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UniCredit letter to German Government

 

UniCredit is a pan-European Commercial Bank with a unique service offering in Italy, Germany, Austria, Central and Eastern Europe. Our purpose is to empower communities to progress, delivering the best-in-class for all stakeholders, unlocking the potential of our clients and our people across Europe.

 

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2025 interim dividend approval

PRESS RELEASE
22 October 2025 PRICE SENSITIVE
  On 21 October 2025 the Board of Directors of UniCredit S.p.A., having fulfilled the requirements set forth in Article 2433-bis of the Italian Civil Code, and on the basis of Company's balance sheet as at 30 June 2025, approved a resolution to distribute an interim dividend to shareholders on the 2025 results, for a total amount of 2,171,674,000 euro, equal to a "per share" amount for each of N° 1,520,494,371 outstanding and having the right shares at 20 October 2025 and, therefore, also deducting the N° 27,505,165 of the treasury shares in portfolio at the same date, of 1.4282 euro (DPS), gross of any withholding tax established by law.    The interim dividend will be paid, in accordance with the applicable laws and regulations, on 26 November 2025, with the "ex-dividend date" on 24 November 2025 (coupon N° 11), through the intermediaries participating in the settlement service (Monte Titoli). The shareholders entitled to receive the interim dividend will be those with evidenced ownership at the end of the day 25 November 2025 (record date).   Subject to what is stated above, own shares purchased by the Bank after the 20 October 2025 and held in the treasury shares portfolio at the record date, are not entitled to receive the interim dividend, which will be allocated to the Statutory Reserve.   The Directors' report and the Company report of UniCredit S.p.A. as at 30 June 2025, to which refer for further information, are available to the public on the Company's website www.unicreditgroup.eu/en/investors/equity-investors/dividends.html and on the website of the authorized storage mechanism "eMarket STORAGE" managed by Teleborsa S.r.l. (www.emarketstorage.it/en).   These documents, together with the opinion of the Independent Auditors, are also available, for shareholders' consultation, at the Company's registered Office in Milan till the approval of the current annual financial statements.   Milan, 22 October 2025       Contacts: Media Relations e-mail: MediaRelations@unicredit.eu Investor Relations e-mail: InvestorRelations@unicredit.eu  
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UNICREDIT: 3Q25 AND 9M25 GROUP RESULTS

PRESS RELEASE
22 October 2025 PRICE SENSITIVE
  19 QUARTERS OF CONSISTENT PROFITABLE GROWTH DELIVERING A RECORD THIRD QUARTER AND OUR BEST 9M EVER   STRONG, DIVERSIFIED DELIVERY ACROSS ALL KPIs AND CAPITAL DISCIPLINE, LEADING TO GREATER SHAREHOLDER RETURNS     Record results with 3Q25 net profit at €2.6 billion and 9M25 net profit at €8.7 billion, up 13% nine months on nine months, further reinforcing our unique equity story and future prospects   Accelerating the execution of our winning strategy with RoTE improved1 to 19.1% in 3Q25 and 21.7% in 9M25, with all regions and business lines contributing to profitability   Net revenue up 1.2% year on year to €6.1 billion in 3Q25, beating all our KPIs   Costs down 0.1% in 3Q25 versus last year, up 0.4% in 9M25 absorbing the increase of perimeter2 reflecting continued operational efficiency whilst investing and innovating for the future   Cost of risk remains low at 10 basis points at 9M25, default rate is stable and overlays maintained at c. €1.7 billion3   CET1 ratio at 14.8%, thanks to strong organic capital generation of €2.6 billion and other levers offsetting regulatory headwinds   FY25 net profit guidance at c. €10.5 billion, excluding potential management actions to benefit FY26-27 and beyond   FY25 total distribution equal to or above €9.5 billion4, of which at least €4.75 billion cash dividend. Interim 2025 cash dividend of €2.2 billion5, or €1.4282 dividend per share to be paid on 26th November. €1.8 billion residual 2024 share buyback to start by end of October     Andrea Orcel, Chief Executive Officer of UniCredit S.p.A. said:   “UniCredit delivered yet another set of record results, with net revenues up 1.2% and costs down 0.1% versus last year while absorbing our extended perimeter. Net profit is up to €2.6 billion delivering a ROTE of 19.1% and our CET1 ratio stood at 14.8% thanks to strong organic capital generation. We are confirming our 2025 net profit guidance of around €10.5 billion pre any management actions to further propel our future results, and we are on track to deliver our best year ever. By accelerating our strategy and deploying excess capital to create value, we have bolstered our best-in-class earnings and shareholder distribution trajectory. These results reflect disciplined execution, and I am confident that we will continue to build sustainable value for all stakeholders.”     FINANCIAL REVIEW   On 21 October 2025, the Board of Directors of UniCredit S.p.A. (“UniCredit” or “the Group”) approved the consolidated Group’s results for the third quarter and first nine months of 2025. UniCredit delivered another excellent quarter, extending its multi-year track record of quality profitable growth.   Net profit was €2.6 billion in 3Q25, up by 4.7% year on year, bringing 9M25 total net profit to €8.7 billion, up 12.9% nine months on nine months. This result underscores the strength and resilience of UniCredit’s diversified business model.   Return on Tangible Equity (“RoTE”) stood at 19.1% for the quarter and 21.7% for the nine months, supported by operational and capital excellence, and robust P&L buffers. Net revenues were €6.1 billion in 3Q25, up 1.2% versus prior year, comprising net interest income (“NII”) at €3.4 billion, fees and net insurance result at €2.1 billion and loan loss provisions (“LLPs”) of €0.1 billion.   We are advancing in the execution of our transformation, also via targeted acceleration on priority geographies, clients and products while further enhancing operational and capital excellence. We have confidence in 2026 and 2027, despite macro headwinds, as we not only have strong underlying growth, but we will also boost net profit through the internalization of life insurance in Italy and the equity consolidation of Commerzbank and Alpha Bank6.   Net interest income fell 2.7% quarter on quarter to €3.4 billion, a resilient outcome in a lower interest rate quarter, largely thanks to a disciplined management of our deposits pass-through, closing the quarter at an average of c. 30 per cent. NII was down 5.4% year on year. The Group’s prioritisation of quality and profitable clients and segments resulted in a net NII7 of €3.3 billion in 3Q25.   Fees & net insurance result in 3Q25 were up 0.3% quarter on quarter, and up 7.6% year on year, in part driven by strong investment fees.   Operational costs were €2.3 billion in the quarter, a decrease of 0.1% year on year, a notable result considering the broader perimeter2 of the Group. Thanks to proactive actions taken in recent years, we have optimized our operating model without affecting revenue growth. Our cost-income-ratio (“C/I”) remains the lowest among our peers at 37%, despite continued investments.   Cost of Risk (“CoR”) remained structurally low at 10 basis point, with €113 million of loan loss provision in the quarter. The Group has a good quality credit portfolio with sound coverage levels and strong lines of defence with c. €1.7 billion of overlays3 on the performing portfolio.   The Group organically generated 89 basis points of capital in 3Q25, amounting to €2.6 billion, supporting accrued shareholder distribution of €2.7 billion in the quarter. After absorbing 117 basis points from the equity consolidation of a 26% stake in Commerzbank, the CET1 ratio stood at 14.8%, well above the 12.5% - 13% CET1 ratio management target range. RWAs stood at €291.5 billion in 3Q25, up 1.3% Q/Q and up 4.9% Y/Y.   OUTLOOK AND GUIDANCE   These results reflect UniCredit’s successful transformation and strategic focus on clients, operational excellence, and capital efficiency. The Group continues to unlock opportunities from recent strategic initiatives, which are expected to further strengthen recurring earnings and capital generation in FY26 and FY27. Based on year-to-date delivery, the Group confirms FY25 net profit guidance of c. €10.5 billion, excluding management actions to benefit FY26 and 27.   Medium-term ambitions remain unchanged, with FY27 net profit at above €11 billion, RoTE over 20% and double digit EPS and DPS growth on FY24-27.   In line with UniCredit’s commitment to shareholder value creation, FY25 total distribution is confirmed to equal or above €9.5 billion4, of which at least €4.75 billion in cash dividends. The residual 2024 share buyback amount of €1.8 billion will be started by the end of October.   The UniCredit Board of Directors, after the completion of the necessary requirements, approved a resolution to distribute an interim dividend to shareholders on the FY25 results for a total amount of €2.2 billion, equal to a dividend per share (DPS) amount of €1.4282. The “per share” amount is calculated on the outstanding and having the right shares at 20 October 2025. The expected dividend dates are: ex-dividend date on 24 November 2025, record date on 25 November 2025 and payment date on 26 November 2025.    STRATEGIC PROGRESS   Disciplined capital allocation continues to enhance structural earnings. The equity consolidation of Commerzbank and Alpha Bank6, the internalization of life insurance in Italy, and investments in Vodeno and Alpha Bank Romania strengthen geographic and client mix, increasing recurring profitability, and support a higher, more sustainable distribution capacity from 2026 onwards.   ESG AND COMMUNITIES   The Group is progressing towards its 2025 ESG penetration targets: ESG Lending 16% (vs 15% target), sustainable bonds 14% (vs 15% target) and ESG AuM stock share 52% (vs 50% target). UniCredit Foundation confirmed a €30 million education budget and launched €1.7 million in scholarships; its Edu-Fund platform has awarded over €14 million to 30 initiatives combating educational poverty. UniCredit also partnered with FAI to product cultural and environmental heritage in Italy and with Rise Europe to foster European innovation champions. The bank was named Best Bank for ESG in CEE and Italy.   The key recent events in 3Q25 and since the end of the quarter, include:   Notice of early redemption UniCredit S.p.A. US$1,000,000,000 2.569% Fixed-to-Fixed Rate Non-Preferred Senior Callable Notes due 2026 (the "Notes") Reg S Notes ISIN: XS2233264808 Global Receipts ISINs: US904678AU32, US904678AV15 (press release published on 17 July 2025); Press release (press release published on 22 July 2025); Launch of the first tranche of the 2024 Share Buy-back Residual (press release published on 24 July 2025); Consolidated First Half Financial Report as at 30 June 2025 (press release published on 1 August 2025); 2025 EBA EU-Wide Stress Test Results (press release published on 2 August 2025); UniCredit: update on the execution of the share buy-back programme during the period from 25 July 2025 to 19 september 2025 (collection of press releases published weekly between 4 August 2025 and 22 September 2025); UniCredit Bank Romania merger with Alpha bank Romania successfully completed (press release published on 18 August 2025); UniCredit further converts into shares part of its synthetic position in Commerzbank also increasing its voting rights to around 26% (press release published on 25 August 2025); UniCredit enters additional instruments relating to Alpha Bank S.A. shares for c. 5%, increasing its aggregate position to c. 26% (press release published on 28 August 2025); UniCredit successfully issued EUR 1.25 billion 6NC5 Senior Non-Preferred bond (press release published on 15 September 2025); Revised date for 3Q25 results (press release published on 24 September 2025); UniCredit enters single A territory as Fitch upgrades issuer rating to A- (press release published on 25 September 2025); Concluded the first tranche of the Share Buy-back 2024 Residual. Update on the execution of the share buy-back programme during the period from 22 to 26 September 2025 (press release published on 29 September 2025); UniCredit receives its second single-A rating as S&P upgrades the issuer rating to A-, one notch above the sovereign (press release published on 9 October 2025).     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. 1 9M/9M. 2 i.e. including Vodeno and Alpha Bank Romania majority stake acquisition and internalization of life-insurance.  3  Including calibration factor. 4 Distributions subject to supervisory, board of directors and shareholder approvals, inorganic opportunities and delivery of financial ambitions. They include cash dividends at 50% of net profit excluding the non-distributable one-offs (amounting to €848 million in 9M25 and related to: (i) revaluation of the stakes in the life insurance joint ventures and (ii) badwill stemming from the equity consolidation of a 9.9 per cent stake in Commerzbank), and additional distributions, including the excess capital. 5 As approved by the UniCredit Board of Directors on 21 October 2025, having noted the fulfilment of the requirements of article 2433 bis of Italian Civil Code. The expected dividend dates are: ex-dividend date on 24 November 2025, record date on 25 November 2025 and payment date on 26 November 2025.   6 Equity consolidation of Alpha Bank pending necessary regulatory approvals. 7 Stated NII net of LLPs.  
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A pool of banks led by UniCredit provides a EUR 46m green loan mini-perm project financing to Futura’s group for the construction of an advanced agri-voltaic plant integrated with a BESS system

PRESS RELEASE
17 October 2025
  1st ever advanced agri-voltaic plant with an integrated BESS system financed in Italy through a project financing scheme   The agrivoltaic plant with expected entry in operation by 2026, will produce yearly 85GWh as clean energy in accordance with the Green New Deal targets     Milano, 17 October 2025 - UniCredit, Banca Monte dei Paschi di Siena, BPER, Banco di Sardegna and Banca Ifigest successfully closed a EUR 46m green loan mini-perm project financing in favor of a special purpose vehicle fully owned by Futura group.   The mini-perm financing, certified as Green Loan in accordance with the “Green Loan Principles”, aims at supporting the construction and commissioning of an advanced agrivoltaic plant, with a total capacity of approximately 45MWp, combined with a battery energy system with a 48MWh capacity.   This pioneer project is deemed to be pivotal for the energy transition and for the Italian and regional electricity system stability, combining the grazing and livestock activities within the agrivoltaic facility, ensuring economic and environmental benefits to both the agricultural activity and renewable production, maximizing the related synergies.   The advanced agrivoltaic plant, integrated with a BESS system, is expected to reach has an expected annual production of approximately 85 GWh, is able to cover the energy consumption needs of around 30,000 Italian households. Once in operation, the project will avoid over 18,000 tons of CO₂ equivalent emissions per year, corresponding to a total reduction of more than 450,000 tons of CO₂ equivalent over the plant lifetime.   The cutting-edge asset based project finance transaction was originated, structured and coordinated by UniCredit as Global Coordinator & Bookrunner, Structuring Mandated Lead Arranger, Original Lender, Sustainability Coordinator and Hedging Bank and underwritten also by Banca Monte dei Paschi di Siena, BPER, Banco di Sardegna acting as Mandated Lead Arrangers, Original Lenders and Hedging Banks and Banca Ifigest acting as Mandated Lead Arranger, Original Lenders and Account Bank, with BPER also acting as Account Bank & Agent.   The agri-voltaic plant, currently under advanced construction phase and expected to be in operation by mid 2026, is eligible to benefit from the GSE Contract for Difference (CfD) scheme.   Simone Micheletti, CEO and founder, jointly with Bruno Fisi, stated: "This project, successfully finalized thanks to the experience and significant track record of Futura Group, and in particular of our Chief Financial Officer Francis Ravano, represents a pioneer project for the industry. It is the first advanced agri-voltaic plant integrated with a BESS system to enter into operation in Italy, backed by a first ever project financing transaction closed in Italy. This move confirms the innovative and cutting-edge approach distinguishing the corporate culture and the people working on daily basis for Futura Group; a team group who keeps growing and pursuing ambitious and sustainable initiatives, closely integrated with the economic and social footprint of the region and local communities. The Project contributes to a more sustainable energy future, while also strengthening the stability of the national electricity grid. It enables the development of marginal and underproductive agricultural land, as well as providing significant economic support for the involved agricultural operators.”   Francis Ravano, Chief Financial Officer, also stated "We are very pleased to have successfully concluded this further important financing transaction to support our greenfield pipeline composed of solar, agri-voltaic, and storage plants. I’ d really thank our entire Futura Team, without his support we would never have achieved these results”.   Paola Garibotti, Regional Manager Northwest at UniCredit, stated: "With the first pioneering project financing in Italy, to support the construction of an advanced agrivoltaic plant integrated with a BESS system, UniCredit confirms its concrete commitment to the transition to a green and sustainable economy by providing both financial and advisory support to customers who want to invest in transforming their production model. We actively support, with innovative green finance solutions, clients who intend to invest in the transformation of their production model, contributing to a more responsible future. This transaction in favor of the Futura Group demonstrates our commitment to providing the communities in which we operate with the tools for success, providing innovative financial solutions capable of generating a positive impact on the country's energy independence, in line with the objectives of European and national programs".     Contact Media Relations e mail: mediarelations@unicredit.eu    
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UniCredit provides €62.9 million in green financing to GRV Assets 2 with SACE guarantee for the construction of six agri-solar plants in Basilicata, Puglia and Sicily

PRESS RELEASE
13 October 2025
  The financial structure adopted is a grid-parity mini-perm project financing green loan, divided into several credit lines.   Once operational, by 2026, the plants will produce 114 GWh of clean energy per year, in line with the objectives of the Green New Deal.     Milan, 13 October 2025 - UniCredit has financed GRV Assets 2 S.r.l., a company wholly owned by GR Value S.p.A., with a €62.9 million mini-perm project financing green loan.   The loan, certified green in accordance with the Green Loan Principles and benefiting from the SACE green guarantee, is intended to support the costs of construction and commissioning of six new solar renewable energy plants located in Basilicata, Puglia and Sicily.   The portfolio has a total installed capacity of over 60 MWp and an expected annual production of approximately 114 GWh, capable of covering the annual energy needs of over 42,000 Italian households.   Once operational, the plants will prevent climate-changing emissions of over 30,000 tons of CO₂ equivalent per year. Considering that the plants will have a useful life of around 30 years, this will correspond to a saving of over 800,000 tons of CO₂ equivalent that will not be emitted into the atmosphere.   The transaction, a mini-perm project financing green loan structured around various cash and signature credit lines for grid parity greenfield solar projects, was structured by UniCredit in its capacity as Global Coordinator & Bookrunner, Structuring Mandated Lead Arranger, Original Lender and Hedging Bank, Agent Bank, SACE Agent and Account Bank.   Thanks to their positive impact in terms of climate change mitigation and increased national energy security, these energy assets are in line with the objectives of the EU Green New Deal and are supported by the green guarantee of SACE, the Italian insurance and financial group controlled by the Ministry of Economy and Finance, specialized in supporting businesses and the national economy and plays a central role in the implementation of the Green New Deal in Italy.   The plants are currently under construction and are expected to be operational by 2026. The energy produced will be sold to a leading national player in the energy sector with an investment grade rating, based on a 20-year PPA.   Gianluca Veneroni, CEO of GR Value, said: "This important new financing operation in support of the route-to-market of our pipeline of wind, solar and storage systems consolidates a mutually satisfactory relationship with UniCredit and a well-established path towards achieving the objectives set out in our business plan. This transaction involves a leading Italian bank offering innovative green finance solutions, with the fundamental support of SACE, and confirms the GR Value team's ability to deliver challenging projects quickly and effectively. All this at such a delicate moment in history, when the fight against climate change and energy independence are increasingly becoming strategic objectives to be achieved with the highest priority. We are therefore proud to be able to contribute through our projects to the energy transition of Italy and Europe towards a more secure and sustainable energy future”.   Marica Campilongo, Head of Large Corporates at UniCredit Italy, said: “UniCredit has made a concrete commitment to the transition to a green and sustainable economy by providing both financial and advisory support to customers who want to invest in transforming their production model. This latest transaction in favor of the GR Value group demonstrates our shared commitment to the company's growth path and our desire to provide customers with innovative, tailor-made solutions that can also have a positive impact on the country's energy independence and stability through renewable energy sources and long-term storage systems, in line with European and national programs."   UniCredit was assisted by Legance - Avvocati Associati as legal advisor, while Vector Renewables S.r.l. and Marsh S.p.A. acted as technical-environmental and insurance advisors, respectively. KPMG Advisory S.p.A. acted as model auditor. GR Value was assisted with the financing documents, corporate aspects and project contracts by the Energy team at Gitti and Partners.     Enquiries:   Media Relations: mediarelations@unicredit.eu
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UniCredit receives its second single-A rating as S&P upgrades the issuer rating to A-, one notch above the sovereign

PRESS RELEASE
09 October 2025 PRICE SENSITIVE
  The rating agency Standard & Poor’s (“S&P”) has today upgraded UniCredit SpA’s Issuer Credit Rating (“ICR”) and Senior Preferred rating by one notch to ‘A-’ and assigned a Stable outlook.   This is the second upgrade by S&P this year and the rating has now been improved to one notch above the Italian sovereign.   In S&P’s view, UniCredit has strengthened its business and financial profile and its buffer of bail-inable subordinated debt, leading to an ‘A’ “underlying” rating capped at ‘A-’, one notch above the sovereign. The bank benefits from a strong geographically diversified franchise, robust profitability, sound asset quality and ample liquidity.   The Stand-Alone Credit Profile has been upgraded to ‘a-’, while Long- and Short-Term Resolution Counterparty Ratings have been upgraded to ‘A’ and ‘A-1’, respectively. The Short-Term Issuer Credit Rating has been affirmed at ‘A-2’.   The full text of S&P’s press release is available on the rating agency’s website: https://www.spglobal.com/ratings/en/     Milan, 9 October 2025     Contacts Media Relations: e-mail MediaRelations@unicredit.eu Investor Relations: e-mail InvestorRelations@unicredit.eu
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Our 2024 Annual Report


As at 31 December 2024


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Upper part of the UniCredit Tower photographed at sunset