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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 15 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 before 2Q25 results.

 

 

Target price, rating, EPS, DPS

Target price & rating

 

   
Average target price, € 60.65
Contributors with rating, # 14
BUY (Overweight, Outperform, Add, Accumulate) 79%
HOLD (Neutral, Market Perform, Equalweight, In line)  21%
SELL (Reduce, Underperform, Underweight)  0%

Stated EPS (1), €

  2025E 2026E 2027E
Average Stated EPS, € 6.51 6.99 7.70
Growth y/y n.m. +7% +10%
Median Stated EPS, € 6.53 6.94 7.55
Growth y/y n.m. +6% +9%
Max  6.98 7.81 8.80
Min 6.06 6.25 6.88

EPS(2), €

  2025E 2026E 2027E
Average EPS, € 6.44 6.95 7.67
Growth y/y n.m. +8% +10%
Median EPS, € 6.49 6.91 7.52
Growth y/y n.m. +6% +9%
Max  6.91 7.74 8.73
Min 6.06 6.25 6.88

DPS(3), €

  2025E 2026E 2027E
Average DPS, € 3.24 3.57 3.96
Growth n.m. +10% +11%
Median DPS, € 3.27 3.56 3.90
Growth n.m. +9% +10%
Max  3.56 3.98 4.51
Min 2.79 3.20 3.52

(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) 2Q25   2025E   2026E   2027E  
€m Average Median Average Median Average Median Average Median
Total revenues 6,190 6,186 24,557 24,552 24,899 24,716 25,553 25,191
Net interest 3,425 3,424 13,557 13,551 13,512 13,480 13,841 13,851
Net commissions and insurance result 2,176 2,153 8,755 8,724 9,190 9,159 9,519 9,512
Trading income 290 294 1,559 1,573 1,443 1,490 1,419 1,413
Dividends 281 319 618 611 670 587 688 602
Balance 18 19 69 65 84 68 87 69
Operating costs -2,341 -2,345 -9,528 -9,544 -9,604 -9,594 -9,718 -9,702
Staff expenses -1,445 -1,443 -5,914 -5,906 -5,967 -5,959 -6,035 -6,007
Other administrative expenses -655 -660 -2,642 -2,663 -2,662 -2,693 -2,698 -2,711
Recovery of expenses 26 28 110 102 114 106 113 106
Depreciation and amortisation  -268 -267 -1,074 -1,069 -1,080 -1,080 -1,089 -1,091
Gross operating profit 3,849 3,871 15,029 15,034 15,294 15,148 15,835 15,662
Net write-downs on loans -163 -171 -709 -718 -913 -900 -1,006 -1,014
Net operating profit 3,686 3,687 14,320 14,277 14,381 14,227 14,829 14,638
Other charges & provisions -105 -82 -565 -514 -524 -497 -520 -497
 o/w Systemic Charges -48 -49 -335 -331 -319 -325 -340 -326
  o/w DGS -12 -12 -84 -82 -95 -97 -94 -99
  o/w Bank levies -33 -27 -221 -222 -237 -228 -233 -228
  o/w SRF 0 0 -22 -22 -25 -26 -25 -26
Integration costs -30 -32 -251 -230 -120 -103 -104 -86
Net profit (loss) from investments -11 -10 -26 -23 -25 -24 -25 -24
Profit (loss) before tax 3,543 3,542 13,497 13,507 13,722 13,603 14,189 14,008
Income taxes -997 -1,005 -3,719 -3,777 -3,841 -3,813 -3,959 -3,928
Net profit (loss) of discontinued operations 0 0 0 0 0 0 0 0
Minorities -8 -8 -41 -44 -39 -43 -40 -46
PPA 0 0 -1 0 -1 0 -1 0
Goodwill impairment 0 0 0 0 0 0 0 0
Other 0 0 0 0 0 0 0 0
Stated Net profit 2,537 2,543 9,736 9,705 9,841 9,764 10,189 10,066
Net Profit 2,537 2,543 9,640 9,705 9,797 9,690 10,159 10,010
AT1 Coupon (post tax basis) -88 -96 -226 -221 -224 -228 -222 -212
Cashes Coupon (post tax basis) -63 -56 -212 -210 -208 -193 -208 -195
Net Profit after AT1 and Cashes 2,394 2,370 9,184 9,213 9,426 9,342 9,812 9,635
                 
RWA, EoP 289,467 288,698 292,339 294,151 299,077 300,556 305,579 305,827
CET1% 15.82% 15.85% 15.52% 15.64% 15.34% 15.28% 15.14% 15.33%

(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 09 July 2025.