NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO OR FROM THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN, OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.   VOLUNTARY PUBLIC EXCHANGE OFFER LAUNCHED BY UNICREDIT S.P.A. ON ALL ORDINARY SHARES OF BANCO BPM S.P.A.   Notice pursuant to Article 41, paragraph 2, letter c) of Regulation adopted by Consob with resolution no. 11971 of 14 May 1999, as subsequently amended (“Issuers’ Regulation”)       Milan, 19 May 2025 – With reference to the public exchange offer (‘Offer’) promoted pursuant to articles 102 et seq. of the TUF on all the ordinary shares of Banco BPM S.p.A. (‘BPM’), UniCredit S.p.A. (‘UniCredit’, “the Offeror”) informs about the following transactions of its subsidiary UniCredit Bank GmbH involving BPM ordinary shares.   As part of its ordinary trading business, UniCredit Bank GmbH, as a result of the exercise of American call options, expiring on 19 December 2025 and sold before 25 November 2024, has today settled the following transaction of delivery in respect of Banco BPM ordinary shares (ISIN IT0005218380) that are subject to reporting obligations pursuant to Article 41, paragraph 2, letter c), number 1) of the Issuers’ Regulation:  

  Best quarter in history with significant quality beat across all KPIs   Best in class RoTE at 22%, or 26% RoTE at 13% CET1 ratio   Net profit1 up 8.3% to €2.8 billion; EPS up 18.2% at €1.79 and DPS2 up 46.3% to €0.89   Revenues up 2.8% to €6.5 billion, driven by fees up 8.2% to €2.3 billion, more than compensating NII decline to €3.5 billion. Further boost from trading, mostly client driven   Industry-leading cost/income ratio at 35.4%, down almost 1 p.p. as costs further decline on the same perimeter whilst we continue to invest and grow   Strong asset quality with improving coverage, low cost of risk of 8 basis points and unchanged overlays of €1.7 billion3, providing confidence amidst uncertainty   CET1 ratio up 27 basis points to 16.1%. Sustainable excess capital rose to €7.5 billion4 (€8.5 - €10 billion4 total). Outstanding organic capital generation of €3.1 billion5, €5.3 billion total   FY25 guidance improved (with possible upside): net profit above €9.3 billion at RoTE greater than 17%. Distributions6 above FY24 and benefitting from higher net profit growth   Inorganic provides interesting possibilities only pursued if improving UniCredit’s unmatched standalone case for the benefit of all stakeholders   We continue to execute on our ESG strategy of leading by example and embedding sustainability in all that we do adhering to our ESG principles     On 11 May 2025, the Board of Directors of UniCredit S.p.A. (“UniCredit” or “the Group”) approved the 1Q25 Consolidated Results as of 31 March 2025. The Group again delivered excellent results with the best quarter of profitable growth, characterized by record net profit, a strong return on tangible equity (“RoTE”), and growing capital. These excellent results across all lines not only reinforce our leadership position of today but also enable us to build for the future by leveraging our unique geographic footprint, diverse client base, and varied business segments while consistently investing to sustain superior growth and distributions. Our lines of defence were further strengthened, and our franchise is bolstered by our distinctive business mix, enhanced by product factories that drive outstanding performance throughout the Group. With this solid foundation in place, we entered the next phase of acceleration from 2025 to 2027.   As evidence of a transformed UniCredit, the Group delivered a record €2.8 billion 1Q25 net profit with 8.3 per cent increase versus prior year. This is underscored by the continued excellent profitability and shareholder value creation with a 1Q25 RoTE at 22.0%, up by 2.4 percentage point versus prior year and EPS of €1.79 up 18.2 per cent versus prior year.   In 1Q25, net revenues reached €6.5 billion, underpinned by net interest income (“NII”) of €3.5 billion, €2.3 billion of fees, €0.6 billion of trading income, and €83 million loan loss provisions (“LLPs”).   Net interest income was down 4.8 percent quarter on quarter to €3.5 billion, a resilient performance given the fewer calendar days and lower average Euribor in the quarter. Total deposits pass-through was at an average of 33%7 in 1Q25, down 1.3 percentage points versus prior quarter. Best-in-class NII RoAC at 20%, growing both year-on-year and quarter-on-quarter despite declining rates, demonstrates the Group’s prioritisation of quality and profitable clients and segments.   Fees started the year strongly, increasing by 8.2 per cent year on year with momentum across all fee categories, resulting in a sizeable fee base of 368 per cent of our total gross revenues. This was the result of particularly strong growth in investment and financing fees as well as client hedging fees. On a quarter-on-quarter basis, fees grew by 16.5 per cent in 1Q25.   In 1Q25 trading income stood at €641 million, up over 100 per cent versus prior quarter and up 19.9 per cent versus prior year, further boosting revenues performance. This result was largely driven by a robust client activity, especially in Germany, and the positive outcome of treasury and hedged strategic portfolio.   In 1Q25 the Group again demonstrated its structurally low and stable Cost of Risk (“CoR”) at 8 basis points, booking €83 million in loan loss provisions. Our high-quality, diversified credit portfolio remains resilient, supported by low non-performing exposures (“NPEs”) with increased coverage levels, prudent origination and robust lines of defence, including €1.7 billion3 of overlays on performing loans, broadly unchanged versus prior quarter.   In 1Q25 operational costs were €2.3 billion, up 0.6 per cent year on year due to broader perimeter9, or down 1.3 per cent year-on-year on a like-for-like basis. Our industry-leading cost/income ratio of 35.4%, is the result of our ongoing efforts to streamline operations and reduce the absolute cost base while strategically investing in future growth.   The Group continues to differentiate itself positively in capital excellence, with 113 basis points or €3.1 billion of organic capital generation in the first quarter, more than offsetting the distribution accrual of 100 per cent of the €2.8 billion net profit, resulting in a CET1 ratio of 16.1 per cent, up 27 basis points quarter on quarter. Furthermore, the positive capital trend more than offset the €10.4 billion increase in RWAs due to Basel application. Excess capital has increased and stands between circa €8.5 and €10 billion at our CET1 ratio target of 12.5%-13%4 or at circa €7.5 billion if excluding more volatile items4.   On the better-than-expected 1Q25 outcome, the Group upgrades the FY25 guidance, with possible upside: FY25 net profit guidance now above €9.3 billion at RoTE above 17%, and FY25 distributions6 guidance above the level of FY24, benefitting from higher net profit growth, rewarding our shareholders with leading returns. FY25 net revenues are expected to end up at circa €23.5 billion, better than originally anticipated thanks to stronger first quarter and more benign cost of risk.   We confirm our ambitions for 2027 of a net profit of circa €10 billion at RoTE above 17%, and a FY25-27 yearly distributions6 ambition greater than in FY24, of which cash dividends at 50% of net profit and additional distributions6 including the excess capital to a 12.5-13% CET1 ratio.   Following positive FY24 results, we have set ESG penetration targets on total business volumes for 2025-2027 (yearly to be achieved) at 15% ESG lending, 15% sustainable bond and 50% ESG AuM stock share. In line with the Net Zero Banking Alliance guidance, UniCredit has outlined its ambition for seven of the most carbon intensive sectors, including an industry leading phase out policy for coal, thus continuing to embed ESG in its financing activities and continuing to implement our Net Zero Transition plan, advancing on Net Zero targets achievement. Building on the success of “UniCredit for CEE 2024” initiative, worth over €2.6 billion financing solutions across Central and Eastern Europe, we have launched “UniCredit for CEE 2025”, offering micro and small businesses a suite of favourable financing solutions, amounting to €2.3 billion.   In 2025, with an additional €30 million in funding, we brought our total financial support for the UniCredit Foundation over the past three years to €80 million, a bold statement of our commitment to our social strategy and within that to youth and education. Driven by the ambition to train over 680,000 students between 2023 and 2026, the UniCredit Foundation has launched a series of initiatives, including in 2024 the Edu-Fund Platform, which allocates €14 million to combating educational poverty across Europe. Furthermore, we continue to invest in financial education, reaching over 700,000 beneficiaries in 2022-24 across the Group, and to have a positive impact on our communities with circa 15,000 hours dedicated to volunteering by our employees in 2024.   UniCredit has been included, for the third year in a row in the “Europe’s Climate Leaders 2025” list and, for the 4th consecutive year, in the “Europe’s Diversity Leaders 2025” by the Financial Times. The Bank has also won the 2024 Diversity and Inclusion Initiative of the Year EMEA award from Environmental Finance for its "Group Holistic Well-being approach”, awarded as Equileap Top 100 Globally for gender equality in 2024 for the 3rd consecutive year and as Top Employer in Europe for 2024 by the Top Employers Institute for the 8th consecutive year. Furthermore, UniCredit Banking Academy has been awarded with the 2nd place of the AIFIn “Financial Innovation – Italian Award, in the Sustainability category, for its "Road to Social Change" program. The Bank’s efforts have been recognized in further ESG rating improvements: in particular, the Sustainalytics score improved to “11.0” from “12.5” (the lower the better) and included in 2025 ESG Top-Rated Companies List. Lastly, UniCredit has once again been included in the Top 100 Globally for Gender Equality by Equileap - marking our fourth consecutive year of recognition.   The key recent events in 1Q25 and since the end of the quarter, include:   UniCredit completes acquisition of Aion Bank and Vodeno, kicking off new era of quality growth through investment (press release published on 7 March 2025); ECB authorizes UniCredit to increase Commerzbank stake to 29.9% (press release published on 14 March 2025); UniCredit S.p.A. has received ECB and Bank ok Italy permission to acquire direct control of banco BPM S.p.A. and indirect control of other companies of Banco BPM Group and Anima Group (press release published on 28 March 2025); The board of directors of UniCredit resolves the share capital increase reserved to the voluntary public exchange offer on all the shares of banco BPM S.p.A. (press release published on 30 March 2025); German Federal Cartel Office (Bundeskartellamt) authorizes UniCredit to increase its direct stake in Commerzbank (press release published on 14 April 2025); Standard & Poor's upgrades UniCredit rating to BBB+ and improves outlook to Positive as eligible to be rated above the sovereign (press release published on 18 April 2025); Revised date for 1Q25 results (press release published on 28 April 2025); UniCredit S.p.A informs it has received ECB authorization for the execution of the second tranche of the 2024 share buy-back programme for a maximum of €3.6 billion (press release published on 9 May 2025).   Andrea Orcel, Chief Executive Officer of UniCredit S.p.A. said:   “UniCredit posted an outstanding set of first quarter results beating across all KPIs and widening our positive gap vs. peers. We delivered the best quarterly results in UniCredit’s history and the 17th quarter of consecutive profitable growth. RoTE increased to a market leading 22% with excess capital reaching €10 billion. Net profit grew 8.3% to €2.8 billion. Fee increased at an impressive 8.2% year over year on commercial momentum, and more than compensated the planned decline in NII. Net revenues increased 3.2% to €6.5 billion also benefitting from exceptional trading, mostly client driven. Cost control remained best in class, leading to a market leading 35.4% cost to income ratio. Asset quality remained strong, cost of risk low and overlays unchanged. Our lines of defence were further strengthened positioning us well for a wide range of macroeconomic scenarios.   The CET1 ratio of 16.1% increased versus the prior quarter as €5.3 billion of total capital generation more than offset the impact of €2.8 billion, or 100% of net profit, accrued for 2025 distributions and Basel. We have secured a range of inorganic possibilities across our markets but we will only pursue those that improve our strong and resilient stand-alone case.   The macro environment has become more complex and uncertain. Within this context we present a positively differentiated and resilient investment case with a high degree of visibility on earnings and distribution to the benefit and confidence of our shareholders. This gives us both confidence to improve our 2025 net profit and distribution guidance as well as conviction in our 2027 ambition. We remain committed to delivering consistent high-quality performance and are focused on supporting our clients and communities especially in challenging times.”     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. Growth rates in the “key messages” are on a year-on-year basis, except CET1 ratio on a quarter-on-quarter basis.   1 Net profit means stated net profit adjusted for impacts from DTAs tax loss carry forward resulting from sustainability test. In 1Q25 net profit equals stated net profit. 2 Accrued DPS. 3 Including calibration factor on Corporate perimeter. 4 Versus CET1 ratio target of 12.5%-13%; the €7.5 billion excess excludes positive capital impacts from strategic investments, net of hedges, and Russia. 5 Excluding the impact from broader perimeter i.e. life-insurance joint ventures, Aion/Vodeno and Alpha Bank Romania majority stake acquisition, the investment in Commerzbank and others. 6 Distributions subject to supervisory, board of directors and shareholder approvals, inorganic opportunities and delivery of financial ambitions. O/w cash dividends at 50% of net profit and additional distributions, including the excess capital to 12.5-13% CET1r. 7 Group excluding Russia. 8 Including dividends from Insurance JVs. 9 i.e. including Aion/Vodeno and Alpha Bank Romania majority stake acquisition.       Contacts: Media Relations e-mail: MediaRelations@unicredit.eu Investor Relations e-mail: InvestorRelations@unicredit.eu    

  Agreement will help UniCredit transform its Group-wide operations for a new era of banking at scale, gradually migrating key applications to the cloud   Collaboration between UniCredit and Google will focus on technology modernization, AI acceleration, and fostering new business opportunities   Milan, Italy – May 12, 2025 – UniCredit, the pan-European commercial bank, and Google Cloud today announced the signing of a Memorandum of Understanding (MoU) outlining a 10-year agreement to accelerate UniCredit’s digital transformation. This collaboration will see UniCredit draw on Google Cloud’s best-in-class infrastructure, AI, and data analytics solutions to streamline its digital architecture and enhance its products and services across the bank's 13 core markets.   For UniCredit, this partnership represents a major investment in its cloud infrastructure – delivering on one of the key pillars of the bank’s digital strategy, which involves migrating large sections of the bank’s application landscape, including legacy systems across the group, to Google Cloud’s scalable and secure platform.   This agreement will see UniCredit’s 13 banks progressively transition to Google Cloud, providing them with a unified foundation, enhanced scale, and agility crucial for its ambitious growth plans and innovation. This is further supported by Google Cloud’s inherent technological flexibility, which allows UniCredit to readily adapt and scale for future market expansions or acquisitions.   In addition, UniCredit will use Google Cloud as its new platform for AI workloads, adopting the technology firm’s advanced AI capabilities, including its Vertex AI platform and Gemini models. The bank plans to use these technologies to develop and refine new service offerings, improve internal efficiencies, and create industry-leading customer experiences, with potential applications spanning areas such as investment banking insights, enhanced customer interactions, operational process optimization, financial crime prevention, and the development of new AI-powered financial products.   Beyond the core cloud component, the MoU establishes a comprehensive and strategic business partnership with Google Cloud, a collaboration that also lays the groundwork for UniCredit to explore services from other Google divisions. This could involve exploring offerings like Google Maps Platform, to further enrich customer interactions and optimize operational processes, marking a major milestone in UniCredit’s digital transformation.   “This strategic partnership with Google Cloud is a pivotal step in our strategy to be the bank for Europe's future,” said Andrea Orcel, CEO Unicredit. “In line with our single-partner approach for strategic collaborations, we have sought out the best and now we are all in with them in the pursuit of excellence. Google Cloud’s cutting-edge cloud, AI and data analytics capabilities, will empower our ongoing digital transformation – further enhancing our customer offerings, streamlining our operations, and fostering a new era of data-driven innovation.”   “Partnership with Google Cloud represents a bold move for UniCredit – massively advancing our technology footprint in critical areas such as AI, data and virtualized infrastructure across 13 core markets,” said Ali Khan, Group Digital & Information Officer, UniCredit. What’s more, it does so in a way that meets our cyber posture and resiliency needs. Google Cloud will further enhance the technological innovation we are bringing to core operations and last-mile customer solutions.”   “I am delighted to see this partnership, and all the opportunities it will bring to both UniCredit and Google,” said Tara Brady, President EMEA, Google Cloud. “Google Cloud is at the forefront of bringing powerful and the most secure AI technologies to financial institutions across Europe, and with these capabilities UniCredit can speed innovation, create efficiencies and advance its digital transformation, enabling continued success within today’s dynamic market.”   "AI is unlocking immense opportunities for business transformation and growth, offering significant economic advantages to organizations that proactively embrace its potential. We are proud to partner with UniCredit as it looks to modernize operations, bring new, innovative offerings to customers, ensure the most robust platform for growth and support its sustainable growth ambitions,” said Ruth Porat, President & Chief Investment Officer, Alphabet and Google.   UniCredit's growth strategy prioritizes investment in its people to shape the future. As part of this agreement, Google Cloud will help deliver comprehensive digital skills training in IT and business to UniCredit employees across its 13 European markets. This joint initiative aims to cultivate the digital knowledge, training, and mindsets necessary to fully embrace the era of cloud and AI-powered banking and unlock UniCredit's digital potential.     For further information, please contact: mediarelations@unicredit.eu   For further information, please visit: cloud.google.com  

  UniCredit S.p.A ("UniCredit", "The Company") informs it has received ECB authorization for the execution of the second tranche of the 2024 share buy-back programme for a maximum of Euro 3.6 billion.   Together with the 2024 dividends already paid this will bring the 2024 calendar year distribution to Euro 9 billion without denting CET1 due to the strong organic capital generation. UniCredit's CET1 ratio of 15.9% as of 31 December 2024 already reflected this distribution confirming UniCredit's ability to provide shareholders with attractive and sustainable distributions while increasing capital strength.   The share buy-back - for which all relevant approvals have been received - is expected to commence as soon as possible following the completion of the offer for Banco BPM, subject to market conditions.       Milan, 9 May 2025     Contacts: Media Relations e-mail: MediaRelations@unicredit.eu Investor Relations e-mail: InvestorRelations@unicredit.eu  

  UniCredit S.p.A announces it has moved the date of the Board of Directors approval of the first quarter 2025 results to 11 May 2025 (instead of 6 May).   The first quarter 2025 Group results presentation - publication and conference call - will be on 12 May 2025 (instead of 7 May).   The updated financial calendar is available on the group website: https://www.unicreditgroup.eu/en     Milan, 28 April 2025     Contacts: Media Relations e-mail: MediaRelations@unicredit.eu Investor Relations e-mail: InvestorRelations@unicredit.eu