Deliver more value
Main targets for strategic cycle 2025-2028
| |
Metrics |
H1'26 |
2028 |
| | | | |
|
Healthy organic growth |
Business volumes
Portugal |
182€bn
123€bn |
> 190€bn
> 120€bn |
Number of customers
Portugal |
7.4mn
2.9mn |
> 8mn
> 3mn |
Mobile customers
Portugal |
75%
67% |
>80%
> 75% |
| | | | |
|
Execution discipline |
Cost-to-income
Portugal |
37%
33% |
< 40%
< 37% |
Cost of risk
Portugal |
32 bps
32 bp |
< 50 bps
< 45 bps |
| | | | |
|
ESG commitment |
S&P Global CSA (percentile) |
Top quartile |
Top quartile |
| | | | |
|
Robust capital |
CET1 ratio
|
15.1%1 |
> 13.5% |
| | | | |
|
Superior returns |
ROE |
14.6% |
> 13.5% |
|
Shareholder distribution |
2025 activity
90%2
|
Up to 75% of cumulative net income of 4.0-4.5€bn in 2025-20282 subject to supervisory approval and achievement of Plan's relevant capital & business targets in Portugal and in the international area and fulfillment of CET1 target |
1 Estimated fully implemented ratio (June 2026) including 10% of the unaudited net income of H1'26, already considering the deduction of the maximum share buyback amount, corresponding to 40% of the 2025 net income. Excluding any distributions, the CET1 ratio would be 16.2%
2 Up to 90%, as approved at the 7th May 2026 Shareholders' General Meeting: 50% through dividends and the remainder through a Share Buyback Programme (SBB), to be determined according to the proforma CET1 ratio (before distributions) at year-end: if CET1 < 16%, SBB of up to 25%; if CET1 is between 16% and 17.5%, SBB of up to 30%; if CET1 ≥ 17.5%, SBB of up to 40%. The 2025 distribution includes a 50% dividend payout of the 2025 earnings and an SBB of 40%.
