Slides
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Enity the leading Nordic specialist mortgage bank SEB Nordic Seminar January 2026
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Enity at a glance– the leading Nordic pure-play specialist mortgage bank Track record of profitable growth and low and stable credit losses 45.3% 9M ‘25 Adj. C/I RATIO LOAN BOOK 15.1% 12.2% required Adj. CET1 RATIO 472SEKm 9M ‘25, +24% Y/Y Adj. OPERATING PROFIT 30.5SEKbn 16% CAGR 2022-Sept ‘25 Loan book distribution Minority ownership Adj. RoTE 20.6% 9M ‘25 26bps LTM Sept’25 CREDIT LOSS RATIO Founded in 2004 Mortgages Second charge loans Equity release loans Tailored mortgages 2 New lending by channel2) 6% 41% 53% 31% 69% Own Distribution Partner
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The Enity journey so far – stable, profitable growth A pioneer in specialist mortgages in the Nordics with ~20 years track record of consistent and profitable growth Selected key achievements SE deposits launch NO mortgage and deposits launch new owner of Bluestep Bank SE equity release launch New CEO hired (Björn Lander) FI mortgage launch First SEK covered bond Divested personal loans Bank2 acquired EUR deposits launch 11% CAGR SE & NO nearer prime launch NO 2nd charge launch Enity Group formed SE banking license ✓Nordic market expansion, organically and through strategic acquisition of Bank2 ✓Technology transformation for solidity and scalability: › One centralised Nordic banking tech platform supported by an in- house developed onboarding system › Customer onboarding automation and process automation › Cloud journey and tech modernisation ✓Strong financial performance with a consistently high growth and RoTE through challenging macro conditions ✓Diversified and scalable funding platform incl. covered bonds ✓Rebranding to the Enity group and sale of personal loans ✓IPO completed mid 2025 SE mortgage launch Founding years Ramping up business Strategic transformation 3 Adj. RoTE (FY or LTM) Loan book (SEKbn) 20,3 26,2 28,8 30,5 17% 17% 17% 21% 2004 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 9M '25
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11,6% 4,0% Nordics (excl. Denmark) EU (excl. UK) The Nordic mortgage market is a robust and profitable safe haven… …home to some of Europe’s most profitable banksThe Nordics is a low-risk banking market and… Supportive mortgage banking dynamics 6,6% 2,7% 2,0%1,9% 1,6%1,5%1,4% 1,1%1,1% 0,8% 0,4%0,3% NPL ratios, (H1 ‘24) RoE, (FY ‘24) Nordic high-street banks1) European high-street banks2) Share of loan book, (Mar ’25) RoE over time (2008-2024) ✓ Robust social security system providing stability and strong safety net ✓ Strong enforcement authorities on default with full and personal recourse ✓ Advanced digital banking infrastructure with high adoption ✓ Mandatory affordability calculations (including stress tests) ✓ High-quality data availability enabling precise credit assessments ✓ Homeownership norm with e.g. buy-to-let prohibited in Sweden ✓ Strong payment discipline with mandatory amortisation requirements and regulatory LTV limits ✓ ✓ Interest rate tailwinds Favourable mortgage regulation, e.g., Basel IV and removal of interest deductibility for unsecured loans in Sweden 4 0% 5% 10% 15% 20% 41%54% 5% 1) Selected Nordic high-street banks represented by SEB, Nordea, Danske Bank, DNB, Handelsbanken, Swedbank. 2) Selected European high-street banks represented by AIB Group, Banco Bilbao, Banco BPM, Banco de Sabadell, Barclays, BNP Paribas, BPER Banca, Caixa Bank, Commerzbank, Credit Agricole, HSBC, ING, Intesa Sanpaolo, NatWest, Santander, SocGen, Standard Chartered, UniCredit.
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Total mortgage market 29 ~18 ~4 ~3 ~2 ~1 ~1 …in which Enity is a leading mortgage specialist with 100% secured mortgages… One of the most secure banking products… Enity is a leading pure-play mortgage specialist % Tailored mortgages and equity release loans Tailored mortgage and equity release stock Mar’25 for Enity and FY2024 for competitors, SEKbnTotal mortgage stock1) High unsecured debt Modern employment Limited credit history Retirees Credit remarks Typical customer categories SEK 9.1tnServed market2) SEK ~68bn o/w tailored: ~45bn o/w ER: ~23bn 22 ~220 ~160~350 ~520~270~50 ~1.6x RMS3) (Tailored mortgages and equity release) ~3.8x RMS3) (Tailored mortgages) Highly illustrative Average cost of risk in the Nordics, bps 2024 Prime mortgages <5bps Auto loans 50-100bps Large corporate loans 10-20bps Tailored mortgages 10-30bps Government debt ~0bps SME loans 30-50bps Unsecured cash loans 200-500bps Credit cards 200-500bps 0 >500 Credit losses vs peers, bps 5 …with the served market totalling SEK ~68bn 1) The prime and tailored market for mortgages in Sweden, Norway and Finland, including any loan based on property as security (mortgages and equity release), as of 2024. 2) Total tailored mortgage and equity release market currently served by niche players, FY 2024 numbers. 3) Relative market share (RMS), compares the market share vs. the closest competitor in size.
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~59 ~68 ~80-100 ~350 ~370-390 ~440-460 2022 2024 2027F …targeting an underpenetratedniche estimated to grow at +8-10% p.a. …with penetration driving serviceable market growth of +8-10% per yearSecular trends underpinning addressable market growth… Addressable market growth An increasing share of underserved mortgage customers Growing household indebtedness Ageing population with high share of housing ownership Increasing population with limited credit history Limited alts. for stable / affordable housing Growing product awareness Increasing modern employment Focus on standardisation based on a “one-size- fits-all” strategy Focus on prime lending / mass-market Brand dilutive to core and premium offering Key secular market drivers Nordic high-street banks increasingly focusing on prime customers +4-6% CAGR SEKbnHighly illustrative Addressable market Non-standard customers willing to get a mortgage Approved by high-street banks Penetration partly driven by improving awareness, perception, interest rates and application processes Total served market Total addressable market ~4% CAGR ~8% CAGR ~9% CAGR (excl. Bank2) +8-10% CAGR 6 ~0.5% ~1%% of total mortgage market ~17% 18-22%% of addressable mortgage market
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MORTGAGES Purpose of loan Home purchase Renovation Debt consolidation Debt consolidation Renovation For people 60+ to release equity enabled by home ownership Present since 2005 2018 2019 Target customers Underserved customer segments (customers excluded by high-street banks) Underserved customer segments (product not offered by high-street banks) 60+ years of age (product not offered by high-street banks) # of unique customers ~30k ~2k ~2k Average loan size SEK ~1-2m SEK ~0.8m SEK ~1.3m Average interest rate1 ~6-8% ~8% ~6% Weighted avg. LTV ~70% Included in mortgages ~44% Loan book SEK 26.8bn SEK 1.8bn SEK 1.9bn Share of loan book SECOND CHARGE LOANS EQUITY RELEASE LOANS TAILORED MORTGAGES 100% secured mortgage product offering 7 88% 6% 6% 1) Average interest rate on newly issued loans over the past three months Numbers as of Q3 2025
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8 Enity; an unmatched value proposition ATTRACTIVE RETURNS HIGH GROWTH LOW RISK Leading pure-play mortgage specialist bank in the Nordics, operating in an underpenetrated high growth segment Clear and responsible financial inclusion and empowerment proposition Attractive returns enabling a combination of growth and dividend capacity 100% secured mortgage lending with low and predictable credit losses Diversified, cost effective and scalable funding model A well-invested, scalable and cloud-based tech platform Highly experienced leadership team supported by industry experts A combination of high growth and attractive risk-adjusted returns Loan book LTM Sept 25 Adj. RoTE Jan-Sept 25 Credit loss ratio LTM Sept 25 1 2 3 4 5 6 7 20.6% 10.2%26 bps
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9 Diversified, cost effective and scalable funding model Funding advantage from covered bond programme with…Diverse and flexible funding structure in place to support growth Funding base The only Nordic tailored mortgage bank with a MTCN-programme for covered bonds Frequent bond issuances at attractive margins Deposit dependant and no access to covered bonds (Illustrative) Avg. consumer bank Enity’s diversified funding model provides resiliency and optionality in times of turbulent credit markets NOK covered bonds Retail deposits in Finland …clear levers identified to further develop the funding structure 25 bonds issued since 2020 (incl. 12 tap issues) 9 Developed hybrid funding 2019 YE 1% 8% 16% 75% 2025 Q3 T2 Senior unsecured RMBS / Other Covered Bonds Deposits Access to funding in all local currencies
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Improved macro bodes well for lending growth and higher housing market activity in 2026 • In Sweden, house prices were stable. Fiscal- and monetary policy will likely support the housing market going into 2026. • Transaction volumes in Norway remain clearly higher compared to a year ago. However, a more cautious approach to easing monetary policy by Norges Bank might reduce the support from lower interest rates going forward. • The underlying economy in Finland improved and expectations are still for growth to gradually resume (with regional variations), but at a relatively weaker pace compared to Sweden and Norway. 10 The Great Nordic comeback 50 60 70 80 90 100 110 120 202301 202302 202303 202304 202305 202306 202307 202308 202309 202310 202311 202312 202401 202402 202403 202404 202405 202406 202407 202408 202409 202410 202411 202412 202501 202502 202503 202504 202505 202506 202507 202508 202509 202510 House prices development Finland Sweden Norway Sweden (Riksbank, MPR Sep-25 and KI f-cast Sep-25) 2024 2025e 2026e 2027e Inflation rate (KPIF) 1.9% 2.6% 1.0% 1.7% GDP growth (seasonally adjusted) 0.8% 1.1% 2.5% 2.1% Unemployment rate 8.4% 8.7% 8.4% 7.9% House prices (mix of Handelsbanken, Danske & Swedbank f-casts) 2.1% 1.0% 4.0% 5.0% Norway (Norges Bank, MPR 3/25) 2024 2025e 2026e 2027e Inflation rate (CPI-ATE) 3.7% 3.1% 2.8% 2.3% GDP growth, mainland Norway (seasonally adjusted) 0.6% 2.0% 1.5% 1.3% Unemployment rate 2.0% 2.1% 2.2% 2.1% House prices 3.0% 6.0% 6.9% 6.6% Finland (Bank of Finland Bulletin, Sep-25) 2024 2025 2026 2027 Inflation rate (HICP) 1.0% 1.8% 1.3% 1.7% GDP growth (seasonally adjusted) 0.4% 0.3% 1.3% 1.7% Unemployment rate 8.4% 9.4% 9.2% 8.6% House prices (Nordea f-cast) -3.3% -1.0% 1.5% 2.5%
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Implemented regulations Credit register & removal of credit remarks • Removal of credit remarks within one month of debt being repaid • Centralised debt register (enabling lenders to see debt in other banks) Amendments to the capital requirements (CRR3) • Increase the capital requirements for mortgages with high LTV and decrease capital requirements for mortgages with low LTV Reduced equity requirement for mortgages • Increased maximum LTV on mortgages from 85% → 90% Consumer protection against risky loans • Enforce a total cost cap for a loan to 100% of the principal amount • Lowered interest rate cap to 20% above the reference rate (from 40%) • Limit UCL lenders and OCPs’ ability to pay variable sales commissions Elimination of interest deduction • Eliminating tax deductibility for interest paid on unsecured consumer loans Regulatory tailwinds to support mortgage lending growth 11 The Great Nordic comeback Proposed regulations Regulation of household debts • LTV cap raised from 85% → 90% • LTV cap on existing mortgages reduced from 85% → 80% • LTV driven amortisation of 1% if the LTV exceeds 50% • Debt-to-income cap of 5.5x
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12 Financial targets Status as of 30 September 2025 Loan book An annual organic lending growth of approximately 8–10 per cent over a business cycle 10,2% Currency adjusted lending growth LTM Financial targets Adj. RoTE An adjusted return on tangible equity (RoTE) of approximately 20 per cent 20.6% RoTE Jan-September 2025 and 21.4% in Q3 2025 CET1 A CET1 ratio that exceeds the regulatory requirement by 200–300 basis points CET1 was 15.1% at period end, exceeding the regulatory requirement by 280 basis points
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Executing on our growth strategy Grow the business • Grow core operations in Sweden and Norway through our scalable technical platform and well-established mortgage brands • Continue growing our business in Finland and in 60plusbanken • Assessment of opportunities to enter additional Northern European markets Drive efficiency and profitability • Focused investments in digitisation and automation, especially across our technical platform and operational processes to enhance efficiency and agility Strengthened distribution • Eiendomsfinans and Uno Finans strengthens the distribution of our mortgage products in Norway and Finland. Opportunities for acquisitions in the Swedish market 13
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14 Questions?
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Thank you!