EMEA Banks Dashboard

Research evidence excerpt

EMEA Banks Dashboard

EUROPE | Banks EquityJulyResearch11, 2026

Exhibit 1 - Performance this week - TotalEMEA Banks Dashboard

return (%)

SX7P was flat this week, outperforming the SXXP (-2%). Top 5 performers PAGUBS 2% 3%

BAMI 2%

SEBA 2%were PAG, UBS, BAMI, SEBA and ISP. Worst performers were GLE, BCP, ISP 2%

-2%NWG, SAN and BNP. SXXPSX7PBNP -2% 0%

SAN -2%

NWG -3%

BBVA: BBVA shares have lagged YTD amid broader risk-off sentiment, but fundamentals BCPGLE -4% -3%

remain strong for Europe's highest RoTE bank (24%). With Turkey risks largely priced in, looking . -5% -4% -3% -2% -1% 0% 1% 2% 3%

ahead we see MSD upside to consensus earnings, with >50% coming from Mexico, the key Source: Bloomberg, Jefferies

divisive factor among investors. Our deep-dive on Mexico supports a constructive MT view on

the economy and BBVA Mexico, hence we add BBVA to our high conviction Franchise Picks list.

SocGen - Bourso’s hidden value illustrated: Following on from our note focused on GLE's

digital bank BoursoBank, investors have asked about a potential Bourso valuation in the

context of the group's mkt cap. Using publicly available data points, one could reasonably arrive

at a €14bn valuation for BoursoBank. The market value of GLE's stakes in listed companies

Ayvens, Komercni and BRD is €12.7bn, implying the remainder of GLE is on 5.8x EPS (half the

sector multiple) and 1.3x price/sales (SX7P on 3.4x).

BPER: As Unipol tightens its grip on BPER, a BPER-Unipol financial conglomerate is

increasingly on investors' minds. Our deep-dive modeling shows a BPER-Unipol tie-up could

unlock significant capital via the Danish Compromise, effectively funding buybacks and 6%

EPS accretion with no synergies (double digits incl. synergies). Key hurdle remains governance: