Strong momentum in energy, infrastructure and defence: Our top deals from 1Q26

Speaking to clients at our key conferences this quarter – including the German Corporate Conference and the European Credit Conference – it was clear that activity would be strongest in a few sectors with structural funding needs: most notably, defence, energy and infrastructure, while we have also seen robust M&A activity in Central and Eastern Europe. It was also clear that clients value our support in navigating the prevailing uncertainty: strategic thinking, careful timing and flawless execution are critical assets. And this was very much how Q1 played out. Below are some of our highlight deals from the quarter.
 

1) Leading the charge for defence-sector IPOs: CSG’s €3.8bn listing

On the back of impressive growth in equity valuations over the past few years, Czech defence giant CSG kickstarted activity in January with a €3.8bn IPO that stands as the largest ever listing for a European defence firm and the largest of any company in CEE. Serving as Joint Global Coordinator, UniCredit was instrumental in securing the cornerstone investors, while helping pioneer and execute against an accelerated timeline. The bellwether for a growing trend towards rapid execution, this approach helped minimise risk exposure while delivering a hugely oversubscribed transaction – reinforcing our reputation for top‑tier execution and advisory.

2) Continuing the momentum for European defence: VINCORION’s €345m IPO

Defence has proved one of the driving themes of European ECM activity in 1Q26 and UniCredit has been at the heart of the action. In the wake of CSG’s landmark offering, we were also on hand to serve as Joint Bookrunner on VINCORION’S €345m IPO, securing €105m in cornerstone commitments and, together with Kepler Cheuvreux, driving exceptional investor momentum with over €1.8bn in demand leading to books 10x oversubscribed. The largest German IPO year-to-date and the first IPO on the Frankfurt Stock Exchange Prime Standard of 2026, it demonstrates our ongoing support for Europe’s defence sector, which is critical to government plans – and stands alongside our financing support for other key companies in the sector, such as Leonardo and Fincantieri.

3) Bolstering energy resilience: ENI’s landmark €9bn RCF

If defence has been the key driver in ECM, energy has stood out as a key factor in the debt markets. In March, Italian multinational ENI closed a €9bn revolving credit facility (RCF) – the largest in Southern Europe this year – with UniCredit acting as a leading coordinator. Supporting the company’s energy-transition strategy while reinforcing liquidity resilience amid heightened geopolitical volatility, the transaction was 40% oversubscribed, despite the scale of the package. This level of demand underscores both the central importance of Europe’s energy sector and our ability to lead transformative liquidity solutions for the continent’s anchor energy companies.

4) Complex solutions for European energy needs: Trafigura’s US$5.8bn multi-currency RCF

ENI wasn’t the only energy company to tap the market with a major transaction in March. Just a few days earlier, multinational commodities firm Trafigura inked a US$5.8bn multi-currency RCF, complemented by a US$3bn contingent liquidity line – one of the most complex commodity‑linked financings of the quarter. Supporting stable commodity flows during a period of significant volatility, the transaction underscores our ability to manage complex, multi‑jurisdictional liquidity structures, and builds on our excellent track record of support for the energy sector, where we have provided loan support for clients across renewables, LNG, grids and storage, including Eurogrid GmbH, Encavis and Amprion.

5) Enel sets the pace with €2bn dual‑tranche hybrid bond

Energy debt issuance wasn’t exclusive to the loan market. At the beginning of January, Italian electricity giant Enel reopened the Italian corporate hybrid market with a €2bn dual‑tranche hybrid issuance – marking the fourth consecutive year in which UniCredit has helped set the pace for corporate funding at the start of the year. We were there to help Enel tap deep investor pools across EUR markets, enabling the company to optimise capital structure and preserve financial flexibility – and showcasing the strength of our DCM platform in delivering strategic, multidimensional balance‑sheet solutions.

6) Pan‑European reach and the power of partnership: Allwyn’s OPAP takeover

While much of the activity in Q1 was focused on refinancing, we have also been on hand to support with event-driven issuances. In February, we played a pivotal role in supporting Allwyn, a multinational gaming and entertainment operator, with its full acquisition of Greek subsidiary OPAP. Acting as Joint Global Coordinator and Physical Bookrunner, UniCredit led all major financing workstreams for the acquisition – including €550m in senior secured notes, a €100m Term Loan B, and the sole‑led syndication of a €1.5bn bridge loan – driving an oversubscribed order book, tighter-than-expected pricing, and early closing. Another example of our ability to manage complex transactions, the deal also shows the pan-European reach of our Group, as well as the strength of our partnership with Alpha Bank and Axia, whose ability to generate significant domestic demand in Greece was a major contributor to the success of the deal.

7) Digital infrastructure continues apace: DTCP / maincubes €1.8bn platform financing

In January, maincubes, a leading European data centre operator, owned by DTCP, secured a €1.8bn platform financing to fund the acquisition of its fourth data centre in Frankfurt, capitalising on growing demand and for digital infrastructure. In line with our longstanding commitment to support Europe’s digital infrastructure expansion, UniCredit served as Arranger on the deal, providing sizeable new‑money support as maincubes looked to scale its c.400MW platform, serving cloud, AI and public‑sector demand.

8) Driving the next generation of infrastructure: Venice Airport’s €1bn project financing

In February, we served as Underwriter and Bookrunner for Venice Airport in a €1bn project financing to expand capacity, improve sustainability and strengthen operational resilience at one of Italy’s key aviation hubs. The transaction underscores our leadership in European infrastructure at a time of significant investment – coming on top of debt financing deals for other firms in the space, including Ferrovie dello Stato Italiane, Aeroporti di Roma and Germany’s Wascosa Holding Group.

9) M&A momentum in CEE: Abris’ sale of Aures Holdings

M&A activity in Central and Eastern Europe (CEE) continued to build in Q1, with UniCredit acting as Joint Financial Advisor to Abris Capital Partners on the sale of Czech-based used-car retailer Aures Holdings to EP Equity Investment in March. This transaction highlights our ability to provide targeted investor outreach and strategic advisory leveraging deep regional relationships to connect a Poland‑based private equity sponsor with a core CEE industrial investor. It also showcases our ability to originate and execute cross‑border M&A in the region, combining sector expertise with integrated financing capabilities.

10) A landmark Bulgarian transaction: Prestige 96 sold to Valeo Foods

Continuing the theme of M&A activity in CEE, we also played a key role in what is already likely to be one of Bulgaria’s most significant M&A transactions of the year. In March, we acted as Joint M&A Advisor to the selling shareholders on the sale of Prestige 96 – one of Bulgaria’s most recognisable FMCG brands – to Valeo Foods, a Bain Capital portfolio company. A fine example of our best-in-class local execution, the transaction not only shows the strong momentum for CEE M&A activity but also demonstrates a scalable blueprint for regional mid‑market M&A, combining local execution with pan‑European investor access and financing expertise.