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Oct 30 2026in 33 days
$15.13
$4.14B
7 of last 12
Each report against the estimate that stood when it landed.
| Reported | EPS est | EPS actual | Surprise | Revenue est | Revenue actual | Surprise |
|---|---|---|---|---|---|---|
| Jul 30 2026 | $11.04 | $12.07 | +9.3% | $3.95B | $3.77B | -4.4% |
| Apr 30 2026 | $14.48 | $10.06 | -30.5% | $4.01B | $3.98B | -0.8% |
| Feb 4 2026 | $17.27 | $15.34 | -11.2% | $3.83B | $3.98B | +3.9% |
| Oct 29 2025 | $17.47 | $18.49 | +5.8% | $3.96B | $3.98B | +0.3% |
| Jul 30 2025 | $12.91 | $9.96 | -22.9% | $3.88B | $4.25B | +9.4% |
| Apr 30 2025 | $14.22 | $16.55 | +16.4% | $4.37B | $4.32B | -1.0% |
| Feb 5 2025 | $25.51 | $8.94 | -65.0% | $3.94B | $3.67B | -7.0% |
| Oct 29 2024 | $10.87 | $18.98 | +74.6% | $4.26B | $4.56B | +7.0% |
| Jul 24 2024 | $9.87 | $7.78 | -21.2% | $3.38B | $3.48B | +3.0% |
| Apr 30 2024 | $8.87 | $15.31 | +72.6% | $3.71B | $4.17B | +12.2% |
| Feb 2 2024 | $7.87 | $9.60 | +22.0% | $3.60B | $3.11B | -13.6% |
| Oct 25 2023 | $7.92 | $14.96 | +88.9% | $4.61B | $3.69B | -20.0% |
Agnieszka Dowzycka: [Interpreted] Ladies and gentlemen, welcome. My name is Agnieszka Dowzycka. I am Investor Relations Director at Erste Bank Polska. I want to welcome you all to the presentation of Erste Bank Polska earnings after the first half of 2026. This presentation will be led by Michal Gajewski, CEO; Maciej Reluga, Board Member in charge of Strategy and Investor Relations; and Bernhard Leder, Board Member in charge of Finance and Accounting division as CFO. Bernhard Leder joined Board in June 2026. [Operator Instructions] You can follow the presentation on our website.
Michal Gajewski: [Interpreted] Good morning. Thank you, Agnieszka. Just like Agnieszka said, Bernhard is our new CFO. I have an immense pleasure of welcoming him. And let's start that presentation. So we have just completed our first full quarter operating entirely as Erste Bank Polska. It has been a very intensive period of introducing our customers to our new brand and for ourselves because we're positioning the new brand on the Polish market. In my opinion, and I'll tell you why I think so, both customers and the micro volume -- market welcomed this change. And I have evidence of that, brand awareness ratios keep growing steadily after just 8 weeks of marketing campaign. We achieved double-digit brand awareness among Polish consumers. At the moment, 1 in 3 Poles recognizes the Erste brand. And let me remind you, in January at the outset, spontaneous market overall brand awareness was [ 1% up ]. We have -- through investment, that we already communicated in the first quarter, we have delivered an impressive 31 percentage point increase in this very short period of time. Our focus now is continuing to build both brand awareness and -- for the brand and consideration for Erste to fully leverage the acquisition potential. And we see after the results of the second quarter, the acquisition is going up. Our ambition remains the same. We want to be the best bank for both customers and shareholders. And already today, in terms of market cap in WIG20 index, the #1 privately-owned bank listed on the Warsaw Stock Exchange, we're #2 among all listed banks and #3 in the WIG20 index. So this reflects that the market's appreciation of our business model and the quality of our customer service. We built our competitive advantage and solid foundations, above all, efficiency, security, stability and excellent experience of our customers. And we further reinforce this with the strength and values of the Erste Group. We were named the best bank in Poland for customer experience by Euromoney, and this is very important, it drives us forward, it drives the acquisition but also the loyalty of our customers. Well, this is an earnings call. So let me move to our earnings. Starting with the net profit in the first half of the year, PLN 2.2 billion. This result was affected by the CIT, which increased by 47% year-on-year. In the second quarter alone, net profit amounted to PLN 1.173 billion, up 14%. Now let's move to Slide #4. We now serve more than 6.1 million customers. Our digital customer base has grown to 4.1 million, up 5.7% year-on-year. 3.5 million customers actively use our mobile banking app, which is an increase of almost 10% year-on-year. In the first half of the year, we acquired over 300,000 customers. I will elaborate on that further throughout the call. As of the end of June, customer deposits stood at PLN 246 billion, up 11%. Total customer funds reached PLN 279 billion, an increase of 13%. Gross loans up 8% year-on-year to PLN 177 billion. Total assets up 3% to PLN 323 billion. Quarter-on-quarter, that's an increase of 6%. Slide 5, key financial results. I've already mentioned PLN 2.2 billion, the net profit after the first half. In the second quarter alone, PLN 1.173 billion. Net interest income, PLN 6.164 billion, of which PLN 3.102 billion was generated in the second quarter. Net fee income after 6 months was PLN 1.539 billion, up 5% year-on-year. In quarter 2, the net fee income was PLN 768 million. This is 3% better than in quarter 2 2025. Now quarter-on-quarter, net fee income in quarter 2 was slightly lower than in quarter 1, and that's because quarter 1 was record [indiscernible] in this line. I will talk about the reasons for this comparison. Now total income amounted to PLN 8.052 billion, up 1% year-on-year despite a 2 percentage point decline in interest rate over the past 12 months. In the second quarter, total income amounted to PLN 4.057 billion, which is broadly in line with the level we recorded last year. We have a strong capital position, return on equity, 19%. Of course, we are absorbing the one-off integration and rebranding expenses, but this is a very good investment, and we remain among the sector leaders in terms of efficiency. LCR at the end of June was 195.5%. Now some business data for segments, starting from Slide 6. We're pleased to see continued growth in digital payments. In the first half of the year, they increased by [ 70% ] year-on-year. Now in the first half of the year, the number of newly acquired retail customers increased by 17%, number of platinum customers by 15%. This is our affluent segment. And SME customers by 11%. This is a very important segment for us where we have a very good customer proposition fully -- that is fully digital. Now retail customers. So we have 4.9 million accounts for individual customers in PLN. That is up by more than 2% year-on-year. And during the first half of the year, we opened 256,000 accounts. By the end of June, we had originated PLN 8.1 billion cash loans, up 35% year-on-year. In the second quarter alone, it was PLN 4.2 billion. You can find more comparative data on Slide 26. New mortgage lending amounted to PLN 6.7 billion in the first half of the year. In the second quarter alone, that was PLN 4.2 billion. Now retail investment funds totaled PLN 32 billion, very solid growth, 24% year-on-year. And we see the first effect of our new customer proposition, the new solutions we're now offering to our customers after we rebranded. The market share is now almost 10%. In SME, we opened almost 60,000 new business accounts. In the second quarter alone, that was 47,300 accounts. And at present, we have more than where we have 690 -- over 690,000 (sic) [ 609,000 ] customers in the SME segment. We provided PLN 3.3 billion in loans, and that was 22% more than a year ago. We are still enhancing our digital processes for SME customers, and they're very much appreciated by this segment. In terms of loan growth, fivefold, the volume of loans granted fully online through our fully self-service process increased by more than fivefold. Business and corporate banking, we have an increase in credit limits, loan volumes. And we're happy to see increased activity in remote channels, very good feedback regarding our online solution for corporate customers. CIB, very -- we're very happy to receive Euromoney's award for Best Investment Bank. This confirms our #1 position. We see impressive growth in that line in lending. the most robust growth, [ 25% ] year-on-year and [ 10% ] quarter-on-quarter. So very good growth for investment banking. Now balance sheet. Slide 9, starting with gross loans. Just like I said, gross loans amounted to PLN 177 billion, up 8% year-on-year and 3% compared to the previous quarter. This is driven by new loan originations, mortgage lending, cash loans, twofold growth -- 2-digit growth. Now SME portfolio, including leasing and factoring. Strongest performance, as I said, in the largest corporate segment. The portfolio structure, as you can see in the slide, is well diversified. Mortgages accounted for 32%; corporate loans, 29%; CIB, 15%; other retail loans, 13%; and SMEs were 11%. It's a well-diversified portfolio. It's very important to us that this is a profitable portfolio we grow dynamically in a profitable manner. Slide 10, customer funds, dynamic growth of the deposit base, total deposits exceeded PLN 246 billion after the first (sic) [ second ] quarter, that is up 11% year-on-year and 8% quarter-on-quarter. This, of course, impacted our total assets. On the retail side, deposits increased by 4% year-on-year and by 1% in the second quarter. Within that, current account balances grew by 4% and term deposits declined by 8% quarter-on-quarter. The strong growth in the second quarter was driven by corporate deposits up 21% year-on-year, and I'm talking about current deposits and term deposits here. I also mentioned the strong growth in investment funds, 24% year-on-year, 7% quarter-on-quarter. Net interest income, let me start with that, PLN 6.2 billion, 3% lower year-on-year. In the quarter 2 alone, it increased by 1%. Well, of course, year-on-year, we had that 3% lower on a half yearly basis. There was a number of factors to that. The reference rate and the negative adjustment of the NII by PLN 71.2 million, primarily due to the European Court of Justice judgment on noninterest cost finance from loan. The net interest margin in Q2 was 4.39%. But like-for-like, excluding the European Court of Justice judgment, it has not changed compared to the previous quarter. Now Slide #12. Net fee and commission income has always been our strength. In the first half of the year, it totaled PLN 1.5 billion, which is 5% more year-on-year. In quarter 2, the net fee income was stable yet impacted by temporary factors. Let me explain why it was slightly lower compared to quarter 1. We had a special offer addressed to the SME segment. Without the impact of that, we would have seen another record high quarter. In quarter 2 alone, we acquired nearly 40,000 new customers and accounts. And as I said, we have more than 600,000 customers in this very profitable segment. What I mean is SME. The net fee income was, first of all, driven primarily by credit fees, which increased by 22%; asset management fees, which increased by 33%; insurance fees, which increased slightly by 13%; and FX fees, which increased by 6%. You can see the quarterly recurrence in our performance, and that's been sustained. That is why we have a predictable bottom line. And this is very important especially in -- given the interest rate cut cycle and is an important element of our income diversification. Slide 13, income. For the eighth consecutive quarter, our income totaled roughly PLN 4 billion. We are pleased that despite major interest rate cuts, our income remains high. In the first half year, we exceeded PLN 8 billion in total income. This is 1% better year-on-year and 2% quarter-on-quarter. I've mentioned how interest income and noninterest income impact our position. Income from other operations also showed a very strong performance thanks to higher gains on financial operations and dividends. Trading income revaluation nearly doubled, growing up to PLN 254 million, which reflects our operations in the FX and derivative markets. Now let's talk about costs. Slide #14. Total costs were PLN 3 billion in the first half of the year. Of course, there were a few factors impacting that. The main driver were the cost of integration and rebranding that we communicated before, but they also give us good acquisition effects. But this is also driven by high contributions to the Bank Guarantee Fund. Rebranding cost in the first 6 months totaled PLN 175 million, of which PLN 67 million in quarter 1 and PLN 108 million in quarter 2. Integration costs, PLN 107 million in the first half year, PLN 25 million of which in quarter 1 and PLN 83 million in quarter 2. And we sustain our deceleration when it comes to cost across the year. Quarter-on-quarter, excluding those additional costs, our costs were lower than in the previous quarter. Our cost-to-income ratio on a like-for-like basis, it was 28.7%, excluding integration, rebranding and Bank Guarantee Fund costs that we saw in the first half year. Slide #15, credit risk provisions and the quality of our portfolio. On the consolidated basis, the net balance of provisions for expected credit losses was [ PLN 250 million ], in quarter 1 alone, it was [ PLN 105 million. ] The cost of risk was around 35 basis points. The quality of the portfolio with NPLs of 3.6%, and that's improvement compared to the previous year when it was 3.9%. We have a good performance of loan portfolios. We also can see the good results of the sale of NPL portfolio. In quarter 2, we sold a portfolio worth nearly PLN 180 million, which gave us a gross gain of PLN 65 million. Slide #16 is the summary. So in my view, we have disclosed strong performance. As you can see, we have not been focusing only on rebranding and integration, even though it takes some of our attention, of course, but we continue to grow. We are active in business. We are acquiring new customers. We implement new solutions when it comes to products and services. We do not put our investments on hold. We keep our cost discipline. And we have the capacity to absorb the additional costs while growing. The quarter 2 alone was stronger. We had the gross profit of PLN 1.9 billion, which is 5% higher quarter-on-quarter. The net profit totaled PLN 1.2 billion which is 14% higher. I keep talking about the impact of corporate income tax at each conference. But you have to be aware of that at last year, it cost us PLN 1 billion in corporate income tax. In this half year, it was PLN 1.480 billion. The effective tax rate was 39.7 million -- 39.7% in this quarter. And in the corresponding period, it was 24.5%. Total income was higher than a year ago, thanks to robust interest and noninterest income despite the pressure on NII. Costs were mostly driven by the cost of integration and rebranding, but this was well-invested money, while the cost of risk stayed low. In my opinion, we had really good business activity when it comes to the acquisition of new customers. In the first 6 months, we acquired more retail customers in a higher number by 17%. And we also increased the number of platinum customers and SME customers' number. We keep working on delivering our ambition, which is to be the best bank for customers, employees and shareholders. We built our new brand on strong foundations and the strength of Erste Group. And we are looking forward to the future to the coming quarters. That concludes my presentation. And now the floor is yours. Maciej has picked up the questions.
Maciej Reluga: [Interpreted] We have received a lot of questions, and I'm trying to put them into categories. The questions we had so far, they actually touch on all the aspects of the P&L and different aspects relating to the balance sheet. There are also and some questions about regulatory and legal issues. Well, we also encourage you to ask more questions, but we try to address the ones we received already. And if you want to specify something, let us know in the communication. We have a question, Michal, that's for you. Your impressions of working with the group after the first quarter. And do you see any new areas for growth?
Michal Gajewski: [Interpreted] As I said, this was -- that we've completed the first quarter operating entirely as Erste Bank Polska. And the first impression is that this is a financial group that really understands this part of Europe, that understands the market, that has huge ambitions for growth and supports us in the growth. I feel fully supported. And I appreciate the quick decisions, I appreciate the cooperation. I have very good impressions. They are very good at identifying further growth opportunities. We have very good cooperation with the other countries within the group. We've been having some very inspiring conversation regarding building a new strategy. So I can assure you that my first impression is very, very good. We see that also this is reflected in our financial performance. But also -- not only financial performance, but also if you look at the customer acquisition, we not -- we don't only concentrate on the integration project or on our internal agenda, but as you see on the presentation, we still invest heavily in the future, in the acquisition of new customers. And we do what we've always been doing. We want to generate profitable growth. We don't want to only focus on enhancing the market share. Thanks very much.
Maciej Reluga: [Interpreted] Second question is also related to the rebranding. In terms of the costs of rebranding, can you tell us the proportion of the costs that was a one-off, and which will become a fixture in your cost base? In terms of the one-offs, in terms of the investment, we were very specific before in the earnings call, we mentioned PLN 250 million for rebranding for 2026, and we follow the plan and the distribution by quarter is very similar to what we've already communicated. And this is a one-off because for 2026, because this amount included the physical rebranding of branches. Anything else you'd like to add, Michal?
Michal Gajewski: [Interpreted] I think this is a very good investment. And the results of this investment, they are well beyond my expectations. We are very data-driven, so -- very much data-driven, so we measure awareness, consideration. So we have very specific measures for that, and we see growth here. The marketing strategy is elaborated together. We have the lessons learned from other markets in the Central and Eastern Europe. It is, of course, very much focus on building brand awareness and not only on product campaigns, the brand values, ethical business, responsible banking. This is very much the heart of the group and the strategy. The 4 pillars related to financial health regular savings, cost management, building investment capital and insurance cover for our customers. These are new elements that are very inspiring to ourselves that we're developing together with the group, and we are very using the experience the group has in the remaining countries of the group, especially in Czechia. We see the first very good results, especially in asset management, our new offer related to regular investment. And let me just remind you that we made a leap to democratizing the investment services. And this all exceeded -- well, the market response exceeded our expectations. Customers can start investing with as little as PLN 10 and over 1,000 customers per day start investing over 15% of transactions are to amount above PLN 100. This low threshold to start investment, it proved to be a very good idea. So to make reference to your first question about my impressions. We're very much inspired by the group and the implementation of the strategy in the Polish market brings very good results.
Maciej Reluga: [Interpreted] Another question is about loan, first, in terms of volumes, and then credit margin. Credit dynamics, what sort of dynamics are you expecting further in 2026 and then in 2027?
Michal Gajewski: [Interpreted] We expect the same -- similar dynamics as we are observing now. If I were to say, our forecast for loan growth this and next year, about 7%, 8%, 2027, slightly lower. This is due to the investment path. The investment peak will be at the turn of the year and then the dynamic will be slightly lower. But we are optimistic about the structure of growth in 2026 and 2027. And I think the macro environment will still be supporting this. And we'll come back to this when we talk about the risk charge. Now credit margin. [indiscernible] how 2 other Polish banks commented, I'm not going to comment on what the other banks commented. But they said, the pressure on credit margin is phasing out. Do you experience that? You mean the competitive pressure, right? What is this? Is this the observation other banks made? Or what is this remark? Well, we have to ask the author of the question. Well, for us, we've always, in terms of -- we're always consistent in terms of credit margin, and we remain consistent. Some banks maybe wish for this, maybe their shareholders actually commented, it wasn't the right way to go. We -- in the second quarter, we said that the credit margin pressure was there. We'll see about the second half of the year.
Maciej Reluga: [Interpreted] We have another question from someone who followed the performance, the earnings call of other banks. One other bank commented that it expected NIM to improve in the second half of the year. Are you as optimistic as they are? Bernhard, could you answer this question, please.
Bernhard Leder: Yes, of course. First of all, also hello from my side, and thank you, Agnieszka, for welcoming me on this call. Generally, you saw that the net interest income started to reverse and to develop positively in quarter 2. So we saw an increase in net interest income. And this despite of the charge of the European Court of Justice ruling, which amounted to around PLN 71 million. On the NIM specifically, we saw also this European Court of Justice ruling amounted to 10 bps charge on the NIM. But generally, without that, we were about flattish, and this also reflects the stopping of the decrease of the interest rate environment in general. So this is one factor playing on the NIM. On the other hand, Michal already mentioned in the presentation. We saw a very good volume growth on both sides of the balance sheet, which, of course, was then supportive to NIM development. And then if you go a step deeper in the structure of the interest rate blocks in the balance sheet, we saw a further increase of our investment books due to the very strong growth of our deposits. So this contributed positively on the NII and NIM, and where there are also a slight increase in the duration of the [indiscernible] book, which also contributed positively. So to sum it up, yes, there is a reversal of the trend on the NIM to be observed.
Maciej Reluga: [Interpreted] Thank you, Bernhard. One another question, once again, is addressed to you, Bernhard. The question is about the outlook for fees, net fees. And there was a specific question, what was the reason for a weaker performance when it comes fees in quarter 2. But I think that's already been addressed by our CEO in his speech. And we were talking about the special offer for the SME that it had impact. Bernhard, over to you.
Bernhard Leder: Yes, right. I only can confirm. Generally, I would say, fee is the strong suit of Erste Bank Polska, but the bit weaker second quarter in that respect. But I want to remind you that we are still on a positive growth path year-on-year was due to the already mentioned promotions on the SME and micro segment, which is a segment where we unanimously believe it's really worthwhile the investment. So generally, we -- fees are a focus point of our sales, continue to be a focus point. And if I want to point your attention to still some quite impressive growth figures, so fees on asset management are up 30% year-on-year, guarantee fees up 32%, credit fees and brokerage fees also solid double-digit growth year-on-year and foreign exchange fees around mid-single digits up year-on-year. So I think general trend very positive, a little dip attributable to the investment we made into future earnings.
Maciej Reluga: [Interpreted] Thank you very much. The next question refers to asset management. Michal? And Erste Group indicates asset management as one of the growth areas post-acquisition. Have you taken any specific steps? And there was also a question about the change in the business model of the TFI. In the communication, you [indiscernible] that the takeover the control by an entity from Erste Group is to enhance and the implementation of the new model. What would be the specific changes? And how is it to impact the sales and interest and fee income, sorry? Is the new distribution model means that the remuneration for Erste Group change for the sales of the investment funds? And should it actually drive the growth in fee income?
Michal Gajewski: [Interpreted] We keep working on that model. Of course, we have the goal -- we can compare it to other countries in the CEE, especially compared to the Czech Republic, we can see that the performance might really grow. And we have the huge knowledge on the part of Erste Group, and we have the huge knowledge of our neighbors, how to do this business. The first action in this area that we've taken, which I've already mentioned, are those actions related to democratization of investments. And we already can see the first effect, tangible ones. But in the long term, this is related to 4 pillars of financial resilience or financial health, which are the element of the overall group strategy. And it's not only about regular savings, but also regular gradual building of investment equity. And there is a huge potential. And the group can actually contribute a lot of new solutions, which will also have a positive impact on our financial performance. And that's the assumption that we were having in mind. All those actions are to lead to the growth in our business and profits from that business. Okay. Thank you. Maybe when it comes to the last part of that question, does it mean that change the bank is remunerated for the sales of investment funds and whether the share of fee income should grow? I would say, yes. I will give you a positive answer to both questions, but that will come at a later stage. And let me highlight what we reported in the current report. Because of this reason, TFI will cease to be a consolidated on a full basis. It will be just an associated entity. So we will not really see the impact. But I think that this is quite clear in the context of our communication. And all this will happen once the transaction is concluded.
Maciej Reluga: Cost. Bernhard, I will ask you to respond to this question. Do you sustain your outlook for cost, that is PLN 250 million of cost of integration and rebranding, and the organic growth in cost of 4% to 5%? That's the first question.
Bernhard Leder: Yes. Thank you for the question. I mean, with regards to the PLN 500 million total cost of integration and rebranding for this year, yes, we are on a very good path. I think also very [ consequent ] in what we guided on when we will spend this amount during the year. Yes, generally, it's the maximum cap for this year. And our message here is still valid. And generally, cost outlook for the second half, I think we have exerted a very strong cost discipline. So business-as-usual costs are very well under control. And I think we are very positive that we will come out at the figures we guided.
Maciej Reluga: [Interpreted] Thank you. There is an additional question about the allocation of cost within Erste Group. Could you present us the target model of settlements with Erste Group for central services like IT, marketing and so on?
Bernhard Leder: I think, generally, we continue to be part of the group. Sorry, it's just a different group.
Agnieszka Dowzycka: [Foreign Language]
Bernhard Leder: [Foreign Language] Sorry, should I continue, Agnieszka?
Agnieszka Dowzycka: Bernhard, Maciej was still reading the question.
Bernhard Leder: All right. Sorry, sorry. I couldn't hear. Okay. Please give me a sign when I should continue.
Agnieszka Dowzycka: Please continue.
Bernhard Leder: Okay. Thank you. So we continue to be a part of a group. It's just a different group. We're now part of Erste Group. So there will be a typical cost allocation principle, which I think is not different to any other groups. With regards to the next year, it's maybe a bit too early to make a forecast what the concrete cost blocks will be. We're definitely further concentrating on digitalization and optimizing our processes. So one might expect that IT cost could increase. Whilst we are, at the same time, Michal was referring to it, further strengthening, developing new Erste brand in the country. So we will be only in our second year of the new brands. So this might have an effect on cost. And of course, but this is common to everybody in the market. We will also will take a close look on labor market situation and benchmarks. And definitely, we'll make adequate decision regarding staff costs. Of course, costs will correlate with the income side, and we are strongly determined to continue to deliver very strong cost of income efficiency and performance.
Maciej Reluga: [Interpreted] Thank you. Another question refers to the cost of risk, which actually performed better than guidance, is 40, 50 basis points. Is it a recurring level? Yes, of course, the macroeconomic landscape has been very uncertain, especially at the beginning of the year. For the time being, the macro landscape is actually developing very nicely after the quarter 1. Quarter 2 has been really good. The second half of the year seems to be solid. So if we round it up our 37 basis point -- 35, we would be close to the guidance. But if the macro landscape continues to be good, we could be within the levels we've witnessed in the recent quarters. As our CEO said, there is nothing really happening even if we have a one-off case slipping down, our portfolio standings across the different segments has been good and is stable. So we do not envisage any major changes, whether it's roughly a little bit below 40 or a little bit above 40 bps, we don't see any real threat. Now there is a question about regulatory things, Michal. There are a few. We will address them in blocks because they refer to -- let's start with the antimonopoly office and the proceedings related to unauthorized transactions. Have we actually created any provisions for that? Not. And other banks have the provisions of -- PLN 90 million, PLN 100 million of provisions in retail banking? But we can maybe -- if we plan to create provisions, we would have done it. So maybe a comment on that please. At the moment, the bank is talking to the UOKiK, to the antimonopoly office and the competition office and potential decision that they might take. We've been analyzing the expectations of UOKiK and we are waiting for that proposal. For the time being, we have not created any provisions. So we will see eventually what will be -- how it will be finalized. Some of the banks -- some banks therefore decided to create those adequate [ provisions ]. But the differences between bank results from the decision. The other thing is that the European Court of Justice judgment. And there are quite a few questions. But the first one, apart from the adjustment of the interest income, have we created any special provisions for customers complaints? The second question, have we created the provisions for -- related to the sanction of the -- free credit sanction? And no. What is the risk of claims litigation? Have you seen the growth in the number of claims? What might be the case that would trigger the number of the -- the creation of provisions? And how the case will change? Please answer.
Michal Gajewski: [Interpreted] Since 2024, we have not been charging interest on the loan interest cost. So long before the judgment of the European Court of Justice, we stopped to charge the interest. It's not because we had a crystal ball and we predicted this particular judgment. The provisions of the Polish law said that -- and the Consumer Credit Act, the position of UOKiK that was released in an opinion or the opinion of the Polish regulator, the KNF. The European Court of Justice's judgment was not consistent with those positions. But still, we stopped to charge those. We now have 374,742 cases. After the judgment of the European Court of Justice, 80% are in favor of the bank. And those verdicts given where we lose are actually given in one court where probably the judges applied the recent ruling of the European court of Justice. And that particular ruling did not apply the free credit sanction. It only related to not charging interest on the non-interest cost of the loan. But we see increased activity in companies that buy claims for customers. We don't have data that would indicate to a dramatic increase in the number of complaints or lawsuits. So I don't want to speculate whether legal offices are preparing for that. But there is one more opinion, according to which this judgment cannot be applied on retrospectively. And also according to our Polish regulation, we were actually allowed to charge interest. Well, summing up, we think that the provision level is adequate, and this was actually agreed on with our external auditors. Now the market share in cash loans where you apply interest on the cost of insurance, that's 25%. But like this is in line with what we have said, we haven't been charging that for 2 years.
Maciej Reluga: [Interpreted] We have 2 last questions. Does the Board anticipate Santander to sell their remaining part of their shares? Does the group anticipate Santander to sell? Well, we need to ask Santander about this. Does the group plan to implement individual investment accounts? Yes, definitely we are. We think highly of this product. Agnieszka, we don't have any more questions unless you receive any in the meantime.
Agnieszka Dowzycka: [Interpreted] No. I have no more new question.
Michal Gajewski: [Interpreted] Okay. Thank you very much. We've managed to do the call in 60 minutes. Have a good day, and see you later.
Bernhard Leder: Thank you. Bye-bye. [Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]
| Metric | FY2026E | FY2027E | FY2028E | FY2029E |
|---|---|---|---|---|
| Revenue Avg | $15.74B | $16.26B | $17.06B | $18.59B |
| Low | $15.46B | $15.59B | $16.86B | $18.04B |
| High | $16.02B | $17.21B | $17.26B | $19.31B |
| EBITDA Avg | $8.67B | $9.86B | $10.98B | $11.87B |
| Low | $7.28B | $9.66B | $10.36B | $11.43B |
| High | $9.10B | $11.46B | $12.91B | $12.43B |
| EBIT Avg | $8.09B | $9.28B | $10.40B | $11.28B |
| Low | $6.70B | $9.08B | $9.79B | $10.84B |
| High | $8.52B | $10.89B | $12.33B | $11.84B |
| Net Income Avg | $5.50B | $6.31B | $7.08B | $7.67B |
| Low | $4.55B | $6.18B | $6.66B | $7.38B |
| High | $5.79B | $7.41B | $8.39B | $8.06B |
| EPS Avg | $50.99 | $66.47 | $74.41 | $75.10 |
| Low | $44.57 | $60.44 | $65.15 | $72.19 |
| High | $56.70 | $72.47 | $82.11 | $78.84 |
| Analysts (Rev / EPS) | 4 / 4 | 7 / 5 | 3 / 4 | 1 / 1 |
| Metric | Q3 2026 | Q4 2026 |
|---|---|---|
| Revenue Avg | $4.14B | $4.72B |
| Low | $4.14B | $4.72B |
| High | $4.14B | $4.72B |
| EBITDA Avg | $2.41B | $2.53B |
| Low | $2.41B | $2.53B |
| High | $2.41B | $2.53B |
| EBIT Avg | $2.27B | $2.39B |
| Low | $2.27B | $2.39B |
| High | $2.27B | $2.39B |
| Net Income Avg | $1.55B | $1.63B |
| Low | $1.55B | $1.63B |
| High | $1.55B | $1.63B |
| EPS Avg | $15.13 | $15.93 |
| Low | $15.13 | $15.93 |
| High | $15.13 | $15.93 |
| Analysts (Rev / EPS) | 1 / 1 | 1 / 1 |