Unicaja Banco S.A.

Investor Presentation • Jul 27, 2023

2Q23 Earnings presentation

July 27th 2023

Agenda

1. Key highlights

2. Business activity

3. Financial results

4. Asset quality

5. Solvency & balance sheet

Key highlights

Key Highlights

Strong solvency and liquidity position to keep supporting profitability improvement

Business activity	▪ Retail loan book resilient in both consumer loan and mortgage ▪ Private sector resources remain resilient while maintaining a low customer deposit cost of 37 bps ▪ Inflows in other products and loans prepayments above historical average	Retail loan book Customer resources (excl. public sector)	-0.9% YoY -1.6% YoY
Profitability	▪ NII +8.6% in the quarter. Lending and ALCO repricing more than offset higher funding costs ▪ Fee income stable QoQ and growing in the year showing business recurrency ▪ Cost to income improves by 5 percentage points to 48% (1) ▪ Banking margin (NII + Fees - OPEX) improves by 35% YoY	Net Interest income Fee income OPEX Net income (excl. bank tax)	+20.9% YoY +2.1% YoY -1.7% YoY +24.5% YoY
Asset quality	▪ Cost of risk, of 30bps in the quarter and 28bps in the year, remains contained with low NPL entries and quality recoveries ▪ Foreclosed assets down €135m in the year, with €200m sales	NPL Ratio (%) NPL Coverage (%)	3.6% 66%
Solvency and liquidity	▪ CET 1 FL of 13.8% as of June 2023 +31bps up in the quarter and +80bps in the year (2), ▪ LCR of 284%, after the repayment of the majority of TLTRO funding	CET 1 FL ratio MDA	13.8% 501 bps

Business activity

Customer funds

Stable customer deposits despite early prepayments with a very contained cost of deposits

Customer funds breakdown

Million Euros	2Q22	1Q23	2Q23	QoQ	YoY
Customer funds on balance sheet	70,830	67,886	67,658	-0.3%	-4.5%
Public institutions	7,122	5,585	5,572	-0.2%	-21.8%
Private sector	63,708	62,301	62,085	-0.3%	-2.5%
Demand Deposits	58,105	55,233	54,141	-2.0%	-6.8%
Term Deposits	5,543	6,967	7,915	13.6%	42.8%
Other funds	60	100	29	-70.9%	-51.3%
Customer funds off balance sheet	20,725	20,851	21,004	0.7%	1.3%
Mutual funds	11,759	11,370	11,360	-0.1%	-3.4%
Pension plans	3,761	3,712	3,719	0.2%	-1.1%
Insurance funds	4,173	4,617	4,742	2.7%	13.6%
Other(1)	1,031	1,152	1,184	2.8%	14.8%
Total customer funds	91,555	88,737	88,662	-0.1%	-3.2%

Sticky and granular customer base

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

Asset management

Steady volume growth in a diversified and profitable business with over €21bn of assets under management

Wealth management funds evolution (€bn)

Lending

Individuals performing book remains resilient despite high early mortgage amortizations

Performing loan book (€m)

Million Euros	2Q22	1Q23	2Q23	QoQ YoY
Public sector	5,953	5,349	5,072	-5.2% -14.8%
Corporate loans	13,223	12,088	11,424	-5.5% -13.6%
Real Estate developers	758	592	544	-8.0% -28.2%
Other corporates	12,465	11,496	10,879	-5.4% -12.7%
Loans to individuals	35,060	34,169	34,735	1.7% -0.9%
Residential mortgages	31,528	31,247	31,068	-0.6% -1.5%
Consumer & other	3,532	2,922	3,667	25.5% 3.8%
Total Performing book	54,237	51,606	51,231	-0.7% -5.5%

New lending

Resilient activity despite interest rates increase and uncertain environment

Residential mortgage (€m)

9 (1) Source: Chamber of notaries last twelve months

Lending

Increasing residential mortgage market share, acquiring engaged new customers

Digital business

Continuous improvement of digital activity and customer acquisition

Making progress in our commitment to sustainability

2030 Decarbonization targets set

€1Bn Green Bonds issued

1.8x eligible collateral

51% Investment funds under art.8, 8+ & 9

New cards 100% recyclable

Continued progress on financial inclusion: c.30% of branches in municipalities <10,000 inhabitants 541 agencies, mobile windows… Agreements signed with

Code of good practice for vulnerable mortgage debtors

Social Housing Fund 500 homes

Financial Education:

40,500 beneficiaries in 2022

Training plan on sustainable finance and ESG risks for the entire workforce already in place

Financial results

Quarterly income statement

Net income improves by 25% in the year (excl. banking tax)

2Q23 P&L statement(1)

Million euros	2Q22	1Q23	2Q23	QoQ (%)	YoY (%)	1H22	1H23	1H23 vs 1H22 (%)
Net Interest Income	271	295	321	8.6%	18.4%	509	616	20.9%
Dividends	12	0	18	na	53.9%	13	18	44.0%
Associates	39	14	34	152.9%	-11.6%	42	48	14.1%
Net Fees	130	135	134	-0.6%	2.8%	264	269	2.1%
Trading income + Exch. Diff.	19	9	(0)	na	na	28	8	-69.7%
Other revenues/(expenses)	(25)	(79)	(49)	-38.0%	96.1%	(23)	(129)	468.1%
Gross Margin	446	373	458	22.8%	2.6%	832	831	-0.2%
Operating expenses	(217)	(212)	(216)	1.7%	-0.6%	(436)	(429)	-1.7%
Personnel expenses	(129)	(120)	(124)	4.0%	-3.3%	(257)	(244)	-5.2%
SG&A	(65)	(71)	(69)	-3.1%	5.1%	(133)	(140)	5.3%
D&A	(23)	(22)	(23)	5.1%	-1.6%	(46)	(45)	-2.3%
Pre-Provision Profit	229	160	242	50.6%	5.6%	396	402	1.4%
Loan loss provisions	(38)	(35)	(40)	15.1%	5.4%	(89)	(76)	-15.0%
Other provisions	(25)	(33)	(30)	-8.6%	21.1%	(52)	(62)	20.9%
Other profits or losses	(21)	(20)	(21)	6.2%	0.4%	(23)	(41)	79.8%
Pre-Tax profit	145	73	150	106.6%	3.7%	233	223	-4.4%
Tax	(37)	(38)	(36)	-6.1%	-3.3%	(63)	(74)	19.2%
Net Income	107	34	114	233.2%	6.2%	170	148	-13.0%
Net income (excl. banking tax)	107	98	114	16.2%	6.1%	170	212	24.5%

(1) P&L is restated on IFRS 17. Small impacts mainly in NII, associates and other revenues.

Main quarterly variations

Revenues & OPEX:

• NII: Loan book and securities repricing more than offset increase in funding costs
• Fee income: Remains very resilient supported by recurrent fees coming from core business
• Associates & dividends: Seasonally strong quarter on the back of dividends from CASER and oppidum (EDP) stakes
• Other revenues: SRF contribution accounts for €44m, €20m higher than 2022 explained by the merger process
• Opex under control. Personnel costs slightly higher on the back of variable payments

Cost of risk and provisions:

• Cost of risk: 30 basis points in the quarter, remains very contained
• Other provisions: In line with expectations

Net interest income

-0.10%

0.40%

0.90%

1.40%

1.90%

2.40%

Loan book repricing keeps gaining speed with contained deposit cost

Customer spread Loan yield Deposit cost

Eop (2) (%)

(2) EoP refers to last month of the quarter.

Net interest income: Evolution

Net interest income quarterly evolution (€m)

A Retail:

• Lending: Positive contribution from portfolio repricing and higher new lending yields
• Funding: Very contained customer deposits cost at 37bps, +21bps QoQ

B Fixed income portfolio:

Average yield improves from 2.13% to 2.35% on the back of bonds at floating or hedged

C Wholesale funding:

• Interbank: Negative impact from TLTRO offset by higher liquidity position and improved ECB remuneration
• Wholesale funding: Impact from repricing and full quarter from latest MREL issuance

Fee income Resilient growth despite market volatility

Million Euros	2Q22	1Q23	2Q23	YoY	QoQ	1H22	1H23	%
Payments and accounts	72	73	75	4.3%	2.8%	147	148	0.9%
Non-Banking fees	62	61	59	-4.5%	-2.8%	120	120	-0.4%
Mutual funds	34	33	31	-7.2%	-5.4%	61	64	5.0%
Insurance	25	25	25	-0.5%	1.4%	53	50	-5.3%
Pension Plans	3	3	2	-8.4%	-11.2%	6	5	-12.7%
Other fees	9	12	11	14.3%	-12.6%	20	23	12.6%
Paid fees	(13)	(11)	(11)	-16.0%	-3.5%	(24)	(22)	-8.6%
Total Fees	130	135	134	2.8%	-0.6%	264	269	2.1%

Operating expenses

Costs in line with expectations despite inflationary pressure

Operating expenses (€m) Branches and employees evolution

Cost of risk Remains very contained with low NPL entries and efficient recoveries in the quarter

Quarterly cost of risk(1) Loan loss provisions (bps) (€m)

Profitability Core Banking margin improves by 35% in the year with improvements in all three lines

Banking margin (NII + Fees - OPEX) evolution (€m) Net income evolution (excl. banking tax) (€m)

Asset quality

Non performing loans

Remain stable in the quarter with coverage ratios also stable

Coverage (%) 64.9% 66.4% 65.8% Non-performing loans evolution 1,962 1,908 1,921 3.5% 3.6% 3.6% 2.0% 2.2% 2.4% 2.6% 2.8% 3.0% 3.2% 3.4% 3.6% 3.8% 6 506 1,006 1,506 2,006 2,506 3,006 2Q22 1Q23 2Q23 Stock (€m) NPL ratio (%)

Loan book NPL ratio and coverage

~220m NPL portfolio signed in July

Defensive loan book

• >75% of the loan book is individuals and public sector
• 52% of NPLs are residential mortgages
• 60% of NPL entries were subjective in 2Q23

Strong coverage levels

• 76% NPLs coverage level including ICO guarantee
• >100% Corporate loan book coverage level including ICO guarantee

Foreclosed assets

Foreclosed assets yearly evolution (€m)

Non-performing assets (€m)

Foreclosed assets breakdown and coverage

Foreclosed assets (€m)	NBV	Coverage (%)
Residential	191	57%
Building under construction	83	68%
Commercial RE	85	56%
Land	237	70%
Total	596	65%

1. Net NPA ratio calculated as NPA (net of provisions) over net lending plus net foreclosed assets

Solvency & balance sheet

Solvency (I/II)

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

Main quarterly movements

▪ RWAs

• (-) Lower corporate loan book and NPAs
• (-) Mortgage new lending under IRB
• (-) Mark to market valuation of equity stakes
• Valuation adjustments and other
  • Mainly stake of Oppidum (EDP)

(1) Capital ratios include the net income pending approval from the ECB to be incorporated in the ratios and deducts accrued dividend,

Solvency (II/II)

Capital structure - MREL (fully loaded). June 2023

Capital levels versus regulatory requirements

(1)MREL requirement of 24.5% of Total Risk Exposure amount (TREA) for 2024 includes a market confidence charge of 210 bps. (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 slightly down in the quarter with stable duration and improved yield

Wholesale funding

Well spread maturities and stable volumes expected going forward

	2023	2024	2025	2026	>2026	Total
AT1	-	-	-	500	-	500
Tier 2 (2)	-	300	-	-	300	600
Senior preferred	-	500	660	-	500	1,660
Senior non-preferred	-	-	-	500	-	500
Covered Bonds	450	-	1,282	-	3,940	5,672
Total	450	800	1,942	1,000	4,740	8,932

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

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

-7.0%

-5.0%

-3.0%

-1.0%

1.0%

3.0%

5.0%

7.0%

9.0%

Liquidity Leading liquidity ratios across Europe after the repayment of most of TLTRO funding

Appendix

NPL breakdown and credit stages

Credit breakdown by stages NPLs breakdown

June 2023 (€m)	Stage 1	Stage 2	Stage 3
Gross Balance	47,756	3,474	1,921
Provisions	191	216	857
Coverage level (%)	0.4%	6.2%	44.6%

• Corporates (excl. RED) Real Estate Developers
• Residential mortgages
• Other individuals

Share and book value

Share metrics and book value(1)

Share and liquidity:	1Q23	2Q23
# O/S shares (m)	2,655	2,655
Last price (€)	0.99	0.96
Max price (€)	1.26	1.05
Min price (€)	0.96	0.89
Avg. daily traded volume (#shares m)	10.05	6.10
Avg. daily traded volume (€ m)	11.36	5.82
Market Capitalization (€ m)	2,623	2,557
Book Value:
BV(1) exc. minorities (€m)	5,906	6,009
TBV(2) (€m)	5,777	5,876
Ratios:
BVps (€)	2.22	2.26
TBVps (€)	2.18	2.21
PBV	0.44x	0.43x
PTBV	0.45x	0.40x

(1) Book value excludes €547m of AT1, includes other comprehensive income and is adjusted for dividends (2) Tangible Book Value excludes €53m of goodwill from associates also adjusted for dividends.

Shareholder base

Source. CNMV as of 30/06/2023 and 2022 Unicaja Banco corporate governance report

Income statement

euros Million	2Q21	3Q21	4Q21	1Q22	2Q22	3Q22	4Q22	1Q23	2Q23	QoQ (%)	YoY (%)
Net Interest Income	266	251	235	235	271	267	297	295	321	8.6%	18.4%
Dividends	17	1	5	1	12	3	3	0	18	na	53.9%
Associates	23	15	10	3	39	15	23	14	34	152.9%	-11.6%
Net fees	117	121	134	133	130	131	131	135	134	-0.6%	2.8%
Trading income + Exch. Diff.	6	4	21	10	19	8	17	9	(0)	-103.3%	-101.4%
Other revenues/(expenses)	(28)	(7)	(91)	2	(25)	3	(124)	(79)	(49)	-38.0%	96.1%
Gross Margin	400	385	313	382	446	426	347	373	458	22.8%	2.6%
Operating expenses	(240)	(235)	(223)	(219)	(217)	(218)	(208)	(212)	(216)	1.7%	-0.6%
Personnel expenses	(145)	(141)	(140)	(129)	(129)	(125)	(123)	(120)	(124)	4.0%	-3.3%
SG&A	(69)	(70)	(61)	(67)	(65)	(70)	(62)	(71)	(69)	-3.1%	5.1%
D&A	(26)	(23)	(22)	(23)	(23)	(22)	(22)	(22)	(23)	5.1%	-1.6%
Pre Provision Profit	160	150	90	164	229	209	139	160	242	50.6%	5.6%
Loan los provisions (1)	(81)	(57)	(56)	(51)	(38)	(40)	(85)	(35)	(40)	15.1%	5.4%
Other provisions (1)	(38)	(12)	(34)	(27)	(25)	(32)	(10)	(33)	(30)	-8.6%	21.1%
Other profits or losses	0	(10)	(23)	(2)	(21)	2	(32)	(20)	(21)	6.2%	0.4%
Pre Tax profit	41	71	(24)	84	145	138	12	73	150	106.6%	3.7%
Tax	(5)	(18)	5	(24)	(37)	(37)	(6)	(38)	(36)	-6.1%	-3.3%
Net Income	36	54	(18)	60	107	102	6	34	114	233.2%	6.2%

Note: All information is prepared on a pro forma basis for comparability. P&L is restated on IFRS 17. Small impacts mainly in NII, associates and other revenues

(1) 2Q21 exclude early retirees provision booked by Liberbank of €143m. 3Q21 excludes badwill, €39m of transaction charges and 4Q21 excludes €377m of restructuring charges (gross figures)

Balance sheet

Million euros	30/06/2022	31/12/2022	31/03/2023	30/06/2023
Cash on hand, Central Banks and Other demand deposits	19,795	4,662	12,262	6,879
Assets held for trading & Finantial assets at fair value through P&L	215	208	213	203
Financial assets at fair value through other comprehensive income	943	1,008	1,085	1,169
Financial assets at amortised cost	57,354	55,316	54,778	53,750
Loans and advances to central banks and credit institution	878	990	1,211	1,065
Loans and advances to customers	56,476	54,326	53,567	52,685
Debt securities at amortised cost	25,415	26,867	26,588	25,354
Hedging derivatives	1,586	1,813	1,544	1,533
Investment in joint ventures and associates	961	983	1,030	986
Tangible assets	2,176	1,996	1,959	1,925
Intangible assets	79	75	76	80
Tax assets	5,136	5,076	4,739	4,705
Other assets & NCAHFS	1,146	984	859	674
Total Assets	114,806	98,987	105,134	97,259
Financial liabilities held for trading & at fair value through P&L	38	53	49	50
Financial liabilities at amortised cost	104,668	88,933	94,882	87,109
Deposits from central Banks	10,241	5,321	5,353	936
Deposits from credit institutions	7,960	3,418	8,358	4,541
Customer Deposits	79,921	74,386	74,734	74,095
Other Issued Securities	2,916	3,329	3,861	3,854
Other financial liabilities	3,631	2,478	2,575	3,684
Hedging derivatives	1,008	1,082	1,255	1,115
Provisions	1,294	1,085	1,060	1,023
Tax liabilities	397	364	434	460
Other liabilities	1,073	992	1,128	1,022
Total Liabilities	108,478	92,510	98,809	90,779
Own Funds	6,390	6,483	6,330	6,429
Accumulated other comprehensive income	(62)	(7)	(5)	49
Minority interests	0	0	0	3
Total Equity	6,329	6,477	6,325	6,480
Total Equity and Liabilities	114,806	98,987	105,134	97,259

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

ir@unicaja.es