Unicredit He further improved the Guidance on profits and distribution for 2025 after having filed a second quarter with a Useful record and higher than expectationsin the aftermath of the decision to withdraw from the public exchange offer on Banco BPM by motivating the decision with the impossibility of satisfying the condition relating to the Golden Power.
The results
Unicredit He closed the second quarter of 2025 with net accounting profit of 3.3 billion euros, up 20.7% trim/trim and upwards of 24.8% a/a. Net revenues were equal to 6 billion or 6.4 billion and up 0.5% A/A excluding the negative result of 335 million in the proceeds from negotiation activities, mainly due to the coverage costs connected to the consolidation to the net assets of Comerzbank only partially compensated by the postive impacts in the proceeds from negotiation activities by others by others strategic investments. Core revenues stood at 5.9 billion in 2TRIM25, up 1.3% year on year.
The group continues to excel in the generation of capital, which has reached 825 basis of capital basis generated organically in 2TRIM25, for a total of 2.4 billion, in support of 2.5 billion provision for distributions to shareholders in 2TRIM5, or 100% of the rectified net profit for one -off impacts that are not distributable (provision for distribution for distribution to shareholders equal to 5.2 billion in the shareholders 1sem25). The Cet1 Ratio stood at a strong 16% with RWAS amounting to 287.7 billion, an increase of 0.3% compared to the previous quarter.
The down payment on the cash dividend, which will be defined by the Unicredit Board of Directors which will approve the results of 3q25, currently scheduled for October 27, 2025, after the completion of the necessary requirements, is scheduled for 2.1 billion, with the ex-date date set for November 24, 2025, the registration date on November 25, 2025 and the payment date on November 26, 2025.
The new Guidance
There guidance On net revenues FY25 has been updated to over 23.5 billion, while the guidance on the cost of the risk is confirmed at about 15 basis points. The guidance on the margin of interest for the FY25 has been improved to a decrease in Mid-Single Digit percentage points compared to the FY24 and the guidance on the commissions (including the net result of insurance) was confirmed with an increase in Mid-Single Digit percentage points compared to the FY24.
The cost guidance has been improved equal to or lower than 9.6 billion. This leads to an improvement in the guidance of the FY25 net profit to about 10.5 billion. The Guidance Rote for the FY25 has been improved at about 20%, with a stronger growth than EPS and DPS than the FY24. In line with Unicredit’s commitment in the creation of value for shareholders, our Guidance for FY25 distributions was raised to at least 9.5 billion, of which at least 4.75 billion in cash dividends.
Following the excellent results obtained and by the solid foundations built to structurally increase our main financial indicators, Unicredit has updated the ambitions for 2027 to a net profit of at least 11 billion, Rota above 20%, and a total distribution to shareholders of at least 30 billion between Fy25 and Fy27 with a continuous strong growth of EPS and DPS.
Orcel’s comment
“Unicredit has achieved excellent financial results, with a second record quarter that contributes to the best first half of the bank history. We have reported a quarterly useful profit of 3.3 billion euros and a robust wheel of 24.1%, with the core revenues that increased year on year at 5.9 billion. We are protected for the future since our low cost of the risk, And an unparalleled level of overlay defend us against potential macroeconomic recessions “
He said Andrea Orcel, CEO of Unicredit, commenting on the results.
“We closed The quarter with a CET1 pro-form of 16.2% (pro-form for Danish Compromise). This exceptional performance in the first half of the semester, together with further levers for future growth, allowed us to raise our guidance for 2025 and the ambitions for 2027, providing at least 30 billion in total distributions to the shareholders of which at least 15 billion in cash in cash from 2025 to 2027. We look to the future with confidence “
He added.
“To achieve these results in the current macroeconomic environment makes this a milestone even more significant for the team, of which they are immensely proud, and which continues to overcome expectations even when it should not be possible to do it. Unicredit is definitely found in the acceleration phase of Unicredit Unlocked, which is producing results higher than the plan and at the same time strengthening and protecting our bank for the future”.
The collection from BPM
Last night the retreat from OPS on Banco BPM had arrived, After Consob for the second time in two months had suspended the offer for 30 days, citing the excessive uncertainty generated by the recent Tar sentence and the evaluation of the EU Commission on the conditions imposed by the Government for the operation through the Golden Power decree.
“The continuous uncertainty about the application of the prescriptions of the Golden Power does not help either of them. We therefore decided to withdraw our offer”
He said the Ad Orcel in a note. According to Unicredit
“The times for a definitive resolution of the Golden Power issue go far beyond the expiry of our offer and also that of the suspension decided by Consob”.
For the Institute of Piazza Gae Aulenti,
“This is a missed opportunity not only for BPM stakeholders, but also for Italian entrepreneurial communities and for the economy in general”.
On the entire story UniCredit also accuses Banco BPM from having prevented a dialogue between the biddler and the shareholders of the Target Institute “in the way in which A normal offer process would have allowed “.
