Prestigious awards announced in London reaffirm UniCredit’s transformation into the bank for Europe’s future In Italy, UniCredit has been awarded Bank of the Year for the third consecutive year   Milan, December 11, 2025. UniCredit has been awarded Bank of the Year in Italy and five additional countries at The Banker’s prestigious Bank of the Year Awards official annual ceremony in London.   These recognitions highlight UniCredit’s continued transformation and strong performance, reaffirming its position as the bank for Europe’s future. The awards underscore the success of UniCredit’s strategy, enabling the Group to deliver best-in-class, innovative solutions for all client segments across every channel, while driving sustainable growth and serving the communities where it operates.   Commenting on the awards, Silvia Pavoni, Editor of The Banker, said: "Under the leadership of Andrea Orcel, UniCredit has become one of the most acquisitive banks in Europe. Its various investments have not only improved the group’s technological infrastructure but also deepened its access to markets across the region. The Italian group’s investment in Greece’s Alpha Bank is a clear example. It was interesting to see the rollout of new services and technological upgrades in Bulgaria and Bosnia and Herzegovina, the bank’s work with smaller businesses in Croatia, and the completion of its merger with Alpha Bank Romania. An improved digital banking business in Austria was also noteworthy."   This year marks the third consecutive year that The Banker has recognized UniCredit as Bank of the Year in Italy.   Commenting on the awards, Andrea Orcel, UniCredit CEO, said: “These awards are recognition of how far we have come as a bank. 2025 was another year where we delivered record results, continuous growth and best-in-class innovation across all client segments, further cementing our bank as a major European player. This would not have been possible without our clients – they are at the centre of everything we do - and their success drives ours. These achievements reflect the strength of those relationships, the ambition of our strategy, and the hard work and dedication of our team. They are redefining what this bank and this industry can achieve, and these awards belong to them.”   Regarded as the industry benchmark for banking excellence, The Banker’s Bank of the Year Awards evaluate the world’s leading financial institutions based on their ability to deliver returns, gain strategic advantage, and serve their markets. The Banker magazine, part of the Financial Times Group, has provided economic and financial intelligence for the global financial sector since 1926, building a reputation for objective and insightful reporting.   Over recent years, UniCredit has relentlessly pursued its cultural and industrial transformation, committing to fundamental change to redefine its future, with the ambition of becoming the bank for Europe’s future. These latest accolades add to a series of prestigious recognitions from tier-one international publications since the launch of the UniCredit Unlocked industrial plan, including:   Global Bank of the Year by The Banker in 2023 and 2024 Global Bank of the Year by IFR in 2024 Best Bank in Europe by Euromoney in 2025   Serving 15 million clients in 13 markets across Europe, UniCredit remains focused on supporting its clients, employees, and communities to progress, facilitating a just and fair green transition, and delivering lasting growth and prosperity for the long term.   For further information, please contact: mediarelations@unicredit.eu    

  The issuance was fully subscribed by the Bank and by CDP     The €5 million minibond carries a 50% SACE guarantee.   The Scandiano-based company (Reggio Emilia) is a recognized European solution provider and a leader in cutting-edge IT sectors, including supercomputing (HPC) and artificial intelligence.   The digitalization of the security and its registration on public blockchain ensure greater efficiency, traceability, and speed—paving the way for new digital solutions to support SMEs.     Milan, 11 December 2025 – UniCredit and Cassa Depositi e Prestiti (CDP) have broken new ground in the digitalization of financial markets by structuring the first Italian minibond fully tokenized on public blockchain – in accordance with the FinTech Decree - for E4 Computer Engineering, a leading European solution provider supercomputing, artificial intelligence and quantum computing.   The €5 million minibond, guaranteed 50% by SACE, was subscribed in equal parts by UniCredit and CDP. The bond has a six-year maturity, including one year of pre-amortization, and will finance strategic investments such as the expansion of E4’s Rubiera facility to host a new data center, along with the purchase and installation of advanced equipment and systems.   In addition to representing UniCredit's 250th structured minibond, the transaction introduces an important innovation: the complete digitisation of the issuance and management process using blockchain technology, enabled by the BlockInvest platform. The transformation of a traditionally paper-based workflow into digital process brings greater efficiency, transparency and speed, paving the way for new digital solutions to support SMEs.   The tokenisation of the security and its registration on the public blockchain Polygon POS guarantee, on the one hand, a significant simplification and transparency of the issuance process and, on the other, the acceleration of subsequent transfers, while each transaction is notarised in an immutable manner, ensuring total security and reliability.   The project represents a further step in the digital evolution of financial markets towards asset tokenisation, enabling faster, more traceable and integrated processes. In this context, UniCredit and CDP aim to put innovation at the service of SMEs, expanding their options for accessing capital with more efficient and fully digital tools.   Remo Taricani, Deputy Head of Italy at UniCredit, commented: “We are proud of this innovation, which could not have found a better partner than E4 Computer Engineering, a leader in the most advanced IT and AI sectors. After being among the first to introduce minibonds in 2017 as an alternative financing tool for SME investments,  after contributing significantly to its success  with 250 SMEs financed to date for approximately €1.4 billion and exporting the product to other geographies, we are now the first in Italy to launch a new phase in the evolution of this instrument in the name of digitalisation, with prospects for further development thanks to distributed technologies and to the use of digital currencies.   Cosimo Damiano Gianfreda, CEO of E4 Computer Engineering: "This is a source of great satisfaction for E4. Our collaboration with UniCredit has been ongoing for many years and has always been characterised by trust and a shared vision. We are therefore particularly excited to be able to participate in this new initiative in the field of tokenised minibonds, which we consider to be an important development in the financial sector. This initiative will enable us to consolidate the strong growth we are experiencing and to face the challenges of our sector – supercomputing and artificial intelligence – with even greater solidity. This is a sector characterised by rapid changes and the need for high dynamism and reliability.”   Andrea Nuzzi, Head of Business at CDP, stated: “This project is a further testament to CDP’s unwavering focus on financial innovation. Investing in Italy’s first tokenized minibond on public blockchain is a milestone we are particularly proud of, marking the continuation of a broader journey launched in 2024, during which we repeatedly explored the benefits of blockchain technology in the capital markets. This transaction, carried out in partnership with UniCredit, reinforces our commitment to supporting businesses with increasingly advanced and cutting-edge tools, while confirming our leadership in the alternative finance segment.”   For this first fully digital minibond issuance in Italy, UniCredit acted as arranger and subscriber, CDP as institutional investor, BlockInvest provided the technological platform, Weltix served as registry manager, and Simmons & Simmons acted as advisor with reference to the legal, documentary and tax aspects of the transaction.       Contacts:   UniCredit Media Relations e-mail: MediaRelations@unicredit.eu    

  Milan, 9 December 2025 – Within the UniCredit S.p.A. (the “Company” or “UniCredit”) share buy-back programme communicated to the market on 23 October 2025 and initiated on the same date, as per the authorisation granted by the Shareholders’ Meeting of the Company held on 27 March 2025 (the “Second Tranche of the SBB 2024 Residual ”) – on the basis of the information received from JP Morgan SE as intermediary in charge of executing, in full independence (so-called “riskless principal” or “matched principal”), the Second Tranche of the SBB 2024 Residual – UniCredit informs, pursuant to art. 2, paragraph 3, of the Delegated Regulation (EU) 2016/1052, that it has carried out the transactions indicated below.   The chart below provides aggregate details of the daily purchases of UniCredit ordinary shares (ISIN IT0005239360), made from 1 December 2025 to 5 December 2025.  

  UniCredit notes the announcements made today by the European Banking Authority (EBA) and the European Central Bank (ECB) regarding the information of the 2025 EU-wide Transparency Exercise and fulfilment of the EBA Board of Supervisors’ decision.   Background 2025 EU-wide Transparency Exercise   The EBA Board of Supervisors approved the package for the 2025 EU-wide Transparency Exercise, which since 2016 is performed on an annual basis and published along with the Risk Assessment Report (RAR). The annual transparency exercise will be based solely on COREP/FINREP data on the form and scope to assure a sufficient and appropriate level of information to market participants.   The templates were centrally filled in by the EBA and sent afterwards for verification by banks and supervisors. Banks had the chance to correct any errors detected and to resubmit correct data through the regular supervisory reporting channels, and to add specific information as required for further clarify individual data.   The 2025 Transparency exercise covers four reference dates: 30th September and 31st December 2024, 31st March and 30th June 2025.   Milan, 5th December 2025     Enquiries   Investor Relations e mail: investorrelations@unicredit.eu   Media Relations e mail: mediarelations@unicredit.eu

  Milan, 4 December 2025 – UniCredit’s Investment Institute is pleased to announce the release of The Compass 2026, its flagship annual outlook offering a European perspective on global macroeconomic trends and financial markets. This second edition provides a roadmap for navigating a world marked by persistent uncertainty, structural shifts, and emerging opportunities.   "In a world where geopolitical tensions and technological transformation coexist, agility and diversification are no longer optional—they are essential. Our goal with The Compass 2026 is to provide investors with a clear framework to navigate uncertainty while identifying opportunities that align with long-term structural trends," said Manuela D’Onofrio, Head of Group Investment Strategy at UniCredit and Chair of The Investment Institute.   “Market proved to be resilient despite sizeable shifts in the global economy and now it enters 2026 with a mix of opportunity and thoughtfulness. We remain supportive on equities despite not-cheap valuations in US stocks, powered by the AI revolution. The earnings momentum and a sustainable cash flow-to-capex ratio of big-tech companies are the key factors to look at in 2026. Asian tech companies offer a cheaper diversification opportunity in what we expect to be a continuation of the AI story. Increasing deficits in EU and US will bring pressure on the long end of their yield curves” noted Fabio Petti, Head of Cross Assets Investment Strategies at UniCredit and Co-Chair of The Investment Institute.   “If 2025 experienced Trump’s second-term earthquake, 2026 will see the aftershock. The global economy is likely to shake again next year, although the magnitude of the shock will be far more contained than what we have experienced this year” added Edoardo Campanella, Chief Editor of The Investment Institute.   2026: A Year of Geoeconomic Adjustment, not Upheaval 2026 opens with cautious optimism but lingering volatility as the global economy adjusts to the aftershocks of Trump’s second term. Tariff truces have eased last year’s turmoil without resolving deep trade frictions, leaving markets to navigate a fragmented landscape of rival blocs and hardened U.S.-China competition in technology and resources. Washington’s incremental approach masks persistent risks of political interference, while Europe struggles between security reliance on the U.S. and economic ties to China. The dollar’s safe-haven status faces scrutiny, AI dominates the narrative, and investors should brace for turbulence—less severe than 2025, but far from calm.   Macroeconomic Analysis by Geography Global GDP growth is forecast at 3.1%, supported by adaptive private-sector strategies despite entrenched trade frictions. The US economy remains solid, with growth projected at 2.1%, driven by fiscal support and AI investment. Inflation will stay above target at 2.9%, while the Fed is expected to deliver two rate cuts by year-end, bringing rates to 3.50%. The eurozone shows resilience, with GDP expected to rise 1.0%, aided by fiscal stimulus and NGEU investments. Germany’s fiscal bazooka begins to fire, while France faces political uncertainty and Italy benefits from EU recovery funds. Inflation is set to hover near 1.8%, allowing the ECB to keep rates on hold at 2.00%. CEE growth is set to accelerate in 2026, driven by stronger external demand, investment, and EU fund absorption, with GDP expected between 2.0% and 3.3%. Consumption remains the main engine, supported by tight labor markets, though Romania and Slovakia will lag due to fiscal consolidation. Inflation should stay within target ranges except in Hungary and Romania, keeping central banks cautious but leaving room for rate cuts in Poland, Romania, and Serbia. Fiscal risks tied to political dynamics loom in Hungary, Poland, Romania, and Czechia, while 2027 will bring reduced EU funds and election-driven uncertainty. In China, growth slows to 4.1%, reflecting structural headwinds from real estate stress and weak domestic demand. The PBoC is likely to ease further to support activity. Japan posts modest growth (0.8%) amid gradual BoJ tightening, while the UK remains stuck in low gear (1.0%) as fiscal tightening and weak productivity weigh on prospects.   Market Forecasts. Cautious Optimism: Risk-On Meets Geopolitical Realities Global markets enter 2026 with a mix of opportunity and complexity. Structural shifts—entrenched tariffs, fractured geopolitics, and supply-chain rewiring—are now permanent features rather than temporary irritants. Equities retain upside potential, led by US stocks powered by AI-driven productivity gains and fiscal investment. Europe’s outlook is supported by defence and infrastructure spending, though soft demand and slower tech adoption temper momentum. Fixed income faces headwinds from heavy sovereign issuance and gradual central-bank easing, keeping yields elevated. Currency markets anticipate a gentler decline in the USD, while commodities remain subdued, with oil under pressure and gold supported by long-term safe-haven drivers. Equities: Upside potential persists, led by US stocks on the back of AI-driven productivity gains. The S&P 500 is forecast to reach 7,600, while Euro STOXX 50 may climb to 6,200. Fixed Income: Heavy sovereign issuance and limited monetary easing will keep yields elevated, with the 10Y UST seen at 4.30% and Bunds at 2.90% by year-end. FX: EUR-USD likely trades in the 1.15–1.20 range as USD weakness moderates. Commodities: Oil prices subdued at USD 60–65/bbl, while gold remains supported at USD 4,100–4,400/oz.   Top Stories for 2026 1: Europe’s 2026 Reality Check Europe enters 2026 with ambitious plans for defence, competitiveness, and migration reform. However, progress is likely to be incremental rather than transformative. National initiatives, particularly Germany’s fiscal expansion, will carry most of the load, while common EU projects such as SAFE (Security Action for Europe) aim to foster industrial integration. Political fragmentation and limited fiscal capacity remain key constraints. 2: Europe’s Critical Raw Materials Dilemma Critical minerals such as lithium, cobalt, and rare earths have become strategic assets, essential for clean energy and advanced manufacturing. Europe’s resource scarcity and reliance on imports from BRICS+ countries create vulnerabilities that could derail its green transition. The EU’s Critical Raw Materials Act sets ambitious targets for 2030, backed by EUR 22.5bn in investment, but supply diversification and recycling infrastructure will take years to materialize. 3: Risks and Opportunities in the Private Credit Market Private credit has grown rapidly over the past decade, offering diversification and attractive returns compared to traditional high-yield bonds. Recent defaults in the US have raised concerns about credit quality and potential spillover effects on the banking system. While our base case for 2026 anticipates more idiosyncratic defaults without systemic stress, the sector’s expansion—often involving lower-rated borrowers and lighter regulation—warrants close monitoring. For investors, private credit remains an opportunity for enhanced yield, but selectivity and rigorous due diligence are essential, particularly as refinancing risks and opaque exposures could amplify volatility in a downturn.   What If… 1: AI Momentum Falters AI has been the dominant force in equity markets, but vulnerabilities loom. Excess capacity and rising leverage in AI infrastructure could trigger a correction if monetization proves slower than expected. While long-term benefits are likely to endure, the adjustment phase could be volatile. 2: Europe Steps into the Spotlight Europe could emerge as a credible alternative to US markets if fiscal expansion, deeper integration, and stronger institutions gain traction. A more liquid Bund market, surging investment in defense and digital infrastructure, and a firmer euro could reposition Europe as a strategic anchor in global asset allocation.   Investment Allocation Asset allocation for 2026 reflects resilience and selectivity. Overall, the strategy emphasizes diversification and prudent risk management amid policy complexity and geopolitical uncertainty. Overweight: Emerging market equities and EM debt, supported by attractive valuations and structural tailwinds. Neutral: Global equities and developed-market bonds, given high valuations and fiscal pressures. Quality Bias: Preference for issuers with robust balance sheets, resilient cash flows, and strong governance standards.   Full document is available here: The Investment Institute by UniCredit - The Compass Checkpoint   Contacts: Media Relations e-mail: MediaRelations@unicredit.eu