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1Q26 Group Results Presentation
"We need to streamline our business so that we can operate faster, with greater clarity, and deliver successfully for all stakeholders. This is an ambition that many aspire to but few really achieve. I believe we will be one of the few exceptions”
Andrea Orcel
Chief Executive Officer of UniCredit S.p.A.
1Q26 GROUP RESULTS - ENG
MAIN HEADLINE
1Q26 Group Results
The best quarter in our history
SUB HEADLINE
UniCredit Unlimited off to a flying start, with strong execution underpinning record results
TITLE
Record Q1 results demonstrating UniCredit Unlimited in action
Executing UniCredit Unlimited at speed, already delivering record results and demonstrating our capacity to accelerate and transform beyond traditional boundaries. Driving quality, profitable growth and setting the course for a decade of excellence.
21st quarter of profitable growth driven by core revenue growth, further supported by equity stakes, more than offsetting rates decline and Russia compression, and continued operational and capital excellence.
Driving record revenues and profitable growth with pace, UniCredit Unlimited has already moved into delivery.
Top line growth (Y/Y)
• 6.9bn Revenue + 7% exc. Russia
Bottom line Growth (Y/Y)
• €3.2bn Net Profit, +16%
• 25.8% RoTE, +2.7p.p
Per‑share growth (Y/Y)
• +20% EPS
• +12% DPS[1]
• +17% TBVPS[2]
Further widening the gap with our peers across relevant KPIs.
Top‑line quality
• Resilient NII −2% Y/Y, flat sequentially with same day count; NII RoAC >20%
• Fees & Net Insurance +8% Y/Y; Fees & Net Insurance / Net Revenue up 2pp to 38%
Operational & capital excellence
• Costs continue to decline: -1% Y/Y, -2% excluding new perimeters[3]
• Record Cost / Income ratio further improving to 33% (−2pp)
• Net Revenue / RWA at 9.0%, confirming capital excellence
• Excellent Organic Capital Generation of €2.9bn (98bps)
Asset quality
• Cost of risk structurally low at 17bps, in line with guidance
• €1.7bn overlays[4] unchanged
• All asset quality metrics improved:
- Net NPE ratio low down at 1.4%, −0.1p.p. Q/Q
- Coverage Ratio up to 45.8%, +c.2p.p. Q/Q
- Default Rate low at 0.7%, -0.6p.p. Q/Q
Table:
Unlimited acceleration and transformation powered by all our Regions:
Region |
Revenue |
GOP |
RoAC |
ITA |
3.0 bn |
2.0bn |
30.8% |
GER |
1.5 bn |
1.0bn |
24.1% |
AUT |
0.6 bn |
0.4bn |
26.6% |
CEE |
1.2 bn |
0.8bn |
23.4% |
On our way towards a decade of excellence
TITLE:
A NEW ERA FOR OUR BANK - UNLIMITED OFF TO FLYING START
Our bank exited UniCredit Unlocked with momentum and entered Unlimited with pace.
Unlimited flying start, together with idiosyncratic strengths and lines of defence, give us the confidence to deliver and outperform our peers despite a more challenging macro.
EXECUTING UNLIMITED AT SPEED
• Progress in Unlimited Acceleration & Transformation; AI as key enabler.
• Transcending boundaries by simultaneously driving quality growth - with targeted share gains - while resetting the efficiency frontier.
• Setting records while transforming to be future-ready.
DELIVERING RECORD HIGH-QUALITY RESULTS
• Strong top-line growth driven by core revenues, propelled by robust commercial dynamics, complemented by equity investments
• More than offsetting rates decline, Russia compression and LLPs more even quarterly distribution[5], coupled with continued decrease in costs.
• Record GOP, NOP, Net Profit and RoTE.
UPGRADING SUPERIOR EQUITY STORY
• Unlimited flying start underpins improved 2026 Net Profit ambition...
• ... and, together with idiosyncratic strengths and lines of defence, confirmed 2028-30 Net Profit ambitions[6]
• Our standalone organic story remains our key focus & driver of value; Commerzbank: all outcomes are add-on to our standalone baseline
CLOSING STATEMENT
UniCredit Unlimited marks a bold new era for our bank, defined by transcending benchmarks, innovation and a willingness to rewrite the rules. This strong start reinforces confidence in the vision and in our ability to deliver sustained acceleration and transformation.
Notes:
[1] Accrued DPS based on 50% of the 1Q26 Net Profit, adjusted for non-distributable one-offs related to the badwill stemming from the equity consolidation of Commerzbank and Alpha Bank.
[2] Including FY25 interim dividend paid in November 2025 of €1.4282 and FY25 final dividend paid in April 2026 of €1.7208, or +8% Y/Y without it.
[3] i.e. excluding Vodeno acquisition and internalization of life-insurance.
[4] On performing portfolio and including calibration factor.
[5] 1Q25 CoR (8bps) well below FY25 (15bps) - due to 2025 LLPs not evenly distributed across the year - vs. 1Q26 LLPs in line with FY26 ambition.
[6] Based on current assessment of evolving geopolitical and macro environment.
