PresentationPeter BosekChairman of the Management Board, CEO & Chief Retail Officer Good morning and hi, everyone. Thanks for coming. You're all running on a tight schedule. So we really appreciate it that you are here with us today. So now when we look back to 2025, there are 2 important dimensions to remember. So let's start with dimension #1, the acquisition in Poland. So that meant a lot of work for us, of course. And we've reached a fantastic result in the end. And the second dimension to remember and ...

Ålandsbanken AbpStock Exchange Release10 February 2026, 17:00 EET Ålandsbanken Abp issues a EUR 300 million covered bond NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, TO ANY PERSON LOCATED OR RESIDENT IN OR INTO AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND, SINGAPORE, SOUTH AFRICA OR THE UNITED STATES OR ANY OTHER JURISDICTION WHERE SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL OR REQUIRE REGISTRATION OR ANY OTHER MEASURES. THIS NOTICE DOES NOT CONSTITUTE AN OFFER ...

Core Viewpoint - Investors are evaluating Shinhan Financial (SHG) and Erste Group Bank AG (EBKDY) to determine which stock represents a better undervalued investment opportunity [1] Group 1: Zacks Rank and Analyst Outlook - Shinhan Financial has a Zacks Rank of 1 (Strong Buy), indicating a more favorable earnings estimate revision trend compared to Erste Group Bank AG, which has a Zacks Rank of 2 (Buy) [3] - The improving analyst outlook for SHG suggests a stronger position for investors seeking value [3] Group 2: Valuation Metrics - SHG has a forward P/E ratio of 7.78, significantly lower than EBKDY's forward P/E of 11.23, indicating that SHG may be undervalued [5] - The PEG ratio for SHG is 0.62, while EBKDY's PEG ratio is 0.67, suggesting SHG offers better value when considering expected earnings growth [5] - SHG's P/B ratio is 0.71, compared to EBKDY's P/B of 1.23, further supporting the notion that SHG is undervalued relative to its book value [6] Group 3: Overall Value Assessment - Based on the solid earnings outlook and favorable valuation metrics, SHG is considered the superior value option compared to EBKDY [7]

Core Viewpoint - Erste Group Bank AG (EBKDY) has been upgraded to a Zacks Rank 2 (Buy), indicating a positive trend in earnings estimates which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system is based on changes in earnings estimates, which are closely correlated with stock price movements, particularly due to institutional investors adjusting their valuations based on these estimates [4][6]. - An increase in earnings estimates typically leads to a higher fair value for the stock, prompting institutional investors to buy or sell, which in turn affects the stock price [4]. Company Performance and Outlook - The upgrade for Erste Group Bank reflects an improvement in the company's underlying business, suggesting that investor sentiment regarding this trend should drive the stock price higher [5]. - The Zacks Consensus Estimate for Erste Group Bank indicates expected earnings of $4.54 per share for the fiscal year ending December 2025, with a slight increase of 0.2% in estimates over the past three months [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a strong historical performance, particularly for Zacks Rank 1 stocks which have averaged a +25% annual return since 1988 [7]. - The upgrade of Erste Group Bank to a Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting a strong potential for market-beating returns in the near term [10].

Core Insights - Banco Santander has sold a 49% stake in its Polish subsidiary, Santander Bank Polska, to Erste Group Bank for approximately €7 billion, marking a significant strategic move for both banks [1][2] Group 1: Transaction Details - The deal includes a 50% stake in Santander's asset management arm, Santander TFI, and values Santander Bank Polska at 2.2 times its first-quarter 2025 tangible book value per share, with Erste paying 584 Polish zlotys per share, reflecting a 7.5% premium over the closing price on May 2, 2025 [2] - The sale generates a net capital gain of about €1.9 billion for Santander, enhancing its financial flexibility and supporting its acquisition of TSB in the UK [3] - The transaction received all necessary regulatory approvals, allowing for closure in mid-January 2026, and aligns with Santander's disciplined capital allocation strategy [4] Group 2: Strategic Implications - Erste Group's acquisition positions it as the controlling shareholder of Poland's third-largest bank by assets, fulfilling a long-standing strategic goal to expand in Central and Eastern Europe [2][4] - The partnership extends beyond the sale, with a strategic alliance in Corporate & Investment Banking and payments, leveraging complementary strengths for client referrals [5] - Erste plans to rebrand Santander Bank Polska to Erste Bank Polska in the second quarter of 2026, indicating a new direction for the institution [5] Group 3: Financial Projections and Market Dynamics - Erste anticipates a 19% return on tangible equity in 2026 and over 20% growth in earnings per share as a result of the acquisition [6] - The deal highlights shifting dynamics in European banking, driven by profitability and regional expansion, with Poland's economy providing substantial growth opportunities for Erste [7] - Santander retains a foothold in consumer lending by acquiring the remaining 60% stake in Santander Consumer Bank in Poland, ensuring continued market presence [3][7]

Core Insights - The Polish financial regulator (KNF) has approved Erste Group Bank AG's acquisition of a controlling stake in Santander Bank Polska [1] Company Summary - Erste Group Bank AG is set to enhance its presence in the Polish banking sector through this acquisition [1] - Santander Bank Polska will benefit from the strategic backing of Erste Group Bank AG, potentially leading to improved operational efficiencies and market competitiveness [1]

Core Insights - Investors interested in undervalued bank stocks may consider Banco Santander-Brazil (BSBR) and Erste Group Bank AG (EBKDY) as potential options [1] Valuation Metrics - BSBR has a forward P/E ratio of 7.59, while EBKDY has a forward P/E of 11.01 [5] - BSBR's PEG ratio is 0.67, indicating a more favorable valuation compared to EBKDY's PEG ratio of 0.83 [5] - BSBR's P/B ratio stands at 0.96, compared to EBKDY's P/B of 1.08, suggesting BSBR is more undervalued relative to its book value [6] Investment Outlook - Both BSBR and EBKDY currently hold a Zacks Rank of 2 (Buy), indicating a positive earnings outlook due to favorable analyst estimate revisions [3] - BSBR has a Value grade of B, while EBKDY has a Value grade of C, further supporting the notion that BSBR is the superior value option at this time [6]

Core Insights - Erste Group Bank AG (EBKDY) is currently positioned as a more attractive investment compared to Toronto-Dominion Bank (TD) for value investors [1][3]. Valuation Metrics - EBKDY has a forward P/E ratio of 11.59, while TD's forward P/E ratio is 13.84 [5]. - The PEG ratio for EBKDY is 0.91, indicating a more favorable valuation relative to its expected EPS growth, compared to TD's PEG ratio of 1.66 [5]. - EBKDY's P/B ratio stands at 1.14, significantly lower than TD's P/B ratio of 1.66, suggesting that EBKDY is undervalued in terms of market value versus book value [6]. Zacks Rank and Style Scores - EBKDY holds a Zacks Rank of 2 (Buy), indicating a positive earnings outlook, while TD has a Zacks Rank of 3 (Hold) [3]. - EBKDY's Value grade is B, contrasting with TD's Value grade of F, further supporting the argument that EBKDY is the better option for value investors [6].

Core Insights - AB Artea bankas has successfully issued EUR 300 million in 4-year senior preferred fixed rate reset notes, indicating strong market confidence and demand from institutional investors [1][3][4] Group 1: Issuance Details - The annual fixed rate coupon on the notes will be 3.739% until the reset date, with settlement scheduled for 7 October 2025 [2] - The issue was oversubscribed 6 times during the book building process, reflecting exceptional demand from over 110 institutional investors across various countries [3] Group 2: Market Position and Future Plans - With this issuance, AB Artea bankas has become the largest corporate bonds issuer in Lithuania, showcasing the bank's growth potential and the stable economic outlook of the region [4] - Proceeds from the issuance will be used to meet minimum own funds and eligible liabilities (MREL) targets, strengthen liquidity, and support business growth [5] Group 3: Ratings and Management - The notes have been rated Baa1 with a stable outlook by Moody's, indicating a solid credit profile [5] - AB Artea bankas has appointed several joint lead managers for the note issue, including Commerzbank, Erste Group Bank, and Goldman Sachs [6]

Core Viewpoint - AB Artea bankas is planning a potential benchmark-size Senior Preferred note offering, subject to market conditions, as approved by its Management Board on 29 September 2025 [1]. Group 1: Offering Details - The offering will be arranged by AB Artea bankas along with Commerzbank Aktiengesellschaft, Erste Group Bank AG, and Goldman Sachs Bank Europe SE as Joint Lead Managers [2]. - A series of virtual fixed income investor meetings will commence on 29th September to discuss the offering [2]. Group 2: Regulatory Compliance - Relevant stabilization regulations, including FCA/ICMA, will apply to the offering [2].