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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
UniCredit
UniCredit (UCG) investor relations material
UniCredit Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary23 Jul, 2026
Executive summary
Achieved record second quarter and first half results, with net profit of €6.1bn in H1 2026, up 24% year-over-year adjusted, and RoTE at 23.7%, driven by strong organic growth, AI-led transformation, and targeted market share gains across all regions.
Transformation initiatives leveraging AI and technology accelerated operational efficiency, cost reduction, and sustainable profitability.
Upgraded 2026 net profit ambition to circa €11.5bn (excluding integration costs), with enhanced prospects for 2027-2030 and strategic Commerzbank consolidation expected to further boost growth and diversification.
Strategic move to consolidate Commerzbank, aiming for substantial value creation, enhanced group diversification, and capital efficiency.
Financial highlights
Adjusted net profit grew over 20% to €3.1bn in Q2 and €6.3bn in H1, with RoTE at 23.7%; 1H26 net revenue rose 5.5% to €13.4bn, core revenue up 7%, and fees and net insurance up 11%.
Cost/income ratio improved to 34.3% (down 2.2p.p. year-over-year); operating costs declined 0.9% year-over-year.
CET1 ratio at 14.3% (pro-forma 14.5% after reversal of temporary RWA impact); LCR at ~140%, NSFR at ~124%.
Cost of risk at 17bps for 1H26, with overlays of €1.6bn still in place; net NPE ratio at 1.36%, coverage at 45.9%.
EPS for 1H26 was €4.09, up 3.3% year-over-year; tangible book value per share rose 8.1% to €41.5.
Outlook and guidance
2026 net profit ambition upgraded to circa €11.5bn (excluding integration costs), well above €11bn including them; 2028 and 2030 ambitions raised to well above €13bn and €15bn, respectively.
Year-end CET1 ratio expected at circa 15% pre-Commerzbank consolidation, around 13% pro forma for both consolidation and share buyback cancellation.
Distribution policy confirmed: 80% payout (50% dividend, 30% share buyback), with potential for improved interim dividends.
Commerzbank integration expected to further enhance growth, profitability, and distribution trajectory from 2027 onward.
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Next UniCredit earnings date
Q3 20269 Nov, 2026
UniCredit
Next UniCredit earnings date
Q3 20269 Nov, 2026
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Frequently asked questions
One of Italy’s Largest Banks
UniCredit S.p.A., one of Europe's leading financial services companies, has a strong and distinguished presence across the continent. The Milan-based company, founded in 1998, delivers a range of services, from investment banking to commercial banking, from asset management to retail banking. UniCredit's network extends across 50 markets, with a significant presence in Italy, Germany, Austria, and Central and Eastern Europe. Despite the fierce competition, the bank has been able to establish itself as a pillar of the European banking sector.
Reaching outside of Italy
UniCredit's roots can be traced back to several Italian banking institutions. The company emerged in its present form in 1998 when several Italian banks merged, with the aim of creating an institution that could compete on the broader European stage. Over the years, UniCredit pursued a strategy of organic growth and expansion through key acquisitions. One such acquisition was the German bank HypoVereinsbank in 2005, which extended its reach into Central and Eastern Europe. Today they compete primarily with Intesa Sanpaolo domestically, as well as larger multinational institutions such as Deutsche Bank and Barclays.
For Private Individuals
UniCredit S.p.A. provides a comprehensive suite of services tailored to private individuals, addressing their various financial needs. The bank offers a full range of personal banking products, from savings and checking accounts to credit cards and personal loans. For those looking for advice and direction when it comes to investing, UniCredit provides investment services and wealth management solutions.
The bank also offers mortgage loans for individuals seeking to purchase or refinance a home, with competitive rates and flexible terms. In the era of digital banking, UniCredit has significantly invested in its online and mobile banking platforms, enabling customers to access and manage their accounts seamlessly.
Institutional Offerings
UniCredit provides a broad array of financial services specifically tailored to meet the complex needs of institutional clients. For corporations, UniCredit offers a range of banking services including commercial loans, treasury services, and trade finance solutions, enabling businesses to manage their operations efficiently. On the investment front, UniCredit assists institutions in managing their financial assets, providing asset management, securities services, and structured finance solutions. The bank also has a dedicated Global Markets division, providing institutions with access to financial markets worldwide, along with risk management and hedging solutions. Furthermore, UniCredit serves public sector entities with tailored financing and advisory services.