UniCredit (UCG) Fixed income & ESG presentation summary

Record financial performance and growth

• Achieved the best first quarter in history, with 21 consecutive quarters of profitable growth and record GOP, NOP, Net Profit, and ROTE, driven by strong core revenues and robust commercial dynamics.

• Net revenue reached €6.9bn (+5% YoY), with core net revenue up 2% and GOP up 12% YoY; cost/income ratio improved to 33.4% and ROTE rose to 25.8%.

• Loan growth (+6%) and deposit growth (+5%) supported resilient NII, while fees and net insurance grew 8% YoY and equity investments contributed significantly.

• Costs declined 1% YoY despite inflation, with operational leverage and AI roll-out driving further efficiency gains.

• Organic capital generation remained strong, with CET1 ratio at 14.2% and ample buffers over regulatory requirements.

Strategic initiatives and future outlook

• Accelerated transformation under the Unlimited program, focusing on quality growth, efficiency, and future readiness.

• Upgraded 2026 Net Profit ambition and reaffirmed 2028-30 targets, with standalone organic growth as the main value driver.

• Commerzbank offer scenarios are considered additive to the baseline, with all outcomes expected to be accretive and enhance shareholder returns.

• Confidence to outperform in a challenging macro environment, leveraging diversified revenue streams, cost leadership, and robust risk protection.

Funding, liquidity, and capital management

• 2026 Group Funding Plan at €13bn, with flexibility and diversification across geographies and products; average 2026-28 funding plans at €25.5bn p.a.

• Strong start to 2026 MREL funding, with contained needs for the rest of the year and ample buffers over MREL and capital requirements.

• Balanced liability structure and manageable redemption profile, with a sound liquidity position (LCR ~140%, NSFR ~125%).

• Leading covered bond issuer in key European markets, with high collateralization and low risk profile.