Turkiye Garanti Bankasi (GARAN.IS) Data update Changes to estimates

Equity Research 14 October 2026 | 10:53PM GST

Turkiye Garanti Bankasi (GARAN.IS): Data update: Changes to estimates

Estimate changes Ashwath P T, CFA | Goldman Sachs International We update our estimates for Garanti before 3Q26 results. We increase our net Kazim Andac income estimate for 2026-27E by c.7% on average driven by higher NII and lower | opex, partially offset by lower fees and higher credit costs. We increase our COE Goldman Sachs International

assumption to 30% (from 28% previously) driven by higher inflation in the region. We Ibrahim Elaiwat | roll forward our valuation year to 12-month fwd (from 2026E previously). Our price Goldman Sachs International target is TL170 (from TL155 previously) reflecting estimate changes, higher COE and valuation roll forward. Gokul Vinayak L | Goldman Sachs India SPL Valuation and risks Mrinal Harsh | We are Buy rated on Garanti. Our 12-month, ROE/COE-based price target is TL170.0 Goldman Sachs India SPL (from TL155.0 previously). Key risks to our PT and view are: (1) worse-than-expected funding cost trends, translating into weaker margins (2) a higher-than-expected impact from the potential new card/fee regulation, (3) worse-than-expected asset quality trends impacting cost of risk and, (4) market share losses driving lower loan growth.

GARAN.IS 12m Price Target: TRY170.00 Price: TRY131.30 Upside: 29.5%

Buy GS Forecast 12/25 12/26E 12/27E 12/28E Market cap: TRY551.5bn / $11.2bn Net inc. (TRY mn) -- -- -- -- 3m ADTV: TRY4.1bn / $85.6mn Tang. BVPS (TRY) Turkiye EPS (TRY) New CEEMEA Financials EPS (TRY) Old Tang. equity/tang. assets (%): DPS (TRY) GS ROTE (%) NM NM NM NM M&A Rank: 3 P/E (X) 4.9 3.9 2.6 1.8 Dividend yield (%) CET1 ratio (%)

6/26 9/26E 12/26E 3/27E EPS (TRY)

Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 13 Oct 2026 close.

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.

Goldman Sachs Turkiye Garanti Bankasi (GARAN.IS)

Reg AC We, Ashwath P T, CFA, Kazim Andac, Ibrahim Elaiwat, Gokul Vinayak L and Mrinal Harsh, hereby certify that all of the views expressed in this report accurately reflect our personal views about the subject company or companies and its or their securities. We also certify that no part of our compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. Unless otherwise stated, the individuals listed on the cover page of this report are analysts in Goldman Sachs’ Global Investment Research division. Contributing Authors: Ashwath P T, CFA Goldman Sachs International, Kazim Andac Goldman Sachs International, Ibrahim Elaiwat Goldman Sachs International, Gokul Vinayak L Goldman Sachs India SPL, Mrinal Harsh Goldman Sachs India SPL. Unless otherwise stated, the individuals listed in the Contributing Authors disclosure of this report are analysts in Goldman Sachs’ Global Investment Research division.

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