Slides
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Q3 results 2026 Enity Holding 5 November 2026 The leading Nordic pure-play specialist mortgage bank
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2 Quarterly highlights Solid operating performance driven by improved net interest income CET1 ratio back at target, which together with successful bond issuances provides a sound platform for continued growth Strong profitability with higher adjusted operating profit and 25% returns on tangible equity shows resilience in a still subdued market and uncertain global environment Credit quality improved, although write-offs from property sales weighed on credit losses Net interest margin was stable at 4.2%, reflecting disciplined pricing and the benefits of diversified funding
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3 Market growth development 3 Loan book distribution Continued focus on maintaining a disciplined balance between profitability and growth to maximise shareholder returns Lending growth in Q3 picked up after a softer first half year, and grew by 11% LTM, and 5% FX adjusted Encouraging early signs for Home Loan Plus — enabling close to SEK 150 million in mortgage lending since launch. 38 % 7 % 55 %
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• Strong NII development due to loan growth in all markets and a stronger NOK • Net interest margin was stable at 4.2% • Operating expenses increased Y/Y due to the consolidation of Uno Finans, and declined Q/Q reflecting seasonally lower personnel costs • Adj. C/I ratio Y/Y improved to 42%, excluding brokers • Credit losses increased to SEK 26m and are expected to gradually decrease over time 4 Group financials Q3 Q3 Q3 Q2 SEKm 2026 2025 ∆ 2026 ∆ Net interest income 342 308 11% 335 2% Adjusted operating income 404 323 25% 421 -4% Adjusted operating expenses -208 -148 41% -226 -8% Net credit losses -26 -11 123% -22 14% Adjusted operating profit 170 163 4% 173 -1% Adjusted operating profit less tax 135 130 4% 137 -1% Profit/loss for the period 119 113 5% 118 1% Lending to the public 33 838 30 514 11% 32 092 5% Deposits from the public 27 471 24 143 14% 26 168 5% Net interest margin (%) 4.2% 4.1% +0.1 pp 4.2% 0.0 pp Adjusted C/I ratio excl. brokers (%) 41.6% 45.4% -3.8 pp 45.7% -4.1 pp Credit loss ratio (%) 0.31% 0.26% +0.1 pp 0.27% 0.0 pp Adjusted RoTE (%) 25.4% 20.9% +4.5 pp 24.9% +0.5 pp Earnings per share 2.3 2.1 8% 2.2 1%
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NII development Q/Q 5 NII improved due to growth and a stronger NOK 2026-Q2 Growth FX effect Margin 2026-Q3 335 342 Growth • Growth in all markets • One additional calendar day supported FX effect • NII positive due to higher average NOK conversion rate Margin, NIM ~-6bps • Margin has contracted slightly in Q3 as expected due to positive timing effects reversing
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6 Sweden Q3 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 0 2 000 4 000 6 000 8 000 10 000 12 000 14 000 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Loan book Net Interest Margin 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 0 10 20 30 40 50 60 70 80 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Adj, operating profit Adj. C/I Q3 Q3 Q2 SEKm 2026 2025 ∆ 2026 ∆ Net interest income 124 121 3% 120 4% Total operating income 126 124 2% 122 3% Adjusted operating expenses -56 -44 28% -65 -14% Net credit losses -7 -2 171% -9 -29% Adjusted operating profit 63 77 -18% 47 34% Lending to the public 12 806 12 569 2% 12 707 1% Deposits from the public 8 755 7 774 13% 8 854 -1% Net interest margin (%) 3.9% 3.9% 0.0 pp 3.8% +0.1 pp Adjusted C/I ratio, (%) 44.5% 35.5% +9.0 pp 53.7% -9.2 pp Credit losses (%) 0.28% -0.01% +0.3 pp 0.24% 0.0 pp Adjusted operating profit increased Q/Q, but declined Y/Y Net interest income improved due to loan growth • Net interest margin was stable at 3.9% Operating expenses increased Y/Y, reflecting higher marketing spend. Compared to Q2 operating expenses decreased due to seasonally lower personnel costs Credit losses were higher Y/Y and improved Q/Q • Positive migrations in both stage 2 and 3 Y/Y • Stage 2 seasonally low in Q2 Credit loss ratio (LTM) of 0.28%
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7 Norway Q3 Adjusted operating profit increased Y/Y and decreased Q/Q due to higher expenses Net interest income improved Q/Q and Y/Y • Loan growth and a stronger NOK contributed positively • Net interest margin improved to 4.1% Y/Y Adjusted operating expenses increased • Personnel costs were seasonally low in Q2 • A stronger NOK Y/Y contributed to higher costs • Adjusted C/I ratio improved YTD Credit losses were higher reflecting weakened property market och remaining high interest rates in Norway • Positive migrations in stage 2 • Share of loans in stage 3 rose • Credit loss ratio declined to 0.29% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 0 2 000 4 000 6 000 8 000 10 000 12 000 14 000 16 000 18 000 20 000 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Loan book NIM 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 0 20 40 60 80 100 120 140 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Adj, operating profit Adj. C/I Q3 Q3 Q2 SEKm 2026 2025 ∆ 2026 ∆ Net interest income 185 158 17% 181 2% Total operating income 185 157 18% 183 1% Adjusted operating expenses -59 -54 10% -49 22% Net credit losses -17 -9 86% -11 54% Adjusted operating profit 109 94 16% 123 -12% Lending to the public 18 598 16 190 15% 17 138 9% Deposits from the public 15 038 13 677 10% 14 314 5% Net interest margin (%) 4.1% 4.0% +0.2 pp 4.2% -0.1 pp Adjusted C/I ratio (%) 32.1% 34.4% -2.3 pp 26.7% +5.4 pp Credit losses (%) 0.29% 0.46% -0.2 pp 0.28% 0.0 pp
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8 Finland Q3 Adjusted operating profit rose Y/Y. Profit for the nine- months period was SEK 18m, compared to SEK -6.5m last year Net interest income increased both Y/Y and Q/Q due to strong lending growth. • Net interest margin improved to 5.2% Adjusted operating expenses increased reflecting business growth • Higher personnel and marketing expenses Credit losses were up due to higher write-offs • Positive migrations in both stage 2 and 3 Credit loss ratio decreased to 0.32% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 120.0% -2 0 2 4 6 8 10 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Adj, operating profit Adj. C/I Q3 Q3 Q2 SEKm 2026 2025 ∆ 2026 ∆ Net interest income 30 18 63% 27 12% Total operating income 30 18 65% 27 12% Adjusted operating expenses -21 -16 36% -16 30% Net credit losses -2 -1 114% -1 81% Adjusted operating profit 7 2 307% 9 -28% Lending to the public 2 422 1 716 41% 2 234 8% Deposits from the public 3 678 2 692 37% 3 001 23% Net interest margin (%) 5.2% 4.5% +0.7 pp 5.0% +0.1 pp Adjusted C/I ratio (%) 70.7% 85.6% -14.9 pp 60.8% +9.9 pp Credit losses (%) 0.32% 0.64% -0.3 pp 0.36% 0.0 pp 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 0 500 1 000 1 500 2 000 2 500 3 000 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Loan book NIM
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ac 9 Loan brokers Q3 Operating profit within the broker segment was higher Y/Y due to the full consolidation of Uno Finans as of March Disappointing Q3 commission income • Subdued market conditions and constrained lending volumes from banks in Norway • In Finland market conditions remained challenging Operating expenses were stable Q/Q Operating margin amounted to 7% Cost reductions are expected to support a recovery in Q4 towards Q2 levels, with further improvement in 2027 Q3 Q3 Q2 SEKm 2026 2025 ∆ 2026 ∆ Net commission income 78 13 498% 88 -12% Operating expenses -73 -18 301% -75 -2% Adjusted operating profit 5 3 88% 14 -64% Operating margin 6.6% 13.2% -6.5 pp 16.3% -9.6 pp
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10 Low-risk secured mortgage offering and broadly stable net credit losses, SEKm -0.2 4.9 -39.3 4.4 5.014.9 17.3 61.6 28.8 24.2 (3.3) (3.8) (10.8) (3.6) Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Total net change in provisions Actual losses Recoveries from previous losses 8.7% 9.2% 9.4% 7.3% 8.0% 7.2% 6.9% 7.1% 7.0% 6.9% Sep '25 Dec '25 Mar '26 Jun '26 Sep '26 Share of loans and commitments per stage (%) Stage 2 (%) Stage 3 (%) Credit losses of 0.31% compared with NII margin of 4.2% Low credit loss levels, LTM bps Share of stage 3 loans continued to decrease in Q3 15 24 16 26 31 Dec '22 Dec '23 Dec '24 Dec '25 Sep '26 • Credit quality improved although the credit loss ratio increased to 31 bps • Improving underlying trend in stage 2 and stage 3 loans • Losses realised on property sales continue to weigh on credit losses • Credit losses anticipated to remain at this level throughout the year • Over time the ratio is expected to gradually decrease, although pace of recovery remains uncertain
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11 Funding (SEKbn) Diversified funding and solid liquidity Regulatory liquidity ratios Central bank holdings Bond holdings Credit institutions 4.7bn Liquidity reserve LCR 185% NSFR 121% • Continued increase in senior unsecured bond funding in the quarter: SEK 150m and NOK 400m • A covered bond-transaction (issuance of SEK 1,250m and repurchase of SEK 1,014m) with settlement in early October was completed. Remaining bond maturities for the year amounts to SEK 986m • Deposit funding increased • Regulatory liquidity ratios comfortably above requirements. LCR lower compared to last quarter due to bond maturity in October 5.2 4.7 4.7 4.7 4.7 24.1 24.5 28.4 26.2 27.5 2.5 2.5 1.5 2.7 3.30.4 0.4 0.3 0.4 0.4 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Tier 2 bonds Senior unsecured bonds Retail deposits Covered bonds
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o Capital position strengthened 12 • CET1 ratio strengthened to 14.2% from 13.0% in Q1 when Uno Finans was fully acquired • Demonstrating the earnings capacity of the business • Expected dividend deducted as from Q3 • Strategic FX position to offset REA expansion from stronger NOK. Mostly exempted from capital requirements • Profitable lending growth remains the priority • Broker ownership under review to assess whether the capital committed can create greater long-term value elsewhere in the group • Evaluating geographic expansion as a complement to growth in existing markets • Capital allocation guided by RoTE target, dividend policy and continued financial strength Financial target is for the CET1 ratio to exceed the requirement with 200-300 bps Total capital requirements CET1 12.2% T1 13.8% Total capital 16.1% Capital position CET1 200 bps 4.5% 0.54% 2.5% 2.2% 2.4% 2,4% CET1 requirement Pillar 1 Pillar 2 Conservation buffer Countercyclical buffer System risk buffer 12.2% 14.2%
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Key takeaways 13 A unique combination of low risk, stable growth and capital-efficient returns HIGH GROWTH5% FX adj. loan book growth 11%LOW RISK Credit loss ratio 31 bps ATTRACTIVE RETURNS Adj. RoTE 20% LTM figures Solid operating performance and strengthened capital position Reassessing capital allocation by reviewing broker operations and evaluating selective expansion opportunities to support profitable growth and create long-term shareholder value A strong platform for sustainable, capital-efficient growth and attractive shareholder returns over time Focus on disciplined and profitable growth with a net interest margin of 4.2%.
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14 Q&A Björn Lander CEO Pontus Sardal CFO
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Thank you!