Unicaja Banco S.A.

Investor Presentation • Jan 31, 2023

4Q22 Earnings presentation

January 31st 2023

Agenda

1. Key highlights

2. Business activity

3. Financial results

4.Asset quality

5. Solvency & balance sheet

Key highlights

Key Highlights

	▪ Retail loan book is 1.8% up in the year with consumer and mortgage book growing	Mortgage loan book	+1.7% YoY
Business activity	▪ The main focus on the corporate loan book is profitability, and less on volumes	Consumer loan book	+3.5% YoY
	▪ Individuals' deposits are € 415m up QoQ, proof of our customer and franchise resilience
	▪ NII up11% in the quarter on the back of lending and alco repricing with very stable retail funding costs	Net Interest income	+3% vs 2021
Profitability	▪ Fee income stable in the quarter with a strong year on the back of business activity and off balance sheet products	Fee income	+7% vs 2021
	▪ OPEX decrease in the year as restructuring moves forward with 81% of planned staff departures and 100% of branch closures already achieved	OPEX	-8% vs 2021
	▪ Cost of risk of 24bps on a recurrent basis in 2022, 39bps after strong reinforcement of coverage levels through p&l	NPL Ratio (%)	3.5%
Asset quality	▪ NPA ratio of 6.6%, down 58bps in the year with a strong coverage ratio of 65%
	▪ Foreclosed assets down €54m in the quarter, supported by a wholesale portfolio sale	NPL Coverage (%)	67%
	▪ CET 1 FL of 13.0% as of December2022 flat quarter on quarter (1),	CET 1 FL excess	€1.6bn
Solvency and share	▪ Dividend accrual of 50% of 2022 net income, € 130m in the year	(2)
	▪ Unicaja Banco was included in the IBEX 35 Index in December 2022	TSR	+22% 2022

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

Business activity

Customer funds

Customer funds breakdown

Million Euros	4Q21	3Q22	4Q22	QoQ	YoY
Customer funds on balance sheet	73,969	69,661	69,833	0.2%	-5.6%
Public institutions	9,259	6,693	6,889	2.9%	-25.6%
Private sector	64,710	62,967	62,943	0.0%	-2.7%
Demand Deposits	58,424	57,652	57,049	-1.0%	-2.4%
Term Deposits	6,104	5,257	5,874	11.7%	-3.8%
Other funds	182	59	20	-65.7%	-88.9%
Customer funds off balance sheet	22,038	20,119	20,249	0.6%	-8.1%
Mutual funds	12,410	11,205	11,249	0.4%	-9.4%
Pension plans	4,033	3,652	3,682	0.8%	-8.7%
Insurance funds	4,546	4,270	4,268	-0.1%	-6.1%
Other(1)	1,049	991	1,050	5.9%	0.0%
Total customer funds	96,007	89,780	90,081	0.3%	-6.2%

Sticky and granular retail customer base with low average deposit per client <€20k

Individuals deposits are € 415m up QoQ, offsetting the exit of more volatile corporate deposits

Mutual funds

Mutual funds evolution (€bn)

Insurance

Another strong year in insurance business to be further supported by the restructuring

Lending Individuals performing book grows at almost 2% in the year

Performing loan book (€m)

Million Euros	4Q21	3Q22	4Q22	QoQ	YoY
Public sector	5,563	5,983	5,767	-3.6%	3.7%
Corporate loans	14,093	12,966	12,695	-2.1%	-9.9%
Real Estate developers	841	731	663	-9.3%	-21.2%
Other corporates	13,253	12,235	12,032	-1.7%	-9.2%
Loans to individuals	33,866	34,393	34,491	0.3%	1.8%
Residential mortgages	31,090	31,574	31,617	0.1%	1.7%
Consumer & other (1)	2,776	2,819	2,874	2.0%	3.5%
Total Performing book	53,522	53,343	52,953	-0.7%	-1.1%

New lending

Individuals new lending regains momentum after the integration and corporates focused on profitability

Lending Residential mortgage defensive book allows for new customer acquisition and profitable growth

Digital business: Continuous improvement of digital activity and customer acquisition

(1) Active clients with login activity in the last 12 months

ESG: New Sustainability Board Committe. Delivering in social commitments

strategy

Financial results

Quarterly income statement

4Q22 P&L statement (1)

Million euros	4Q21	3Q22	4Q22	QoQ (%)	YoY (%)	2021	2022	2022 vs 2021 (%)
Net Interest Income	235	263	293	11.5%	25.0%	1,028	1,058	2.9%
Dividends	5	3	2	-23.2%	-48.2%	24	18	-22.8%
Associates	10	11	19	72.0%	99.1%	58	71	22.5%
Net Fees	134	131	131	0.2%	-2.4%	489	525	7.3%
Trading income + Exch. Diff.	21	8	18	119.7%	-14.4%	47	57	21.6%
Other revenues/(expenses)	(91)	3	(124)	na	35.3%	(129)	(145)	12.6%
Gross Margin	313	419	340	-18.9%	8.7%	1,517	1,584	4.5%
Operating expenses	(223)	(218)	(208)	-4.4%	-6.6%	(937)	(862)	-8.2%
Personnel expenses	(140)	(125)	(123)	-1.5%	-11.6%	(571)	(506)	-11.4%
SG&A	(61)	(70)	(62)	-11.3%	2.3%	(269)	(265)	-1.6%
D&A	(22)	(22)	(22)	1.4%	0.6%	(96)	(90)	-6.0%
Pre Provision Profit	90	202	132	-34.5%	46.5%	580	723	24.6%
Other provisions	(34)	(32)	(10)	-67.7%	-69.9%	(100)	(94)	-5.7%
Loan loss provision	(56)	(40)	(85)	114.0%	51.9%	(271)	(214)	-20.8%
Other profits or losses	(23)	2	(32)	na	36.1%	(29)	(53)	80.7%
Pre Tax profit	(24)	131	5	-96.5%	-119.6%	180	361	100.1%
Tax	5	(36)	(5)	-85.7%	-194.7%	(43)	(102)	136.1%
Net Income	(18)	95	(1)	-100.5%	-97.2%	137	260	88.9%

(1) 2021 P&L is proforma including both Unicaja Banco and Liberbank under Unicaja Banco accounting criteria,

Main quarterly variations

Revenues & OPEX:

• NII: +11% in the quarter on the back of lending and bond portfolio repricing with very stable retail funding costs
• Fee income: Strong banking activity and off-balance sheet products support fee evolution in the year
• Associates: Strong insurance JVs results in the quarter
• Other revenues: Includes €20m of extraordinary real estate assets impairments-losses
• OPEX: supported by strong delivery of the restructuring plan, 100% of branches closed and >80% of employees

Cost of risk and provisions:

• Cost of risk: Includes extraordinary provisions from the update of the macro scenario to reflect higher inflation
• Other provisions: Includes €15m adjustment on defined benefit pension plan
• Other profit or losses: Includes €17m positive impact from insurance restructuring, €14m gains from disposals and €60m real estate impairments that will allow to accelerate sales

Net interest income: Yields

NIM Loan yield Deposit cost

Average quarterly customer spread (1) (%) Lending yields (eop) 4Q22

December Front Book: 3.15%

Net interest income: Evolution

Net interest income quarterly evolution (€m)

A Lending:

• Positive contribution from lending as the portfolio reprices, +18pb QoQ loan yield
• Floating mortgage loan book current average Euribor of c.0.5% (Euribor benchmark still negative for 50% of them)

B Fixed income portfolio:

Average yield improves from 1.48% to 1.85% mainly on the back of bonds swapped to variable rates

Funding:

C

• Retail: very contained customer deposits cost at 5bps in the quarter.
• Wholesale funding costs impacted by SNP issued in November and issuances at variable rates.

Fee income

Grows at 7.3% in the year despite market valuations decrease in the year on the back of strong core activity

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

Million Euros	4Q21	3Q22	4Q22	QoQ (%)	YoY (%)	2021	2022	2022 vs 2021 (%)
Banking Fees	79	69	72	4.5%	-9.2%	283	282	-0.1%
Non-Banking fees	55	62	59	-4.5%	7.5%	207	243	17.5%
Mutual funds	27	34	34	-1.5%	27.1%	97	129	32.8%
Insurance	24	22	23	1.1%	-7.5%	92	98	6.6%
Other	4	5	2	-51.5%	-38.4%	17	15	-10.8%
Total Fees	134	131	131	0.2%	-2.4%	489	525	7.3%

Operating expenses

• ✓ Since the merger was announced, branches have gone down by 36%, achieving 100% of the branch restructuring plan
• ✓ Number of employees have gone down by 20% since the merger, >80% of restructuring plan executed

Branches and employees evolution

Cost of risk

Cost of Risk 39pbs Recurrent CoR 24pbs 62pbs 26pbs PMA & backstop €80m €49m 2022 4Q22 Loan loss provisions (€m)

Backstop provision (1) . We booked a € 60m provision in 2022 through P&L. Other option is to do it through capital deductions. The impact on capital is the same for both options.

Post Model Adjustment (PMA). We stressed the models to include an additional provision due to the uncertainty related to inflation. Total PMA provision not allocated to loans at the end of 2022 is € 148m vs € 60m in 2021.

Quarterly cost of risk(2) (bps)

(1) Backstop provision covers the difference between the accounting provisions and prudential provisions. This deficit can be covered through P&L, capital deductions or an increase of capital requirements (SREP). (2) Annualized quarterly cost of risk over EOP gross loans, (3) cost of risk assumes partial usage of provisions not allocated to loans.

Profitability

Banking margin (NII + Fees - OPEX) evolution (€m) Return on Tangible Equity evolution(1)(%)

Asset quality

Non performing loans

Non performing loans evolution

Loan book NPL ratio and coverage

Defensive loan book

• 75% of the loan book is individuals and public sector

• 50% of NPLs are residential mortgages

• 78% of NPLs have collateral

Prudent NPL recognition approach

• >50% of NPL entries were subjective in 2022 and 66% in 4Q22

Superior 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)

Foreclosed assets breakdown and coverage

Foreclosed assets (€m)	NBV	Coverage (%)
Residential	212	58%
Building under construction	76	70%
Commercial RE	97	55%
Land	269	69%
Total	653	64%

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

• Retained earnings. Mainly AT1 coupon
• Valuation adjustments from equity stakes. Good performance of EDP is more than offset by write-down of our stake in Ceca to zero

▪ RWAs

• (-) Lower corporate loan book and NPAs
• (-) Mortgage new lending under IRB
• (+) Increasing risk weighting up to 370% in some equity stakes

Solvency (II/II)

Capital ratios. December 2022 Capital structure (fully loaded)

Fixed income portfolio

Sareb

Private debt

Liquidity and wholesale funding

(2) Tier 2 2024 refers to call date.

2023 Outlook

Guidance update supported by:

• ► Sound business activity
• ► Repricing at current interest rate scenario
• ► Remaining synergies from restructuring process
• ► Strong coverage levels and low risk profile

	2023 Guidance
Net interest income	High teens
Fee income	c.5%
Operating expenses	2-3% decline
Banking margin (1)	>30%
Cost of risk (2)	30-35 bps

Appendix

NPL breakdown and credit stages

Credit breakdown by stages

NPLs breakdown

December 2022 (€m)	Stage 1	Stage 2	Stage 3
Gross Balance	49,282	3,671	1,938
Provisions	217	214	858
Coverage level (%)	0.4%	5.8%	44.3%

• 2% Corporates (excl. RED)
• Real Estate Developers
• Residential mortgages
• Other individuals

Share and book value

22% total shareholder return in the year and the inclusion in IBEX 35

Share metrics and book value

Share and liquidity:	3Q22	4Q22
# O/S shares (m)	2,655	2,655
Last price (€)	0.93	1.03
Max price (€)	1.06	1.06
Min price (€)	0.77	0.89
Avg. traded volume (#shares m)	2,921	3,805
Avg. traded volume (€ m)	2,589	3,666
Market Capitalization (€ m)	2,460	2,737
Book Value:
BV(1) exc. minorities (€m)	5,946	5,917
TBV(2) (€m)	5,820	5,789
Ratios:
BVps (€)	2.24	2.23
TBVps (€)	2.19	2.18
PBV	0.41x	0.46x
PTBV	0.42x	0.47x

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

Shareholder base

Source. CNMV as of 30/12/2022 and 2021 Unicaja Banco corporate governance report

Income statement. Proforma

euros Million	1Q21	2Q21	3Q21	4Q21	1Q22	2Q22	3Q22	4Q22	QoQ (%)	YoY (%)	2021	2022	2022 vs 2021 (%)
Net Interest Income	277	266	251	235	235	267	263	293	11.5%	25.0%	1,028	1,058	2.9%
Dividends	1	17	1	5	1	12	3	2	-23.2%	-48.2%	24	18	-22.8%
Associates	10	23	15	10	3	38	11	19	72.0%	99.1%	58	71	22.5%
Net fees	117	117	121	134	133	130	131	131	0.2%	-2.4%	489	525	7.3%
Trading income + Exch. Diff.	17	6	4	21	10	21	8	18	119.7%	-14.4%	47	57	21.6%
Other revenues/(expenses)	(2)	(28)	(7)	(91)	2	(26)	3	(124)	na	35.3%	(129)	(145)	12.6%
Gross Margin	419	400	385	313	382	443	419	340	-18.9%	8.7%	1,517	1,584	4.5%
Operating expenses	(239)	(240)	(235)	(223)	(219)	(217)	(218)	(208)	-4.4%	-6.6%	(937)	(862)	-8.0%
Personnel expenses	(145)	(145)	(141)	(140)	(129)	(129)	(125)	(123)	-1.5%	-11.6%	(571)	(506)	-11.4%
SG&A	(69)	(69)	(70)	(61)	(67)	(65)	(70)	(62)	-11.3%	2.3%	(269)	(265)	-1.6%
D&A	(25)	(26)	(23)	(22)	(23)	(23)	(22)	(22)	1.4%	0.6%	(96)	(90)	-6.0%
Pre Provision Profit	180	160	150	90	164	225	202	132	-34.5%	46.5%	580	723	24.6%
Other provisions (1)	(15)	(38)	(12)	(34)	(27)	(25)	(32)	(10)	-67.7%	-69.9%	(100)	(94)	-5.7%
Loan loss provision	(77)	(81)	(57)	(56)	(51)	(38)	(40)	(85)	114.0%	51.9%	(271)	(214)	-20.8%
Other profits or losses	4	0	(10)	(23)	(2)	(21)	2	(32)	na	36.1%	(29)	(53)	80.7%
Pre Tax profit	92	41	71	(24)	84	141	131	5	-96.5%	-119.6%	180	361	100.1%
Tax	(26)	(5)	(18)	5	(24)	(36)	(36)	(5)	-85.7%	-194.7%	(43)	(102)	136.1%
Net Income	66	36	54	(18)	60	105	95	(1)	-100.5%	-97.2%	137	260	88.9%

Balance sheet

Million euros	31/12/2021	30/06/2022	30/09/2022	31/12/2022
Cash on hand, Central Banks and Other demand deposits	21,298	19,782	16,245	4,662
Assets held for trading & Finantial assets at fair value through P&L	273	205	190	203
Financial assets at fair value through other comprehensive income	1,298	977	1,098	1,094
Financial assets at amortised cost	57,142	57,354	56,722	55,316
Loans and advances to central banks and credit institution	1,119	878	1,030	990
Loans and advances to customers	56,023	56,476	55,693	54,326
Debt securities at amortised cost	24,850	25,415	27,295	26,867
Hedging derivatives	815	1,586	2,201	1,813
Investment in joint ventures and associates	1,052	977	950	914
Tangible assets	2,249	2,176	2,125	1,996
Intangible assets	80	79	76	75
Tax assets	5,250	5,137	5,111	5,063
Other assets	544	541	353	427
Non current assets held for sale	700	602	590	558
Total Assets	115,550	114,832	112,956	98,987
Financial liabilities held for trading & at fair value through P&L	31	38	50	53
Financial liabilities at amortised cost	105,476	104,670	102,668	88,937
Deposits from central Banks	10,292	10,241	10,238	5,321
Deposits from credit institutions	6,665	7,960	9,069	3,418
Customer Deposits	84,154	79,921	77,843	74,386
Other Issued Securities	2,498	2,916	2,872	3,329
Other financial liabilities	1,867	3,633	2,646	2,482
Hedging derivatives	1,000	1,008	996	1,082
Provisions	1,428	1,294	1,204	1,085
Tax liabilities	389	398	436	366
Other liabilities	900	1,073	1,105	1,000
Total Liabilities	109,224	108,482	106,460	92,523
Own Funds	6,416	6,536	6,626	6,617
Accumulated other comprehensive income	(90)	(186)	(131)	(153)
Minority interests	0	0	0	0
Total Equity	6,326	6,350	6,496	6,464
Total Equity and Liabilities	115,550	114,832	112,956	98,987

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-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.

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

Investor relations

ir@unicaja.es