Unicaja Banco, S.A.

Good morning and thank you for joining us for our third quarter results presentation. Before we begin, I would like to confirm that we published this presentation and the rest of financial information on the CNNV and our corporate website earlier this morning before the market opened. As usual for our third quarter results, our chief financial officer, Pablo González, will take you through the presentation today. This will take around 25 minutes. Follow it by our usual Q&A session. So, without further ado, I will hand over to Pablo.

Thank you very much, Jaime. I will start on page three, where we show the main highlights of the quarter. Starting with our business activity, I would highlight that business volume growth has accelerated to almost 5%. Thank you very much. Cedric Blanchetiere Asset quality continues to show positive trends one more quarter. The NPL balances fell 15% year-on-year, leaving the NPL ratio at 1.8%, and its coverage improved further to 85%, significantly above the 74% reached a year ago. The cost of risk also remained positive at 19 basis points. Lastly, on solvency and shareholder remuneration, we are announcing today a second interim dividend of 6.4 cents that will be paid next 17th of December. This will leave 2026 interim dividends at 382 million euros, which is 126% above last year. Our seed 1 fell in the quarter to 15.5% due to the impact from valuation adjustments, higher risk-weighted assets, and the accrual of our 95% payout ratio. A strong solvency position that supports the high level of shareholder remuneration. Finally, let me highlight that our tangible book value per share adjusted for dividends grew 10% year-on-year to 2.62 euros. In summary, there were positive trends in the quarter, confirming the acceleration of commercial activity that will continue to improve our results. During last months, interest rate movement was impressive. In the short term, our sensitivity to rates is very small because our liabilities reprice faster than our assets. But as time goes by, more assets will be repriced at higher rates, supporting positive revenue trends in the future. In slide 4, we confirm this morning. For 2026, we have decided to pay around 25% of net income in what we call additional remuneration, something that together with the ordinary dividends will leave the payout at 95%. That is why we are announcing today a cash dividend of 6.42 euros in December. It is the second interim dividend of this year and together with the ordinary dividend that we will pay in April after the AGM. Jose Ramon Sanchez Serrano and the higher payout, something that is possible because of our best-in-class solvency position. If we move now to page 5, you will find some of the steps that we are taking in the execution of our strategic plan, where innovation, customer focus and diversification of revenues are the three main levers. Starting with innovation, we have already explained to you in previous quarters the work that we are doing on conversational banking supported by market leaders like Nvidia or Google Cloud. During last months, we have also made a lot of progress with Rosetta, which is Unicaja's technology knowledge and AI platform, integrating code, Thank you very much. On the customer focus, we have increased our payroll market share from 4.2% to 4.7% over the last 12 months. We have also improved a lot our NPS, which is partially explained by the strategy followed with our loyalty campaigns that has a short-term impact in banking fees, but that we believe that will be much more positive in the long term. Let me also highlight that we have more than 1 million clients using Bithum with us, which is the most relevant instant payment app in Spain, with around 800,000 clients using it every month. In terms of commercial activity, I would also highlight that we are growing at a very positive rate in some of the strategic segments and products, like incorporate loans, consumer, and mutual funds. All in all, a very positive trend that is a consequence of the execution of our strategic plan. I will continue with the commercial activity on page seven. As you can see, total customer funds increased by 4.6% year on year. Thank you very much. On the next page, you can see the details regarding our assets under management and insurance business. As highlighted in the previous slide, assets under management increased by 10% year over year, with mutual funds showing particularly strong growth of 14%. Despite a challenging environment in this quarter, net influx continued to grow and reach 1.6 billion euros, representing a 15% market share. Living Unicaja as the second asset under management company with the highest net inflows year to date. On the right side, we show the revenues from these two businesses, which have risen by 9% compared to last year and account for 19% of total revenues. In page 9, you have lending trends. As you can see, loan volumes grew year on year in all segments. Total performing loans were 5% above September 2025. Corporate loans grew 11% and household loans grew In household, while consumer trends remain strong, mortgages balances grew 2% year-on-year, showing more stable trends owing to the strong competition. In quarterly terms, private sector loans grew 1.2% when excluding the seasonal advances of the second quarter. On page 10, you can find the details regarding new loan production. During the first nine months of the year, new loan production reached 8.1 billion, 12% above 2025. New corporate lending was very stable at around 4.5 billion, However, in household, new lending improved around 30% year-to-date and in quarterly terms, third quarter 26 also showed positive performance compared with the same quarter of last year. The next slide highlights the strong progress we're making in our ESG strategy this quarter. Starting with sustainable business, The ESG corporate portfolio has grown by 16% this year, and regarding responsible investments, 79% of the mutual funds are classified as Article 8 or 9. On the social side, our commitment remains a key priority. This quarter we carried out 17 volunteering activities and a Dufinet project to promote financial education had close to 25,000 beneficiaries in the first nine months of the year. We continue to finance green buildings and renewable energy through our green bond framework, with eligible collateral that has grown by 92% since our first green bond issuance in 2022. Finally, we continue our decarbonization pathway with six portfolio targets on track, covering 80% of our private sector loans. We now continue with the review of the P&L in the next session, in slide 13. Net interest income grew 3.5% quarter on quarter, helped by the ongoing repricing of assets that more than compensated the increase in the cost of deposits. Fees fell 3.8% in the quarter, mainly because of lower banking fees following the additional implementation of loyalty plans at the beginning of the quarter. In cumulative terms, net interest income grew 3% in the first nine months of the year, while fees improved by 1%. Thank you very much. Now, let's review the P&L in details. Starting with the net interest margin on page 14, as we show in the slide, customer spreads bottomed in the second quarter of 26. As you can see, it grew from 226 basis points to 228 basis points in the quarter, owing to a slightly higher increase in loan yields than in the cost of deposits. Thank you very much. Net interest margin also grew 7 basis points in the quarter to 180 basis points. As you all know, in our case, the net interest margin is also a good reference for our commercial activity because we have a 70% loan-to-deposit ratio and the excess of retail funding is invested through our debt portfolio. On the following page, we show the breakdown of the quarterly evolution of net interest income. The 13 million euros growth was mainly explained by higher contribution from loans and the debt portfolio than more than offset the increase on the cost of deposits. Deposit costs grew 11 million, while interest from loans increased by 16 million, and the debt portfolio and liquidity management explained the remaining 9 million. Thank you very much. As you can see in the bottom of the slide, since the end of 2024, we have increased the percentage of high engaged customers from 32% to 41%. And as we mentioned before, we have improved the net promoter score significantly. And all this is a consequence, among others, of the loyalty programs that we have launched. These programs include lower transactional fees for more loyal clients, and as you can see in the bottom right, the percentage of clients benefited has grown from 22% to 53% in less than two years. This is a long term strategy similar to the investment that we are implementing in other segments and businesses that have a short term negative impact in P&L but will pay back in the future. This strategy explains the dual trend mentioned in fees, with banking and transactional fees decreasing in the short term, but with non-banking fees with more value for clients, like the mutual funds and insurance, improving almost 12% year-on-year. This strategy is also what explains our low single digit to flat guidance in fees for the coming quarters. However, we believe that in the long term will allow us to enhance long term profitable relationship with more clients. In slide 17, we show you the details of the rest of revenues where all lines improved compared to 2025 except trading income, whose contribution decreases owing to market conditions. Other revenues improvement is explained by several factors. Among others, there is a small positive one-off from affiliates, mainly from one of the hotel industry, and also a slightly lower real estate assets cost this quarter. Regarding total costs, personal expenses continue to grow due to the salary increases agreed with the unions and new hirings. Other administrative expenses growth is a consequence of the initiatives and investments that we are making in the context of our strategic plan. All in all, total costs grew 5% year-on-year, in line with our mid-single-digit guidance. On the next page, we continue with the cost of risk and other provisions, which together with higher revenues are more than compensating the mentioned effort in costs and allow us to keep on reporting higher results. As you can see on the left-hand side, the cost of risk was stable at 19 basis points. Thank you very much. Thank you very much. Moving to page 20, you have the profitability trends where you can see that have improved significantly during the last couple of years. On the left, we compare the reported return on tangible equity with the one Thank you very much. As you know, we consider the return on Seed 1 to be a reliable benchmark for us, as it effectively isolates this impact. In September, the return on Seed 1 adjusted for excess capital stood at 16.6%, that as you can see is well above the 11.1% that we had two years ago. On the right-hand side, you will also find our tangible book value per share plus dividends. The higher net income and dividends supported by our strong solvency position have allowed us to increase this metric by 10% in the last 12 months. Let's move now to the credit quality section on page 22. As you can see on the slide, positive trends remain in place. NPLs are down 15% year-on-year with their coverage growing to 85%. Overall, NPAs are also down 22% year-on-year with coverage also improving to 83%. A very positive evolution that leaves total net problematic exposure at a symbolic 0.5%. Moving to solvency, on page 24, you have a quarterly breach. Seed 1 fell 28 basis points in the quarter owing to higher risk-weighted assets and valuation adjustments. The risk-weighted assets increase was mainly explained by the long growth and the commercial trends. In the case of the valuation adjustments, the nine basis points impact is a consequence of the negative mark-to-market of our debt portfolio. However, this was partially offset by a positive impact from EDP, which had a seven basis points impact. All in all, seed one remained at a very comfortable level of 15.5% at the end of September. On the next page, you will find our solvency requirements and our MREL position. As you probably know, earlier this week we published our solvency requirements for 2027, including a 10 basis points lower Pillar 2 requirement. As you can see on the left, this is the third year in a row that our Pillar 2 requirement has decreased, clear evidence of the improvement of the bank. Our MREL ratio stood at 26.6% at the end of the quarter, providing a substantial buffer above the key requirements listed on the right, including an MDA buffer that was higher than 620 basis points. In terms of liquidity, oil ratio remained among the highest in the sector, with the NSFR at 151% and the LCR at 239%. Finally, our loan-to-deposit was 71%, summarizing the excess of retail funding of the bank that, among others, explains the size of our structural ALCO portfolio that we show on the following page. The yield of the portfolio continues to grow from 2.6 of last quarter and 2.6 of the same quarter last year to 2.8% at the end of this quarter. An improvement explained by the reinvestment and active management. Duration and size also presented a modest increase in the quarter. It is also worth noting that 82% is public debt and 84% is classified in the amortized cost portfolio. Finally, on page 28, we show you how current trends compare with our 2026 final year guidance. We won't be providing 2027 guidance until the fourth quarter, 26. However, for 2026 all trends remain supportive. Net interest income is growing at 3% in line with our guidance. Total fees grew 1% owing to the loyalty programs that we have explained. A strategy that in the short term will leave net fees Thank you very much. Finally, net income grew 8% year-on-year, again a positive trend when compared to the mid-single-digit guidance. All positive trends that are in line are slightly above our current guidance. Finally, let me finish on page 29 with some remarks. The execution of the strategic plan is working and is already showing some of the expected targets. Thank you very much. Thank you very much. This concludes my quarterly update. Thank you very much. And I will hand now over to Jaime for the Q&A session.

Thank you very much, Pablo. We will now begin with the Q&A session. Please remember to limit yourself to two questions and also kindly mute your line after asking your questions. Operator, please open the line for the first question.