UniCredit SpA (GB:0RLS)
LSE:0RLS
Earnings Data
Report Date
May 06, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
1.9Last Year’s EPS
1.79Same Quarter Last Year
Strong Buy
Based on 7 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a strong set of record results for FY25 with broad-based commercial momentum, high profitability, robust fee growth, disciplined cost control and clear medium-term targets (net revenue, cost base, net profit, ROTE and high shareholder distributions). Management also outlined an ambitious UniCredit Unlimited strategy emphasizing AI, technology, platform rollouts (Vodeno, Buddy, DealSync) and capital-light product growth, supported by excess capital and overlays. Key near-term challenges include regulatory and tax-driven CET1 pressure, Russia-related revenue compression, meaningful recurring hedging costs (~€500m p.a. expected), RWA increases from model/regulatory changes, and execution risk around fast AI-driven transformation and workforce redeployment. Overall, the positives (record results, clear targets, strong commercial momentum and capital/distribution optionality) outweigh the negatives, though successful delivery depends on execution of technology/AI initiatives and regulatory/RWA management.Company Guidance
Record FY 2025 Profitability
Net profit €10.6bn, up 14% year-on-year; return on tangible equity (ROTE) 19.2% (22% adjusted for excess capital), up ~1.5 percentage points; EPS +20%, DPS +31%, tangible book value per share +19%.
Strong Distribution and Shareholder Returns
Total distribution for 2025 of €9.5bn (up 6%); confirmed ordinary payout ratio of 80% (50% dividend / 30% buyback); target cumulative distribution circa €30bn over next 3 years and €50bn over next 5 years (in addition to €9.5bn for 2025).
Revenue Momentum and Client Solutions
Group fees and net insurance +6% FY25; client solutions net revenue €11.7bn (+5%) and fees & net insurance €8.2bn (+8%); Investment net revenue +9% to €2.5bn; Insurance +15% to €1.1bn; contribution from equity investments (Commerzbank, Alpha) expected to increase materially in 2026.
Net Interest Income Stabilization and Loan Growth
NII absorbed >€1bn of rate compression; sequential NII increase Q4 +2% (first sequential rise since 2024); quality loan growth ~4% supporting margins; disciplined pass-through ~31%.
Operational Efficiency and Cost Discipline
Costs broadly flat in FY25 despite new perimeters; GOP down only 2% (1% excluding one-off hedging costs); excluding new perimeter costs would have fallen ~1.8%; cost/income ratio remains best-in-peer group; target to reduce cost base ~1% p.a. to ~€9.2bn by 2028 and below €9bn by 2030.
Prudent Risk Management and Low Cost of Risk
Group cost of risk ~15 bps; overlays maintained at €1.7bn (stated as highest in industry); net NPE ratio 1.6%, default rate 1.3%, coverage ~44% — indicating sound asset quality.
Regional Commercial Momentum
Central & Eastern Europe: loans +11%, deposits +7%, revenues +5.5%, fees & net insurance +10.7% (RoAC 27.4%). Italy: loans +2.7%, deposits +3.8% (revenues -3.1%; NII -7.8% but +4% excluding rates; RoAC ~27%). Germany and Austria also showing accelerating trends and strong RoACs (Germany RoAC 21.3%; Austria RoAC 22.6%).
Technology & AI Adoption and New Channels
Platform investments: Vodeno (cloud-native core), DealSync (AI platform matching SMEs captured >4,000 SME deal opportunities), Buddy (remote-branch reached 800k clients end-2025 targeting 2m by 2028). Reported AI platform benefits: ~35% lower time-to-delivery and ~30% lower IT cost (implementation and future productivity uplift highlighted).
Medium-Term Ambition (UniCredit Unlimited)
Targets: net revenue CAGR ~5% to ~€27.5bn by 2028 (directionally >€29bn by 2030); net profit ~7% CAGR to ~€13bn by 2028 (aspire €15bn by 2030); ROTE >23% by 2028 and directionally 25% by 2030; increase weight of fees & net insurance toward ~38% of net revenue.
Capital Position and Optionality
Excess capital >€4.5bn available; organic capital generation strong and broadly in line with net profit; CET1 pro forma adjustments (equity consolidation of Alpha/Commerzbank & Danish compromise) would move CET1 from reported 14.7% to ~14.8% (timing mismatch noted).
Replicating Portfolio & Rate Sensitivity
Replicating (hedging) portfolio >€200bn providing a recurring tailwind—estimated positive contribution ~€400m per year; NII sensitivity ±50 bps ≈ ±€300m to revenue.
GB:0RLS Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
GB:0RLS Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 09, 2026 | €73.94 | €78.64 | +6.36% |
Oct 22, 2025 | €61.61 | €60.34 | -2.06% |
Jul 23, 2025 | €56.75 | €58.82 | +3.65% |
May 12, 2025 | €52.55 | €54.65 | +4.00% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does UniCredit SpA (GB:0RLS) report earnings?
UniCredit SpA (GB:0RLS) is schdueled to report earning on May 06, 2026, Before Open (Confirmed).
What is UniCredit SpA (GB:0RLS) earnings time?
UniCredit SpA (GB:0RLS) earnings time is at May 06, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is the P/E ratio of UniCredit SpA stock?
The P/E ratio of UniCredit SpA is N/A.
What is GB:0RLS EPS forecast?
GB:0RLS EPS forecast for the fiscal quarter 2026 (Q1) is 1.9.