Erste Group delivered strong H1 2025 results supported by revenue growth in core markets, disciplined cost management, robust asset quality, and a significant positive one-off item, has prompted a broad-based upgrade to the full-year 2025 guidance. The quarter was also marked by an accelerated capital build, with the CET1 ratio increasing to 17.4%, placing the bank in a strong position ahead of the planned consolidation of Santander Bank Polska around year-end 2025.
HEADLINES: • Rainbow Tours: on the road to riches (BUY - initiation of coverage) • Erste Bank: 2Q25 results beat on positive one-off; solid performance in core result leads to 2025E guidance uplift POSITIVE • Jeronimo Martins: minor beat in 2Q25; FY25E guidance maintained POSITIVE • Eurobank Ergasias Services: 2Q25 highlights – a clean 14% beat vs. our estimate POSITIVE • National Bank of Greece: 2Q25 highlights – in line, with guidance upgrade POSITIVE • Optima Bank SA: bottom-line beat in 2Q25...
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