Q1 Results 2026

“In the first quarter of 2026, we successfully completed the redomiciliation to Sweden and transferred our listing to Nasdaq Stockholm, reducing capital requirements and increasing available capital. This capital is now being deployed in line with our strategy to drive earnings growth and long-term value, as demonstrated by the announced acquisition of MedMera Bank – our fourth M&A transaction in less than two years and the largest to date,” said CEO Øyvind Oanes.

“The underlying business delivered strong loan growth during the quarter supported by healthy credit demand across our Nordic markets. Our diversified funding base, solid capital structure and highly scalable platform position us to continue generating strong earnings growth and attractive returns for our shareholders,” added Oanes.

Highlights of the quarter

Strong loan book growth

• Gross loans at SEK 18 billion, up SEK 1.2 billion during the quarter
• Total income of SEK 370 million
• Cost/income ratio at 24.8% excl. one-off redomiciliation and MedMera Bank acquisition costs
• Loan loss ratio at 4.1%
• Profit before tax of SEK 87 million in the quarter
• Return on equity (ROE) at 10.7% and return on target equity (ROTE) at 13.9%
• Earnings per share (EPS) of SEK 0.26

Successful Swedish redomiciliation and Stockholm listing

• Redomiciled to Sweden, reducing capital requirements and contributing to increasing excess capital
• Listed on Nasdaq Stockholm, strengthening access to Nordic’s largest capital market and consumer banking hub

Excess capital deployed with MedMera Bank acquisition

• Announced acquisition of MedMera Bank, increasing loan book by ~65%, for a total consideration of SEK ~2 billion, financed through excess capital, new shares and bonds
• Accretive acquisition at an attractive valuation, with strong strategic fit and significant synergies

Improved outlook

• Maintain organic growth momentum
• Ambition to more than double earnings per share by 2028 vs. 2025, driven by scale, credit quality and cost efficiencies
• Continued focus on accretive M&A to utilise our scalable platform and further accelerate growth and returns