UNLIMITED IS DELIVERING ACCELERATED PROFITABLE GROWTH, WITH STRONG QUALITY MARKET SHARE GAINS IN ALL OUR COUNTRIES ACROSS TARGETED SEGMENTS AND PRODUCTS, WHILE TRANSFORMING THE BANK THROUGH AI AND NEW TECHNOLOGIES
STRONG NET REVENUE GROWTH OF 5% Y/Y IN 2Q26, UP 14% ADJUSTED1, DRIVEN BY CORE REVENUES WITH DOUBLE DIGIT GROWTH Y/Y IN FEES AND NET INSURANCE RESULT, ACCELERATING NII, LOANS AND DEPOSITS UP 8%2 Y/Y AND COST OF RISK AT 17 BPS, WITHIN TARGET RANGE
CONTINUED DECLINING COSTS, DESPITE SIGNIFICANT INVESTMENTS TO SUPPORT GROWTH AND TRANSFORMATION, ALL RESULTED IN FURTHER IMPROVED OPERATING LEVERAGE WITH CONFIRMED COST-INCOME RATIO LEADERSHIP AT 34% IN 1H26 AND RECORD GOP, NOP, NET PROFIT AND RoTE
FY26 NET PROFIT AMBITION UPGRADED TO WELL ABOVE €113 BN OR CIRCA €11.5 BN EXCLUDING INTEGRATION COSTS AND TRANSLATING INTO BETTER PROSPECTS FOR 2027-30
IMPROVED CET1 RATIO OF 14.3%, 14.5% EXCLUDING THE TEMPORARY IMPACT4 FROM INCREASED COMMERZBANK POSITION, AND 15.0% ADDING DANISH COMPROMISE5. FY26 EXPECTED TO REMAIN AT A STRONG CET1r AT CIRCA 15%6
COMPELLING UPGRADED PROFITABLE GROWTH AND DISTRIBUTIONS STANDALONE STORY, IMPROVED BY DISCIPLINED DEPLOYMENT OF CAPITAL IN COMMERZBANK
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2Q26 net profit at €2.9 billion, or €3.1 billion ex Commerzbank related trading one-off7, with 1H26 net profit at €6.37 billion, up 3%7 1H/1H or 24% adjusted1 and high RoTE at 23.7%
2Q26 revenue at €6.5 billion rose 7% Y/Y or 11% Y/Y ex trading one-off7, with core revenue up 6% Y/Y, demonstrating the strong commercial momentum and the results of our strategy and investments. 1H26 Revenues up 5% 1H/1H, or 8% ex trading one-off7
Standout performance in fees & net insurance: up 14% Y/Y and up 11%8 1H/1H, driven by strong growth across countries and product categories
NII accelerated sequentially, up 2% Q/Q, supported by 8%2 Y/Y growth in quality loans and deposits
Continued low cost of risk of 17 basis points in 1H26 within target range, while further increasing NPE coverage and €1.69 billion of overlays provide additional resilience through the cycle
Net revenues/RWAs remained top tier at 8.9%7, stable 1H/1H
Costs down 1% Y/Y and 1H/1H, reflecting continued efficiency gains driven by operational redesign, technology and AI, while continuing to invest in our frontline, product factories, channels and tech. This resulted in a further improvement in the C/I ratio to 34% in 1H26
Capital generation remained strong, more than supporting €2.310billion accrued shareholder distributions in 2Q26, or €4.710 billion in 1H26, despite RWA growth driven by business dynamics and other temporary RWA impact4 from the strategic portfolio, expected to be reversed by year-end
2Q26 CET1 ratio of 14.3% up 0.1 p.p. Q/Q, or 15.0% pro forma for Danish compromise5 and such temporary impact4 reversal. FY26 CET1 ratio expected at circa 15%6
FY26 net profit ambition upgraded to well above €113 billion, or circa €11.5 billion excl. integration costs
FY28 net profit ambition improved to well above €13 billion and FY30 improved to well above €15 billion, both before the full consolidation of Commerzbank
Interim FY26 cash dividend of circa €2.8 billion11, envisaged at circa 50% of the total FY26 cash dividend
Commerzbank is evolving from an attractive financial investment into a strategic transaction of substantial industrial value creation through the implementation of our proven blueprint. We expect to deploy capital at an overall RoAC of 15%, further enhancing our growth trajectory, distributions and per share metrics
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. All deltas are on a half year-on-half year basis unless otherwise stated. Record GOP, NOP, Net Profit and RoTE refer to 2Q and 1H and are based on adjusted metrics as defined in footnote 1 below.
1 Group excluding Russia, adjusted for trading one-off as defined in footnote 7, LLPs more stable distribution (assuming FY25 CoR ex. Russia of 19 basis points evenly distributed across quarters) and for circa €650 million positive one-off below the line in 2Q25.
2 Excluding repos and IC.
3 From prior ambition of equal to or above €11 billion.
4 Temporary RWA impact from strategic portfolio expected to be fully reversed by year-end.
5 Subject to supervisory approval.
6 Before potential impact from the full consolidation of Commerzbank.
7 i.e. excluding -€245 million trading one-off in 2Q26 (-€261 million in 1H26) mainly due to the hedging & funding costs connected to increased position in Commerzbank - and related protection - reported in trading income line.
8 Net insurance result full consolidation was effective from 3Q25 onwards.
9 On Performing portfolio and Including calibration factor.
10 Accrued shareholder distributions based on 80% of the net profit, adjusted for non-distributable one-offs related to the badwill stemming from the equity consolidation of Commerzbank and Alpha bank (€231 million in 1H26)).
11 The interim cash dividend, envisaged at circa 50% of the total FY26 cash dividend, will be defined by the UniCredit Board of Directors' meeting which will approve the 3Q26 results, currently scheduled on 21 October 2026, after the completion of the necessary requirements; the expected dividend dates are: ex-dividend date on 23 November 2026, record date on 24 November 2026 and payment date on 25 November 2026.