⏩ #UniCreditUnlimited: presenting our next phase

Good morning and thank you for joining us. I am proud to present our record fourth quarter results, culminating our best year ever and concluding five years of UniCredit Unlocked. This transformation exceeded all expectations, turning us into a leader among traditional banks and setting a new standard. We are now moving from UniCredit Unlocked to UniCredit Unlimited, a phase focused on overcoming the limits of traditional banking to lead in a new competitive landscape. Our people remain key, and we are doubling down on profitable growth and transformation. Our financial targets include accelerating revenue growth at a 5% CAGR to around €27.5 billion by 2028 and over €29 billion by 2030, reducing costs by 1% annually to below €9 billion by 2030, and achieving net profit of about €13 billion by 2028 with a RoTE above 23%, targeting €15 billion and 25% RoTE by 2030. We aim to deliver around €30 billion in distribution over three years and €50 billion over five, on top of the €9.5 billion for 2025. Our strategy is built on structural advantages: a unique pan-European presence, high-quality client mix, and product factories. We are leveraging technology and AI to reset efficiency frontiers, with initiatives like our proprietary next-generation core banking platform, Buddy, and Deal Sync. We maintain M&A discipline but have optionality. UniCredit Unlimited is designed to deliver a decade of outperformance with the best combination of profitable growth, return on tangible equity, and distribution in the European banking sector.