21st CONSECUTIVE QUARTER OF PROFITABLE GROWTH AND BEST QUARTER EVER - SETTING RECORDS ACROSS ALL KEY LINES, DEMONSTRATING THE STRENGTH, CONSISTENCY AND SCALABILITY OF OUR CONTINUED TRANSFORMATION
STRONG TOP LINE GROWTH DRIVEN BY CORE REVENUES1 PROPELLED BY ROBUST COMMERCIAL DYNAMICS COMPLEMENTED BY EQUITY INVESTMENTS, COMBINED WITH DECLINING COSTS LED TO BEST-IN-CLASS COST INCOME RATIO OF 33.4% AND A NET PROFIT GROWTH OF 16.1%, 20.2%2 BETTER THAN EXPECTED, AT 25.8% ROTE AFTER ABSORBING HEADWINDS FROM RATES NORMALISATION, A MORE EVEN DISTRIBUTION3 OF LLPS, AND RUSSIA COMPRESSION
RESULTS WELL AHEAD OF EXPECTATIONS ACROSS ALL KPIs PROVIDE CONFIDENCE TO UPGRADE OUR FY26 NET PROFIT AMBITION AND REAFFIRM OUR FY28 - FY30 NET PROFIT AMBITIONS DESPITE MORE CHALLENGING GEOPOLITICAL MACRO ENVIRONMENT
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1Q26 net profit grew 16.1% year-on-year to €3.2 billion, EPS up 19.7% to €2.15 and RoTE up 2.7 p.p. to 25.8% reflecting sustained, high-quality earnings power and the consistent delivery of superior highly capital generative returns
1Q26 revenue grew 5% year-on-year to €6.9 billion and net revenue up 3.3% to €6.7 billion, absorbing headwinds from rates, LLPs and Russia, underscoring the resilience and diversification of a model designed to perform across cycles
Fees & net insurance increased 8% year-on-year to €2.5 billion; NII resilient at €3.6 billion thanks to quality loan growth of 6%4, deposit growth of 5%4, and improved deposit pass-through of 30.4%5. The strong commercial momentum across all businesses more than offset expected headwinds
Costs were down 2%6 on constant perimeter and down 1% year-on-year to €2.3 billion, demonstrating continued efficiency gains driven by operational redesign, technology and AI while investing. Our best‑in‑class C/I ratio improved further to 33.4%
Asset quality remained robust, with a net NPE ratio at 1.4%, improved Q/Q NPE coverage at 45.8%, a low CoR of 17 bps - well within guided range - and unchanged overlays of circa €1.7 billion7, confirming disciplined risk management and resilience across a range of possible macro scenarios
Organic capital generation remained strong at 98 bps, more than supporting €2.48 billion accrued shareholder distributions and regulatory and other factors. Equity investment impact greater than expected due to negative 19 bps temporary impact9 from the increase of equity value from Commerzbank and Alpha Bank, triggered by FY25 net profit9
CET1 ratio of 14.2% or 14.8% pro forma for Danish Compromise10 and circa 15% further adjusted for the aforementioned temporary impact9 linked to Commerzbank and Alpha Bank equity value, remains strong and better than expected
FY26 net profit ambition upgraded to equal to or above €11 billion. FY28 and FY30 net profit ambitions reaffirmed, despite the more challenging macro, thanks to confidence in pace of transformation, idiosyncratic strengths and unmatched protection from lines of defence
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. All deltas are on a year-on-year basis unless otherwise stated.
1 Core revenue means NII plus fees & net insurance result.
2 Versus UniCredit company compiled consensus as of 14 April 2026, available on our website.
3 1Q25 CoR (8 bps) well below FY25 (15 bps) - due to 2025 LLPs not evenly distributed across the year - versus 1Q26 LLPs in line with FY26 ambition.
4 Excluding repos and IC.
5 Group excluding Russia.
6 i.e. excluding Vodeno acquisition and internalization of life-insurance.
7 On performing portfolio and including calibration factor.
8 Accrued distributions based on 80% of the 1Q26 net profit, adjusted for non-distributable one-offs related to the badwill stemming from the equity consolidation of Commerzbank and Alpha Bank.
9 The -19bps represent the portion of Commerzbank and Alpha Bank equity value increase related to the respective 2025 distributions yet to be executed in 2026. Please note that, going forward, each year the net profit generation by Commerzbank and Alpha Bank will again, all other things being equal, increase the consolidated equity value, with the related capital impact; such impact will once again be partially recovered as Commerzbank and Alpha Bank execute their distributions, depending on their distribution payout strategy.
10 Subject to supervisory approval.