UniCredit (UCG) investor relations material

Strategic plan and performance

• Committed to the Unlimited plan, aiming for profitable growth, market share gains, and RoTE above 23%.

• Targeting net profit growth of 7% per annum over five years, with underlying growth at 10% excluding Russia and one-offs.

• Upgraded 2026 guidance, maintaining 2027 and 2028 targets despite macro changes, with NII expected to offset slower fee growth.

• Asset quality indicators improved in Q1, with overlays in place to manage cost of risk within 15–20 bps.

• Growth opportunities in Italy and other markets expected to accelerate due to competitors' M&A activity.

M&A and Commerzbank transaction

• Sees strong strategic rationale for combining with Commerzbank, citing complementary franchises and potential for critical mass in Germany.

• Transaction would enhance presence in Germany and regain access to Poland, balancing growth across regions.

• Offer considered fair, with most institutional investors tendering; control determined by 50%+1 share at AGM.

• If control is achieved, plans to execute on Unlocked strategy decisively; if not, will consolidate current stake and wait.

• Regulatory approvals expected within 3–6 months after July 9th; no change to offer terms possible under German law.

Technology, AI, and digital assets

• AI adoption is accelerating transformation, improving efficiency and client experience, and is seen as a competitive differentiator.

• Digital assets and DLT enable new product offerings, such as tokenized bonds for SMEs, and require euro-denominated stablecoins.

• Launching stablecoins by September to facilitate settlement in digital asset transactions.

• Digital euro and tokenized deposits seen as complementary to stablecoins; preparing for potential disintermediation effects.

• Focused on building competitive advantage through technology, aiming to compete with fintechs and hyperscalers.