On the day the takeover bid on Commerzbank starts, Unicredit presents record-breaking results. The bank has in fact closed its best quarter ever, as well as the 21st consecutive year of growth, reporting “another record series of quarterly results in all key financial metrics,” underlines the CEO, Andrea Orcell In a statement, the banker continued, "These results reflect disciplined execution across all levers, revenue growth, cost efficiency, and capital strength, and demonstrate how a well-managed and diversified bank can deliver excellent returns across the macroeconomic cycle. Our winning culture, ongoing transformation, and unique strengths position us well." best for the future across a wide range of scenarios”. The stock market is celebrating, with the stock flying to the top of the Ftse Mib with a increase of almost 5% and drags the entire list with it (Ftse Mib +2%).
UniCredit's profit rises to €3,2 billion, beating estimates.
Unicredit closed the first three months of the year with a net profit of 3,2 billion euros, Up 16,1% compared to the same period in 2025. This result is 20% higher than the €2,675 billion forecast by consensus. "These figures therefore represent an 'extraordinary start' to the UniCredit Unlimited plan," the bank said in a statement.
They also increase revenues rose 4,9% to 6,9 billion of euros, while the interest margin stood at 3,6 billion, slightly down (-2%) and the commissions recorded an increase of 7,8% to 2,5 billion euro.
Moving forward with the income statement, the trading income reach 476 million (+2,3%), while the dividends amount to 408 million, more than tripled on an annual basis. From the point of view of costs, operating ones fell by 1,1% to 2,3 billion, for a cost/income ratio down to 33,4%, an “industry-leading” level, while the quality of assets The bank remains solid, with a net NPE ratio of 1,4%, an improved QoQ coverage ratio of 45,8% on impaired exposures, a low cost of risk of 17 basis points – well within the expected range – and unchanged overlays of approximately €1,7 billion, "confirming disciplined risk management and resilience in various possible macroeconomic scenarios," the Milanese institute emphasizes.
Speaking of heritage, the coefficient Cet 1 It is 14,2% or 14,8% "proforma due to the Danish Compromise." It would rise to around 15% "due to the temporary impact related to the equity values of Commerzbank and Alpha Bank."
UniCredit: 2026 profit target rises to €11 billion.
Given the encouraging results achieved in the first quarter, Piazza Gae Aulenti has decided to raise its 2026 net profit forecast, now expected to be equal to or greater than €11 billion. "UniCredit also confirms its commitment to its financial ambitions for FY28 and beyond, supported by a solid standalone trajectory and an exceptional equity story," the group emphasized in a statement.
The Commerz takeover bid has begun, Orcel: "We don't expect to reach a control point."
During the call, Orcel discussed the Commerzbank takeover bid, which begins today. The operation will remain open until June 16th and provides for an exchange ratio equal to 0,485 Unicredit shares for each Commerzbank share tendered, the manager explained, indicating that the offer will be valid for six weeks. Regarding Commerz, "it takes time, but with a lot of patience and keeping the course straight, we are very confident that it will eventually happen," the manager toldHandle.
During the conference call with analysts, the CEO of Piazza Gae Aulenti stated that the base scenario does not include the acquisition of control of Commerzbank, an eventuality that does not make the offer any less satisfactory, considering that the return on the operation is expected to be above 20%. "For us it's fine, because it means that our basic strategy is flying", added Orcel to theHandle.
In case of acquisition of control, the operation will be carried forward only if it is able to generate returns higher than the cost of capital and consistent with the "Unlimited" plan. Orcel finally underlined how both scenarios are considered positive for UniCredit shareholders, as they improve on the current situation and are consistent with a value creation trajectory already defined as a benchmark in the sector.
Orcel on Generali: "At the moment, we don't see scenarios beyond 10%"
With Generali “we have dialogue on forms of cooperation intensified that add value to both parties, in asset management, insurance and several other areas where we can create mutual value,” Orcel said during the conference call to present the quarterly results. Following rumours of possible “surveys at IVASS for evaluate the climb above 10% the banker explained that “At the moment we don't see any scenarios that would take us beyond 10%" of capital. "Generali is a financial investment", he reiterated, confirming that Unicredit holds a stake of "approximately 9%", which will increase "with the cancellation of shares following the buyback". "We like the status quo, we are satisfied with the status quo and the stake we hold helps us indirectly stabilize the situation", he concluded. "However, our “economic” exposure is well below 2% and we intend to keep it that way for the time being."
Orcel on the Italian risk game: "Beware of consolidation opportunities."
Il the Italian banking sector is “fragmented”, even if "not like the German one", and therefore "it will consolidate over time", predicts Orcel, recalling that Unicredit is "the second bank" but has a market share of less than 10%. "We are not pressured to intervene, because we scale and create synergies within the entire group - he added -, but as a player in Italy we observe the context and we are alert to consolidation opportunities".
The head of Piazza Gae Aulenti reiterated, however, that the bank "will not move or complete the transaction unless the cost of capital exceeds a certain margin." "But we are in one of the best positions to intervene if we see an opportunity," he concluded.
(Last updated: 12:15 PM on Tuesday, May 5th.)
