UniCredit's Commerzbank Pursuit In Focus -- Earnings Preview

Dow Jones05-04

By Adria Calatayud

UniCredit is scheduled to report results for the first quarter on Tuesday. Here is what you need to know.

REVENUE FORECAST: Analysts expect the Italian lender to report first-quarter revenue of 6.42 billion euros ($7.53 billion), according to consensus estimates compiled by the bank. For the same period last year, it generated revenue of 6.37 billion euros.

NET PROFIT FORECAST: UniCredit is expected to post a quarterly net profit of 2.70 billion euros, according to the same consensus. It reported a net profit of 2.56 billion euros for last year's first quarter.

Shares in UniCredit fell 14% during the first quarter and have clawed back some of the losses since then, with the stock down 7.5% since the start of the year through Thursday's close.

WHAT TO WATCH

--COMMERZBANK: UniCredit shareholders on Monday approved a capital increase for its takeover bid for Germany's Commerzbank, clearing the way for the launch of the offer. The Italian bank surprised investors in March when it unveiled its plans to offer all the shares it doesn't already own, ratcheting up pressure in its long-running campaign to take over the German bank. Commerzbank has since then said it doesn't see a basis for a deal. It is now up to Commerzbank's shareholders to decide on the path ahead, with competing visions outlined by UniCredit and Commerzbank executives that both offer a strategic logic, analysts at Bank of America wrote in a note to clients. Commerzbank's valuation is a key hurdle to a full merger, analysts at J.P. Morgan said.

--OUTLOOK: UniCredit was among the banks that presented midterm plans at its 2025 results and it seems too soon for a revision given the uncertain macroeconomic environment, even if interest-rate expectations have changed, Barclays's analysts said. It will be interesting to see UniCredit's organic growth performance, especially in Italy, the Barclays analysts said. Analysts at Keefe, Bruyette & Woods said that first-quarter results will still show no obvious impact from the conflict in the Middle East.

Write to Adria Calatayud at adria.calatayud@wsj.com

(END) Dow Jones Newswires

May 04, 2026 08:58 ET (12:58 GMT)

At the request of the copyright holder, you need to log in to view this content

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

UniCredit's Commerzbank Pursuit In Focus -- Earnings Preview

At the request of the copyright holder, you need to log in to view this content

Comments