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Aprila Bank ASA | Q3 2025 | 14 November 2025
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2 Disclaimer This presentation contains forward-looking statements that reflect management’s current views with respect to certain future events and potential financial performance. Although Aprila Bank believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be correct. Accordingly, results could differ materially from those set out in the forward-looking statements as a result of various factors. Important factors that may cause such a difference for Aprila Bank include, but are not limited to: (i) the macroeconomic development, (ii) change in the competitive climate, (iii) change in the regulatory environment and other government actions and (iv) change in interest rate and foreign exchange rate levels. This presentation does not imply that Aprila Bank has undertaken to revise these forward-looking statements, beyond what is required by applicable law or other applicable regulations if and when circumstances arise that will lead to changes compared to the date when these statements were provided.
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3 Table of contents Highlights01 02 Key figures 03 Outlook 04 Appendix
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4 Note 1: Number of unique business customers. | | Note 2: Total operating expenses / Total income. LTM = Last twelve months. APRILA BANK ASA We reinvent business credit Key figures # Business customers (30 Sep 2025)1 5,653 Cost / income (LTM)2 53% Total income run-rate (NOK million, annual run-rate, Q3 25)2 242 Return on equity (LTM) 18.6% Aprila provides credit to a large and underserved SMB market • SMBs account for around two thirds of employment and more than half of GDP in Europe • These businesses are largely underserved and the financing gap for European SMBs has been estimated to EUR 400 bn • Closing this financing gap is vital to maintain welfare standards in European countries, and this is the reason why Aprila was founded We leverage technology to create competitive advantage • Our technology platform is developed in-house and exposed to own channels and partners through APIs • We have access to large amounts of structured data, including a rapidly growing amount of behavior data • Credit scoring and pricing is based on machine-learning technology, with data from our in-house developed data warehouse Our customers receive a credit offer within 60 seconds • We focus on accessibility, speed and convenience, offering products with understandable pricing and swift credit decisions • More than half of our customers are onboarded within three days after the application is submitted
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5 Note 1: Gross income from lending divided by average net loans in the period. | | Note 2: LTM = Last twelve months. HIGHLIGHTS Record-high pre-tax profit driven by strong credit discipline Highlights Q2 2022 Q3 25 All-time high pre-tax profit of NOK 17.8m • Return on equity (ROE) of 21.1% in Q3 and 18.6% for the last 12 months • The result is driven by strong credit discipline which has resulted in lower-than-normal loan losses (3.4% of gross lending) Lending growth rebounded in Q3 • Gross lending increased 23% YoY and 8% QoQ to NOK 1,362 million • Total income increased 11% YoY and 3% QoQ to NOK 61 million Liechtenstein preliminarily selected as Aprila’s preferred new domicile • Based on an assessment of potential redomiciliation options, the bank has shortlisted Liechtenstein and Sweden as potential new domiciles • The bank is currently in a dialogue with the Financial Market Authority in Liechtenstein to resolve remaining regulatory clarifications • Subject to a positive outcome of these discussions, Aprila plans to submit a license application during H1 2026 • The rationale for the redomiciliation is to safeguard Aprila’s long-term competitiveness – both in Norway and in other European markets LTM NOKm Q3 25 Q3 24 Gross loans 1,362 1,111 Gross income from lending 74 65 Total income 61 55 Pre-tax operating profit 17.8 9.2 Yield on avg. net loans1 24.9% 26.9% ROE 21.1% 13.0% LTM2 ending NOKm Q3 25 Q3 24 Gross loans 1,362 1,111 Gross income from lending 278 241 Total income 230 202 Pre-tax operating profit 58 38 Yield on avg. net loans1 25.6% 27.5% ROE 18.6% 15.2%
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6 1,098 1,040 1,155 1,190 1,278 21 51 63 80 1,111 1,072 1,216 1,263 1,362 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Spot factoring Downpayment loan Credit line GROSS LENDING Lending growth rebounded in the third quarter Gross lending NOK million Key comments • Gross lending grew 23% YoY and 8% QoQ • Following a temporary slowdown in Q2, lending demand rebounded following Norges Bank’s 25 bps rate cut on June 18 • Nominal lending growth of NOK 99 million in Q3 – roughly 2x the growth in Q2 • The momentum remains strong so far in Q4 23% 8%
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7 YIELD Lending yield compression remains gradual and well-controlled Yield Key comments • Lending yield of 24.7% in Q3, reflecting gradual and controlled margin compression • Yield moderation driven by deliberate shift towards larger, lower-risk customers • Funding costs have remained stable since the last interest rate adjustment in May 2024, but are expected to decrease by ~15 bps from year-end - The nominal deposit rate was reduced from 4.82% to 4.65% on 31 October, effective from year-end for existing customers 26.7 % 26.4 % 26.3 % 25.3 % 24.7 % 6.1 % 4.2 % 4.5 % 5.1 % 4.5 %4.9 % 4.9 % 4.8 % 4.8 % 4.8 % Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Lending yield Liquidity yield Funding cost
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8 TOTAL INCOME Total income up 11% year-on-year Total income Key comments • Total income increased 11% YoY and 3% QoQ • Q3 income composition highlights a stable and predictable revenue mix: - Net interest income: NOK 54.3 million (89%) - Net commission and fee income: NOK 4.7 million (8%) - Net gains on financial instruments: NOK 2.2 million (4%) 11% 3% NOK million 55.1 52.8 56.7 59.4 61.1 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25
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9 202 210 218 227 233 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 +49% Note 1: Adjusted for one-offs. LTM PERFORMANCE Profitability expansion driven by income growth and credit discipline Total income last 12 months1 (Cost + Losses) / Income last 12 months1 Pre-tax profit and ROE last 12 months1 +15% -6 pp 52% 53% 53% 51% 52% 28% 27% 24% 25% 22% 80% 80% 77% 76% 74% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Cost / Income LTM adj. Losses / Income LTM adj. 38 37 46 50 58 3 5 5 5 2 41 42 51 55 61 16.0% 15.4% 17.5% 17.9% 19.1% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Pre-tax profit LTM One-offs LTM Pre-tax profit LTM adj. ROE LTM adj.
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10 Note 1: Aprila Bank has currently only issued equity, and hence total capital ratio equals CET1-ratio. CAPITAL ADEQUACY Solid capital position Total capital ratio1 Key comments • CET1-ratio of 29.6% 30 Sep 2025 • Aprila’s OCR is 22.3% and the Norwegian Financial Supervisory Authority (FSA) expects Aprila to maintain a total capital ratio above 23.8% (22.3% P2R + 1.5% P2G) • Based on the preliminary SREP for 2026, issued by the FSA 28 October 2025, Aprila’s OCR will be reduced to 21.2% and the P2G to 1.0% • In the final report from FSA’s on-site inspection of Aprila Bank in 2022, FSA stated that the bank, in FSA’s opinion, does not have sufficient historical data to use retail classification - The bank has applied retail classification on eligible exposures as of 30 Sep 2025 - Without retail classification, the CET1-ratio would have been 24.4% as of 30 Sep 2025 31.2% 31.7% 29.2% 31.4% 29.6% 22.3% 21.2% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 CET1 ratio OCR from 31/05/2024 (P2R = 4.8%) OCR with preliminary SREP
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11 Table of contents Table of contents Highlights01 02 Key figures 03 Outlook 04 Appendix
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12 Note 1: Q2 has 2/3 of the personnel costs of a normal quarter. KEY FIGURES All-time high quarterly pre-tax profit three quarters in a row Unique customers Cost / income Loan losses (in % of gross loans, annualised) Profit after tax and ROE NOK million / % • 5,653 unique customers at the end of the period - Credit line: 92% - Downpayment loan: 6% - Spot factoring (discontinued): 2% • Underlying cost/income gradually trending down 1 • Except for a spike in Q2, loan losses have trended downwards over the past five quarters as a result of improved credit quality • Cost control and declining loan losses have yielded three all-time high quarterly pre-tax profits in a row Key comments 5,369 4,998 5,055 5,140 5,221 74 203 272 335 5,551 5,235 5,397 5,538 5,653 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Downpayment loans Credit line 55% 61% 55% 43% 53% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 5.7 % 4.3 % 4.0 % 5.3 % 3.4 % Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 9.2 8.9 14.1 17.5 17.8 13.0% 12.2% 18.5% 21.9% 21.1% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25
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13 29% 17% 16% 13% 7% 18% Services Construction Retail Real estate ICT Other KEY FIGURES | CREDIT LINE Average account balance continues to increase Customer accounts Average balance per account Gross loans by industry Average drawdown (per account with draw-down) NOK million NOK thousand NOK thousand • Net 73 new accounts (+1%) in the quarter - Onboarded: 310 - Offboarded: 237 • 5,239 credit line accounts at the end of the period • 84% of customer accounts with draw- down at EOP • NOK 244k outstanding per account at the end of the period • On average NOK 292k drawn by customers with draw-down Key comments NOK 1,278m 4,665 4,214 4,312 4,361 4,381 760 821 775 806 858 5,425 5,035 5,087 5,167 5,239 86% 84% 85% 84% 84% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Credit line accounts without draw-down at EOP Credit line accounts with draw-down at EOP Net active in % 202 207 227 230 244 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 235 247 268 273 292 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25
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14 KEY FIGURES | DOWNPAYMENT LOAN 335 downpayment loan accounts with an average balance of NOK 240k Customer accounts Average balance per account Gross loans by industry NOK million NOK thousand • Net 63 new accounts in the quarter - Onboarded: 76 - Offboarded: 13 • 335 downpayment loan accounts at the end of the period • NOK 240k outstanding per account at the end of the period Key comments NOK 80m 74 203 272 335 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 278 253 233 240 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 31% 18%14% 13% 7% 17% Services Construction Retail ICT Real estate Other
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15 LOAN LOSSES Healthy loan book Sum of LLPs and realised losses Losses on loans in % of gross income Loans by DPD (>=1) Loan losses in % of gross loans (annualised) NOK million • Total loan losses of NOK 11.0m of which: - NOK -0.4m in LLPs and - NOK 11.4m in net realised losses • DPD >= 1: 10.6% of gross loans - Improvement across all three buckets with DPD of 1 to 90 Key comments 15.6 11.7 11.6 16.6 11.0 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 2.5% 2.0% 2.4% 2.1% 1.4% 0.8% 0.7% 1.0% 1.0% 0.4% 0.4% 0.9% 0.9% 0.7% 0.3% 11.6% 5.6% 7.1% 8.5% 8.5% 15.3% 9.2% 11.5% 12.4% 10.6% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 >90 61-90 31-60 1-30 24% 18% 17% 23% 15% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 5.7 % 4.3 % 4.0 % 5.3 % 3.4 % Q3 24 Q4 24 Q1 25 Q2 25 Q3 25
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16 Table of contents Highlights01 02 Key figures 03 Outlook 04 Appendix
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17 PRIORITIES 2025 No. 1 priority in 2025 is to accelerate our profitable growth Strengthen competitive advantage Further strengthen long-term profitability and capital efficiency 2025 Accelerate the profitable growth • Increase automation in core customer processes • Keep evolving credit models • Continue to enhance customer experience • Continue to improve offering to larger customers • Streamline sales processes • Continue to optimise loan origination • Continue to automate internal processes • Conclude on redomiciliation How? Progress on selected initiatives • All-time-high nominal YTD gross lending growth as of 30 Sep of NOK 289 million in 2025 vs. NOK 202 million in 2024 • 78% of all customer chats solved by AI in Q3 25 vs 56% in Q2 25 • LTM ROE as of 30 Sep 2025 of 18.6% vs. 15.2% as of 30 Sep 2024 • Liechtenstein and Sweden shortlisted for redomiciliation - with Liechtenstein currently as the preferred option
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18 Note 1: Total income run-rate in the quarter. | | Note 2: Cost income = Total operating expenses / Total income. LTM = Last twelve months. | | Note 3: Adjusted for one-offs in December. | | Note 4: As the lending book gradually shifts towards larger customers with lower credit risk. FINANCIAL OUTLOOK Targeting a total income run-rate of NOK 250 - 260 million in Q4 YE 24A YE 25E CommentsQ3 25A 2213 250 - 260 55% ~ 52% Total income Annual run-rate1 (NOK million) Cost / income (LTM)2 • Changed from ~260 to 250 - 260 • Increased lending balance per account • Controlled decline in lending yield4 242 53% • Scaling effects • 3 new FTEs • Wage and cost inflation 5,108 ~ 5,800 Customer accounts (CL + DL, EOP) 5,574 • Continued marketing investments • Direct sales
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19 Table of contents Highlights01 02 Key figures 03 Outlook 04 Appendix
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20 Income statement & general administrative expenses General administrative expenses Q3 25: NOK 11.4m Income Statement Amounts in NOK thousand Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 Interest income 68,738 60,682 198,111 170,243 230,269 Interest expense 14,468 12,719 42,040 32,751 46,508 Net interest income 54,270 47,963 156,071 137,493 183,761 Income commissions and fees 4,812 4,221 13,821 12,356 16,686 Expenses commissions and fees 130 209 459 677 898 Net commissions and fees 4,682 4,012 13,363 11,679 15,788 Net gains / losses (-) on certificates, bonds and currency 2,161 3,099 7,785 5,667 8,089 Other income 0 0 0 0 0 Total income 61,114 55,074 177,218 154,839 207,638 Salary and other personnel expenses 19,915 18,973 49,881 45,111 61,613 General administrative expenses 11,374 9,702 35,422 31,101 45,321 Total s alary and adminis trative expens es 31,288 28,675 85,303 76,212 106,934 Depreciation and impairment of fixed and intangible assets 980 1,615 3,361 4,875 6,387 Total operating expenses excl. losses on loans 32,268 30,289 88,665 81,087 113,321 Losses on loans 10,997 15,555 39,110 45,311 56,979 Pre-tax operating profit 17,849 9,229 49,443 28,441 37,338 Tax 0 0 0 0 0 Profit after tax 17,849 9,229 49,443 28,441 37,338 Earnings per share (NOK) 0.25 0.13 0.68 0.40 0.52 Diluted earnings per share (NOK) 0.25 0.13 0.68 0.40 0.52 Amounts in NOK thousand Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 Sales and marketing 3,967 3,388 14,510 12,840 18,197 IT operations 2,432 2,513 7,366 7,104 9,896 External services 3,122 2,052 7,205 4,839 6,841 External audit and related services 23 0 1,001 892 1,304 Credit information 311 318 990 1,053 1,380 Other operating expenses 1,519 1,431 4,351 4,373 7,703 Total general adminis trative expens es 11,374 9,702 35,422 31,101 45,321 35% 28% 21% 16% Sales and marketing External services IT operations Other
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21 Balance sheet & regulatory capital Balance Sheet Regulatory capital Amounts in NOK thousand 30.09.2025 31.12.2024 30.09.2024 Loans and deposits with credit institutions 120,426 168,803 174,114 Net loans to customers 1,234,116 977,840 966,570 Certificates and bonds 178,862 256,060 228,639 Other intangible assets 3,579 4,316 5,089 Deferred tax assets 0 0 0 Fixed assets 786 2,443 536 Other receivables 4,781 6,101 7,499 Total as s ets 1,542,550 1,415,564 1,382,447 Deposits from and debt to customers 1,176,875 1,096,783 1,077,801 Other debt 19,023 21,913 16,725 Total liabilities 1,195,897 1,118,696 1,094,526 Share capital 72,660 72,660 72,651 Share premium 328,940 328,940 328,901 Unregistered Share capital 341 0 0 Other paid-in equity 3,424 3,424 3,424 Retained earnings -58,713 -108,157 -117,054 Total equity 346,653 296,868 287,921 Total equity and liabilities 1,542,550 1,415,564 1,382,447 Amounts in NOK thousand 30.09.2025 31.12.2024 30.09.2024 Share capital 72,660 72,660 72,651 Share premium 328,940 328,940 328,901 Other equity -54,948 -104,733 -113,630 Total equity 346,653 296,868 287,921 Part of interim or year-end profit not eligible -49,443 0 -28,441 Additional value adjustments (AVA) -179 -256 -229 Other intangible assets -3,579 -4,316 -5,089 Deferred tax assets 0 0 0 Insufficient coverage for non-performing exposures -1,538 -174 -192 CET 1 instruments funded by the institution -761 -521 -833 Common equity tier 1 (CET 1) 291,154 291,601 253,138 Tier 1 capital 291,154 291,601 253,138 Total capital 291,154 291,601 253,138 Risk-weighted exposure amount Institutions 24,085 33,761 34,823 Corporates 81,946 32,070 21,399 Retail 619,916 526,660 516,461 Commercial immovable property 1,132 0 0 Exposures in default 41,416 16,578 31,352 Collective investments undertakings (CIU) 8,180 11,856 8,703 Other items 7,269 8,336 6,329 Credit risk 783,945 629,261 619,067 Position, foreign exchange and commodities risks 0 0 0 Operational risk 200,502 289,933 190,954 Credit valuation adjustment 423 759 635 Total risk exposure amount 984,870 919,952 810,656 Common equity tier 1 ratio (%) 29.6% 31.7% 31.2% Tier 1 ratio (%) 29.6% 31.7% 31.2% Total capital ratio (%) 29.6% 31.7% 31.2% Leverage ratio (%) 18.3% 20.0% 17.9% LCR 635% 937% 932% NSFR 199% 233% 227%
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22 Note 1: Gross margin = Gross profit bf. loan losses / Gross income total. | | Note 2: (Net interest income + Net commission income – Loans losses) / average net loans, annualised. Gross income and key figures Gross income and key figures 2 1 NOK million Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Gross income and margin Interest income credit line 37.7 41.8 48.3 51.5 55.4 60.1 60.1 61.5 63.6 65.3 Income commissions and fees credit line 2.9 3.2 3.4 3.7 4.0 4.2 4.3 4.4 4.6 4.8 Gross income credit line 40.5 44.9 51.8 55.2 59.5 64.3 64.5 66.0 68.2 70.1 Interest income downpayment loan 0.0 0.0 0.0 0.0 0.0 0.0 0.3 1.8 2.9 3.6 Income commissions and fees downpayment loan 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Gross income downpayment loan 0.0 0.0 0.0 0.0 0.0 0.0 0.3 1.8 2.9 3.6 Interest income spot factoring 4.6 4.0 4.1 2.9 1.8 0.2 0.0 0.1 0.1 0.1 Income commissions and fees spot factoring 0.3 0.3 0.3 0.2 0.1 0.0 0.0 0.0 -0.1 0.0 Gross income spot factoring 5.0 4.3 4.4 3.2 2.0 0.2 0.0 0.1 0.0 0.1 Gross income other 1.3 4.5 3.6 2.0 2.4 5.1 4.5 4.2 4.2 3.6 Gross income total 46.8 53.8 59.8 60.4 63.9 69.6 69.2 72.0 75.3 77.4 Direct variable expens es 10.4 12.9 13.8 12.5 13.7 15.2 18.2 15.9 16.6 16.8 Gross profit bf. loan losses 36.4 40.9 45.9 47.9 50.1 54.4 51.0 56.1 58.7 60.6 Total income 37.4 41.9 47.5 48.7 51.0 55.1 52.8 56.7 59.4 61.1 Gross income from lending 45.5 49.2 56.2 58.4 61.5 64.5 64.8 67.8 71.1 73.8 Total operating expenses 17.8 23.8 27.1 27.1 23.7 30.3 32.2 31.1 25.3 32.3 Losses on loans 11.8 10.4 10.5 16.4 13.3 15.6 11.7 11.6 16.6 11.0 Key figures Gross margin 78% 76% 77% 79% 78% 78% 74% 78% 78% 78% Total income / gross income 80% 78% 79% 81% 80% 79% 76% 79% 79% 79% Net interest margin after losses 14.4% 14.9% 17.2% 14.9% 16.1% 15.0% 15.8% 16.5% 14.2% 16.0% Cost / income 47% 57% 57% 56% 46% 55% 61% 55% 43% 53% Losses on loans / gross income from lending 26% 21% 19% 28% 22% 24% 18% 17% 23% 15%
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23 11% 45% 44% Mgmt. & employees Board of Directors Others Note 1: As registered in VPS 4 August 2025. OWNERSHIP STRUCTURE Aligned interests among key stakeholders Top 30 shareholders1 72.7m shares Share distribution # Investor Name Role # s hares % 1 SES AS Bertel Steen Board member 18,100,000 24.9 % 2 AMESTO GROUP AS Arild Spandow Chairman 9,768,374 13.4 % 3 KVANTIA AS Hans Marius Falkanger Board member 4,335,036 6.0 % 4 ALLIANCE VENTURE SPRING AS 3,174,406 4.4 % 5 VISMA NORGE HOLDING AS 3,000,000 4.1 % 6 EQUILIBRIA APS 2,808,822 3.9 % 7 MP PENSJON PK 2,227,357 3.1 % 8 PRIMERA AS Per Christian Goller Chief Growth Officer 1,816,500 2.5 % 9 ØSD INVEST AS Øystein Sindre Dannevig Chief Decision Scientist 1,512,781 2.1 % 10 SURFSIDE HOLDING AS 1,433,730 2.0 % 11 STRØMSTANGEN AS 1,371,686 1.9 % 12 FJ LABS 1,099,400 1.5 % 13 JOMAHO AS 1,027,575 1.4 % 14 CHRI AS 996,032 1.4 % 15 AREPO AS 907,747 1.2 % 16 SIRKELBUE AS Karl Erik Asbjørnsen Technologist 800,000 1.1 % 17 DISRUPTOR AS Israr Khan Chief Product & Tech Officer 760,289 1.0 % 18 THESAURUS AS 725,453 1.0 % 19 BLUE MOUNTAIN CAPITAL AS Kjetil Sørlien Barli CEO 651,000 0.9 % 20 JAH AS 615,127 0.8 % 21 UNIVERSAL PRESENTKORT AS 597,699 0.8 % 22 VIVIEND AS 575,454 0.8 % 23 ELIGERE AS Lene Gridseth Chief Operating Officer 573,200 0.8 % 24 KLØVNINGEN AS 535,350 0.7 % 25 PIIOTARHO AS 500,000 0.7 % 26 ITO CHRISTIAN AS 450,370 0.6 % 27 STRIGEN AS 420,914 0.6 % 28 Maxwell Montes AS 376,956 0.5 % 29 ARBIENSGT 8 AS 370,758 0.5 % 30 KNUT OLAV ASBJØRNSEN Knut Olav Asbjørnsen Head of Sales 355,000 0.5 % Others 10,841,665 14.9 % Total 72,728,681 100.0 % Ownership