Unicaja Banco S.A.

Investor Presentation • Oct 27, 2022

3Q22 Earnings presentation

October 27th 2022

Agenda

1. Key highlights

2. Business activity

3. Financial results

4.Asset quality

5. Solvency & balance sheet

Key highlights

Key Highlights

Business activity	▪ Strong lending activity in a seasonally weaker quarter ▪ Loan book keeps growing over the last year, especially the retail portfolio which is the main focus of the bank	Mortgage loan book Consumer loan book	+1.9% YoY +3.3% YoY
Profitability	▪ NII. Lending and ALCO repricing in the quarter partially compensate the decrease of TLTRO ▪ Fee income maintains good momentum despite market volatility on the back of strong retail activity ▪ OPEX. Restructuring keeps moving forward with branches decreasing by 12% QoQ and employees by 3% QoQ	Net Interest income Fee income OPEX	+5% vs 3Q21 +8% vs 3Q21 -7% vs 3Q21
Asset quality	▪ Cost of risk well under control at 29bps ▪ NPAs down 2% QoQ with stable coverage ratio at 64%	NPL Ratio (%) NPL Coverage (%)	3.5% 65%
Solvency	▪ CET 1 FL of 13.0% as of September 2022 25 bps higher than last quarter (1), ▪ Dividend accrual of 50% of 9M22 net income	CET 1 FL excess (2) TBV	€1.6bn +3% QoQ

Business activity

Customer funds

Customer funds breakdown

Million Euros	3Q21	2Q22	3Q22	QoQ	YoY
Customer funds on balance sheet	73,283	70,830	69,661	-1.7%	-4.9%
Public institutions	9,198	7,122	6,693	-6.0%	-27.2%
Private sector	64,085	63,708	62,967	-1.2%	-1.7%
Demand Deposits	56,969	58,105	57,652	-0.8%	1.2%
Term Deposits	6,420	5,543	5,257	-5.2%	-18.1%
Other funds	696	60	59	-1.9%	-91.6%
Customer funds off balance sheet	21,443	20,725	20,119	-2.9%	-6.2%
Mutual funds	11,811	11,759	11,205	-4.7%	-5.1%
Pension plans	4,005	3,761	3,652	-2.9%	-8.8%
Insurance funds	4,658	4,173	4,270	2.3%	-8.3%
Other(1)	968	1,031	991	-3.8%	2.4%
Total customer funds	94,726	91,555	89,780	-1.9%	-5.2%

Mutual funds

Mutual funds evolution (€bn)

+35%

YoY

Lending: Performing book

Performing loan book (€m)

Million Euros	3Q21	2Q22	3Q22	QoQ	YoY
Public sector	5,915	5,953	5,983	0.5%	1.2%
Corporate loans	13,435	13,223	12,966	-1.9%	-3.5%
Real Estate developers	926	758	731	-3.6%	-21.1%
Other corporates	12,508	12,465	12,235	-1.8%	-2.2%
Loans to individuals	33,729	35,060	34,393	-1.9%	2.0%
Residential mortgages	31,001	31,528	31,574	0.1%	1.9%
Consumer & other (1)	2,728	3,532	2,819	-20.2%	3.3%
Total Performing book	53,079	54,237	53,343	-1.6%	0.5%

Consumer & other quarterly evolution is affected by seasonal payment advances in 2Q

New lending

Residential mortgage (€m)

Consumer lending (€m)

Strong new lending levels in a seasonally weaker quarter, almost in line with previous quarter

Lending: Main portfolios

Residential mortgage portfolio Corporates portfolio

€143k average mortgage loan

Digital business

Continuous improvement of main digital KPIs:

✓	the number of digital customers
✓	volume of digital activity
✓	the weight of new lending through digital channels in the retail segment and AuM businesses

Digital Channels

Remote Managers

Omni channel strategy Levering on strong partnerships

60% digital customers (1)

~94% operational activity is digital

601k Bizum users in the last quarter

29% of new consumer lending in 9M22

ESG: Focused on social commitment and ESG lending

Green Bond Framework eligible projects buffer (€m)

(1) Total green eligible projects over green bonds issued

Unicaja Banco Green Bond Framework

• Aligned to ICMA Green Bond Principles (2021 version)
• Three-year lookback period
• Following the Technical Screening Criteria (TSC) of EU Taxonomy

Social commitment measures:

Large focus on rural areas and elderly people.

• ✓ Training and financial education
• ✓ Extended opening hours
• ✓ Personal telephone assistance
• ✓ Accessibility and usability
• ✓ Physical alternatives (Agents, ATMs)

Governance:

✓ Three new independent members on the Board in the last six months, two of which are female directors

Financial results

Quarterly income statement

3Q22 P&L statement (1)

Million euros	3Q21	2Q22	3Q22	QoQ (%)	YoY (%)	9M21	9M22	9M22 vs 9M21 (%)
Net Interest Income	251	267	263	-1.4%	4.9%	793	765	-3.6%
Dividends	1	12	3	-72.3%	124.8%	19	16	-16.3%
Associates	15	38	11	-71.4%	-28.2%	49	52	7.5%
Net Fees	121	130	131	0.1%	7.7%	355	394	11.0%
Trading income + Exch. Diff.	4	21	8	-60.6%	132.4%	26	39	51.2%
Other revenues/(expenses)	(7)	(26)	3	-111.7%	-142.0%	(37)	(21)	-43.0%
Gross Margin	385	443	419	-5.3%	8.9%	1,204	1,244	3.3%
Operating expenses	(235)	(217)	(218)	0.1%	-7.3%	(714)	(654)	-8.4%
Personnel expenses	(141)	(129)	(125)	-2.5%	-11.2%	(432)	(383)	-11.3%
SG&A	(70)	(65)	(70)	7.5%	0.1%	(208)	(203)	-2.7%
D&A	(23)	(23)	(22)	-6.5%	-6.0%	(74)	(68)	-7.9%
Pre Provision Profit	150	225	202	-10.4%	34.1%	490	590	20.5%
Other provisions	(12)	(25)	(32)	29.7%	168.3%	(65)	(84)	27.9%
Loan loss provision	(57)	(38)	(40)	3.9%	-29.7%	(214)	(129)	-39.9%
Other profits or losses	(10)	(21)	2	-107.6%	-115.9%	(6)	(21)	251.8%
Pre Tax profit	71	141	131	-6.7%	83.8%	204	357	74.7%
Tax	(18)	(36)	(36)	-1.1%	104.1%	(48)	(96)	99.2%
Net Income	54	105	95	-8.6%	77.2%	156	260	67.1%

Main variations and one-offs

Revenues & OPEX:

• NII: lending and ALCO repricing in the quarter partially compensate the decrease of TLTRO
• Fee income: Positive yearly evolution despite market volatility
• Other revenues: Positive results from real estate disposals together with lower maintenance expenses
• OPEX: Accelerated exits of early retirees allows for a flattish evolution in an inflationary environment

Cost of risk and provisions:

• Cost of risk: well under control below 30bps in the quarter
• Other provisions: includes €7m penalty charge from the breakup of Liberbank´s merchant acquiring business agreement

Net interest income: Yields

Customer spread NIM (%) Euribor 12M (avg.)

Customer spread (1) (%) Lending yields 3Q22

September Front Book: 2.19%

-1.00% -0.50% 0.00% 0.50% 1.00% 1.50% 2.00%

Net interest income: Evolution

Net interest income quarterly evolution (€m)

A Lending:

B

Higher contribution as repricing of the book begins having an impact which will be more visible in coming quarters

Fixed income portfolio:

Reinvestment in the quarter and hedges improve significantly the yield from the ALCO portfolio

C Funding:

• Retail: Contribution from negative yields on corporate funding faded away with interest rates increase

16

• Wholesale higher cost of issuances and lower contribution from TLTRO

Net interest income: Main levers

Wholesale funding and ALCO portfolio(2)

Lending book

Fee income

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

Million Euros	3Q21	2Q22	3Q22	QoQ (%)	YoY (%)	9M21	9M22	9M22 vs 9M21 (%)
Banking Fees	72	69	69	0.2%	-4.6%	203	210	3.5%
Non-Banking fees	49	62	62	-0.1%	25.8%	152	184	21.1%
Mutual funds	25	34	34	2.3%	36.8%	71	96	34.9%
Insurance	19	25	22	-12.1%	16.4%	68	76	11.4%
Other	5	3	5	90.6%	5.2%	13	13	-2.8%
Total Fees	121	130	131	0.1%	7.7%	355	394	11.0%

Outstanding 11% growth in the first 9 months despite inflationary pressure and market volatility

Operating expenses

Operating expenses (€m)

• ✓ Since the merger was announced, branches have gone down by 37% and the headcount by 17%
• ✓ Costs well under control despite inflationary pressure on the back of restructuring plan execution

Branches and employees evolution

Cost of risk

Profitability

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

Asset quality

Non performing loans

Non performing loans evolution

Corporates (excl. RED)

• Real Estate Developers
• Residential mortgages
• Other individuals

Loan book NPL ratio and coverage

Foreclosed assets

Foreclosed assets yearly evolution (€m)

Non performing assets (€m)

Foreclosed assets breakdown and coverage

Foreclosed assets (€m)	NBV	Coverage (%)
Residential	244	56%
Building under construction	93	64%
Commercial RE	84	49%
Land	269	70%
Total	690	63%

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

▪ Dividend accrual. Payout target 50%

▪ RWAs

• Lower corporate loan book
• Mortgage new lending under IRB
• Lower NPAs
• Valuation adjustments from equity and fixed income portfolio and change in IRB parameters

(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 ratios. September 2022 Capital structure (fully loaded)

(1) Applying P2R (CRD IV) flexibility, art. 104, (2) Maximum distributable amount (MDA) calculated as total capital phased in minus SREP requirement., (3)Mrel requirement for 2022 is 18.1% of Total Risk Exposure amount (TREA) and 24.8% for 2024 including 60 bps of market confidence charge.

Fixed income portfolio

Fixed income portfolio evolution (€bn)

Fixed income portfolio breakdown (%)

• Sareb

Private debt

Liquidity and wholesale funding

(1) Excludes €47m of PeCocos

	2022	2023	2024	>2024	Total
AT1	-	-	-	500	500
Tier 2 (2)	-	-	300	300	600
Senior preferred	-	-	500	660	1,160
Covered Bonds	292	450	-	5,222	5,964
Total	292	450	800	6,682	8,224

(2) Tier 2 2024 refers to call date.

Appendix

Share and book value

Share metrics and book value

Share and liquidity:	2Q22	3Q22
# O/S shares (m)	2,655	2,655
Last price (€)	0.93	0.93
Max price (€)	0.99	1.06
Min price (€)	0.75	0.77
Avg. traded volume (#shares m)	6,052	2,921
Avg. traded volume (€ m)	5,346	2,589
Market Capitalization (€ m)	2,478	2,460
Book Value:
BV(1) exc. minorities (€m)	5,802	5,946
TBV(2) (€m)	5,670	5,820
Ratios:
BVps (€)	2.19	2.24
TBVps (€)	2.14	2.19
PBV	0.43x	0.41x
PTBV	0.44x	0.42x

(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 30/09/2022 and 2021 Unicaja Banco corporate governance report

Income statement. Proforma

Million euros	1Q21	2Q21	3Q21	4Q21	1Q22	2Q22	3Q22	QoQ (%)	YoY (%)	9M21	9M22	9M22 vs 9M21 (%)
Net Interest Income	277	266	251	235	235	267	263	-1.4%	4.9%	793	765	-3.6%
Dividends	1	17	1	5	1	12	3	-72.3%	124.8%	19	16	-16.3%
Associates	10	23	15	10	3	38	11	-71.4%	-28.2%	49	52	7.5%
Net fees	117	117	121	134	133	130	131	0.1%	7.7%	355	394	11.0%
Trading income + Exch. Diff.	17	6	4	21	10	21	8	-60.6%	132.4%	26	39	51.2%
Other revenues/(expenses)	(2)	(28)	(7)	(91)	2	(26)	3	-111.7%	-142.0%	(37)	(21)	-43.0%
Gross Margin	419	400	385	313	382	443	419	-5.3%	8.9%	1,204	1,244	3.3%
Operating expenses	(239)	(240)	(235)	(223)	(219)	(217)	(218)	0.1%	-7.3%	(714)	(654)	-8.4%
Personnel expenses	(145)	(145)	(141)	(140)	(129)	(129)	(125)	-2.5%	-11.2%	(432)	(383)	-11.3%
SG&A	(69)	(69)	(70)	(61)	(67)	(65)	(70)	7.5%	0.1%	(208)	(203)	-2.7%
D&A	(25)	(26)	(23)	(22)	(23)	(23)	(22)	-6.5%	-6.0%	(74)	(68)	-7.9%
Pre Provision Profit	180	160	150	90	164	225	202	-10.4%	34.1%	490	590	20.5%
Other provisions (1)	(15)	(38)	(12)	(34)	(27)	(25)	(32)	29.7%	168.3%	(65)	(84)	27.9%
Loan loss provision	(77)	(81)	(57)	(56)	(51)	(38)	(40)	3.9%	-29.7%	(214)	(129)	-39.9%
Other profits or losses	4	0	(10)	(23)	(2)	(21)	2	-107.6%	-115.9%	(6)	(21)	251.8%
Pre Tax profit	92	41	71	(24)	84	141	131	-6.7%	83.8%	204	357	74.7%
Tax	(26)	(5)	(18)	5	(24)	(36)	(36)	-1.1%	104.1%	(48)	(96)	99.2%
Net Income	66	36	54	(18)	60	105	95	-8.6%	77.2%	156	260	67.1%

Balance sheet

Million euros	30/09/2021	31/03/2022	30/06/2022	30/09/2022
Cash on hand, Central Banks and Other demand deposits	15,367	15,410	19,782	16,245
Assets held for trading & Finantial assets at fair value through P&L	356	249	205	190
Financial assets at fair value through other comprehensive income	1,346	1,275	977	1,098
Financial assets at amortised cost	56,839	57,369	57,354	56,722
Loans and advances to central banks and credit institution	1,453	1,412	878	1,030
Loans and advances to customers	55,386	55,957	56,476	55,693
Debt securities at amortised cost	24,932	25,689	25,415	27,295
Hedging derivatives	796	985	1,586	2,201
Investment in joint ventures and associates	1,030	987	977	950
Tangible assets	2,273	2,232	2,176	2,125
Intangible assets	84	83	79	76
Tax assets	4,760	5,215	5,137	5,111
Other assets	626	473	541	353
Non current assets held for sale	735	658	602	590
Total Assets	109,144	110,623	114,832	112,956
Financial liabilities held for trading & at fair value through P&L	29	36	38	50
Financial liabilities at amortised cost	99,616	100,619	104,670	102,668
Deposits from central Banks	10,318	10,266	10,241	10,238
Deposits from credit institutions	3,864	8,223	7,960	9,069
Customer Deposits	82,041	77,495	79,921	77,843
Other Issued Securities	1,916	2,437	2,916	2,872
Other financial liabilities	1,477	2,198	3,633	2,646
Hedging derivatives	1,053	1,078	1,008	996
Provisions	1,118	1,366	1,294	1,204
Tax liabilities	411	376	398	436
Other liabilities	902	1,048	1,073	1,105
Total Liabilities	103,131	104,523	108,482	106,460
Own Funds	6,161	6,383	6,536	6,626
Accumulated other comprehensive income	(149)	(283)	(186)	(131)
Minority interests	0	0	0	0
Total Equity	6,013	6,101	6,350	6,496
Total Equity and Liabilities	109,144	110,623	114,832	112,956

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