Unicaja Banco SA (UNI) AI Stock Analysis

• Market Cap: €6.39B
• Dividend Yield: 5.8%
• Average Volume (3M): 8.15M
• Price to Earnings (P/E): 10.2
• Beta (1Y): 1.10
• Revenue Growth: -9.39%
• EPS Growth: 45.60%
• Country: ES
• Employees: 7,502
• Sector: Financial
• Sector Strength: 70
• Industry: Banks - Regional
• EPS (TTM): 0.05
• Shares Outstanding: 2,571,434,600
• 10 Day Avg. Volume: 5,692,517
• 30 Day Avg. Volume: 8,146,864
• PEG Ratio: 0.83
• Price to Book (P/B): 1.09
• Price to Sales (P/S): 2.77
• P/FCF Ratio: 42.73
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: €2.60
• Price Target Upside: 4.58% Upside
• Rating Consensus: Moderate Sell
• Number of Analyst Covering: 8
• EPS Forecast (FY): 0.25
• Revenue Forecast (FY): €2.13B

• Rating: 62 Neutral
• Price Target: €3.00 ▲(20.48% Upside)
• Action: Downgraded Date: 03/01/26
• Date: Action: Downgraded 03/01/26

The score is driven primarily by improved profitability and a constructive earnings outlook, supported by an attractive valuation (moderate P/E and high dividend). These positives are tempered by elevated balance-sheet leverage, unstable cash-flow generation, and only neutral-to-soft technical momentum.

Positive Factors

Capital Position (CET1)

A 16% CET1 ratio with +90bps in 2025 provides a durable capital buffer to absorb credit shocks, support organic lending growth, and meet regulatory constraints. Strong capital reduces reliance on external issuance and sustains long-term strategic optionality for the bank.

Improving Asset Quality

Material NPL reduction and higher coverage materially lower expected credit losses and provisioning volatility. Improved asset quality enhances earnings predictability, supports capital generation, and enables more conservative credit pricing and continued lending without large provisioning drag.

Fee Diversification and AUM Growth

Strong mutual fund and AUM inflows grow non‑interest fee income and reduce reliance on NII. A larger, sticky asset-gathering franchise improves recurring revenues, cross-sell economics, and resilience to rate cycles, supporting sustainable profitability over the medium term.

Negative Factors

High Shareholder Payout Reduces Retained Capital

A structurally higher payout policy materially reduces internal capital retention, limiting organic CET1 accumulation. Over time this constrains balance-sheet flexibility to absorb RWA growth, fund lending expansion, or execute opportunistic M&A without external capital.

Competitive Pressure on Deposits and Mortgages

Sustained competition from digital and specialized banks compresses deposit margins and forces tighter mortgage pricing. This structurally limits net interest margin upside, increases funding costs, and may cap loan yield recovery even as volumes grow, pressuring long-term NII.

Volatile Operating Cash Flow & Rising Costs

Volatility in operating cash flow combined with rising operating and restructuring costs undermines cash generation predictability. This elevates liquidity management risk, can increase cost-to-income structurally, and reduces capacity to self-fund investments or absorb credit shocks over the medium term.

Unicaja Banco SA Business Overview & Revenue Model

Company Description

Unicaja Banco, S.A. provides various banking products and services to individuals and companies in Spain and internationally. It offers accounts, payments, and debit and credit cards; mortgages and personal loans; deposit products, stock exchange, pension plans, investment funds and portfolios, and savings insurance policies; and life, home, car, accident, health, and agricultural insurance, as well as SME and retail damage, and corporate liability insurance products. The company also provides cash management, short term and long-term financing, and investment services, as well as remote and mobile banking services. In addition, it engages in the property development and renewable energies activities; and invests in assets, securities, and financial companies. As of December 31, 2021, it had a network of 1,368 branches in Spain and 1 correspondent office in the United Kingdom. Unicaja Banco, S.A. was founded in 1991 and is headquartered in Málaga, Spain.

How the Company Makes Money

Unicaja Banco generates revenue through various streams, primarily from interest income, which is derived from the loans it extends to customers. The bank earns interest on personal and business loans, mortgages, and credit lines, which constitute a significant portion of its income. Additionally, it generates fee-based income from services such as account maintenance, transaction fees, and investment services. Unicaja Banco also engages in wealth management and advisory services, which contribute to its earnings. The bank's strong customer base and regional presence allow it to maintain stable revenue, while its partnerships with local businesses and institutions enhance its service offerings and customer reach.

Unicaja Banco SA Financial Statement Overview

Summary

Income statement trends are strong with materially higher net income and improved margins into 2025, but the overall fundamentals are held back by sharply higher leverage in 2025 (debt jump vs equity) and highly volatile operating/free cash flow (including negative OCF/FCF in 2024).

Income Statement

Profitability has improved materially since 2023, with net income rising (2023: 266.7M → 2024: 573.3M → 2025: 632.0M) and stronger margins in 2025 (net margin ~22.9% vs ~17.5% in 2024). Operating profitability also expanded in 2025 (EBIT margin ~32.7% vs ~24.9% in 2024). The key weakness is growth volatility: revenue declined in 2025 (-8.6%) after modest growth in 2024 (~10.6%), following a very strong rebound in 2023 (~52.7%).

Balance Sheet

Equity is stable to modestly higher over time (2023: 6.64B → 2025: 7.07B) and return on equity improved versus 2022–2023 (2025 ~8.9%). However, leverage increased sharply in 2025 as total debt rose to 10.06B from 4.81B in 2024, pushing debt relative to equity to ~1.42 (vs ~0.71 in 2024). The higher leverage reduces balance-sheet flexibility and raises sensitivity to funding and credit conditions.

Cash Flow

Cash generation is inconsistent. Operating cash flow swung from strongly positive in 2023 (2.83B) to negative in 2024 (-0.36B), then only modestly positive in 2025 (0.22B). Free cash flow followed a similar pattern (2023: 2.77B → 2024: -0.41B → 2025: 0.17B). A positive in 2025 is that free cash flow covered a meaningful portion of net income (~74.6%), but the volatility in operating and free cash flow is a clear risk signal.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	3.02B	2.58B	3.28B	2.97B	1.94B	1.37B
Gross Profit	2.03B	2.12B	2.13B	1.98B	1.74B	1.25B
EBITDA	950.00M	994.00M	903.13M	461.07M	473.25M	1.09B
Net Income	616.00M	632.00M	573.33M	266.70M	277.58M	1.11B
Balance Sheet
Total Assets	95.56B	98.43B	97.37B	97.15B	99.00B	115.55B
Cash, Cash Equivalents and Short-Term Investments	6.49B	12.85B	7.50B	8.04B	4.66B	21.30B
Total Debt	4.63B	13.14B	4.81B	5.09B	4.48B	3.08B
Total Liabilities	88.56B	91.34B	90.63B	90.51B	92.54B	109.22B
Stockholders Equity	6.98B	6.53B	6.74B	6.64B	6.46B	6.33B
Cash Flow
Free Cash Flow	0.00	167.19M	-406.55M	2.77B	-17.41B	13.93B
Operating Cash Flow	0.00	224.20M	-355.53M	2.83B	-17.35B	13.96B
Investing Cash Flow	0.00	-2.54B	234.08M	375.22M	343.38M	195.29M
Financing Cash Flow	0.00	578.12M	-416.81M	168.97M	367.30M	476.42M

Unicaja Banco SA Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2.49
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ES:UNI, the sentiment is Negative. The current price of 2.49 is below the 20-day moving average (MA) of 2.70, below the 50-day MA of 2.76, and above the 200-day MA of 2.37, indicating a neutral trend. The MACD of -0.04 indicates Positive momentum. The RSI at 31.37 is Neutral, neither overbought nor oversold. The STOCH value of 29.13 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ES:UNI.

Unicaja Banco SA Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SAN	71 Outperform	€141.00B	10.62	12.91%	1.82%	-16.49%	14.32%
CABK	70 Outperform	€70.06B	12.56	15.73%	4.05%	-7.50%	12.76%
BBVA	68 Neutral	€102.87B	10.27	18.66%	3.39%	5.66%	8.16%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
SAB	66 Neutral	€15.15B	9.53	7.75%	7.43%	-6.77%	-39.63%
BKT	64 Neutral	€12.09B	11.09	16.71%	3.64%	-7.12%	15.96%
UNI	62 Neutral	€6.39B	10.21	8.76%	5.80%	-9.39%	45.60%

Unicaja Banco SA Corporate Events

Unicaja Banco Slightly Expands Balance Sheet and Shifts Toward Interest-Earning Assets in 2025

Unicaja Banco, S.A. has reported its individual balance sheet for the second half of 2025, showing total assets of €99.13 billion, up from €97.99 billion a year earlier. The bank’s asset structure reflects a slight reduction in cash and central bank balances, offset by growth in total financial assets, particularly financial assets at amortised cost and at fair value through other comprehensive income.

Investments in subsidiaries and associates, as well as tax assets, remain broadly stable, while tangible assets and non-current assets held for sale have declined modestly. The figures indicate a balance-sheet shift toward interest-earning financial assets and hedging derivatives, suggesting a continued emphasis on optimizing asset yields and managing interest rate risk within its core banking operations.

The most recent analyst rating on (ES:UNI) stock is a Hold with a EUR2.75 price target. To see the full list of analyst forecasts on Unicaja Banco SA stock, see the ES:UNI Stock Forecast page.

Unicaja Banco Details Governance, Board Structure and Shareholder Framework in 2025 Report

Unicaja Banco SA has published its 2025 Annual Corporate Governance Report, detailing its ownership structure, including share capital, significant shareholders, treasury shares and estimated free float, as well as existing restrictions on share transfers and voting rights. The document also covers the functioning of the General Shareholders’ Meeting, including attendance, resolutions adopted in 2025, communication with institutional investors and shareholder remuneration policies.

The report provides an in-depth view of the composition and diversity of the Board of Directors, its skills matrix and selection, appointment and removal procedures, alongside information on directors’ external positions and limits on the number of roles they may hold. It further outlines senior management structures and remuneration, underscoring the bank’s efforts to strengthen transparency and governance practices, which are key for regulators, investors and other stakeholders tracking the bank’s corporate oversight and risk management framework.

The most recent analyst rating on (ES:UNI) stock is a Hold with a EUR2.75 price target. To see the full list of analyst forecasts on Unicaja Banco SA stock, see the ES:UNI Stock Forecast page.

Unicaja Banco Details 2025–2026 Directors’ Pay Framework and Governance

Unicaja Banco has released its Annual Directors’ Remuneration Report outlining the remuneration policy that will apply in 2026 and detailing how it will be implemented for directors, including the chief executive, in the 2025 financial year. The report describes the structure of fixed and variable pay, the role and activities of the remuneration committee, and how the remuneration system is aligned with the bank’s risk profile, strategic objectives, and pursuit of sustainable long-term results.

It also includes statistical information and a reconciliation of the remuneration framework with supervisory models required by the Spanish securities regulator. The disclosure provides stakeholders with transparency on governance and pay practices, highlighting the bank’s efforts to link executive compensation with prudent risk-taking and long-term value creation for shareholders and other interested parties.

The most recent analyst rating on (ES:UNI) stock is a Hold with a EUR2.75 price target. To see the full list of analyst forecasts on Unicaja Banco SA stock, see the ES:UNI Stock Forecast page.

Unicaja Banco Calls 2026 AGM to Approve 2025 Results and Board Changes

Unicaja Banco has convened its 2026 Ordinary General Shareholders’ Meeting for 9 April 2026 in Malaga, with remote attendance, proxy and voting options enabled under Spanish corporate law. Shareholders will be asked to approve the 2025 individual and consolidated annual accounts, the consolidated non-financial information statement, the board’s management performance, and the allocation of 2025 profits.

The meeting will also vote on key board composition matters, including the re-election of proprietary directors Miguel González Moreno and José Ramón Sánchez Serrano, and the appointment of María Nieves García Santos as a new proprietary director. These governance and financial approvals are set to shape Unicaja Banco’s capital allocation, oversight structure and strategic direction for the coming year, with relevant documentation accessible via its corporate website.

The most recent analyst rating on (ES:UNI) stock is a Hold with a EUR2.75 price target. To see the full list of analyst forecasts on Unicaja Banco SA stock, see the ES:UNI Stock Forecast page.

Unicaja Banco Delivers Record 2025 Earnings and Lifts Shareholder Payout as Asset Quality Improves

Unicaja Banco reported record 2025 net profit of €632 million, up 10.3% year-on-year, driven by robust net interest income of €1.5 billion, a 2.8% rise in fee income from strong sales of investment funds and insurance, and lower provisions, while maintaining an efficiency ratio of 45.5% and an adjusted ROTE of 12.1%. Customer funds rose 3.5% to €96.8 billion, off-balance-sheet savings jumped 13.8%, and investment funds surged 22.6% with net subscriptions up nearly 60%, while the performing loan book grew 1.9% on the back of consumer and corporate lending, asset quality improved with NPAs down 25.3% and an NPL ratio of 2.1%, and the bank strengthened its shareholder payout by lifting its dividend policy to a 70% pay-out on 2025 earnings and planning additional returns, all while preserving a CET1 ratio of 16% and revising upwards profit and income targets for 2025‑27.

The most recent analyst rating on (ES:UNI) stock is a Hold with a EUR2.90 price target. To see the full list of analyst forecasts on Unicaja Banco SA stock, see the ES:UNI Stock Forecast page.

Unicaja Banco Publishes Full-Year 2025 Financial Report

Unicaja Banco SA has published its financial report for the period from January to December 2025, dated 3 February 2026, outlining its performance, balance sheet evolution, funding structure, loan book quality, and key operating and strategic developments. The report covers the macroeconomic backdrop, asset quality, liquidity and solvency metrics, share performance, credit ratings, innovation initiatives and sustainability efforts, providing stakeholders with a comprehensive view of the bank’s financial health, risk profile and strategic positioning at year-end 2025.

The most recent analyst rating on (ES:UNI) stock is a Hold with a EUR2.90 price target. To see the full list of analyst forecasts on Unicaja Banco SA stock, see the ES:UNI Stock Forecast page.

Unicaja Banco Posts Record 2025 Profit and Lifts Payout as It Upgrades Guidance

Unicaja Banco reported record 2025 net profit of €632 million, up 10.3% year on year, driven by solid net interest income, higher fee and commission income from investment funds and insurance, and lower provisions, while maintaining a stable efficiency ratio of 45.5% and an adjusted ROTE of 12.1%. The bank is significantly raising shareholder returns with a new dividend policy targeting a 70% payout of net profit and considering additional remuneration via share buybacks or extra dividends, revising upwards its 2025‑27 profitability guidance, all while preserving a strong capital and liquidity position, expanding customer funds and lending, improving asset quality indicators, and consolidating its competitive standing in the Spanish banking sector.

The most recent analyst rating on (ES:UNI) stock is a Sell with a EUR2.60 price target. To see the full list of analyst forecasts on Unicaja Banco SA stock, see the ES:UNI Stock Forecast page.