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LHV Group Q3 2026 results 20 October 2026
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2 EUR 80.1m +10% YoY Net income EUR 37.5m +43% YoY Net profit 54.2% +0.9pp YoY C/I 19.3% +5.0pp YoY ROE EUR 7.74bn +4% YoY Deposits EUR 5.95bn +14% YoY Loan portfolio LHV Group Key highlights Q3 2026 Group net profit of EUR 37.5m in Q3, up 52% QoQ and 43% YoY Net interest income showed strong growth, +10% QoQ and +24% YoY, NIM 2.8% LHV Bank loan portfolio crossed EUR 1bn (+56% YoY), net profit EUR 1.4m LHV Varahaldus AUM up 12% YoY to EUR 1.82bn LHV Pank net profit of EUR 33.7m, up 39% QoQ, driven by net interest income growth and a EUR 10.4m impairment release LHV Kindlustus grew premiums 20% YoY in a soft market
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3 LHV Group Quarter-on-quarter comparison • Net interest income increased 10% QoQ to EUR 68.8m, supported by loan growth and higher market rates. NIM improved to 2.8%. • Net fee and commission income increased 15% QoQ to EUR 16.8m • Other income of EUR -5.5m reflects mark-to- market revaluation of the liquidity bond portfolio as interest rates rose. Portfolio duration is below two years, so the loss unwinds as positions mature and in parallel generates additional interest income booked under net interest income • Operating expenses were flat QoQ at EUR 43.4m • Net impairment release of EUR 8.9m, driven by the positive resolution of one large corporate exposure in Estonia • Loans grew EUR 183m, deposits EUR 178m and AUM EUR 25m. Customer base reached 723,000 Financial results, EURt Q3-26 Q2-26 ∆ QoQ % Sep 26 Aug 26 Net interest income 68,812 62,480 +10% 22,680 23,280 Net fee and commission income 16,800 14,644 +15% 7,327 4,667 Other income -5,486 1,889 nm -2,170 -698 Total net income 80,125 79,012 +1% 27,837 27,249 Total operating expenses 43,430 43,591 0% 15,397 14,089 Earnings before impairment 36,695 35,421 +4% 12,440 13,160 Impairment losses -8,893 5,770 nm -9,319 -176 Income tax expense 8,054 4,963 +62% 3,648 2,589 Net profit 37,535 24,687 +52% 18,111 10,747 attr. to shareholders 37,084 24,113 +54% 17,919 10,521 Business volumes, EURm Q3-26 Q2-26 ∆ QoQ % Sep 26 Aug 26 Loan portfolio (net) 5,951 5,768 +3% 5,951 5,905 Deposits from customers 7,735 7,557 +2% 7,735 7,657 Assets under management 1,816 1,791 +1% 1,816 1,853 No of customers, thous. 723 715 +1% 723 721 Fin. intermediaries' payments, thous. pcs 24,244 25,783 -6% 8,630 8,326 Key figures Q3-26 Q2-26 ∆ QoQ Sep 26 Aug 26 Cost / income ratio (C/I) 54.2% 55.2% - 1.0 pp 55.3% 51.7% Net interest margin (NIM) 2.8% 2.6% + 0.2 pp 2.8% 2.8% pre-tax ROE* 23.5% 15.8% + 7.7 pp 33.7% 20.1% ROE* 19.3% 13.1% + 6.2 pp 28.0% 16.2% * ROE is based on net profit and equity attributable to the owners of AS LHV Group
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4 LHV Group Year-on-year comparison • 9M net profit of EUR 81.9m is 5% below 2025 with ROE of 14.0% • Net interest income increased 9% in 9M, as higher base rates feed through and margin pressure on both sides of the balance sheet eases • Net fee and commission income increased 3% in 9M • Other income includes a EUR 4.4m YTD revaluation loss on the liquidity bond portfolio. Together with EUR 7.3m of interest income, the portfolio net result was EUR 2.9m • Operating expenses increased 14% in 9M, driven by personnel costs and continued investment in the UK and technology in H1 • 9M impairments were a net release of EUR 1.8m, reflecting positive trend in credit quality • Business volumes grew across all categories: loans +14%, deposits +4%, AUM +12%, customers +4% Financial results, EURt Q3-26 Q3-25 ∆ YoY % YTD26 YTD25 ∆ YoY % Net interest income 68,812 55,532 +24% 190,569 175,185 +9% Net fee and commission income 16,800 15,295 +10% 46,141 44,946 +3% Other income -5,486 1,834 nm -3,909 5,859 nm Total net income 80,125 72,661 +10% 232,800 225,990 +3% Total operating expenses 43,430 38,762 +12% 132,588 116,815 +14% Earnings before impairment 36,695 33,899 +8% 100,211 109,175 -8% Impairment losses -8,893 1,674 nm -1,834 3,189 nm Income tax expense 8,054 5,916 +36% 20,135 19,753 +2% Net profit 37,535 26,309 +43% 81,910 86,234 -5% attr. to shareholders 37,084 25,702 +44% 81,045 84,319 -4% Business volumes, EURm Q3-26 Q3-25 ∆ YoY % YTD26 YTD25 ∆ YoY % Loan portfolio (net) 5,951 5,234 +14% 5,951 5,234 +14% Deposits from customers 7,735 7,453 +4% 7,735 7,453 +4% Assets under management 1,816 1,620 +12% 1,816 1,620 +12% No of customers, thous. 723 692 +4% 723 692 +4% Fin. intermediaries' payments, thous. pcs 24,244 20,598 +18% 75,440 59,348 +27% Key figures Q3-26 Q3-25 ∆ YoY YTD26 YTD25 ∆ YoY % Cost / income ratio (C/I) 54.2% 53.3% + 0.9 pp 57.0% 51.7% + 5.3 pp Net interest margin (NIM) 2.8% 2.4% + 0.4 pp 2.5% 2.6% - 0.1 pp pre-tax ROE* 23.5% 17.6% + 5.9 pp 17.4% 19.7% - 2.4 pp ROE* 19.3% 14.3% + 5.0 pp 14.0% 16.1% - 2.1 pp * ROE is based on net profit and equity attributable to the owners of AS LHV Group
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• 9M net profit declined EUR 4.3m YoY (-5%). Net interest income contributed EUR +15.4m, while OPEX (EUR -15.8m) and other income (EUR -9.8m) offset the gain • Other income decline reflects the weaker insurance result in H1 and negative mark-to- market revaluation of the liquidity portfolio • Higher personnel expenses reflect a slightly larger headcount and larger personnel costs related to management transitions in H1 • Other operating expenses increased due to outsourced advisory costs and additional provisions • Impairments contributed EUR +5.0m YoY, with the Q3 release in the Estonian portfolio fully offsetting the Q2 charge • NIM improved to 2.8% in Q3, with further gradual improvement expected • Similar improvements also in ROE, which was 19.3% in Q3 5 LHV Group Profitability 19,592 -4,208 404 790 -9,769 -7,991 -2,973 -4,810 5,022 -382 86,234 81,910 9M 2025 Interest income Interest expense Fee and commission income Fee and commission expense Other net income/ expense Personnel expenses IT expenses Other operating expenses Impairments Income tax 9M 2026 Net profit YoY bridge, EURt 2.8% 0% 2% 3% 5% 6% Q3 Q4 Q1 2026 Q2 Q3 NIM 19.3% 54.2% 0% 20% 40% 60% 80% Q3 Q4 Q1 2026 Q2 Q3 ROE and C/I ROE C/I
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6 LHV Group Balance sheet structure • Total assets of EUR 10.1bn, up 5% QoQ and 6% YoY • Balance sheet remains deliberately simple: customer loans and a high-quality liquidity portfolio funded primarily by customer deposits • Approximately 90% of assets are euro- denominated, resulting in low structural FX risk • Liquidity portfolio comprises ECB deposits and short-term bonds. Around EUR 700m of bonds are held at fair value, which generates some P/L volatility when rates move but no credit risk • Funding was further diversified in August with EUR 200m of MREL-eligible senior bonds and EUR 15m of AT1 6,845 6,135 7,126 8,736 10,233 10,101 0 3,000 6,000 9,000 12,000 Dec 21 Dec 22 Dec 23 Dec 24 Dec 25 Sep 26 EURm Structure of assets Loans Fin. Assets Cash and deposits 6,845 6,135 7,126 8,736 10,233 10,101 0 3,000 6,000 9,000 12,000 Dec 21 Dec 22 Dec 23 Dec 24 Dec 25 Sep 26 EURm Structure of liabilities and equity Financial intermediaries' deposits Demand deposits w-o financial intermediaries Term deposits w-o financial intermediaries Equity Other liabilities
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7 LHV Group Loan portfolio quality • Net loan portfolio expanded by EUR 183m (+3%) QoQ and by EUR 717m (+14%) YoY, with growth well diversified between Estonia and the UK • Portfolio quality remained strong: Stage 3 exposures accounted for ~1.5% of gross loans and were well collateralised, with total collateral coverage of 76.6%, there is drop due to releasing impairments regarding one large case • Portfolio composition remained stable and diversified • Mortgage portfolio continued to be the primary growth driver in Estonia, while SME lending driving growth in the UK Stage 3 collateral shortfall Segment Carrying amount (EURm) Fair value of collateral (EURm) Uncovered part (EURm) Collateral coverage (%) Corporate loans 37.5 29.5 8.0 78.7% Consumer financing 1.3 0.0 1.3 0.0% Investment financing 0.0 0.0 0.0 - Leasing 1.9 1.6 0.3 85.6% Retail loans 0.3 0.3 0.0 95.7% Total 41.0 31.4 9.6 76.6% 0.1% -0.1% 0.1% 0.4% -0.6% -1.2% -0.6% 0.0% 0.6% 1.2% Q3 Q4 Q1 2026 Q2 Q3 Cost of risk ratio Private individuals 36% Real estate 36% Manufacturing 4% Wholesale and retail 2% Energy 2% Fin. services 3% Administrative activities 1% Agriculture 3% Other 13% Loan portfolio by sectors 5,280 5,507 5,628 5,815 5,990 1.7% 1.6% 1.6% 1.4% 1.5% 0.0% 0.7% 1.4% 2.1% 2.8% 0 2,000 4,000 6,000 8,000 Q3 Q4 Q1 2026 Q2 Q3 EURm Loan portfolio by stages (gross) Stage 1 Stage 2 Stage 3 Stage 3 ratio
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8 LHV Group Risk tolerance: Capital • All actual capital ratios presented here are without Q3 profits and excluding potential dividend payouts • Including Q3 profits all the regulatory minimum requirements and internal risk tolerance levels are fulfilled • CET1 remains the binding capital constraint as the most capital-intensive tier • All capital and liquidity indicators are monitored weekly and reported monthly to supervisors and the Management Board Category Indicator Risk appetite Actual Actual level 30 September 30 September 2026 2026* Capital Capital adequacy (CAD) Capital adequacy (Tier 1) Capital adequacy (CET 1) Leverage ratio MREL-TREA MREL-LRE >20.00% >17.30% >15.35% >4.00% >32.05% >7.00% 20.25% 17.23% 15.28% 7.36% 35.04% 14.98% 17.2% 20.3% 0% 7% 14% 21% 28% Dec 21 Dec 22 Dec 23 Dec 24 Dec 25 Sep 26 LHV Group capital adequacy Tier1 CAD T1 internal minimum CAD internal minimum 20.63% 17.60% 15.66% 7.36% 35.41% 15.14% * Estimated ratio values when Q3 profit will be included
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9 LHV Group Liquidity • LCR of 174% and NSFR of 146%, both well above regulatory minimums and internal targets and broadly unchanged from Q2 • Deposits remain the primary funding source, complemented by covered bonds, senior unsecured debt and the August MREL issuance • Loan-to-deposit ratio of 77%, among the most conservative in the regional peer group, leaving significant headroom for loan growth • Financial intermediaries’ deposits are fully matched by liquid assets and do not fund long-term lending • Liquidity management approach remained unchanged, with a conservative buffer, diversified funding and no reliance on central bank facilities 7,735 5,951 46.1% 65.5% 62.1% 65.9% 67.2% 76.9% 0% 20% 40% 60% 80% 0 3,000 6,000 9,000 12,000 Dec 21 Dec 22 Dec 23 Dec 24 Dec 25 Sep 26 EURm Loan/deposit ratio Customers' deposits Loans Loan/deposit ratio 110% 174% 120% 146% 0% 50% 100% 150% 200% Dec 21 Dec 22 Dec 23 Dec 24 Dec 25 Sep 26 LCR and NSFR LCR risk tolerance LCR (Group) NSFR risk tolerance NSFR (Group)
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10 LHV Group YTD 2026 financial results in line with the financial plan • 9M net profit of EUR 81.9m is EUR 3.6m ahead of the financial plan after a strong Q3 • Net interest income is EUR 7.6m ahead of plan on higher rates and loan growth. Fee income is EUR 5.7m below plan, mainly from lower customer activity in H1. Other income is EUR 6.3m below plan due to mark-to-market revaluation which unwinds as positions mature. In parallel, it is compensated by interest income from the same portfolio • Operating expenses are EUR 5.6m above plan, primarily due to higher personnel costs related to management transitions in H1 and technology investments • Impairments are EUR 13.3m better than plan, reflecting strong credit quality and the Q3 release • Loans are EUR 36m ahead of plan. Deposits are EUR 584m below plan, reflecting the deliberate reduction of higher-cost platform and banking services deposits. AUM is in line • Financial plan remains on track * ROE is based on net profit and equity attributable to the owners of AS LHV Group Financial results, EURt YTD26 FP YTD ∆ FP Net interest income 190,569 183,005 +7,564 Net fee and commission income 46,141 51,887 -5,747 Other income -3,909 2,401 -6,311 Total net income 232,800 237,293 -4,494 Total operating expenses 132,588 126,957 +5,631 Earnings before impairment 100,211 110,336 -10,125 Impairment losses -1,834 11,429 -13,262 Income tax expense 20,135 20,581 -446 Net profit 81,910 78,326 +3,584 attr. to shareholders 81,045 76,793 +4,252 Business volumes, EURm YTD26 FP YTD ∆ FP Loan portfolio (net) 5,951 5,915 +36 Deposits from customers 7,735 8,320 -584 Assets under management 1,816 1,829 -14 Fin. intermediaries' payments, thous. pcs 75,440 65,469 +9,972 Key figures YTD26 FP YTD ∆ FP Cost / income ratio (C/I) 57.0% 53.5% + 3.5 pp Net interest margin (NIM) 2.5% 2.4% + 0.2 pp pre-tax ROE* 17.4% 17.1% + 0.3 pp ROE* 14.0% 13.2% + 0.8 pp
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LHV Pank
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12 LHV Pank Key highlights Q3 2026 EUR 57.7m +5% YoY Net income EUR 33.7m +38% YoY Net profit 46.6% +3.5pp YoY C/I 21.6% +5.0pp YoY ROE EUR 6.42bn -3% YoY Deposits EUR 4.91bn +7% YoY Loan portfolio Net profit of EUR 33.7m, up 39% QoQ and 38% YoY Impairment release of EUR 10.4m, related to a large corporate loan provision Loans up EUR 92m to EUR 4.91bn, of which two thirds from mortgages Costs down 5% QoQ to EUR 26.9m, cost/income ratio 46.6% Net interest income up 11% and net fee income up 14% QoQ Customer base grew by 8,800 to 517,000
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13 LHV Pank Key operational activities and milestones in Q3 Launched new automated savings tool Moneyplan Designed to help clients build regular wealth-accumulation habits Recognised as the Best Bank in Estonia by Euromoney Confirming leading service quality, high customer trust and strong market position LHV.AI First bank in EU to launch MCP-based AI integration, enabling customers to securely connect their accounts to AI tools under their full control
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14 • Customer deposits increased 3% QoQ to EUR 6.42bn, but remain 3% lower YoY following the deliberate reduction of higher-cost funding • Deposits grew EUR 192m QoQ, of which demand deposits increased EUR 148m and term deposits EUR 44m. The increase came mainly from corporate banking deposits, while platform deposits continued to decline in line with the year’s trend • Banking services deposits decreased, primarily due to lower activity during the summer months • Platform deposits were deliberately reduced almost zero to shift towards direct customer deposits in Estonia • Deposits are clearly in focus LHV Pank Increasing efficiency in deposit pricing *Source: Bank of Estonia 6,640 6,964 6,538 6,226 6,419 26% 24% 25% 22% 22% 0% 25% 50% 75% 100% 0 2,000 4,000 6,000 8,000 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 EURm Customer deposits Retail banking Corporate banking Banking services Platform Group companies Share of term deposits (%) -3% 32,723 32,444 33,495 33,371 34,079 0 10,000 20,000 30,000 40,000 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Estonian deposit market dynamic* Households Non-financial corporations Financial institutions Government EURm +4%
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15 • Loan portfolio grew by EUR 92m in Q3, compared with EUR 114m growth in Q2 • Retail loans increased EUR 64m and corporate loans EUR 28m QoQ • Corporate lending remains focused on improving portfolio returns • Loan portfolio quality remained strong, with provisions at 0.7% of the gross loan portfolio, some lowering due to solving the negative loan cases LHV Pank Loan growth broadly in line with market development *Source: Bank of Estonia 4,574 4,683 4,707 4,821 4,913 0.9% 0.8% 0.8% 0.9% 0.7% 0.0% 2.5% 5.0% 7.5% 10.0% 0 1,500 3,000 4,500 6,000 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 EURm Loans (net) Corporate loans Retail loans Provisions share of gross portfolio (%) +7% 30,919 31,730 32,663 33,130 33,989 0 10,000 20,000 30,000 40,000 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Estonian loan market dynamic* Households Non-financial corporations Financial institutions Government EURm +10%
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16 • Net interest income increased 11% QoQ and 22% YoY to EUR 59.5m, with NIM improving to 2.9% • Higher market rates lift yields on both sides of the balance sheet • The same rate move generates short-term revaluation volatility in the liquidity portfolio, booked under other income • Net fee and commission income increased 14% QoQ and 15% YoY to EUR 13.5m, clearly above the H1 run-rate, with payments, FX, investment banking and investment services the largest contributors LHV Pank Net interest and fee income growth 48,938 50,101 50,621 53,703 59,503 0 20,000 40,000 60,000 80,000 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Net interest incomeEURt +22% 11,673 12,937 11,379 11,779 13,470 0 5,000 10,000 15,000 20,000 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Net fee and commission income Banking services Other EURt +15%
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17 • Operating expenses declined 5% QoQ to EUR 26.9m as Q2 one-off personnel costs did not recur. YoY growth of 13% is slowing compared with previous quarters • Personnel expenses decreased QoQ. The YoY increase reflects a larger headcount and management changes which accelerated share option costs booked earlier in the year due to these • IT expenses increased slightly, reflecting cloud infrastructure and AI tooling • Other operating expenses remained broadly in line with plan, with the exception of additional outsourced advisory services LHV Pank Expenses broadly in line with plan 23,719 25,800 27,406 28,255 26,851 0 10,000 20,000 30,000 40,000 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Operating expenses by category Personnel expenses Office expenses IT expenses Marketing expenses Other operating expenses EURt +13%
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18 • Second quarter in row the QoQ profit has increased more than 20%, compensating the weaker start of the year • 9M net profit of EUR 78.2m is EUR 2.3m ahead of plan (EUR 8.1m excluding the swap revaluation) • ROE of 21.6% in Q3 lifted 9M ROE to 16.1%, slightly ahead of plan • Net income declined 7% QoQ to EUR 57.7m due to EUR 10.1m negative financial income from intragroup interest rate swap revaluation and the liquidity portfolio. The swap effect is eliminated at Group level. Excluding it, net income was EUR 61.8m and net profit EUR 37.9m • Operating expenses were higher due to severance payments and accelerated share option costs related to management transitions • 9M impairments are EUR 14.6m better than plan • Loans are EUR 88m ahead of plan, deposits EUR 340m below plan by design LHV Pank Net profit up 39% QoQ and 9M flat YoY Financial results, EURt Q3-26 Q2-26 YTD26 YTD25 FP YTD ∆ FP Net interest income 59,503 53,703 163,827 156,150 156,891 +6,935 Net fee and commission income 13,470 11,779 36,628 33,985 42,634 -6,007 Net fee sharing -5,242 -5,309 -16,123 -19,891 -17,371 +1,248 Other income -10,080 2,140 -10,337 1,363 80 -10,417 Total net income 57,650 62,312 173,994 171,607 182,235 -8,240 Total net income w/o intragroup IRS* 61,784 61,627 179,779 171,656 182,235 -2,456 Total operating expenses 26,851 28,255 82,512 71,834 78,690 +3,822 Earnings before impairment 30,799 34,058 91,482 99,773 103,544 -12,062 Earnings before impairments w/o intragroup IRS* 34,933 33,373 97,267 99,822 103,544 -6,277 Impairment losses -10,365 5,554 -4,562 2,263 10,062 -14,624 Income tax expense 7,415 4,219 17,831 18,125 17,553 +279 Net profit 33,749 24,284 78,213 79,384 75,930 +2,283 Net profit w/o intragroup IRS* 37,883 23,599 83,998 79,433 75,930 +8,068 Business volumes, EURm Q3-26 Q2-26 YTD26 YTD25 FP YTD ∆ FP Loans (net) 4,913 4,821 4,913 4,574 4,824 +88 Deposits from customers 6,419 6,226 6,419 6,640 6,759 -340 incl. banking services' deposits 1,103 1,140 1,103 1,226 1,275 -172 Fin. intermediaries' payments, th. pcs 25,052 26,534 75,440 59,348 65,469 +9,972 No of customers, th. 517 508 517 483 na na Key figures Q3-26 Q2-26 YTD26 YTD25 FP YTD ∆ FP Cost / income ratio (C/I) 46.6% 45.3% 47.4% 41.9% 43.2% + 4.2 pp Net interest margin (NIM) 2.9% 2.6% 2.6% 2.6% 2.4% + 0.2 pp pre-tax ROE** 26.3% 19.4% 19.7% 22.5% 19.8% - 0.1 pp ROE** 21.6% 16.6% 16.1% 18.3% 15.9% + 0.2 pp * Interest Rate Swaps ** ROE is based on net profit and equity attributable to the owners of AS LHV Group
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LHV Bank
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20 LHV Bank Key highlights Q3 2026 EUR 17.1m +31% YoY Net income EUR 1.4m +38% YoY Net profit 80.4% -7.2pp YoY C/I 3.3% -0.2pp YoY ROE EUR 1.51bn +50% YoY Deposits EUR 1.03bn +56% YoY Loan portfolio Balance sheet growth continues across loans and deposits Deposits grew 9% QoQ to EUR 1.51bn Costs reflect planned investment in brand, AI tooling, Agentic AI and product development that will support cost-efficient future growth Loan portfolio grew 9% QoQ to EUR 1.03bn
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21 • SME lending momentum continues. Loan portfolio crossed EUR 1bn, growing 9% QoQ to EUR 1.03bn and 56% YoY • Pipeline of outstanding offers stood at GBP 123m (EUR 145m) • Overdue loans grew in line with portfolio growth and maturity. Impairment provisions of EUR 1.5m were taken in Q3 as overdue cases are proactively managed • Deposits grew 9% QoQ to EUR 1.51bn, actively managed for liquidity efficiency • Aggregator funding was used more actively in Q3 as it was cheaper than the direct market • Direct retail deposits of EUR 323m (21% of total) from 10,800 customers, with average balances of c. GBP 28k LHV Bank Continued loan growth 660 782 876 945 1,032 0 300 600 900 1,200 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 EURm Loans (net) +56% 1,001 1,286 1,426 1,388 1,507 0 500 1,000 1,500 2,000 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 EURm Deposits Other Banking services Deposit platforms +50%
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22 • Net interest income increased 10% QoQ and 64% YoY to EUR 10.5m, driven by SME loan growth and funding cost discipline. NIM improved to 2.5% • Net fee and commission income more than doubled QoQ to EUR 0.8m • Euro payment services remained under pressure due to lower euro deposit balances and reduced partnership fee income LHV Bank Net interest income growth 6,410 9,606 9,178 9,557 10,519 0 3,000 6,000 9,000 12,000 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Net interest incomeEURt +64% 219 -192 599 373 818 -500 0 500 1,000 1,500 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Net fee and commission incomeEURt +273% 6,019 6,099 5,571 5,236 5,294 0 2,000 4,000 6,000 8,000 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Fee received from LHV Pank Fee income related fee sharing Interest related fee sharing EURt -12%
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23 • Operating expenses increased 9% QoQ and 20% YoY to EUR 13.7m, reflecting planned investment in UK brand building and marketing • Investment in data and AI foundations supports lower cost growth as the bank scales • Customer support Agentic AI went live for retail customers, with agentic support usage to be scaled over time LHV Bank Planned investment in technology and brand 11,438 11,277 12,406 12,572 13,736 0 4,500 9,000 13,500 18,000 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Operating expenses by category Personnel expenses Office expenses IT expenses Marketing expenses Other operating expenses EURt +20%
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24 LHV Bank Continued balance sheet and interest income growth • Q3 net profit of EUR 1.4m, flat QoQ and EUR 0.4m up YoY. 9M net profit of EUR 4.1m is up 24% YoY but EUR 2.2m behind plan due to impairments and investment costs • Net interest income EUR 1.2m ahead of plan YTD, supported by loan growth and funding cost discipline. NIM in line with plan • Banking services fee income under pressure due to lower payment volumes • Operating expenses reflect investment in technology and brand, EUR 0.9m above plan YTD • Impairment losses of EUR 2.7m YTD are above plan, reflecting portfolio growth and maturity. Overall quality remains strong and well within risk appetite Financial results, EURt Q3-26 Q2-26 YTD26 YTD25 FP YTD ∆ FP Net interest income 10,519 9,557 29,255 17,798 28,031 +1,223 Net fee and commission income 818 373 1,790 816 2,096 -305 Net fee sharing 5,294 5,236 16,101 19,910 17,371 -1,269 Other net income 448 -411 -293 1,533 0 -293 Total net income 17,079 14,756 46,854 40,058 47,498 -644 Total operating expenses 13,736 12,572 38,714 34,760 37,824 +890 Earnings before impairment 3,343 2,183 8,140 5,298 9,674 -1,534 Impairment losses 1,472 216 2,728 925 1,367 +1,361 Income tax expense 463 568 1,352 1,099 2,077 -724 Net profit 1,408 1,399 4,059 3,274 6,230 -2,171 Business volumes, EURm Q3-26 Q2-26 YTD26 YTD25 FP YTD ∆ FP Loans (net) 1,032 945 1,032 660 1,090 -58 Deposits from customers 1,507 1,388 1,507 1,001 1,624 -117 No of customers, thous. 31 30 31 30 na na Key figures Q3-26 Q2-26 YTD26 YTD25 FP YTD ∆ FP Cost / income ratio (C/I) 80.4% 85.2% 82.6% 86.8% 79.6% + 3.0 pp Net interest margin (NIM) 2.5% 2.4% 2.4% 2.5% 2.3% + 0.2 pp pre-tax ROE 4.4% 5.1% 4.8% 5.7% 7.4% - 2.6 pp ROE 3.3% 3.6% 3.6% 4.2% 5.6% - 1.9 pp
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LHV Varahaldus
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26 LHV Varahaldus Key highlights Q3 2026 EUR 2.5m +8% YoY Net income EUR 0.5m -38% YoY Net profit 10.5% -6.3pp YoY ROE 80.8% +11.3pp YoY C/I ratio EUR 0.18bn +42% YoY Pillar III funds EUR 1.62bn +10% YoY Pillar II funds Market returns driven again by biggest AI related names in Q3, mixed results in other sectors Operating income and expenses in line with the financial plan with net profit slightly ahead of plan LHV Indeks the best-performing fund in the market after Q3, other funds also with expected returns AUM continued to grow across both pillars, supported by positive fund returns and lower YTD outflows compared to last year
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27 LHV Varahaldus All LHV funds with positive returns • AUM continued to increase, supported by regular inflows and positive fund returns and despite weaker than expected sales results • Market returns driven by biggest AI names, other sectors mixed • Pension funds Julge, Ettevõtlik and Tasakaalukas delivered quarterly returns of 1.3%, 2.2% and 1.1% respectively • LHV fund Indeks, which has higher exposure to developing markets compared to its competitors, delivered quarterly return of 1.6% and is up by 19.7% YTD • Conservative fund Rahulik returned 0.3% • Inflows to pillar III continued as expected, close to 15% of LHV II pillar clients have increased their own monthly contribution from gross salary to 4% or 6% *Source: Estonian Pension Centre 1,620 1,702 1,718 1,791 1,816 107 106 105 104 104 0 50 100 150 200 0 500 1,000 1,500 2,000 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 customers (th.)EURm Assets under management and number of customers Pillar II pension funds Other funds Active customers of Pillar II pension funds +12% -7% 0% 7% 14% 21% Jan Feb Mar Apr May Jun Jul Aug Sep Pillar II comparable pension funds' NAV change YTD* LHV Ettevõtlik SEB 55+ Swedbank 1970-79 Luminor 50-56 -8% 0% 8% 16% 24% Jan Feb Mar Apr May Jun Jul Aug Sep Index funds' NAV change YTD* LHV SEB Swedbank Tuleva
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LHV Varahaldus Results slightly ahead of the financial plan 28 • Net profit is ahead of plan • Operating income and expenses broadly in line with the financial plan • Strong index fund returns and returns in line with expectations in other funds supported financial income • Customer numbers below the financial plan and remains the biggest challenge • Largest actively managed funds remain close to their target asset allocation, while exposure beyond listed equities continues to provide diversification against potential market downturns Financial results, EURt Q3-26 Q2-26 YTD26 YTD25 FP YTD ∆ FP Total net income 2,482 2,434 7,299 6,725 7,255 +44 Total operating expenses 2,088 2,244 6,357 5,363 6,419 -63 EBIT 394 190 942 1,362 835 +106 Net financial income 102 199 471 642 433 +37 Income tax expense 0 0 1,128 564 1,128 +0 Net profit 497 389 284 1,440 141 +144 Business volumes, EURm Q3-26 Q2-26 YTD26 YTD25 FP YTD ∆ FP Assets under management 1,816 1,791 1,816 1,620 1,829 -14 Active customers of PII funds, th. 104 104 104 107 108 -4 Key figures Q3-26 Q2-26 YTD26 YTD25 FP YTD ∆ FP Cost / income ratio (C/I) 80.8% 85.2% 81.8% 72.8% 83.5% - 1.7 pp Funds average return 8.9% 6.8% 8.9% 10.1% 5.6% + 3.4 pp
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LHV Kindlustus
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30 EUR 11.0m +20% YoY Gross written premiums EUR 0.3m -55% YoY Net profit 12.5% -17.8pp YoY ROE 246 thous. +8% YoY No. of customers 25.6% -0.6pp YoY Net expense ratio 72.5% +4.4pp YoY Net loss ratio LHV Kindlustus Key highlights Q3 2026 Net loss ratio rose to 72.5% (+4.6pp QoQ) as claims returned to a higher level after the strong Q2 Customer base expanded to 246,000 with 337,000 active policies at the end of Q3 Net expense ratio was 25.6% (YTD 25.1%, 3.0pp below plan), reflecting disciplined cost management despite continued business growth Gross premiums grew 20% YoY in a soft market, driven primarily by MTPL, health and travel insurance
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31 • Q3 sales grew 10% YoY, driven primarily by MTPL, health and travel insurance, while several smaller product lines also delivered strong growth. Sales of MOD and home insurance were deliberately held back amid low market pricing • Claims were significantly higher than in the previous quarter, with both the loss ratio and claims frequency increasing. The result was also impacted by several larger claims in home insurance • Net earned premiums continue to grow at a healthy pace and are ahead of the financial plan, supported by growth in gross written premiums LHV Kindlustus Growth continued, claims pressure returned 7.1 7.5 8.1 6.9 8.2 0 3 6 9 12 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 EURm Gross incurred losses +16% 10.6 10.6 10.5 11.1 11.7 0 5 10 15 20 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 EURm Contract premiums written +10%
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32 • YTD claims exceeded the financial plan by EUR 2.2m, with claims above plan in all major lines of business except travel insurance • In Q3, an average of 12,400 new claims were registered per month, around 1,000 fewer than in Q2 • At the end of Q3 2026, the number of active policies reached 337,000, reflecting continued growth • Q3 net expense ratio was 25.6% and combined ratio 98.1%. Net profit of EUR 0.3m was below plan LHV Kindlustus Results against the financial plan Financial results, EURt Q3-26 Q2-26 YTD26 YTD25 FP YTD ∆ FP Insurance revenue 11,663 11,123 33,330 30,489 33,026 +304 Commission expense 1,468 1,047 3,364 3,329 4,051 -687 Gross incurred losses 8,182 7,132 23,564 19,587 21,361 +2,203 Operating expenses 1,431 1,677 4,783 4,010 4,692 +91 Insurance result before reinsurance 581 1,266 1,619 3,564 2,922 -1,303 Reinsurance result 362 523 1,346 1,275 952 +394 Total insurance result 219 744 273 2,289 1,970 -1,697 Net other income 75 46 136 103 145 -9 Net profit 293 789 409 2,392 2,115 -1,706 Business volumes Q3-26 Q2-26 YTD26 YTD25 FP YTD ∆ FP Contract premiums written, EURt 11,663 11,106 37,375 32,238 36,641 +735 No of customers (thous.) 246 242 246 227 237 +9 Key figures Q3-26 Q2-26 YTD26 YTD25 FP YTD ∆ FP Net loss ratio 72.5% 67.9% 74.0% 66.7% 66.6% + 7.4 pp Net expense ratio 25.6% 25.2% 25.1% 25.1% 28.2% - 3.0 pp
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33 LHV Group Key takeaways Group net profit of EUR 37.5m in Q3, up 52% QoQ and 43% YoY Net interest income returned to strong growth, +10% QoQ and +24% YoY, NIM 2.8% LHV Bank loan portfolio crossed EUR 1bn (+56% YoY), net profit EUR 1.4m LHV Varahaldus AUM up 12% YoY to EUR 1.82bn LHV Pank net profit of EUR 33.7m, up 39% QoQ, driven by net interest income growth and a EUR 10.4m impairment release LHV Kindlustus grew premiums 20% YoY in a soft market
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AS LHV GROUP TARTU MNT 2, TALLINN 6 800 400 GROUP@LHV.EE LHV.EE Mihkel Torim LHV Group CEO mihkel.torim@lhv.ee Meelis Paakspuu LHV Group CFO meelis.paakspuu@lhv.ee Sten Hans Jakobsoo Head of Investor Relations and Corporate Development stenhans.jakobsoo@lhv.ee