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

UniCredit's Q1 results exceeded expectations on both revenue and net profit, reflecting strong operational performance and increased efficiency, as indicated by a lower cost/income ratio.

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Newsquawk Daily European Opening News - 5th May 2026

AB InBev (ABI BB) Q1 2026 (EUR): Revenue 15.27bln (exp. 14.84bln), Organic Volume Growth +0.8% (exp. -0.3%), Adj. EBITDA margin 35.6% (exp. 35.4%), Organic Revenue +5.8% (exp. +3.2%)

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

Mehr News Agency says a fire broke out in two commercial ships and spread to two others in Dayyer port south of Iran; cause not clear

"Explosions were heard tonight in the port of Bandar Abbas (Iran) and on Qassem Island (Iran) in the Persian Gulf", N12 journalist reports citing sources in Iran

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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
Context

The upward revision of their FY26 net profit target suggests confidence in future profitability, which should positively influence market sentiment and possibly boost the stock's valuation amidst a challenging macro environment.

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