ING Groep (INNA) AI Stock Analysis

Company Guidance

For 2026, ING expects to add 1 million mobile primary customers, generate EUR 5 billion of fee income, with total income expected to exceed its original 2027 target by at least EUR 1 billion, and operating expenses expected to land around EUR 300 million below its original target for 2027; commercial NII is expected to range between EUR 16.8 billion and SEK 17 billion, with the company looking at the upper end of that range, a liability margin of around 110 basis points, all other income between EUR 2.5 billion and EUR 2.7 billion, and cost growth in line with the previously communicated full year outlook of 3%; lending margin is expected to remain broadly stable at 123 basis points for the remainder of the year, while ING is targeting or aiming to do approximately between 15 to 20 basis points of core equity Tier 1 benefits from SRTs for 2026. For 2027, the projected cost income ratio is several percentage points lower than previously guided, and return on tangible equity is expected to exceed the Capital Markets Day target by 2 percentage points to above 16%; around EUR 175 million of restructuring costs is expected in the fourth quarter of 2026, leading to an annual cost reduction of around EUR 75 million from 2028 onwards.