Erste Q4 beat confirms conservative guidance; 2026 outlook broadly i
Regarding 2025 Q4 results Erste has beet market consensus on most important lineitems and on the bottom line as well, achieving EUR 944 mn net profit compared to
EUR 824 mn of consensus and EUR 830 mn of Concorde’s estimate. Reported results
were also supported by EUR 144 mn of one-off items within other results; however, even
excluding these, pre-provision operating profit still came in above consensus. The whole
2026 year’s results was considerably above its guidance published at the beginning of
2025, it has achieved 16.6% ROTE vs >14% guidance, suggesting that its year opening
guidance is fairly conservative. The guidance it has published for 2026 is broadly in line
with current estimates and what has been communicated previously at the
announcement of the acquisition of Santander Polska. Again it can be considered
conservative and probably reasonable for the analyst to raise the bar slightly above
current consensus suggesting some upward revision
Erste Group is a financial services provider based in Austria. As of Dec 31 2015, Co.'s total assets amounted to Euro199,743 million and the number of customers was approximately 16.5 million. Co.'s key business is the retail business, covering the entire spectrum from lending, deposit and investment products to current accounts and credit cards. In addition to providing financial services to private individuals, Co.'s core activities also include advisory services and support for corporate clients in financing, investment and access to international capital markets, public sector funding and interbank market operations.
Concorde Securities Ltd. is Hungary’s leading independent company engaged in investment banking activities. It provides its clients with integrated financial services, including securities trading, research, corporate financing advisory, capital market transactions, wealth management and investment advisory. The operational management of the company is the responsibility of the CEO, while the owners/managers (who control one-third of the company through their shares and options) are in charge of its strategic governance. Concorde Securities Ltd. is a member of the Budapest, Frankfurt, Warsaw and Bucharest stock exchanges, as well as of the Hungarian Association of Investment Service Providers.
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