Unicaja Banco (UNI) Q1 2026 earnings summary

Executive summary

• Net income for Q1 2026 rose 1.4% year-over-year to €161 million, supported by gross margin growth and lower provisions.

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

• Asset quality improved, with NPL ratio down to 2% (down 0.6 p.p. YoY) and coverage up to 80%.

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

• Dividend payout for 2025 reached €443 million (70% payout, 9% yield); 2026 payout expected to rise to 95% of net income.

Financial highlights

• Net interest income for Q1 2026 was €373 million, up 1.3% year-over-year; total revenues up 1% to €520 million.

• Fee income grew 3.2% YoY, with higher value-added services now 52% of total fees.

• Total costs rose 4.5% year-over-year, in line with guidance and reflecting investments and hiring.

• Cost-to-income ratio at 46%, below the 50% target; efficiency ratio at 47.2%.

• Tangible book value per share plus dividends up 9% year-over-year.

Outlook and guidance

• 2026 guidance reaffirmed: net interest income and net profit expected to grow above 2025 levels, with business volume targeted to increase by ~3%.

• Cost of risk forecasted to remain below 30 basis points for the year.

• Net income for 2026 expected to surpass €632 million.

• Shareholder remuneration guidance raised to 95% of net income for 2026 and 2027.