Q2 2026 UniCredit SpA Earnings Call Transcript
Key Points
- UniCredit SpA (UNCFF) reported a record performance for the second quarter of 2026, marking the 22nd consecutive record quarter.
- The company achieved significant market share gains across all regions, driven by targeted client segments and products.
- Net profit expectations for 2026 have been upgraded to reach approximately EUR11.5 billion, excluding integration costs.
- The CET1 ratio is expected to improve to around 15% by year-end, indicating a strong capital position.
- Investment in technology and AI is enhancing productivity and client experience, contributing to stronger commercial momentum.
- The company faced negative one-offs related to the Commerzbank offer and the acceleration of Russia compression.
- There is a potential EUR140 million extraordinary impact from Banca Progetto and ROBOR in Romania.
- Cost of risk increased in some regions, reflecting a more normalized provisioning profile.
- The integration of Commerzbank may require significant upfront investment, potentially impacting short-term profits.
- The full consolidation of Commerzbank is expected to have a capital impact of around 200 basis points.
Good morning, ladies and gentlemen. Before I hand you over to Mr. Iacopo Dalu, Investor Relations. A reminder that today is being recorded -- the conference is being recorded. I apologize. Sir, you may begin.
Good morning, and welcome to UniCredit's second-quarter 2026 results. Our CEO, Andrea Orcel, will take you through the presentation. This will be followed by an analyst Q&A session with Andrea and with our CFO, Stefano Porro. As ever, please limit yourself to two questions.
With that, I'll hand over to Andrea.
Thank you. Good morning, and thank you, all, for joining us. Following an outstanding first quarter, I am pleased to present another record performance propelled by our core contributing to the strongest first half in UniCredit history. These results demonstrate the strength of our business, the magnitude of our profitable organic growth, and
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