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2Q25 & 1H25 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.
2Q25 & 1H25 - Group Results - Infographic (ENG)
Main Title: 2Q25 & 1H25 Group Results
Subtitle: Unlocking Acceleration
Record 2Q completes our best 1H ever, another milestone in our acceleration
Section 1
Title: Setting records[1]
Text: Record 2Q results boosting record 1H:
Quality growth
● 12.9bn Net Revenue (ex. one-offs +2.2% 1H/1H)
Sustainable profitability & distribution
● 6.1bn Net Profit, 5.7bn Net Profit ex. one-offs (+8.1% 1H/1H)
● 23.1% RoTE, 21.3% RoTE ex. one-offs (+1.6 p.p. 1H/1H)
● 5.2bn Accrued Distributions (100% of Net Profit)[2]
Operational & Capital Excellence
● 35.5% Cost / Income ex. one-offs (-0.7 p.p. 1H/1H)
● 16.2% Pro-forma CET1r[3]
● 9.0% Net Revenue / RWA
Asset quality
● 2.6% NPE ratio
● 9bps CoR
Table:
Geography |
RoAC[4] |
Organic Capital Generation (OCG)[5] |
ITA |
33.9% |
2.4bn |
GER |
24.1% |
1.3bn |
AUT |
24.1% |
0.9bn |
CEE |
29.1% |
1.2bn |
Section 2
Title: Accelerating Strategy
Text: Decisively accelerating our Commercial Machine
Geographies
Direct capital allocation and investments to higher growth economies
Growth Allocated Capital FY24-27
· CEE +17%6
· ITALY +14%
· GER & AUT +9%
Clients
Increase focus on targeted client segments
FOCUS
On underpenetrated
SMEs & Private- Affluent
KEEP DISCIPLINE
Targeted approach
Mass Market & Large Corporate
Products
Enhance product offering and how we grow in high-value segments
NII
Grow selectively
quality lending,
margins vs volumes
FEES
Superior product factories,
contributing 1.4bn Fee growth7
Channels
Move towards an omnichannel offering, with the choice back to the client
PHYSICAL CHANNELS
Quick, premium advisory; deeply rooted in the local community
DIGITAL CHANNELS
Secure and intuitive banking from anywhere at anytime
Text: Decisively accelerating on People and Operating Machine
People
Continue trusting, empowering, training and investing in our people
INVEST AND TRAIN
9k hirings targeted 2025-27
REWARD
With merit and transparency
FOSTER
Inclusive, engaging culture
Organisation & Processes
Continue simplifying, delayering and streamlining
STREAMLINE AND EMPOWER
Flatten hierarchies and focus resources on high-impact areas
ELIMINATE INEFFICIENCIES
Redesign processes, cut redundancies
SIMPLIFY AND AUTOMATE
Leverage tech to free up time, improving way of working
Digital & Data
Finalise taking back control, boost business acceleration and efficiency via targeted investments executed efficiently
RELIABLE, RESILIENT & COMPLIANT
Keep a resilient machine and remain committed to regulation
HARNESS TECH, DATA & AI TO TRANSFORM
Support and accelerate the business
Section 3
Title: Growing Returns
Text: Accelerating on our unmatched growth & distribution trajectory
UniCredit Unlocked Phase 2: Acceleration further improved in quality and quantum
Upgraded FY25 guidance and 2027 ambition:
2025 Guidance
c.10.5bn Net Profit at RoTE c.20%
≥9.5bn Distributions (o/w ≥4.75bn Dividends)8
2027 Ambition
≥11bn Net Profit9 at RoTE >20%
≥30bn 2025-27 Distributions (o/w ≥15bn Dividends)8
Notes:
[1] All figures as of 1H25 unless otherwise stated
[2] Based on Net Profit ex. non distributable one-offs in the Profit on Investments line: (i) revaluation of the stakes in the Life Insurance joint ventures and (ii) badwill on Commerzbank - please refer to slide 4 of the Market Presentation for details
[3] Pro-forma for Danish Compromise on Life Insurance, expected in 4Q25
[4] Annualized ratio between (i) Net profit after AT1/Cashes minus excess capital charge and (ii) allocated capital. Italy RoAC stated (incl. Profit on Investments from Life Insurance internalization) at 43.6%
[5] Calculated on Group RWA
[6] Excluding Austria and Russia
[7] FY24-FY27 growth
[8] Distributions subject to supervisory, board of directors and shareholder approvals, inorganic opportunities and delivery of financial ambitions. They include cash dividends at 50% of net profit excluding non-distributable one-offs (in 2Q25: (i) revaluation of the stakes in the life insurance joint ventures and (ii) badwill stemming from the equity consolidation of a 9.9% stake in Commerzbank - please refer to slide 4 of the market presentation for details), and additional distributions, including the excess capital
[9] Based on Net Profit consensus of equity consolidated stakes (considering c.29% of Commerzbank) and our expectations on consolidated perimeter
