Interim report
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Q3 Interim report July – September 202 5 Unaudited
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Table of Contents Interim report.......................................................................................................................................................................................................................................... 3 Condensed consolidated interim statement of comprehensive income................................................................................................................ 8 Condensed statement of financial position............................................................................................................................................................................ 9 Condensed statement of the cash flow position.............................................................................................................................................................. 10 Condensed statement of changes in equity....................................................................................................................................................................... 11 Notes........................................................................................................................................................................................................................................................ 12 Q3 Interim report | Table of Contents Unaudited 2
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Interim report About Aprila Bank ASA Aprila Bank offers accessible and convenient credit to small and medium-sized businesses. The bank commenced operations in April 2018. Aprila’s technology infrastructure employs machine learning models that predict outcomes and price risk automatically, using real-time data in addition to ordinary sources of credit information. This enables the bank to offer credit to businesses with a seamless customer experience. The bank is owned by private and institutional investors in Norway and abroad. The largest shareholders are SES AS (24.9%), Amesto Group AS (13.4%), and Kvantia AS (6.0%)1. Third quarter 2025 Highlights from the third quarter are outlined below. Highlights Q3 25 • Aprila delivered an all-time-high pre-tax profit of NOK 17.8 million in the quarter. • Total income amounted to NOK 61.1 million, an increase of 11% YoY and 3% QoQ. • Gross lending at the end of the quarter amounted to NOK 1,362 million, an increase of 23% YoY and 8% QoQ. • At the end of the quarter, Aprila had 5,653 unique business customers, an increase of 2% YoY and 2% QoQ. The soft YoY-increase is primarily caused by a divestment of an NPL-portfolio in December 2024. • At the end of the quarter, Aprila had 5,671 open customer accounts: credit line (5,239 accounts), downpayment loan (335 accounts) and spot factoring (97 accounts). Financial figures All figures are prepared and presented in accordance with IFRS. Comparable figures from Q3 24 are presented in brackets. Interest income in the quarter amounted to NOK 68.7 million (NOK 60.7 million), net interest income to NOK 54.3 million (NOK 48.0 million) and total income was NOK 61.1 million (NOK 55.1 million). Total operating expenses amounted to NOK 32.3 million (NOK 30.3 million) of which NOK 19.9 million (62%) in salary and personnel expenses, NOK 11.4 million (35%) in general administrative expenses and NOK 1.0 million (3%) in depreciation and impairment of fixed and intangible assets. Losses on loans amounted to NOK 11.0 million (NOK 15.6 million). Pre-tax operating profit amounted to NOK 17.8 million (NOK 9.2 million). 1 As registered in VPS 14 October 2025. Q3 Interim report | Interim report Unaudited 3
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Total assets at the end of the quarter amounted to NOK 1,543 million (NOK 1,382 million) of which NOK 1,234 million (NOK 967 million) were net loans to customers. Total equity amounted to NOK 347 million (NOK 288 million) and the CET1-ratio was 29.6% (31.2%). Total liquid assets amounted to NOK 299 million (NOK 403 million) of which NOK 120 million in bank deposits and NOK 179 million in certificates and bonds. Outlook Macroeconomic outlook The global macroeconomic outlook remains subdued as we move through the final quarter of 2025, although there are early signs of stabilisation following a period of heightened uncertainty earlier in the year. According to the IMF’s October 2025 World Economic Outlook, global growth is now projected at 3.2% for 2025, supported by resilient activity in the service sector and gradually easing inflation in several major economies. However, ongoing trade tensions, high debt levels and geopolitical uncertainty continue to weigh on global growth and business confidence2. On 17 September 2025, Norges Bank reduced its policy rate by 25 basis points to 4.00%, marking a cautious easing of monetary policy. Norges Bank noted that inflation has declined but remains above the 2% target, while economic growth and labour market conditions have softened slightly. Governor Ida Wolden Bache stated that gradual rate reductions aim to bring inflation back to target without unnecessarily restraining the economy, and Norges Bank signaled that further cuts will be slow and data-dependent3. America’s Federal Reserve lowered the target range for the federal funds rate by 25 basis points to 4.00–4.25% at its September meeting, reflecting a moderation in economic momentum. The decision followed slowing job growth and a slight uptick in unemployment, as the Committee continued to balance the risks of persistent inflation against weaker labour market conditions. The Committee stated that risks to achieving its employment and inflation goals were moving into better balance and reaffirmed that future policy decisions will depend on incoming economic data. The Fed emphasized its commitment to returning inflation to the 2 percent target over time while maintaining sustainable employment levels4. The European Central Bank (ECB) kept its key policy rates unchanged in September, maintaining the deposit facility rate at 2.00%. Headline inflation in the euro area is projected to average 2.1% in 2025 and fall to 1.7% in 2026, before edging up to 1.9% in 2027. Real GDP growth is projected at 1.2% in 2025, 1.0% in 2026 and 1.3% in 2027, reflecting a moderate recovery as domestic demand gradually strengthens and external conditions improve5. Following the reductions in the key policy rate in June and September 2025, deposit rates on Aprila’s savings product remained unchanged during the third quarter. However, on 31 October 2025, Aprila reduced deposit rates by 17 basis points. For existing customers, the change will take effect on 1 January 2026. Over time, these rates are expected to decline further, although the adjustment process is expected to be gradual. Further cuts in the policy rate would likely have a positive short- to medium-term effect on profitability, as the reduction in funding costs is expected to outweigh the pass-through to lending rates. At the same time, Aprila remains well positioned to manage potential future rate increases, as its loan agreements allow for significant pricing flexibility. Moreover, given the bank’s high-yielding product portfolio, the relative impact of possible rate hikes on customers’ borrowing costs would be limited. 2 https://www.imf.org/en/Publications/WEO/Issues/2025/10/14/world-economic-outlook-october-2025 3 https://www.norges-bank.no/en/news-events/news/Press-releases/2025/2025-09-18-rate/ 4 https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm 5 https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2025/html/ecb.is250911~a13675b834.en.html Q3 Interim report | Interim report Unaudited 4
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In the current macroeconomic environment, we consider the key uncertainty for Aprila to be the effect of continued low economic growth on our customers’ credit appetite and quality. The bank will continue to closely monitor the financial health of its customers and continuously align its risk appetite with the customers’ financial performance. Retail classification Aprila Bank has employed retail classification in accordance with Article 123 of the Capital Requirements Regulation (CRR) since 30 September 2021. In the Financial Supervisory Authority's final report from the 2022 on-site inspection at Aprila (published on 12 October 2022) the Financial Supervisory Authority (FSA) wrote that "(…) the bank must have data for a longer time period to be able to document that the risk has been sufficiently reduced so that risk weights of 75 percent can be used". Furthermore, the FSA stated that they would address the matter in a separate letter. The bank has not received this letter as of the date of this report. Along with other Norwegian banks, Aprila received an information request from the FSA in April 2023, requesting more information on the bank’s policies and application of retail classification. Aprila responded to the information request within the deadline in August 2023 and expects the FSA to issue a revised circular letter on the topic. Our understanding is that FSA intends to issue the revised circular letter when the consultation on EBA’s draft guidelines on proportionate retail diversification methods6 is completed. The deadline for the submission of comments was 12 February 20257. The bank is of the opinion that the exposures classified as retail exposures as of 30 September 2025, meet the requirements of Article 123 of CRR and has decided to use retail classification to calculate the risk- weighted exposure amount for credit risk for these exposures as of 30 September 2025. If EBA’s proposed guidelines become applicable in Norway, some of the exposures currently classified as retail may be reclassified in a way that results in a higher risk weight. However, the bank expects the impact of this on the risk-weighted exposure amount to be limited. Capital requirements On 30 April 2024, FSA finalised its supervisory review (SREP) of Aprila and issued a Pillar 2 requirement (P2R) of 5.4% and a Pillar 2 guidance (P2G) of 1.5% with effect from 31 May 2024. On 19 December 2024, the FSA informed Aprila Bank that the P2R will be reduced from 5.4% to 4.8% with effect from 31 May 2024. The FSA also informed Aprila that the bank’s P2R no longer needs to consist of 100% CET1 capital, as per the bank’s latest SREP from May 2024, but may consist of minimum 56.25% common equity tier 1 (CET1) capital and minimum 75% tier 1 capital. In addition, the FSA stated that it intends to perform a new SREP already in 2025. The change implies a relief of 2.7% in the CET1 requirement (from 19.4% to 16.7%), equivalent to NOK 25 million based on the total risk exposure amount of NOK 920 million as of 31 December 2024. With a Pillar 1 requirement of 14.0%8, a Tier 1 requirement of 1.5%, a Tier 2 requirement of 2.0%, a P2R of 4.8% and a P2G of 1.5%, Aprila’s OCR is 22.3% and the FSA expects Aprila to maintain a total capital ratio above 23.8%. The regulatory minimum leverage ratio requirement is 5.0%, the minimum LCR is 100% and the minimum NSFR is 100%. 6 As specified in CRR Article 123, point (c) 7 https://www.eba.europa.eu/publications-and-media/press-releases/eba-consults-guidelines-proportionate-retail-diversification-methods 8 Applicable to all Norwegian banks. Q3 Interim report | Interim report Unaudited 5
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The amended Capital Requirements Regulation (CRR3) entered into force in Norway on 1 April 2025. The most important changes for Aprila are: new guidelines from the EBA on retail classification9.i. the introduction of a credit conversion factor (CCF) for unused credit limits that may be withdrawn unconditionally. The new CCF will have no immediate impact on the bank’s capital requirements until 2030. The factor will then be gradually phased in, reaching 10% from 2033. ii. a new methodology for the calculation of the risk exposure amount for operational risk, which has reduced the bank’s risk exposure amount for operational risk from NOK 290 million to NOK 201 million. iii. Update on supervisory review (SREP) On 28 October 2025, the Norwegian Financial Supervisory Authority (FSA) issued a preliminary notice of decision to Aprila Bank regarding its updated Supervisory Review and Evaluation Process (SREP). The FSA’s preliminary assessment is that Aprila’s Pillar 2 Requirement (P2R) should be reduced from 4.8% to 3.7% of risk-weighted assets, and that the Pillar 2 Guidance (P2G) should be reduced from 1.5% to 1.0%. The FSA’s assessment is preliminary, and Aprila has until 25 November 2025 to provide comments before the FSA makes its final decision. Key priorities In 2025, Aprila focuses on the following three key priorities: Accelerate profitable growth In 2025, Aprila will continue to improve its offering to and acquisition of larger customers, aiming to accelerate growth while maintaining a robust ratio of customer lifetime value to customer acquisition cost. Strengthen competitive advantage We believe that unmatched operational scalability combined with high quality of processes and output is key to create sustainable competitive advantage in Aprila’s market. In 2025, Aprila will implement a set of carefully selected and prioritised initiatives that will increase the level of automation and quality of key business processes and thus strengthen Aprila’s competitive advantage. Further strengthen long-term profitability and capital efficiency Aprila delivered its first full-year positive profit after tax of NOK 23 million in 2023, equivalent to a return on equity of 11.5%. In 2024, Aprila delivered a profit after tax of NOK 37 million, equivalent to a return on equity of 13.9%. The development reflects the bank’s operational efficiency and the scalability of its business model. Looking ahead, the bank remains committed to improving its underlying profitability and expects to deliver a robust profit after tax in 2025. 9 The final version of EBA’s Guidelines on proportionate retail diversification methods has not been published as of the date of this report. Q3 Interim report | Interim report Unaudited 6
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Future prospects We believe that artificial intelligence (AI) will radically transform how businesses are run in the next two to five years. Businesses that are slow to adapt their operations to AI will most likely be outcompeted by other businesses leveraging AI for superior strategy, cost efficiency, speed, and customer service. Aprila has used machine learning extensively for the training of the bank’s credit models and our understanding is that Aprila is in the forefront among banks using AI capabilities in real-time business decisions. Thanks to our small size, agility, and tech-savvy team, we are well-positioned to keep leveraging new AI technology as it emerges. Looking ahead, we are confident that the continued adaptation of new technology, combined with the scalability of Aprila’s business model, will continue to improve the bank’s underlying operating expenses and loan losses relative to total income. We expect this to contribute to a steady improvement of the bank’s return on equity over time. Subsequent events There is no awareness of other events after the date of the balance sheet that may be of material significance to the accounts. Other information The accounting surplus for the third quarter of 2025 has in its entirety been added to retained earnings. The interim report has not been audited by the company’s external auditor, and hence, the retained earnings year- to-date as of 30 September 2025 is deducted from common equity tier 1, cf. CRR Article 26. Oslo, 13 November 2025 Board of Directors Aprila Bank ASA Q3 Interim report | Interim report Unaudited 7
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Condensed consolidated interim statement of comprehensive income Amounts in NOK thousand Note 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 8 11,374 9,702 35,422 31,101 45,321 Total salary and administrative expenses 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 2, 3 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 9 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 Note Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 Comprehensive income for the period 17,849 9,229 49,443 28,441 37,338 Q3 Interim report | Condensed consolidated interim statement of comprehensive income Unaudited 8
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Condensed statement of financial position Amounts in NOK thousand Note 30.09.2025 31.12.2024 30.09.2024 Loans and deposits with credit institutions 5, 6 120,426 168,803 174,114 Net loans to customers 2, 3, 6 1,234,116 977,840 966,570 Certificates and bonds 6 178,862 256,060 228,639 Other intangible assets 3,579 4,316 5,089 Deferred tax assets 9 0 0 0 Fixed assets 786 2,443 536 Other receivables 7 4,781 6,101 7,499 Total assets 1,542,550 1,415,564 1,382,447 Deposits from and debt to customers 6 1,176,875 1,096,783 1,077,801 Other debt 7 19,023 21,913 16,725 Total liabilities 1,195,897 1,118,696 1,094,526 Share capital 4 72,660 72,660 72,651 Share premium 4 328,940 328,940 328,901 Unregistered Share capital 4 341 0 0 Other paid-in equity 4 3,424 3,424 3,424 Retained earnings 4 -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 Q3 Interim report | Condensed statement of financial position Unaudited 9
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Condensed statement of the cash flow position Amounts in NOK thousand Note Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 Pre-tax operating profit 17,849 9,229 49,443 28,441 37,338 Taxes 9 0 0 0 0 0 Depreciation and impairment of fixed and intangible assets 980 1,615 3,361 4,875 6,387 Change in loans 3 -93,492 -12,380 -256,276 -146,796 -158,066 Change in deposits from customers 50,733 143,919 80,092 256,566 275,548 Change in securities 6 22,835 -93,106 77,198 -75,675 -103,097 Change in accruals 3,403 1,974 -102 -6,681 -2,210 Net cash flow from operating activities 2,307 51,251 -46,284 60,730 55,901 Net investments in fixed assets -93 -68 -236 -296 -361 Net investments in intangible assets -281 -345 -731 -1,314 -1,471 Net cash flow from investing activities -374 -413 -967 -1,610 -1,832 Paid-in equity 4 0 5 341 42,804 42,854 Repayment of leasing liabilities -550 -538 -1,467 -1,613 -1,923 Net cash flow from financing activities -550 -532 -1,126 41,191 40,931 Net cash flow for the period 1,383 50,306 -48,377 100,311 95,000 Cash and cash equivalents at the start of the period 5 119,043 123,808 168,803 73,803 73,803 Cash and cash equivalents at the end of the period 5 120,426 174,114 120,426 174,114 168,803 Q3 Interim report | Condensed statement of the cash flow position Unaudited 10
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Condensed statement of changes in equity Amounts in NOK thousand Share capital Share premium Unregistered share capital Other paid-in equity Retained earnings Total equity Equity as of 31 December 2023 65,819 291,636 1,315 3,402 -145,495 216,676 Share capital increase 6,832 37,265 -1,315 42,782 Changes in equity due to stock options program 22 22 Net profit for the period 28,441 28,441 Equity as of 30 September 2024 72,651 328,901 0 3,424 -117,054 287,921 Amounts in NOK thousand Share capital Share premium Unregistered share capital Other paid-in equity Retained earnings Total equity Equity as of 31 December 2024 72,660 328,940 0 3,424 -108,157 296,868 Share capital increase 0 0 341 341 Changes in equity due to stock options program 0 0 Net profit for the period 49,443 49,443 Equity as of 30 September 2025 72,660 328,940 341 3,424 -58,713 346,653 Q3 Interim report | Condensed statement of changes in equity Unaudited 11
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Notes Note 1 General accounting principles Reporting entity Aprila Bank is a bank domiciled in Norway. The bank’s registered office is at Kirkegata 5, 0153 Oslo. Basis of accounting These interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting and with the same accounting principles as used in the annual statement for 2024. Aprila was granted a commercial banking license from the Financial Supervisory Authority of Norway (NO: Finanstilsynet) in March 2018. The interim report was authorised for issue by the bank's board of directors on 14 August 2025. Functional and presentation currency These consolidated financial statements are presented in NOK, which is the bank's functional currency. All amounts have been rounded to the nearest thousand, except where otherwise indicated. Note 2 Expected credit loss According to IFRS 9, loan loss allowances should be recognised based on expected credit losses (ECL). The general model for loan loss allowances on financial assets in IFRS 9 applies to financial assets that are measured at amortised cost or at fair value with changes in value through other comprehensive income (OCI), and that did not have any losses incurred on initial recognition. Expected credit losses shall be measured in a way that reflects an unbiased and probability-weighted amount that is determined by evaluating a range of possible outcomes. As of 30 September 2025, Aprila has used three scenarios to determine the probability-weighted expected credit losses: Amounts in NOK thousand Base Recession Boom Weighted Probability 50% 35% 15% ECL 121,159 145,555 106,501 127,499 Q3 Interim report | Notes Unaudited 12
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Note 3 Loans to customers Loans to customers Amounts in NOK thousand 30.09.2025 31.12.2024 30.09.2024 Credit line 1,277,687 1,040,069 1,098,140 Downpayment loans 80,373 20,571 0 Other 3,556 11,562 12,967 Gross loans to customers 1,361,615 1,072,202 1,111,107 Loan loss allowance 127,499 94,362 144,537 Net loans to customers 1,234,116 977,840 966,570 Defaults and losses Amounts in NOK thousand 30.09.2025 31.12.2024 30.09.2024 Gross loans in stage 3 122,147 69,198 140,447 Loan loss allowance stage 3 78,826 50,971 106,760 Net loans in stage 3 43,321 18,228 33,687 Loan loss provisions in the period Amounts in NOK thousand Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 Loan loss provisions stage 1 737 1,163 -2,511 3,467 5,845 Loan loss provisions stage 2 45 -1,241 7,793 -545 2,692 Loan loss provisions stage 3 -1,175 13,606 13,454 36,365 -25,994 Total loan loss provisions in the period -393 13,528 18,736 39,287 -17,457 Realised losses in the period 11,390 2,028 20,374 6,024 74,436 Losses on loans in the period 10,997 15,555 39,110 45,311 56,979 Ageing of loans, Loans to customers Amounts in NOK thousand 30.09.2025 31.12.2024 30.09.2024 Loans not past due 1,216,924 973,468 940,772 Past due 1 - 30 days 19,310 21,161 27,961 Past due 31 - 60 days 5,212 7,824 8,333 Past due 61 - 90 days 3,800 9,518 4,795 Past due 91+ days 116,369 60,233 129,245 Total 1,361,615 1,072,202 1,111,107 Ageing of loans, Credit line Amounts in NOK thousand 30.09.2025 31.12.2024 30.09.2024 Loans not past due 1,135,774 950,302 938,082 Past due 1 - 30 days 17,745 21,115 27,505 Past due 31 - 60 days 4,883 7,768 8,139 Past due 61 - 90 days 3,581 9,447 4,674 Past due 91+ days 115,704 51,437 119,740 Total 1,277,687 1,040,069 1,098,140 Q3 Interim report | Notes Unaudited 13
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Ageing of loans, Downpayment loans Amounts in NOK thousand 30.09.2025 31.12.2024 30.09.2024 Loans not past due 77,595 20,571 0 Past due 1 - 30 days 1,565 0 0 Past due 31 - 60 days 329 0 0 Past due 61 - 90 days 219 0 0 Past due 91+ days 665 0 0 Total 80,373 20,571 0 Loans to customers Amounts in NOK thousand Stage 1 Stage 2 Stage 3 Total Gross carrying amount as of 30 June 2025 884,181 261,725 116,789 1,262,694 Transfers from stage 1 to stage 2 -108,296 108,296 0 0 Transfers from stage 1 to stage 3 -1,801 0 1,801 0 Transfers from stage 2 to stage 1 55,645 -55,645 0 0 Transfers from stage 2 to stage 3 0 -19,284 19,284 0 Transfers from stage 3 to stage 1 1,030 0 -1,030 0 Transfers from stage 3 to stage 2 0 85 -85 0 New financial assets issued in the period 228,816 27,363 5,974 262,153 Financial assets derecognised in the period -108,744 -33,902 -20,586 -163,232 Gross carrying amount as of 30 September 2025 950,831 288,638 122,147 1,361,615 Loan loss allowance Amounts in NOK thousand Stage 1 Stage 2 Stage 3 Total Loan loss allowance as of 30 June 2025 20,352 27,540 74,178 122,070 Transfers from stage 1 to stage 2 -3,395 3,395 0 0 Transfers from stage 1 to stage 3 -55 0 55 0 Transfers from stage 2 to stage 1 2,096 -2,096 0 0 Transfers from stage 2 to stage 3 0 -3,743 3,743 0 Transfers from stage 3 to stage 1 6 0 -6 0 Transfers from stage 3 to stage 2 0 11 -11 0 New financial assets issued in the period 1,927 1,738 10 3,674 Increased expected credit loss 4,058 8,111 15,342 27,511 Decreased expected credit loss -3,558 -6,878 -7,545 -17,981 Financial assets derecognised in the period -342 -493 -6,940 -7,775 Loan loss allowance as of 30 September 2025 21,089 27,585 78,826 127,499 Loans to customers, Credit line Amounts in NOK thousand Stage 1 Stage 2 Stage 3 Total Gross carrying amount as of 30 June 2025 830,973 248,085 110,466 1,189,523 Transfers from stage 1 to stage 2 -101,612 101,612 0 0 Transfers from stage 1 to stage 3 -1,801 0 1,801 0 Transfers from stage 2 to stage 1 52,861 -52,861 0 0 Transfers from stage 2 to stage 3 0 -18,210 18,210 0 Transfers from stage 3 to stage 1 1,030 0 -1,030 0 Transfers from stage 3 to stage 2 0 85 -85 0 New financial assets issued in the period 208,588 24,651 5,973 239,212 Financial assets derecognised in the period -103,701 -33,033 -14,315 -151,049 Gross carrying amount as of 30 September 2025 886,337 270,329 121,021 1,277,687 Q3 Interim report | Notes Unaudited 14
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Loan loss allowance, Credit line Amounts in NOK thousand Stage 1 Stage 2 Stage 3 Total Loan loss allowance as of 30 June 2025 19,073 25,684 69,057 113,815 Transfers from stage 1 to stage 2 -3,219 3,219 0 0 Transfers from stage 1 to stage 3 -55 0 55 0 Transfers from stage 2 to stage 1 2,005 -2,005 0 0 Transfers from stage 2 to stage 3 0 -3,533 3,533 0 Transfers from stage 3 to stage 1 6 0 -6 0 Transfers from stage 3 to stage 2 0 11 -11 0 New financial assets issued in the period 1,567 1,506 10 3,082 Increased expected credit loss 3,893 7,486 15,147 26,526 Decreased expected credit loss -3,369 -6,430 -7,531 -17,330 Financial assets derecognised in the period -324 -461 -1,857 -2,642 Loan loss allowance as of 30 September 2025 19,577 25,477 78,398 123,452 Loans to customers, Downpayment loans Amounts in NOK thousand Stage 1 Stage 2 Stage 3 Total Gross carrying amount as of 30 June 2025 49,574 13,597 88 63,258 Transfers from stage 1 to stage 2 -6,684 6,684 0 0 Transfers from stage 1 to stage 3 0 0 0 0 Transfers from stage 2 to stage 1 2,784 -2,784 0 0 Transfers from stage 2 to stage 3 0 -1,074 1,074 0 Transfers from stage 3 to stage 1 0 0 0 0 Transfers from stage 3 to stage 2 0 0 0 0 New financial assets issued in the period 19,873 2,712 0 22,586 Financial assets derecognised in the period -4,609 -826 -36 -5,471 Gross carrying amount as of 30 September 2025 60,938 18,309 1,126 80,373 Loan loss allowance, Downpayment loans Amounts in NOK thousand Stage 1 Stage 2 Stage 3 Total Loan loss allowance as of 30 June 2025 1,218 1,824 37 3,079 Transfers from stage 1 to stage 2 -175 175 0 0 Transfers from stage 1 to stage 3 0 0 0 0 Transfers from stage 2 to stage 1 91 -91 0 0 Transfers from stage 2 to stage 3 0 -210 210 0 Transfers from stage 3 to stage 1 0 0 0 0 Transfers from stage 3 to stage 2 0 0 0 0 New financial assets issued in the period 358 232 0 590 Increased expected credit loss 166 625 195 985 Decreased expected credit loss -183 -448 -14 -646 Financial assets derecognised in the period -18 0 0 -18 Loan loss allowance as of 30 September 2025 1,455 2,108 428 3,991 Q3 Interim report | Notes Unaudited 15
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Note 4 Regulatory capital 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% Retail classification Aprila Bank has employed retail classification in accordance with Article 123 of the Capital Requirements Regulation (CRR) since 30 September 2021. In the Financial Supervisory Authority's final report from the 2022 on-site inspection at Aprila (published on 12 October 2022) the Financial Supervisory Authority (FSA) wrote that "(…) the bank must have data for a longer time period to be able to document that the risk has been sufficiently reduced so that risk weights of 75 percent can be used". Furthermore, the FSA stated that they would address the matter in a separate letter. The bank has not received this letter as of the date of this report. Along with other Norwegian banks, Aprila received an information request from the FSA in April 2023, requesting more information on the bank’s policies and application of retail classification. Aprila responded to the information request within the deadline in August 2023 and expects the FSA to issue a revised circular letter on the topic. Our understanding is that FSA intends to issue the revised circular letter when the consultation on EBA’s draft guidelines on proportionate retail diversification methods10 is completed. The deadline for the submission of comments was 12 February 202511. 10 As specified in CRR Article 123, point (c) 11 https://www.eba.europa.eu/publications-and-media/press-releases/eba-consults-guidelines-proportionate-retail-diversification-methods Q3 Interim report | Notes Unaudited 16
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The bank is of the opinion that the exposures classified as retail exposures as of 30 September 2025, meet the requirements of Article 123 of CRR and has decided to use retail classification to calculate the risk- weighted exposure amount for credit risk for these exposures as of 30 September 2025. If EBA’s proposed guidelines become applicable in Norway, some of the exposures currently classified as retail may be reclassified in a way that results in a higher risk weight. However, the bank expects the impact of this on the risk-weighted exposure amount to be limited. Capital requirements On 30 April 2024, FSA finalised its supervisory review (SREP) of Aprila and issued a Pillar 2 requirement (P2R) of 5.4% and a Pillar 2 guidance (P2G) of 1.5% with effect from 31 May 2024. On 19 December 2024, the FSA informed Aprila Bank that the P2R will be reduced from 5.4% to 4.8% with effect from 31 May 2024. The FSA also informed Aprila that the bank’s P2R no longer needs to consist of 100% CET1 capital, as per the bank’s latest SREP from May 2024, but may consist of minimum 56.25% common equity tier 1 (CET1) capital and minimum 75% tier 1 capital. In addition, the FSA stated that it intends to perform a new SREP already in 2025. The change implies a relief of 2.7% in the CET1 requirement (from 19.4% to 16.7%), equivalent to NOK 25 million based on the total risk exposure amount of NOK 920 million as of 31 December 2024. With a Pillar 1 requirement of 14.0%12, a Tier 1 requirement of 1.5%, a Tier 2 requirement of 2.0%, a P2R of 4.8% and a P2G of 1.5%, Aprila’s OCR is 22.3% and the FSA expects Aprila to maintain a total capital ratio above 23.8%. The regulatory minimum leverage ratio requirement is 5.0%, the minimum LCR is 100% and the minimum NSFR is 100%. The amended Capital Requirements Regulation (CRR3) entered into force in Norway on 1 April 2025. The most important changes for Aprila are: (i) new guidelines from the EBA on retail classification13. (ii) the introduction of a credit conversion factor (CCF) for unused credit limits that may be withdrawn unconditionally. The new CCF, will have no immediate impact on the bank’s capital requirements until 2030. The factor will then be gradually phased in, reaching 10% from 2033. (iii) a new methodology for the calculation of the risk exposure amount for operational risk, which has reduced the bank’s risk exposure amount for operational risk from NOK 290 million to NOK 201 million. Update on supervisory review (SREP) On 28 October 2025, the Norwegian Financial Supervisory Authority (FSA) issued a preliminary notice of decision to Aprila Bank regarding its updated Supervisory Review and Evaluation Process (SREP). The FSA’s preliminary assessment is that Aprila’s Pillar 2 Requirement (P2R) should be reduced from 4.8% to 3.7% of risk-weighted assets, and that the Pillar 2 Guidance (P2G) should be reduced from 1.5% to 1.0%. 12 Applicable to all Norwegian banks. 13 The final version of EBA’s Guidelines on proportionate retail diversification methods has not been published as of the date of this report Q3 Interim report | Notes Unaudited 17
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Note 5 Loans and deposits with credit institutions 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 Total 120,426 168,803 174,114 Note 6 Financial instruments Financial instruments at fair value Financial instruments at fair value are measured at different levels: Level 1 Financial instruments in level 1 are determined based on quoted prices in active markets for identical financial instruments available on the balance sheet date. Level 2 Financial instruments in level 2 are determined based on inputs other than quoted prices, but where prices are observable either directly or indirectly. These include quoted prices in markets that are not active. Level 3 When valuation cannot be determined in level 1 or 2, valuation methods based on non-observable market data are used. Certificates and bonds – level 1 Amounts in NOK thousand 30.09.2025 31.12.2024 30.09.2024 Intitial recognition 167,015 240,784 215,784 Change in fair value 11,847 15,277 12,855 Total financial assets at fair value 178,862 256,060 228,639 Financial instruments at amortised cost 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 Other receivables 4,781 6,101 7,499 Total financial assets at amortised cost 1,359,323 1,152,744 1,148,184 Deposits from and debt to customers 1,176,875 1,096,783 1,077,801 Other debt 19,023 21,913 16,725 Total financial liabilities at amortised cost 1,195,897 1,118,696 1,094,526 Q3 Interim report | Notes Unaudited 18
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Note 7 Receivables and other liabilities Receivables Amounts in NOK thousand 30.09.2025 31.12.2024 30.09.2024 Skattefunn tax deduction claim 1,796 2,747 4,215 Other receivables 2,984 3,354 3,284 Total receivables 4,781 6,101 7,499 Other liabilities Amounts in NOK thousand 30.09.2025 31.12.2024 30.09.2024 Payables to suppliers -852 3,975 2,695 Payables to factoring customers and partners -42 431 1,794 Social security tax 1,683 3,348 1,616 Lease liabilities 1,219 2,634 490 Other liabilities 17,013 11,525 10,130 Total other liabilities 19,023 21,913 16,725 Note 8 General administrative expenses 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 administrative expenses 11,374 9,702 35,422 31,101 45,321 Note 9 Tax Aprila has a tax loss carryforward, with a related unrecognised deferred tax asset, that exceeds the expected taxable profit for the full financial year and, hence, the bank’s best estimate of the weighted average annual income tax rate for 2025 is zero. The bank expects to recognise a deferred tax asset for the remaining net tax loss carryforward when it is considered probable, with convincing evidence, that future taxable profit will allow the deferred tax asset to be recovered. Please refer to note 15 in the annual statement for 2024 for more details. Note 10 Subsequent events There is no awareness of other events after the date of the balance sheet that may be of material significance to the accounts. Q3 Interim report | Notes Unaudited 19
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Note 11 Shareholders 20 largest shareholders as registered in VPS 14 October 2025 # Shareholder # shares % 1 SES AS 18,100,000 24.89% 2 AMESTO GROUP AS 9,768,374 13.43% 3 KVANTIA AS 4,335,036 5.96% 4 ALLIANCE VENTURE SPRING AS 3,174,406 4.36% 5 VISMA NORGE HOLDING AS 3,000,000 4.12% 6 Nordea Bank Abp 2,808,822 3.86% 7 MP PENSJON PK 2,227,357 3.06% 8 PRIMERA AS 1,816,500 2.50% 9 ØSD INVEST AS 1,512,781 2.08% 10 SURFSIDE HOLDING AS 1,433,730 1.97% 11 STRØMST ANGEN AS 1,371,686 1.89% 12 Merrill Lynch, Pierce, Fenner & Sm 1,099,400 1.51% 13 Jomaho As 1,027,575 1.41% 14 CHRI AS 996,032 1.37% 15 AREPO AS 907,747 1.25% 16 SIRKELBUE AS 800,000 1.10% 17 DISRUPTOR AS 760,289 1.05% 18 THESAURUS AS 725,453 1.00% 19 BLUE MOUNTAIN CAPITAL AS 651,000 0.90% 20 JAH AS 615,127 0.85% Others 15,597,366 21.45% Total 72,728,681 100% Q3 Interim report | Notes Unaudited 20
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Aprila Bank ASA Kirkegata 5 0153 Oslo www.aprila.no