Analyst consensus

Consensus estimates are based on projections made by financial analysts who cover NLB.

Analyst Rating

NLB stock carries 10 Buy recommendations.

NLBR Stock 12 Month Forecast

The forecase is based on 10 analysts offering 12 month price targets for NLB. The average price target is 209.6 EUR with a high forecast of 230.0 EUR and a low forecast of 189.0 EUR.

Projections

Income Statement (EURm)	Q4		2025E		2026E		2027E
	Median	Average	Median	Average	Median	Average	Median	Average
Net interest income	241.0	241.0	944.0	945.9	1,007.7	990.3	1,031.5	1,036.5
Net fee and commission income	86.0	86.7	337.6	335.2	362.9	360.1	388.9	384.7
Other operating income	3.2	1.8	14.1	17.7	7.0	14.8	9.0	18.0
Net Non-interest income	89.0	88.5	351.7	352.9	369.1	374.9	402.5	402.7
Total net operating income	331.4	329.5	1,291.2	1,298.8	1,378.7	1,365.2	1,427.2	1,439.3
Employee costs	-100.4	-100.5	-355.9	-352.2	-375.6	-370.5	-384.9	-384.1
Other general and administrative expenses	-61.1	-61.8	-211.2	-213.6	-213.8	-220.3	-221.0	-227.8
Depreciation and amortisation	-17.2	-17.2	-65.9	-65.1	-67.8	-66.8	-68.1	-67.5
Total costs	-181.0	-179.4	-623.5	-630.9	-657.5	-657.6	-683.4	-679.4
Balance sheet tax	-8.5	-8.5	-33.0	-33.8	-35.0	-35.9	-36.5	-38.1
Result before impairments and provisions	144.9	141.6	635.0	634.1	686.6	671.7	707.4	721.8
Net impairments and provisions (sum of below)	-39.3	-37.9	-54.3	-54.4	-76.0	-76.8	-82.4	-85.7
Impairments and provisions for credit risk	-33.6	-33.7	-46.7	-43.4	-62.9	-64.7	-70.0	-73.2
Other impairments and provisions	-6.3	-7.8	-9.0	-9.9	-12.6	-12.2	-12.8	-12.5
Gains less losses from capital investments in subsidiaries, associates and JVs	0.6	0.8	2.0	2.1	2.0	2.0	2.5	2.5
Result before tax	104.3	104.2	586.8	581.7	596.8	596.9	618.5	638.6
Income tax expense	-14.2	-14.0	-79.0	-75.3	-79.1	-79.2	-90.8	-89.9
Non controlling interests	-3.6	-3.8	-15.3	-15.6	-14.0	-15.1	-14.2	-15.5
Net profit attributable to shareholders	87.5	86.4	493.5	490.8	503.6	502.6	519.4	533.3

Key Ratios	2025		2026		2027
	Median	Average	Median	Average	Median	Average
NPL ratio	1.7%	1.8%	1.7%	1.7%	1.7%	1.7%
Net loans to deposits	77.7%	77.7%	78.8%	78.7%	80.0%	79.8%
CET1 ratio	15.1%	15.3%	15.2%	15.5%	15.5%	15.6%
T1 ratio	15.6%	15.8%	16.2%	16.3%	16.2%	16.4%
Total capital ratio	18.9%	19.1%	19.4%	19.4%	19.1%	19.6%
Loan growth	12.7%	13.0%	7.8%	7.7%	7.5%	7.0%
Deposit growth	8.0%	7.3%	6.5%	6.3%	6.0%	5.6%
Net interest margin	3.26%	3.26%	3.16%	3.18%	3.14%	3.16%
Cost of risk	0.27%	0.24%	0.30%	0.32%	0.35%	0.35%
Cost to income ratio	48.2%	48.6%	47.7%	48.2%	47.2%	47.0%
ROA	1.7%	1.7%	1.6%	1.6%	1.6%	1.6%
ROTE	15.0%	14.8%	13.9%	14.0%	14.1%	14.0%
RWA	19,523	19,546	20,804	20,750	22,410	22,045
Dividends (per share, €)	12.86	12.86	13.53	13.26	14.41	14.24