Unicredit closes on best first semester of his history with a net profit of 6,1 billion of euros and a second quarter exceeds expectations analysts. The results, which came after the success of the takeover bid on Commerzbank, push the group led by Andrea Orcel to raise 2026 guidance and profitability target up to 2030, with growing revenues, controlled costs and strong capital generation.
UniCredit surpasses estimates: revenues reach €13 billion and commissions boom.
In the first six months of 2026 the net revenues reached 13 billion euros, up 6% compared to the same period of the previous year net of the extraordinary negative component on trading income, while core revenues rose 3,6% to 12,2 billion. The performance was mainly supported by commissions and insurance management results, which reached 5 billion euros, an increase of 11%, thanks to strong growth in investment, consultancy, and financing activities.
Il interest margin stood at 7,2 billion, down 0,8% on an annual basis but resilient considering the decline in Euribor and the pressure on margins. proceeds Net trading income instead fell to 229 million, a decrease of 55%, mainly due to the negative extraordinary component of 245 million in the second quarter linked to the costs of hedging and financing the increase in the stake in Commerzbank. Net trading income, on the other hand, grew strongly. dividends, which rose to 1,1 billion, more than double the figure for the first half of 2025.
Revenue growth was accompanied by further improvements in operating efficiency. Costs fell to €4,6 billion, down 1%, bringing the cost/income ratio to 34,3%, among the most competitive levels in the European banking sector. The cost of risk remained low at 17 basis points, with loan loss provisions amounting to €377 million, while the RoTE half-yearly rate stood at 23,7%.
UniCredit's second quarter: net profit of €2,9 billion, revenues up 6,6%.
Il second quarter represented the 22nd consecutive quarter of growth. TheNet income stood at 2,9 billion euros, down 13,1% compared to the same period in 2025 but up 22% on an adjusted basis. total revenue reached 6,5 billion, up 6,6% year-on-year, while net revenues stood at 6,3 billion (+5,4%).
In the quarter the interest margin rose to 3,7 billion, up 0,4% year-on-year and 2% from the previous three months, supported by the increase in loan and deposit volumes. commissions and net income from insurance operations reached €2,5 billion, an increase of 14,3% year-on-year, driven mainly by investments, consultancy, and financing activities.
The quarterly results were impacted by trading income, which was negative by 246 million euros, due to the extraordinary component linked to the Commerzbank operation. operating costs remained under control at €2,3 billion, down 0,7% from a year earlier, while the cost/income ratio stood at 35,2%. The CET1 ratio rose to 14,3%, up 7 basis points from the previous quarter.
UniCredit raises 2026 guidance: profit exceeds €11 billion.
The strength of the results led the group to revise the objectives upwards for the current financial year. Unicredit now expects a Useful net 2026 well over 11 billion euros, which would rise to approximately 11,5 billion excluding integration costs. The goal is to achieve a net profit over 13 billion in 2028 and over 15 billion in 2030, before the full consolidation of Commerzbank.
On the equity front, the bank confirms a solid position: the CET1 ratio is at 14,3%, with a level that could rise to 15% considering the Danish compromise and the recovery of temporary effects on RWA. Commercial activity and the harvestingI Loans increased by 8% year-on-year to 442,6 billion, while the deposits rose 8,3% to 503,8 billion.
Dividends and buybacks: remuneration policy confirmed
The shareholder remuneration policy also remains unchanged, with a 80% overall payout of distributable profit between dividends and buybacks. In the first half of the year, 4,7 billion has already been set aside for distributions, of which 2,3 billion in the second quarter alone. The group also expects a interim cash dividend 2026 of approximately 2,8 billion, equal to approximately half of the total expected coupon. buyback The €4,75 billion expected for 2025 will instead be used to finance the acquisition of Commerz, an investment that the bank believes can generate higher returns.
UniCredit will hold an extraordinary meeting on September 21st, with convertible bonds worth up to €5 billion on the table.
The board of directors of Unicredit has called for the next Extraordinary shareholders' meeting on September 21st in Milan, called to vote on some statutory amendments related to the new rules on the submission of a list of candidates by the board of directors. The updates incorporate the changes introduced by Consolidated Finance Act and from the recent Capital Law, with the aim of adapting the rules on the appointment of the board.
Also on the agenda is the authorization for the board of directors to issue, in the next few years, one or more bonds convertible into Unicredit shares Denominated in dollars, for a total maximum value of €5 billion. The instrument aims to strengthen the group's financial flexibility in the growth phase following the Commerz transaction.
Orcel: "Record first half, we're accelerating growth."
“Unicredit has once again achieved an exceptional series of results, which have led us to the best operating performance ever and a record first half of the year,” declared the CEO. Andrea Orcell "We are accelerating profitable revenue growth, supported by market share gains, strong commercial momentum, and continued efficiency improvements. These results have allowed us to raise our 2026 net profit guidance to over €11 billion, or approximately €11,5 billion excluding integration costs."
Orcel emphasized the role of the transformation initiated by the group, with investments in technology, artificial intelligence, and people to make the bank "leaner, faster, and more efficient," confirming the growth strategy in the various markets in which UniCredit operates. "Our diversification, combined with the discipline to evaluate new growth opportunities, positions us to create sustainable value for shareholders and navigate diverse environments with strength," the CEO added.
