PKO Bank Polski (PKO.WA): Data Update: Minor estimate revisions

First-page research excerpt

Equity Research

29 July 2026 | 7:14PM GST

PKO Bank Polski (PKO.WA): Data Update: Minor estimate revisions

Estimate changes

We make estimate changes ahead of the 2Q26 results. Our Net Income for 2026

remains broadly unchanged, driven primarily by lower opex but offset by slight

increase in fee and income tax. We make no changes to our PT.

Kazim Andac

+971(4)214-9958 |

Goldman Sachs International

Ashwath P T, CFA

Goldman Sachs International

Valuation and key risks

We rate PKO Bank Polski Buy with a 12-month price target of PLN122. We value the

bank using a ROTE/COE methodology in line with our broader CEEMEA banks

coverage. Key risks to our thesis are: 1) Higher than expected sensitivity to rate cuts,

2) Downside risks to asset quality, 3) Deterioration in sentiment on the CHF

mortgage situation, and 4) Incremental adverse regulatory actions.

PKO.WA

12m Price Target: PLN122.00

Price: PLN109.96

GS Forecast

Market cap: PLN137.4bn / $36.2bn

3m ADTV: PLN241.0mn / $64.9mn

Poland

CEEMEA Financials

Tang. equity/tang. assets (%): 8.9

M&A Rank: 3

Net inc. (PLN mn)

12/25

10,682.0

12/26E

10,862.5

Tang. BVPS (PLN)

43.46

EPS (PLN) New

8.55

EPS (PLN) Old

8.55

12/27E

13,784.6

12/28E

15,711.2

45.89

51.67

57.47

8.69

11.03

12.57

8.73

10.97

12.50

DPS (PLN)

6.14

5.65

7.17

8.17

GS ROTE (%)

20.8

19.5

22.6

23.0

P/E (X)

8.6

12.7

10.0

8.7

Dividend yield (%)

8.3

5.1

6.5

7.4

3/26

6/26E

9/26E

12/26E

2.02

2.09

2.34

2.24

EPS (PLN)

Goldman Sachs India SPL

Upside: 10.9%

Buy

CET1 ratio (%)

Gokul Vinayak L

Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 28 Jul 2026 close.

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors

should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.

Investors should consider this report as only a single factor in making their investment decision. For Reg AC