Unicaja Banco S.A.

Investor Presentation • Feb 6, 2024

2023 Earnings presentation

February 6th 2024

Agenda

1. Summary

• 2. Business activity
• 3. Financial results
• 4. Asset quality
• 5. Solvency & balance sheet

Summary

2023 has laid the foundations towards a significant improvement of structural profitability and shareholder remuneration

4

(1) The Board of Directors has agreed to appoint José Sevilla Álvarez as an independent director, foreseeing his appointment as Chairman of the Board of Directors as from his ratification at the next General Shareholders' Meeting

(2) Proposal that the Board of Directors intends to submit to the Annual General Meeting.

(3) Subject to formal regulatory approval and limited to a maximum of 3.8% of total share capital.

Summary

Strong solvency and liquidity position to keep supporting profitability improvement going forward

Business activity	▪ Performing loans decreased in the year on the back of reduced demand and early amortization of corporate and retail loans ▪ Customer resources, +1.5%QoQ post a strong quarter both on and off-balance sheet	Performing loans Customer resources (excl. public sector)	-8.7% YoY +0.2% YoY
Profitability	▪ NII +6.4% in the quarter with customer spread improving by 13 basis points ▪ Fee income remains very stable on the back of business recurrency ▪ Cost to income improves by 6 percentage points in the year to 48% (1) ▪ Banking margin (NII + Fees - OPEX) improves by 40% in the year ▪ Net income of €267m in 2023.	Net Interest income Fee income OPEX	+26.1% YoY +1.6% YoY -0.4% YoY
Asset quality	▪ Cost of risk, of 29bps in 2023, remained very stable throughout the year ▪ Non-performing assets decreased €950m in the year (25%), and 31% in net figures ▪ NPLs down 19% (€370m) and foreclosed assets 32% (€580m)	NPL Ratio (%) NPL Coverage (%)	3.1% 64%
Solvency and liquidity	▪ CET 1 FL of 14.7% as of December 2023 +54bps up in the quarter and +173bps in (1), the year. ▪ Superior liquidity ratios: LTD 74%, LCR 308% and NSFR 149%	CET 1 FL ratio MREL FL Ratio	14.7% 26.8%

Business activity

Customer funds

Positive quarter in private sector deposits and off-balance sheet funds

Customer funds breakdown

Million Euros	4Q22	3Q23	4Q23	QoQ	YoY
Customer funds on balance sheet	69,833	66,777	67,738	1.4%	-3.0%
Public institutions	6,889	5,646	5,454	-3.4%	-20.8%
Private sector	62,943	61,131	62,284	1.9%	-1.0%
Demand Deposits	57,049	52,432	52,053	-0.7%	-8.8%
Term Deposits	5,874	8,668	10,128	16.8%	72.4%
Other funds	20	30	103	na	na
Customer funds off balance sheet	20,249	20,759	21,087	1.6%	4.1%
Mutual funds	11,249	11,227	11,404	1.6%	1.4%
Pension plans	3,682	3,677	3,611	-1.8%	-1.9%
Insurance funds	4,268	4,683	4,926	5.2%	15.4%
Other(1)	1,050	1,172	1,146	-2.2%	9.2%
Total customer funds	90,081	87,535	88,825	1.5%	-1.4%

(1) Includes SICAVs and other managed portfolio funds

Lending Early amortizations, subdued demand and higher rates put pressure on the loan book

Performing loan book (€m)

Million Euros	4Q22	3Q23	4Q23	QoQ	YoY
Public sector	5,767	4,966	4,799	-3.4%	-16.8%
Corporate loans	12,695	11,048	10,503	-4.9%	-17.3%
Real Estate developers	663	519	508	-2.0%	-23.3%
Other corporates	12,032	10,529	9,995	-5.1%	-16.9%
Loans to individuals	34,491	33,519	33,022	-1.5%	-4.3%
Residential mortgages	31,617	30,641	30,134	-1.7%	-4.7%
Consumer & other	2,874	2,878	2,888	0.3%	0.5%
Pension advances	740	785	789	0.5%	6.6%
Total Performing book	52,953	49,533	48,325	-2.4%	-8.7%

New lending

Business and consumer lending recover activity at the end of the year

Consumer lending (€m)

4Q22 3Q23 4Q23

Residential mortgage (€m)

Digital business

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

Digital customers Digital activity 64% number of digital customers (1) 30% New customers Digitally on-boarded

Transversal enhancement of the ESG management structure

New exclusion policy from funding for environmental and social risks

Reinforcing our catalogue of sustainable products:

New mixed-rate Hipoteca Oxigeno

60% of SP & SNP issuances are Green

~50% Investment funds art.8, 8+ & 9

Financial Inclusion new measures

Agreement with Valladolid Provincial Council to remove commissions at mobile ATMs

New digitization managers (150 professionals) in branches with the highest volume of clients to accompany clients

Financial Education

CECA Social Work and Financial Education Awards: 1st in the category of Financial Education for Seniors (> 65ys)

6th Financial Education Congress of the Edufinet Project (500 attendees)

Financial results

Quarterly income statement

Core banking margin (NII+Fees-Costs) improves by 40% in the year

2023 P&L statement(1)

Million euros	4Q22	3Q23	4Q23	QoQ (%)	YoY (%)	2022	2023	2023 vs 2022 (%)
Net Interest Income	297	357	380	6.4%	27.9%	1,073	1,353	26.1%
Dividends	3	6	0	-99.9%	-99.9%	18	25	33.3%
Associates	23	15	29	97.6%	26.4%	80	92	14.5%
Net Fees	131	132	133	0.9%	1.5%	525	533	1.6%
Trading income + Exch. Diff.	17	7	4	-37.5%	-74.3%	52	20	-61.9%
Other revenues/(expenses)	(124)	(14)	(104)	na	-15.7%	(144)	(248)	72.1%
Gross Margin	347	503	442	-12.1%	27.4%	1,606	1,776	10.6%
Operating expenses	(208)	(213)	(217)	2.0%	4.4%	(862)	(859)	-0.4%
Personnel expenses	(123)	(120)	(123)	2.1%	-0.6%	(506)	(487)	-3.8%
SG&A	(62)	(69)	(73)	5.5%	16.7%	(265)	(281)	6.1%
D&A	(22)	(24)	(22)	-8.5%	-2.6%	(90)	(91)	0.1%
Pre-Provision Profit	139	290	225	-22.4%	61.7%	744	917	23.2%
Loan loss provisions	(85)	(37)	(34)	-7.9%	-60.3%	(214)	(146)	-31.7%
Other provisions	(10)	(25)	(27)	6.3%	158.2%	(94)	(114)	21.5%
Other profits or losses	(32)	(38)	(207)	na	na	(53)	(286)	437.8%
Pre-Tax profit	12	190	(42)	na	na	383	371	-3.2%
Tax	(6)	(53)	23	na	na	(105)	(104)	-1.2%
Net Income	6	137	(19)	na	na	278	267	-4.0%
Net income (excl. banking tax)	6	137	(19)	na	na	278	330	19.0%

Main quarterly variations

Revenues & OPEX:

• NII: Asset repricing more than offsets increase in funding costs
• Fee income: Remains very resilient on the back of recurrent activity and mutual funds evolution
• Other revenues: Deposit guarantee fund charge of €88m in the quarter
• Opex Decreased in the year on the back of merger synergies

Cost of risk and provisions:

▪ Other provisions / Other profits or losses: Additional provisions booked in the quarter, accelerating the reduction of NPAs

Net interest income

Customer spread improves by 13 basis points in the quarter to 2.75%

Average quarterly customer spread (%)

-0.10% 0.40% 0.90% 1.40% 1.90% 2.40% 2.90% 3.40% 3.90%

Lending yields 4Q23

(1) Back book is average loan yield and front book is the average for the 4Q23

Customer spread Loan yield Deposit cost

Net interest income: Evolution

Improves 6.4% in the quarter explained by asset repricing and liquidity

Net interest income quarterly evolution (€m)

A Retail:

• Lending: Loan yield improves 26bps in the quarter
• Funding: Contained customer deposits
• B Fixed income portfolio: Average yield improves from 2.51% to 2.70%
• C Wholesale funding:
  • Interbank: Positive impact from improved liquidity position more than offset minimum reserve requirement negative impact
  • Wholesale funding: Almost fully repriced has slight negative impact from issuance in September

Fee income

Recurrent business supports growth in a challenging fee income environment

Fee income evolution (€m) Fee income breakdown (€m)

Million Euros	4Q22	3Q23	4Q23	YoY	QoQ	2022	2023	%
Payments and accounts	74	75	72	-2.7%	-4.6%	298	295	-1.0%
Non-Banking fees	59	60	58	-1.6%	-2.7%	239	238	-0.5%
Mutual funds	34	33	34	1.2%	3.0%	129	132	1.8%
Insurance	23	24	21	-5.5%	-10.6%	98	96	-2.6%
Pension Plans	3	3	3	-4.8%	-4.2%	11	10	-9.8%
Other fees	8	12	13	74.0%	12.1%	36	48	33.7%
Paid fees	(10)	(15)	(11)	8.8%	-31.5%	(48)	(48)	-1.2%
Total Fees	131	132	133	1.5%	0.9%	525	533	1.6%

Operating expenses

Merger restructuring comes to an end with nearly 40% branch network reduction and 25% of employees

Operating expenses (€m)

(1) Costs include depreciation.

Branches and employees

Cost of risk and other provisions

Stable cost of risk below initial guidance and additional provisions for real estate assets

Profitability Core Banking margin improves by 40% in 2023

Banking margin (NII + Fees - OPEX) evolution (€m) Profitability evolution

Asset quality

Non-performing loans

Decreased 19% in the year while maintaining strong coverage levels

Non-performing loans evolution

Prudent lending approach

• ✓ NPLs down €370m in the year
• ✓ >75% of performing loan book are mortgages and public sector
• ✓ 53% of NPLs are mortgages

Loan book NPL ratio and coverage

Foreclosed assets

Foreclosed assets yearly evolution(1) (€m)

NPAs decreased by 25% in gross terms and 31% in net terms in the year

Non-performing assets (€m)

Foreclosed assets breakdown and coverage

Foreclosed assets (€m)	Gross Debt	NBV	Coverage (%)
Residential	321	112	65%
Building under construction	249	55	78%
Commercial RE	156	63	60%
Land	528	97	82%
Total	1,253	327	74%

(1) Exits* include sales and assets fully provisioned and written off balance sheet (2) Net NPA ratio calculated as NPA (net of provisions) over net lending plus net foreclosed assets

Solvency & balance sheet

Solvency (I/II) CET1 FL ratio increased 54bps in the quarter and 173bps in the year

CET 1 Fully loaded(1) quarterly evolution (bps)

(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.

• (2) Retained earnings of net dividends & AT1 coupon
• (3) Assuming €100m Share buyback

Main quarterly impacts

▪ RWAs:

• (-) Loan book and NPAs decrease
• (+) Mark to market valuation of equity stakes
• (+) Market and operational risk and others
• Valuation adjustments:
  • Mainly stake of Oppidum (EDP)

Solvency (II/II)

Very comfortable capital position with ample regulatory buffers

Capital structure - MREL (fully loaded). December 2023

Capital levels versus current requirements

(1) Current MREL requirement of 24.5% over Total Risk Exposure Amunt (TREA), including a 210 bps Market Confidence Charge.. (2) Applying P2R (CRD IV) flexibility, art. 104, (3) Maximum distributable amount (MDA) calculated as total capital phased in minus SREP requirement.,

Fixed income portfolio

Portfolio size slightly up in the quarter with short duration

Fixed income portfolio breakdown (%)

Fixed income portfolio evolution (€bn)

Sareb

Private debt

Wholesale funding

Well spread maturities and stable volumes expected going forward

	2024	2025	2026	>2026	Total
AT1	-	-	500	-	500
Tier 2	300	-	-	300	600
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	5,040	8,782

(1) SP , SNP, Tier 2 and AT1 refers to call date.

Wholesale funding breakdown and maturities (1) Capital markets maturities and costs (2)

(2) Excludes €47m of PeCocos

Liquidity Leading liquidity ratios across Europe

Sticky and granular customer base:

• c.80% of the private deposits secured by the DGF
• c.80% of deposits are stable per LCR reporting
• c.€20k average account balance

A significant improvement of profitability and shareholder remuneration in 2024

(1) Assuming residual charges on DGF and SRF. (2) Dividend yield calculated maintaining a 50% payout, over market cap as of year end. (3) Share buyback assumes maximum of €100 or 3.8% of outstanding shares

Appendix

Lending portfolios

ICO Loans evolution Corporates portfolio (performing)

Credit stages

Credit breakdown by stages

Dec. 2023 (€m)	Stage 1	Stage 2	Stage 3
Gross Balance	45,086	3,238	1,568
Provisions	171	169	658
Coverage level (%)	0.4%	5.2%	42.0%

Share and book value

Share metrics and book value(1)

Share and liquidity:	3Q23	4Q23
# O/S shares (m)	2,655	2,655
Last price (€)	1.02	0.89
Max price (€)	1.08	1.04
Min price (€)	0.92	0.89
Avg. daily traded volume (#shares m)	9.14	9.37
Avg. daily traded volume (€ m)	9.11	9.19
Market Capitalization (€ m)	2,705	2,363
Book Value:
BV(1) exc. minorities (€m)	6,015	5,975
TBV(2) (€m)	5,878	5,838
Ratios:
BVps (€)	2.27	2.25
TBVps (€)	2.21	2.20
PBV	0.45x	0.40x
PTBV	0.46x	0.40x

(1) Book value excludes €547m of AT1 and other comprehensive income (2) Tangible Book Value excludes €53m of goodwill from associates and intangibles.

Income statement

Million euros	4Q21	1Q22	2Q22	3Q22	4Q22	1Q23	2Q23	3Q23	4Q23	QoQ (%)	YoY (%)
Net Interest Income	235	238	271	267	297	295	321	357	380	6.4%	27.9%
Dividends	5	1	12	3	3	0	18	6	0	-99.9%	-99.9%
Associates	10	3	39	15	23	14	34	15	29	97.6%	26.4%
Net fees	134	133	130	131	131	135	134	132	133	0.9%	1.5%
Trading income + Exch. Diff.	21	8	19	8	17	9	(0)	7	4	-37.5%	-74.3%
Other revenues/(expenses)	(91)	2	(25)	3	(124)	(79)	(49)	(14)	(104)	na	-15.7%
Gross Margin	313	386	446	426	347	373	458	503	442	-12.1%	27.4%
Operating expenses	(223)	(219)	(217)	(218)	(208)	(212)	(216)	(213)	(217)	2.0%	4.4%
Personnel expenses	(140)	(129)	(129)	(125)	(123)	(120)	(124)	(120)	(123)	2.1%	-0.6%
SG&A	(61)	(67)	(65)	(70)	(62)	(71)	(69)	(69)	(73)	5.5%	16.7%
D&A	(22)	(23)	(23)	(22)	(22)	(22)	(23)	(24)	(22)	-8.5%	-2.6%
Pre Provision Profit	90	168	229	209	139	160	242	290	225	-22.4%	61.7%
Loan loss provisions (1)	(56)	(51)	(38)	(40)	(85)	(35)	(40)	(37)	(34)	-7.9%	-60.3%
Other provisions (1)	(34)	(27)	(25)	(32)	(10)	(33)	(30)	(25)	(27)	6.3%	158.2%
Other profits or losses	(23)	(2)	(21)	2	(32)	(20)	(21)	(38)	(207)	na	na
Pre Tax profit	(24)	88	145	138	12	73	150	190	(42)	na	Na
Tax	5	(25)	(37)	(37)	(6)	(38)	(36)	(53)	23	na	na
Net Income	(18)	63	107	102	6	34	114	137	(19)	na	na

Balance sheet

Million euros	31/12/2022	30/06/2023	30/09/2023	31/12/2023
Cash on hand, Central Banks and Other demand deposits	4,662	6,879	6.846	8,040
Assets held for trading & Financial assets at fair value through P&L	208	203	204	918
Financial assets at fair value through other comprehensive income	1,008	1,169	1.453	1,502
Financial assets at amortised cost	55,316	53,750	51.797	52,353
Loans and advances to central banks and credit institution	990	1,065	880	2,291
Loans and advances to customers	54,326	52,685	50.917	50,062
Debt securities at amortised cost	26,867	25,354	24.824	25,099
Hedging derivatives	1,813	1,533	1.990	1,222
Investment in joint ventures and associates	965	986	930	940
Tangible assets	1,996	1,925	1.871	1,766
Intangible assets	75	80	85	85
Tax assets	5,076	4,705	4.699	4,720
Other assets & NCAHFS	984	674	546	508
Total Assets	98,969	97,259	95.245	97,153
Financial liabilities held for trading & at fair value through P&L	53	50	53	463
Financial liabilities at amortised cost	88,933	87,109	85.132	86,556
Deposits from central Banks	5,321	936	944	954
Deposits from credit institutions	3,418	4,541	4.124	5,773
Customer Deposits	74,386	74,095	73.299	73,475
Other Issued Securities	3,329	3,854	4.181	4,239
Other financial liabilities	2,478	3,684	2.583	2,115
Hedging derivatives	1,082	1,115	1.063	1,148
Provisions	1,085	1,023	1.010	957
Tax liabilities	364	460	453	414
Other liabilities	992	1,022	994	968
Total Liabilities	92,510	90,779	88.705	90,507
Own Funds	6,465	6,429	6.565	6,523
Accumulated other comprehensive income	(7)	49	(29)	121
Minority interests	0	3	2	2
Total Equity	6,459	6,480	6.539	6,646
Total Equity and Liabilities	98,969	97,259	95.245	97,153

Important legal information

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-economicofinanciera/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.

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Investor relations

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