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Consensus

Sell-side analysts with active coverage of UniCredit at the research firms listed in the first page of the attachment were asked to submit their latest UniCredit estimates for this consensus collection. Research firms that have recently discontinued UniCredit coverage (some of which may have contributed to prior consensus collection) are not shown on this list. Sell-side analysts who maintain a detailed earnings forecast model are asked to participate in the consensus collection.

 

Please note that the table below and the downloadable document are a summary of publicly available opinions, estimates and forecasts made by analysts representing 13 brokers covering UniCredit. The document contains a summary of median and average consensus estimates for UniCredit, collected by UniCredit Investor Relations directly from sell-side analysts covering UniCredit.

 

The opinions, estimates and forecasts are theirs alone and do not represent the opinions, estimates or forecasts of UniCredit or its management, nor should they be considered as a recommendation to enter into any transaction involving UniCredit securities. By including this information on its website, UniCredit does not endorse or concur with any of these opinions, estimates or forecasts and disclaims any liability for the completeness, timeliness, accuracy or selection of such information.

 

 

Consensus updated after 2Q25 results.

Target price, rating, EPS, DPS

Target price & rating

   
Average target price, € 66.27
Contributors with rating, # 12
BUY (Overweight, Outperform, Add, Accumulate) 75%
HOLD (Neutral, Market Perform, Equalweight, In line)  25%
SELL (Reduce, Underperform, Underweight)  0%

Stated EPS (1), €

  2025E 2026E 2027E
Average Stated EPS, € 7.09 7.46 8.27
Growth y/y n.m. +5% +11%
Median Stated EPS, € 7.07 7.50 8.26
Growth y/y n.m. +6% +10%
Max  7.34 7.83 8.95
Min 6.88 6.88 7.81

EPS(2), €

  2025E 2026E 2027E
Average EPS, € 7.01 7.42 8.23
Growth y/y n.m. +6% +11%
Median EPS, € 6.97 7.45 8.13
Growth y/y n.m. +7% +9%
Max  7.27 7.83 8.95
Min 6.72 6.88 7.81

DPS(3), €

  2025E 2026E 2027E
Average DPS, € 3.35 3.81 4.25
Growth n.m. +14% +12%
Median DPS, € 3.29 3.78 4.15
Growth n.m. +15% +10%
Max  3.58 4.09 4.69
Min 3.21 3.52 3.99

(1) Stated EPS is calculated by taking the estimates on Stated Net Profit over average outstanding ordinary shares submitted by the individual analysts that participate to the Consensus compiling process.

(2) EPS is calculated by taking the estimates on Net Profit over average outstanding ordinary shares submitted by the individual analysts that participate to the Consensus compiling process.

(3) DPS is calculated by taking the absolute cash dividends over EoP number of ordinary shares estimates submitted by the individual analysts that participate to the Consensus compiling process.

 

Group

Consensus full table 

 

Consensus(4) 2025E   2026E   2027E  
€m Average Median Average Median Average Median
Total revenues 24,685 24,623 25,496 25,409 26,317 26,129
Net interest 13,669 13,679 13,623 13,653 13,912 13,848
Net commissions and insurance result 8,716 8,711 9,176 9,158 9,554 9,557
Trading income 1,380 1,399 1,321 1,290 1,326 1,326
Dividends 829 851 1,284 1,344 1,429 1,518
Balance 90 91 92 80 95 80
Operating costs -9,534 -9,538 -9,615 -9,621 -9,713 -9,715
Staff expenses -5,928 -5,901 -5,976 -5,935 -6,040 -5,997
Other administrative expenses -2,647 -2,662 -2,680 -2,700 -2,705 -2,738
Recovery of expenses 97 100 101 104 103 108
Depreciation and amortisation  -1,060 -1,063 -1,068 -1,066 -1,077 -1,075
Gross operating profit 15,151 15,156 15,880 15,782 16,603 16,418
Net write-downs on loans -661 -665 -844 -859 -962 -1,004
Net operating profit 14,490 14,436 15,037 15,006 15,641 15,612
Other charges & provisions -660 -688 -478 -481 -469 -481
 o/w Systemic Charges -318 -338 -282 -306 -301 -306
  o/w DGS -62 -68 -69 -75 -69 -75
  o/w Bank levies -226 -245 -207 -245 -204 -245
  o/w SRF -8 -8 -12 -10 -11 -10
Integration costs -235 -215 -96 -70 -77 -50
Net profit (loss) from investments 857 860 -22 -11 -22 -11
Profit (loss) before tax 14,452 14,402 14,441 14,357 15,072 14,823
Income taxes -3,697 -3,714 -3,802 -3,886 -3,947 -3,933
Net profit (loss) of discontinued operations 0 0 0 0 0 0
Minorities -53 -49 -50 -51 -52 -54
PPA -1 0 -1 0 -1 0
Goodwill impairment 0 0 0 0 0 0
Other 0 0 0 0 0 0
Stated Net profit 10,702 10,601 10,589 10,620 11,073 11,082
Net Profit 10,603 10,568 10,578 10,580 11,071 11,070
AT1 Coupon (post tax basis) -238 -240 -233 -228 -231 -223
Cashes Coupon (post tax basis) -214 -208 -209 -193 -209 -195
Net Profit after AT1 and Cashes 10,166 10,089 10,165 10,213 10,684 10,672
             
RWA, EoP 291,100 290,032 297,684 296,713 305,538 306,535
CET1% 14.7% 14.6% 14.7% 14.8% 14.6% 14.6%

(4) Please note that the number of contributors may vary line by line and by reference period. Hence some quarter-end figures may not match the year-end ones. NB: The consensus figures represent the line-by-line median of the estimates provided by the analysts, therefore are not additive.

 

"Stated net profit" means accounting net profit.
"Net profit" means Stated net profit adjusted for impacts from DTAs tax loss carry forward resulting from sustainability test. The result is used for cash dividend accrual / total distribution.
"Net profit after AT1 and Cashes" means Net profit as defined above adjusted for impacts from AT1 and Cashes coupons. The result is used for RoTE and RoAC calculation.

Updated on 08 August 2025.