UniCredit二季度收入65.2亿欧元并上调2026年净利目标至约115亿欧元

- UniCredit S.p.A. press release (UNCRY): Q2 Revenue of €6.52B (+6.5% Y/Y).
- Net revenues were at €6.3B in 2Q26, down 5.4% Q/Q and up 5.4% Y/Y.
- 2Q26 net profit at €2.9 billion, or €3.1 billion ex Commerzbank related trading one-off , with 1H26 net profit at €6.3 7 billion, up 3%7 1H/1H or 24% adjusted1 and high RoTE at 23.7%.
- 2Q26 CET1 ratio of 14.3% up 0.1 p.p. Q/Q, or 15.0% pro forma for Danish compromise5 and such temporary impact4 reversal. FY26 CET1 ratio expected at circa 15%.
- Outlook: The strong performance in 1H26 leads us to improve our FY26 net profit ambition to well above €11 3 billion, or circa €11.5 billion when excluding integration costs. We now aim for a FY28 net profit well above €13 billion and FY30 well above €15 billion, both before the full consolidation of Commerzbank. The Group's FY26 CET1 ratio is expected to be at circa 15%, before full consolidation of Commerzbank. The initial capital impact from full consolidation, assuming the offer's completion by the end of the year and subject to all necessary authorizations, is expected at circa 200 basis points, before impacts from Purchase Price Allocation ("PPA"), and including the effect of the cancellation of the €4.75 billion FY25 share buy-back, reinvested at a higher RoAC. The CET1 ratio post line-by-line consolidation of Commerzbank is expected to be in the 13% area and to strengthen quickly over time. The transaction is expected to be accretive on an absolute and per share basis, leading to double digit net profit growth in 2026-2028 and adding to the already double-digit EPS and DPS growth of Unlimited for the period 2026 – 2028, while continuing on a superior trajectory beyond 2028, towards 2030.