UniCredit (UCG IM) Q1 2026 (EUR): Revenue 6.87bln (exp. 6.43bln), Net 3.22bln (exp. 2.68bln)

Other Metrics: NII 3.587bln (prev. 3.661bln Y/Y).  Fees & net insurance 2.509bln (prev. 2.327bln Y/Y).  Operating costs 2.297bln (prev. 2.321bln Y/Y).  EPS 2.15 (prev. 1.80 Y/Y). Cost/income ratio 33.4% (prev. 35.4% Y/Y). RoTE 25.8% (prev. 23.1% Y/Y). CET1 14.2% (prev. 16.1% Y/Y). Organic capital generation remained strong at 98 bps, more than supporting EUR 2.48bln accrued shareholder distributions and regulatory and other factors.  Equity investment impact greater than expected due to negative 19 bps temporary impact from  the increase of equity value from Commerzbank and Alpha Bank, triggered by FY25 net profit.  Guidance: FY26 net profit ambition upgraded to equal to or above EUR 11bln.  FY28 and FY30 net profit ambitions reaffirmed, despite the more challenging macro, thanks to confidence in pace of transformation, idiosyncratic strengths and unmatched protection from lines of defence