UniCredit (AO) | Not Rated | Full optionality and flexibility retained on Commerzbank

Research evidence excerpt

UniCredit (AO) | Not Rated | Full optionality and flexibility retained on Commerzbank

Italian Investment Conference Feedback

Release date: 20 May 2026

Luigi Tramontana

Equity Research Analyst

Not Rated +39 02 85 50 72 19UniCredit ltramontana@keplercheuvreux.com

Italy | Banks & Asset Managers Beta Profile: MCap: EUR101.4bn

Target Price: none Bloomberg: UCG IM Reuters: CRDI.MI

Current Price: EUR70.46 Free float 89.0%

Up/downside: False Avg. daily volume (EURm) 716.0

YTD abs performance -0.6% Market data: 19 May 2026

52-week high/low (EUR) 78.64/55.01

Full optionality and flexibility retained on Commerzbank

Key points

The message remains ambitious on organic growth, in line with Unlimited business plan.

On Commerzbank, UniCredit retains full optionality and flexibility depending on context evolution.

Speaker

Iacopo Dalu, Head of Group Investor Relations

Temperature

Very good attendance, with interactive discussions.

What’s new?

Guidance: NII sensitivity for 50bps rate increase to add EUR300m in 1Y. Volume growth may slow down due to slower GDP growth,

but it is still a very good environment for banks. 15-20bps guidance on the cost of risk defended by untouched EUR1.7bn overlays.

-1% cost CAGR with many moving parts, as salaries are increasing but headcount is decreasing in all the back offices, while

increasing in the front offices to increase market share in selected client segments.

Commerzbank: UniCredit has almost 27% direct stake and c.3% derivative exposure with securities settlement (leading to c.30%

potential stake), plus 11% derivative exposure with cash settlement. The latter could be restructured with securities settlement if

the potential stake will reach 40% after the ongoing PTO (running till 16 June). UniCredit would then be able to reach 51% control