On 4 May 2026, the Board of Directors of UniCredit S.p.A. ("UniCredit" or "the group") approved the consolidated group's results for the first quarter 2026 as of 31 March 2026. 1Q26 marked the 21st quarter of quality, profitable growth, and showed strong commercial momentum. This builds on our best year ever and on five years of sustained outperformance, demonstrating the successful execution of our Unlocked phase and a decisive acceleration toward UniCredit Unlimited: setting a new benchmark for banking through structural change, relentless execution and technology-enabled transformation. This reinforces UniCredit's position as a reference point for best-in-class performance in the sector.

Net profit was a record EUR 3.2 billion ($3.6 billion), up 16 per cent year-on-year, underscored by the continued excellent profitability and shareholder value creation with a 1Q26 RoTE at 26%, up by 2.7 percentage point versus prior year and EPS of EUR 2.15 ($2.43) up 19.7 per cent versus prior year.

Net revenues were EUR 6.7 billion ($7.6 billion) in 1Q26, up 3.3 per cent versus prior year comprised of net interest income ("NII") at EUR 3.6 billion ($4.1 billion), fees & net insurance result at EUR 2.5 billion ($2.8 billion) and loan loss provisions ("LLPs") of EUR 0.2 billion ($0.2 billion), underpinned by sound operating trends and continued robustness across business lines. This balanced revenue profile reduces volatility and enhances sustainability of earnings.

1Q26 net interest income decreased by 1.1 per cent versus 4Q25, or flat when excluding the effect of the fewer calendar days in the quarter. The performance was supported by quality loan growth (up 2.3 per cent quarter on quarter or up 5.8 per cent year-on-year) and disciplined management of deposit pricing, with average pass through closing the period at around 30 per cent for the group excluding Russia.

Fees & net insurance totalled EUR 2.5 billion ($2.8 billion), a robust increase of 8 per cent year-on-year with growth across most of our fee categories and regions, with a particularly excellent performance in investment and financing fees, further boosted by the internalisation of the life insurance JVs in Italy. Fees & net insurance result represented approximately 38 per cent of net revenues, already meeting the FY28 strategic ambition.

Trading income stood at EUR 476 million ($538 million) in 1Q26, up 2.3 per cent year-on-year. 1Q26 dividends were EUR 408 million ($461 million), more than tripling year-on-year, benefiting from the higher contribution from our strategic portfolio. The other expenses/income decreased to -EUR 107 million (-$121 million), the delta versus prior year is driven by a positive one-off in 1Q25.

In the first quarter, operational costs amounted to EUR 2.3 billion ($2.6 billion), down 1 per cent year-on-year, reflecting continued cost discipline in both HR costs, down 0.3 per cent year-on-year, and non-HR ones, down 2.2 per cent year-on-year. Structural actions to simplify and streamline the organisation, combined with end to end process redesign leveraging AI and increased automation, effectively absorbed a broader group perimeter and ongoing investments in our frontline, product factories, channels and technology. As a result of continued revenue growth and effective execution of our targeted cost-reduction initiatives, the group maintained a best-in-class cost/income ratio ("C/I") of 33%.

With EUR 185 million ($209 million) of loan loss provision in the quarter, cost of Risk ("CoR") remained structurally low at 17 basis points, in line with the 15-20 basis points ambition for FY26, expected to be more evenly distributed over the year. Our high-quality, diversified credit portfolio remains resilient, supported by low net non-performing exposures ratio ("net NPE ratio") with increasing coverage levels, low default rate at 0.7% and unchanged overlays on performing loans at EUR 1.7 billion ($1.9 billion).

The group organically generated EUR 2.9 billion ($3.3 billion), or 98 basis points of capital in 1Q26, supporting accrued shareholder distribution of EUR 2.4 billion ($2.7 billion) in the quarter. After absorbing -68 basis points from equity investments including hedges, reflecting the increased equity consolidation of Alpha Bank in the quarter (of which -19 basis points due to the temporary impact from Commerzbank and Alpha Bank), and -3 basis points from regulatory headwinds, PD and others, the CET1 ratio stood at 14.2%, or 14.8% pro forma for Danish Compromise, well above the 12.5% - 13% CET1 ratio management target range. This combination of strong capital generation and disciplined capital allocation underpins both shareholder returns and future strategic optionality.

UniCredit benefits from a proven transformation track record, sustained growth momentum and a resilient business model, supporting confidence in the group's progress towards its financial ambitions, while continuing to invest in the franchise.

OUTLOOK AND FINANCIAL AMBITION – UNICREDIT UNLIMITED

UniCredit remains strongly positioned to continue delivering sustainable, high-quality and profitable growth in the current environment, supported by idiosyncratic strengths, diversified revenue streams and disciplined execution. Our performance provides clear confidence in the durability of our earnings and our ability to deliver through different macroeconomic environments. The group has delivered 21 consecutive quarters of growth, with continued progress in acceleration and transformation, demonstrating a track record of consistent outperformance.

Against this backdrop, the group upgraded its FY26 net profit ambition to equal to or above EUR 11 billion ($12.4 billion), reflecting increased confidence in its ability to generate superior returns. UniCredit also reaffirms its commitment to the FY28 financial ambitions and beyond, underpinned by a strong standalone trajectory and a superior equity story.

ESG AND COMMUNITIES

Our ESG progress continues to support long-term value creation and reinforces the sustainability of our business model. UniCredit is continuing to execute its ESG Strategy across all ESG dimensions while evolving to increase our focus on making a tangible impact. The group keeps working towards its 2026 ESG penetration targets (15% ESG Lending target, 15% Sustainable bonds target, 50% ESG AuM target), as well as progressing versus its Net Zero targets, achieving a reduction in the Net Zero emissions across all sectors relative to previous year and initial baseline. UniCredit continued to support corporate clients in the transition, leveraging our partnership with Open-es also with two new Open-es Connecting Innovation events (focused on AI & Industry 5.0 and Welfare & HR Tech) to showcase UniCredit Start Lab startups to more than 40,000 Open-es companies.

The group delivered on its social strategy reaching EUR 71 million ($80 million) social contribution in 2025, leveraging education initiatives and employee volunteering hours. UniCredit Foundation further accelerated its investments in Youth and Education with EUR 35 million ($40 million) in funding in 2026, and scaled its impact across Europe and reaching more than 300,000 students through 6,000 schools (2025 YTD results). UniCredit launched the second edition of Skills for Transition with POLIMI Graduate School of Management, doubling geographical reach from 6 to 12 countries in Europe.

DIVISIONAL HIGHLIGHTS

Italy

Total revenues stood at EUR 2,982 million ($3,370 million) in 1Q26, up 13.3% Q/Q and down 1.0% Y/Y. NII was EUR 1,566 million ($1,770 million), down 4.4% Y/Y. Fees and net insurance result were EUR 1,376 million ($1,555 million), up 9.0% Y/Y. Operating costs were EUR 977 million ($1,104 million), down 0.6% Y/Y. Net profit stood at EUR 1,126 million ($1,272 million), down 10.5% Y/Y. RoAC was 30.8% and cost/income ratio was 32.8%.

Germany

Total revenues stood at EUR 1,496 million ($1,690 million) in 1Q26, up 15.4% Q/Q and up 2.4% Y/Y. NII was EUR 829 million ($937 million), up 8.0% Y/Y. Fees and net insurance result were EUR 525 million ($593 million), up 12.6% Y/Y. Operating costs were EUR 520 million ($588 million), down 5.3% Y/Y. Net profit stood at EUR 586 million ($662 million), down 0.3% Y/Y. RoAC was 24.1% and cost/income ratio was 34.7%.

Central and Eastern Europe

Total revenues stood at EUR 1,240 million ($1,401 million) in 1Q26, up 4.1% Q/Q and up 4.5% Y/Y at constant FX. NII was EUR 832 million ($940 million), up 3.3% Y/Y at constant FX. Fees and net insurance result were EUR 380 million ($429 million), up 11.7% Y/Y at constant FX. Operating costs were EUR 411 million ($464 million), down 1.3% Y/Y at constant FX. Net profit stood at EUR 468 million ($529 million), down 7.3% Y/Y at constant FX. RoAC was 23.4% and cost/income ratio was 33.1%.

Austria

Total revenues stood at EUR 646 million ($730 million) in 1Q26, up 0.1% Q/Q and down 2.5% Y/Y. NII was EUR 358 million ($405 million), up 1.4% Y/Y. Fees and net insurance result were EUR 214 million ($242 million), up 7.2% Y/Y. Operating costs were EUR 244 million ($276 million), down 3.9% Y/Y. Net profit stood at EUR 361 million ($408 million), up 7.4% Y/Y. RoAC was 26.6% and cost/income ratio was 37.7%.

Russia

Total revenues stood at EUR 232 million ($262 million) in 1Q26, up 2.6% Q/Q and down 40.7% Y/Y at constant FX. NII was EUR 157 million ($177 million), down 23.5% Y/Y at constant FX. Net profit stood at EUR 145 million ($164 million), down 47.1% Y/Y at constant FX. RoAC was -17.1% and cost/income ratio was 21.2%.

Group corporate centre

Total revenues were EUR 276 million ($312 million) in 1Q26. Operating costs were -EUR 96 million (-$108 million). Stated net profit stood at EUR 532 million ($601 million).

CEO commentary

Andrea Orcel, chief executive officer of UniCredit S.p.A., said: "UniCredit posted another record set of quarterly results across all key financial metrics, demonstrating the strength and consistency of our model and execution of our strategy. Net profit reached EUR 3.2 billion ($3.6 billion), up 16% versus prior year, and at a superior RoTE of 26%. These results reflect disciplined execution across all levers – revenue growth, cost efficiency and capital strength – showing how a well-managed, diversified bank can deliver superior returns through the cycle while investing in its future. While the geopolitical and macroeconomic outlook is more uncertain and complex, our winning culture uniting our people, our continued transformation and unique strengths and lines of defence, prepare us well for the future across a range of environments."

Re-disseminated by The Asian Banker