2Q22 Earnings presentation

July 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	▪ IT integration completed in the quarter, less than a year after the merger was closed ▪ Loan book grows over the last year while customer funds remain flat despite market turmoil ▪ Agreement reached on life insurance business with Santa Lucía as the new sole partner	Mortgage loan book Consumer loan book Customer funds	+1.8% YoY +1.8% YoY -0.1% YoY
Profitability	▪ NII increases in the quarter on the back of loan book and ALCO repricing ▪ Fee income maintains good momentum despite market volatility on the back of strong retail activity ▪ OPEX Restructuring keeps moving forward with branches decreasing by 11% QoQ and employees by 5% QoQ	Net Interest income Fee income Operating expenses	+14% QoQ +13% YoY -9% YoY
Asset quality	▪ Cost of risk down in the quarter to 27bps ▪ NPLs flattish and foreclosed assets down 7% QoQ ▪ NPA ratio down to 6.7%, 32bps in the quarter, with a coverage ratio of 64%	NPL Ratio (%) NPL Coverage (%)	3.5% 65%
Solvency	▪ CET 1 FL of 12.8% as of June 2022 20 bps higher than last quarter despite market volatility (1), and migration of equity portfolio to IRB ▪ Dividend accrual of 50% of 1H22 net income	CET 1 FL excess (2) TBV	€1.6bn +5% QoQ

Business activity

Customer funds

Customer funds breakdown

Million Euros	2Q21	1Q22	2Q22	QoQ	YoY
Customer funds on balance sheet	70,552	68,963	70,830	2.7%	0.4%
Public institutions	6,960	6,442	7,122	10.5%	2.3%
Private sector	63,591	62,521	63,708	1.9%	0.2%
Demand Deposits	56,612	56,715	58,105	2.5%	2.6%
Term Deposits	6,841	5,741	5,543	-3.4%	-19.0%
Other funds	139	65	60	-7.4%	-56.8%
Customer funds off balance sheet	21,102	21,782	20,725	-4.9%	-1.8%
Mutual funds	11,455	12,353	11,759	-4.8%	2.7%
Pension plans	3,988	3,930	3,761	-4.3%	-5.7%
Insurance funds	4,711	4,382	4,173	-4.8%	-11.4%
Other(1)	947	1,117	1,031	-7.7%	8.8%
Total customer funds	91,654	90,745	91,555	0.9%	-0.1%

Mutual funds

Mutual funds evolution (€bn)

+34%

YoY

Lending: Performing book

Performing loan book (€m)

Million Euros	2Q21	1Q22	2Q22	QoQ	YoY
Public sector	6,006	5,614	5,953	6.0%	-0.9%
Corporate loans	13,769	13,665	13,223	-3.2%	-4.0%
Real Estate developers	943	817	758	-7.3%	-19.6%
Other corporates	12,827	12,848	12,465	-3.0%	-2.8%
Loans to individuals	34,436	34,281	35,060	2.3%	1.8%
Residential mortgages	30,966	31,467	31,528	0.2%	1.8%
Consumer & other (1)	3,470	2,814	3,532	25.5%	1.8%
Total Performing book	54,211	53,560	54,237	1.3%	0.0%

New lending

Business lending (€m)

Consumer lending (€m)

Residential mortgage (€m)

Lending: Main portfolios

Residential mortgage portfolio Corporates portfolio

2Q22 New lending breakdown

€137k average mortgage loan

Digital business

IT integration finished this quarter with limited operational disruption

Scaling up remote capabilities. Technology has never been as accessible as today, being selective on the right developments allows Unicaja Banco to compete on digital banking
2 Omni channel strategy: To enhance our customers convenience by accessing a wide range of product offering in different channels

3 Levering on strong partnerships: to build up our digital ecosystem, acquire attractive customers and deliver holistic product offering for our customers

Unicaja Banco inaugural Green Senior Preferred Bond

To align our financing strategy and funding program with our ✓ sustainable strategy and targets

To promote and support the migration of assets towards a more ✓ sustainable balance sheet

✓ To contribute to the development of sustainable finance market

Aligned to ICMA Green Bond Principles (2021 version)
Three year lookback period
€1.3bn eligible projects under the Technical Screening Criteria (TSC) of EU Taxonomy
Green Buildings (84%) and Renewable Energy(16%)

€500m 4.5% 3NC2 Green Senior Preferred

• Book orders x2.5 times

• >100 investors

Financial results

Quarterly income statement

2Q22 P&L statement (1), (2)

Million euros	2Q21	1Q22	2Q22	QoQ (%)	YoY (%)	1H21	1H22	1H22 vs 1H21 (%)
Net Interest Income	266	235	267	13.8%	0.4%	543	502	-7.6%
Dividends	17	1	12	na	-29.6%	17	12	-28.0%
Associates	23	3	38	na	68.5%	33	41	23.9%
Net Fees	117	133	130	-2.1%	11.2%	234	264	12.8%
Trading income + Exch. Diff.	6	10	21	117.2%	277.5%	22	30	38.2%
Other revenues/(expenses)	(28)	2	(26)	na	-8.4%	(30)	(24)	-19.3%
Gross Margin	400	382	443	15.7%	10.7%	819	825	0.8%
Operating expenses	(240)	(219)	(217)	-0.5%	-9.5%	(479)	(436)	-9.0%
Personnel expenses	(145)	(129)	(129)	-0.2%	-11.6%	(290)	(257)	-11.4%
SG&A	(69)	(67)	(65)	-2.6%	-5.0%	(138)	(133)	-4.1%
D&A	(26)	(23)	(23)	3.7%	-9.0%	(51)	(46)	-8.8%
Pre Provision Profit	160	164	225	37.4%	41.0%	340	389	14.5%
Other provisions	(38)	(27)	(25)	-8.7%	-35.9%	(53)	(52)	-3.4%
Loan loss provision	(81)	(51)	(38)	-24.2%	-52.5%	(158)	(89)	-43.6%
Other profits or losses	0	(2)	(21)	na	na	4	(23)	na
Pre Tax profit	41	84	141	66.9%	244.5%	133	225	69.8%
Tax	(5)	(24)	(36)	49.7%	na	(31)	(61)	96.4%
Net Income	36	60	105	73.8%	190.0%	102	165	61.8%

▪ Other profits and losses: prudent approach to accelerate future disposals

(1) 2021 P&L is proforma including both Unicaja Banco and Liberbank under Unicaja Banco accounting criteria, (2) 2Q21 exclude early retirees provision booked by Liberbank of €143m

Net interest income: Yields

-1.00%

-0.50%

0.00%

0.50%

1.00%

1.50%

2.00%

Net interest income: Evolution

Net interest income quarterly evolution (€m)

Lending:

Higher yields on back book and new lending and higher day-count effect and average volumes

B Fixed income portfolio:

Short duration and reinvestments at better yield support a stronger NII

C Funding:

• Retail: Higher contribution from negative rate on corporate deposits

• Wholesale lower costs of issuances and liquidity management

Fee income

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

Million Euros	2Q21	1Q22	2Q22	QoQ (%)	YoY (%)	1H21	1H22	1H22 vs 1H21 (%)
Banking Fees	67	73	69	-5.1%	3.0%	131	141	7.9%
Non-Banking fees	50	61	62	1.6%	22.0%	103	122	18.9%
Mutual funds	24	28	34	22.1%	37.8%	46	61	33.9%
Insurance	23	28	27	-1.5%	20.0%	49	55	13.0%
Other	3	5	1	-86.1%	-77.8%	9	6	-27.8%
Total Fees	117	133	130	-2.1%	11.2%	234	264	12.8%

Operating expenses

Since the merger was announced, branches have gone down by 28% and the headcount by 15%

2020 2021 1Q22 2Q22

Cost of risk

Profitability

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

Note: Proforma data as of 2020 y 2021 of Unicaja and Liberbank aggregated, (1) excludes AT1 coupon net of taxes

Asset quality

Non performing loans

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

Foreclosed assets

Foreclosed assets yearly evolution (€m)

Non performing assets (€m)

Foreclosed assets breakdown and coverage

Foreclosed assets (€m)	NBV	Coverage (%)
Residential	254	55%
Building under construction	94	64%
Commercial RE	88	47%
Land	282	70%
Total	718	63%

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)

Solvency (II/II)

Capital ratios. June 2022 Capital structure (fully loaded)

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	492	450	-	5,222	6,164
Total	492	450	800	6,682	8,424

(2) Tier 2 2024 refers to call date.

Appendix

Share and book value

Share metrics and book value (1) Shareholder base

Share and liquidity:	1Q22	2Q22
# O/S shares (m)	2,655	2,655
Last price (€)	0.94	0.93
Max price (€)	1.07	0.99
Min price (€)	0.75	0.75
Avg. traded volume (#shares m)	5,372	6,052
Avg. traded volume (€ m)	4,907	5,346
Market Capitalization (€ m)	2,504	2,478
Book Value:
BV exc. minorities (€m)	5,553	5,802
TBV(2) (€m)	5,417	5,670
Ratios:
BVps (€)	2.09	2.19
TBVps (€)	2.04	2.14
PBV	0.45x	0.43x
PTBV	0.46x	0.44x

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

Source. CNMV as of 19/07/2022 and 2021 Unicaja Banco corporate governance report

Income statement. Proforma

Million euros	3Q20	4Q20	1Q21	2Q21	3Q21	4Q21	1Q22	2Q22	QoQ (%)	YoY (%)	1H21	1H22	1H22 vs 1H21 (%)
Net Interest Income	283	286	277	266	251	235	235	267	13.8%	0.4%	543	502	-7.6%
Dividends	2	3	1	17	1	5	1	12	na	-29.6%	17	12	-28.0%
Associates	13	12	10	23	15	10	3	38	na	68.5%	33	41	23.9%
Net fees	100	111	117	117	121	134	133	130	-2.1%	11.2%	234	264	12.8%
Trading income + Exch. Diff.	7	22	17	6	4	21	10	21	117.2%	277.5%	22	30	38.2%
Other revenues/(expenses)	2	(100)	(2)	(28)	(7)	(91)	2	(26)	na	-8.4%	(30)	(24)	-19.3%
Gross Margin	406	335	419	400	385	313	382	443	15.7%	10.7%	819	825	0.8%
Operating expenses	(237)	(231)	(239)	(240)	(235)	(223)	(219)	(217)	-0.5%	-9.5%	(479)	(436)	-9.0%
Personnel expenses	(149)	(150)	(145)	(145)	(141)	(140)	(129)	(129)	-0.2%	-11.6%	(290)	(257)	-11.4%
SG&A	(63)	(56)	(69)	(69)	(70)	(61)	(67)	(65)	-2.6%	-5.0%	(138)	(133)	-4.1%
D&A	(24)	(26)	(25)	(26)	(23)	(22)	(23)	(23)	3.7%	-9.0%	(51)	(46)	-8.8%
Pre Provision Profit	170	104	180	160	150	90	164	225	37.4%	41.0%	340	389	14.5%
Other provisions (1)	(19)	(24)	(15)	(38)	(12)	(34)	(27)	(25)	-8.7%	-35.9%	(53)	(52)	-3.4%
Loan loss provision	(108)	(104)	(77)	(81)	(57)	(56)	(51)	(38)	-24.2%	-52.5%	(158)	(89)	-43.6%
Other profits or losses	(1)	1	4	0	(10)	(23)	(2)	(21)	na	na	4	(23)	na
Pre Tax profit	41	(23)	92	41	71	(24)	84	141	66.9%	244.5%	133	225	69.8%
Tax	(6)	6	(26)	(5)	(18)	5	(24)	(36)	49.7%	na	(31)	(61)	96.4%
Net Income	35	(17)	66	36	54	(18)	60	105	73.8%	190.0%	102	165	61.8%

Note: All information is prepared on a pro forma basis for comparability. (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	30/06/2021	31/03/2022	30/06/2022
Cash on hand, Central Banks and Other demand deposits	8,855	15,410	19,782
Assets held for trading & Finantial assets at fair value through P&L	169	249	205
Financial assets at fair value through other comprehensive income	1,040	1,275	977
Financial assets at amortised cost	29,676	57,369	57,354
Loans and advances to central banks and credit institution	1,736	1,412	878
Loans and advances to customers	27,939	55,957	56,476
Debt securities at amortised cost	20,951	25,689	25,415
Hedging derivatives	657	985	1,586
Investment in joint ventures and associates	368	987	977
Tangible assets	1,122	2,232	2,176
Intangible assets	77	83	79
Tax assets	2,770	5,215	5,137
Other assets	393	473	541
Non current assets held for sale	235	658	602
Total Assets	66,313	110,623	114,832
Financial liabilities held for trading & at fair value through P&L	24	36	38
Financial liabilities at amortised cost	59,916	100,619	104,670
Deposits from central Banks	5,456	10,266	10,241
Deposits from credit institutions	3,596	8,223	7,960
Customer Deposits	48,691	77,495	79,921
Other Issued Securities	366	2,437	2,916
Other financial liabilities	1,807	2,198	3,633
Hedging derivatives	609	1,078	1,008
Provisions	723	1,366	1,294
Tax liabilities	267	376	398
Other liabilities	808	1,048	1,073
Total Liabilities	62,347	104,523	108,482
Own Funds	4,049	6,383	6,536
Accumulated other comprehensive income	(84)	(283)	(186)
Minority interests	1	0	0
Total Equity	3,966	6,101	6,350
Total Equity and Liabilities	66,313	110,623	114,832

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.

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. By receiving or accessing to this Presentation you accept and agree to be bound by the foregoing terms, conditions and restrictions.

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

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