2025 marks Unicredit's best year everThe bank closes the year with aNet income which stands at 10,6 billion euros, up 14% compared to the previous year, with a RoTE rising to 19,2%, an increase of 1,5 percentage points. This is a particularly significant result because it was achieved despite the absorption of 1,4 billion in extraordinary charges, accounted for in advance to strengthen and protect the medium-term trajectory.
The data certifies the twentieth consecutive quarter of growth profitable and quality, culminating in five years of disciplined execution of the “Unlocked” plan.
UniCredit: fourth quarter exceeds expectations
In the fourth quarter of 2025 alone, Unicredit hasachieved a net profit of 1,8 billion euros, up 17,2% compared to the same period in 2024 and exceeding market expectations. Net profit rose to 2,2 billion, also beyond the consensusRevenues for the October-December period amounted to €5,7 billion, down 5,3%, with net interest income of €3,4 billion (-6%) and commissions up 8,1% to €2,1 billion. Operating costs remained under control at €2,5 billion, with a cost/income ratio rising to 44,2%.
Resilient revenues and business quality
At an annual level, net revenues stand at 23,9 billion euros, substantially in line with 2024 if we consider the effects of hedging on the strategic portfolio. interest margin falls by 4,3% to 13,7 billion, but shows a resilience greater than expected thanks to loan growth in the most profitable segments, increased deposits and disciplined management of the pass-through, which closed the year at around 31%.
The revenues are supported in a decisive way by commission and insurance component, which rises to 8,7 billion euros, up 5,6%. The figure reflects the good performance of investment commissions andInternalization of life insurance joint ventures in Italy, bringing this item to approximately 35% of total revenues. This balance reduces dependence on the interest rate cycle and strengthens the structural quality of earnings.
Operational efficiency and asset quality
I annual operating costs remain unchanged at 9,4 billion euros, despite the expansion of the perimeter and strong investments in technology, data and transformation. cost/income ratio stands at 38%, among the best in the sector. Asset quality remains high, with a cost of risk contained at 15 basis points. Organic capital generation reached 382 basis points, bringing the CET1 ratio to 14,7%, well above management's target.
Dividend up 30%
UniCredit confirms one of the most attractive compensation policies in the industry. Total distributions for 2025 amount to €9,5 billion. of which 4,75 billion in dividends. The dividend per share rises to 3,15 euros, up over 30% year-over-year. The remainder of the distribution is made through share buybacks.
From “Unlocked” to “Unlimited”: the new plan
With the completion of “Unlocked”, Unicredit launches its new strategic phase, "Unlimited.", which covers the period 2026-2028 and lays the foundations for 2030. The stated objective is further accelerate profitable growth and capital generation, while redefining the frontier of operational efficiency.
For the 2026 The group aims to achieve net revenues above 25 billion euros, costs equal to or less than 9,4 billion and a net profit of approximately 11 billion, with a RoTE above 20%. In 2028 the ambition will riseand approximately 27,5 billion in net revenues, costs under 9,2 billion, net profit around 13 billion and RoTE above 23%, accompanied by double-digit growth in earnings and dividends per share.
Cumulative distributions are estimated at approximately $30 billion over the next three years and $50 billion over the next five.
Orcel: Record in 2025 and confidence in future trajectory
“Unicredit has achieved once again record growth and profitability in 2025, reaching €10,6 billion in net income, up 14%, and a RoTE of 19,2%, marking 20 consecutive quarters of profitable and capital-generating growth. This result was achieved despite extraordinary expenses for €1,4 billion, brought forward to strengthen the medium-term trajectory. We closed the year with a solid CET1 ratio of 14,7% and an industry-leading distribution of €9,5 billion to shareholders, including €4,75 billion in dividends. Looking ahead, the strength of our people, product factories, and digital, data, and AI resources supports theambition to achieve profitable growth and capable of generating capital leading to a net profit of approximately 13 billion and a RoTE above 23% in 2028".
Orcel: "New plan creates more value than any M&A"
On the sidelines, in an interview with Cnbc, the CEO of the group in Piazza Gae Aulenti also declared: the plan “Unicredit Unlimited can generate much more valuable than mergers and acquisitionsHowever, Europe requires more mergers and acquisitions, especially in every market, but especially cross-border. And we have more capabilities than anyone else. We are present in 13 markets, which means 13 markets,” which offer more options. “And we have two holdings, one in particular. And our view is exactly the same as in the past. We have a lot to offer shareholders even without it. We are extremely disciplined,” Orcel continued, who then reiterated that “we will not dilute our shareholders' returns by making deals that do not match our parameters. However, we believe there is a lot of value to be created for banks in other markets that join us. And if shareholders decide to do so on terms that are advantageous to them, we will act,” he concluded.
With Commerzbank Orcel continued, "We believe that at the right time, if the conditions are favorable, everything will happen as expected. And if not, we have much more to do. We are very focused on implementing the plan, which is ambitious."
Orcel also predicted that “the interest margin will continue to grow sequentially and therefore the year-on-year comparison will become very visible starting in the second quarter." The banker also emphasized that "asset quality seems very, very stable for now." Furthermore, "fees and net insurance are in line with our targets. Costs are better," given the integration expenses we have incurred, and we are doubling our transformation efforts and will be able to reduce our costs by about 1% per year for the next five years. And we will do so while increasing our investments in technology and artificial intelligence that we have available."
Orcel curbs speculation about Generali: "It's an industrial partner, nothing more."
During the conference call with analysts, Andrea Orcell He also clarified the relationship between Unicredit e Generali, dampening market rumors on possible extraordinary developments. “We talk to them regularly, I am one of our industrial partners“, explained the CEO, specifying that the relationship is part of a consolidated collaboration, particularly in Central and Eastern Europe.
Orcel noted that Generali provides "most of our bancassurance products" in that area and that Unicredit also distributes the Trieste-based Lion's asset management products within its network. "So, of course, we talk to them," but "the rest is the fantasies of people who need to create stories: there is nothing else on this topic, at least as far as I know at this time.”
UniCredit launches a new coupon: an 8% retail bond with a call option starting in the fifth year.
On the day of the presentation of the results, Unicredit has launched a new bond directly tradable on the MOT and Bond-X of the Italian Stock Exchange. This is the second retail issuance of 2026, accessible to all investors through their securities account, regardless of the supporting bank.
Il the title has a duration of 15 years and provides for the option of annual early repayment at the issuer's discretion starting in the fifth year. The structure is denominated in euros and is designed to address the current environment of still-high interest rates, offering more generous yields initially and a gradual return to normal in subsequent years.
La coupon starts at 8% gross annual interest rate for the first two years, a level significantly above current market rates, before gradually decreasing to 2% gross annual interest rate towards the end of the bond's life. This trend reflects the European Central Bank's expectations of a gradual easing of monetary policy and aims to combine initial yield with long-term capital protection.
From the 9 27 February, based on market conditions and the regulations of the reference markets, the bond is offered on the MOT and on Bond-X at a price equal to 100% of the issue price.
Last update 14,32am
