KBC: Q1'26 results - Mixed results, NII beat but unchanged guidance

研报英文原文证据摘录

KBC: Q1'26 results - Mixed results, NII beat but unchanged guidance

EQUITY RESEARCH QUICK TAKE

RBC Europe Limited

Anke Reingen (Co-Head of Global Financials

Research)

Sherry Lin (Associate)

Susana Cruz (Associate)

May 12, 2026

KBC Group NV

Q1'26 results - Mixed results, NII beat but unchanged guidance

BRU: KBC | EUR 116.10 | Sector Perform | Price Target EUR 123.00

Sentiment: Negative

Our view:

KBC reported a mixed set of results. While NII beat expectations, an unchanged guidance even if conservative, dampens the

excitement. The Q1 increase in costs and loan losses appear to be 'one off' with FY 2026 guidance reiterated, but points to potential

consensus downgrades.

First impression:

• Q1 net profit miss, GOP beat but NII above and many moving parts: At a headline level KBC reported a net profit of EUR557m vs

EUR578m consensus. Pre-tax profit was EUR793m, 1% below consensus of EUR800m. Total impairments came in at EUR165m,

above consensus of EUR131m. At the pre-provision profit level, results came in at EUR956m, 3% above consensus of EUR931m.

Revenues were in line with consensus with NII 1% ahead (2% ahead ex one off), fees were broadly in line but the FV result was

more negative (negative ALM derivatives) partially offset by a higher other income (included EUR29m positive from legal case

in Hungary). Operating expenses ex bank taxes were 1% higher than consensus but bank levies and insurance service expenses

were below consensus (KBC points to timing effects with FY guidance reiterated).

• NII beat: NII in Q1 was up 4% QoQ (+2% ex first time consolidation) and 18% YoY driven by the consolidation of 365.bank, the

transformation result, higher lending income as loan growth and first time consolidation offset lower loan margins in most core