2Q26 preview: Beat and raise plus clearing post CBK

Research evidence excerpt

2Q26 preview: Beat and raise plus clearing post CBK

Reaching control of Commerzbank

Full consolidation is applied when a parent company owns more than 50% of the voting Exhibit 1: CBK AGM attendance has ranged

rights in a subsidiary, giving it full control. UniCredit would combine all of from c.42% to c.67%

Commerzbank’s revenues, expenses, assets and liabilities with its own financial Commerzbank AGM attendance, 2020-2026

statement. This would happen in both the following cases: 1) an absolute majority is

reached at 50%+1 of Commerzbank’s share capital (absolute control) and/or 2) “de facto UniCredit's c.27% share

control” in situations where an owner can be considered to be in control with less than 67% capital did not attend 80%

56% 50%50% ownership. We understand the latter applies when more than 50% of the votes are 50% 56% 61%

controlled at the shareholders’ general meetings. Hence, UniCredit would have “de facto

control” as things stand with a c.48-50% stake. We note that Commerzbank AGM 42%

attendance stood at c.58% on average over 2020-24; this was prior to UniCredit building

its stake. As of May 2026, it was 42% ex UniCredit’s 27% stake which abstained from

participating; this is equal to c.70% of shareholders. See historical participation at

Exhibit 1. For more details on the other scenarios e.g. domination agreement at 75% and

100% take up, see our report: Unicredit: On the way to clinching €100 – new top pick 16 Source: BofA Global Research, Company data

June 2026. BofA GLOBAL RESEARCH

Currently c.48-50% of CBK shares with UniCredit

UniCredit currently holds c.26.8% of physical shares in Commerzbank with an additional

Exhibit 2: UniCredit holds c.27%c.3.2% physically settled total return swaps (TRS). The final acceptance showed c.17.6%