Key Takeaways From CFO and CRO Roadshow

Goldman Sachs hosted Unicaja's CFO and CRO for a roadshow, highlighting flat 2026 NII expectations, mortgage margin pressure, and a commitment to a 95% payout ratio. Despite management's optimism on capital returns, GS maintains a Sell rating with a €2.70 target price.

Key Takeaways

• 1.Unicaja expects Net Interest Income (NII) to remain relatively flat in 2026 but anticipates growth in 2027-2028 driven by higher rates and bond repricing.
• 2.Mortgage margins are under severe pressure, with front-book spreads yielding negative returns on a standalone basis before cross-selling.
• 3.The bank maintains a robust capital position with a high intended payout ratio of 95%.

Table of Contents

• Key Takeaways from CFO & CRO Roadshow
• Valuation & Key Risks
• Disclosure Appendix
• Reg AC
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• Additional disclosures required under the laws and regulations of jurisdictions other than the United States
• Ratings, coverage universe and related definitions
• Global product; distributing entities
• General disclosures

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