Robust performance and on track for 2026 guidance

研报英文原文证据摘录

Robust performance and on track for 2026 guidance

Greece | Banks

Eurobank EquityMayResearch12, 2026

TARGET | ESTIMATE CHANGERobust performance and on track for 2026

RATING BUYguidance

PRICE €3.97^

EUROB produced a robust performance during these uncertain times and

continues to sustain strong levels of organic growth (loans +10% and AUM PRICE TARGET | % TO PT €5.10 (€5.00) | +29%

+26% YoY). Key positive of the result was the NII beat and EUROB deploying 52W HIGH-LOW €4.39 - €2.52

their excess liquidity into bonds to take advantage of the higher rates - also FLOAT (%) | ADV MM (USD) 71.7% | 38.52

have potential upside to come if we see rate hikes. We increase our EPS MARKET CAP €13.5B | $15.9B

by 1% (better NII), increase our price target to EUR 5.10, and maintain our TICKER EUROB GA ^Prior trading day's closing price unless otherwise

Buy rating. noted.

Earnings estimate changes: We have made EPS upgrades of 1% across the forecast period FY (Dec) CHANGE TO JEFe JEF vs CONS

(primarily driven by NII - bond portfolio and spreads slightly better than expected). For 2026, 2026 2027 2026 2027

we leave our fee estimates unchanged as the 1Q26 beat is offset by the delayed completion of REV NA NA NA NA

Eurolife (now expecting to close in 3Q vs 2Q previously). As a result of our earnings changes

EPS +1% NA +6% +5%

we increase our target price to EUR 5.10 (from EUR 5.00) and maintain our Buy rating. EUROB

trades on a 2028E P/TBV of 1.2x and P/E of 7x for a ROTE of 17% (10% discount to EU Banks

2026 (€) Q1 Q2 Q3 Q4 FY

sector). We see EUROB on track to meet their unchanged 2026 guidance. Historically EUROB

EPS -- -- -- -- 0.44

provide guidance updates at the 2Q results.

PREV 0.43

Strong NII performance - potential upside from rate hikes: NII came in 2% better than