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UniCredit SpA (UCG) Q3 2026 Earnings Report

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PL:UCG Q3 2026 EPS Results

Actual EPS
PLN 9.58
Consensus EPS
PLN 8.28
Beat/Miss
Beat by +PLN 1.31
One Year Ago EPS
PLN 7.44

PL:UCG Q3 2026 Revenue Results

Actual Revenue
PLN 30.71B
Expected Revenue
PLN 28.96B
Beat/Miss
Beat by +PLN 1.75B
YoY Revenue Growth
+13.17%

Earnings Announcement Details

Quarter
Q3 2026
Date
11/09/2026
Time
Before Open
Conference Call
Monday, November 9, 2026
PL:UCG Upcoming Earnings

UniCredit SpA's next earnings date is estimated for February 10, 2027, based on past reporting schedules.

Q3 2026 Earnings Call Audio

PL:UCG Q3 2026 Earnings Call
0:00 / 0:00

Q3 2026 Earnings Slide Deck

Q3 2026 Earnings Call Summary

Q3 2026
Earnings Call Date:Nov 09, 2026|% Change Since:10.14%|
Earnings Call Sentiment|Positive

The call was strongly positive. UniCredit reported record quarterly and nine-month results, substantial revenue and profit growth, improving efficiency, strong asset quality, significant capital generation and higher shareholder distributions. Management also raised 2026 profit guidance and described Commerzbank as an additional value-creation opportunity. The main cautions were that NII growth is not expected to reach double digits, Germany's profit before tax was flat due to integration charges, and future results will include Commerzbank-related provisions, investments and execution risks.

Company Guidance

Management expects 2026 net profit pre-extraordinary charges to be well above EUR 11.5 billion, cost of risk to remain within 15 to 20 basis points guidance, and 2026 distributions to remain 80% of net profit, with an ordinary dividend of 50% and share buyback of 30%; 2027 average Euribor is expected around 3%, '28 around 2.8%, 3%, net interest income sensitivity is plus EUR 350 million for a 50 basis point improvement of the rate, the replicating portfolio contribution next year is expected to be more than EUR 500 million better than this year, loan growth is expected to be even higher than nominal GDP in Italy and Germany and in line with nominal GDP in Austria and CEE, spread is assumed flat, and deposit pass-through is expected to trend around 1% for each year, '27, '28; standalone net profit is expected to be well above EUR 13 billion in '28 and well above EUR 15 billion in 2030, return on tangible is expected to rise to around 25%, EPS and DPS are expected to grow at around 15% per year over '26, '28, and distribution is expected to be in excess of EUR 50 billion over '26-'30, or 80% of net profit, if backed by more than EUR 50 billion of organic capital generation; including Commerzbank, earnings per share are expected well above EUR 10 and distribution per share well above EUR 8 in '28, with a further step-up in '29 and beyond.

  • Record Third-Quarter PerformanceUniCredit reported its best quarter ever and its 23rd consecutive quarter of growth. Revenue increased 12% year over year, net profit rose 24% to EUR 3.3 billion, return on tangible equity increased 4 percentage points to 25.5%, and earnings per share increased 27%.
  • Strong Nine-Month ResultsNine-month net profit reached EUR 9.4 billion, up 16% excluding the second-quarter 2025 insurance stake revaluation one-off. Return on tangible equity increased 2.1 percentage points to 24.3%, earnings per share rose 11%, and both dividend per share and tangible book value per share increased 17%.
  • Revenue Growth and Core Revenue MixTotal revenue increased 12% in the third quarter and core revenue increased 9%. Core revenues represented more than 90% of total revenues, with net interest income up 8% year over year and 5% quarter over quarter, while fees and net insurance income increased 11% and represented 36% of total net revenue.
  • Positive Commercial MomentumNet interest income growth was supported by high-quality volume growth at flat margin and flat risk, with NII RoAC stable at a best-in-class 20%. Management expects further profitable acceleration from increased commercial volumes and supportive rate dynamics, while significant acceleration in quality deposit growth is expected in the next few quarters.
  • Best-in-Class Efficiency and TransformationCosts declined 1%, including a 2% decline in non-HR expenses, while revenue grew 12%. The cost-income ratio improved by 4 percentage points to a record-low 32.8% in the quarter and was 33.8% for the nine months, ahead of the approximately 36% target. Management said the improvement occurred while continuing to fund growth initiatives, technology and transformation programs.
  • AI and Technology BenefitsAI at scale is delivering tangible outcomes in KYC, transaction monitoring and corporate lending through a centralized AI platform. The platform has cut time to delivery by 37% at a lower cost to serve. Nearshoring, security-services changes, trading-engine centralization, cloud transition and IT modernization projects were described as almost complete, with their full effects still to crystallize.
  • Strong Asset Quality and Low Cost of RiskCost of risk was 18 basis points, within the 15 to 20 basis points guidance. The net NPE ratio was 1.42%, down 3 basis points; coverage was broadly stable at 45.3%; and the default rate was 0.9%, down 23 basis points. UniCredit also maintained EUR 1.5 billion of overlays, described as the highest stock among peers.
  • Capital Generation and Shareholder DistributionOrganic capital generation totaled EUR 8.2 billion, or 275 basis points, during the first nine months and EUR 2.8 billion, or 92 basis points, in the third quarter. The CET1 ratio increased 70 basis points to 15%, despite EUR 7.3 billion accrued for shareholder distribution. The interim cash dividend was more than doubled to EUR 4.5 billion, bringing total 2026 cash distributions to EUR 7.1 billion and an in-year yield of 6.5%.
  • Italy Growth and Market-Share GainsIn Italy, loans increased 10% and deposits increased 6%, while NII RoAC was 23% and fees and net insurance represented 47% of net revenues. Total loans excluding mortgages increased 130 basis points to 12.5%, corporate lending increased 150 basis points to 13%, consumer finance exceeded 11%, assets under management reached around 12%, and protection products exceeded 15%. Costs declined 1%, the cost-income ratio reached 32.4%, profit before tax increased 9%, and RoAC was 31%.
  • Italy Organic Expansion StrategyManagement said it hired approximately 1,800 front-end employees in the last 15 months, equivalent to approximately a 15% increase in the commercial network. It estimated that targeted market share was increasing by about 10 basis points per month and reiterated its medium-term ambition to reach a 15% market share in targeted Italian segments without an acquisition.
  • Germany Core Revenue and Commercial GrowthGermany's core revenues increased 8%, with fees and net insurance up 10% and nine-month NII up 6%. Loans increased 6% and deposits increased 9%, while NII RoAC was 19%. Corporate loan market share increased 50 basis points, mortgage new-business share increased 20 basis points, and total deposit market share increased 16 basis points. Costs declined 4%, non-HR expenses fell 8%, the cost-income ratio reached 35.8%, gross operating profit increased 8%, and net operating profit rose 5%.
  • Austria PerformanceAustria's core revenues increased 5%, fees and net insurance increased 9%, and NII increased 3%. Loans increased 5% while deposits were stable. Total loan market share increased 15 basis points to around 12%, corporate lending share increased 50 basis points to 14%, and consumer-finance new-business share increased 30 basis points to well above 11%. Costs declined 3%, non-HR expenses fell 7%, the cost-income ratio reached 36.6%, profit before tax increased 8%, and RoAC rose 4 percentage points to 27%.
  • CEE Growth EngineCEE core revenues increased 7%, with fees and net insurance up 8% and NII up 7%. Loans increased 12% and deposits increased 9%, while NII RoAC was 24%. Total loan market share increased 50 basis points to around 12%, corporate lending share across CEE exceeded 15%, Bulgaria corporate lending share reached 22.5% after increasing 110 basis points, and Croatia consumer-lending share increased 70 basis points to well above 20%. Costs declined 1%, non-HR expenses fell 4%, the cost-income ratio reached 32.6%, profit before tax increased 4%, and RoAC was 29%.
  • Product Factory Growth and PartnershipsFees and net insurance income from the group's product factories increased 13% to EUR 7 billion. Onemarkets assets under management increased 67%, and value-chain retention reached 82%, up 12 percentage points since 2021. M&A and ECM revenues tripled. The trade-finance hub operated at a 30% cost-income ratio, and the Alpha Bank onemarkets partnership exceeded EUR 2 billion of assets under management in Greece. Since the partnership began, trade-finance volumes doubled and international guarantees increased more than fourfold.
  • Unlimited Targets Ahead of PlanManagement said nine-month results were ahead of the 2026 Unlimited targets: EUR 9.4 billion of net profit represented 85% of the full-year target of well above EUR 11 billion; EUR 8.2 billion of organic capital generation represented more than 90% of the full-year target; the 33.8% cost-income ratio was ahead of the approximately 36% target; and the 24.3% return on tangible equity was ahead of the above 20% target.
  • Raised 2026 and Long-Term GuidanceUniCredit raised its 2026 net profit expectation to well above EUR 11.5 billion before extraordinary charges. Management also stated that net profit is expected to be well above EUR 13 billion in 2028 and well above EUR 15 billion in 2030, with return on tangible equity rising to around 25%, EPS and DPS expected to grow at around 15% per year over 2026-2028, and more than EUR 50 billion of distributions expected over 2026-2030.
  • Commerzbank Transaction ProgressFollowing ECB authorization received on October 15, all remaining regulatory approvals were expected by late November. UniCredit intends to seek a Commerzbank extraordinary general meeting to elect new shareholder representatives, with Commerzbank Unlocked expected to begin by the first quarter of 2027. UniCredit expects to consolidate approximately 50% of Commerzbank, with its CET1 ratio expected to be equal to or higher than 13% at consolidation before the temporary PPA impact.
  • Commerzbank Value-Creation OpportunityManagement said the EUR 1.2 billion of value creation communicated for 2029 includes a substantial portion from applying Unlocked to Commerzbank, but excludes any effect from a potential HVB combination. UniCredit expects earnings per share well above EUR 10 and distribution per share well above EUR 8 in 2028, with further increases in 2029 and beyond. A potential Commerzbank-HVB combination could accelerate absolute and per-share value creation.
  • European Focus and Generali Cooperation OpportunityManagement said growth is focused on core European markets rather than international lending outside those markets, which it described as very marginal. UniCredit also identified potential value from closer cooperation with Generali in shared geographies including Italy, Austria, Germany, Poland, Bulgaria and Greece, including possible use of UniCredit's nearshoring centers and operating capabilities without requiring control.
  • Strong Historical TransformationFrom 2020 to 2025 under Unlocked, total shareholder return exceeded 1,000%, net profit increased from EUR 1.5 billion to EUR 10.6 billion, return on tangible equity rose from 7% to almost 20%, and organic capital generation increased from 160 basis points to more than 380 basis points. Total yearly distribution reached EUR 9.5 billion while capital also increased.

PL:UCG Earnings History

PL:UCG earnings history
Report DateFiscal QuarterForecast / EPSLast Year's EPSEPS YoY ChangePress Release
Feb 10, 20272026 (Q4)6.75-5.36――
Nov 09, 20262026 (Q3)8.289.587.4428.84% (+2.15)
Jul 23, 20262026 (Q2)8.108.539.5-10.19% (-0.97)
May 05, 20262026 (Q1)8.499.457.8720.11% (+1.58)
Feb 09, 20262025 (Q4)5.335.364.5318.45% (+0.84)
Oct 22, 20252025 (Q3)6.977.446.957.09% (+0.49)
Jul 23, 20252025 (Q2)6.969.507.0834.16% (+2.42)
May 12, 20252025 (Q1)6.977.876.6817.76% (+1.19)
Feb 11, 20252024 (Q4)5.384.534.88-7.21% (-0.35)
Nov 06, 20242024 (Q3)6.326.955.4527.42% (+1.49)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat Missed