BPOP: Takeaways from CFO Mtg at Our Chicago Conf

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BPOP: Takeaways from CFO Mtg at Our Chicago Conf

Equity Research

Flash Comment — May 14, 2026

Mid-Cap Banks

Popular, Inc.

Takeaways from CFO Mtg at Our Chicago Conf Overweight

Price Target: $165.00

Ticker BPOP

Our Call Upside/(Downside) to Target 13.4%

3 key takeaways from our meeting: Puertro Rico's economy remains on track for growth Price (05/14/2026) $145.49

so far; with no meaningful disruptions from higher oil prices, capital return could exceed 52 Week Range $100.54 - 152.95

earnings for a few years; and fixed asset repricing benefits continue. Market Cap (MM) $9,436

Source: Company Data, Wells Fargo Securities estimates, and Factset.

Initial Thoughts NA = Not Available, NC = No Change, NE = No Estimate

No obvious signs of slowdown from higher oil prices, w/very short-term tax benefits. Robert Rutschow

BPOP still sees a robust economy, echoing the messaging we heard from the two other Equity Analyst | Wells Fargo Securities, LLC

Robert.Rutschow@wellsfargo.com | 212-214-5302

PR banks. The tax rebate expected in 2Q26/3Q26 should help deposits and economic

activity in the s/t; but based on a similar 2024 tax rebate, the impact isn't likely to be long Juan Recalde, CFA

lasting for either—the tax rebates are "found money" for many recipients. Disaster relief Associate Equity Analyst | Wells Fargo Securities, LLC Juan.Recalde@wellsfargo.com | 212-214-5287

funds and onshoring remain the key multi-year macro tailwinds.

Mike Mayo, CFA

Equity Analyst | Wells Fargo Securities, LLC

BPOP has excess capital that can be used for buybacks. BPOP continues have excess Mike.Mayo@wellsfargo.com | 212-214-5300

capital as measured by CET1 (15.9% at 1Q26), which should be mostly returned to

shareholders via buybacks and dividends. Inorganic growth is not a priority. BPOP would