Unicaja Banco (UNI) investor relations material

Executive summary

• Net income for H1 2026 rose 7.1% year-over-year to €361 million, driven by higher revenues, lower provisions, and strong fee generation, despite a challenging macroeconomic environment.

• Business volumes increased 3.5% YoY, with mutual funds up 18.3% and performing loans up 3.7%.

• Strategic investments in innovation, digital transformation, and ESG initiatives are supporting improved business dynamics and financial position.

• Asset quality improved, with NPL ratio at 1.8% and coverage at 83%, and cost of risk at 18–19 bps.

• Dividend payout increased to 95% of net profit, with interim dividend up 28% YoY.

Financial highlights

• Net income for H1 2026: €361 million (+7.1% YoY); Q2 net profit: €201 million (+25% QoQ, +12% YoY).

• Net interest income rose 2.5% YoY in H1 2026, with NIM up 4 bps and gross margin up 8.5%.

• Fee income increased, with value-added services now 54% of total fees.

• Operating expenses rose 5% YoY due to investments and new hires, with a cost-to-income ratio of 45.6–46%.

• Wealth management and insurance revenues grew 7% YoY, representing 19% of gross margin.

Outlook and guidance

• Net interest income, fees, and net profit expected to grow mid-single digits in 2026.

• Cost of risk guidance improved to 20–25 bps for 2026.

• Business volume expected to grow ~3% in 2026.

• Costs to grow at mid-single digits, reflecting ongoing investments.

• Guidance subject to changes in economic, regulatory, or market conditions.