Welcome to the Enity Q4 2025 Report Presentation. For the first part of the conference call, participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing pound five on their telephone keypad. Now, I will hand the conference over to CEO Björn Lander and CFO Pontus Särdal. Please go ahead. Good morning, everyone, and welcome to Enity and this presentation of the full year result of 2025, as well as the fourth quarter. My name is Björn Lander. I'm here today together with Pontus Särdal. So, now we're closing 2025. It has been very successful, and I would say a very eventful year for Enity, not least the IPO process. I'm very pleased with the strategic development of the bank during 2025, as well as the performance in 2025. We celebrated our 20th anniversary as the leading pure-play mortgage bank. And we started 2025 as a private equity-owned company, and we closed the year as a public listed company. And that was a natural and a very good step for Enity and a big milestone. The listing process required a huge effort across the organization, both pre and post IPO, and what impressed me most is that we continued to deliver strong results and in line with the financial targets. So a big thanks to all employees at Enity. We have seen strong growth in 2025, double-digit portfolio growth, despite the subdued housing markets, and we delivered a record high full year results in 2025, driven by good growth, stable margins, and good cost control. We have also seen a good support from efficiency realization and synergies coming from the acquisition of Bank2. Looking at the financial targets that was set as part of the IPO, we have two financial targets. We have a loan book target of 8%-10%, and an adjusted RoTE of approximately 20%. We delivered 10% loan book growth in 2025, and a 19.2% adjusted RoTE, so well in line with the target set. We closed the year with a CET1 ratio of 14.1%, which is 215 basis points above the regulatory requirement, and we have a target to operate within a range of 200-300 basis points above the regulatory requirements. The board of directors they propose a dividend of SEK 1.4 per share, corresponding to a dividend of 20%. Looking at the CET1 and dividend together, we have taken the upcoming acquisition of Uno into account, as well as our ambition to continue to grow and expand. Good momentum for continued strong growth. If you look at 2025, Sweden grew by 6.6%, despite the weak housing market in 2025. 2025. We have seen a gradual improvement in Sweden throughout the year, and we believe lower rates and better economic conditions will support the housing markets into 2026. We actually increased our marketing spend in the fourth quarter in Sweden to continue to build up momentum and capitalize on better conditions. So we think it is a good timing to invest more, thanks to improved consumer confidence, and we will continue to invest more into marketing, also in 2026 to support our overall growth target. We think also that the elimination of the interest deduction on unsecured consumer loan is expected to contribute positively for Enity, even though it will most likely take some time until it will fully be visible in the numbers. I think many consumers are not aware of this change and will realize this first when they file their income declaration during the spring 2027. Then we have some proposed LTV cap changes in Sweden, together with eased amortization requirements, and debt-to-income cap, expected to come into force 1st of April. And we think this will have a positive/neutral impact to the Swedish business. If you look at Norway, they grew the portfolio by circa 10%, good performance. It was obviously a very strong housing market during the first half year. House prices increased 7% during the first half, but actually declined 2% in the second half, and we believe that the first half was positively impacted by the increased LTV when it went from 85%- 90%. Norges Bank kept the policy rate unchanged at 4% during the fourth quarter, so clearly much higher policy rates than both Sweden and Euroland. If you look at Finland, we delivered a high double-digit growth despite weak housing markets. We turned into profitability in 2025, and we have reached the critical mass in Finland to be able to deliver a good profitability moving forward. There might be some kind of volatility in the numbers, depending on the level of marketing spend from quarter- to- quarter. I think for us in Finland, key focus is to continue to build awareness in the market. We are, as you know, building this second of category. We are the only player doing that, so it takes some time to educate market, consumers, and partners. Like in Sweden, we believe the market will recover, but there are still an element of uncertainty with regards to that. 60plusbanken in Sweden passed another milestone. We reached SEK 2 billion of loan book in 2025, so that's great to see. When it comes to our margins, they have been stable compared to 2024. And we also believe that the kind of the margins will continue to drop somewhat in the next couple of years. So as previously communicated, it will come down a bit also in 2026. Some other highlights for 2025, again, we delivered a very strong result. Adjusted operating profit improved by 17%. Again, this is a combination of good growth, stable margins, and good cost control. We actually had a negative impact from a weaker Norwegian krona. By the end of last year, the NOK/SEK was at 0.91, and this impacted our results negatively by more than SEK 20 million year-on-year. If the NOK stays at this level, it will obviously be a bit of a drag for us into 2026. When it comes to scalability, we can clearly see that we have improved in terms of cost-to-income ratio, and cost-to-income went down 5 percentage points during 2025. And this is driven by the kind of transformation that has been ongoing for quite some time. The consolidation of core banking platforms, improved internal processes, and centralization of certain functions. There are still things to do when it comes to internal efficiency and scalability, but we are on a good track to reach kind of the target of 40%-42% cost-to-income ratio in the next couple of years. Credit quality has been resilient in 2025. Norway are still on an elevated level, including some specific provisions related to the run-off portfolio from Bank2. We have seen a higher share of loans in Stage 3, but trending downwards. As previously said, it will take some time to get it down further. Overall, when it comes to credit losses, they are expected to gradually decrease towards a more normalized level over the next couple of years. Then we have an upcoming acquisition of the remaining shares of Uno Finans, as also communicated the last quarter. We expect to complete kind of the acquisition during February and start to consolidate numbers from March 2026. Our share of the 2025 profit was SEK 31 million, whereof SEK 11 million in the fourth quarter, and we expect good contribution and good results going forward from Uno. So by that, I hand over to Pontus. Thank you, Björn. So let's run through the financials and the performance of the segments. Group financials, we've had a good operational delivery with 10% lending growth and an Adjusted Operating Profit, which is up 17% to last year. Looking then specifically at the fourth quarter, Adjusted Operating Profit is down somewhat quarter-on-quarter, as well as year-on-year, due to a few factors that I will comment on now. Firstly, Net Interest Income was negatively impacted by a further weakening of the NOK, comparing to previous quarter, as well as same quarter last year. And despite this, we delivered a flat Net Interest Income, where margins declined somewhat, but lending growth more than compensate for this. So I think, again, going forward, as we previously communicated, we expect to continue to grow in the range of 8%-10%, and the net interest margin to trend down somewhat over the coming years. To note, again, here is also that the NOK is still trading below the average rate for 2025. And then secondly, we had net financial transactions, i.e., mark-to-market of hedging derivatives on the currency side and the interest side, minus SEK 10 million in the fourth quarter, which is worse than previous quarter, as well as the same quarter last year. And this is clearly a volatile item. It can vary quite a lot between the quarters, and if you look at the full year numbers, it's close to zero, so it has even out over the year. And then thirdly, we saw adjusted operating expenses in the fourth quarter, up on a quarter-on-quarter basis, due to being firstly seasonally low in the third quarter, as well as, we have increased our spending on marketing in the fourth quarter to grasp the growth opportunities as we see them, and primarily then in the Swedish market. The year-on-year comparison on the OpEx side is impacted then by the consolidation of Eiendomsfinans from the second quarter this year. And if you adjust for that and make a comparison on a full year basis, the operating expenses are down, and that's a fact because of staff reductions and the synergy takeouts of Bank2, then. So on the OpEx side, going forward for 2026, we expect a 4% cost inflation compared to full year 2025 numbers. We also expect the full year impact from consolidating Eiendomsfinans, which forms only part of twenty twenty-five numbers. And in addition to that, we are also ramping up marketing spend with circa SEK 20 million to seize growth opportunities across the markets. And again, to reiterate, in the medium term, we still expect the adjusted cost income ratio, i.e., adjusting for the broker businesses, to come down towards the 40%-42%. And we were at 46% at year-end. Then on the credit loss side, they remained stable, 26 basis points last twelve months compared to the third quarter. Booked losses in the fourth quarter were somewhat up in Sweden from basically zero credit losses in the year. In Sweden, we posted six basis points for the full year. In Norway, losses and the share of Stage 3 loans are, they remain elevated if you compare to last year, and we expect over the medium term, we expect credit losses to gradually start to decrease to more normalized levels. But however, I mean, economic recovery interest rates still, still have to work their way through for this to be the case. We then delivered a strong net profit for the period, up 38%, where income tax had a positive impact on net profit for the quarter, as well as for the full year, and this is due to an improved interpretation of the mechanisms for foreign taxes, where we're able to offset that at a better rate. And again, going forward, we expect effective tax rates to be the function of where profits are generated and the local tax rate in each jurisdictions, though on a quarterly basis, they can vary depending on translation differences, which form part of our comprehensive income, where you will have an offsetting effect. Now to a few words on each of the markets. So let's start with Sweden. Adjusted operating profit declined in the quarter, but grows 11% for the full year 2025. Muted growth in Sweden has clearly been has clearly been the case, but that has been more than well offset by lower costs and lower credit losses. Net interest income and net interest margin declined in the quarter due to adverse timing effects on group internal lending, as the spread on internal lending is actually a bit more favorable to Sweden than to Norway, and the corresponding effect is also visible in Norway, and we expect a somewhat reverse effect on this during the first quarter this year. Additionally, operating costs in the fourth quarter are up compared to previous quarter due to seasonality and as well as additional spending on marketing to seize growth opportunities. Year-on-year operating expenses are down. And then finally, credit losses again, they're up in the fourth quarter from literally zero in the previous three quarters this year, and the net credit loss level will always contain elements of volatility between the quarters. For the full year, Sweden posted a 6 basis points credit loss level compared to 19 basis points last year. And then let's go to Norway. Adjusted operating profit improved 5% in the quarter and 24% for the full year due to strong lending growth, and this is despite headwinds from a weakening NOK over the year. Net interest margins, they have been stable over the years, and with the net interest income growing in line with lending, even if there was some support from the group internal lending in the fourth quarter, as mentioned under Sweden. Operating expenses are broadly flat, quarter-over-quarter. They're down 10% to same period last year. For the full year, operating expenses are down 14%, and this is due to the full take out of synergies from the Bank2 acquisition, as well as some support, obviously, also from the weaker Norwegian krone. And this leaves the cost-to-income ratio on the same level as previous quarter, i.e., 35%. Credit losses still elevated, with a neutral development of Stage 3 loans, and as mentioned, we believe it will take some time to work that number down, and interest rate cuts and economic recovery is still need to come all the way through to the customers. And then, a few short comments on Finland. As communicated in the third quarter, the break-even point in Finland was reached. This still holds, even if there is a minor operating loss in the fourth quarter due to slightly higher marketing spending. And in Finland, we continue to see good growth opportunities, where we can convert business to current margins, and this will increasingly be supportive to the overall profits for Enity going forward. Then, a few words on the credit loss side. So again, we posted 26 basis points in last five months credit loss ratio. And again, important to keep in mind is that we also posted a stable net interest margin of circa 400 basis points. So it's a very good loss absorption. I think if you look at the numbers, we've seen write-offs being fairly stable over the last five quarters. They've been ranging between SEK 15 million and SEK 20 million. Whereas provisions on a quarterly basis will always give some volatility. So we've had quarters where we've released provisions, and we've had some quarters where we've added provisions. The fourth quarter is such that we have built up a little bit more provisions in the Norwegian book, and we've seen less pushbacks basically in the Swedish book, and this took the net credit loss figure for the quarter a little bit up, if you compare to previous two quarters. Stage 3 loans, they're still elevated comparing to the past, but they continue to trend positively across all markets. We saw a little bit up on the Stage 2 loans, which is due to the Christmas holiday period. Then let's a few words on the funding side. I mean, we've had basically no major changes on the funding structure; it remains intact. We have done a refinancing of the covered bond maturity of SEK 2 billion up to SEK 1.5 billion at similar spreads during the fourth quarter. Rating remains unchanged, and the regulatory ratios are well above the limits. And to note is that we have an upcoming senior bond maturity in the first quarter this year. And then finally, on the capital ratio side, so we have as communicated in the third quarter, where we had a self-imposed REA in anticipation of the upcoming transaction or acquisition of remaining shares in Uno Finans. This is still the case, and we have adjusted that, we have adjusted that item to better reflect what we anticipate will be the capital impact from that acquisition at completion. And this, in combination also with the proposed dividend, it was, it puts the CET1 ratio at the lower band of the target range, i.e., 14.1%. And with that, I hand back the word to Björn. Thank you, Pontus. So, then we leave 2025 behind us and look a little bit ahead, what's gonna happen. I think we reiterate what was said basically last quarter. Key focus for us is, of course, to continue to grow and perform in our core markets, being Sweden and Norway. And again, Sweden, we believe that we will get some tailwind with regards to improved market conditions, even though it might take some time. We believe the housing markets will recover and improve during 2026. When it comes to Norway, we are also optimistic about the Norwegian market, even though we don't see kind of the same support we had in the beginning of last year when the kind of the LTV cap increased from 85%-90%. We will continue to expand and grow in Finland and 60plusbanken. Finland, clearly a growth market, despite the subdued kind of housing market. Key focus, again, to build awareness and continue to invest into marketing, and also to integrate more into partners and brokers in the Finnish market. And then also as communicated last time, we do see opportunities to enter additional markets beyond the Nordics. So we have started the work to assess opportunities in different markets. This is, however, a long-term kind of project for us, and nothing that will happen in the near future. We will also continue to invest into further digitalization and the kind of automation initiatives to improve both our customer experience and to make the onboarding easier and better. And we will also continue to strive to improve our internal efficiency even more to support both the kind of the growth coming, as well as the cost-to-income ratio. The last thing is, we are strengthening the distribution of our mortgage products in both Norway and Finland, thanks to Eiendomsfinans and Uno Finans, and we believe there are opportunities for further acquisitions in the Swedish market. The new legislation for brokers in Sweden, which means that loan intermediaries must apply for a banking license, create opportunities for us to explore that possibility. So, by that, closing 2025, a year, a strong year in terms of performance, a very eventful year, we enter 2026 with the kind of good momentum and the more optimistic housing market, and the further scalability. So we are well positioned for the year to come. And by that, we open up for questions. If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. The next question comes from Andreas Håkansson from SEB. Please go ahead. Yeah, morning, guys. So let's focus first on the revenue side. If we take the net interest income, you remind us, of course, that the NOK is impacting an average basis for the full year, also into 2026. But if we rather look at sequential quarter, we see that the NOK is actually strengthened quite a bit in the last month here now. So if the NOK isn't moving further down, should we consider that from Q1 compared to Q4, the driver of the net interest income would rather be volumes, and these volumes would then also be unimpacted by effects? Is that how we should think about it? Yeah, I think we had. I mean, comparing to the third quarter, the kind of the NOK depreciation made up some SEK 2 million circa in lower net interest income, and it reached kind of the bottom point then end of year then. Would it recover? Obviously, one would expect to see, you know, see some support from that going forward, comparing to where you were in the fourth quarter. I mean, comparing to last year is a different story, obviously. Yeah. And then other income, because that's actually where I had a bigger miss in the quarter. And there is an FX related derivative impact, I think, on the trading line of some SEK 10 million. Yeah. Could you tell us a little bit on other revenues into 2026? What should we consider for trading, but also associates, you have Uno falling out, which is around SEK 10 million- SEK 11 million a quarter. How big would that be once you have acquired 100%, and on what PNL line would we see that effect? Yeah. So, if we start. I mean, there's two kind of items on the other revenue lines that are made there. One is the broker commissions from Eiendomsfinans that was acquired during spring, which make up circa SEK 50 million on an annualized basis, then looking at the kind of the run rates that we've seen this year. So that's kind of a-- that's gonna be a full year impact in 2026 from that. And then on the other, which is income from associates, i.e., our share in the holding in Uno Finans, which was SEK 7 million in the third quarter. It was SEK 11 million in the fourth quarter on the net profit basis, basically. So I mean, one should expect to see kind of the other share of that number when we move into 2026 then. And then I think in terms of how this will play out, I think we have to come back to that when we've completed the transaction and consolidated, et cetera. But it will obviously have a similar impact as we saw for the acquisition of Eiendomsfinans, where it will inflate both the OpEx line as well as the revenue line. But I mean, let us come back to that when we have closed the transaction. But I think- It affects the net? On a net basis, I think it's. You should look at the numbers on the share in associates, which is a representative kind of run rate of the business. Yeah. So if you today have SEK 11 million on a 50% ownership, we should just double it. But is it mainly a fee revenue item? Yeah. Just we get it roughly right in the modeling. Yeah, yeah. It's a fee. Yeah. I mean, it's a fee. I mean, it's a net profit number you see there, but it's a fee income number that will inflate when we move into- Yeah, exactly -next year. Yeah. And obviously on the OpEx side as well. Yeah. Now that's- Okay. That's, that's it from me for now. Okay. The next question comes from Patrik Brattelius from ABG. Please go ahead. Thank you. I will continue a little bit where you picked off. I know you, what you. I heard what you said on Uno Finans here on in terms of impact, but can you then. In Eiendomsfinans, you talked about that the cost was similar to the income level, basically. Do we have any idea about the cost income ratio in this Uno Finans, we can get a rough estimate, since we will inflate both the income and the cost side? Anything you can share on that? No, I think we'd prefer. I think, I mean, we'd prefer to. I mean, let us complete this, and then we'll communicate what we believe is the impact from that going forward in terms of cost to income ratio, et cetera. And I think also that- Okay It's, I mean, the guidance, I mean, in terms of the cost income ratio and the guidance we've given, and I think that is the way we will continue to track that in terms of are we improving operationally. We do want to adjust for the holdings in the loan brokerage businesses because it distorts quite a lot, otherwise, the development of the underlying operational efficiency. But will you report these separately then, so we can track it more clearly? Yeah. Yeah, Yeah, we will. We will report these holdings as a segment out there, which is partly the case today, but they will form part of a separate segment, so you are gonna be- Thank you able to track it also, so. Uh. The next question comes from Geir Stenvåg from Hayes Invest. Please go ahead. Hi there. What information do you have about the enterprise value of Uno Finans? No, I mean, we are not going to comment on that today. So we are in the process of closing this deal, and that will happen in the next couple of weeks. So we will get back with the information about it once we have completed the transaction. Okay. So you don't have any information about the enterprise value? No, not, not, nothing we will communicate today. Okay. But if you know the effects on the capital ratios of the acquisition of Uno Finans, how can you not say anything about the enterprise value? I mean, it's the capital ratios is a self-imposed area. We have not. I mean, it's obviously not consolidated. We don't. The acquisition is not completed. So we've made an assessment how we believe that the capital impact post-acquisition will look. So that is what we've done. Okay. The next question comes from Patrik Brattelius from ABG. Please go ahead. Thank you. I got a little bit cut off, I think. But talk about the FX impact. You mentioned SEK 20 million, but could you elaborate on the FX impact in Q4, and also how much it impacted income and how much it impacted costs, please? So, yeah, I mean, I mean, the impact was circa SEK 2 million in the fourth quarter comparing to previous quarter, i.e., the third quarter, which was primarily on the revenue line. So I think we have—I mean, a large, the greatest part of our interest income and loan book is in Norway, but have a quite small part actually of the OpEx side. So when you look at the Norwegian segment, it contains a lot of services that are acquired internally from Sweden, so it's a small number on the OpEx side. And then if you look at it on a year-on-year basis, it's circa SEK 10 million, if you look at the net interest income, comparing fourth quarter 2025 to 2024 then. Okay, I see. And in terms of how should we think about cost growth looking into 2026? I see in 2025, you have a cost base of SEK 620 million, and so it grew by 6%, when we look at the adjusted cost base. And you now highlight that you will increase marketing spend a little bit more. So could you elaborate on the drivers and what we should expect in totality in terms of cost growth for 2026, please? Yeah. So we—I mean, on the basis you're looking, we expect 4% inflationary driven kind of cost growth from that base. And then, additionally to that, you have the full year impact of Eiendomsfinans, which is then circa SEK 50 million. And then we have, we are kind of ramping up marketing spend circa SEK 20 million. So that kind of math should take you to a number for 2026. And I think the spending on the market, I mean, you want to probably comment also, Björn. I think we're seeing good opportunities, and we believe it's the right thing to be spending a little bit more. I mean, we've been through a market primarily in Sweden, which has been quite muted, but it's clearly improving, and we saw kind of good growth now also on that in the fourth quarter in Sweden and expect that to continue to be supportive into this year as well. I see. Thank you so much. That was all for me. The next question comes from Emre Prinzell from Nordea. Please go ahead. Hi, thank you. I'm more wondering about how should we think about loan loss ratio going ahead? Is the Q4 likely run rate going ahead, or is it still around 16, 17 basis points in a normalized value we should consider for 2026? Thank you. Yeah, I think. I mean, we expect it to trend downwards, but again, I think it will take time before we've worked everything through. And also, I mean, before kind of the economic recovery and rates have worked their way through to the customers. But I think if you look at this year, we did have some kind of non-recurring items in the first quarter, circa SEK 12 million. If you adjust for that, you have a slightly lower rate, so I mean, or a slightly lower loss rate. So we expect it to kind of trend below, at least trend below the 20 basis point mark. Thank you. The next question comes from Andreas Håkansson from SEB. Please go ahead. Yes, I just following up on the loan loss question here. I mean, we are at a very low level in Sweden and a bit more elevated in Norway and. well, Finland is so small. But so when things, so you say, are gonna be trending down, is it Norway that's gonna be improving, or what are the driving forces here in order to bring it down? And is it a risk that Sweden, I mean, 6 basis points is still at a very, very low level for being your type of business. Could that potentially move up, or how should we view the different markets? Yeah, it is, it's a fair. But I think 6 basis points in Sweden in the year is obviously very strong. I mean, we had 19 basis points in 2024. I mean, like, I mean, looking at the normalized levels, they've been ranging between 10 and 20 basis points. So I think one should, one should expect loss ratio to move up a little bit in Sweden, and one should expect it to trend kind of downwards in the medium term in Norway. But then again, keeping in mind that rates are still high in Norway, inflation is still higher in Norway. So I think that hasn't come all the way through yet to the borrowers, as we've seen in both Finland and Sweden. So I think then one should take a bit of a longer-term view for that to trend down to more normalized levels in Norway. Would you consider there any seasonality in loan losses in the fourth quarter? Yeah, I mean, there's probably an element of seasonality. I think now the credit losses moving up was kind of only or mostly relating to Sweden. So I think there were, I mean, partly it's seasonality because of Christmas holiday season. You see a bit of step up in the so-called Stage 2 loans then, i.e., there are more people who are more than 30 days behind. And then we also had a bit of a catch up in terms that we wrote, we realized quite a few losses also in the fourth quarter in Sweden. But I think, yes, definitely, I mean, that will probably have an element of seasonality to it. Okay, thank you. As a reminder, if you wish to ask a question, please dial # key five on your telephone keypad. There are no more phone questions at this time, so I hand the conference back to the speakers for any written questions or closing comments. Yeah, there's a written comment. We can comment on that. It's referring to Adjusted Operating Profit in Sweden, and if we could comment on that for the fourth quarter. And that is down 41%, not year-on-year, but I think quarter-on-quarter. I think that's the question. So there's a couple of things. I mean, we start. I mean, firstly, we like mentioned, I mean, we came from a level where credit losses were literally zero for the previous three quarters. There were only SEK 2 million in the third quarter. There was a bit of a step up there, so that's obviously one of the drivers. But then again, keeping in mind that the credit loss level overall in Sweden is very low, and even if you would annualize the 6.8, it would be a, it would be a solid kind of loss ratio. Then on the operating expenses side, there's two things going on. So and in the third quarter, we had seasonality because of, I mean, people being on holiday, and you could release kind of holiday pay provisions. And in the fourth quarter, again, we've added some efforts to marketing to generate business and accelerate that. So I think that, that kind of, that is a bit of seasonality on the opex side. And then on the net interest income side, there is an element of, like mentioned, there is an element of internal lending. So you could say that the treasury operates out of Sweden, and we've reduced the internal lending to Norway, which has some kind of negative impact on the spreads, and we expect some of that to kind of reverse now in the first quarter this year. So I hope that answered the question. All right, it seems to be no further questions. So, thank you all for dialing in to this earnings call, and see you in the first quarter. Thank you, and have a good day.