UniCredit: raises 2026 guidance, profit ‘well above’ 11.5 billion
New governance structure for Commerz at the start of 2027, with HVB adding value
(Il Sole 24 Ore Radiocor) - UniCredit has revised its guidance for 2026 upwards, with net profit now expected to be ‘well above 11.5 billion before exceptional items’, compared with the previous guidance of a result “well above 11 billion or around 11.5 billion excluding integration costs”. The bank also emphasises that it is approaching 2027 “with strong momentum”. Standalone net profit, excluding the full consolidation of Commerzbank, is confirmed at ‘well above 13 billion’ in 2028 and is estimated at ‘well above 15 billion’ in 2023, with a ROTE of around 25 per cent. On the German front, the final approvals are expected by the end of November, “followed by the settlement of the offer and the audit” with “a new governance structure and the launch of ‘Commerzbank’
“Unlocked” is expected by the first quarter of 2027. CET 1 will remain at or above 13 per cent, “growing rapidly from then on”. Distributions to shareholders are expected to remain “unchanged” for 2026, whilst for 2027–2030 they are “improved compared with the standalone scenario”. In 2028, earnings per share are expected to be well above 10 euros, with distributions to shareholders well above 8 euros per share and “further growth potential in 2029”. Finally, a merger with HVB “would unlock further value and potentially before
'as planned'.
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