EMEA Banks Dashboard

Research evidence excerpt

EMEA Banks Dashboard

wth was +4.5%

YoY in April at EZ level, down vs 5.2% in March, with corporate deposit growth declining vs the

previous month.

Euro Area: In the Euro Area, our estimate of the customer-related net interest margin, based

on ECB data published Friday morning, improves by 2 basis points to 2.41% in April, driven

by stable deposit costs and higher average lending yields, reflecting the increase in rates

expectations seen since the escalation of the Iran conflict. All countries in our panel saw

customer margin improvements, which bodes well for banks' 2Q26 net interest income. Jefferies EMEA Banks * | Jefferies

International Ltd.

French banks: April Life insurance data confirm the trend since the beginning of the year, with +44 (0) 20 7029 8309 |

inflows of +€5.2bn. YTD flows of €24.7bn are €7.0bn higher than the same period in 2025, jefferiesemeabanks@jefferies.com

supported by weaker momentum in regulated savings. We do not expect the Iran conflict Joseph Dickerson ^ | Equity Analyst

to materially derail this trend, even if some flows were to reallocate back toward regulated 44 (0) 20 7029 8309 | jdickerson@jefferies.com

products due to a potential Livret A hike in Aug. Jonathan Pierce * | Equity Analyst

+44 (0)20 7548 4079 | jpierce@jefferies.com

ALPHA: The underlying trends remain strong for Alpha bank during these uncertain times. They Inigo Vega ^ | Equity Analyst

continue to demonstrate strength in fees with their recent acquisitions already bolstering their +34 910769995 | ivega@jefferies.com

fee engine which was up 30% YoY in 1Q26. Despite the higher one-offs in 1Q the 2026 guidance Marco Nicolai ^ | Equity Analyst

was reiterated. We have increased our EPS by 3% in 26/27, increase our target price to EUR +39 02 3601 1946 | mnicolai@jefferies.com