UniCredit S.p.A. (UCG) Earnings Call Transcripts

UniCredit S.p.A.'s Latest Earnings Call - Q1 FY2026

In the first quarter of 2026, UniCredit S.p.A. reported a record net profit of EUR 3.2 billion, a 16% increase year-over-year, driven by strong core revenues and continued cost reductions. The bank upgraded its full-year net profit guidance to at least EUR 11 billion, reflecting confidence in its growth strategy and resilience in a challenging macro environment. Total revenues grew by 5%, with a notable 7% increase excluding the impact of Russia, showcasing the bank's ability to adapt and thrive amidst geopolitical tensions.

Reported metrics

Guidance from management

Management has upgraded its net profit guidance for 2026 to at least EUR 11 billion, reflecting strong performance in Q1 and confidence in ongoing growth strategies.

What management said

Good morning, and welcome to UniCredit's First Quarter 2026 Results Conference Call. Andrea Orcel, our CEO, will take you through the presentation. This will be followed by a Q&A session with Andrea and Stefano Porro, our CFO. As always, please limit yourself to 2 questions. With that, I'll hand over to Andrea.

So let me answer on Generali and then Stefano will take the second question. At the moment, we don't see scenarios that would bring us above 10%. We -- Generali, the financial investments we have stepped up the dialogue on cooperation that adds value to both sides in asset management, in insurance and in a number of our areas where we can create value both. We like status quo. We're happy with status quo, and the st...

What analysts pressed on

Analysts expressed concerns regarding the declining contribution from Russia, which is expected to significantly impact future earnings. Additionally, there were questions about the bank's M&A strategy and its ability to generate returns above the cost of equity in potential acquisitions.

Main topics on the call

• Record Net Profit — UniCredit achieved a record net profit of EUR 3.2 billion in Q1 2026, representing a 16% increase from the previous year. CEO Andrea Orcel stated, "We are off to a strong start with another record quarter... fueled by st...
• Upgraded Guidance — Management raised the net profit guidance for 2026 to at least EUR 11 billion, reflecting confidence in the bank's growth trajectory. Orcel emphasized, "Because of the strong start, the strength of our business... we are...
• Revenue Growth — Total revenues increased by 5%, with core revenues growing 3% excluding Russia. The bank noted, "We delivered 7% revenue growth, excluding Russia..." indicating strong commercial dynamics.
• Cost Efficiency — UniCredit continued to improve its cost efficiency, with costs down 2% year-over-year. Orcel stated, "Continued transformation supported yet another sequential quarter of cost reduction," highlighting the bank's focus on...

Read the full UniCredit S.p.A. transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 41 UniCredit S.p.A. earnings call transcripts on record, spanning February 6, 2020 to July 23, 2026. Based on this history, UniCredit S.p.A. reports quarterly. The most recent call on file is dated July 23, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

UCG

Exchange

BIT

Country

IT

Sector

Financials

Industry

Banks

Calls on record

41

First call

February 6, 2020

Most recent

July 23, 2026

Reporting cadence

quarterly