NLB Group: Addiko back in focus, Strategy 2030 execution continues

Research evidence excerpt

NLB Group: Addiko back in focus, Strategy 2030 execution continues

Deutsche Bank

Research

Rating Company Date

Buy NLB Group 13 May 2026

Forecast Change

Emerging Europe

Slovenia

Reuters Bloomberg Exchange Ticker Price at 12 May 2026 (EUR) 227.00

NLBR.LJ NLBR SV LJU NLBR

Price Target (EUR) 251.00

Banking / Finance

235.00 -

52-week range (EUR)

132.27

Addiko back in focus, Strategy 2030

Valuation & Risks execution continues

Miriam Killian

Addiko offer formally launched, Strategy 2030 execution on track, TP raised Research Analyst

Following today's publication of the Offering Memorandum for its voluntary public +49-69-910-62169

takeover offer for Addiko Bank, NLB formally launched the acceptance period for

Marlene Eibensteiner

the proposed EUR29 per share offer, reiterating the unchanged strategic rationale Research Analyst

behind the transaction. Separately, at its Investor Day held last week in Sarajevo, +49-69-910-46423

management largely focused on execution progress against the existing Strategy

2030 framework rather than introducing materially new targets, while modestly Key changes

lowering the targeted cost-income ratio target to low 40%-s (from less than 45%). 241.00 to

TP ↑ 4.1%

Following the bank's results and strategic update, we keep our 2026 broadly 251.00

unchanged, modestly increase our 2027 and 2028 forecasts and raise our target Source: Deutsche Bank

price to EUR251 (from EUR241).

1Q26 results review: softer revenue development, lower impairments supportive

Net interest income increased 3% YoY, but came in 2% below consensus

expectations, primarily reflecting lower deposit margins and somewhat higher

funding costs despite continued strong loan growth. Fee income increased 8% YoY

but was 4% below consensus expectations. Other operating income was