UniCredit (UCG) Q3 2025 earnings summary

Executive summary

• Achieved record third quarter and nine-month results, marking 19 consecutive quarters of profitable growth and best-in-class profitability, with all regions and business lines contributing.

• RoTE improved to 21.7% for nine months, with double-digit EPS and DPS growth and return on tangible equity above 20%.

• Strategy focused on sustainable, best-in-class performance, capital efficiency, innovation, and pan-European leadership.

• Confirmed guidance for dividends and share buybacks, with €9.5bn in distributions for 2025 and an 80% ordinary payout policy from 2026 onward.

• Accelerated execution of transformation blueprint, emphasizing operational excellence and strategic investments.

Financial highlights

• Net profit for 9M25 reached €8.7bn, up 12.9% year-over-year; 3Q25 net profit was €2.6bn, up 4.7% year-over-year.

• Net revenues for nine months were €18.5bn (broadly stable), and €6.1bn in Q3 (up 1.2% year-on-year).

• Fees and insurance income up 4.9% to €6.6bn for nine months; investment income up 84% to €693m.

• Cost/income ratio among the lowest in Europe at 36.8% for nine months and 37.1% in Q3.

• CET1 ratio at 14.8%, supported by strong organic capital generation and ample buffers over regulatory requirements.

Outlook and guidance

• FY25 net profit guidance confirmed at €10.5bn, with management actions in Q4 to support future growth, mainly from 2027 onward.

• FY27 net profit guidance confirmed to be well above €11bn, driven by strategic investments and underlying business acceleration.

• Ordinary distribution policy of 80% of net profit from 2026, with potential for additional excess capital returns.

• Confident in further upgrades to profitability expectations as trends are confirmed.