PNC Financial Services Gp: 2Q26 EPS PREVIEW: Organic and inorganic growth both solid NII and fee growth

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PNC Financial Services Gp: 2Q26 EPS PREVIEW: Organic and inorganic growth both solid NII and fee growth

Equity Research

U.S. Large-Cap Banks

25 June 2026

PNC Financial Services Gp

2Q26 EPS PREVIEW: Organic and

inorganic growth both solid NII

PNC OVERWEIGHTand fee growth

Unchanged

Both NII and fees are expected to be at the upper end of its U.S. Large-Cap Banks POSITIVE

guidance, though increased expenses should partially offset. Unchanged

Asset quality is expected to be stable while share buyback Price Target USDUnchanged277.00

persists. With the FirstBank conversation recently completed, Price (23-Jun-26) USD 238.67

we look for synergies to be more apparent looking out. Potential Upside/Downside +16.1% Source: Bloomberg, Barclays Research

Market Cap (USD mn) 95841

Expected Results Shares Outstanding (mn) 401.56

Free Float (%) 99.34

Expected results: Our 2Q26 operating EPS estimate is $4.52 (+$0.01), compared to consensus of 52 Wk Avg Daily Volume (mn) 2.2

$4.49. The estimate increase reflects increases in our NII and fee income forecasts more than Dividend Yield (%) 2.85

offsetting an increase in our expense expectations. We expect reported results to include a Return on Equity TTM (%) 12.08

$400mn ($0.80) gain tied to its Visa shares, partially offset by securities losses. It is also Current BVPS (USD) 143.65

expected to book merger costs. Continuing its strong momentum from 1Q26, closing the Source: Bloomberg

FirstBank deal on January 5 and its recent conversion, we expect PNC to demonstrate strong

results. We expect both NII (+3%) and fee income (+2.5%) to exceed its April guidance. NII Price Performance Exchange-NYSE

should benefit from continued asset repricing (NIM) and higher loans (+2-3%) while fees are 52 Week range USD 243.94-176.16