As announced at the outset and in line with the timeline communicated in July, UniCredit continues to convert its synthetic share position in Commerzbank in physical shares.
Today we announce that we have taken our physical shares' ownership and stake equity consolidated into our accounts to ca 26%. The remaining synthetic position should be converted into physical shares in due course taking our total equity voting stake in Commerzbank to around 29%.
The total CET1 ratio impact for the ca 29% equity voting stake has increased to circa 145bps from the circa 110bps communicated previously, due to higher share price and contextual restructuring of the collar derivative hedging to reduce future P&L volatility. The return on investment is confirmed at around 20%.
UniCredit reinforces its position as Commerzbank's single largest shareholder. Whilst UniCredit does not intend to seek board representation at this time, we will continue to closely monitor Commerzbank's progress in sustainably strengthening its business and creating value for its shareholders, clients and people.
To date, our investment has exceeded our financial metrics thereby creating significant value for UniCredit shareholders. We are hopeful that this positive trajectory continues.
Milan, 25 August 2025
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