ABN: Pulling the Right Levers

Research evidence excerpt

ABN: Pulling the Right Levers

RBC Europe Limited

Anke Reingen (Co-Head of Global Financials Research)

+44 20 7029 0784, anke.reingen@rbccm.com

Susana Cruz (Associate)

+44 20 7029 0392, susana.cruz@rbccm.com

Sherry Lin (Associate)

+44 20 7653 4002, sherry.lin@rbccm.com

May 14, 2026

ABN AMRO Bank N.V. Outperform

NXT AM: ABN; EUR 31.77RESEARCH Pulling the Right Levers Price Target EUR 37.00 ↑ 36.00

Our view: Consistency in the execution of the strategy, improving Scenario Analysis* profitability and an attractive yield should support a further re-rating of

ABN’s shares. Reiterate OP (PT raised to EUR37). Downside Current Price Upside

Scenario Price Target Scenario

Key points: 15.00 31.77 37.00 42.00

Delivering on key levers of strategy 48% 21% 37%

*Implied Total Returns • Costs – moving forward faster: Underlying costs declined by 6% YoY. AtEQUITY the Q1 stage, ABN had already executed 40% of the targeted headcount Key Statistics

reductions over 2024-2028. As a result ABN lowered its cost guidance for SharesDividend:O/S (MM): 833.01.47 MarketYield: Cap (MM): 26,4664.6%

2026 to EUR5.5bn (pre NIBC, ex restructuring and incidentals). Collective Tangible BVPS: 29.07 Avg. Daily Volume: 2,201,976

labour agreements are expected and factored in to have an impact in Float (MM): 495.7 NLFI: 30.5% stake.

H2 and the speed of the FTE reduction is expected to moderate going

forward. Inflation could create further headwinds but ABN reiterated RBC Estimates

that it aims to take action to deliver on the absolute cost target. We lower FY Dec 2025A 2026E 2027E 2028E

our 2026 cost estimate to EUR5.5bn. Our cost estimates were already EPS, Adj Diluted 2.61 2.93 3.55 4.15

at the 2028 target level (EUR5.5bn) and we await further progress (and Prev. 2.60 2.85 3.48 4.04