UniCredit (UCG) Q2 2026 earnings summary

Executive summary

• Achieved record second quarter and first half results, with net profit of €2.9bn in 2Q26 and €6.3bn in 1H26, up 24% year-over-year adjusted, marking the 22nd consecutive record quarter and best performance in company history.

• Transformation initiatives leveraging AI and technology accelerated efficiency, cost reduction, and sustainable profitability across all regions.

• Upgraded 2026 net profit ambition to circa €11.5bn (excluding integration costs), well above €11bn including them, with enhanced prospects for 2027-2030.

• Strategic Commerzbank transaction expected to boost growth, diversification, and capital efficiency, moving towards strategic control.

Financial highlights

• Adjusted net profit grew over 20% to €3.1bn in Q2 and €6.3bn in H1, with RoTE at 23.7% in 1H26.

• 1H26 net revenue rose 5.5% year-over-year to €13.4bn; core revenue up 7%, fees and net insurance up 11%.

• Cost/income ratio improved to 34% in 1H26, down 2.2p.p. year-over-year; operating costs declined 0.9%.

• CET1 ratio at 14.3% (pro-forma 14.5% after reversal of temporary RWA impact); tangible equity €62.5bn, up 5% quarter-over-quarter.

• Cost of risk at 17bps for 1H26; net NPE ratio at 1.36%, coverage at 45.9%, default rate at 0.8%.

Outlook and guidance

• 2026 net profit ambition upgraded to circa €11.5bn (excl. integration costs), well above €11bn (incl. integration costs), with ROTE above 15%.

• 2028 and 2030 net profit ambitions raised to well above €13bn and €15bn, respectively, without diluting ROTE.

• Year-end CET1 ratio expected at circa 15% pre full 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.