Unicaja Banco (UNI) Q1 2026 earnings summary

Executive summary

• Net income for Q1 2026 rose 1.4% year-on-year to EUR 161 million, supported by growth in net interest income and lower provisions, with gross income up 1.0% to EUR 520 million.

• Business volumes grew over 3% year-on-year, with customer funds up nearly 4% and mutual funds up 17.2%, maintaining a 9% market share in net inflows.

• Asset quality improved: NPL ratio dropped to 2.0% (down 20% YoY), NPL coverage rose to 80%, and cost of risk declined to 20 basis points.

• CET1 ratio stable at 16%, supporting shareholder remuneration and lending growth.

• Shareholder remuneration reached EUR 443 million for 2025, with a payout ratio of 70% and a 9% dividend yield; guidance for 2026 targets up to 95% payout.

Financial highlights

• Net interest income for Q1 2026 was EUR 373 million, up 1.3% year-on-year but down 1.2% quarter-on-quarter.

• Net fee income grew 3.1% year-on-year, with mutual fund fees up 18.7% and total fees reaching EUR 136 million.

• Total costs grew by 4.5% year-on-year, with cost-to-income ratio at 46%.

• Loan loss charges and provisions decreased by over 19% year-on-year, supporting profit before tax of EUR 232 million.

• Tangible book value per share plus dividends grew 9% year-on-year.

Outlook and guidance

• All targets and commitments in the strategic plan reaffirmed despite increased uncertainty and geopolitical risks.

• Net interest income and net profit expected to grow above 2025 levels, with business volume targeted to increase by ~3%.

• Cost of risk guidance maintained below 30 basis points for 2026.

• Net income for 2026 expected to surpass EUR 632 million from last year.

• Shareholder remuneration guidance for 2026 up to 95% of net income.