the final text of the Regulation. In parallel, the ECB is continuing its technical work, including a pilot phase expected in the second half of 2027, although a formal issuance decision can only be taken after adoption of the legislative framework . If the legislative process is concluded in 2026, the indicated timeframe for a possible introduction of the digital euro remains 2029 ;

- On 27 November 2025, EU negotiators reached a provisional agreement on the Payment Services Regulation (PSR). The text is curr ently

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 220 awaiting formal adoption by the co -legislators, expected by the end of 2026.The reform strengthens fraud ‑prevention obligations for banks, including mandatory payee ‑name verification and full liability when adequate safeguards are missing. The agreement also introduces a new liability regime for spoofing, requiring banks to fully reimburse victims when fraudsters impersonate a PSP (Payment Service Providers), provided the case is reported to both law ‑enforcement authorities and the PSP. The framework advanc es open finance by granting authorised open‑banking providers non ‑discriminatory access to payment account data and listing prohibited obstacles to data access. These measures will require banks to upgrade fraud ‑monitoring systems, reinforce authentication processes, and improve disclosure practices;

- In November 2025, the European Commission presented a legislative proposal for a Digital Omnibus on Artificial Intelligence introducing t argeted amendments to the Artificial Intelligence Act (AI Act) to make its implementation simpler and more predictable. The objective is to address practical issues , including delays in technical standards, the availability of compliance tools, the designation of national authorities and the reduction of certain administrative burdens ;

- On 7 May 2026, the Council and Parliament reached a provisional agreement during their final negotiations. The key element is the postponement of the rules for high -risk AI systems to fixed dates instead of a mechanism linked to the availability of technical standards . In particular, the rules applicable to AI systems used by banks to assess the creditworthiness of natural persons would apply from 2 December 2027. Entry into force is expected in July 2026 ;

- The Digital Operational Resilience Act (DORA) establishes a harmonised regulatory framework across the EU to strengthen banks’ IC T risk management and operational resilience. This regulation requires financial institutions to implement appropriate measures to prevent and mitigate cyber risks, ensuring business continuity in the event of cyber incidents. While it entered into force in January 2023, it be came fully applicable to banks in January 2025 requiring them to comply with its ICT risk manageme nt, inci dent reporting, testing, and third -party requirements ;

• Capital Markets Union regulation updates:

- In 2025 - 2026, the EU has accelerated the review of the regulatory framework supporting the development and integration of capital mar kets, with significant impacts on distribution models, revenues and the allocation of savings. In particular ;

- Retail Investment Strategy: The legislative process was launched by the European Commission in May 2023 with the presentation of a comprehensive package revising the rules on the distribution of financial products (MiFID II, IDD, PRIIPs), as part of a broa der strategy aimed at strengthening retail investor participation in capital markets. Following lengthy negotiations, the Parliament and the Counci l reached a political agreement at the end of 2025, with finalisation of the legal texts expected in 2026 and application not foreseen before 2027. The new framework strengthens rules on value for money, inducements and transparency, without introducing a general ban on retrocessions. Howev er, uncertainties remain regarding implementation and the degree of conver gence across Member States, which could affect the overall effectiveness of the framework and its ability to support the integrated development of capital markets ;

- Review of the securitisation framework: The Commission’s proposal of June 2025, currently under negotiation in 2026, aims to revive the market by simplifying operational requirements and making the prudential treatment more risk -sensitive. The outcome of t he negotiations (not expected before the second half of 2026) will be decisive for the role of securitisation as a key funding and risk -transfer tool ;

- Financial markets integration and supervision package: Published in December 2025, the package seeks to reduce fragmentation in European financial markets through greater regulatory harmonisation and a strengthened role for ESMA, including the transfer of certain supervisory competences to the European level. The measures cover trading, post -trading, asset management and market infrastructures (including DLT and crypto -assets) and aim to support more efficient cross -border activity. The legislative process in 2026 will be key in determining the effective degree of integration and centralisation of supervision ;

- Development of the European framework for savings and pensions (PEPP/IORP): Within the framework of the EU Capital Markets Un ion strategy, the initiatives on PEPP 2.0 (Pan -European Personal Pension Product) and the review of the IORP Directive (occupationa l pension funds) aim to mobilise household savings towards capital markets and to strengthen supplementary pension pillars (second and third pillar), thereby contributing to the financing of long -term investment. The effective capacity of these instruments to stimulate demand and broaden retail participation will depend on the degree of simplification of the regulatory framework ;

• Anti-Money Laundering. In June 2024, the European Union adopted a comprehensive revision of the regulatory framework on the prevention of money laundering and terrorist financing, introducing, inter alia, the new European Anti -Money Laundering Authority (AMLA). The new framework, progressively entering into app lication from 2025, with the start of direct supervision envisaged from 2028, marks a shift towards a more centralised supervisory model at the EU level. This evolution represents a structural change in the supervisory framework, with potential implications for control models, compliance costs and interactions with authorities.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 221 Climate -related and environmental risks

E1 - Climate change Climate change has gained increasing importance in recent years, and this is reflected in global frameworks such as the Paris Agreement and the UN's 2030 Agenda for Sustainable Development, which UniCredit has always supported. Specifically, the process to identify and assess impacts, risks and opportunities related to climate change and GHG emissions has been based on recognising that climate change has con sistently been one of the most significant issues for UniCredit, both internally and in terms of fina ncing. In fact, as highlighted in previous years reporting, UniCredit constantly monitors its own emissions and financed counterparties’, which represent the actual impacts that the Bank has on the environment. In parallel, UniCredit fosters climate -related awareness across counterparties and its commitment is concretised through the suppor t for energy efficiency initiatives and renewable sources financial projects.

As described in the chapter Strategy - Material impacts, risks and opportunities and their interaction with strategy and business model, of the 2025 Sustainability statements, UniCredit’s approach to climate and other environmental topics is based on tangible actions that generate direct and indirect impacts. The Group is committed to limiting negative and generating positive impacts to preserve natural capital for the benefit o f the communities in which UniCredit operates and itself.

The Group strategic approach is based on the double materiality concept which considers both an inside -out and an outside -in perspective.

Inside -out perspective : manage the direct and indirect impacts that Group operations and lending have on the environment:

Indirect impacts - accompany Group clients on their green transition journey by:

• assessing and monitoring Group portfolio exposure to the most climate -related sectors;

• identifying and evaluating the impacts on climate;

• adopting a sector policy framework;

• defining the journey towards Net Zero on portfolio emissions.

Direct impacts - reduce our environmental footprint by:

• steering Group behavior towards Net Zero on Group own emissions;

• procuring electricity from renewable sources;

• improving energy and space efficiency;

• fostering the efficient use of resources.

Outside -in perspective : prepare to measure the business consequences of climate stress and the associated socio -economic transition and take advantage of emerging opportunities by:

• executing Group strategy;

• correctly managing climate and environmental risks, in line with the agreed Risk Appetite Framework (RAF) and the ECB climate stress test requirement.

UniCredit ESG Strategy is aligned with the EBA Guidelines on ESG Risk management, which require institutions to assess their exposure to structural changes driven by ESG factors and to consider the potential adverse impact of ESG risks , particularly environmental transition and physical risks , on the viability of their business model and strategy. Accordingly, UniCredit integrates ESG risk considerations into its str ategic planning and embeds forward -looking ESG drivers in its financial and risk processes.

UniCredit performs an annual ESG risk materiality assessment, providing a forward ‑looking view of the financial relevance of ESG risks for its business model and risk profile. In line with the EBA Guidelines, the assessment considers the likelihood and potential finan cial impact of ESG risks across short -, medium - and long -term horizons , proportionate to the Bank ’s nature, size and complexity.

The outcomes of the assessment underpin UniCredit’s ESG strategy, risk management and transition planning, ensuring that meth odologies, metrics and governance are aligned with identified material risks. The assessment is applied consistently across the Gro up and supports supervisory expectations as well as sustainability -related disclosures under the CSRD framework.

The table below provides an overview of each identified climate -related risk, its potential impacts, the corresponding time horizons (short, medium and long -term) and the actions undertaken to monitor and mitigate these risks.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 222

POTENTIAL CLIMATE -

RELATED RISKS

TIME HORIZON

MAIN POTENTIAL IMPACTS

SPECIFIC ACTIONS

OVERARCHING ACTIONS

Transition risks

Changes in or introduction of public

policies and/or

environmental

regulations Short and medium/lo ng-

term Reduction of business for corporate clients with potential drawbacks on

creditworthiness/

solvency

Financial implications

arising from

environmental/ESG

regulations and GHG emission limits and/or taxes applied to clients operating in specific

economic sectors

Reduction of Group profits

deriving from

concentration on

sectors more sensitive to climate -related risks Inclusion of ESG risks

considering both

counterparty scoring

(including the use of an

internally developed

questionnaire) and

energy performance

certificates (EPC) when

assessing credit

applications

Enhancement of Market and Liquidity risk

framework to

incorporate the

assessment,

monitoring and control of

ESG risks

Integration of industry steering signals within the Credit Risk

Strategies framework,

based on relevant

Climate &

Environmental (C&E)

factors Definition of data

governance processes

and related IT investments to integrate ESG risks into the risk

management framework

Participation in

international working

groups and

commitments related to climate, such as the Net Zero Banking Alliance,

stakeholder

engagement initiatives

and active collaboration with policy makers Risk identification process

and materiality

assessment, including

stress tests, to evaluate the significance of climate - related risks in the short, medium and

long-term horizons

Inclusion of specific KPIs related to transition and physical risks within the

Risk Appetite

Framework. The risk appetite is then cascaded to more granular levels via risk strategies and policies Promoting a sustainable culture within the

organisation by

developing ESG training courses and workshops

Transition risks

Technological changes Short and medium/long -

term Increase in costs for corporate clients with potential drawbacks on

creditworthiness/

solvency

Transition risks

Changes in customer/ consumer preferences Short and medium/long -

term Reduction of business for corporate clients with potential drawbacks on

creditworthiness/

solvency

Potential changes to the offering of products and services to clients

Transition risks

Changes in customer or community perceptions Short and medium/long -

term Reputational impacts or

negative perceptions

from the community or Stakeholders due to

inadequate

management of climate -

related risks Environmental sector policies and their

subsequent

implementation

Reputational Risk

assessment to evaluate the positioning of clients and specific projects in relation to climate -

related topics

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 223

POTENTIAL CLIMATE -

RELATED RISKS

TIME HORIZON

MAIN POTENTIAL IMPACTS

SPECIFIC ACTIONS

OVERARCHING ACTIONS

Physical risks

Acute

Extreme weather events, such as floods, droughts,

heavy rainfalls,

heatwaves, fires and hail

Chronic

Chronic weather events, such as variations in average temperatures and sea level rise Short and medium/long -

term Financial implications

resulting from

corporate/retail clients

being damaged by

extreme weather

events, potentially

impacting their

creditworthiness/

solvency

Potential damage to

the Group’s

infrastructure and the potential disruption of

activities

Increase in energy supply costs due to higher

heat/electricity demand

Potential fires, driven by

rising temperatures,

affecting areas in proximity to the

Group’s buildings

Potential impact of sea level rise on buildings located near the sea

Reduced productivity

due to higher temperatures Inclusion of ESG risks

considering

counterparty scoring

Monitoring of physical risks both on

counterparties within

portfolio and individual collaterals Definition of data

governance processes

and related IT

investments to

integrate ESG risk into the risk management

framework

Participation in

international

working groups

and

commitments related

to climate, such as the Net Zero Banking

Alliance, stakeholder

engagement

initiatives and active

collaboration with

policymakers

Risk identification process

and materiality

assessment, including

stress tests, to evaluate the significance of climate -related risks in the short, medium and

long-term horizons

Inclusion of specific KPIs related to transition and physical risks within the

Risk Appetite

framework. The risk appetite is then cascaded to more granular levels via risk strategies and policies Promoting a sustainable culture within the

organization by

developing ESG

training courses and

workshops

Signing (2022) of the Finance for Biodiversity Pledge (FfB) and

participation as

member to the working table on Biodiversity of the UNEP FI (United

Nations Environment

Programme Finance

Initiative)

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 224 Climate risk management UniCredit recognises climate and environmental risk factors as crucial elements in safeguarding its clients’ portfolios and a ssets from climate -related risks. To achieve this goal, UniCredit is integrating climate and environmental factors into its risk ma nagement processes and procedures. Climate risk management encompasses the identification, measurement and monitoring of these risks as well as the implementation of mi tigation measures.

The Group actively engages and supports its corporate clients in tran sitioning to a lower carbon business model, fully exploiting green business opportunities. Furthermore, the Group aims to assist its clients in achieving a just transition, ensuring fairness throughout the process.

Risk identification

As per Internal Capital Adequacy Assessment Process (ICAAP), Risk Appetite and Internal Liquidity Adequacy Assessment Process (ILAAP), UniCredit’s first step is the identification and mapping of all the risks embedded in the Group and in the relevant legal entities, with particular focus on the risks not explicitly covered by the Pillar I framework.

This process, defined as the risk identification process, is a comprehensive framework to proactively identify all potential risks the Group may encounter and is performed on an annual basis. The primary outcome of this activity is UniCredit’s risk invento ry, which comprises a comprehensive list of the quantitative and qualitative risks to which the Group is , or may be , exposed. The risk identification process enables UniCredit to assess which risks are, or are likely to be, material considering their expos ures. Material risks are determined annually using a quantitative approach that involves assessing the risk level against the materiality threshold.

In line with the European Banking Authority’s (EBA) and the European Central Bank’s (ECB) expectations, UniCredit’s risk identif ication process covers ESG risk dimensions considering that these could positively or negatively affect the risk types already incorporated in UniCredit’s risk management framework.

Environmental, Social & Governance (ESG) risks pertain to any adverse financial consequences that may arise for the Group due to the existing or prospective impacts of ESG factors on its counterparties or invested assets .

Climate and Environmental (C&E) factors are related to the quality and functioning of the natural environment and its systems and include factors such as climate change, biodiversity, energy consumption, water, pollution and waste management.

Social and governance factors, for which the Group assigned an impact on reputational risk, revolve around the rights, well -being and interests of individuals and communities and include governance arrangements for the environmental and social factors in the policies and procedures of counterparties.

In coherence with the "ECB Guide on climate -related and environmental risks" (2020), climate -related risks can be divided into two major categories:

(i) risks related to the transition to a lower -carbon economy and (ii) risks related to the physical impacts of climate change, described in detail below.

Transition risks refer to the risks arising from the transition to a lower -carbon economy, which may entail extensive policy, legal, technology, and market changes to address mitigation requirements related to climate change. Depending on the nature, pace, and focus of th ese changes, transition risks can pose different levels of financial and reputational risk for organizations:

• Policy and legal risks stemming from continuously evolving policy actions, attempting to either constrain actions that contri bute to the adverse effects of climate change or seeking to promote adaptation to climate change, and from litigation or legal risk s;

• Technology risk stemming from technological improvements or innovations that support the transition to a lower -carbon, energy -efficient economic system and that can have a significant impact on organisations to the extent that new technology replaces old s ystems and disrupts some parts of the existing economic system;

• Market risk stemming from the potential shifts in supply and demand for certain commodities, products and services;

• Reputational risks stemming from changing client or community perceptions of the organisation’s contribution to or detraction from the transition to a lower -carbon economy.

Physical risks refer to the risks related to the physical impact of climate change. These types of risk can be event -driven (acute) or long -term shifts (chronic) in climate patterns and, as such, their effects can be felt both in the short and medium/long -term horizon.

• Acute physical risks are event -driven, including increased severity of extreme weather events (e.g., droughts, floods, etc.);

• Chronic risks refer to longer -term shifts in climate patterns (e.g., sustained higher temperatures).

The connections between climate risk drivers and the risks faced by banks are referred to as transmission channels.

Understanding these transmission channels is crucial for assessing the impact of climate risk drivers in UniCredit’s risk man agement framework.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 225 The figure below illustrates the climate -related risk drivers, relevant transmission channels and risk types that may be affected.

IRO-1 - Description of the processes to identify and assess material impacts, risks and opportunities With particular reference to the identification and monitoring of climate change, an annual portfolio materiality assessment, integrated into the Double Materiality Assessment according to the process described in section “Material impacts, risks and oppor tunities and their interaction with strategy and business model” of the 2025 Sustainability statements , is performed to identify the climate -related risk drivers which may materially impact the portfolio at single risk category level, leveraging on common metrics and a unique threshold for risks and time hori zons, through scenario analysis. For each risk and under the short - (12 months), medium - (2028) and long -term (up to 2050), the metrics are defined according to an annualised unexpected loss concept, while the threshold for a risk driver to be identified as material is set consistently with the internal ICAAP materiality threshold.

The set of climate scenarios considered for the analysis is provided by a qualified external provider and is meant to assess and quantify potential vulnerabilities for the short and medium/long -term horizons. The main climate assumptions embedded in the sc enarios in terms of transition policies and level of emissions/temperature are consistent with the NGFS/IEA39’s ones to ensure consistency with scientific climate change pathways to properly assess the impact of physical and transition risk drivers. The scenarios are extended with a more comprehensive set of variables (climate and macro -economic related) disaggre gated at higher level of granularity to better fit the Bank’s risk profile.

In particular, a central scenario (namely, Baseline), which considers the current transition policies, the central macro -economic outlook and climate assumptions similar to the International Energy Agency (IEA) STEPS scenario incorporating policies deemed sufficiently credib le to materialise into action, as well as two polarised stressed scenarios with very low probability of occurrence are considered.

To account for the pure climate risk impact, a baseline counterfactual scenario is considered, removing from the baseline scenario any impact deriving from climate risk.

39 Network for Greening the Financial System/International Energy Agency .

CLIMATE -RELATED RISK

DRIVERS

Physical risk drivers

•Acute

•Chronic

Transition to low carbon Economy

risk drivers

•Policy changes

•Technological changes

•Behavioural/consumer

preferences changes

•Client or community perception

changes

TRANSMISSION

CHANNELS

•Carbon price/carbon tax •New climate -related regulations

•Stranded assets

•Damages to property •Shifts in prices and asset values •Increased volatility of asset prices •Lower asset performance

•Operational disruption

•Productivity changes

•Losses of business opportunity

•Dispute, claims

•Interest rates level •Changes in individuals’ habits •Changes in clients’ expectations

•Political decisions

•Energy Performance Certificates

•Insurance availability/affordability/

pricing

RISK TYPES POTENTIALLY

IMPACTED

•Credit Risk

•Market Risk

•Operational Risk

•Reputational Risk

•Business Risk

•Real Estate Risk

•Inter-risk diversification

•Liquidity risk

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 226 The scenarios’ narratives for 2025 climate -risk scenario analysis are described below.

The Baseline scenario and the polari sed stressed scenarios are modelled as deviations from the baseline counterfactual scenario’s macroeconomic outlook and, as such , are meant to capture climate risk driven outcomes, with varying mixes of physical (main driver of the Climate Distress scenario) and transition risk (main driver of the Delayed Transition scenario) or both (Baseline).

The outcomes of the 2025 portfolio materiality assessment suggest a limited impact of climate -related risk drivers in the short -term, while they show a material impact of physical risk in the long -term for Credit risk. Physical risk is therefore considered a relevant risk driver for UniCredit portfolio.

Although transition risk for Credit risk has been assessed as not material according to the current quantitative framework, it has nevertheless been considered as managerially material, taking into account the context characteri sed by market uncertainty , evolving transition pathways and the significant external attention and supervisory expectations associated with climate -related transition risks, thus confirming the strong commitment of the Group to this topic as evidenced by the robust risk governance fr amework in place (including dedicated policies, monitoring and controls).

For further details refer to 2025 Sustainability statement s, SBM -3 - Material impacts, risks and opportunities and their interaction with strategy and business, Material impacts, risks and opportunities (IROs) resulting from materiality assessment.

The heatmap also includes the assessment of Liquidity risk, based on the ILAAP framework; for further details, refer to the “Financial risk” section below.

Credit

Risk Market

Risk Operational

Risk Business

Risk Real Estate

Risk Reputational

Risk Liquidity

Risk Transition

Risk Short

term

Medium

term

Long

term

Credit

Risk Market

Risk Operational

Risk Business

Risk Real Estate

Risk Reputational

Risk Liquidity

Risk Physical

Risk Short

term

Medium

term

Long

term

Low Medium Low Medium Material

The outcome on the Baseline scenario, not reported above, shows the low magnitude of transition and physical risks in all the considered horizons.

As described above, the portfolio materiality assessment is the starting point allowing to identify the risk drivers which sh all be included in the overall risk management framework to properly manage, monitor and mitigate them.

DELAYED TRANSITION

Transition risk stressed scenario Narrative: policies are introduced in 2030, starting the transition. The delayed start implies that a more stringent policy is required to achieve similar climate outcomes by 2050, resulting in greater economic impacts. Aggressive and uncertain carbon taxation polici es cause substantial inflationary pressures, stranded assets and financial instability. Government carbon tax revenues are sufficient to cover the fiscal costs of the transition

CLIMATE DISTRESS

Physical risk stressed scenario Narrative: uncertain climate policies and waning ambition hinder the energy transition, with green investment failing and fossil fuel dependence persisting. Emission rise sharply, leading to significant physical risk impacts. The scenario also includes physical damag e estimates attributed to changes in temperature volatility and the increasing likelihood of acute event s

BASELINE

Central scenario

Narrative: projection of commitment and measures currently adopted by different countries. Climate assumptions aligned with the IEA’s Stated Policies Scenario

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 227 Within the overall risk management framework, the potential impacts of climate risks have been incorporated in methodology for IFRS9 provisioning (refer to the Explanatory notes, Part E - Information on risks and related hedging policies, 2.3 Measurement methods for expected losses, 2.3.4 Scenarios and Sensitivity) and into the Internal Capital Adequacy Assessment Process to evaluate the capital adequacy of the bank relative to climate -related risks. The latter, performed through scenario analysis, envisages the full coverage of risk types (e.g., Credit risk, Market risk, etc.) and the integration of forward -looking elements. Based on the estimates, Climate risk is included in Economic Capital calculation and the Bank’s resilience is ensured in all time horizons.

The integration of Transition risk and Physical risk into the RAF and into credit portfolio is described in the sections below. Moreover, additional details are reported also for Financial and Non -Financial risks, considering their relevance for UniCredit group.

Integration of climate risk into the RAF UniCredit’s Risk Appetite provides an integrated view of business and risk strategy ensuring strategic plan execution within the risk capacity a bank is willing to assume. It establishes the Group’s desired risk profile, driving short -term and long -term strategic objectives, and is supervised by the UniCredit Board of Directors.

Within its Risk Appetite Framework, UniCredit has progressively introduced, over the years, an increasingly granular set of C &E risk related KPIs considering transition (including nature risk considerations and Net Zero commitment) and physical risk. These indicators , both qualitative and quantitative , have been cascaded across the various Legal Entities, ensuring consistent monitoring and management of Climate & Environmenta l risks as well as of the Group’s alignment trajectories towards Net -Zero. This gradual enhancement of granularity and internal dis semination has strengthened the integration of C&E considerations into the Group’s risk culture, governance processes, and strategic plannin g.

From a qualitative standpoint, UniCredit’s Risk Appetite Statement (RAS) incorporates dedicated ESG statements, establishing specific objectives towards clients (i.e. , supporting a just and fair transition and enhancing financial instruments) as well as principles and boundaries for managing climate -related risks.

On the quantitative side, specific transition risk KPIs have been defined at both Group and Legal Entity level, including als o Net Zero commitment indicators.

High Transition Risk indicator (including nature risk considerations), as the ratio between the EAD value related to performing clients classified as very high - and high -risk profile (i.e. , on the basis of the last assessment through the Climate & Environmental Questionnaire) and the correspondent total EAD of all the counterparties in perimeter of the same assessment. This indicator is aimed at measuring the Bank’s exposure against those counterparties which result in more vulnerable along a transition pat h towards a lower carbon economy. It considers the corporate clients (across sectors) with larger exposures, i.e. , multinational and large corporate clients scrutinized by the Holding Credit Committees (GTCC and GCC) and Local Transactional committees/CEEE Senior Risk Mgmt.

Moreover, Net Zero indicators have been embedded into core risk banking processes with the aim of putting clients at the cent re of the Bank decision -making and supporting them in their own just and fair transition.

Starting from 2023, Net Zero industries have been progressively included in target setting and breakdown and cascaded into ex isting planning processes as well as into the annual RAF target setting and monitoring. All Net Zero sectors are included within RAF at different level s of tiering, on the basis of sector relevance.

The KPI is monitored at Group level and cascaded to all relevant Legal Entities for Oil&Gas, Power Generation and Automotive, Steel and Shipping while for Commercial Real Estate only to Italy, Germany and Austria ( as this is the scope of Net Zero commitment) and for Residential Real Estate only to Italy, Germany and Austria and for monitoring purposes (no RAF target/thresholds).

UniCredit’s climate and environmental RAF KPIs described above , the High Transition Risk EAD and the Net Zero indicators , ensure comprehensive coverage of the most significant corporate portfolio from a prudential and risk -based perspective. The High Transition Risk EAD metric applies a cross -sector methodology that captures transition risk consistently across all industries. In parallel, the Net Zero KPI is intenti onally selective, focusing on the most climate -relevant and high -impact sectors , where decarb onization pathways and sectoral transition expectations are most material (also in line with materiality assessment reported above). Together, these KPIs provide a coherent, risk -aligned framework that enables UniCredit to monitor, steer and manage climate -related risks across both the broad corporate universe and the specific industries that are most critical from a climate -transition standpoint.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 228 The Risk Appetite Framework also includes climate physical risk from both a qualitative and quantitative perspective. A dedic ated Risk Appetite Statement (RAS) has been developed to outline the principles and boundaries for the management and monitoring of physical risk exposures. From a quantitative standpoint, a specific KPI , % of damage over total Fair Value , has been defined at both Group and Legal Entity level. Physical Risk Damage KPI is meant to measure the potential damage that extreme physical climate risks events could cause to the Bank’s collateral portfolio; it is calculated as the ratio between the expected yearly damage estimate on the Bank’s collaterals located in geographical areas e xposed to climate physical risk events and the total fair value of the Bank’ s collaterals of the mortgage portfolio.

Being an integral part of the Group Risk Appetite monitoring process, C&E KPIs are subject to an escalation process (in the c ase of risk tolerance threshold breaches) with related corrective/mitigation actions to be defined, when needed. The Group Board of Directors is informed of the breach and remedy actions (if any) on a quarterly basis in the periodical information sharing process.

In the following sections, the integration of transition risk and physical risk into credit portfolio will be further describ ed. Additional details are reported also regarding Financial and Non -Financial risks, considering their relevance for UniCredit group.

Integration of transition risk into the credit portfolio - Credit Risk strategy and assessment at counterparty level.

UniCredit manages transition risk through dedicated processes for its identification, measurement, monitoring and mitigation. The transition risk of the portfolio is measured with different metrics, also including the concentration and distribution of the credit portfolio by industry and geography.

A comprehensive approach is in place to assess and manage transition risk; the Risk Management framework defined is fully con sistent with the RAF and is based on 3 pillars:

• specific reputational risk policies set -up (refer to subparagraph “Non -Financial risks” below);

• dedicated industry steering signals, based on relevant C&E factors (linked to transition risk) included in the credit risk strategies framework reviewed at least once a year;

• assessment at customer group or single client level, mainly leveraging a dedicated C&E questionnaire/external provider score.

In particular, the industry steering signals and the related industry limits embed relevant C&E factors, mainly leveraging a heatmap based on harmoni sed transition risk scores (integrating C&E questionnaire where available) by economic activity.

Further principles are also integrated within qualitative guidelines (including Net zero indication , where relevant, as well as nature risk considerations) for the business to assess and mitigate the risks for each specific industry. The cascading to the legal enti ties of the Group, together with the monitoring and escalation processes at local and Holdi ng Company level, steer different credit portfolios in alignment with the RAF.

With the aim of assessing the C&E risk profile of multinational and large corporate clients , a specific questionnaire has been internally developed.

This tool is based on a set of both cross -industry questions (in total 12 considering the different sections) and additional industry -specific questions, measuring qualitative and quantitative current and forward -looking key indicators across the following three main drivers.

The three main drivers of the C&E questionnaire are:

• C&E exposure - the 6 questions allow an analysis of the current level of exposure of the Economic Group under assessment: (i) level of Greenhouse Gas (GHG) emission (Scope 1, 2 and 3); (ii) alignment to EU Taxonomy ; (iii) biodiversity, (iv) pollution; (v) water consumption, (vi) waste production and recycling;

• C&E vulnerability - the 4 questions allow an analysis of the climate change management maturity level on a forward -looking basis, covering: (i) independent third-party rating, (ii) GHG emissions reduction target, (iii) policies and procedures in place, (iv) Company’s investment plan related t o

climate;

• Economic impact - the 2 questions allow an analysis of the potential impacts on corporate clients’ financial and industrial performance in term s of costs and revenues.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 229 Three steps are applied to determine the questionnaire result as shown in the following figure:

In detail:

• calculation of question -specific indicators based on the answers provided and clients ’ sustainability reporting (a penalty system is in place and applied when information cannot be retrieved);

• conversion of indicators , related to single questions, to standardi se the scores of different responses and guarantee comparability of results;

• weighing question -specific scores according to a pre -defined table ( which considers the relevance of the questions) and calculation of the summary score for different dimensions:

- sum of question -specific scores (and penalties if necessary) for each question in the Exposure cluster; the result is plotted on the vertical axis of

the matrix;

- sum of question -specific scores (and penalties if necessary) for each question in the Vulnerability cluster; the result is plotted on the hor izontal axis of the matrix;

• determination of C&E score ratings (1 -Low; 2 -Medium; 3 -High; 4 -Very High Risk), as shown below.

Scoring methodology matrix

• ca.1,400 : number of counterparties assessed with the C&E Questionnaire;

• 45%-50% corporate portfolio coverage;

• risk of our clients:

- greater than 90% Medium/Low;

- lower than 10% High/Very high.

1 QUESTIONNAIRE

11 cross -industry and 2 industry -

specific C&E related qualitative -

quantitative questions

2 SCORING & WEIGHTING

Questions and answers converted into homogeneous scores on a scale from 1 to 5 and weighted by relevance

enabling differentiation

3 RESULTS AND MATRIX

The sum of weighted score positions each counterpart on the Transition Risk Assessment matrix

C&E Exposure

5

Transition Risk

Very High D D 4 3

Transition Risk

-High C

2 1

Counterparty positioning

Medium - B T 0 1 2 3

ransition Risk

4 5

C&E Vulnerability

A

High C&E Transition Risk

Risk counterparts

A Low

Clients with no/limited Climate and Environmental Transition risk B

Medium

Clients with moderate Climate and Environmental Transition risk C

High

Clients with tangible Climate and Environmental Transition risk D Very high Clients with important level of Climate and Environmental

Transition risk

Low Risk

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 230 The C&E Questionnaire integrates nature -related KPIs including biodiversity (presence of operations in biodiversity -sensitive areas), pollution (amount of pollutants released into air, water, and soil), water consumption intensity, and waste production (total waste, diverted from disposal and hazardous). The coverage of both climate and nature KPIs ensures greater comparability across industries and aligns with regu latory frameworks such as CSRD.

For clients operating in mid -corporate and SME segments which do not fall under the C&E Questionnaire remit, UniCredit follows a twofold approach and leverages two tools: (i) a collaborative ecosystem based on actual data i.e. , Open ES and (ii) a scoring methodology , externally sourced , based on disclosed and statistical information.

Through Open -es, clients , mid-corporate and SMEs , can assess their sustainability maturity, identify improvement actions, and benchmark themselves against peers. The Bank leverages insights generated through Open -Es both to strengthen its internal ESG assessments and to support clients in closing identif ied gaps, ultimately enhancing their access to sustainable financing instruments.

Open -Es, among others, collects ESG data directly from the client and generates a Transition Score that, when produced directly th rough the platform, is considered client’s transition assessment.

When a validated Open -Es Transition Score is available, it is deemed methodologically more robust for counterparty level C&E risk assessment and is therefore used as an input in the credit granting process.

For clients falling within UniCredit Net Zero industries, UniCredit enhances the assessment of the overall counterparty risk profile by performing a comprehensive evaluation of (i) the client’s emission levels compared with the Bank’s sectoral emission foo tprint and (ii) the maturity of the client’s transition strategy. To further strengthen its engagement and advisory capabilities and to support the above -mentioned clients’ assessment, UniCredit has implemented a proprietary and structured Transition Plan methodology, based on internationally recogni sed frameworks and leading global initiatives such as GFANZ, CDP, and CA100+.

This methodology is designed to provide a rigorous and holistic assessment of counterparties’ Transition Plans across five cr itical

dimensions/components:

• Strategy ;

• Targets & metrics ;

• Historical emissions ;

• Risk management ;

• Governance .

Built on a comprehensive set of analytical questions, the methodology evaluates how each company effectively addresses these components within its Transition Plan. It integrates both qualitative and quantitative criteria, leveraging current and forward -looking indicators , including emissions trajectories, target setting practices, governance arrangements, and risk management processes , to assess the completeness, credibility, and maturity of clients’ transition frameworks.

All questions are part of the above -described C&E Questionnaire and are completed annually, in line with the Bank’s credit processes. Responses are collected from clients, rely on information provided directly by them and are complemented by most recent publicly availa ble disclosures (e.g., annual reports, corporate websites) or other counterparty data available internally within the Bank.

Using the scoring system, responses are translated into score s, resulting in three levels of assessment:

• Developed Transition Strategy ;

• Early -stage Transition Strategy ;

• Absent Transition Strategy .

A quarterly monitoring process is in place to track how clients’ Transition Plan scores evolve across all Net Zero sectors.

In 2025, the Transition Plan assessment has been extended to clients in all UniCredit Net Zero sectors. Two years after the implementation of the methodology, a coverage of around 70% has been achieved of corporate and multinational companies within the N et Zero perimeter, with the objective of reaching full coverage in the near future.

Furthermore, in order to guarantee the robustness of the model and the correctness of the data collected, specific controls h ave been put in place and a window dedicated to the uploading of documents used by the relationship manager to collect the data has been set up in order to verify the sources and correctness of the information. Similar controls are also in place for other mentioned tools, e.g. , C&E Questionnaire, in line with the second -level controls framework.

The results of the climate and environmental assessment either coming from the C&E internal questionnaire, or from Open -ES/external provider are integrated in the credit application, allowing the decision maker to effectively take climate and environmental factors into account during the credit decision phase.

Indeed, a specific process, factoring in transition risk (together with reputational risk, Net Zero and physical risk wheneve r relevant), has been designed and cascaded to the Group Legal entities through a dedicated Group operational regulation in order to address the inclusion of Climate and Environmental considerations into the overall evaluation of the client. Leveraging transition risk score, the application of the process results in specific strategies (in terms of eligible products) to steer the corp orate portfolio's exposure fostering the clients' green transition and reducing , at the same time , UniCredit’s exposure to C&E Risks. In more detail, in case the client is subject to high or very high transition risk, the strategy foresees prevalence or exclusivity of ESG -related products, respectively. The o utcome of physical risk assessment at counterparty level is meant to complement the strategy with the request of physical risk mitigation action whenever deemed necessary.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 231 Transition risk at collateral level C&E elements must be evaluated also for all real estate assets taken as collateral for new origination (i.e. new mortgages gr anted to individuals and corporates - including real estate leasing new origination).

With regard to transition risk, the energy -efficiency standards/KPIs of the asset (e.g. EPC label, CO 2 emissions, PED) are collected and made available to the appraiser as part of the information package. As such, the energy performance classification (EPC) has to be considered as an element within the overall assessment performed by the appraiser to provide the market value of the asset.

With the aim of measuring transition risk associated with assets accepted as collateral to fulfill regulatory obligations (Pi llar 3, EU Taxonomy, Stress Tests) and meet managerial needs, a collection of Energy Performance Certification (EPC) data has been conducted across all the Group Legal

Entities:

• for the stock, where actual data could not be punctually retrieved (from the clients or from public registers), the Group lev eraged external specialised providers, which developed an estimation model;

• for the new flows, the following transition risk KPIs are collected and properly taken in consideration during origination ph ase:

- Energy Performance Certification label (EPC) with flag indicating estimated/reported;

- Primary Energy Demand (PED) measured as kWh/sqm;

- CO 2 emissions;

- EPC label issuance year.

Such information has been integrated into the ESG Global IT Infrastructure and is available on the local underwriting platfor ms at the origination stage and supports proper monitoring and steering of the portfolio risk over the lifetime of the real estate collaterals.

Physical risk in the credit portfolio and at collateral level Physical risk is carefully monitored for both counterparties within the Group's portfolio and individual collateral assets. T his involves the assessment of a wide range of hazard events, with particular attention given to the following:

• material hazard events related to physical risk at counterparty level;

• material hazard events related to physical risk at collateral level.

With regard to physical risk, the assessment is mainly delegated to the appraisers according to the Group taxonomy and embedded in the overa ll asset evaluation, considering both the location (i.e. address) and the specific features of the property (e.g. condition, flo or).

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 232 Material hazard events related to physical risk at counterparty level:

TYPE OF PHYSICAL

RISK (ACUTE/

CHRONIC)

Acute MATERIAL

PHYSICAL RISK

HAZARD EVENT

Landslides DESCRIPTION OF

THE PHYSICAL RISK

HAZARD EVENT

Risk of landslide events, long historical data

METRIC/APPROACH

Annual probability of event with high severity SPATIAL

RESOLUTION

grid 200

metres/census

cell

SOURCE

Third party data &

Bundesanstalt für

Geowissenschaften

und Rohstoffe & Istituto di Ricerca per

la Protezione

Idrogeologica

Acute Floods Risk of flood events, related to waterways and heavy rain events, predictive model Annual probability of event with high

severity, return

period 50y grid 100 metres/census cell Third party data & Istituto Superiore per la Protezione e la

Ricerca Ambientale

(ISPRA)

Acute Wind (Extreme

wind-related

events) Probability of extreme wind events based on storm footprint, measured on Beaufort scale, return period 50y Annual probability of extreme events (11 -12 Beaufort scale) grid H3 Third party data Acute Wildfire Risk classes depending on days with high fire risk subject to the type of environment in which the company is located,

Representative

Concentration Pathways

(RCP) 4.5 scenario Average days/year with high fire risk, subject to type of environment grid 4 kilometres Third party data &

European Space

Agency (ESA)

Data &

Copernicus Data

Acute Extreme waves

(extreme waves,

storm surges) Probability of having storm surges and high energy waves Wave height in RCP 8.5 with a return period of 50y grid 25 kilometres Third party data Acute Frost occurrence Probability of cold events (frost, even of short duration), predictive model Average number of events by years grid 10 kilometres Third party data

Acute Heat

occurrence Probability of hot events (even of short duration), predictive model Average number of events by years grid 10 kilometres Third party data

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 233

TYPE OF PHYSICAL

RISK (ACUTE/

CHRONIC)

Acute MATERIAL

PHYSICAL RISK

HAZARD EVENT

Heat waves DESCRIPTION OF

THE PHYSICAL RISK

HAZARD EVENT

Probability of heat waves (extreme hot event > 3 days), historical data

METRIC/APPROACH

Number of events (> 3 days) observed in a 60y period SPATIAL

RESOLUTION

grid 10 kilometres

SOURCE

Third party data Acute Aridity Probability of aridity

phenomena (ratio

precipitation/

evaporation), predictive

model Mean annual precipitation

(P)/mean annual

evapotranspiration (ETP) grid 500 metres Third party data Chronic Sea level rise Estimates the sea level

with various

meteorological models Max wave height in 2050, return period in 50y grid 25 kilometres Third party data

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 234 Material hazard events related to physical risk at collateral level :

TYPE OF PHYSICAL

RISK (ACUTE/CHRONIC)

Chronic MATERIAL

PHYSICAL RISK

HAZARD EVENT

Sea level rise DESCRIPTION OF

THE PHYSICAL RISK

HAZARD EVENT

Estimates the sea level

with various

meteorological models

METRIC/APPROACH

Sea level rise Hazard zones defined on Elevation Index (driven by coastal topography) and sea level rise Index (driven by sea level rise).

The sea level rise hazard information is available for different scenarios SPATIAL

RESOLUTION

30 metres

resolution for

flooding hazard by sea level rise

globally

SOURCE

Third party data: Sea level rise zones were modelled based on

high- resolution

elevation data from elevation model and sea level rise

projections from

climate models

Acute Flood:

• River Floods • Flash Floods • River floods: Risk of river flood events, related to waterways and heavy rain events • Flash floods are short -

term events which can be produced by

multiple thunderstorms

with heavy rain over one area River floods: global climate model and global land surface models estimate changes in peak water runoff at

hydrological basin

resolution. These

changes in peak runoff are then used to scale current river flood maps. The projections are available in different

scenarios

Flash floods: the flash flood map is based on meteorological data, as well as soil, terrain and

hydrographic data

(slope and flow

accumulation). The

meteorological data

includes the amount, variability, and extreme behaviour of rainfall • River floods: 30

metres

• Flash floods:

approximately

250 metres Third party data:

• River floods:

Geoweb natural

hazard maps

• Flash floods: soil-

sealing maps

(detected by

looking at

impervious

surfaces), curvature

(from global multi -

resolution terrain

elevation data),

slope and flow

accumulation (from

conditioned terrain

data)

as modifiers to generate the final flash flood map

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 235

TYPE OF PHYSICAL

RISK (ACUTE/ CHRONIC )

Acute MATERIAL

PHYSICAL RISK

HAZARD EVENT

Storms DESCRIPTION OF

THE PHYSICAL RISK

HAZARD EVENT

Storms (including

blizzards, dust and

sandstorms):

extratropical storms and

storm surges

METRIC/APPROACH

Extratropical storms: The main variables of the exposure analysis are forward wind, maximum wind speed, minimum central pressure, radius of maximum wind speeds, track of the centre (eye) in 3 to 6

hourly intervals

Storm surges: multiple wave heights are simulated for each coast and the

maximum expansion

calculated. Wind

speeds and bathymetry data were also taken into account SPATIAL

RESOLUTION

• Extratropical

storms:

approximately 5

kilometres

• Storm surges:

approximately

30 metres

SOURCE

Third party data Acute WildFire Risk classes depending on days with high fire risk subject to the type of environment in which the company is located, RCP 4.5 scenario Fire Weather Index (FWI) combining the

probability of

ignition, the speed and likelihood of fire spread and the availability of fuel Approximately 1 kilometre Third party data:

modelled according to daily information on

temperature,

precipitation, humidity

and wind

Acute Hail Heavy hailstorms are usually triggered by wide cold fronts. Occasionally, local hot weather thunderstorms , a result of intense insolation over land or mountain slopes , also lead to severe locali sed hailstorms. Global standardi sed

records of

meteorological data.

hailstorm map is based on a number

of atmospheric

conditions with the potential to create a

hailstorm. The

following parameters

were taken into account for the

calculation:

- Average annual

evapotranspiration [mm]

- Average annual

temperature gradient

[°C/km]

- Average annual potential height of fall of hail [m] Third party data

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 236 Financial risk The Financial Risk function has progressively developed a robust and integrated approach to embed ESG risks within the Group’ s Financial Risk framework, incorporating ESG drivers into existing risk management practices and defining a set of metrics to regu larly monitor and report exposures to climate and environmental risks.

The Climate & Environmental risk methodology framework developed by the Financial Risk function ensures consistency across market, counterpart , liquidity and product governance processes, and provides the basis for a comprehensive risk assessment supported by coherent and robust monitoring and reporting architecture. For this purpose, the methodological framework measures both transition and phy sical risks within the relevant Financial risk perimeter, combining internally developed transition risk scores (i .e., C&E Questionnaire), externally sourced climate metrics and, where appropriate, industry level indicators to ensure broad coverage across trading and investment portfolios, counterp arty exposures and the liquidity buffer.

As a result, climate and environmental -related risk factors are embedded within the Group’s limit system, early warning mechanisms, stress testing architecture and decision -making processes.

They are also incorporated into new product evaluations and into inclusion/exclusion assessments aligned with sector policies , particularly in sensitive industries such as Coal and Oil&Gas.

Within the Market risk framework, a set of limitations has been defined to monitor on a regular basis exposure to ESG risks, in coherence with t he Group -wide Climate Risk appetite and the ESG strategy. Granular Market Limits on exposure with high transition/physical risk are applied on equity and non -sovereign credit instruments in the Trading book as well as non -sovereign debt securities in the investment portfolio. Climate Stress Test results are included in the existing limitation framework by monitoring the adherence to S tress Test Warning Levels.

Counterparty credit risk processes include the assessment and monitoring of counterparties’ transition and physical risk prof iles, leveraging both internally developed transition risk scores and externally sourced climate risk scores. Dedicated early warnings are applied to pre -settlement exposures towards counterparties with High Transition and Physical Risk scores. Climate -related impacts on counterparty credit risk exposures are assessed through dedicated climate scenarios within the Financial Risk s tress testing framework.

C&E considerations are also systematically incorporated into product governance processes. When assessing new financial instr uments, Legal Entities verify whether any climate or environmental -related element is embedded in the payoff or structure of the pr oduct and ensure full consistency with the Group’s ESG strategy, involving speciali sed functions as needed.

Monitoring and reporting activities are carried out regularly for corporate governance bodies, covering climate risk related concentrations across equity and credit positions in both the trading book and investment portfolio, counterparty exposure and comp onents of the counterbalancing capacity. The monitoring framework includes both transition and physical risk assessments and is complemented by analyses of physical hazard exposure and carbon footprint metrics for the investment portfolio. This ensures tha t senior management has full and continuous visibility over the climate risk footprint of the Financial risk perimeter.

Within the liquidity risk framework, the Group assesses how climate transition and physical risk may affect liquidity through several channels, such as:

• counterbalancing capacity, including potential repricing of assets ;

• increased deposit withdrawals or liquidity needs from clients affected by climate events or transition pressures ;

• higher drawdowns of committed lines ;

• potential increases in margin calls driven by climate -related market volatility.

The Group also considers reputational implications arising from inadequate adaptation to evolving climate regulations, which are already captured through dedicated regular scenarios within the liquidity stress test framework.

To quantify the potential impact of these factors, the Group applies stressed assumptions to customers identified as having m edium to high climate risk, based on C&E Questionnaires and external climate risk scores. These stressed outflow rates are designed to reflect conditions comparable to severe internal liquidity stress scenarios. For transition risk, shocks are adjusted to account for the Group’s Net Zero stra tegy, particularly for sectors such as Oil&Gas, Power Generation and Automotive. In addition, climate -related scenarios used in ICAAP are applied to market variables relevant for assessing potential deterioration in the liquidity buffer or changes in derivatives exposures.

To this end , the resulting impacts are applied to the:

• Operative maturity ladder, • Liquidity Coverage Ratio , • Net Stable Funding Ratio , to assess both short and medium/long term implications.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 237 In all cases, the results confirm that the materiality of climate -related liquidity risk is low. Short term impacts are generally limited and primarily related to potential deposit outflows or margin calls under stressed conditions, while long term impacts remain negligible gi ven the solid structure of the Group’s balanc e sheet. Both climate physical and transition risk impacts fall within the medium -low range of the internal severity scale and are fully absorbable by the Group’s existing liquidity buffers.

Overall, even though the materiality of climate -related and environmental risks across the Group’s market, counterparty and liquidity risk profiles remain low, UniCredit maintains a rigorous and forward -looking framework to identify, assess and manage these risks. Climate risk is thus firmly embedded within the Group’s Financial Risk management processes, in a manner fully aligned with supervisory expectations and consistent with the Group’s long-term sustainability commitments.

Non-financial risk

Non-financial risks can be influenced by environmental, social and governance factors in general, and by climate change in partic ular, in two different

ways:

• Reputational risk : risk for the Group of being perceived and critici sed for supporting sectors, clients, activities and projects through its financial products and services, as well as for having relations with third-parties, that could harm the environment, worsening the scenario of climate change , and people, affecting communities.

• Operational risk : risk for the Group of facing temporary disruption or unavailability of key premises (e.g., data centers, operational centers, headquarters) or for the discontinuity of services experienced by some of third -party service providers due to adverse extreme climate conditions.

The Group has implemented adequate processes to mitigate the above -mentioned risks.

Reputational risk

The Group defines reputational risk as the current or prospective risk to earnings and capital resulting from the negative pe rception of the Financial Institution’s image by various stakeholders including clients, shareholders/investors, regulators, employ ees, debtholders, market analysts, civil society, NGOs, media and other relevant parties.

The Group embeds ESG considerations at the core of its reputational risk framework, ensuring that environmental, social and ethical factors are systematically assessed alongside traditional risk dimensions. Reputational risk is managed through a comprehensive set of rules, sector -specific regulations and decision -making processes designed to safeguard the Group’s integrity and long -term stakeholder trust.

Clear baseline principles define both the types of relationships and activities the Group is willing to support, as well as t hose incompatible with UniCredit values, regulatory expectations and sustainability commitments.

A structured Reputational Risk Assessment process, involving also specialist functions such as ESG, Compliance and Legal, ens ures that each transaction is evaluated for adherence to these principles. Any deviations are escalated to the appropriate governan ce bodies, up to the Group Risks and Controls Committee for the most material cases.

The Reputational Risk Management framework relies on:

• Setting clear general rules and guidelines for:

- defining the profile of relationships (with clients as well as with other relevant counterparties such as suppliers) and opera tions (mainly financial support, but also investments and other financial products and services offered) that the Group is availabl e to manage and develop;

- defining the profile of what the Group does not consider to be in line with its foundation principles and reputational standar ds. These rules and guidelines are designed to ensure alignment with laws, internal and external regulations, and best practices wi thin the sector and reflect the risk appetite and the sensitivity of the Group;

• Setting additional specific rules and guidelines for sectors considered sensitive (Coal, Oil&Gas, Defense, Nuclear, Mining, W ater Infrastructures) and contributing to the Group commitments for specific topics (Rainforest, Tobacco, Human Rights, Natural Cap ital/Biodiversity);

• Requiring for each relationship the evaluation of the conformity to the rules and guidelines mentioned above;

• Ensuring respect of the rules mentioned above for each operation, performing a specific Reputational Risk Assessment involving the dedicated Reputational Risk function and other specialist/competent functions (e.g., ESG, Compliance, Legal) in cases of poten tial deviation and rejecting operations in breach of such rules;

• Setting conditions, controls or limitations, where deemed necessary, in order to reduce the material residual Reputational Ri sk for Group, regardless of the sector connected to the case;

• Independently from the sector, evaluation of the liability/litigation risk that can derive from supporting a deal which could produce a negative environmental or social impact, when the deal is under the Equator Principles (EP) framework;

• Taking the right decisions at the right level of authorization in cases of potential reputational risk, involving the Group R isks and Controls Committee (GRC) for the highest risk cases and/or for strategic decisions.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 238 Global Policy Reputational Risk Management A global policy is in place to identify and exclude financing activities that could harm the environment or undermine social equity and fairness. Within this framework, integrity and legal compliance operate as mutually reinforcing pillars, guiding both st rategic direction and day ‑to‑day decision‑making. Integrity ensures that actions reflect honesty, fairness, and alignment with the Group’s values, while legal complian ce guarantees adherence to laws, regulations, and internal standards as a non ‑negotiable baseline. Together, they ensure that decisions are not only legally sound but also ethically robust.

From an operational standpoint, this translates into a proactive approach: business units must identify and escalate potentia l concerns even when an initiative appears formally compliant, as legal adherence may be insufficient if ethical expectations are n ot met or when stakeholder sensitivities are not considered, posing the bank at risk. The Policy also requires applying the highest applicable standard when operating cross‑border or in multiple jurisdictions, ensuring that internal rules , which often exce ed local requirements , are consistently respected. In practice, this means rejecting or reshaping transactions that present ethical misalignments, integrating compliance and ethical checks into product design a nd customer interactions, and fostering a culture where early detect ion, transparency, and documentation are embedded into operational routines. By combining integrity with rigorous compliance discipline, the Group reinforces its reputational resilience and its ability to make decis ions that are defen sible, consistent, and aligned with long ‑term trust.

This framework requires the application of the highest applicable standards and the proactive identification of ethically sen sitive situations. Through this rigorous set of rules, controls and governance mechanisms, the Group ensures that ESG consideration s are fully embedded into reputational decision -making, reinforcing its commitment to responsible business conduct and protecting its reputational resilience across all acti vities.

UniCredit group has defined a process for assessing Reputational Risk, identifying cases where a dedicated assessment is nece ssary, as shown below.

Reputational risk assessment:

The decision -making bodies responsible for assessing cases of reputational risk can vary according to the relevance of the case and alignm ent with the policy provisions.

A RepRisk Assessment is requested:

ON SCHEDULE

A. ANNUAL CLEARANCE

e.g. Whenever a customer is subject to the annual credit review

ON EVENT

B. REPUTATIONAL CLEARANCE - Whenever an event, related to a customer, occurs and the event itself could impact UCG reputation e.g. The customer is involved in a scandal of public interest and the event is also covered by the media which give due information e.g. The customer is accused by the judiciary of having violated the anti -money laundering law C. SINGLE DEAL APPROVAL - When a customer, belonging to one or more "sensitive sectors" is requesting a financial support for a project or a general financing e.g. The customer asks for a letter of credit to export weapons in a foreign country e.g. The customer operating in the Oil & Gas sector ask for general financing

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 239 Decisional Bodies on RepRisk ( Holding Company ):

For UniCredit S.p.A., cases that envisage a potential high relevance with appetite already set are brought to the attention o f Head of Group Non Financial Risks (with the support of Reputational Risk Office, which includes the representatives of the Group Specialist Functions, if the case).

Cases that envisage a potential high relevance with appetite not yet set are brought to the attention and decision of the Gro up Risks & Controls Committee (GRC) chaired by the Group CEO.

Similar structures have been established at local level within each Legal Entity of the Group. At local level, RRO and GRC ar e collapsed in the Local Non-Financial Risk Committee (LNFRC), chaired by the local CEO.

A Reputational Risk decision taken at local level in a specific Legal Entity also requires an NBO by the Parent Company in tw o specific situations:

• when the case, authori sed by the LNFRC, presents a High Reputational Risk and has to be submitted to a Group Credit Committee (GCC or

GTCC);

• when explicitly requested by the policy. e.g., exceptions granting.

Sensitive Sectors

In its continuous monitoring of the market and stakeholders expectations, the Group can set up dedicated policies for sensiti ve sectors. Currently, six “sensitive sectors” have been identified , Coal, Oil&Gas, Mining, Defence, Water Infrastructure and Civil Nuclear , and a dedicated additional set of provisions, rules, procedures and responsibilities are described in specific internal regulations in order to assess clients’ financing activities and transactions.

Update of the existing provisions, as well as setting up new ones, are performed on a continuous basis, considering the evolu tion of the market and the sensitivity of the Group towards these sectors.

In this respect, in the first half of 2026, Defence and Oil&Gas sectors internal regulations have been updated to reflect the bank risk appetite and sectors evolution.

Group CEO with selected GEC

members

GRC •Cases with High RepRisk or with RepRisk appetite to be set Head of Non-Financial Risk and Heads of specialist functions

HEAD OF NON -FINANCIAL

RISKS/ RRO

•Cases with High RepRisk or with appetite already set in Previous decisions Head of RepRisk and Heads of specialist

functions

REPRISK FUNCTION

& SPECIALIST FUNCTIONS

•Cases with Low or Medium RepRisk or when explicitly requested by the Policy (e.g. client classification in A, B, C classes

for Coal)

Proponent

Business

PROPONENT BUSINESS

•Cases in line with the provisions and allowed by the policy (no deviations) •Second Level controls performed by

RepRisk Function

Specialist Functions:

ESG, Financial Crime,

Sanctions, Anti-money

Laundering, Media and

Communication, Legal

RELATIONSHIPS

DEALS

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 240

Operational risk

The Group incorporates ESG considerations, and climate -related risks in particular, within its Operational Risk framework by systematically assessing the resilience of critical locations, processes and third -party providers to adverse climate events. A str uctured evaluation is conducted across all legal entities to identify buildings and operational sites whose unavailability could compromise business continui ty and ensure proper backup arrangements. Moreover, the Group strengthens its operational resilienc e by enhancing the Third -Party Assessment process evaluating suppliers not only on traditional risk dimensions but also on the adequacy of their business continuity measures to manage po tential adverse climate events. Through this multi -layered approach, climate considerations are embedded into operational risk management, reinforcing the Group’s preparedness and continuity capabilities in the face of evolving ESG -related challenges .

For all legal entities the Group carries out an assessment aimed at identifying critical locations where unavailability could harm business continuity (e.g., data centers, headquarters, operational cent res).

Scenario analysis

A number of 103 buildings were selected for the assessment. Each location has been classified according to current risks from extreme adverse climate conditions (river floods, flash floods and wildfire) that could affect the location itself. Moreover, a set of buildi ngs (7) currently not exposed to adverse climate conditions are devoted to monitoring, to check whether the risk profile might change, in order to implement i mmediate actions.

COAL

MINING

OIL & GAS

WATER INFRASTRUCTURE

NUCLEAR

(for energy generation)

Fossil Fuel

Environmental

Sensitive

Group Reputational Risk Framework

DEFENCE

(including nuclear weapons)

ALL THE SECTOR/ALL THE RELATIONSHIPS

BC Backup building

assessment

High

Medium -High

Medium -Low

Low H

10 buildings

MH ML

93 buildings

L

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 241 Among those selected, ten buildings resulted as potentially exposed to high or medium -high risk; the related business continuity plan was assessed to check the effectiveness of protection in cases of adverse climate conditions.

Wherever the business continuity plan highlighted the inadequacy of the backup building (e.g., exposed to the same risk as th e primary location), adequate mitigants were identified (e.g ., definition of a new backup location, full smart -working implementation, etc .). For one building, a formal taking risk has been taken by the legal entity Board of Directors, considering that additional mitigants were not identified.

Moreover, exposure to the perceived risk in a scenario of +4°C in 2030 has been considered. In this case, 7 additional buildi ngs have been identified currently not exposed to such risks but potentially exposed to them considering this additional scenario. Devoted KPIs have been put in place in collaboration with Group Real Estate to monitor future climate events comparing them with the history of the location, with t he aim to put in place immediate actions in case of climate risk exposure worsening. The KPI is monitored every six months and no deviations from the history of these buildings have been detected.

To assess the resilience of third -party service providers with regard to climate change, the Third -Party Assessment (performed during onboarding of new suppliers, then yearly) has been enhanced by also considering the business continuity plans adopted to m anage potential adverse climate events .

Section 3 - Risk of insurance companies

Insurance risks

The Italian insurance companies of the Group, UniCredit Life Insurance S.p.A. and UniCredit Vita Assicurazioni S.p.A., operat e in the Life business and are therefore exposed to risks related to this line of business, namely insurance, financial and other r isks.

Insurance underwriting risks The insurance risks of the Life portfolio are linked to underwriting risk. The latter includes both biometric risks, related to the uncertainty of the assumptions adopted in the valuation of insurance liabilities (e.g. mortality/longevity rates), and risks arising from uncert ainty regarding policyholder behavior (e.g. lapse rates) and expense levels .

For the two UniCredit group insurance companies, most products are predominantly savings -oriented; the remainder consists of pure protection products, while annuity business is negligible. Consequently, the types of underwriting risk to which the companies are expos ed are mainly risks related to products offering minimum guarantees/financial guarantees to customers and risks connected with demographic aspects specific to pure protection products. The most relevant underwriting risks to which the companies a re exposed are therefore mortality risk, lapse risk and expense risk.

Lapse risk represents the most significant technical risk for insurance companies. It is managed through the inclusion, within the new product design process, of surrender penalties in the event of surrender or premium payment discontinuation before contractual maturity, as well as through the definition of sustainable financial guarantees.

The following section presents the results of the sensitivity analysis performed on the main insurance risk parameters.

The disclosure reports on the estimated impact on the Contractual Service Margin (CSM).

The analysis identified the relevant risk factors for the UniCredit group insurance companies and the related operational assumptions subject to stress testing, as follows:

• 10% increase in expense assumptions ("Expenses +10%" scenario);

• 20% increase in lapse assumptions ("Lapse +20%" scenario).

The sensitivity exercise shows that a 20% increase in lapse assumptions results in an overall reduction of the CSM of approxi mately -€51 million, making it the main technical sensitivity driver for the Group's insurance companies. The typically negative effect on the CSM following the lapse stress is attributable to the loss of future margins resulting from a faster reduction in assets und er management, both for Separate Accounts and Unit Linked portfolios.

The effect related to the revision of operating expense assumptions results in an overall negative impact of approximately -€33 million.

Condensed interim consolidated financial statements | Explanatory notes Part E - Information on risks and related hedging policies UniCredit Consolidated first half financial report as at 30 June 2026 242 Financial risks related to the life insurance business

Liquidity risk

Liquidity risk is the risk that an insurance or reinsurance undertaking may be unable to liquidate investments and other asse ts in order to meet its financial obligations when due. Exposure to liquidity risk is measured by both companies through liquidity indicators that compare available resources with expected outflows under both the baseline and stressed scenarios over a short - to medium -term horizon, monitoring their evolution and compliance with specific thresholds defined within the Risk Appetite Fram ework (RAF). Monitoring these indicators did not reveal any critical issues and confirmed an adequate liquidity position for both companies.

Market risk

Life insurance companies must invest collected premiums in financial assets over both the short and long term in order to del iver the expected returns to policyholders while meeting future obligations. Consequently, the companies are exposed to market risk s that may result in losses or adverse changes in their financial position arising, directly or indirectly, from fluctuations in the level and volatility of market prices of assets and liabilities.

Market risk can be assessed through the analysis of market risk on liabilities and on the assets backing those liabilities.

With regard to market risk analysis typically performed in the insurance sector, the following section presents the results of the sensitivity analysis of interest rate risk on the CSM, based on a parallel upward shift of the discount curve by 100 basis points ("Interest Rate Up +100 bps"), considered a relevant scenario for the companies' insurance portfol ios. This scenario results in an overall negative impact on the CSM of approximately €74 million, mainly attributable to Separate Account portfolios.

Investment portfolios

As at 30 June 2026, total investment portfolios amounted to €47,575 million at carrying value , and broke down as follows:

• €1,665 million related to shareholders' funds and pure protection business;

• €15,636 million related to Separate Accounts;

• €30,274 million related to Unit Linked business .

Given the different risk profiles, the investment portfolio analysis presented below focuses on assets backing Separate Accou nt policies and shareholders' funds.

At the end of June, the asset class composition of the two companies, aggregated across portfolios measured at fair value, wa s as follows:

• Bonds: €16,443 million, representing approximately 95% of total assets;

• Equities: €120 million, representing approximately 1%;

• Investments in UCITS/funds, Private Equity and Hedge Funds: €741 million, representing approximately 4%.

The rating distribution of the Class C portfolio is as follows: AAA/AA -rated bonds account for approximately 8% of total bond investments, while around 23% fall within the single -A category. Low investment -grade securities (BBB) represent 68% of the total, whereas the share of speculative -

grade or unrated securities is residual at approximately 1%.

More specifically, government bond holdings are mainly concentrated in Italian government securities ( 73% of total investments), followed by French (9%), Spanish ( 6%), and issued by European Union (3%).

Analysis of exposure by issuers/counterparties shows that securities issued by governments, central banks and other public -sector entities account for approximately 63% of bond holdings, while corporate issuers (financial and industrial companies) contribute approximately 37% of the total exposure.

Other risks related to the life insurance business

Operational risk

Operational risk is defined as the risk of losses resulting from errors, violations, interruptions or damage caused by internal processes, personnel, systems, or external events. This definition includes legal and compliance risk but excludes strategic and reputational risk.

The UniCredit group has defined its operational risk management framework as the set of rules and procedures aimed at identification , assessment and measurement, management and mitigation, monitoring and reporting of operational risks at Group level. The framework is ba sed on an operational risk taxonomy that is also relevant for the insurance sector, since insurance companies are expo sed to operational risk types similar to those affecting banks. Accordingly, this framework has been extended to the insuran ce companies through the adoption of Group regulations.

Condensed interim consolidated financial statements | Explanatory notes Part F - Consolidated shareholders’ equity UniCredit Consolidated first half financial report as at 30 June 2026 243 Part F - Consolidated shareholders’ equity Section 1 - Consolidated shareholders’ equity

A. Qualitative information UniCredit group deems as priority the activities of capital management and capital allocation based on the risks taken, with the aim of expanding the Group’s operations in a value creation perspective. These activities are structured in the different phases of the Gr oup planning and monitoring process and, in particular, in:

• planning and budgeting processes :

- proposals of risks appetite and capitalisation objectives;

- analysis of risks associated with value drivers and allocation of capital to business areas and units;

- assignment of risk -adjusted performance objectives;

- analysis of the impact on the Group’s value and the creation of value for shareholders;

- preparation and proposal of the equity plan and dividend policy;

• monitoring processes:

- analysis of performance achieved at Group and business unit level and preparation of managerial reports for internal and exte rnal use;

- analysis and monitoring of limits;

- analysis and performance monitoring of the capital ratios of the Group and single entities.

The Group has committed itself to generate income in excess to the one necessary to remunerate risk (cost of equity) and to c reate value for its shareholders by allocating capital to the various business areas and business units on the basis of specific ri sk profiles. In order to support the planning and monitoring processes, the Group adopts a methodology based on risk -adjusted performance measurement (RAPM) which provides a number of indicators that combine and summarise the operating, financial and risk -related variables to be considered.

Therefore, the Group capital and its allocation are of paramount importance in the definition of corporate strategies, as, on the one hand, the Group Capital represents the shareholders’ investment in the Group, which needs to be adequately remunerated, an d on the other hand, it is a scarce resource subject to the external constraints set by the regulators.

In the allocation process, the definitions of capital adopted are the following:

• risk or employed capital: this is the equity component provided by shareholders (employed capital) which must be remunerated through an income generation higher than or equal to expectations (cost of equity);

• capital at risk: this is the portion of capital and reserves that is used ( at the beginning of the period: allocated capital) or was used to cover (at period -end: absorbed capital) the risks taken to pursue the objective of creating value.

If capital at risk is measured following the so -called “Pillar 2” approach that requires Banks to implement internal processes and systems to determine the level of capital adequate to face any type of risk, not limited to those provided by the capital requirements ( “Pillar 1”) rules, then it is defined as internal capital; if it is measured th rough “Pillar 1” regulatory provisions covering Credit, Market and Operative risks’ capital requirements, then it is defined as regulatory capital. Internal capital a nd regulatory capital differences are not limited to the categories of risk covered. In fact, the former directly quantifies the amount of capital to cover adverse events with a high level of probability, while regulatory c apital is quantified applying to RWEA the CET1 ratio target defined within the Risk Appetite setting process. Set consist ently with Group risk appetite, CET1 ratio target considers supervisory expectations, the foreseen evolution of the regulatory frameworks, how the Group compares to oth er main European Banking Groups and factorizes chosen business strategies. Capital allocated to Business Segment is quantified by regulatory capital.

UniCredit group has identified a Common Equity Tier 1 Ratio target between 12.5% -13%.

In addition to target setting, capital management activities encompass the definition of the capital plan and the monitoring of Pillar 1 capital ratios (Common Equity Tier 1, Tier 1, Total Capital, MREL, RWEA) and available internal capital (Pillar 2 defin ition).

Capital management activities aim at identifying dynamically the most suitable investment and capital instruments (ordinary s hares and other capital instruments) for achieving the defined targets. If there is a capital shortfall, the gaps to be filled and capital generation measures are indicated, and their cost and efficiency are measured through the RAPM methodology. In this context, value analysis is enhanced considering all relevant aspects as, among others, regulatory rules, accounting principles, fina ncial and market situation, tax -related considerations, risk management assessments and with respect to the changing regulations affecting these aspects. In this way, all the necessary assessments are performe d, and instructions provided to Group areas or companies asked to perform the required tasks.

Condensed interim consolidated financial statements | Explanatory notes Part H - Related -party transactions UniCredit Consolidated first half financial report as at 30 June 2026 244 Part H - Related -party transactions

Introduction

For the purposes of financial disclosure, in accordance with the Commission Regulation EU 632/2010 of 19 July 2010, the text of IAS24 applies, which defines the concept of related party and identifies the relations between that party and the entity produci ng the financial statements. IAS24 also explains that the disclosure should include , among others, transactions entered into with subsidiaries of associates and of joint ventures.

Pursuant to IAS24 UniCredit S.p.A.’s related parties include:

• companies belonging to UniCredit group and companies controlled by UniCredit S.p.A. but not consolidated40;

• associates and joint ventures, as well as their subsidiaries;

• UniCredit’s “Key management personnel”;

• close family members of “ Key management personnel” and companies controlled (or jointly controlled) by key management personnel or their close family members;

• UniCredit group employee s’ post-employment benefit plans.

Also for the management of related -party transactions refer to the discipline established by Consob Regulation 17221/2010 as subsequently amended by Resolution 21624 of 10 December 2020 (deriving from the provisions of Art.2391 -bis of the Italian Civil Code) and by Banca d’Italia Circular 285/2013 (Part 3, Chapter 11), as well as the provisions pursuant to Art.136 of Legislative Decree 385/1993, under w hich corporate officers may assume obligations towards the Bank that they manage, direct or control, only upon unanimous approval of the board of the Bank and the favorable vote of the Audit Committee .

In this regard, UniCredit S.p.A., as a listed issuer and subject to Banca d’Italia regulations, has adopted the Global Policy “Transactions with related parties, associated persons and Corporate Officers ex Art.136 CBA (Consolidated Banking Act) ”, approved by UniCredit’s Board of Directors with the positive opinion of the Related -Parties Committee and of the Audit Committee , which is published on UniCredit website (www.unicreditgroup.eu), designed to define preliminary and final rules with respect to transa ctions executed by UniCredit S.p.A. including those conducted through subsidiaries with related parties , considering the specificities of the provisions mentioned above and the manner in which information is disclosed to corporate bodies, the supervisory authorities and the market.

Specific guidelines contained in the Global Policy have been distributed to the UniCredit S.p.A. functions and Group legal entities in order to systematically abide by the abovementioned reporting requirements.

The Board of Directors set up the Related Parties Committee, in compliance with C onsob regulatory provisions and the Banca d’Italia’s supervisory regulations, consisting only of independent Directors pursuant to the Italian Corporate Governance Code.

In addition, UniCredit S.p.A. applies specific procedures regarding internal controls on risk activities with subjects in con flict of interest regulated in the Global Policy “Transactions with related parties, associated persons and Corporate Officers ex Art.136 CBA” .

During the first half of 2026, transactions carried out with related parties reported in the data streams provided by the reference standards, were executed and carried out based on assessments of the economic convenience and interest of the Group.

40 For the purposes of this Consolidated first half financial report as at 30 June 202 6 transactions and outstanding balances between consolidated companies were written off as described in Part A.

Condensed interim consolidated financial statements | Explanatory notes Part H - Related -party transactions UniCredit Consolidated first half financial report as at 30 June 2026 245 Related -party transactions The following table sets out the assets, liabilities, guarantees and commitments, for each group of related parties, pursuant to IAS24.

Related -party transactions: balance sheet items

(€ million)

AMOUNTS AS AT 30.06.2026

CONTROLLED

NOT

CONSOLIDATED

ENTITIES JOINT

VENTURES ASSOCIATED

COMPANIES KEY

MANAGEMENT

PERSONNEL OTHER

RELATED

PARTIES TOTAL % ON

ACCOUNTS

ITEM SHAREHOLDERS % ON

ACCOUNTS

ITEM

Cash and cash balances - - 257 - - 257 0.56% - -

Financial assets at fair value through profit or loss 15 - 555 - - 570 0.51% 252 0.23% a) Financial assets held for trading 15 - 533 - - 548 0.73% 252 0.34% c) Other financial assets mandatorily at fair value - - 22 - - 22 0.06% - -

Financial assets at fair value through other comprehensive income - - 99 - - 99 0.11% - -

Financial assets at amortised cost 2 12 1,332 - - 1,346 0.21% 21 -

a) Loans and advances to banks - - 681 - - 681 1.03% - -

b) Loans and advances to customers 2 12 651 - - 665 0.12% 21 -

Other assets - - 82 - - 82 0.45% - -

Total assets 17 12 2,325 - - 2,354 0.26% 273 0.03% Financial liabilities at amortised cost 35 - 6,949 22 5 7,011 0.96% - -

a) Deposits from banks - - 5,900 - - 5,900 11.26% - -

b) Deposits from customers 35 - 1,049 22 5 1,111 0.20% - -

Financial liabilities held for trading and designated at fair value 1 - 293 - - 294 0.41% - -

Other liabilities 10 - 18 - 1 29 0.15% 4 0.02% Total liabilities 46 - 7,260 22 6 7,334 0.89% 4 -

Guarantees given and commitments 20 - 1,614 - - 1,634 - - -

Notes:

Shareholders and related companies holding more than 3% of voting shares in UniCredit.

The "Total assets" and "Total liabilities" values refer only to the items shown in this table.

It should be noted that the item “Guarantees given and commitments” includes revocable commitments.

Condensed interim consolidated financial statements | Explanatory notes Part H - Related -party transactions UniCredit Consolidated first half financial report as at 30 June 2026 246 The following table sets out the impact of transactions, for each group of related parties, on Income statements, pursuant to IAS24.

Related -party transactions: profit and loss items

(€ million)

AMOUNTS AS AT 30.06.2026

CONTROLLED

NOT

CONSOLIDATED

ENTITIES JOINT

VENTURES ASSOCIATED

COMPANIES KEY

MANAGEMENT

PERSONNEL OTHER

RELATED

PARTIES TOTAL % ON

ACCOUNTS

ITEM SHAREHOLDERS % ON

ACCOUNTS

ITEM

10. Interest income and similar revenues - - 21 - - 21 0.16% - -

20. Interest expenses and similar charges - - (65) - - (65) 1.08% - -

30. Net interest margin - - (44) - - (44) 0.60% - -

40. Fees and commissions income - - 120 - - 120 2.58% 40 0.86% 50. Fees and commissions expenses (1) - (10) - - (11) 1.09% (4) 0.40% 60. Net fees and commissions (1) - 110 - - 109 2.99% 36 0.99% 70. Dividend income and similar revenues 3 - - - - 3 0.51% 1 0.17% 190. Administrative expenses (4) - (171) - (1) (176) 3.71% - -

a) Staff costs (1) - 1 - - - - - -

b) Other administrative expenses (3) - (172) - (1) (176) 9.19% - -

230. Other operating expenses/income 1 - (19) - - (18) 6.52% - -

Note:

Shareholders and related companies holding more than 3% of voting shares in UniCredit.

With reference to item “ Administrative expenses a) Staff costs ” any positive amount indicates the prevalence of costs’ recoveries.

The “Other related -parties” category includes:

• close family members of key management personnel (i.e. , those family members who, as is expected, may influence, or be influenced by, the person in question);

• companies controlled (or jointly controlled) by “Key management personnel ” or their close family members;

• Group employee post -employment benefit plans.

Condensed interim consolidated financial statements | Explanatory notes Part H - Related -party transactions UniCredit Consolidated first half financial report as at 30 June 2026 247 With reference to the main related -party transactions, it is worth not ing the following considerations:

• starting from 2012 , the subsidiary UniCredit Services S.C.p.A. (UCS) formerly UniCredit Business Integrated Solutions S.C.p.A. (UBIS), assumed the role of an operating sub -holding to provide the Group’s support services both in Italy and abroad .

On 19 April 2013, the Board of Directors of UCS approved the executive plan of the project aimed at establishing a joint ventu re with another major player in the industry, IBM Italia S.p.A. (IBM), for the provision of technological infrastructure services ( hardware, data center, etc.) to Commercial Banking. The transaction was completed when UCS transferred, with effect from 1 September 2013, the “Information Technology" business unit to the company "Value Transformation Services S.p.A.” (V -TServices), form ed and controlled by IBM Italia S.p.A. Following the transaction, UCS held 49% of V -TServices’ share capital; the remaining 51% is held by IBM (which is therefore the controlling shareholder) .

On 23 December 2016, the “Restatement and Amendment Agreement” was signed between UniCredit Services and V -TServices with the aim of increasing value creation and ability to capture new opportunities from technological evolution, with the extension of the term until 2026 .

The “Second Restatement and Amendment Agreement” between UniCredit Services and V -TServices was signed on 22 December 2019, with effect from 1 January 2020, with the extension of the term of the three -year contract until 2029. It should be noted that starting from 1 October 2022 , with effect starting from 1 January 2022, UniCredit Services S.C.p.A. (UCS) has been merged with UniCredit S.p.A. and the latter has become entitled to the contracts mentioned above ;

• it should be noted that distribution agreements concerning insurance products were signed with the following entities:

- UniCredit Life Insurance S.p.A.41 (former CNP UniCredit Vita S.p.A.);

- UniCredit Vita Assicurazioni S.p.A.41 (former UniCredit Allianz Vita S.p.A.);

- UniCredit Allianz Assicurazioni S.p.A.42 • the relationships with other related parties include relationships with external pension funds (for UniCredit S.p.A. employees ), as they have separate legal personalities . These transactions were conducted on the same terms and conditions as those applied in transactions with independent third parties. The relationships with these pension funds are almost entirely represented by relationships includ ed in Deposits from customers (and related interests).

41 It is worth not ing that, starting from 30 June 2025 , such entit y became a subsidiar y and therefore consolidated line -by-line in UniCredit group.

42 Such legal entity is an associate .

Condensed interim consolidated financial statements | Explanatory notes Part L - Segment reporting UniCredit Consolidated first half financial report as at 30 June 2026 248 Part L - Segment reporting

Organisational structure

The organizational structure of the Group is divided into geographical areas (A -Primary Segment tables), based on business responsibilities in line with the Group governance framework, as described below:

• Italy;

• Germany;

• Austria ;

• Central and Eastern Europe (including Austria, Czech Republic and Slovakia, Hungary, Slovenia , Bosnia and Herzegovina, Bulgaria, Croatia, Romania, Serbia );

• Russia.

Starting from the first quarter of 2022, the Group's organizational structure has been updated by isolating activities in Rus sia and cross -border exposure booked in UniCredit S.p.A. towards this country in a specific segment of Segment Reporting.

In addition to Russia, also Central and Eastern Europe includes cross -border exposure booked in UniCredit S.p.A.

This organization ensures Country and local Banks autonomy on specific activities, granting proximity to customers (for all client s’ segments , Retail and Corporate) and efficient decision -making processes.

All standalone geographies of the Group have dedicated support and control functions such as: People and Culture, Finance, Di gital & Information Office, Operations, Compliance, Legal and Risk.

Alongside the five geographical areas there is the Group Corporate Centre , which includes Aion and Vodeno , with the objective to lead, control and support the management of the assets and related risks of the Group as a whole and of the single Group companies in their res pective areas of competence; it also includes the Group’s Legal Entities that are going to be dismissed.

In compliance with IFRS8 the Segment Reporting is shaped according to the Group organization described .

Additionally, each area is divided into Retail (Private Banking, Retail, Insurance), Corporates (Small/Medium Enterprises and Large Corporate) and Central Functions segments (reported in the B -Secondary segment tables), based on the type of customers and defined thresholds of customer assets.

Condensed interim consolidated financial statements | Explanatory notes Part L - Segment reporting UniCredit Consolidated first half financial report as at 30 June 2026 249 A - Primary segment

Segment reporting 202 6

A.1 - Breakdown by business segment: income statement

ITALY GERMANY AUSTRIA CENTRAL

EASTERN

EUROPE RUSSIA GROUP

CORPORATE

CENTRE CONSOLIDATED

GROUP TOTAL

30.06.2026

Net interest 3,170 1,652 728 1,687 315 (306) 7,245 Dividends 18 0 129 8 0 960 1,117 Fees 2,575 1,008 419 745 85 (49) 4,782 Net insurance result 181 - - - - 3 184 Trading income 223 277 37 52 29 (389) 229 Other expenses/income (151) 9 8 2 (0) (31) (163) Revenue 6,016 2,946 1,321 2,495 428 188 13,394 HR costs (1,161) (560) (266) (407) (42) (412) (2,849) Non HR costs (701) (452) (206) (328) (35) 426 (1,297) Recovery of expenses 16 1 - 2 - 18 37 Amortisations and depreciations (107) (31) (17) (89) (20) (223) (486) Operating Costs (1,954) (1,041) (489) (823) (98) (190) (4,595)

GROSS OPERATING PROFIT (LOSS) 4,062 1,905 832 1,672 330 (2) 8,799

Loan loss provisions (LLPs) (200) (146) 38 (56) 9 (22) (377)

OPERATING NET PROFIT 3,862 1,759 870 1,616 339 (24) 8,422

Other charges and provisions (22) (6) (39) (220) (7) (3) (296) Integration costs (24) (13) (22) (3) 0 (23) (85) Net income from investments (57) (0) 37 0 15 225 220

PROFIT (LOSS) BEFORE TAX 3,760 1,740 846 1,394 346 176 8,262

A.2 - Breakdown by business segment: balance sheet amounts and RWEA

BALANCE SHEET AMOUNTS ITALY GERMANY AUSTRIA CENTRAL

EASTERN

EUROPE RUSSIA GROUP

CORPORATE

CENTRE CONSOLIDATED

GROUP TOTAL

30.06.2026

CUSTOMERS LOANS (NET REPOS AND IC) 157,040 129,318 63,337 85,661 521 6,748 442,625

CUSTOMERS DEPOS (NET REPOS AND IC) 190,892 146,436 60,970 99,469 2,316 3,763 503,847

TOTAL RISK WEIGHTED EXPOSURE AMOUNTS (BASEL 3) 113,862 68,366 39,444 62,256 11,394 13,530 308,852

A.3 - Staff

ITALY GERMANY AUSTRIA CENTRAL

EASTERN

EUROPE RUSSIA GROUP

CORPORATE

CENTRE CONSOLIDATED

GROUP TOTAL

30.06.2026

STAFF

Employees (FTE) 26,017 8,265 4,085 18,608 1,358 7,848 66,180

Condensed interim consolidated financial statements | Explanatory notes Part L - Segment reporting UniCredit Consolidated first half financial report as at 30 June 2026 250 Segment reporting 202 5

A.1 - Breakdown by business segment: income statement

ITALY GERMANY AUSTRIA CENTRAL

EASTERN

EUROPE RUSSIA GROUP

CORPORATE

CENTRE CONSOLIDATED

GROUP TOTAL

30.06.2025

Net interest 3,220 1,567 713 1,594 387 (176) 7,304 Dividends 67 1 151 10 - 216 446 Fees 2,407 895 387 673 127 (12) 4,477 Net insurance result - - - - - - -

Trading income 245 357 51 51 149 (340) 514 Other expenses/income (90) 35 18 29 1 (33) (40) Revenue 5,850 2,855 1,321 2,356 664 (345) 12,701 HR costs (1,164) (573) (272) (403) (49) (403) (2,865) Non HR costs (708) (487) (213) (326) (41) 476 (1,301) Recovery of expenses 16 2 - 2 - 23 43 Amortisations and depreciations (111) (35) (19) (97) (18) (234) (513) Operating Costs (1,967) (1,094) (503) (825) (108) (139) (4,636)

GROSS OPERATING PROFIT (LOSS) 3,883 1,761 817 1,531 556 (484) 8,065

Loan loss provisions (LLPs) (207) (80) 44 39 19 (8) (192)

OPERATING NET PROFIT 3,677 1,681 861 1,570 575 (492) 7,873

Other charges and provisions (24) (11) (44) (142) (3) (218) (442) Integration costs (14) (13) (11) (7) - (25) (70) Net income from investments 599 (1) 27 3 26 192 846

PROFIT (LOSS) BEFORE TAX 4,238 1,656 834 1,423 599 (543) 8,206

A.2 - Breakdown by business segment: balance sheet amounts and RWEA

(€ million)

BALANCE SHEET AMOUNTS ITALY GERMANY AUSTRIA CENTRAL

EASTERN

EUROPE RUSSIA GROUP

CORPORATE

CENTRE CONSOLIDATED

GROUP TOTAL

31.12.2025

CUSTOMERS LOANS (NET REPOS AND IC) 148,439 126,408 61,555 80,774 626 1,229 419,032

CUSTOMERS DEPOS (NET REPOS AND IC) 190,938 137,065 61,767 96,928 2,744 2,306 491,748

TOTAL RISK WEIGHTED EXPOSURE AMOUNTS (BASEL 3) 112,700 67,586 39,756 58,720 10,650 6,914 296,327

A.3 - Staff

ITALY GERMANY AUSTRIA CENTRAL

EASTERN

EUROPE RUSSIA GROUP

CORPORATE

CENTRE CONSOLIDATED

GROUP TOTAL

31.12.2025

STAFF

Employees (FTE) 26,484 8,345 4,030 18,970 1,563 7,724 67,118

Condensed interim consolidated financial statements | Explanatory notes Part L - Segment reporting UniCredit Consolidated first half financial report as at 30 June 2026 251

Condensed interim consolidated financial statements | Explanatory notes Part L - Segment reporting UniCredit Consolidated first half financial report as at 30 June 2026 252

Certification

Condensed Interim consolidated financial statements certification pursuant to Art.81 -ter of Consob Regulation 11971/99, as amended UniCredit Consolidated first half financial report as at 30 June 2026 253

Certification

Certification of Condensed Interim consolidated financial statements 1. The undersigned Andrea Orcel (as Chief Executive Officer) and Bonifacio Di Francescantonio (as the Manager charged with pr eparing the financial reports) of UniCredit S.p.A., also in compliance with Art.154 -bis (paragraphs 3 and 4) of Italian Legislative Decree 58 of 24 February 1998, hereby certify :

• the adequacy in relation to the Legal Entity’s features, and • the actual application of the administrative and accounting procedures employed to draw up the Condensed interim consolidated financial statements in the first half of 202 6.

2. The adequacy of administrative and accounting procedures employed to draw up the 202 6 Condensed interim consolidated financial statements has been evaluated by applying a model devised by UniCredit S.p.A. in accordance with “ Internal Control - Integrated Framework (CoSO) ” and “Control Objective for IT and Related Technologies (Cobit) ”, which represent generally accepted international standards for internal control system and, specifically, for financial reporting.

3. The undersigned also certify that:

3.1 the 202 6 Condensed interim consolidated financial statements:

a) were prepared in compliance with applicable international accounting standards recognised by the European Community pursua nt to European Parliament and Council Regulation 1606/2002 of 19 July 2002;

b) are consistent with accounting books and records;

c) are suitable to provide a fair and correct representation of the economic and financial situation of the issuer and the gr oup of companies included in the scope of consolidation;

3.2 the Interim report on operations includes a reliable analysis of the most significant events in the first six months of t he financial year and their impact on the Condensed interim consolidated financial statements, together with a description of the m ain risks and uncertainties concerning the remaining six months of the year. The Consolidated first half financial report also contains a reliable analys is of information on significant related party transactions.

Milan, 2 2 July 202 6

Andrea ORCEL Bonifacio DI FRANCESCANTONIO

UniCredit Consolidated first half financial report as at 30 June 2026 254

KPMG S.p.A.

Revisione e organizzazione contabile Via Giovanni Battista Pirelli, 38

20124 MILANO MI

Telefono +39 02 6763.1 Email it -fmauditaly@kpmg.it

PEC kpmgspa@pec.kpmg.it

Ancona Bari Bergamo Bologna Bolzano Brescia Catania Como Firenze Genova Lecce Milano Napoli Novara Padova Palermo Parma Perugia Pescara Roma Torino Treviso Trieste Varese Verona Società per azioni

Capitale sociale

Euro 10.415.500,00 i.v.

Registro Imprese Milano Monza Brianza Lodi e Codice Fiscale N. 00709600159 R.E.A. Milano N. 512867 Partita IVA 00709600159 VAT number IT00709600159 Sede legale: Via Giovanni Battista Pirelli, 38 20124 Milano MI ITALIA

KPMG S.p.A.

è una società per azioni di diritto italiano e fa parte del network KPMG di entità indipendenti affiliate a KPMG International Limited, società di diritto inglese.

(This independent auditors’ report has been translated into English solely for the convenience of international readers. Accordingly, only the original Italian version is authoritative) Report on review of condensed interim consolidated financial

statements

To the shareholders of UniCredit S.p.A.

Introduction

We have reviewed the accompanying condensed interim consolidated financial statements of the UniCredit Group, comprising the statement of financial position as at 30 June 202 6, the income statement and the statements of comprehensive income, changes in equity and cash flows for the six months then ended and notes thereto . The parent’s directors are responsible for the preparation of these condensed interim consolidated financial statements in accordance with the IFRS Accounting Standard applicable to interim financial reporting (IAS 34) as issued by the International Accounting Standards Board and endorsed by the European Union. Our responsibility is to express a conclusion on these condensed interim consolidated financial statements based on our review.

Scope of Review We conducted our review in accordance with Consob (the Italian Commission for Listed Companies and the Stock Exchange) guidelines set out in Consob resolution no. 10867 dated 31 July 1997. A review of condensed interim consolidated financial statements con sists of making inquiries, primarily of persons responsible for financial and accounting matters, applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (ISA Italia) and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion on the condensed interim consolidated financial statements.

2

UniCredit S.p.A.

Report on review of condensed interim consolidated financial statements 30 June 202 6

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed interim consolidated financial statements of the UniCredit Group as at and for the six months ended 30 June 202 6 have not been prepared, in all material respects, in accordance with the IFRS Accounting Standard applicable to interim financial reporting (IAS 34 ) as issued by the International Accounting Standards Board and endorsed by the European Union.

Milan, 3 0 July 202 6 KPMG S.p.A.

(signed on the original)

Bruno Verona

Director of Audit

Report of External Auditors UniCredit Consolidated first half financial report as at 30 June 2026 257

Report of External Auditors UniCredit Consolidated first half financial report as at 30 June 2026 258

Annexes | Annex 1 Reconciliation between reclassified balance sheet and income statement accounts and mandatory reporting schedules UniCredit Consolidated first half financial report as at 30 June 2026 259 Annexes Annex 1 - Reconciliation between reclassified balance sheet and income statement accounts and mandatory reporting schedule A reconciliation of the Reclassified balance sheet and profit and loss account to the mandatory reporting schedules, is provided below.

As an explanation of the criteria adopted for the main reclassification followed for the Reclassified consolidated accounts r efer to Consolidated interim report on operations included in this document.

Consolidated balance sheet

(€ million)

AMOUNTS AS AT

ASSETS 30.06.2026 31.12.2025

Cash and cash balances 45,864 38,455 Item 10. Cash and cash balances 45,864 38,455 Financial assets held for trading 74,569 62,715 Item 20. Financial assets at fair value through profit or loss: a) Financial assets held for trading 74,569 62,715 Loans to banks 52,132 48,875 Item 40. Financial assets at amortised cost: a) Loans and advances to banks 66,050 64,770 less: Debt securities (13,959) (15,936) less: Leasing assets IFRS16 (0) (0) + Loans (from Item 20 c) 42 42 Loans to customers 475,850 433,541 Item 40. Financial assets at amortised cost: b) Loans and advances to customers 566,208 521,330 less: Debt securities (91,929) (89,406) less: Leasing assets IFRS16 (90) (98) + Loans (from Item 20 c) 1,662 1,715 Other financial assets 246,413 246,982 Item 20. Financial assets at fair value through profit or loss: b) Financial assets designated at fair value 293 269 Item 20. Financial assets at fair value through profit or loss: c) Other financial assets mandatorily at fair value 36,665 35,855 less: Loans (to Loans to banks) (42) (42) less: Loans (to Loans to customers) (1,662) (1,715) Item 30. Financial assets at fair value through other comprehensive income 89,056 93,201 Item 70. Equity investments 16,124 13,972 + Debt securities (from Item 40 a) 13,959 15,936 + Debt securities (from Item 40 b) 91,929 89,406 + Leasing assets IFRS16 (from Item 40 a) 0 0 + Leasing assets IFRS16 (from Item 40 b) 90 98 Hedging instruments (2,460) (2,554) Item 50. Hedging derivatives 986 941 Item 60. Changes in fair value of portfolio hedged items (+/ -) (3,446) (3,495) Insurance Assets 161 152 Item 80. Insurance assets 160 152 Property, plant and equipment 8,601 8,811 Item 90. Property, plant and equipment 8,601 8,811 Goodwill 840 843 Item 100. Intangible assets of which: goodwill 840 843 Other intangible assets 2,077 2,097 Item 100. Intangible assets net of goodwill 2,077 2,097 Tax assets 9,711 10,721 Item 110. Tax assets 9,711 10,721 Non-current assets and disposal groups classified as held for sale 274 248 Item 120. Non -current assets and disposal groups classified as held for sale 274 248 Other assets 18,059 19,352 Item 130. Other assets 18,059 19,353 Total assets 932,091 870,238

Annexes | Annex 1 Reconciliation between reclassified balance sheet and income statement accounts and mandatory reporting schedules UniCredit Consolidated first half financial report as at 30 June 2026 260 continued: Consolidated balance sheet

continued: Consolidated balance sheet

(€ million)

AMOUNTS AS AT

LIABILITIES AND SHAREHOLDERS' EQUITY 30.06.2026 31.12.2025

Deposits from banks 52,377 52,181 Item 10. Financial liabilities at amortised cost: a) Deposits from banks 52,384 52,191 less: Leasing liabilities IFRS16 (8) (10) Deposits from customers 564,576 535,371 Item 10. Financial liabilities at amortised cost: b) Deposits from customers 565,653 536,619 less: Leasing liabilities IFRS16 (1,077) (1,248) Debt securities issued 109,464 98,198 Item 10. Financial liabilities at amortised cost: c) Debt securities in issue 109,464 98,198 Financial liabilities held for trading 46,733 38,443 Item 20. Financial liabilities held for trading 46,733 38,443 Other financial liabilities 25,511 24,415 Item 30. Financial liabilities designated at fair value 24,426 23,158 + Leasing liabilities IFRS16 (from Item 10 a) 8 10 + Leasing liabilities IFRS16 (from Item 10 b) 1,077 1,248 Hedging instruments (7,246) (8,335) Item 40. Hedging derivatives 1,827 1,317 Item 50. Value adjustment of hedged financial liabilities (+/ -) (9,072) (9,653) Tax liabilities 2,789 2,822 Item 60. Tax liabilities 2,789 2,823 Liabilities included in disposal groups classified as held for sale 0 0 Item 70. Liabilities associated with assets classified as held for sale - -

Other liabilities 26,356 20,662 Item 80. Other liabilities 19,632 12,863 Item 90. Provision for employee severance pay 246 251 Item 100. Provisions for risks and charges 6,477 7,547 Insurance Liabilities 40,715 38,372 Item 110. Insurance liabilities 40,716 38,372 Minorities 393 398 Item 190. Minority shareholders' equity (+/ -) 393 398 Group shareholders' equity: 70,423 67,711

- Capital and reserves 64,300 56,796 Item 120. Valuation reserves (3,918) (4,271) Item 140. Equity instruments 4,963 4,952 Item 150. Reserves 41,723 39,744 Item 155. Advanced dividends ( -) - (2,172) Item 160. Share premium 23 23 Item 170. Share capital 21,509 21,454 Item 180. Treasury shares ( -) - (2,934)

- Group stated net profit (loss) 6,123 10,915 Item 200. Profit (Loss) for the period (+/ -) 6,123 10,915 Total liabilities and shareholders' equity 932,091 870,238

Annexes | Annex 1 Reconciliation between reclassified balance sheet and income statement accounts and mandatory reporting schedules UniCredit Consolidated first half financial report as at 30 June 2026 261 Consolidated income statement

(€ million)

H1

2026 2025

Net interest 7,245 7,304 Item 30. Net interest margin 7,273 7,015 less: Reclassification net Interest contribution deriving from Trading Book instruments (50) (9) less: Cost of funding on certificates 139 180 less: Unwinding of hedging derivatives for securitized loans of previous years 19 -

+ Interest on DBO/TFR/Jubilee (from Item 190) (56) (55) + Derivatives instruments - Economic Hedges - Others - Interest component (50) (3) + Other (from Item 60) - 5 + Net write -downs of loans - component to cover interest write -off for closing litigation for credit positions (from Item 130 a) 0 13 + Cost of funding for Commodities trading 201 157 less: Contribution of insurance business (230) -

Dividends 1,117 446 Item 70. Dividend income and similar revenues 592 549 less: Dividends from held for trading equity instruments included in Item 70 (248) (282) less: Dividends on equity investments, shares and equity instruments mandatorily at fair value (53) (64) Item 250. Gains (Losses) of equity investments - of which: Profit (Loss) of equity investments valued at equity 829 243 less: Contribution of insurance business (3) -

Fees 4,782 4,477 Item 60. Net fees and commissions 3,645 3,708 less: Penalties on Third -Party product distribution 0 0 less: Amounts related to credit card distribution agreements 2 4 less: Discount associated with services on agreements for credit card distribution and payment services (11) (11) less: Securitization and credit insurance policy costs 160 114 + Structuring and mandate fees on issued or placed certificates by the Group (from Item 110) 90 78 + Structuring and mandate fees on issued or placed certificates by the Group and connected derivatives (from Item 80) 77 64 + Mark -up fees on client hedging activities (from Item 80) 601 554 + Indemnities for early termination (26) (34) Contribution of insurance business 244 -

Net insurance result 184 -

Item 160. Insurance service result 183 -

less: Insurance service expenses arising from insurance contracts issued (insurance business) (83) -

Item 170. Balance of financial income and expenses related to insurance business (942) -

Contribution of insurance business 1,026 -

Trading income 229 514 Item 80. Net gains (losses) on trading 1,218 1,019 less: Derivatives instruments - Economic Hedges - Others - Interest component 50 3 less: Structuring and mandate fees on issued or placed certificates by the Group and connected derivatives (77) (64) less: Mark -up fees on client hedging activities (601) (554) less: Cost of funding for Commodities trading (201) (157) Item 90. Net gains (losses) on hedge accounting (224) (64) Item 100. Gains (Losses) on disposal and repurchase of: c) financial liabilities 3 15 Item 100. Gains (Losses) on disposal and repurchase of: b) financial assets at fair value through other comprehensive income 120 110 Item 110. Net gains (losses) on other financial assets/liabilities at fair value through profit or loss 496 (122) less: Structuring and mandate fees on issued or placed certificates by the Group (90) (78) less: Net Result on Financial Assets mandatorily at fair value - Debt securities and Ucits related to non -performing loans, included securitizations 19 21 less: Financial assets mandatorily at fair value through P&L - Loans and advances non performing 29 -

+ Gains (Losses) on disposal and repurchase of financial assets at amortised cost - debt securities (from Item 100 a) 68 108 + Dividends from held for trading equity instruments (from Item 70) 248 282 + Dividends on equity investments, shares and equity instruments mandatorily at fair value (from Item 70) 53 64 + Gain (Losses) on commodities held with a trading intent (from Item 230) (67) 104 + Reclassification net Interest contribution deriving from Trading Book instruments 50 9 + Cost of funding on certificates (139) (180) less: Contribution of insurance business (726) -

Other expenses/income (163) (40) Item 230. Other operating expenses/income 276 486 less: Integration costs 0 (1) less: Recovery of expenses excluded amounts related to credit card distribution agreements (325) (320) less: Net value adjustments/write -backs on leasehold improvements (on non -separable assets) 19 22 less: Gain (Losses) on commodities held with a trading intent 67 (104) less: Gain (Losses) on precious stones 4 5 less: Other operating income other - reversal of invoices to be received related to tangible asset - (0) less: Rented building occupancy optimization 2 25 less: Indemnities for early termination 26 34 less: Other - (4) + Penalties on Third -Party product distribution - (0) + Gains (Losses) on disposal and repurchase of financial assets at amortised cost - performing loans (from Item 100 a) (3) (1) + Net value adjustments/write -backs of tangible in operating lease assets (from Item 210) (52) (54) + Gains (Losses) on disposals of investments in operating lease assets (from Item 280) 3 1 + Amounts related to credit card distribution agreements (from Item 60) (2) (4) + Amounts related to credit card distribution agreements (from Item 190) (1) (9) + Securitization and credit insurance policy costs (160) (114) + Unwinding of hedging derivatives for securitized loans of previous years (19) -

Revenue 13,394 12,701

Annexes | Annex 1 Reconciliation between reclassified balance sheet and income statement accounts and mandatory reporting schedules UniCredit Consolidated first half financial report as at 30 June 2026 262 continued: Consolidated income statement

(€ million)

H1

2026 2025

Revenue 13,394 12,701 HR costs (2,849) (2,865) Item 190. Administrative expenses: a) staff costs (2,823) (2,945) less: Integration costs 46 25 less: Interest on DBO/TFR/Jubilee 56 55 + Insurance service expenses arising from insurance contracts issued (insurance business) (128) -

Non HR costs (1,297) (1,301) Item 190. Administrative expenses: b) other administrative expenses (1,915) (1,851) less: Contributions to Resolution Funds (SRF), Deposit Guarantee Schemes (DGS), Bank Levy, Life Insurance Guarantee Fund and Guarantee fees for DTA 288 217 less: Integration costs 26 22 less: Other administration costs - Withholding tax on intercompany/IMREL issuances 0 0 less: Non -recoverable expenses incurred for customers financial transactions taxes 66 59 less: Variable portion of the outsourced NPE recovery costs not recovered from the clients 15 19 less: Amounts related to credit card distribution agreements 1 9 less: Tobin Tax 1 8 less: Sponsorship - Non-deductible expenses but 100% recorded as a tax credit 3 -

+ Discount associated with services on agreements for credit card distribution and payment services (from Item 60) 11 11 + Tax recovery excluded non -recoverable expenses incurred for customers financial transactions taxes (from Item 230) 233 229 + Other (from Item 230) - (1) + Net value adjustments/write -backs on leasehold improvements on non -separable assets (from Item 230) (19) (22) + Insurance service expenses arising from insurance contracts issued (insurance business) (6) -

Recovery of expenses 37 43 + Recovery of expenses excluded amounts related to credit card distribution agreements and Tax recovery (from Item 230) 37 43 Amortisations and depreciations (486) (513) Item 210. Net value adjustments/write -backs on property, plant and equipment (309) (279) less: Impairment/writebacks of inventories assets (IAS2) obtained from recovery procedures of NPE 18 6 less: Revaluation arising from IFRS5 non -current assets and disposal groups related to equity investment consolidated line by line and at net equity method 12 1 less: Net value adjustments/write -backs of tangible in operating lease assets 52 54 less: Impairment/write backs of right of use of land and buildings used in the business 2 (18) less: Integration costs 0 (0) Item 220. Net value adjustments/write -backs on intangible assets (275) (297) less: Integration costs 12 19 less: Revaluation arising from IFRS5 non -current assets and disposal groups related to equity investment consolidated line by line and at net equity method - 2 + Other operating income other - reversal of invoices to be received related to tangible asset (from Item 230) - 0 Operating costs (4,595) (4,636)

GROSS OPERATING PROFIT (LOSS) 8,799 8,065

Loan Loss Provisions (LLPs) (377) (192) Item 100. Gains (Losses) on disposal and repurchase of: a) financial assets at amortised cost 63 109 less: Gains (Losses) on disposal and repurchase of financial assets at amortised cost - performing loans 3 1 less: Gains (Losses) on disposal and repurchase of financial assets at amortised cost - debt securities (68) (108) Item 130. Net losses/recoveries on credit impairment relating to: a) financial assets at amortised cost (501) (212) less: Net losses/recoveries on impairment relating to: a) financial assets at amortised cost - debt securities 5 (27) less: Net write -downs of loans - component to cover interest write -off for closing litigation for credit positions (0) (13) Item 130. Net losses/recoveries on credit impairment relating to: b) Financial assets at fair value through other comprehensi ve income 4 (4) less: Net losses/recoveries on impairment relating to: b) Financial assets at fair value through other comprehensive income - debt securities (4) 4 Item 140. Gains (Losses) from contractual changes with no cancellations - 1 Item 200. Net provisions for risks and charges: a) commitments and financial guarantees given 165 75 + Variable portion of the outsourced NPE recovery costs not recovered from the clients (from Item 190) (15) (19) + Financial assets mandatorily at fair value through P&L - Loans and advances non performing (from Item 110) (29) -

NET OPERATING PROFIT (LOSS) 8,422 7,873

continued: Consolidated income statement

Annexes | Annex 1 Reconciliation between reclassified balance sheet and income statement accounts and mandatory reporting schedules UniCredit Consolidated first half financial report as at 30 June 2026 263 continued: Consolidated income statement

(€ million)

H1

2026 2025

NET OPERATING PROFIT (LOSS) 8,422 7,873

Other charges and provisions (296) (442) Item 200. Net provisions for risks and charges: b) other net provisions 4 (221) less: Tax disputes relating to income tax (interests and sanctions excluded) (0) (0) less: Integration costs (1) 6 + Contributions to Resolution Funds (SRF), Deposit Guarantee Schemes (DGS), Bank Levy, Life Insurance Guarantee Fund and Guar antee fees for DTA (from Item 190 b) (288) (217) + Net impact of financial transaction taxs (from Item 190 b and from Item 230) (11) (10) + Penalties on Third -Party product distribution (0) -

Integration costs (85) (70) + Payroll costs - Administrative expenses - of which a) staff costs - integration costs (from Item 190) (46) (25) + Other administrative expenses - Administrative expenses - of which b) other administrative expenses - integration costs (from Item 190) (26) (22) + Amortisation, depreciation and impairment losses on intangible and tangible assets - Net value adjustments/write -backs on property, plant and equipment - integration costs (from Item 210) (0) 0 + Amortisation, depreciation and impairment losses on intangible and tangible assets - Net value adjustments/write -backs on intangible assets - integration costs (from Item 220) (12) (19) + Other charges and provisions - Net provisions for risks and charges - integration costs (from Item 200) 1 (6) + Net other expenses/income - Other operating expenses/income - integration costs (from Item 230) (0) 1 Net income from investments 220 846 Item 250. Gains (Losses) of equity investments - of which: write -backs/impairment losses and gains/losses on disposal of associates valued at equity 269 880 Item 260. Net gains (losses) on property, plant and equipment and intangible assets measured at fair value 10 (8) Item 280. Gains (Losses) on disposals on investments 1 (1) less: Gains (Losses) on disposals on investments in operating lease assets (3) (1) + Net losses/recoveries on impairment relating to: of which: a) financial assets at amortised cost - debt securities (from Item 130) (5) 27 + Net losses/recoveries on impairment relating to: of which: b) financial assets at fair value through other comprehensive in come - debt securities (from Item 130) 4 (4) + Impairment/writebacks of inventories assets (IAS2) obtained from recovery procedures of NPE (18) (6) + Revaluation arising from IFRS5 non -current assets and disposal groups related to equity investment consolidated line by line (12) (2) + Gain (Losses) on precious stones (from Item 230) (4) (5) + Impairment/write backs of right of use of land and buildings used in the business (from Item 210) (2) 18 + Rented building occupancy optimization (from Item 230) (2) (25) + Net Result on Financial Assets mandatorily at fair value - Debt securities and Ucits related to non -performing loans, included securitizations (from Item 110) (19) (21) + Tobin Tax (from Item 190 b) (1) (8) less: Purchase Price Allocation effect 3 -

PROFIT (LOSS) BEFORE TAX 8,262 8,206

Income taxes (2,012) (2,058) Item 300. Tax expenses (income) for the period from continuing operations (2,007) (2,057) + Other administration costs - Withholding tax on intercompany/IMREL issuances (0) (0) + Other changes and provisions - Tax disputes relating to income tax (interests and sanctions excluded) - (from Item 200 b) 0 0 + Sponsorship - Non-deductible expenses but 100% recorded as a tax credit (3) -

less: Purchase Price Allocation effect (1) -

Profit (Loss) of discontinued operations - -

Item 320. Profit (Loss) after tax from discontinued operations - -

NET PROFIT (LOSS) FOR THE PERIOD 6,250 6,149

Minorities (32) (34) Item 340. Minority profit (loss) for the period (32) (34)

NET PROFIT (LOSS) ATTRIBUTABLE TO THE GROUP BEFORE PPA 6,218 6,115

Purchase Price Allocation (PPA) (95) -

Contribution of insurance business (PPA) (93) -

Others (PPA) (2) -

Goodwill impairment - -

Item 270. Goodwill Impairment - -

GROUP STATED NET PROFIT (LOSS) 6,123 6,115

UniCredit Consolidated first half financial report as at 30 June 2026 264

Glossary

UniCredit Consolidated first half financial report as at 30 June 2026 265 Glossary

ITEM DESCRIPTION

ABCP Conduits - Asset Backed Commercial Paper Conduits Asset Backed Commercial Paper Conduits are a type of “SPV - Special Purpose Vehicle” (refer to item) set up to securitise various types of assets and financed by Commercial Paper.

Commercial Paper generally matures in 270 days, with payment of principal and interest depending on the cash flow generated by the underlying assets.

ABCP Conduits may be single -sellers or multi -sellers according to the number of issues they make. Conduits generally require several SPVs. The first -level vehicles issue the Commercial Paper and finance one or more second -level vehicles or Purchase Compani es (see item) which purchase the assets to be securitised.

An ABCP Conduit will have the following:

• issues of short -term paper creating a maturity mismatch between the assets held and the paper issued;

• liquidity lines covering the maturity mismatch; and • security covering default risk in respect of both specific assets and the entire programme.

ABS - Asset Backed Securities Debt securities, generally issued by an “SPV - Special Purpose Vehicle” (refer to item) guaranteed by assets of various types such as mortgage loans, consumer credits, credit card receivables, etc. Principal and interest payments are subject to the perform ance of the securitised assets and the existence of any further security guaranteeing the bond. ABSs are divided into tranches (senior, mezzanine and junior) according to the priority with which principal and interest will be paid .

AC Financial asset amortised at cost.

Acquisition & Leveraged Finance The “Acquisition and Leveraged Finance” (ALF) model is used for the assessment of projects to finance/refinance corporate acquisition transactions, in which additional bank liabilities are added to the normal operating debt of the company acquired in order to finance the acquisition.

Acquisition finance Finance for business acquisition operations. The most common form of Acquisition finance is the leveraged buy -out (refer to item "Leveraged finance").

Allocated capital It represents the amount of capital absorbed by the Group and the Divisions to perform their business activities and to cover all the types of related risks. It is measured by Regulatory Capital obtained by multiplying (i) risk -weighted assets by (ii) target Common Equity tier 1 ratio, plus certain regulatory deductions (e.g. shortfall and securitisations).

ALM - Asset & Liability Management Integrated management of assets and liabilities, designed to allocate resources in such a manner as to optimise the risk/return ratio.

Asset management Activities of management of the financial investments of third parties.

Audit Process of controlling a company's activities and accounting, carried out either by an internal body (internal audit) or by a n external firm of auditors (external audit).

Average Allocated Capital for YTD the measure is based on RWEA average YTD as simple average of the quarterly simple averages, for quarter isolated it is calculated using the RWEA simple average of the quarter.

Back -testing Statistical technique which entails the comparison of model estimates of risk parameters with the ex -post empirical evidences.

Bad Loans Exposures to borrowers in a state of insolvency (even when not recognised in a court of law) or in an essentially similar situation, regardless of any loss forecasts made by the bank (e.g. irrespective of the presence of any protection covering the exposur es).

Bank Levy Charges applied at national level specifically to financial institutions, mainly based on balance sheet figures, or parts of it.

Banking Book Portfolio that identifies the technical forms of lending and funding typical of the core business of the bank, including consumer and residential loans, investments in securities, deposits, etc.

Basel 2 New international capital agreement redefining the guidelines for determining the minimum capital requirements for banks.

Such prudential regulation, which came into force in Italy in 2008, is based on three pillars.

Pillar 1

While the objective of a level of capitalization equivalent to 8% of the risk -weighted exposures remains unchanged, a new set of rules has been defined for measuring the typical risks associated with banking and financial activities (credit risk, counterpa rty risk, market risk and operational risk) which provides for alternative calculation methods characterised by different levels of complexity, with the ability to use internally developed models subject to prior authorization by the

Regulatory Authority;

Pillar 2

This requires the banks to have processes and tools for determining the adequate level of total internal capital (Internal Capital Adequacy Assessment Process - ICAAP) for covering all types of risk, including risks other than those covered by the overall capital requirement (Pillar 1), within the framework of an evaluation of current and future exposure that takes account of strategies and of changes in the reference context. It is the Regulatory Authority's task to examine the ICAAP process, formulate an overall judgment and, where necessary, apply the appropriate corrective measures;

Pillar 3

It refers to the obligations to publish information concerning capital adequacy, exposure to risks, and the general characteristics of the systems used for identifying, measuring and managing those risks.

Glossary

UniCredit Consolidated first half financial report as at 30 June 2026 266 ITEM DESCRIPTION Basel 3 As a consequence of the crisis that, hit the financial markets since 2008, the Basel Committee on Banking Supervision approved the substantial enhancement of the minimum capital requirements and the changes to the rules on the liquidity of banks (Basel 3) by providing for the gradual introduction of the new prudential requirements as at 1 January 2014. These rules have been implemented at the European level through the CRD IV “Package”.

Basel 4 As part of the revision process of the Basel III regulatory framework, the Basel Committee on Banking Supervision (BCBS) published in 2017 the "Basel III: Finalising post -crisis reforms“ document containing the proposals for modification to the banking reg ulatory system (so -called Basel IV). The package is focusing on standardizing risk weight asset (RWA) calculations, introducing an output floor to limit the internal models and enhancing capital requirements for operational and credit risk. These rules are implemented gradually starting from January, 2025 and aimed at boosting bank's resilience and consistency in risk measurement.

Best practice Behaviour commensurated with the most significant experience and/or the best level of knowledge achieved in relation to a given technical or professional field.

BRRD -Bank Recovery and Resolution Directive European Directive that introduced harmonised rules on the recovery and resolution of credit institutions and investment firms.

CDS - Credit Default Swap A derivative in which a seller of protection engages, for a fee, to pay the buyer of protection a fixed amount should a certa in event indicating a deterioration of the creditworthiness of a reference entity occur.

CGU - Cash Generating Unit A cash -generating unit is the smallest identifiable group of assets that generates cash inflows that are clearly independent of the cash inflows from other assets or groups of assets.

CIU - Collective Investment Undertakings Collective Investment Undertaking means an "UCITS - Undertakings for Collective Investment in Transferable Securities" (refer to item) that may be constituted in accordance with contract law as common funds (managed by management companies), trust law (as unit trusts), or statute as investment companies, AIF (Alternative Investments Fund) or non -EU AIF.

Commodity risk The risk that the value of the instrument decreases due to commodity prices (e.g. gold, crude oil) changes.

Common Equity Tier 1 Capital Refer to the content reported in the UniCredit Group Disclosure (Pillar III) in the Own Funds chapter.

Common Equity Tier 1 Capital Ratio Refer to the content reported in the UniCredit Group Disclosure (Pillar III) in the Own Funds chapter.

Contingency Funding Plan Plan to define the extraordinary funding and liquidity management actions that can be activated during a liquidity crisis. It identifies potential mitigating measures, operational responsibilities and execution procedures aimed at preserving or restoring an adequate liq uidity profile.

Corporate Customer segment consists of medium to large businesses.

Cost of risk Based on reclassified P&L and Balance sheet, it is calculated as the annualised ratio between loan loss provisions and average net volumes of loans and receivables with customers (including active repos, excluding debt securities and IFRS5 reclassified ass ets). It is one of the indicators of the bank assets’ level of risk: the lower the ratio, the less risky the bank assets.

Cost/Income Ratio Based on reclassified P&L, it is the ratio between Operating costs and Revenue. It is one of the main key performance indicators of the bank’s efficiency: the lower the ratio, the more efficient the bank.

Counterbalancing Capacity (CBC) Buffer of readily monetisable assets mainly consisting of unencumbered assets eligible as collateral with Central Banks or market counterparties. Counterbalancing Capacity is used to address unexpected liquidity needs and is generally measured net of appli cable haircuts.

Counterparty Credit Risk The risk that the counterparty to a transaction involving financial instruments might default prior to completing all agreed cash -flows exchanges.

Covered bond A bond which, as well as being guaranteed by the issuing bank, is also covered by a portfolio of mortgages or other high -

quality loans transferred, to this end, to a suitable SPV (refer to item).

CRD - Capital Requirement Directive European Capital Requirements Directive (2013/36/EU - CRD IV), replacing Directives (EU) 2006/48 and 2006/49, as

amended by:

- Directive (EU) 2019/878 of 20 May 2019 amending Directive 2013/36/EU as regards exempted entities, financial holding companies, mixed financial holding companies, remuneration, supervisory measures and powers and capital conservation measures (CRD V);

- Directive (EU) 2024/1619 of 31 May 2024 amending Directive 2013/36/EU as regards supervisory powers, sanctions, third-country branches, and environmental, social and governance risks (CRD VI).

Credit Quality Step (or creditworthiness) Classification of counterparties used to assign risk weights under external rating based approaches for credit risk.

Credit risk The risk that a change in the creditworthiness of a counterparty, the value of the guarantees provided by it or the margins used by it in the event of insolvency might produce an unexpected change in the value of the bank's credit position.

Creditworthiness (or Credit quality step) Refer to item "Credit quality step".

Glossary

UniCredit Consolidated first half financial report as at 30 June 2026 267 ITEM DESCRIPTION CRM Credit Risk Mitigation is a set of techniques, contracts accessories to the loan or other instruments (e.g. securities, guarantees), which allows a reduction of the credit risk capital requirements.

CRR - Capital Requirements Regulation Regulation (EU) 575/2013 of the European Parliament and of the Council of 26 June 2013, and subsequent amendments:

- Regulation (EU) 2019/876 of the European Parliament and the Council of 20 May 2019 (CRR2), on prudential requirements for credit institutions and investment firms and that amending Regulation (EU) 648/2012

- Regulation (EU) 2024/1623 of the European Parliament and of the Council of 31 May 2024 (CRR3), amending Regulation (EU) 575/2013 on requirements for credit risk, credit assessment adjustment risk, operational risk, market risk, and output

floor

Currency risk The risk that the value of the instrument decreases due to foreign exchange rates changes.

CVA - Credit Valuation Adjustment Adjustment to the valuation of a portfolio of transactions reflecting the market value of the counterparties' credit risk.

Cyber security risk Cyber security risk is the probability of exposure or loss resulting from a cyber -attack or data breach on the organization.

Daily VaR It reflects the Value at Risk risk measures calibrated to a 1 -day holding period to compare with the 99% confidence level with its trading outcomes.

Default A party's declared inability to honor its debts and/or the payment of the associated interest.

Duration This is generally calculated as the weighted average of the maturities for payment of the interest and capital associated wit h a bond and represents an indicator of the interest rate risk to which a security or a bond portfolio is subject.

EAD - Exposure At Default With reference to the on -balance and off -balance sheet positions, EAD is defined as the estimation of the future value of an exposure at the time of the debtor’s default. Only banks that meet the requirements for adopting the "IRB - Internal Rating Based" (refer to item) advanced approach are allowed to estimate EAD. Other banks are required to refer to regulatory estimations.

Earnings at risk The change in interest rates affects earnings by changing the net interest income and, depending on the accounting treatment of the individual balance sheet items, it can be reflected directly in equity, following the change in their market value.

EBA - European Banking Authority The European Banking Authority is an independent EU Authority which works to ensure effective and consistent prudential regulation and supervision across the European banking sector. Its overall objectives are to maintain financial stability in the EU and to safeguard the integrity, efficiency and orderly functioning of the banking sector.

ECB - European Central Bank Central bank for Europe's single currency, the euro. The ECB's main task is to preserve the purchasing power of the single currency thus ensuring the maintenance of price stability in the Euro area.

Economic capital Measure of risk representing the estimate of the capital necessary to cover the unexpected losses (i.e., losses in excess of the expected ones) that could occur with a certain confidence level and time horizon.

Economic value (interest rate risk) In the interest rate risk the economic value can be viewed as the present value of expected cash flows stemming from interests bearing assets and liabilities. Changes in the interest rates can impact their present value and, in turn, can caus e changes of t he economic value.

EL - Expected Losses Amount of credit risk exposures expected to be lost for a default event of the obligor in a time horizon of one year.

Eligible Collateral Refers to collateral which allows a reduction of the credit risk capital requirements.

ELOR - Expected Losses on Revenues ELOR is a ratio estimated, for the Group and for the main legal entities, with a statistical model, based on the historical losses time series, forward looking factors and the budget revenues.

EPS - Earnings Per Share An indicator of a company’s profitability calculated as: Net Profit divided by Average total outstanding shares (excluding treasury shares and shares held under a contract of usufruct).

Equity risk The risk that the value of the instrument decreases due to stock or index prices changes.

ESG - Environmental, Social and Governance Refers to criteria used to measure the environmental, social and governance impact of the company and highlight the sustainability of its initiatives.

EU Paris -aligned Benchmarks (PAB) Paris -Aligned Benchmarks (PABs) are financial indices designed to align investment portfolios with the Paris Agreement, limiting the rise of global warming to well below 2°C above pre -industrial levels and pursuing efforts to maintain it below 1.5°C. Paris Aligned Benchmarks are indices whose underlying assets are selected so that Greenhouse Gases emissions associated with the resulting portfolio are aligned with the long -term global warming target, as set out by Paris Climate Agreement, and is built in acc ordance with the minimum standards as provided by the delegated acts.

EU Taxonomy The EU Taxonomy is a classification system, establishing a list of environmentally sustainable economic activities. The Taxonomy Regulation was published in the Official Journal of the European Union on 22 June 2020 and entered into force on 12 July 2020.

EVA - Economic Value Added EVA indicates the value created by a company. It expresses the ability to create value in monetary terms and it is equal to the difference between the Net Profit after AT1/Cashes (refer to item) and the cost of the Allocated Capital. A corrective factor is applied to divisional Net Profit after AT1/Cashes where capitalization is higher than Group’s target.

Glossary

UniCredit Consolidated first half financial report as at 30 June 2026 268 ITEM DESCRIPTION Expected Shortfall Risk measure representing the expected loss of a portfolio or a counterparty calculated in the scenarios of loss exceeding the VaR.

Factoring Contract for the sale without recourse (with credit risk borne by the buyer) or with recourse (with credit risk borne by the seller) of commercial credits to banks or specialist companies, for the purposes of management and collection. It may be associated with financing in favor of the seller.

Fair value The sum for which, in a freely competitive market, an item can be exchanged or a liability extinguished between aware and independent parties.

FINREP Reporting framework with statistical and financial data defined from the European Banking Authority, an independent EU Authority which works to ensure a consistent level of prudential regulation and supervision across the European banking sector. The aim of FINREP is to gather data used from Supervisory Authorities and the European Central Banks for their supervisory activities.

FL - Forward looking IFRS9 adjustment that allows to reflect in the credit parameters the expectations about the future evolution of the economic cycle.

Forbearance/Forborne exposures According to EBA Implementing Technical Standards, forborne exposures consist of exposures to which forbearance measures have been extended, i.e. concessions towards a debtor who is facing or about to face difficulties in meeting its financial commitments (“financial difficulties”).

Forwards Forward contracts on interest rates, exchange rates or share indices, generally traded on "OTC - Over -the-Counter" (refer to item) markets, in which the conditions are fixed when the contract is agreed but execution will take place at a predetermined futur e date, by means of the collection or payment of differentials calculated with reference to various market parameters according to the subject of the contract.

FTE - Full Time Equivalent The number of a company’s full -time employees. Employees not full -time (e.g. Part -time, maternity leave, etc.) are considered on a pro -rata temporis basis.

Full Revaluation Approach A methodology behind the historical simulation approach for VaR calculation, when the value of a portfolio is estimated by the complete revaluation of its value according to the simulation results.

Funding Provision, in various forms, of the funds necessary to finance business activities or particular financial transactions.

Futures Standardised contracts whereby the parties undertake to exchange money, transferable securities or goods at a present price at a future date. These contracts are traded on regulated markets, where their execution is guaranteed.

FVtOCI Financial asset at Fair Value through Other Comprehensive Income.

FVtPL Financial Assets at Fair Value through Profit and Loss.

GAR - Green Asset Ratio Green asset ratio (GAR), which shows the proportion of exposures related to Taxonomy -aligned activities (Reg. (EU) 2020/852 supplemented by Reg. (EU) 2021/2178) compared to the total assets of those credit institutions.

GDP - Gross Domestic Product Total market value of the products and services produced by Country residents in a given time frame.

GERMAS - Group Ermas Group platform used to compute Interest Rate Risk (IRR) positions.

Goodwill The additional sum paid for the acquisition of an equity interest, equal to the difference between the cost and the corresponding share of net assets, for the portion not attributable to the identifiable assets of the acquired company.

GW BANKS IRB calculation model - Group Wide model Financial Institution & Banks.

GW GPF IRB calculation model - The Group Wide rating model Global Project Finance (GPF) is dedicated to project finance

transactions/clients

GW MNC IRB calculation model - Group Wide Multinational Corporate.

GW Sovereign IRB calculation model - The Group Wide Sovereign model is dedicated to sovereign counterparties Hedge Fund Speculative mutual investment fund adopting hedging techniques which generally are not used by ordinary mutual funds, in order to deliver a constant performance, which is only hardly linked to reference markets. Hedge Funds are distinguished by a limited n umber of partners and require a high minimum level of investment.

HQLA - High Quality Liquid Assets Assets that must: (i) be a property, right, entitlement or interest, held by a credit institution and free from any encumbran ce, that may provide cash within 30 days; (ii) not be issued by the credit institution itself or by other bodies such as investme nt firms, insurance undertakings or financial holding companies; (iii) be able to have their value determined on the basis of easily available market prices; (iv) be listed on a recognised exchange, or tradable by a direct sale or simple repurchase agreement .

Glossary

UniCredit Consolidated first half financial report as at 30 June 2026 269 ITEM DESCRIPTION IAS/IFRS International accounting standards issued by the International Accounting Standard Board (IASB), a private international body established in April 2001, involving representatives of the accounting professions of the principal countries and, as observers, t he European Union, IOSCO (International Organisation of Securities Commissions) and the Basel Committee.

This body is the successor of the International Accounting Standards Committee (IASC), set up in 1973 to promote harmonisation of the rules for the pre paration of company accounts. When the IASC became the IASB, it was decided, among other things, to name the new accounting principles "International Financial Reporting Standards" (IFRS).

At international level, work is currently underway to harmonise the IAS/IFRS with the US GAAP - United States Generally Accepted Accounting Principles (Accounting principles issued by the Financial Accounting Statement Board -"FASB", generally accepted in t he USA).

ICAAP - Internal Capital Adequacy Assessment Process The discipline of the so -called “Pillar 2” requires banks to implement processes and systems to determine the level of internal capital adequate to face any type of risk, also different from those provided by the capital requirements (Pillar 1) rules; in t he scope of an assessment of the exposure, actual and future, that has to consider also the strategies and the evolution of the reference environment.

ILAAP - Internal Liquidity Adequacy Assessment Process It requires banks to have processes and tools for determining the adequate level of total internal liquidity (Internal Liquid ity Adequacy Assessment Process - ILAAP) for covering liquidity risk, within the framework of an evaluation of current and future e xposure that takes account of strategies and of changes in the reference context. It is the Regulatory Authority's task to examine the ILAAP process, formulate an overall judgment and, where necessary, apply the appropriate corrective measures.

Impaired loans Loans are subjected to periodic examination in order to identify those which, following events occurring after their entry in the accounts (at the market value, normally equal to the disbursed amount including the transaction costs and revenues directly at tributable to the disbursement of the loan), show objective signs of a possible loss of value. This category includes loans that have been classed as bad, doubtful, restructured or overdue, in accordance with Banca d’Italia rules consistent with IAS/IFRS ( refer to item).

Impairment Within the framework of the IAS/IFRS (refer to item), this refers to the loss of value of a balance sheet asset, recorded whe n the book value is greater than the recoverable value, i.e. the sum that can be obtained by selling or using the asset.

Interest rate risk - (IRR) Interest rate risk expresses the exposure to unfavorable changes in interest rates on the economic value of the equity and on the net interest income.

Investor Any entity other than the "Sponsor" (refer to item) or Originator (refer to item) with exposure to a securitisation.

IRB - Internal Rating Based Method for determining the capital needed to cover credit risk within the framework of Pillar 1 of "Basel 2" (refer to item).

The rules are applied to the exposures of the banking portfolio. Furthermore, in the IRB methods the risk weightings of the assets are determined on the basis of the bank's own internal evaluations of the debtors (or, in some cases, of the transactions). Using systems based on internal ratings, the banks determine the weighted risk exposure. The IRB methods consist of a basic method and an advanced method, which differ in terms of the risk parameters that the bank must estimate: in the basic method, the banks use their own estimates for "PD - Probability of Default” and the regulatory values for the other risk parameters; in the advan ced method, the banks use their own estimates for "PD - Probability of Default", "LGD - Loss Given Default", "CCF - Credit Conversion Factor" and, where provided for, "M - Maturity" (refer to item). The use of IRB methods for the calculation of capital req uirements is subject to authorisation from Banca d’Italia.

IRC - Incremental Risk Charge Incremental Risk Charge is a measure of potential losses arising from default and migration risks of unsecuritised credit products over a 1 -year capital horizon at a 99.9% confidence level, taking into account the liquidity horizons of individual positions .

IRS - Interest Rate Swap Refer to item "Swap".

Joint venture Agreement between two or more companies for the conduct of a given economic activity, usually through the constitution of a joint stock company.

Junior, Mezzanine and Senior exposures In a securitisation transaction, the exposures may be classified as follows:

• junior exposures are the last to be repaid, and consequently absorb the first loss produced by the securitisation

transaction;

• mezzanine exposures are those with medium repayment priority, between senior and junior;

• senior exposures are the first to be repaid.

Ke The cost of equity is the minimum return on investment required by the shareholder. It is the sum of a risk -free rate and an additional spread remunerating the shareholder for the market risk and the volatility of the share price. The cost of capital is based on medium/long term averages of market parameters.

KPI - Key Performance Indicators Set of indicators used to evaluate the performance of a business activity or process.

LCR - Liquidity Coverage Ratio Ratio of a credit institution’s liquidity buffer to its net liquidity outflows over a 30 calendar day stress period.

Leasing Contract whereby one party (the lessor) grants to another party (the lessee) for a given period of time the enjoyment of an asset purchased or built by the lessor at the choice and on the instructions of the lessee, with the latter having the option of acquiring ownership of the asset under predetermined conditions at the end of the leasing contract.

Glossary

UniCredit Consolidated first half financial report as at 30 June 2026 270 ITEM DESCRIPTION Leveraged finance/Leveraged buy -

out Loans provided mainly to Private Equity funds in order to finance the acquisition of a company through a financial transaction based on the cash flow generation capacity of such target company. This can result in a higher level of debt and therefore a high er level of risk. Leveraged finance may be syndicated.

LGD - Loss Given Default Expected value (which may be conditioned upon adverse scenarios) of the ratio, expressed as a percentage, between the loss giving rise to the default and the amount of exposure at the time of the default “EAD - Exposure At Default”, (refer to item).

Liquidity Adequacy Statement (LAS) Formal assessment issued by Senior Management within the ILAAP process confirming the adequacy of the institution’s liquidity position and funding stability, taking into account its risk profile, strategy and operating environment.

Liquidity Reference Bank Legal entity of the Group acting as the liquidity hub for a defined perimeter. It is responsible for coordinating and concentrating liquidity flows, optimising funding activities in the relevant markets and implementing the Group liquidity rul es at local l evel.

Liquidity risk The risk of the company being unable to meet its payment commitments due to the inability to mobilise assets or obtain adequate funding from the market (funding liquidity risk) or due to the difficulty/impossibility of easily liquidating positi ons in finan cial assets without significantly and unfavorably affecting the price because of insufficient depth or temporary malfunction of the financial market (market liquidity risk).

LLP - Loan Loss Provision The Loan Loss Provision (LLP) is an accounting reserve that banks set up to cover expected future losses on loans that may not be repaid.

Loans to Deposits Ratio Ratio between customer loans and customer deposits. It represents the bank’s funding requirement from wholesale markets and provides a measure of the balance between lending activity and commercial funding sources.

M - Maturity The average, for a given exposure, of the residual contractual maturities, each weighted for the relevant amount.

Market risk The effect that changes in market variables might have on the economic value of the Group's portfolio, where this includes both the assets held in the Trading Book and those entered in the Banking Book, or the operations connected with the characteristic m anagement of the commercial bank and its strategic investment choices.

MDA - Maximum Distributable Amount Maximum Distributable Amount, i.e. a limit to the distributable profits in order to preserve the Combined Buffer Requirement.

MREL - Minimum requirement for eligible liabilities Minimum requirements for own funds and eligible liabilities, is designed to ensure that there are sufficient resources to wri te down or convert into equity relevant financial instruments if a bank or other financial institution is in crisis. This allows the competent Authorities to intervene quickly in order to maintain the critical operations of that institution, without using ta x money.

Net Profit Stated Net Profit adjusted for the impacts of the sustainability test on Deferred Tax Assets from tax loss carry forward.

Net Profit after AT1/Cashes "Net Profit" (refer to item) adjusted for Additional Tier 1 (AT1) and Cashes charges (cost of Coupons for AT1 and cashes issuances). The result is used for cash dividend accrual/total distribution, as well as for RoTE calculation (refer to item).

Net Profit after Capital Charges "Net Profit" (refer to item) adjusted for Additional Tier 1 charge (cost of Coupons for AT1 issuances), Group T2/Senior Preferred/Senior Not Preferred charge (T2, SP, SNP issuances cost to meet Group Regulatory Capital Requirements) net of local iMREL costs (sterilization of cost over Euribor 3 months for Local issuances for regulatory requirements of T2 and SNP). Used as numerator for ROAC calculation only.

NPE - Non-performing exposures According to EBA Implementing Technical Standards, non -performing exposures are debt instruments and off -balance sheet exposures which satisfy either or both of the following criteria: (i) material exposures which are more than 90 days past-due; (ii) the d ebtor is assessed as unlikely to pay its credit obligations in full without realisation of collateral, regardless of the existence of any past -due amount or of the number of days past due.

Operational risk The risk of losses due to errors, infringements, interruptions, damages caused by internal processes or personnel, systems, or caused by external events. This definition includes legal and compliance risks but excludes strategic and reputational risk.

For example, losses arising from the following can be defined as operational: internal or external fraud, employment practices and workplace safety, client claims, products distribution, fines and penalties due to regulation breaches, damages to the compan y’s physical assets, business disruption and system failures, process management.

Operative Maturity Ladder Management tool used to monitor the timing profile of cash flows and the bank's liquidity position by allocating expected inflows and outflows into predefined time buckets. It is designed to identify potential short -term liquidity mismatches.

Option The right, but not the commitment, acquired by the payment of a premium, to buy (call option) or sell (put option) a financia l instrument at a given price (strike price) by or at a determined future date (American option/European option).

Originator The entity that originated or acquired from third parties the assets to be securitised.

OTC - Over The Counter Over the counter (OTC) trading consists of the exchange of financial instruments such as shares, bonds, derivatives or goods directly between two counterparties. The OTC markets do not have standardised contracts or buying/selling procedures and are not as sociated with a set of rules (admissions, controls, obligations of information, etc.) like those that govern the official markets.

Glossary

UniCredit Consolidated first half financial report as at 30 June 2026 271 ITEM DESCRIPTION Past Due Problematic exposures that, at the reporting date, are more than 90 days past due on any material obligation, as required by the relevant prudential regulation. Past due can be determined either at individual debtor or at single transaction level according to the relevant local prudential regulation.

Payout ratio It indicates the percentage of “Net Profit” (refer to item) distributed or to be distributed to shareholders and is determined on the basis of the company’s self -financing needs and of the return expected by shareholders. Within the "UniCredit Unlocked" Strategic Plan, the Shareholders remuneration is defined as a combination of dividends and Share Buy -Backs and the pay -out is computed also as share of the Organic Capital generation PD - Probability of Default Probability that a counterparty will enter into the status of "default" (refer to item) within a time horizon of one year.

PEPP - Pandemic Emergency Purchase Programme Massive stimulus package from the ECB to support the eurozone economy as a response to the Covid -19 (coronavirus) crisis.

PIT - Point in time Calibration type of the credit parameters on a horizon that considers the current economic situation.

POCI - Purchased Originated Credit Impaired Credit exposures that are already impaired on initial recognition.

Preference shares Capital instruments that associate forms of remuneration tied to market rates with particularly pronounced subordination conditions, such as non -recovery in subsequent years of the interest not paid by the bank and bearing a share of its losses in the even t that these produce a significant reduction in the capital requirements. The regulatory authorities set the conditions under which preference shares may be counted among the core capital of banks and banking groups.

Private equity Investments in the risk capital of companies, generally unlisted but with high growth potential and the ability to generate constant cash flows. Investments in private equity include a wide range of operations that vary according to both the development ph ase of the company concerned and the investment techniques used. These techniques include closed -end private equity funds.

Purchase companies "SPV - Special Purpose Vehicle" (refer to item) used by “ABCP Conduits - Asset Backed Commercial Paper Conduits” (refer to item) to purchase the assets to be securitised and which are in turn financed by the Conduit vehicle issuing the commercial papers.

RAF - Risk Appetite Framework Within the ICAAP processes, RAF represents a managerial tool for ensuring the business evolution towards a sustainable healthy growth and steering the long - and short -term strategy.

Rating Evaluation of the quality of a company or its issues of debt securities on the basis of the company's financial soundness and prospects. This evaluation is made either by specialist agencies or by the bank on the basis of internal models.

Real Estate IRB calculation model - The Real Estate model is dedicated to Real Estate counterparties, i.e. companies that mainly buy, build or re -build Real Estate properties (both residential and not residential) with the aim of selling and renting them.

Reputational risk Reputational risk is defined as the current or prospective risk to earnings and capital decrease arising from the adverse perception of the image of the financial institution on the part of customers, counterparties (including also debt -holders, market ana lysts, other relevant parties such as civil society, NGOs, media, etc.), shareholders/investors, regulators or employees (stakeholders).

Reputational risk is a secondary risk generated as a "knock -on effect" from risk categories, such as credit, market, operational and liquidity risks and all others risks types (e.g., business risk, strategy risk, ESG risk which considers the environmental, social and governance aspects of responsible investments). Reputational risk could also be generated from material events.

Retail Customer segment consisting principally of private individuals, self -employed professionals, traders and artisans.

RIC IRB calculation model - Integrated Corporate Rating.

RIP IRB calculation model - Integrated Private Rating.

RISB IRB calculation model - Rating Integrated Small Business (Small Business Integrate Rating).

RMBS RMBS (Residential Mortgage -Backed Securities): Financial instruments created by bundling together residential mortgage loans and selling interests in the pool to investors. RMBS provide investors with exposure to the cash flows generated by mortgage paymen ts made by homeowners.

RNIME - Risk Not in the Model Engines Framework that provides an estimate on the completeness of the risk factors included in VaR, SVaR and IRC.

ROA - Return On Assets Return on assets calculated as ratio between Stated net profit and Total assets. In the interim situations, Stated net profit is annualised, while period/year -end Total assets are used.

ROAC - Return On Allocated Capital Annualized ratio between "Net Profit after Capital Charges" (refer to item) and the "average allocated capital" (refer to ite m).

It shows, in percentage terms, the earning capacity per allocated capital unit. A corrective factor is applied to divisional Net Profit after Capital Charges where capitalisation is higher than Group’s target.

RoTE - Return on Tangible Equity Annualised ratio between the "Net Profit after AT1/Cashes" (refer to item) and the average "Tangible Equity" (refer to item) net of Cashes components, and accrued dividends and buybacks

Glossary

UniCredit Consolidated first half financial report as at 30 June 2026 272 ITEM DESCRIPTION RWEA - Risk Weighted Exposure Amounts Risk Weighted Exposure Amounts of on -balance sheet assets and off -balance sheet items (credit derivatives and guarantees) is calculated applying to all exposures, unless deducted from own funds, the risk weights in accordance with the CRR and based on the exposure class to which the exposure is assigned and its credit quality in order to define the capital requirements.

SA - Standardised Approach Applying this methodology, the operational risk requirement is determined by relying on the Group’s P&L item sources that make up the Business Indicator and the proper scaling factor.

Scope 1 - Greenhouse Gases (GHG) emissions Emissions are direct emissions from owned or controlled sources.

Scope 2 - Greenhouse Gases (GHG) emissions Emissions are indirect emissions from the generation of purchased energy.

Scope 3 - Greenhouse Gases (GHG) emissions Emissions are all indirect emissions (not included in scope 2) that occur in the value chain of the reporting company.

Securitisation Transfer of a portfolio of assets to an “SPV - Special Purpose Vehicle” (refer to item) and the issue of securities with various levels of seniority to meet any default by the underlying assets.

Securitisations can be:

• traditional: method of securitisation whereby transfer of the assets is by means of sale of the portfolio to the “SPV -

Special Purpose Vehicle” (refer to item);

• synthetic: method of securitisation whereby the transfer of assets is by means of credit derivatives or similar security enabling the risk of the portfolio to be transferred.

Sensitivity The greater or lesser degree of sensitivity with which certain assets or liabilities react to changes in rates or other refer ence parameters.

Sponsor An entity other than the "Originator" (refer to item) and the "Investor" ( refer to item) which sets up and manages an "ABCP Conduits - Asset Backed Commercial Paper Conduits" (refer to item) programme or other securitisation scheme where assets to be securitised are acquired from third parties.

SPV - Special Purpose Vehicle An entity, partnership, limited company or trust, set up to carry out a set object, such as isolating financial risk or obtai ning special regulatory or tax treatment for specific portfolios of financial assets.

SPV’s operations are accordingly limited by a set of rules designed for this purpose.

In general SPVs’ sponsors do not hold equity in them. The equity is held by other entities in order to ensure that there is n o shareholder relationship with the "Sponsor" (refer to item). SPVs are usually bankruptcy -remote, in that their assets cannot be claimed by the creditors of the sponsor, even if the latter becomes insolvent.

Stated Net Profit Net Profit as per Accounting statement Stress Test Assessment of bank’ vulnerabilities either in terms of capital or liquidity position in case of possible adverse events, both of an idiosyncratic nature and related to macroeconomic scenarios.

Structural Liquidity Ratio Management metric used to monitor structural liquidity risk over the medium -to-long term. It measures the balance between assets and liabilities from an economic perspective, taking into account the behavioral characteristics of balance sheet items.

Subprime (Residential Mortgages) Although Subprime has no univocal definition, this category includes mortgages granted to borrowers who have had repayment difficulties in the past, e.g. delayed installments, insolvency or bankruptcy, or who are more likely to default th an the average due to high loan -to-value and installment -to-income ratios.

SVaR - Stressed VaR Stressed VaR is a quantification of exposures to particular extreme losses that can be inflicted to a Bank during market tensions, by modeling the portfolio response conditional on historical data from a (continuous 12 -month) period of significant financia l stress.

Swap A transaction that generally consists of the exchange of financial streams between operators according to different contractual arrangements.

In the case of an interest rate swap (IRS), the counterparties exchange payment streams that may or may not be linked to interest rates, calculated on a notional principal amount (for example, one counterparty pays a stream on the basis of a fixed rate, wh ile the other does so on the basis of a variable rate).

In the case of a currency swap, the counterparties exchange specific amounts in two different currencies, with these amounts being exchanged back in due course according to predefined arrangements that may concern both the capital (notional) and the stream s of interest payments.

Tangible Equity Shareholders’ equity (including consolidated profit of the period) less intangible assets (goodwill and other intangibles, including the ones in Discontinued operations), less AT1.

Tier 1 Capital Refer to the content reported in the UniCredit Group Disclosure (Pillar III) in the Own Funds chapter.

Tier 1 Capital Ratio Refer to the content reported in the UniCredit Group Disclosure (Pillar III) in the Own Funds chapter.

TLAC -Total Loss Absorbing Capacity TLAC represents the indicator of the Total Loss Absorbing Capacity, a new Pillar I requirement established by the Regulation (EU) 2019/876 (CRR2), entered into force on 27 June 2019, for Global Systemically Important Banks (G -SIBs).

The TLAC standard requi res G -SIBs, to hold a sufficient amount of highly loss absorbing liabilities.

Glossary

UniCredit Consolidated first half financial report as at 30 June 2026 273 ITEM DESCRIPTION Total Capital Ratio Refer to the content reported in the UniCredit Group Disclosure (Pillar III) in the Own Funds chapter.

Total own funds Refer to the content reported in the UniCredit Group Disclosure (Pillar III) in the Own Funds chapter.

TSR - Total Shareholder Return It is the full reward, in terms of capital gain and dividends, that a shareholder gets from holding one share.

TTC - Through the cycle Calibration type of the credit parameters on a horizon that considers the entire economic cycle.

UCITS - Undertakings for Collective Investment in Transferable Securities This term covers open -end real estate investment funds, both Italian and foreign, and investment companies with variable capital. The latter are joint stock companies that have the sole purpose of collective investment of the assets gathered through a publ ic offer of their own shares.

UGRM - UniCredit global Risk Monitor The pool of software applications, IT structure and database used by the Group for the financial risk analysis.

Unlikely to Pay The classification in this category is the result of the judgment of the bank about the unlikeliness, without recourse to actions such as realising collaterals, that the obligor will pay in full (principal and/or interest) its credit obligations. This asse ssment should be carried out independently of the presence of any amount (or rate) past due and unpaid.

VaR - Value at Risk A measure of the risk of potential loss, under a given level of confidence and time horizon, which could occur on a position or a portfolio.

Warehousing A preparatory phase of a securitisation transaction during which a “SPV - Special Purpose Vehicle” (refer to item) acquires assets within a certain period of time until it reaches a sufficient amount to be able to issue an "ABS - Asset Backed Securities" (refer to item).

Glossary

UniCredit Consolidated first half financial report as at 30 June 2026 274

Contacts

UniCredit Consolidated first half financial report as at 30 June 2026 275 Contacts UniCredit S.p.A.

Head Office in Milan Piazza Gae Aulenti 3 - Tower A

20154 Milano

+39 02 88 62.1

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E-mail: mediarelations@unicredit.eu

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