UNICREDIT: 4Q25 AND FY25 GROUP RESULTS TRANSITIONING FROM "UNICREDIT UNLOCKED" TO "UNICREDIT UNLIMITED"

Record 4Q and FY25, beating on all operating lines, net profit and capital whilst absorbing €1.4 bn¹ extraordinary charges (in the trading and integration cost lines) to strengthen and further protect the future medium-term trajectory

"UniCredit Unlocked" execution delivered 20 consecutive quarters of quality profitable capital generative growth reflecting five years of disciplined execution

Transition from "Unlocked" to "Unlimited" cemented with FY26-28 ambition building into 2030 ultimate aim: entering 2026 with strong momentum and sizable buffers, aiming to deliver a superior investment proposition accelerating towards a decade of outperformance

Best-in-class FY25 net profit growth, profitability and distributions: net profit reached €10.6 bn up 14%, RoTE 19.2% up 1.5 p.p., total distributions €9.5 bn² up 6%, of which €4.75 bn² in cash dividend

Boosted per share growth versus prior year: FY25 EPS at €6.89 up 20%, DPS at €3.15³ up 31%, and tangible book value per share at €39.54 up 19%⁴

FY25 revenue at €24.5 bn and net revenue at €23.9 bn, both flat⁵ versus prior year despite lower interest rates impact, demonstrating resilient high-quality NII net of LLPs and strong fees & net insurance result: equity investment⁶ performance affected by frontloading of hedging costs

Asset quality remains healthy with 1.6% net NPEs ratio, FY25 cost of risk at 15 bps and overlays unchanged at c. €1.7 bn

Costs broadly flat versus prior year at €9.4 bn, absorbing the entire perimeter increase and investments, resulting in best-in-class cost/income ratio of 38% whilst continuing to substantially invest to support future growth

Strong CET1 ratio at 14.7%, thanks to robust FY25 organic capital generation of 382 bps absorbing the impact of €9.5 bn² in distributions and, together with other levers, the impact of equity consolidation of certain investments. CET1 ratio FY/FY reduction entirely driven by one-off regulatory and Italian banking tax impacts

"UniCredit Unlimited" will be about growing quality market share and resetting the efficiency frontier in operational and capital excellence, further accelerating quality top line growth and doubling down on transformation all supported by continued self-funded investments in technology, data and AI

FY26 net revenue ambition >€25 bn up 5%, cost ≤€9.4 bn down 1%, net profit at c. €11 bn and >20%⁷ RoTE

FY28 net revenue ambition at c. €27.5 bn growing at a 5% CAGR FY25-28, costs at c. €9.2 bn decreasing at a 1% CAGR FY25-28, net profit at c. €13 bn and RoTE >23%⁷, resulting in a FY25-28 double digit EPS and DPS growth with a continued positive trajectory after that

Total cumulative distributions at c. €30 bn⁸ and c. €50 bn⁸ in the next three years and five years respectively excluding any deployment or return of excess capital that shall be evaluated yearly

Please refer to the General Notes and Main Definition sections at the back of this document for information regarding the financial metrics and defined terms mentioned in this press release.

Ambitions on a like-for-like basis with FY25 preliminary figures restated for the intra-revenue restatements, effective from 1Q26, and subject to final evaluation.

¹ Gross of tax.

² Subject to supervisory, board of directors and shareholders' approval. FY25 total distributions at €9.5 billion, of which €4.75 billion cash dividend - based on 50% pay-out of net profit excluding the non-distributable one-offs related to: (i) revaluation of the stakes in the life insurance joint ventures and (ii) badwill stemming from the equity consolidation of Commerzbank and Alpha Bank - of these, €2.2 billion has already been paid as interim dividend in November 2025, the remaining €2.58 billion, corresponding to a preliminary final DPS of €1.7205, will be paid according to what specified in footnote number 3.

³ FY25 DPS at €3.1487 calculated as €1.4282 interim DPS paid in November 2025, plus €1.7205 preliminary final DPS, calculated as of 6 February 2026 based on the best estimate of the expected number of shares eligible for dividend payment. The definitive final DPS will be communicated according to the ordinary procedure. The 2026 AGM is expected to be held on 31 March 2026. Hence, the expected dividend dates are: ex-dividend date 20 April 2026, record date 21 April 2026, payment date 22 April 2026.  

⁴ Including FY24 final dividend paid in April 2025 of €1.4764 and FY25 interim dividend paid in November 2025 of €1.4282, or +11% FY/FY without it.

⁵ Revenues and net revenues are flat FY/FY when adjusted for circa negative €240 million trading impact related to the hedging of our strategic portfolio, booked in 4Q25, to protect and optimize its return, or down circa 1% FY/FY otherwise.

⁶ "Investments - including hedges" i.e. dividend line net of the hedging costs of our strategic portfolio booked in trading income.

⁷ From 2026, RoTE uses a Tangible Equity that progressively accrues dividends and buybacks and no longer includes the DTA TLCF adjustment. These changes better align the methodology with market practice and make RoTE more stable and comparable.

⁸ Distribution ambitions are calculated assuming: the current 80% ordinary payout and subject to the achievement of plan targets, including organic capital generation. Potential additional distributions from excess capital return or deployment to be assessed annually. All distributions are subject to supervisory, board of directors and shareholders' approvals.

Andrea Orcel, Chief Executive Officer of UniCredit S.p.A. said:

"UniCredit delivered again record growth and profitability for 2025 reaching €10.6 billion of net profit, up 14% versus last year, and an impressive RoTE of 19.2%, marking 20 consecutive quarters of disciplined profitable capital generative growth and beating our own expectations. This was achieved notwithstanding extraordinary charges of €1.4 billion in the year, frontloaded to further strengthen the medium-term trajectory. We concluded the year with a robust CET1r of 14.7% and a leading shareholder distribution of €9.5 billion, of which €4.75 billion cash dividends. We retained a best-in-class operational efficiency at 38%. Our ambition is consistently delivering outperformance in profitable, capital generative growth and distributions, and we are confident that we can sustain this trajectory in the coming five years. Looking ahead, the combined strength of our empowered people, enhanced product factories, superior omnichannel delivery, and accelerating digital data and AI capabilities supports our ambition to aim to deliver a highly attractive profitable capital generative growth leading to circa €13 billion in net profit and above 23% RoTE in 2028, further improving from there into 2030. We remain focused on disciplined execution through the cycle and are excited about what the future holds for UniCredit, our investors, clients, people and communities."

FINANCIAL REVIEW

On 8 February 2026, the Board of Directors of UniCredit S.p.A. ("UniCredit" or "the Group") approved the consolidated Group's results for the fourth quarter and full year 2025 as of 31 December 2025. UniCredit delivered the 20^th consecutive quarter of quality profitable growth that led to our best year ever and five years of sustained outperformance that set a new benchmark for banking.

Stated net profit was €10.9 billion, up 12.3% full year on full year. When excluding €336 million of DTA TLCF write-ups, net profit was at €10.6 billion in FY25, up 13.6% full year on full year. Thanks to the strength and resilience of its diversified business model, UniCredit was once again able to far exceed the initial expectations and is now ready to raise the bar with its new strategic plan "UniCredit Unlimited".

Return on Tangible Equity ("RoTE") stood at 19.2% for the full year, supported by operational and capital excellence despite absorbing significant investments to further amplify our future trajectory. These consist of circa negative €240 million trading impact (circa €160 million net of tax) related to the hedging of our strategic portfolio, to protect and optimise its return and circa €1.2 billion (circa €0.8 billion net of tax) frontloaded integration costs yielding a lower cost base over time, propelling future profitability.

Net revenues were €23.9 billion in FY25, down 1.4% versus prior full year, comprised of net interest income ("NII") at €13.7 billion, fees & net insurance result at €8.7 billion and loan loss provisions ("LLPs") of €0.7 billion.

FY25 net interest income was down 4.3% versus FY24, a resilient result given the lower interest rates, supported by quality loan growth and by the increase in customer deposits, as well as disciplined management of our deposits pass-through, closing the year at an average of circa 31 per cent for the Group.

Fees & net insurance totalled €8.7 billion, a robust increase of 5.6% full year on full year with growth across our regions, largely driven by a strong performance in investment fees and by the internalisation of the life insurance JVs in Italy. Fees & net insurance result are now contributing approximately 35% of total FY25 revenues.

Trading income stood at €1.1 billion in FY25, down 32.6% FY/FY, mainly due to the higher trading costs related to the hedging of our strategic portfolio. FY25 dividends were €980 million, up more than 100% FY/FY, benefitting from the contribution of our strategic portfolio investments following the equity consolidation of Commerzbank and Alpha Bank stakes during the course of the year.

Operational costs were €9.4 billion in FY25, broadly flat full year on full year, a notable result considering the expansion of the perimeter of the Group. Thanks to the proactive actions taken in recent years, we have optimized our operating model leading to a best-in-class cost/income ratio ("C/I") of 38%, despite meaningful investments in our frontline, product factories, channels and digital and data.

Cost of Risk ("CoR") remained structurally low at 15 basis point with €662 million of loan loss provision in the year. Our high-quality, diversified credit portfolio remains resilient, supported by low non-performing exposures ("NPEs") with sound coverage levels, low default rate at 1.3% and unchanged overlays on performing loans at €1.7 billion.

The Group organically generated 382 basis points of capital in FY25, supporting accrued shareholder distribution of €9.5 billion in the year, of which €1.8 billion in the quarter. After absorbing 54 basis points from equity investments including hedges, 103 basis points from regulatory headwinds and, among others, 11 basis points from Italian banking tax, the CET1 ratio stood at 14.7%, well above the 12.5% - 13% CET1 ratio management target range. RWAs stood at €296.3 billion in FY25, up 6.9% full year on full year mainly due to regulatory impacts, above all Basel impact, and business dynamics partially mitigated by active portfolio management.

The bank's commitment to shareholder value creation is once again confirmed, with FY25 total distribution equal to €9.5 billion², of which €4.75 billion² in cash dividends - based on 50% pay-out of net profit excluding the non-distributable one-offs related to: (i) revaluation of the stakes in the life insurance joint ventures and (ii) badwill stemming from the equity consolidation of Commerzbank and Alpha Bank - and the balance in share buy-back. FY25 DPS at €3.1487, calculated as €1.4282 interim DPS paid in November 25, plus €1.7205 preliminary final DPS, calculated as of 6 February 26 based on the best estimate of the expected number of shares eligible for dividend payment. The definitive final DPS will be communicated according to the ordinary procedure. The 2026 AGM is expected to be held on 31 March 2026. Hence, the expected dividend dates are: ex-dividend date 20 April 26, record date 21 April 2026, payment date 22 April 2026.   

OUTLOOK AND FINANCIAL AMBITION - UNICREDIT UNLIMITED

With "UniCredit Unlimited" we aim to continue delivering a superior investment proposition and raise the benchmark by pushing further acceleration and transformation, significantly increasing net profit and providing strong earnings and distributions growth in FY26-28. The Group set a FY26 net profit ambition at circa €11 billion, and at circa €13 billion in FY28, an impressive 7% CAGR over the period. In FY28 we expect RoTE to be above 23%⁷ with FY25-28 double digit EPS and DPS growth.

Our strategy aims to accelerate our profitable growth by gaining quality market share and share of wallet from existing clients, leveraging on our unmatched momentum and superior channels, extracting value from past initiatives boosted by additional frontline investments, stronger factory‑distribution connectivity and AI and technology.

This results in an ambition to improve net revenues to above €25 billion in FY26 and to circa €27.5 billion in FY28, or 5% CAGR over FY25-28, notwithstanding a reduction in trading income and other expenses/income. This is the result of circa €25.7 billion of core net revenue⁹, equivalent to a compelling over 4% annual growth - thanks to the prioritisation of quality and profitable clients and segments and the increase in loans (above 5% CAGR FY25-28), as well as continued focus on capital-light growth - and additional €1 billion of revenues in FY28 versus FY25 from the dividend line net of the hedging costs of our strategic portfolio booked in trading income ("Investments - including hedges").

At the same time, we aspire to reset and redefine the efficiency frontier in operational and capital excellence, leading to a further improvement of our best-in-class cost/income ratio to circa 36% in FY26 and to circa 33% in FY28. This will be supported not only by the aforementioned revenue ambitions, but also by an absolute cost decline ambition of -1% CAGR in FY25-28, resulting in a FY26 costs ambition equal or below €9.4 billion and at circa €9.2 billion in FY28, thanks to the progress on operational streamlining and simplification, embracing technology and AI as a change enabler.

Our aim to further sharpen capital efficiency translates into a FY28 net revenues on RWA ambition of 8.6%. In FY26-28 the cost of risk is expected to be managed within 15-20 basis points, leveraging on our large amount of overlays if and when required.

Ordinary distributions confirmed at 80% payout on net profit, of which 50% cash dividend and the balance in share buy-back. Total cumulative distributions ambition at circa €30 billion⁸ in the next three years and at circa €50 billion⁸ in the next five years. Additional annual distributions to be evaluated yearly based on the available excess capital.

Together this translates into a superior equity story offering the best combination of profitable growth and distributions in the sector. 

ESG AND COMMUNITIES

The Group achieved its 2025 ESG penetration targets, delivering a solid performance: surpassing on ESG Lending 19% vs 15% target and met its sustainable bond target of 15% and its ESG AuM stock share target of 50%. The Group continued to progress versus its Net Zero targets, with a positive evolution of Net Zero emissions across all sectors relative to previous year and initial baseline. UniCredit continued to support corporate clients in the transition, strengthening our partnership with Open-es, also through the launch of Open-es Connecting Innovation by UniCredit Start Lab, a new digital format dedicated to over 40,000 companies on Open-es in Italy, where startups of UniCredit Start Lab's platform present their tech solutions accelerating green & social transitions, through sector-based sessions. UniCredit has also recently partnered with IvyDecarb to accelerate the decarbonisation of Italy's textile sector and supply-chain.

The Group delivered on its social strategy reaching circa €71 million social contribution in 2025, leveraging education initiatives and employee volunteering hours. UniCredit Foundation launched the second edition of its Edu-Fund platform with €6 million to support education initiatives across Europe. Moreover, it invested €5.2 million in empowering talent through scholarship and grants. Skills for Transition completed its first edition with 60,000 training hours delivered, boosting employability and promoting social inclusion for students, workers and NEETs.

For the key recent events in 4Q25 and since the end of the quarter please refer to section "Significant events during and after 4Q25" of this document.

⁹ Core net revenue means net NII plus fees & net insurance result.

Contacts:

Media Relations

e-mail: MediaRelations@unicredit.eu

Investor Relations

e-mail: InvestorRelations@unicredit.eu