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Unicredit, profit 2025 at 10.6 billion (+14%). 30 billion to shareholders in 3 years

by Luca Davi

9 February 2026

3' min read

Translated by AI

Versione italiana

Key points

Unicredit aims to give 4.75 billion in dividends by 2025
Unicredit, target 30 billion to shareholders in next 3 years
Orcel: exceeded expectations

3' min read

Translated by AI

Versione italiana

Unicredit files a record 2025 with a net profit of EUR 10.6 billion (+14%), above estimates. And, adjusting its own estimates upwards, it now promises shareholders EUR 30 billion in the next three years and EUR 50 billion in the next five.

Accounts 2025

The relevant figure is 2025 closes with results above market expectations, despite the fact that the bank booked non-recurring charges of EUR 1.4bn in the fourth quarter to support future profitability prospects. Fourth-quarter net profit thus closes at EUR 10.6bn, up 13.6% from 2024, and book profit at EUR 10.9bn (+12.3%), numbers that compare with targets set at EUR 10.5bn and EUR 10.7bn respectively.

On the revenue side, the picture remains solid but less expansive: total revenue stood at EUR 24.5bn (-1.3%), while net revenue fell 1.4% to EUR 23.9bn. Net interest income paid the price normalisation and fell 4.3% to EUR 13.7bn, but held up well thanks to volume growth and a pass-through control on deposits (31%). Offsetting this are commissions and insurance management, up 5.6% to 8.7 billion, now accounting for some 35% of total revenues.

Unicredit aims to give 4.75 billion in dividends by 2025

On the basis of these results, UniCredit is announcing total distributions of EUR 9.5 billion for the financial year 2025, an increase of 6% year-on-year. Of this, EUR 4.75 billion is earmarked for cash dividends, while the remainder is allocated to share buybacks, confirming a flexible approach to capital remuneration.

The dividend per share for FY25 rose to EUR 3.15, an increase of 31% year-on-year, reflecting both profit growth and a reduction in the number of outstanding shares.

The sustainability of distribution is supported by strong organic capital generation (382 basis points in 2025) and a CET1 ratio of 14.7%, well above the management target.

Unicredit, target 30 billion to shareholders in next 3 years

The bank in Piazza Gae Aulenti has thus decided to reach its strategic guidelines - renamed 'Unicredit Unlimited' from the previous 'UniCredit Unlocked' - and now forecasts cumulative distributions of around EUR 30 billion over the three-year period 2026-2028 and up to EUR 50 billion over five years, subject to the maintenance of profitability and capital targets. additional annual distributions, the bank emphasised in a note, "will be assessed from year to year on the basis of excess capital available".

CEO Orcel: 'Expectations exceeded, now a new era begins'

"Unicredit has once again achieved record growth and profitability in 2025 by reaching €10.6bn in net profit, up 14% on last year, and a RoTE of 19.2%, marking 20 consecutive quarters of profitable and capital-generating growth, and exceeding our own expectations," explains Unicredit CEO Andrea Orcel. This result, he explains, 'was achieved despite extraordinary charges of EUR 1.4 billion for the year, anticipated to further strengthen the medium-term trajectory'. This 'is the beginning of a bold new era for our bank, characterised by unlimited possibilities, bold ambitions and a radical rethinking of what a pan-European bank should be'.

"M&A? Only according to the same discipline as at present'

During the conference call with analysts, Orcel spoke about the group's international presence and looked to the horizon. "The structural advantage of our presence in 13 markets provides us with a unique advantage for inorganic growth. Any mergers and acquisitions will be approached with the same discipline applied today," says the banker. "We have excess capital available to further accelerate our growth by pursuing mergers and acquisitions or returning it to shareholders if better opportunities for its deployment are not found," he concludes.

"Generals? Only fantasies to create stories'

During the conference call, Orcel also answered those who asked him about possible developments on the Generali dossier. 'These are just fantasies of people who need to create stories, but there is nothing else on this subject, at least as far as I know at the moment,' says Orcel. Who adds: 'We communicate with them regularly. They are one of our industry partners. People,' the manager recalls, 'forget that they provide most of our banking insurance products in Central and Eastern Europe. We distribute their asset management products within our network. So, of course, we communicate with them,' Orcel reiterates.