Analyst consensus

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

Analyst Rating

NLB stock carries 1 Outperform, 1 Strong Buy, 7 Buy, and 1 Accumulate recommendation.

NLBR Stock 12 Month Forecast

The forecase is based on 10 analysts offering 12 month price targets for NLB. The average price target is 195 EUR with a high forecast of 209 EUR and a low forecast of 181 EUR.

Projections

Income Statement (EURm)	Q3		2025E		2026E		2027E
	Median	Average	Median	Average	Median	Average	Median	Average
Net interest income	234.3	233.5	939.1	939.8	961.8	971.4	1,011.5	1,031.0
Net fee and commission income	85.5	85.6	336.6	333.3	359.5	357.5	388.8	386.7
Other operating income	1.9	2.3	4.3	9.3	9.6	14.2	8.7	16.9
Net Non-interest income	86.7	88.0	333.7	342.6	372.3	371.7	409.1	403.6
Total net operating income	321.8	321.5	1,274.0	1,282.5	1,329.2	1,343.2	1,404.2	1,434.6
Employee costs	-87.8	-85.9	-352.3	-349.2	-369.0	-366.2	-373.3	-378.3
Other general and administrative expenses	-53.0	-53.1	-211.1	-213.7	-223.6	-223.3	-221.6	-228.8
Depreciation and amortisation	-17.3	-16.6	-66.9	-66.2	-68.7	-67.0	-68.3	-67.4
Total costs	-155.6	-155.6	-629.3	-629.1	-658.2	-656.5	-680.0	-674.5
Balance sheet tax	-8.3	-8.4	-33.0	-33.1	-34.1	-34.6	-35.6	-36.6
Result before impairments and provisions	156.5	157.4	617.2	620.3	646.8	652.1	684.7	723.5
Net impairments and provisions (sum of below)	-17.2	-16.1	-52.2	-50.3	-74.9	-67.9	-81.9	-85.6
Impairments and provisions for credit risk	-13.6	-13.7	-43.4	-39.1	-61.3	-55.9	-73.6	-73.2
Other impairments and provisions	-2.8	-2.6	-10.0	-11.2	-12.2	-12.0	-12.8	-12.4
Gains less losses from capital investments in subsidiaries, associates and JVs	0.8	0.6	2.3	2.4	2.8	2.5	3.0	3.0
Result before tax	142.2	141.8	573.0	572.4	575.3	586.7	605.8	640.8
Income tax expense	-18.7	-17.5	-76.0	-73.2	-79.9	-77.6	-94.7	-90.1
Non controlling interests	-4.0	-3.8	-15.8	-15.2	-14.7	-15.0	-13.4	-15.2
Net profit attributable to shareholders	123.7	120.5	484.3	484.0	494.5	494.1	522.8	535.5

Key Ratios	2025		2026		2027
	Median	Average	Median	Average	Median	Average
NPL ratio	1.7%	1.7%	1.6%	1.6%	1.6%	1.6%
Net loans to deposits	77.7%	77.2%	78.8%	78.9%	80.9%	81.9%
CET1 ratio	15.1%	15.0%	15.1%	15.0%	15.1%	15.0%
T1 ratio	15.6%	15.5%	15.6%	15.4%	15.4%	15.3%
Total capital ratio	18.4%	18.6%	18.3%	18.4%	18.1%	18.4%
Loan growth	11.8%	10.6%	7.9%	7.6%	8.0%	8.2%
Deposit growth	5.4%	5.6%	5.0%	5.4%	5.0%	5.4%
Net interest margin	3.3%	3.2%	3.1%	3.1%	3.1%	3.1%
Cost of risk	0.3%	0.3%	0.3%	0.3%	0.4%	0.3%
Cost to income ratio	49.0%	48.8%	48.1%	48.4%	47.7%	47.1%
ROA	1.7%	1.7%	1.6%	1.6%	1.6%	1.6%
ROE	14.1%	14.2%	13.8%	13.7%	13.8%	14.0%
RWA	19,508	19,533	20,846	20,942	22,324	22,518
Dividends (per share, €)	12.86	12.86	13.23	13.09	14.03	13.98