UniCredit: 1Q22 Group Results (1) . Record setting first quarter delivering UniCredit Unlocked targets across all metrics

1Q22 net profit at €1.2 billion ², resulting in healthy organic capital generation of 44 basis points, net revenues of €4.7 billion and cost/income ratio of 47.8 per cent, excluding Russia ³

Prudent Group Loan Loss Provisions of €1.3 billion booked in 1Q22; low Cost of Risk at 5 basis points, excluding Russia

Best-in-class capital position with 1Q22 CET1 ratio at 14.0 per cent post 2021 €1.6 billion share buyback, 1Q22 €0.4 billion dividend accrual ⁴ and impact of LLPs

€1.6 billion 2021 share buyback confirmed; confidence in delivering remaining €1 billion share buyback ⁵, subject to Russia performance

Well positioned to absorb potential spill-over macroeconomic effects ⁶ due to robust capital position, prudent coverage, and diversified and resilient franchise

Excellent 1Q22 with all businesses ⁷ beating UniCredit Unlocked 2022 guidance ⁸ and continuing 2021's quarterly advancements across all regions, with profitability above the cost of equity; 1Q22 RoTE at 10.2 per cent, excluding Russia

Running ahead of ESG total volume targets 2022-2024

Confident that franchise excluding Russia will meet 2024 UniCredit Unlocked RoTE and organic capital generation targets, with all key levers contributing

Committed to 2021-2024 distribution of at least €16 billion assuming our base case macroeconomic scenario and achievement of the Strategic Plan

On 4 May 2022, the Board of Directors of UniCredit S.p.A. ("UniCredit" or "the Group") approved the Consolidated Results of the Group as at 31 March 2022.

The quarter sets a number of records on revenues, costs and net profit, following a very successful 2021 that demonstrates the strong commercial momentum within the business. Excluding the impact of Russia, the Group posted €1.2 billion net profit, resulting in healthy organic capital generation of 44 basis points, net revenues of €4.7 billion, up 7.9 per cent year on year, and cost/income ratio of 47.8 per cent.

In the first quarter the Group prudently booked €1.3 billion Loan Loss Provisions (LLPs) almost entirely against Russia. UniCredit is positioned to incorporate possible spill-over macroeconomic effects⁶ due to strong capitalisation and asset quality, including sizeable overlay LLPs. Our Cost of Risk, excluding Russia, is confirmed at 30 to 35 basis points for this year and for the 2022-2024 Strategic Plan period. For the first quarter it was almost zero, at 5 basis points, without releasing overlays.

At the April 8^th AGM, shareholders approved a total 2021 distribution of €3.75 billion, which includes the already paid €1.2 billion cash dividend plus €2.6 billion in the form of share buybacks. The 2021 first planned share buyback tranche of €1.6 billion has received supervisory approval and is intended to commence as soon as possible, while the remaining €1 billion share buyback⁵ is subject to Russia performance. The cash dividend and initial share buyback tranche represent a compelling yield of 20 per cent.

The Group's 1Q22 CET1 ratio stood at 14.0 per cent, above the 2022-2024 12.5-13.0 per cent target range, absorbing, already in 1Q22, 92 basis points of capital impact from Russia ⁹ (of which 50 basis points of participation capital impact and 40 basis points as a result of applying conservative coverage of around 30 per cent on the net cross-border exposure) and the €1.6 billion share buyback. Considering the very strong capital position of UniCredit and the high levels of existing provisions, management remains confident in its ability to execute the full 2021 shareholder distribution of €3.75 billion.

UniCredit confirms its financial guidance for 2022⁸, adjusted for the impact of Russia. This is based on the UniCredit macroeconomic base case scenario of UniCredit footprint GDP growth of around 2.6 per cent in 2022 and 3.1 per cent in 2023, with inflation assumed at 5.9 per cent in 2022 and 2.4 per cent in 2023 ¹⁰.

The UniCredit Unlocked 2024 financial ambitions of average organic capital generation of 150 basis points, incremental net revenue of c. €1.1 billion and a RoTE of c. 10 per cent are confirmed with positive results already being delivered by combining the three levers of net revenues, costs and capital efficiency. The Bank continues its focus on the execution of the 2022-2024 Strategic Plan to fully unlock the value of UniCredit and is committed to deliver attractive and sustainable returns, with the ambition to return at least €16 billion to shareholders by 2024.

The Group is trending well ahead on UniCredit Unlocked targets for environmental lending, ESG Investment Products and Social Lending, and are on track to deliver origination of Sustainable Bonds over the plan.

Key recent events include the following:

• Yapi Kredi disposal concluded, with residual capital impacts to be booked in 2Q22;
• €1.2 billion 2021 dividend paid on 21 April 2022;
• 2021 first share buyback tranche of €1.6 billion approved ¹¹ and expected to commence as soon as possible;
• UniCredit SpA's 'BBB/Positive' issuer rating affirmed by S&P.

Andrea Orcel, Chief Executive Officer of UniCredit S.p.A. :

"UniCredit delivered another excellent quarter of high quality financial results across all our businesses, setting records across a number of key metrics, demonstrating the inherent value and commercial dynamism of our franchise and people. Healthy organic capital generation means we have maintained a very strong CET1 ratio of 14.0 per cent, which includes €1.6 billion for the 2021 share buyback, dividend accrual and the negative impact of our exposure to Russia.

The first months of 2022 have been marked by extreme geopolitical and macroeconomic uncertainty. Whilst challenges undoubtedly lie ahead for the global economy due to the war in Ukraine and its broader impact, UniCredit is entering this period with a resilient and profitable model, and prudent capital and existing provisions. This gives us confidence in our ability to execute on our 2022-24 Strategic Plan, and to continue supporting our communities, clients and the financial system during this turbulent period."

Notes:

1 All figures are related to consolidated Group, unless otherwise stated that they are Group excluding Russia.

2 1Q22 Group stated net profit at €1.2 billion.

3 Russia includes the local bank and legal entities, plus the cross-border exposure booked in UniCredit SpA, see page 10 for the Russia segment 1Q22 results. For Group consolidated results, including Russia, see page 11.

4 2022 cash dividend at 35 per cent of Net Profit excluding Russia, net of AT1, CASHES coupons and impacts from DTAs from tax loss carry forward contribution (zero in 1Q22).

5 Subject to supervisory approval.

6 Spill-over macroeconomic effect considers second degree impact of conflict in Ukraine on rest of the Group excluding Russia.

7 Excluding Russia.

8 UniCredit Group 2022 financial guidance available in section "Group excluding Russia key financial 2022 guidance" at page 12.

9 For further information refer to the 1Q22 Market Presentation.

10 GDP and inflation growth of Group footprint are calculated based on a weighted GDP and inflation average of the respective countries (excluding Russia).

11 Shareholder and supervisory approval.

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