UniCredit posted Q1 net profit €3.22bn, 19.2% above consensus €2.70bn, beating bullish estimate €2.85bn.
Total revenue reached €6.87bn, surpassing analyst range €6.15‑€6.69bn, with fees and net insurance income up 7.8% YoY to €2.51bn.
Operating costs fell 1.1% YoY to €2.30bn, cost‑to‑income ratio improved to 33.4% (down 2 pp), and loan loss provisions matched €185m consensus.
UniCredit raised its 2026 net profit target to at least €11bn, reaffirmed 2028/2030 goals, and reported CET1 ratio of 14.2% (pro‑forma 14.8%).