Current investment recommendations for Bank Pekao S.A. shares
Consensus of expectations for 2Q'26
The following table presents consensus estimates for key P&L items based on most current estimates developed by equity analysts covering stock of Bank Pekao. Please note that any opinions, estimates or forecasts regarding financial performance of Bank Pekao made by analysts are their sole discretion and do not represent opinions, estimates or forecasts of Bank Pekao or its Management Board.
| 2Q'26 consensus based on 14 analysts |
change y/y | change q/q | ||||||||
|
P&L (PLN mn) |
average | median | max | min | 2Q'25 | net | % | 1Q'26 | net | % |
|
Revenue |
4274 |
4274 |
4404 |
4174 |
4252 |
22 |
1% |
4121 |
153 |
4% |
|
Core revenue |
4132 |
4136 |
4244 |
4083 |
4211 |
(79) |
(2%) |
4141 |
(9) |
(0%) |
|
Net interest income(*) |
3292 |
3292 |
3405 |
3242 |
3446 |
(154) |
(4%) |
3312 |
(20) |
(1%) |
|
F&C |
840 |
841 |
851 |
815 |
765 |
75 |
10% |
829 |
11 |
1% |
|
Other revenues |
142 |
141 |
148 |
117 |
41 |
101 |
246% |
(20) |
162 |
(810%) |
|
Costs |
(1481) |
(1480) |
(1463) |
(1507) |
(1402) |
(79) |
6% |
(1844) |
363 |
(20%) |
|
Operating profit |
2793 |
2796 |
2918 |
2684 |
2850 |
(57) |
(2%) |
2277 |
516 |
23% |
|
Total Provisons (**) |
(288) |
(294) |
(231) |
(354) |
(540) |
252 |
(47%) |
(212) |
(76) |
36% |
|
Provisions (**) |
(238) |
(236) |
(187) |
(272) |
(231) |
(7) |
3% |
(189) |
(49) |
26% |
|
FX mortgages (**) |
(58) |
(50) |
(25) |
(98) |
(309) |
251 |
(81%) |
(23) |
(35) |
153% |
|
Banking Tax (**) |
(223) |
(223) |
(220) |
(225) |
(216) |
(7) |
3% |
(217) |
(6) |
3% |
|
Net Profit |
1464 |
1464 |
1519 |
1423 |
1601 |
(137) |
(9%) |
1232 |
232 |
19% |
NOTE:
(*) Net interest income and revenues, without dividends and income from equity investment
Consensus based on 14 forecasts of analysts from: BM mBank; BM BOŚ; Erste Securities; WOOD & Company; Millennium Securities; Autonomous Research; UBS; Oddo BHF; Trigon Securities; PKO Securities; Barclays; GS; Ipopema and Citi .
(**) Calculated based on components from forecasts.
Last updated on 23.07.2026
Annual Consensus
| Please note that any opinions, estimates or forecasts regarding Bank Pekao S.A. performance made by sell-side analysts are theirs alone and do not represent opinions, forecasts or predictions of Pekao or its Management Board. | Average price target (Last update on 29.09.2026) PLN 265,00 |
| Recommendation | Number | Share |
| Buy (Accumulate, Overweight) | 8 | 50.0% |
| Hold (Neutral, Equal weight) | 8 | 50.0% |
| Sell (Reduce, Underweight) | 0 | 0.0% |
| Total | 16 | 100% |
Last updated on 29.09.2026
Current market consensus of Bank Pekao S.A. for the years 2026-2027
The following table presents consensus estimates for key P&L as well as balance sheet items based on most current estimates developed by equity analysts covering stock of Bank Pekao. Please note that any opinions, estimates or forecasts regarding financial performance of Bank Pekao made by analysts are their sole discretion and do not represent opinions, estimates or forecasts of Bank Pekao or its Management Board.
| 2026E | 2027E | |||||||||
| (PLN mn) | Median | Average | Max | Min | NoF | Median | Average | Max | Min | NoF |
| Revenues | 17 204 | 17 008 | 17 937 | 15 157 | 17 | 18 057 | 17 799 | 19 347 | 14 912 | 16 |
| NII | 13 476 | 13 318 | 13 987 | 11 540 | 17 | 14 118 | 13 887 | 15 160 | 11 672 | 16 |
| F&C | 3 390 | 3 311 | 3 468 | 2 877 | 17 | 3 584 | 3 516 | 3 758 | 2 905 | 16 |
| Operating costs | (6 273) | (6 249) | (5 538) | (7 164) | 17 | (6 540) | (6 576) | (7 462) | (5 882) | 16 |
| Operating profit | 10 931 | 10 759 | 12 339 | 7 993 | 17 | 11 517 | 11 222 | 11 885 | 9 030 | 16 |
| Provisioning | (1 147) | (1 158) | (840) | (1 541) | 17 | (1 215) | (1 373) | (1 636) | (1 195) | 16 |
| Net profit | 5 808 | 5 775 | 6 136 | 5 040 | 17 | 6 550 | 6 383 | 7 162 | 4 991 | 16 |
| Lending growth | 9.2% | 9.4% | 15.4% | 2.3% | 14 | 8.4% | 8.2% | 9.1% | 7.4% | 14 |
| Deposits growth | 8.8% | 8.1% | 12.8% | 4.3% | 15 | 6.5% | 6.5% | 6.0% | 5.7% | 15 |
NOTE: Consensus based on 17 brokers reports published since 15.04.2025
Last updated on 29.09.2026
NoF is the number of forecasts
Operating costs incl. BFG excl. Banking tax
The number of reports included in the consensus may differ from the number of analysts who prepare research on the Bank, due to an outdated forecast date or other reason
Macroeconomic scenario
| 2024 | 2025 | 2026F | 2027F | |
| GDP, % | 3.1 | 3.7 | 3.5 | 2.9 |
| Private consumption, % y/y | 2.9 | 3.7 | 3.1 | 2.5 |
| Investments, % y/y | (0.9) | 4.5 | 7.5 | 6.5 |
| Unemployment, % eop | 5.1 | 5.7 | 5.9 | 5.8 |
| CPI, % avg | 3.6 | 3.6 | 2.7 | 2.7 |
| 3M Wibor, % eop | 5.84 | 3.99 | 3.93 | 3.51 |
| Reference rate, % eop | 5.75 | 4.00 | 3.75 | 3.25 |
| Exchange rate EUR, eop | 4.27 | 4.23 | 4.25 | 4.20 |
| Exchange rate USD, eop | 4.10 | 3.60 | 3.65 | 3.55 |
| Public sector balance, % GDP | (6.6) | (7.3) | (6.5) | (5.9) |
| 2024 | 2025 | 2026P(2) | 2027P(2) | |
| Loans, % r/r | 5,2 | 5,5 | 9,2 | 8,9 |
| Retail, % r/r | 2,7 | 4,1 | 7,2 | 7,5 |
| Mortgages loans | 8,4 | 8,0 | 9,3 | 9,2 |
| Consumer loans(1) | 5,5 | 7,9 | 8,9 | 8,5 |
| Corporate, % r/r | 5,3 | 9,0 | 11,3 | 10,7 |
| Savings (3), % r/r | 10,7 | 12,5 | 8,6 | 8,5 |
| Deposits, % r/r | 10,4 | 9,2 | 9,1 | 9,1 |
| Retail, % r/r | 9,6 | 7,9 | 7,2 | 7,3 |
| Coporate, % r/r | 3,8 | 14,4 | 13,5 | 12,5 |
| Mutual Funds (4), % r/r | 18,4 | 14,6 | 15,0 | 14,4 |
(1) all non-mortgage retail loans
(2) internal scenario
(3) deposits + assets in mutual funds dedicated to retail clients
(4) retail customers assets in investment funds
Last updated on 23.07.2026