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Financial results Q3 2026 and strategy update Investor Presentation
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Overview • Føroya Banki at a glance • Financial results • Operating income • Insurance • Costs • Impairment charges • Capital and liquidity ratios • Q3 Summary • Updated strategy and financial targets • Appendices
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Føroya Banki at a glance Full-service bank with headquarters in the Faroe Islands • 1 branch in Greenland • 5 branches in the Faroe Islands Two active subsidiaries in the Faroe Islands • Trygd (non-life insurance) • Skyn (real estate broker) Moody’s rating: • A2 - long-term deposit rating • A3 – issuer rating (negative outlook) Leader in the Faroe Islands ~200 FTEs Challenger in Greenland Growth potential in the Faroese insurance market Presence in the North Atlantic region Total assets: DKK 15.7bn Faroe Islands: Loans: DKK 9,062m Deposits: DKK 9,682m Greenland: Loans: DKK 868m Deposits: DKK 1,971m Group figures: Loans: DKK 9,931m Deposits: DKK 11,653m Q3 2026 figures
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Financial results
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Good performance in core business • Continued solid performance in our core business: higher income driven by higher interest rates, stronger fee income and increased business volumes. • Increased investment activity, reflected in a 3% increase in AUM during the quarter. • Lower insurance income in the quarter, due to high level of claims. • Operating costs in line with expectations due to continued cost management. • Sustained strong credit quality leading to a reversal of impairment charges of DKK 5m in Q3. • Outlook 2026: Net profit guidance raised in October to DKK 225-255m (from DKK 195-235m) driven by low impairment charges and an increase in core income. DKKm 9M 2026 9M 2025 Inde x Q3 2026 Q2 2026 Inde x Net interest income 241 237 102 82 81 101 69 60 115 24 23 104 Net insurance income 34 56 61 7 11 60 Other operating income 38 48 79 13 13 104 Total operating income 382 402 95 126 128 98 Operating costs 218 210 104 73 73 99 164 192 85 53 55 97 -3 -2 153 -5 3 Operating profit 167 194 86 58 52 112 65 77 84 18 34 55 Profit before tax 231 271 85 76 85 90 Tax 44 53 83 15 16 93 Net profit 187 218 86 62 69 89 DKKbn Target 2026 9M 2026 9M 2025 Inde x Q3 2026 Q2 2026 Inde x Loans and advances 9.9 9.6 103 9.9 9.8 101 Deposits and other debt 11.7 10.8 108 11.7 11.4 102 Mortgage credit 3.0 2.8 106 3.0 3.0 98 Assets under management 2.5 2.2 113 2.5 2.4 103 Operating cost / income, % < 53.0 57.1 52.2 57.9 57.3 CET1 capital ratio, % 23.0 25.1 23.1 25.1 25.6 RoE after tax, % (annualised) > 12.0 12.4 14.4 12.5 14.6 Key Metrics Profit before impairment charges Net impairment charges on loans Profit & Loss Net fee and commission income Investment portfolio earnings
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Solid performance in core income • Net interest income up by DKK 1% QoQ and up by DKK 2% YoY. • Fee and commission income up by 4% QoQ and up by DKK 15% YoY. • The increase in net interest income was driven by higher business volumes, changes in interest rates and higher customer activity. 81.3 82.1 3.0 4.9 1.0 4.0 3.5 0.6 60 65 70 75 80 85 90 Q2 2026 Lending volume Lending interest Deposit volume Deposit interest External funding Other Q3 2026 QoQ changes in net interest income DKKm 22.7 23.6 0.4 1.5 0.2 0.7 18 19 20 21 22 23 24 25 Q2 2026 Investment and trading comm. Loan, guarantee, insurance comm. Mortgage broking services Other fee and comm. income Q3 2026 QoQ changes in fee and commission income DKKm
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Business volumes continue to follow the positive trend • The growth in loans and deposits remains stable: • Lending volumes up by 1% QoQ and up by 3% YoY. • Deposit volumes up by 2% QoQ and up by 8% YoY. • Mortgage broking services down by 2% QoQ and up by 6% YoY. • Business volumes at the end of Q3 2026 totalled DKK 27.9bn, which was 0.5% higher than the previous quarter and 6% higher than the same period last year. 8.7 7.8 7.6 8.4 8.7 10.0 11.0 11.7 7.3 7.6 7.6 7.9 8.9 9.1 9.7 9.92.0 2.4 2.7 2.6 2.6 2.7 2.8 3.0 1.6 1.5 1.6 1.6 1.0 0.8 0.8 0.8 1.8 1.9 2.2 1.9 2.1 2.2 2.3 2.5 0 5 10 15 20 25 30 2019 2020 2021 2022 2023 2024 2025 9M 2026 Deposits Bank lending Mortgage lending Guarantees Assets under management 21.5 21.1 21.7 22.4 23.3 24.8 26.5 27.9 9.6 9.7 9.8 9.8 9.9 10.8 11.0 11.1 11.4 11.7 3 4 5 6 7 8 9 10 11 12 13 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Loans Deposits Loans and deposits DKKbn Business volumes DKKbn Mortgage-broking services DKKbn 2.79 2.82 3.09 3.01 2.96 0 1 2 3 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
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Insurance income lower due to higher claims • Solid insurance premiums trajectory: Insurance premiums grew by 4.6% from Q3 2025 to Q3 2026, driven by a continued inflow of new customers and price rises. • Combined ratio of 102.3% in Q3 2026 compared to 91.9% in Q3 2025, driven by a high level of claims during the period. • Profit before tax of DKK 18.5m for the period Q1-Q3 2026. The performance is satisfactory despite a higher level of claims during the period, particularly compared to the same period last year, where claims were exceptionally low. 123.7 129.4 71.2 94.3 0 20 40 60 80 100 120 140 9M 2025 9M 2026 Premium income, net Claims, net 36.6 18.5 -2 2 6 10 14 18 22 26 30 34 38 9M 2025 9M 2026 Premiums and claims DKKm DKKm 42.6 43.6 31.2 36.6 Q2 2026 Q3 2026 10.6 -0.9 Q2 2026 Q3 2026 Profit before tax
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Operating costs in line with expectations • Total operating costs decreased by 1% QoQ and increased by 4% YoY, driven by higher staff and marketing costs. • End-of-period FTEs of 209 - up by 7 FTEs compared to the same period last year. This was related to seasonality and a higher intake of trainees. • Operating costs were in line with expectations for the quarter and cost management was in focus to improve operational efficiency. 73.4 72.9 1.1 0.6 0.1 0.3 1.8 70 71 72 73 74 75 76 Q2 2026 Staff IT Marketing Education Other expenses Q3 2026 209.9 218.07.5 1.7 0.6 0.2 1.5 206 208 210 212 214 216 218 220 222 Q3 2025 Staff IT Marketing Education Other expenses Q3 2026 QoQ changes in operating costs YoY changes in operating costs DKKm DKKm
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Strong credit quality driving net reversals • Reversal of impairment charges of DKK 5m in Q3 2026 and reversal of DKK 3m in Q1-Q3 2026 due to strong credit quality of overall portfolio. • Discretionary management estimate of DKK 121.5m in Q3 2026 related to general economic uncertainty caused by geopolitical tensions and macroeconomic developments. Unchanged from the previous quarter. • Strong LTV ratios for housing loans: 92% of total housing loans below LTV of 80% and 63% below LTV of 40%. • Well-diversified corporate customer portfolio for prudent risk diversification across industries. 41% 50% 9% Corporate sector Private sector Publice sector 10.2 bnDKK Impairment charges LTV for housing loans1 63% 29% 8% < 40% < 80% > 80% DKKm Gross lending by sector Agriculture, forestry and fishing Corporate sector - other Manufacturing and mining Real estate Trade Transport, hotels, restaurants etc. 4.14 bnDKK 8% 6% 8% 10% 3% 7% 1) Lending for housing accounts for DKK 4.8bn of total retail lending of DKK 5.0bn DKKm -11 5 2 -9 -2 -1 3 -5 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
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23.3 25.1 27.7 1.9 2.6 0.1 14 16 18 20 22 24 26 28 30 Q4 2025 REA Other Q3 2026 Profit Q3 2026 36.3 39.5 42.1 2.0 1.3 2.6 0.1 26 28 30 32 34 36 38 40 42 44 Q4 2025 REA Addition of SnP Other Q3 2026 Profit Q3 2026 Strong liquidity and capital position • Capital position remained strong and was further supported by solid capital generation. • As of 1 January 2026, CRR 3 took effect in the Faroe Islands. The overall effect on REA was lower credit risk and lower operational risk: REA down by 7.6% over Q4 2025 • The Systemic Risk Council has proposed an increase in the countercyclical capital buffer in the Faroe Islands from 1% to 2% effective from 30 September 2027. • Strong liquidity position with LCR of 259% and NSFR ratio of 166%, both well above the requirement of 100%. 2026 Target ~ 23% CET1 ratio MREL Capital Ratio 2026 Target ~ 34%
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• Going forward, focus will be on refinancing maturing debt and supporting lending growth. • In Q1 2026, the Bank issued SEK 350m (DKK 238m) in senior non-preferred bonds and repaid senior non-preferred bonds of SEK 300m (207m DKK). • The Bank issued DKK 100m in new Tier 2 bonds in May 2026 and redeemed DKK 100m of existing Tier 2 bonds in June 2026 as part of its capital refinancing. Existing portfolio of capital instruments and senior debt fulfills all requirements 200 250 250 238 100 0 50 100 150 200 250 300 350 400 450 500 2026 2027 2028 2029 2030 2031 Maturity of Capital and Senior Debt Senior preferred Senior non-preferred Senior non-preferred Senior non-preferred Tier 2 capital Mill. DKK
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Q3 2026 summary • Solid performance in core business. • Steady growth in business volumes. • Increased activity in the investment sector. • Lower insurance income due to high level of claims. • Total costs in line with expectations. • Strong credit quality driving net reversals. • Net profit guidance raised to DKK 225-255m. • Continued strong liquidity and capital position.
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Updated strategy running from 2027 to 2030 Updated strategy and new financial targets
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Our strategy towards 2030 is about unlocking the full potential of the strong foundation we have already built, with customers at the center, our people as the driving force, and technology as a key enabler. ” Turið F. Arge CEO
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Financial targets 2026 >12% Return on Equity ~23% CET1 70% Dividend policy Strategy 2024-2026 Customer-Centric and Sustainable Growth Three strategic priorities from 2024 • Strengthened Growth and Business Focus • Continued Focus on Cost Efficiency, Low Risk and Returns • Drive Sustainable Development <53% Cost / Income Performance Q3 2026 12.4% Return on Equity (annualised) 25.1% CET1 57.1% Cost / Income DKK 632m in total capital distribution 2024-26 Highlights from current strategy period • Growth in business volume of 13% (Q3 24-Q3 26) • New digital solutions launched for both customers and employees • Stronger market position in the Faroe Islands • Target ROE and C/I targets under pressure due to a lower-than-expected interest rate environment in 2026
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Strategy 2030 Unlock the Potential The strategy focuses on unlocking the Group’s growth potential in the Faroe Islands and in Greenland. 1. Income growth across segments and markets • Market position in Greenland must be strengthened • Stronger relationships and proactive personal customer approach • Focus on priority corporate segments 2. Focused cost management • Continue a disciplined cost management focus • Integrate artificial intelligence: streamline workflows, free up resources and simplify and improve the customer journey 3. Optimising capital • Sufficient capital to remain the leading bank in the corporate segment • Consistent capital distribution over time For example, by 2030, it should take no more than ten minutes to become a customer with the Bank and no more than an hour to have a loan enquiry processed. ” Turið F. Arge CEO
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Financial targets 2030 >12% Return on Equity ~23% CET1 70% Dividend policy (% of net profit) Strategy 2030 Financial targets • Financial targets are maintained, reflecting both confidence in the future performance of the business and a recognition that a sustained effort will be required to achieve them • Cost / Income: Going forward, an internal target – the purpose is to support a more long-term management of cost-effectiveness and does not reflect a lower level of ambition • The business must be scalable – growth ambitions should be realised without a proportionate rise in costs
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Questions?
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Appendices • Group • Banking • Personal Banking • Corporate Banking • Banking – Faroe Islands • Banking – Greenland • Insurance – Trygd • The Faroese and Greenlandic economies
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Group Income from our core business is stronger than in 2025, while insurance income and other income are lower due to exceptionally strong results in 2025. Comments on this page refer to the development in the current year compared to the same period last year. DKKm Q1-Q3 2026 Q1-Q3 2025 Index Q3 2026 Q2 2026 Index Q1 2026 Q4 2025 Q3 2025 Net interest income 241 237 102 82 81 101 78 79 77 Net fee and commission income 69 60 115 24 23 104 23 24 21 Net insurance income 34 56 61 7 11 60 16 20 14 Other operating income (less reclassification) 38 48 79 13 13 104 11 10 11 Total operating income 382 402 95 126 128 98 128 132 123 Operating costs1 218 210 0 73 73 99 72 70 73 Profit before impairment charges 164 192 85 53 55 97 56 63 50 Impairment charges, net -3 -2 153 -5 3 -1 -2 -9 Operating profit 167 194 86 58 52 112 57 65 58 Investment portfolio earnings2 65 77 84 18 34 55 13 20 22 Profit before tax 231 271 85 76 85 90 70 85 80 Operating costs/income, % 57 52 58 57 56 53 59 Number of FTE, end of period 209 202 104 209 201 104 207 201 202 1 Comprises staff costs, administrative expenses and amortisation, sector costs, depreciation and impairment charges (less reclassification to non-recurring items). 2 Incl. net income from investments accounted for under the equity method (excl. sector shares).
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Banking Satisfactory increase in business volumes: deposits, lending and mortgage credit. DKKm Q1-Q3 2026 Q1-Q3 2025 Index Q3 2026 Q2 2026 Index Q1 2026 Q4 2025 Q3 2025 Net interest income 241 237 102 82 81 101 78 79 77 Net fee and commission income 78 73 108 27 26 104 26 27 25 Other operating income 30 40 75 11 10 104 9 8 8 Total operating income 349 350 100 120 117 102 112 114 110 Operating costs 200 192 104 66 67 99 66 64 67 Profit before impairment charges 149 159 94 53 50 106 46 50 43 Impairment charges, net -3 -2 153 -5 3 -1 -2 -9 Operating profit 152 160 95 58 47 124 47 52 52 Investment portfolio earnings 58 71 82 18 27 68 13 18 18 Profit before tax 210 231 91 76 74 103 60 70 70 Loans and advances 9,931 9,600 103 9,931 9,788 101 9,774 9,670 9,600 Deposits and other debt 11,653 10,835 108 11,653 11,413 102 11,112 10,957 10,835 Mortgage credit 2,958 2,789 106 2,958 3,015 98 3,095 2,824 2,789 Operating costs/income, % 57 55 56 57 59 56 61 Number of FTE, end of period 182 173 105 182 172 106 178 173 173 Comments on this page refer to the development in the current year compared to the same period last year.
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Personal Banking Strong growth in lending and deposit volumes. DKKm Q1-Q3 2026 Q1-Q3 2025 Index Q3 2026 Q2 2026 Index Q1 2026 Q4 2025 Q3 2025 Net interest income 117 116 101 40 39 102 37 37 37 Net fee and commission income 56 55 102 19 18 104 18 20 19 Other operating income 20 25 80 7 7 98 6 4 5 Total operating income 192 195 98 66 64 102 62 61 62 Operating costs 163 159 103 54 55 98 54 52 57 Profit before impairment charges 29 36 79 12 9 130 8 9 5 Impairment charges, net -7 2 339- -3 0 -5 4 0 Operating profit 36 34 106 15 9 171 13 4 4 Investment portfolio earnings 31 38 82 10 14 69 7 9 9 Profit before tax 67 72 93 24 23 107 20 14 14 Loans and advances 5,060 4,532 112 5,060 4,863 104 4,754 4,647 4,532 Deposits and other debt 6,730 6,108 110 6,730 6,585 102 6,248 6,121 6,108 Mortgage credit 2,168 2,203 98 2,168 2,214 98 2,223 2,217 2,203 Number of FTE, end of period 81 77 105 81 76 106 80 77 77 Comments on this page refer to the development in the current year compared to the same period last year.
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Corporate Banking A slight decline in lending was offset by strong growth in mortgage lending. DKKm Q1-Q3 2026 Q1-Q3 2025 Index Q3 2026 Q2 2026 Index Q1 2026 Q4 2025 Q3 2025 Net interest income 124 121 102 42 42 100 40 42 39 Net fee and commission income 22 18 124 8 7 104 7 7 6 Other operating income 11 16 67 4 4 117 3 4 3 Total operating income 157 155 101 54 53 101 50 53 49 Operating costs 37 33 112 12 12 102 12 12 10 Profit before impairment charges 121 122 99 42 41 101 38 41 38 Impairment charges, net 5 -4 127- -2 3 -74 4 -6 -9 Operating profit 116 126 92 44 38 114 34 47 47 Investment portfolio earnings 27 33 82 8 12 66 6 9 8 Profit before tax 143 159 90 52 51 102 40 56 56 Loans and advances 4,870 5,068 96 4,870 4,925 99 5,020 5,023 5,068 Deposits and other debt 4,923 4,726 104 4,923 4,828 102 4,864 4,835 4,726 Mortgage credit 790 585 135 790 800 99 871 606 585 Number of FTE, end of period 16 13 116 16 15 106 15 13 13 Comments on this page refer to the development in the current year compared to the same period last year.
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Banking – Faroe Islands Strong growth in core income underpinned by growth in loans, deposits and mortgage credit. DKKm Q1-Q3 2026 Q1-Q3 2025 Index Q3 2026 Q2 2026 Index Q1 2026 Q4 2025 Q3 2025 Net interest income 214 205 104 73 72 102 68 69 68 Net fee and commission income 66 61 108 23 22 103 21 23 21 Other operating income 25 36 70 9 9 99 7 7 7 Total Operating income 305 302 101 105 103 102 97 99 96 Operating costs 169 161 105 56 57 99 55 54 58 Profit before impairment charges 136 141 96 49 46 106 41 45 38 Impairment charges, net 1 13 5 -4 0 5 -1 7 Operating profit 135 128 105 53 46 116 36 47 32 Investment portfolio earnings 48 56 85 15 22 68 11 15 14 Profit before tax 183 185 99 68 68 100 47 61 46 Loans and advances 9,062 8,490 107 9,062 8,856 102 8,821 8,690 8,490 Deposits and other debt 9,682 9,238 105 9,682 9,515 102 9,590 9,581 9,238 Mortgage credit 1,936 1,717 113 1,936 1,962 99 1,969 1,713 1,717 Operating costs/income, % 55 53 54 55 57 54 60 Number of FTE, end of period 161 156 103 161 152 106 158 156 156 Comments on this page refer to the development in the current year compared to the same period last year.
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Banking – Greenland Significant increase in deposits. Lower economic activity in general, resulting in reduced demand for financing. DKKm Q1-Q3 2026 Q1-Q3 2025 Index Q3 2026 Q2 2026 Index Q1 2026 Q4 2025 Q3 2025 Net interest income 27 32 86 9 10 91 9 9 9 Net fee and commission income 12 12 107 4 4 109 5 4 4 Other operating income 5 4 111 2 1 148 2 1 1 Total operating income 45 48 93 14 14 100 16 14 14 Operating costs 31 30 102 10 10 98 11 10 9 Profit before impairment charges 14 17 78 4 4 107 5 4 5 Impairment charges -3 -14 22 0 3 -13 -6 -1 -15 Operating profit 17 32 52 5 1 493 11 5 20 Investment portfolio earnings 11 15 71 3 5 66 2 3 3 Profit before tax 27 47 58 8 6 138 13 9 24 Loans and advances 868 1,110 78 868 932 93 952 980 1,110 Deposits and other debt 1,971 1,597 123 1,971 1,898 104 1,522 1,375 1,597 Mortgage credit 1,022 1,072 95 1,022 1,053 97 1,125 1,111 1,072 Operating costs/income, % 70 64 69 71 68 72 65 Number of FTE, end of period 21 17 122 21 20 105 20 17 17 Comments on this page refer to the development in the current year compared to the same period last year.
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Trygd The result is impacted by a high level of claims. DKKm Q1-Q3 2026 Q1-Q3 2025 Index Q3 2026 Q2 2026 Index Q1 2026 Q4 2025 Q3 2025 Premium income, net of reinsurance 129 124 105 44 43 102 43 42 42 Claims, net of reinsurance 94 71 132 37 31 118 27 22 25 Net insurance income 35 53 67 7 11 61 17 20 17 Net income from investment activities 6 5 118 0 7 2 -1 2 4 Operating income 41 58 71 7 18 39 16 22 20 Operating costs 23 21 108 8 8 105 7 7 7 Profit before tax 19 37 50 -1 11 -8 9 15 14 Combined ratio 91 77 102 92 80 72 78 Claims ratio 73 58 84 73 61 52 59 Number of FTE, end of period 20 21 95 20 21 94 21 21 21 Comments on this page refer to the development in the current year compared to the same period last year.
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The Faroese and Greenlandic economies
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GDP and Inflation • Real GDP growth: 1.9% in 2025 vs. 0.8% in 2024. • Growth drivers: strong growth in primary industries, modest growth in services, while manufacturing declined. • Inflation: 2.5% YoY in August vs. 2.4% in May. Labour market and population growth • Unemployment rate: very low at 0.9% in August. • Labour force: 84% of the population aged 15-74 in 2025, the highest in Europe. • Population growth: increased by 1.4% YoY in August and 4.2% in total over the last 5 years. Exports and Trade • Total exports of goods: DKK 14.5bn (+1.4bn YoY) in August. • Seafood exports: ~95% of total exports of goods, split about equally between aquaculture and fisheries. • Growth drivers: salmon (+1.1bn YoY) and demersal fisheries - cod, haddock & saithe (+0.6bn). Mackerel decreased (-0.3bn). • Goods trade surplus: DKK 2.4bn in August. -5% 0% 5% 10% 2020 2022 2024 2026 Rate Nominal GDP Real GDP Forecast 52.000 55.000 58.000 0% 4% 8% 2020 2022 2024 2026 PopulationRate Unemployment rate Population -5 0 5 10 15 2020 2022 2024 2026 Exports Balance of Trade Rolling 12 months (DKK bn) Key risk factors • Seafood dependence: high exposure to price declines, weaker demand and reduced fishing quotas. • Labour shortages: a limited workforce and the emigration of skilled young people constrain economic growth. • Fiscal pressures: government and municipal deficits, while an ageing population will increase pension and healthcare costs in the future. • Housing market: rising house prices and housing shortages reduce affordability for first-time buyers. • Geopolitical tensions: potential impact on energy prices and inflation. Faroese economic outlook
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GDP and Inflation • Real GDP growth: below 1% in 2023-2025 but expected to increase to 1.3% in 2026 and 1.5% in 2027. • Growth drivers: strong growth in fisheries, rising private consumption and increased purchasing power. • Inflation: 2.6% YoY in July vs. 3.7% in January. Labour market and population growth • Unemployment rate: 3.8% in 2025 vs. 3.4% in 2024 - expected to decrease in 2026 to same level as in 2024. • Population growth: slow at 0.4% YoY in Q1 and 0.6% in total over the last 5 years. Exports and Trade • Total exports of goods: DKK 7.5bn (+2.4bn YoY) in June. • Seafood exports: ~90% of total exports of goods, highly concentrated on three species - shrimp, cod and halibut. • Growth drivers: cod (+0.8bn YoY) and halibut (+0.4bn). • Goods trade surplus: DKK 0.9bn in June. Greenlandic economic outlook -5 0 5 10 15 2020 2022 2024 2026 Exports Balance of Trade -5% 0% 5% 10% 2020 2022 2024 2026 Rate Nominal GDP Real GDP Forecast 52.000 55.000 58.000 0% 4% 8% 2020 2022 2024 2026 PopulationRate Unemployment rate Population Rolling 12 months (DKK bn) Key risk factors • Economic concentration: high dependence on fisheries. Tourism offers significant growth potential but faces capacity constraints. • Public finances: the fiscal position weakened significantly in 2025, but the Danish block grant provides a stabilising effect. • Labour shortages: continued economic growth will increase the need for foreign labour. • Demographic pressures: population ageing poses a major long-term challenge. • Geopolitical tensions: potential impact on energy prices and inflation.
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Disclaimer • This presentation contains statements regarding future results, which are subject to risks and uncertainties. Consequently, actual results may differ significantly from the results indicated or implied in these statements. • No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information contained herein. • Accordingly, none of Føroya Banki or any of its principal shareholders or subsidiary undertakings or any of such person’s officers or employees or advisers accept any liability whatsoever arising directly or indirectly from the use of this document.