Unicaja Banco S.A.

Investor Presentation • Apr 29, 2024

1Q24

Earnings presentation April 29th, 2024

Index	01	Key highlights
	02	Business activity
	03	Financial results
	04	Asset quality
	05	Solvency & liquidity

Key highlights

Key highlights

Business activity	Profitability	Asset quality	Solvency and liquidity
Private sector deposits	Net interest income	Stock of NPLs	CET1
FLAT QoQ / YoY	+32% YoY	-7% -23% QoQ YoY	14.5% 679bps CET1 Ratio MDA buffer
Off BS funds	Banking margin	Foreclosed assets	MREL ratio
+2.7% YoY	+36% YoY	0.3% -33% o/ total assets(2) YoY(1)	28%
Private sector loans -1.3% QoQ	Cost to income <49%	NPA coverage 70%	Liquidity coverage ratio 294%
Customer spread +17bps QoQ	Net income x3 vs 1Q23	Provisions 25bps -39% Cost of Risk Total provisions YoY	Loan to deposits ratio 74%

Business activity

Customer funds

Stable trends in private sector deposits while off-balance sheet funds continue to grow

Customer funds

€ million

Million Euros	1Q23	4Q23	1Q24	QoQ	YoY
On balance sheet customer funds	67,886	67,738	66,691	-1.5%	-1,8%
Public institutions	5,585	5,454	4,338	-20.5%	-22.3%
Private sector	62,301	62,284	62,352	0.1%	0.1%
Demand Deposits	55,233	52,053	51,772	-0.5%	-6.3%
Term Deposits	6,967	10,128	10,558	4.2%	51.5%
Other funds	100	103	23	na	na
Off balance sheet customer funds	20,851	21,087	21,424	1.6%	2.7%
Mutual funds	11,370	11,404	11,823	3.7%	4.0%
Pension plans	3,712	3,611	3,664	1.4%	-1.3%
Insurance funds	4,617	4,926	4,649	-5.6%	0.7%
Other(1)	1,152	1,146	1,288	12.4%	11.8%
Total customer funds	88,737	88,825	88,114	-0.8%	-0,7%

Customer funds

%

Lending Performing loan book fell at a slower pace than previous quarters

Performing loan book € million

Million Euros	1Q23	4Q23	1Q24	QoQ	YoY
Public sector	5.349	4,799	4.569	-4.8%	-14.6%
Private sector	46,257	43,525	42,959	-1.3%	-7.1%
Corporate loans	12,088	10,503	10,253	-2.4%	-15.2%
Real Estate developers	592	508	447	-12.1%	-24,5%
Other corporates	11,496	9,995	9,806	-1.9%	-14.7%
Loans to individuals	34,169	33,022	32,706	-1.0%	-4.3%
Residential mortgages	31,247	30,134	29,771	-1.2%	-4.7%
Consumer & other	2,922	2,888	2,935	1.6%	0.5%
Pension advances	794	789	819	3 8%	3 2%
Total performing book	51,606	48,325	47,528	-1.6%	-7.9%

Performing loan book %

New lending

Business lending and residential mortgages new loan production improved at the beginning of 2024

Digital business

70% Number of digital customers (1)

Digital activity and customer acquisition keeps improving supported by the launch of the online platform

43% Of the consumer new

production through remote channels

30%

Of the mutual funds new production through remote channels

Committed to the environment

st time reporting to CDP in 2023 with a rating of 'Awareness' (C)

Update of the "Corporate Policy on Integration of Sustainability Factors in Credit Risk Management".

Update of the exclusionary criteria to the financing for environmental and social risks

Financial results

Quarterly income statement

Net income more than x3 times above the previous year

P&L statement(1)

Million euros	1Q23	4Q23	1Q24	QoQ (%)	YoY (%)
Net Interest Income	295	380	390	2.7%	32,3%
Dividends	0	0	0	na	na
Associates	14	29	25	-14.6%	82.7%
Net Fees	135	133	130	-2.0%	-3.5%
Trading income + Exch. Diff.	9	4	1	-71.0%	-85,0%
Other revenues/(expenses)	(79)	(104)	(85)	-18.6%	7.1%
Gross Margin	373	442	462	4.5%	23.9%
Operating expenses	(212)	(217)	(225)	3.4%	5.7%
Personnel expenses	(120)	(123)	(135)	9.9%	12.8%
SG&A	(71)	(73)	(68)	-6.5%	-4.0%
D&A	(22)	(22)	(22)	-0.1%	-1.4%
Pre-Provision Profit	160	225	237	5.5%	47.9%
Loan loss provisions	(35)	(34)	(31)	-9.9%	-13.3%
Other provisions	(33)	(27)	(19)	-27.5%	-40.7%
Other profits or losses	(20)	(207)	(3)	na	-83.3%
Pre-Tax profit	73	(42)	184	na	na
Tax	(38)	23	(73)	na	-91.0%
Net Income	34	(19)	111	na	na

Main quarterly variations

• NII: asset repricing more than offsets increase in funding costs
• Fee income: reflected commercial campaigns related to transactional fees.
• Other revenues: sector banking tax increases from €64m in 2023 to €79m in 2024
• Opex: growth in line with current guidance owing to the expected increase in personnel costs
• Other provisions / Other profits or losses: contained cost of risk and RE provisions becoming non-material following the significant decrease of balances.

Net interest income

Customer spread is 17bps basis points above 4Q23

Net interest income: Evolution

Improves 3% in the quarter supported by lending repricing and the improved liquidity position

Net interest income quarterly evolution (€m)

Fee income

Commercial campaigns to adapt the transactional business to a normalized interest rates environment was reflected in fee income trends

Fee income breakdown (%) Net fee income breakdown (€m)

Million Euros	1Q23	4Q23	1Q24	QoQ	YoY
Payments and accounts	73	72	70	-2.9%	-4.9%
Non-Banking fees	61	58	61	5.4%	1.1%
Mutual funds	33	34	31	-9.4%	-5.9%
Insurance	25	21	28	29.6%	11.0%
Pension Plans	3	3	3	0.5%	-4.1%
Other fees	12	13	12	-9.6%	0.0%
Paid fees	(11)	(11)	(13)	21.8%	17.1%
Total Net Fees	135	133	130	-2.0%	-3.5%

Other income

Sector banking tax increases form €64m in 2023 to €79m in 2024

Other income breakdown (€m)

Million Euros	1Q23	4Q23	1Q24	QoQ	YoY
Dividend income	0	0	0	na	na
Associates	14	29	25	-14.6%	82.7%
Trading income	9	4	1	-71.0%	-85.0%
Other operating income/expenses	(79)	(104)	(85)	-18.6%	7.1%
o/w Banking tax	(64)	-	(79)	na	23 1%
Total other income	(57)	(71)	(59)	-17.4%	2.5%

Operating expenses

Cost to income improvement despite higher personnel costs

Cost of risk and other provisions

Significant decrease of provisions

Loan loss provisions and credit cost of risk (1) (€m)

^{37 34 31} 1Q23 2Q23 3Q23 4Q23 1Q24 26bps 30bps 29bps 27bps 25bps Quarterly cost of risk (1)

Total provisions evolution (€m)

Profitability Profitability has started to improve towards targeted levels

3%

3%

4%

4%

5%

5%

6%

6%

7%

(1) 1Q21 pro-forma net income statement with results of Unicaja and Liberbank are added and extraordinary adjustments from the merger or restructuring costs are not considered.

(2) Banking margin calculated as (net interest income + fees – total expenses)

(3) ROTE calculated with last 12 months net income.

0

20

40

60

80

100

120

(4) ROTE adjusted is considering a CET1 fully loaded of 12.5%

Asset quality

Non-performing loans NPLs fell 23% year on year and 7% quarter on quarter

0

500

1000

1500

2000

2500

Non-performing assets NPAs continue to decrease further

Foreclosed assets (€m)	Gross Debt	NBV	Coverage (%)
Residential	290	103	64%
Building under construction	264	62	77%
Commercial RE	142	58	59%
Land	506	91	82%
Total	1,202	314	74%

0

1000

2000

3000

4000

500

700

900

1100

1300

1500

Solvency & liquidity

Solvency (I/II) CET1 FL ratio reflected the impact from the share buy back and the M2M of equity stakes

(%) Retained earnings and lower RWAs explained by the drop of the loan book

Full deduction of the share buyback(3) and the M2M of the stake in EDP(4)

CET1 fully loaded (1) quarterly evolution

(1) Capital ratios include the net income pending approval from the ECB and deducts accrued dividend of 50% of net income. Capital ratios aso include, from 4Q23, final IRB models approval received for Liberbank retail portfolios.

12,50%

13,00%

13,50%

14,00%

14,50%

15,00%

15,50%

(2) Retained earnings of net dividends & AT1 coupon

(3) Assuming €100m Share buyback (max of 3.8% of total shares)

(4) Stake in EDP through Oppidum

Solvency (II/II) Very comfortable capital position with ample regulatory buffers

(1) Current MREL requirement of 24.9% over Total Risk Exposure Amunt (TREA), including a 210 bps Market Confidence Charge..

(2) Applying P2R (CRD IV) flexibility, art. 104,

0%

5%

10%

15%

20%

25%

30%

(3) Maximum distributable amount (MDA) calculated as total capital phased in minus SREP requirement.,

Fixed income portfolio

Small increase in duration during the quarter

Fixed income portfolio evolution (€bn) Fixed income portfolio breakdown (%)

0

5

10

15

20

25

30

Liquidity Best in class liquidity position

0

TLTRO 100% repaid

Sticky & granular customer deposit base with c80% of private sector deposits secured by the DGF and c80% considered stable under the LCR methodology

Appendix

Wholesale funding

Wholesale funding breakdown and maturities (1)

Instrument	2024	2025	2026	>2026	Total
AT1	-	-	500	-	500
Tier 2	300	-	-	600	900
Senior non-preferred	-	-	500	300	800
Senior preferred	500	660	-	500	1.660
Covered Bonds	-	1.282	-	3.940	5.222
Total	800	1.942	1.000	5.340	9.082

(2) 47m of PeCocos excluded

Lending portfolios

0

500

1000

1500

2000

2500

3000

ICO Loans evolution Corporates portfolio (performing)

Large corporates SMEs & SE Real Estate

Credit stages

Credit breakdown by stages

March 2024 (€m)	Stage 1	Stage 2	Stage 3
Gross Balance	44,465	3,063	1,460
Provisions	169	161	636
Coverage level (%)	0.4%	5.2%	43.5%

Share and book value

Share and liquidity:	4Q23	1Q24
# O/S shares (m)	2,655	2,655
Last price (€)	0.89	1.15
Max price (€)	1.04	1.15
Min price (€)	0.89	0.84
Avg. daily traded volume (#shares m)	9.37	7.42
Avg. daily traded volume (€ m)	9.19	7.04
Market Capitalization (€ m)	2,363	3,045
Book Value:
BV(1) exc. minorities (€m)	5,975	6,070
TBV(2) (€m)	5,838	5,936
Ratios:
BVps (€)	2.25	2.29
TBVps (€)	2.20	2.24
PBV	0.40x	0.50x
PTBV	0.40x	0.51x

Share metrics and book value(1)

Income statement

Million euros	1Q22	2Q22	3Q22	4Q22	1Q23	2Q23	3Q23	4Q23	1Q24	QoQ (%)	YoY (%)
Net Interest Income	238	271	267	297	295	321	357	380	390	2.7%	32.3%
Dividends	1	12	3	3	0	18	6	0	0	na	na
Associates	3	39	15	23	14	34	15	29	25	-14.6%	82.7%
Net fees	133	130	131	131	135	134	132	133	130	-2.0%	-3.5%
Trading income + Exch. Diff.	8	19	8	17	9	(0)	7	4	1	-71.0%	-85.0%
Other revenues/(expenses)	2	(25)	3	(124)	(79)	(49)	(14)	(104)	(85)	-18.6%	7.1%
Gross Margin	386	446	426	347	373	458	503	442	462	4.5%	23.9%
Operating expenses	(219)	(217)	(218)	(208)	(212)	(216)	(213)	(217)	(225)	3.4%	5.7%
Personnel expenses	(129)	(129)	(125)	(123)	(120)	(124)	(120)	(123)	(135)	9.9%	12.8%
SG&A	(67)	(65)	(70)	(62)	(71)	(69)	(69)	(73)	(68)	-6.5%	-4.0%
D&A	(23)	(23)	(22)	(22)	(22)	(23)	(24)	(22)	(22)	-0.1%	-1.4%
Pre-Provision Profit	168	229	209	139	161	242	290	225	237	5.5%	47.9%
Loan loss provisions	(51)	(38)	(40)	(85)	(35)	(40)	(37)	(34)	(31)	-9,9%	-13.3%
Other provisions	(27)	(25)	(32)	(10)	(33)	(30)	(25)	(27)	(19)	-27.5%	-40.7%
Other profits or losses	(2)	(21)	2	(32)	(20)	(21)	(38)	(207)	(3)	-98.4%	-83.3%
Pre-Tax profit	88	145	138	12	73	150	190	(42)	184	na	na
Tax	(25)	(37)	(37)	(6)	(38)	(36)	(53)	23	(73)	na	91.0%
Net Income	63	107	102	6	34	114	137	(19)	111	na	na

Balance sheet

Million euros	31/03/2023	30/06/2023	30/09/2023	31/12/2023	31/03/2024
Cash on hand, Central Banks and Other demand deposits	12,262	6,879	6,846	8,040	10,375
Assets held for trading & Financial assets at fair value through P&L	213	203	204	918	601
Financial assets at fair value through other comprehensive income	1,085	1,169	1,453	1,502	1,649
Financial assets at amortised cost	54,778	53,750	51,797	52,353	50,698
Loans and advances to central banks and credit institution	1,211	1,065	880	2,291	1,653
Loans and advances to customers	53,567	52,685	50,917	50,062	49,045
Debt securities at amortised cost	26,588	25,354	24,824	25,099	24,840
Hedging derivatives	1,544	1,533	1,990	1,222	1,183
Investment in joint ventures and associates	1,030	986	930	940	827
Tangible assets	1,959	1,925	1,871	1,766	1,735
Intangible assets	76	80	85	85	83
Tax assets	4,739	4,705	4,699	4,720	4,610
Other assets & NCAHFS	859	674	546	508	491
Total Assets	105,134	97,259	95,245	97,153	97,093
Financial liabilities held for trading & at fair value through P&L	49	50	53	463	456
Financial liabilities at amortised cost	94,882	87,109	85,132	86,556	86,752
Deposits from central Banks	5,353	936	944	954	0
Deposits from credit institutions	8,358	4,541	4,124	5,773	5,775
Customer Deposits	74,734	74,095	73,299	73,475	74,387
Other Issued Securities	3,861	3,854	4,181	4,239	4,537
Other financial liabilities	2,575	3,684	2,583	2,115	2,054
Hedging derivatives	1,255	1,115	1,063	1,148	994
Provisions	1,060	1,023	1,010	957	900
Tax liabilities	434	460	453	414	493
Other liabilities	1,128	1,022	994	968	941
Total Liabilities	98,809	90,779	88,705	90,507	90,536
Own Funds	6,330	6,429	6,565	6,523	6,620
Accumulated other comprehensive income	- 5	49	(29)	121	-66
Minority interests	0	3	2	2	2
Total Equity	6,325	6,480	6,539	6,646	6,557
Total Equity and Liabilities	105,134	97,259	95,245	97,153	97,093

This presentation (the Presentation) has been prepared by Unicaja Banco, S.A. (the Company or Unicaja Banco) for informational use only.

The recipient of this presentation has the obligation of undertaking its own analysis of the Company. The information provided herein is not to be relied upon in substitution for the recipient's own exercise of independent judgment with regard to the operations, financial condition and prospects of the Company. The information contained in this presentation does not purport to be comprehensive or to contain all the information that a prospective purchaser of securities of the Company may desire or require in deciding whether or not to purchase such securities, and, unless otherwise stated, it has not been verified by the Company or any other person.

The information contained in the Presentation may be subject to change without notice and must not be relied upon for any purpose. Neither the Company nor any of affiliates, advisors or agents makes any representation or warranty, express or implied, as to the fairness, accuracy, completeness or correctness of any information contained in this document and, by hereby, shall not be taken for granted. Each Unicaja Banco and its affiliates, advisors or agents expressly disclaims any and all liabilities which may be based on this document, the information contained or referred to therein, any errors therein or omissions therefrom. Neither the Company, nor any of its affiliates, advisors or agents undertake any obligation to provide the recipients with access to additional information or to update this document or to correct any inaccuracies in the information contained or referred to in the Presentation.

Unicaja Banco cautions that this Presentation may contain forward looking statements with respect to the business, financial condition, results of operations, strategy, plans and objectives of the Unicaja Banco and its affiliates. While these forward looking statements represent Unicaja Banco's judgment and future expectations concerning the development of its business, a certain number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from the current expectations of Unicaja Banco and its affiliates. These factors include, but are not limited to, (1) general market, macroeconomic, governmental, political and regulatory trends; (2) movements in local and international securities markets, currency exchange rate and interest rates; (3) competitive pressures; (4) technical developments; and (5) changes in the financial position or credit worthiness of Unicaja Banco's and its affiliates customers, obligors and counterparts. These and other risk factors published in past and future filings and reports of Unicaja Banco, including those with the Spanish Securities and Exchange Commission (CNMV) and available to the public both in Unicaja Banco's website (https://www.unicajabanco.com/es/inversores-y-accionistas/informacion-economico-financiera/informes-financieros) and in the CNMV's website (https://www.cnmv.es), as well as other risk factors currently unknown or not foreseeable, which may be beyond Unicaja Banco's control, could adversely affect its business and financial performance and cause actual results to differ materially from those implied in the forward-looking statements.

Market and competitive position data in the Presentation has generally been obtained from industry publications and surveys or studies conducted by third-party sources. Peer firm information presented herein has been taken from peer firm public reports. There are limitations with respect to the availability, accuracy, completeness and comparability of such data. Unicaja Banco has not independently verified such data and can provide no assurance of its accuracy or completeness. Likewise, certain statements in the Presentation regarding the market and competitive position data are based on the internal analyses of Unicaja Banco, which involve certain assumptions and estimates. These internal analyses have not been verified by any independent source and there can be no assurance that the assumptions or estimates are accurate. Accordingly, undue reliance should not be placed on any of the industry, market or Unicaja Banco's competitive position data contained in the Presentation.

This Presentation includes accounts and estimations issued by the management, which may have not been audited by the Company's auditors. In addition, this document includes certain Alternative Performance Measures (APMs) as defined in the guidelines on Alternative Performance Measures published by the European Securities and Markets Authority on 5 October 2015 (ESMA/2015/1415es) (the ESMA guidelines). This report uses certain APMs, which are performance measures that have been calculated using the financial information from Unicaja Banco and its affiliates but that are not defined or detailed in the applicable financial framework and therefore have neither been audited nor are capable of being completely audited. These APMs are aimed to enable a better understanding of Unicaja Banco's and its affiliates' financial performance but should be considered only as additional disclosures and in no case as a replacement of the financial information prepared under International Financial Reporting Standards (IFRS). Moreover, the way the Unicaja Banco defines and calculates these measures may differ to the way these are calculated by other companies, and therefore they may not be comparable. Please refer to Unicaja Banco's past and future filings and reports including those with CNMV and available to the public both in Unicaja Banco's website (https://www.unicajabanco.com/es/inversores-y-accionistas/informacion-economico-financiera/informes-financieros) and in the CNMV's website (https://www.cnmv.es) for further details of the APMs used, including its definition or a reconciliation between any applicable management indicators and the financial data presented in the consolidated financial statements prepared under IFRS. In any case, the financial information included in this Presentation has not been reviewed to the extent of its accuracy and completeness and, therefore, neither such financial information nor the APMs shall be relied upon.

Neither this presentation nor any copy of it may be taken, transmitted into, disclosed or distributed in the United States, Canada, Australia or Japan. The distribution of this presentation in other jurisdictions may also be restricted by law and persons into whose possession this presentation comes should inform themselves about and observe any such restrictions. The securities of the Company have not been and, should there be an offering, will not be registered under the U.S. Securities Act of 1933, as amended (the Securities Act), or the U.S. Investment Company Act of 1940, as amended (the Investment Company Act). Such securities may not be offered or sold in the United States except on a limited basis, if at all, to Qualified Institutional Buyers (as defined in Rule 144A under the Securities Act) in reliance on Rule 144A or another exemption from, or transaction not subject to, the registration requirements of the Securities Act. The securities of the Company have not been and, should there be an offering, will not be registered under the applicable securities laws of any state or jurisdiction of Canada or Japan and, subject to certain exceptions, may not be offered or sold within Canada or Japan or to or for the benefit of any national, resident or citizen of Canada or Japan.

THIS PRESENTATION DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER FOR SALE OR SOLICITATION OF ANY OFFER TO BUY ANY SECURITIES NOR SHALL IT OR ANY PART OF IT FORM THE BASIS OF OR BE RELIED ON IN CONNECTION WITH ANY CONTRACT OR COMMITMENT TO PURCHASE SHARES. ANY DECISION TO PURCHASE SHARES IN ANY OFFERING SHOULD BE MADE SOLELY ON THE BASIS OF PUBLICLY AVAILABLE INFORMATION ON THE COMPANY.

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All information prior to the mergeris aggregated on a pro forma basis.

Important legal information

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1Q24 Earnings presentation