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

  Milan, 2 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 24 November 2025 to 28 November 2025.  

  Milan, Vienna, Zeist, 27 November 2025 - UniCredit Bank Austria and PGGM enter a €1.945 billion risk sharing transaction referencing a corporate and SME loans portfolio and allowing the bank to boost lending.   The transaction referred to as "Project ARTS Belvedere 2025" represents the return of UniCredit Bank Austria as issuer in the significant risk transfer (SRT) market, further reinforcing UniCredit’s position as one of Europe’s most active and innovative SRT players.   The transaction is part of UniCredit ARTS program, within UniCredit's strategy to increasingly use SRT as an effective tool to enhance capital efficiency and to widen lending capabilities for the real economy, with the ambition to expand it further to new asset classes and different legal entities in the Group perimeter.   Project ARTS Belvedere 2025 builds on the close cooperation between UniCredit Group and PGGM, representing the third joint project, following the completion of ARTS Silver-2 executed in Bulgaria in 2025 and ARTS Morava in the Czech Republic in 2024.   The €1.945 billion reference portfolio of Project ARTS Belvedere 2025 consists of corporate and SME exposures granted to clients of UniCredit Bank Austria. The capital structure includes retained first loss and senior tranches, and a second loss tranche guaranteed by PGGM on behalf of its client PFZW, the Dutch pension fund for the healthcare sector.   UniCredit Bank GmbH acted as sole arranger and placement agent for the Bank.   Stefano Chiarlone, Head of Balance Sheet Management at UniCredit, stated: “Project ARTS Belvedere 2025 further confirms the effectiveness of UniCredit’s strategy on capital efficiency, delivering significant capital relief at both Bank and Group level. With this transaction, we have successfully expanded our SRT framework to Austria and strengthened its development in the CEE region. It marks our 6th SRT transaction in CEE, confirming the broad geographical coverage of our SRT activity on top of Italy and Germany. I would like to thank PGGM for being a reliable partner in this important project”.   Hélène Buffin, CFO at UniCredit Bank Austria said: "Project ARTS Belvedere 2025, and our renewed role as an issuer in the SRT market, represents an important milestone in our ongoing efforts to optimize capital and risk management efficiency. By further strengthening our capital position, this transaction allows us to accelerate the lending to small and medium-sized enterprises (SMEs) and corporates. We greatly value our excellent collaboration with PGGM, which lays the foundation for a long-term partnership”.   Luca Paonessa, Lead Portfolio Manager, Credit Risk Sharing at PGGM added: “The first transaction with UniCredit was executed exactly one year ago. Today we look back on a very productive year, during which UniCredit Group has become one of the core relationships for our mandate. In addition to the high professional standards that the group implements across its subsidiaries, UniCredit is a leader in integrating sustainability in all areas of lending, making it a perfect fit for our client PFZW. We are very pleased to welcome Bank Austria among our partner banks, and we look forward to expanding our presence in the CEE region.”     Contact Media Relations E mail: mediarelations@unicredit.eu

  The Joint Steering Committee of the UniCredit – Alpha Bank strategic partnership convened in Munich, bringing together senior executives from both Groups. The meeting highlighted the strong momentum of the alliance, showcased the achievements of 2024–2025, and defined a forward-looking agenda aimed at unlocking new opportunities for clients across Europe. Both organizations reaffirmed their shared ambition to shape one of the most effective and comprehensive cross-border banking collaborations in Europe.   Beyond the progress reviewed at the SteerCo, the partnership also benefits from the unique presence of major corporates operating across Italy, Germany and Greece—three markets that are deeply connected through trade, investment and supply chains. Many leading companies in sectors such as energy, infrastructure, industrials, logistics and consumer goods have meaningful activities in all three geographies. Through the strengthened collaboration between UniCredit and Alpha Bank, these corporates gain access to a seamless cross-border banking platform, combining UniCredit’s scale and capabilities in Italy and Germany with Alpha Bank’s strong domestic relationships in Greece and Cyprus to support their regional growth ambitions.   Andrea Orcel, CEO UniCredit, said: “Our partnership with Alpha demonstrates the power of collaboration in driving innovation and competitiveness across Europe. By combining UniCredit’s scale and digital capabilities with Alpha’s local strength, we are creating a platform that delivers cutting-edge solutions for clients and accelerates growth in key markets. This is about shaping the future of banking in Europe-efficient, technology-driven and deeply connected to local communities. Our federal approach ensures that we respect national identities while building a truly integrated network that benefits clients, shareholders and society at large. Together, we are setting new standards for what European banking can achieve."   Vassilis Psaltis, CEO Alpha Bank, added: “With our partners at UniCredit, we are working tirelessly to deliver value to our customers by unlocking new opportunities in growing their business beyond the national borders. Germany is a strong, traditional trading partner of Greece, and our two days Steering Committee in Munich gave an excellent opportunity to our teams to work intensely on developing new propositions for our clients. We are setting the stage for increased, targeted client engagement in 2026.”   The partnership between UniCredit and Alpha Bank continues to evolve, grounded in mutual trust, shared priorities and consistent delivery. As collaboration deepens, both institutions remain committed to building on this foundation to unlock even greater value for their clients and stakeholders.                                                                                                                                    26 November 2025       Contact Media Relations E mail: mediarelations@unicredit.eu

  The rating agency Moody’s has today upgraded UniCredit SpA’s Senior Preferred and Long-Term Deposits rating by one notch from ‘Baa1’ to ‘A3’ and assigned a Stable outlook.   UniCredit SpA’s Baseline Credit Assessment has been upgraded to ‘baa2’. Its standalone creditworthiness and Financial Profile, with initial score of ‘a3’, benefit from the bank’s diversified business mix and leading franchises principally in developed and mature European economies.   The bank has received upgrades across the capital structure, with Additional Tier 1, Tier 2, and Senior Non-Preferred ratings receiving a one notch upgrade respectively.   Moody’s decision marks the fourth major credit rating upgrade this year for UniCredit, now rated single-A by all three rating agencies.   For further details please refer to the corresponding press release on the website of the rating agency: www.moodys.com     Milan, 25 November 2025     Contacts Media Relations: e-mail MediaRelations@unicredit.eu Investor Relations: e-mail InvestorRelations@unicredit.eu