Slides
Page 1
Capital Markets Day 2026 Stockholm, 9 September
Page 2
2 Capital Markets Day 2026 · Public Agenda Strategy and financial targets Harry Vranjes, CEO Introduction to Hoist Finance Strategic update Financial targets Investment strategy Fabien Klecha, CIO Our investment strategy Market opportunity A market leader positioned for continued growth CFO update Magnus Söderlund, CFO Performance management Competitive funding Operational leverage Markets deep dive Country Managing Directors Concluding remarks Harry Vranjes, CEO
Page 3
Welcome Harry Vranjes, CEO
Page 4
Introduction Strategic update Financial targets
Page 5
Leading European asset manager of non - performing loans +30 Years of experience 15 European markets 1,237 FTEs 2 3 . 4 % Return on equity 39.2 SEKbn, total portfolio 8.1 SEKbn, acquired portfolios Baa1 Credit rating, Moody’s 13.03% CET1 - ratio 1,026 SEKm, Profit Before Tax* 8.72 SEK, Earnings Per Share* Pan - European presence 5 Capital Markets Day 2026 · Public * H1 - 26 included a VAT - refund and transaction costs related to M&A, e xcl. these, PBT of SEK 920 and EPS of SEK 7.75. Numbers per H1 2026
Page 6
6.0 1.80x 10.9 Total Acquisition Volume 15Y GMM Total ERC What we do Non - performing loan value after purchase [Gross Book value / Purchase price] Derisked NPLs* A discount to face value enables NPL buyers to include a safety margin and drastically reduce the likelihood of potential losses Borrower debt relief Annual cumulative actual cash vs initial forecast, secured & unsecured Stable and predictable performance 6 Capital Markets Day 2026 · Public Business model in three illustrative graphs * All graphs for illustrative purposes. The first graph illustrates NPL acquisition value (Hoist Finance g ross book value) as a percentage of purchase price spent by Hoist Finance (excluding divested portfolios). It gives an understanding of the extent of de - risking of the assets that is achieved in an NPL - transaction. The third graph compares actual performance vs. original forecast (excluding divested portfolios). True risk profile priced with a discount ranging from c. 70 - 98% depending on the underlying assets (vintage, collateral, asset class, etc.) 110% Long term average of 110% of initial forecasted collection levels, providing a margin of safety to absorb potential external shocks In the debt restructuring, offering borrower relief increases the likelihood of the borrowers getting on track financially EURbn 90% Discount Hoist Finance de - risk portfolios through pricing, enabling borrower debt relief, building stable financial performance EURbn 60,2 6,0 1 2 0 1 2 3 4 5 6 7 EURbn Actual Cash Initial Forecast
Page 7
Credit is an essential driver of economic growth 7 Capital Markets Day 2026 · Public Lending levels from European credit institutions have recovered from the global financial crisis 0 2 4 6 8 10 12 14 16 18 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 EUR trillions Source: ECB MFI Balance Sheet Statistics; EBF Facts & Figures 2024; Trading Economics. Pre - 2003 data estimated from ECB growth rate seri es. Outstanding amounts include households, NFCs, and sole proprietors; exclude financial sector and government. 2024 – 25 based on re ported ECB data.
Page 8
NPL ratios stabilising NPL volumes on banks’ balance sheet (EURbn) | EU and UK Source : European Banking Authority and Bank of England UK Bank FS Analysis. Capital Markets Day 2026 · Public 8 0,0% 0,5% 1,0% 1,5% 2,0% 2,5% 3,0% 3,5% 4,0% 0,0 100,0 200,0 300,0 400,0 500,0 600,0 700,0 800,0 2019 Q1 Q2 Q3 Q4 2020 Q1 Q2 Q3 Q4 2021 Q1 Q2 Q3 Q4 2022 Q1 Q2 Q3 Q4 2023 Q1 Q2 Q3 Q4 2024 Q1 Q2 Q3 Q4 2025 Q1 Q2 Q3 Q4 2026 Q1 Other SME Lending Commercial Real Estate Residential Mortgages Consumer Credit NPl ratio, %
Page 9
What options do banks have for dealing with NPLs? Different options for a lending bank to manage non - performing loans : 9 Capital Markets Day 2026 · Public Work it out inhouse Outsource to a specialised servicer Securitise (Significant Risk Transfer) Sell to a specialised NPL investor
Page 10
Banks selling more NPLs • More proactive and prudent management of NPLs result in higher quality portfolio coming to market . • Portfolios with more left to collect means a larger investable market . Investable market 10 Capital Markets Day 2026 · Public The evolving European NPL transaction market Source :. E stimated portfolio sales volumes EU and UK. Hoist Finance and peer data; White & Case / Debtwire ABS Europe; PwC European Non - Core Asset Market Updates. 120 80 60 65 65 73 75 0 10 20 30 40 50 60 70 80 90 100 110 120 2019 2020 2021 2022 2023 2024 2025 Portfolio sales Gross Book Value (GBV), EURbn
Page 11
Banks selling NPLs earlier 11 Capital Markets Day 2026 · Public • Banks more proactive in provisioning. Reducing price gap between seller and buyer. • EU prudential backstop (calendar provisioning) - Regulation (EU) 2019/630, requires banks to fully provisions against new, unsecured NPLs within three years. - Applicable for loans originated after April 2019, since January 2026 , ECB authorizes local regulators to apply also for older loans. This drives larger investments at same returns from same original debt 0 55 months after default, Hoist average 2024 E xpected R emaining C ollections Internal workout by the bank or servicer * Il lustrative collection curve, Hoist Finance data, only primary market. 0 38 months after default, Hoist average H1 2026 E xpected R emaining C ollections As NPLs are sold earlier, less of the debt is collected at sale
Page 12
Introduction Strategic update Financial targets
Page 13
The leading debt restructurer in Europe 13 Capital Markets Day 2026 · Public B anking regulated Specialised Debt Restructurer , supervised by SFSA Financial health A healthy financial system Savings offerings & well - diversified, competitive funding Investment management Capital & funding Loan management Well - functioning financial system
Page 14
2026 - 2030 Leveraging scale We keep delivering on our strategy 14 Capital Markets Day 2026 · Public 2030 2021 2022 2023 2024 2025 2026 2021 - 2023 Rejuvenation 2024 - 2026 Profitable growth 20 27 20 28 20 29 Looking ahead
Page 15
2026 - 2030: Leveraging scale 15 Capital Markets Day 2026 · Public ▪ Scale reduces risks on both sides of the balance sheet, increasing stability and resilience . ▪ Sourcing capacity with local teams across 15 markets, covering multiple asset classes under centralised investment governance. ▪ Maintain strong cost control and return focus - expanding operational leverage further. ▪ Continued focus on profitable growth , with a new investment volume ambition. Same strategy, new phase for Hoist Finance as a specialised debt restructurer (SDR)
Page 16
New portfolio growth ambition An investment portfolio of SEK 60bn by end - 2030 ▪ Increase market share in current asset classes and geographies. ▪ Geographical expansion in Europe. Adds volume and optionality on returns. ▪ SMEs represent 30% of NPLs on European banks’ balance sheets. 17% of our portfolio is SME today. We target the granular loans, in line with our risk appetite. ▪ Selective M&A , focused on NPL - portfolios at accretive IRRs, same requirements and appetite as in portfolio acquisitions. We remain a picky buyer. Continued investment portfolio growth through: 16 Capital Markets Day 2026 · Public 2026 - 2030 18 22 24 31 33 39 60 2021 2022 2023 2024 2025 H1 2026 2030 SEK 21bn SEK 21bn Investment portfolio SEKbn continued operations only
Page 17
Introduction Strategic update Financial targets
Page 18
- 6% - 3% 2021 16% 3% 2022 11% 9% 2023 17% 15% 2024 18% 17% 2025 23% 20% H1’26 15% 20 % Steady ROE - growth ▪ Increased margins and tight cost control have enabled steady ROE - growth despite increased funding costs as a result of SDR - qualification*. ▪ New ROE - target of >20 %, from >15%. 18 Capital Markets Day 2026 · Public Return on equity Reported ROE (incl. one - offs) Underlying rolling 12 months (excl. one - offs) Profitability - target * As a specialised debt restructurer (SDR), Hoist is since 2025 subject to requirements including >130% net stable funding ratio (NSFR). NEW TARGET
Page 19
Strong EPS - development ▪ EPS has grown with an annual compound growth rate of 16% over 2022 - 2025 . ▪ We reiterate our previous target; an annual EPS - growth rate (adjusted for AT1 - costs) of 15% up to 2030. 19 Capital Markets Day 2026 · Public Earnings per share 2021 2022 2023 2024 2025 H1 2026 7.50 - 2.58 3.95 3.55 5.72 10.07 11.59 8.72 +16% p.a. Growth - target Earnings per share, SEK One off (UK sale)
Page 20
Solid capital levels ▪ Robust capital ratios give ample room to invest . ▪ Our capital target, a CET1 - ratio of 2.3 - 3.3% above regulatory requirements , remains. 20 Capital Markets Day 2026 · Public Common Equity Tier 1 - capital ratio Target for capital structure CET1 ratio, % 0 2 4 6 8 10 12 14 Regulatory requirement Margin above reg. requirement CET1 ratio per 30 June 2026 8.82 4.21 13.03
Page 21
Robust capital generation ▪ Dividend policy: from 2027, aim to pay a dividend corresponding to 30 - 40% of annual net profit (increased from 25 - 30%). ▪ Capital allocation priorities: – Portfolio investments at attractive IRRs. – Dividends paid following the dividend policy. – Excess capital redistributed to shareholders through extraordinary dividends or share buybacks. 21 Capital Markets Day 2026 · Public D ividends and share buybacks Capital reparation as % of EAT D ividend policy 17% 25% 21% 2021 2022 2023 20% 2024 2025 0 0 0 37% 46% Ordinary dividend Extraordinary dividend Share buybacks NEW TARGET
Page 22
A more profitable growth company 22 Capital Markets Day 2026 · Public Our four financial targets Profitability Previously: RoE >15% RoE >20% NEW Earnings growth No change EPS should grow with an average 15% up to 2030 Dividend policy Previously : 25 - 30% of net profit 30 - 40% NEW Capital structure No change CET1 at 2.3 - 3.3% above regulatory requirement
Page 23
Investment strategy Fabien Klecha, CIO
Page 24
Our investment strategy Market opportunity A market leader positioned for continued growth
Page 25
Disciplined, granular, pan - European deployment Our investment strategy Pan - European footprint Active in 15 European countries , with deployment having been concentrated to 6 core markets ; Germany, France, UK, Italy, Spain and Poland. Focus on banking assets We acquire unsecured and secured loans originated by banks and financial institutions with high origination quality and credit standards . Granular exposures ▪ 30+ years of data and > 8.5 million loans acquired . ▪ Average loan balance stands at SEK 105k . ▪ Highly diversified and granular; top 25 claims are 1% of book value . Proactive asset management ▪ Constant performance monitoring , benchmarking and SPA follow - up. ▪ Strong and stable collection performance. ▪ Divestment of SEK 1.1bn of book value since last CMD (Sep 2024). Proactive sourcing ▪ Strong relationships with banks. ▪ Co - investment partnerships with SEK 5bn deployed with co - investors. ▪ 23% of total acquisitions sourced from the secondary market since last CMD (Sep 2024). Capital Markets Day 2026 · Public 25
Page 26
Stepping - up our deployment 26 Capital Markets Day 2026 · Public Annual acquisitions, SEKbn 3,6 6,9 7,1 10,8 9,9 8,1 2021 2022 2023 2024 2025 H1-26 ~2.4x Average annual deployment in 2022 – 25 versus 2021. 53% of the current book acquired since the last CMD in Sep 2024. SEK 21bn Deployed since the last CMD in Sep 2024.
Page 27
Highly granular and diversified portfolio Book value by asset class Book value by market Book value by borrower type 27 Capital Markets Day 2026 · Public An investment portfolio at SEK 39.2bn, Q2 2026 70% 30% Unsecured Secured 15% 14% 14% 14% 14% 10% 7% 5% 7% Italy United Kingdom Poland Spain Germany France Greece Sweden Other 83% 17% Individuals SME
Page 28
Consumer unsecured SME unsecured Consumer secured SME secured Original loan amount (average) SEK 83k SEK 285k SEK 1,012k SEK 1,068k Counterparty Individual debtors Sole traders, small and microcap companies Individuals owning a home Small and medium sized companies Sources of collection / security Individual’s ability to reimburse, other guarantors Personal guarantors, liquidation process Residential real estate Residential real estate, land, warehouses, offices, financial guarantees Underwriting Statistical segmentation with internal data Statistical segmentation with internal data Statistical segmentation and line - by - line with internal data; real estate valuations Line - by - line review; real estate valuations Servicing Amicable settlement repayment plans, judicial collections Prioritized case handling Asset managers with lawyers, bailiffs and agents Asset managers, expert partnerships Focused on bank - originated loans 28 Capital Markets Day 2026 · Public Four underwriting and servicing models for granular loans
Page 29
Margins stabilising at attractive levels Collection performance 10Y Net IRR margin evolution (indexed) 29 Capital Markets Day 2026 · Public Strong and stable collection performance 100% 98% 104% 115% 121% 122% 90% 95% 100% 105% 110% 115% 120% 125% 130% 2021 2022 2023 2024 2025 2026 H1 102% 104% 105% 105% 105% 107% 2021 2022 2023 2024 2025 2026 H1
Page 30
Our investment strategy Market opportunity A market leader positioned for continued growth
Page 31
Global financial crisis NPLs surge across European bank balance sheets. 2008 Banking union and ECB supervision The Single Supervisory Mechanism (SSM) puts the ECB in direct charge of Europe’s largest banks. 2014 – 20 15 EU NPL Action Plan Coordinated EU plan: tougher supervision and provisioning, insolvency reform, and development of the secondary market. 2017 Prudential NPL backstop Higher capital charges drive faster provisioning, making it costly for banks to hold non - performing loans. 2019 COVID - 19 pandemic Moratoria and state guarantees suppress defaults; recognition of deterioration is deferred, not avoided. 2020 – 20 21 Interest r ate rises and stage 2 build - up ECB tightening raises funding costs, stage 2 exposures increased to c. 10% of EU loans. 2022 – 20 23 Hoist Finance · Capital Markets Day · September 2026 SDR framework in force Secondary - market regime takes effect; NPL Directive licensing (from 2023) now transposed in key markets; NPL disposal standardisation in place with data templates . 2025 A decade that reshaped European NPLs 31 Capital Markets Day 2026 · Public Regulation and macro shocks have redefined how European banks recognise , provision for and dispose of non - performing loans
Page 32
The NPL stock remains stable NPL volumes on banks’ balance sheet | EU & UK NPL stock evolution Source: European Banking Authority and Bank of England UK Bank FS Analysis. 0,0 100,0 200,0 300,0 400,0 500,0 600,0 700,0 800,0 EURbn Other SME Lending Commercial Real Estate Residential Mortgages Consumer Credit Capital Markets Day 2026 · Public 32 A deep stock • EUR 406bn of NPLs on EU and UK bank balance sheets . Banks are better provisioned to sell • Coverage stable at 45% means portfolios can be sold with limited P&L impact, shrinking the gap between buyers and sellers . Earlier , recurring disposals • Banks are increasingly disposing post crisis volumes through more regular sales of smaller sized portfolios.
Page 33
NPL trends across Europe Concentrated in the largest economies with a shift towards the north Data s ource : Source: EBA Risk Dashboard Q1 2026 (published June 2026) . (*) IMF Capital Markets Day 2026 · Public 33 Market Total loans ( €bn) NPL stock ( €bn) NPL ratio Coverage ratio NPL stock YoY SME NPL ratio France 6 084 131 2,2% 44,0% +7,4% 5,1% Spain 2 582 67 2,6% 46,3% - 9,4% 5,4% Germany 3 123 50 1,6% 33,1% +11,8% 4,3% Italy 1 710 34 2,0% 51,8% - 12,5% 4,9% Netherlands 2 145 29 1,3% 25,4% - 1,4% 3,1% Austria 723 16 2,3% 38,6% +6,5% 5,6% Belgium 1 027 14 1,4% 43,9% +10,8% 3,6% Poland 173 6 3,6% 50,8% - 4,6% 5,2% Finland 561 6 1,1% 21,7% - 9,1% 2,3% Greece 174 5 2,7% 35,9% - 21,7% 4,1% Portugal 213 4 1,9% 60,6% - 6,8% 4,2% Sweden 864 3 0,3% 24,9% - 15,6% 0,5% Cyprus 40 0 0,8% 52,2% - 50,0% 2,1% EU/EEA aggregate 20 696 377 1,8% 41,3% +0,3% 4,4% Sum of markets shown 19 417 366 1,9% Non - EBA market — separately sourced, different framework United Kingdom 3 000 29* 0,9% EU/EEA aggregate + UK 23 696 406 1,8% Concentrated in the largest economies • France, Spain, Germany and Italy hold 75% of the EU NPL stock, French banks alone 35%. NPLs moving north • Germany’s NPL stock grew by +12%; France by +7.4% - while Italy and Spain continue to de - risk . Stage 2 - loans: France and Germany • Of a total stage 2 loans at EUR 1,883bn in Europe, France and Germany account for 55%.
Page 34
Different types of buyers in the NPL market Financial investors Funds and credit platforms holding NPLs as a financial asset ▪ Fund vehicles with a defined investment period and return hurdle . ▪ Collections outsourced to third - party servicers ; limited operational involvement. ▪ Deployment follows the fund cycle rather than the bank disposal calendar. Fund structures and acquisition leverage Industrial players and servicers Servicing platforms co - investing alongside third - party mandates ▪ Financed in the bond and securitisation markets , typically sub - investment grade. ▪ Collections in - house , with often large platforms. ▪ Higher funding costs since 2022 have constrained deployment in recent years. Bonds and securitisation markets Regulated, specialist banks Licensed credit institutions funding purchases with deposits ▪ Deposit funded, capitalised to CRR standards and under direct supervision. ▪ Permanent capital , ability to price and deploy throughout the cycle. Deposits and wholesale debt 34 Capital Markets Day 2026 · Public Competitive landscape
Page 35
What sets us apart in the industry ? Wide geographic footprint ▪ 15 European markets. ▪ Expanded into Sweden in 2023, Portugal 2024, Finland 2025, and Hungary 2026. ▪ Capital deployed where pricing is best with a flexible operating model. 15 European markets Asset class coverage ▪ Consumer and SME, Secured and Unsecured. ▪ Underwriting, pricing and portfolio control always retained in - house; we own our data. ▪ Operational collection inhouse and outsourced. 4 underwriting and servicing models Strong and stable funding ▪ 80% funded by retail deposits , giving stability and a competitive funding cost. ▪ Lowest cost of funding in the market. ▪ No refinancing wall. Baa1 credit rating, Moody’s Ratings Clear regulatory status ▪ Banking regulated specialised debt restructurer (SDR) . ▪ A reputable counterparty for banks running regular disposal programmes. ▪ Certainty of closing. Feb 2026 Qualified as an SDR 35 Capital Markets Day 2026 · Public Unique footprint and coverage with a flexible operating model
Page 36
Sources of further growth An investment portfolio at SEK 60bn by end - 2030 United Kingdom ▪ One of Europe’s most active credit markets . ▪ With the Azzurro - acquisition, we now have regulatory licences and the platforms to acquire and service at scale. SME segment ▪ The largest segment of NPLs on European banks balance sheet , representing 30% of total volume . ▪ Currently 17% of our book . France & Germany ▪ Stage 2 books build up since 2023. ▪ Strong relationships with main banks . New geographies ▪ Prudent model where we enter with local servicing partners, try it out, then scale up once collections confirm underwriting . Capital Markets Day 2026 · Public 36 EUR 113bn European SME NPL - stock EUR 29bn UK NPL stock 55% of EU Stage 2 - loans sits in Germany and France 4 new markets since 2023: Sweden, Portugal, Finland and Hungary SEK 39bn Investment portfolio as of Q2 2026 c. 10% a year Net portfolio growth SEK 60bn Ambition for end - 2030
Page 37
Our investment strategy Market opportunity A market leader positioned for continued growth
Page 38
From pipeline to portfolio SEK 70bn Reviewed in 2025 Across 116 originators 250 Deals reviewed 50 investment professionals 120 Investment committees Each case independently reviewed SEK 10bn Deployed in 2025 Median portfolio EUR 20m Where the volume came from in 2025 Tier 1 The 20 largest European banking groups Tier 2 Regionally important banks Secondary market Re - trades from funds, debt purchasers and servicers Tier 3 Local banks Our sourcing capabilities We are seeing more than 80% of transacted volume 38 Capital Markets Day 2026 · Public 52% 22% 23% 3%
Page 39
Return on equity guides our investments 39 Capital Markets Day 2026 · Public Our investment underwriting Consistent approach to underwriting • Data tape analysis • Pricing & cashflow forecasts • Writing Investment Recommendations • Presenting to the Investment Committee • Research & Development • Corporate Acquisitions • Reviewing portfolio performance • Revaluations • Divestments We assess all transactions using the same metrics: Metric Basis Time value Leverage Cost of funding Shareholder alignment Money multiple Cash Unlevered IRR Cash Weighted Average Life Cash / time Return on equity Accounting
Page 40
Clear structure with centralised governance 40 Capital Markets Day 2026 · Public Our investment governance Board Investment Committee (subset of BoD ) Management Investment Committee (chaired by CIO) Internal audit Risk function r eview External audit Full board Revaluation committee (chaired by CFO) Joint p reparation of the investment case Monitoring Independent quality r eview (peer review) Decision committees Investment Committee feedback loop Investment team Country management teams Close collaboration across the organisation with full transparency around performance
Page 41
Our investment portfolio by 2030 41 Capital Markets Day 2026 · Public Same investment strategy, governance and set - up A diversified portfolio consisting of highly granular, bank - originated claims , both secured and unsecured. Our investment por t folio Geographically broader , likely more tilted towards the north. Higher share of SME . Actively managed , as today – we buy, monitor continuously, reprice as necessary and dispose when attractive. SEK 60bn portfolio ambition by 2030
Page 42
CFO - update Magnus Söderlund, CFO
Page 43
Portfolio management Competitive funding Operational leverage
Page 44
Quarterly outlier review • From point of acquisition and through the entire life of the asset . • E very outlier assessed and reviewed on a quarterly basis. • Gives good visibility of risk and enables focused effort where it matters. Prudence is the essence of our principles • Data - driven decisions. • Negative situations addressed immediately , cautious with positive revaluations . • Centralised revaluation committee and external auditor review and sign - off . A healthy book with good visibility of risks • Consistent and predictable overperformance vs management forecasts. • Investment Committee feedback loops to continuously improve underwriting accuracy . Results Prudent approach and robust governance Continuous, proactive management of the investment portfolio 44 Capital Markets Day 2026 · Public Asset management Quarterly evaluation of significant deviations
Page 45
Steady and stable collections • Strong collection performance reflecting accurate and healthy valuation process. • Consistent overperformance against management investment curves. • De - risking secured collections. 45 Capital Markets Day 2026 · Public Collection performance 102% 104% 105% 105% 105% 107% 100% 50% 60% 70% 80% 90% 100% 110% 120% 130% 2021 2022 2023 2024 2025 H1 2026 Net Performance
Page 46
0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% Cash Collected Years 0-5 Cash Collected Years 6-10 Cash Collected Years 11-15 Hoist Peers (average) Hoist = 68% Hoist = 23% Hoist = 9% Peers = 59% Peers = 27% Peers = 14% Prudent expectations 46 Capital Markets Day 2026 · Public Estimated Remaining Collections (ERC) distribution • Expecting larger collections during the first years means higher bar to reach >100% collection level – and assures risks are not pushed into the future . • Accuracy of cashflow projections naturally reduces in outer years. Source: FactSet, peers public disclosures (2025)
Page 47
Risk overview Types of risk Comment Risk assessment Credit risk • A ctiv e performance management of the NPL - portfolio • Data driven and statistical approach • C entralised revaluation governance and framework LOW Operational risk • Focus on c ontin u ous improvement s • I nternal IT capability with specialist teams focused on c y ber - and other IT risks • Systematic training and controls in place MEDIUM Market risk • Assets with generally longer maturities than liabilities • Flexible and effective funding model with structural natural hedges • Hedg ing interest rate - and FX risks on continuous basis LOW Liquidity risk • All retail deposits covered by the Swedish deposit guarantee scheme • Large liquidity reserve LOW Regulatory framework • Regulated by the SFSA • Subject to EU - level directives and regulations MEDIUM 47 Capital Markets Day 2026 · Public Risk assessment: a low and stable risk profile with active risk management
Page 48
Portfolio management Competitive funding Operational leverage
Page 49
A balance sheet business Assets Liabilities and equity 49 Capital Markets Day 2026 · Public Numbers per Q2 2026 SEK 70bn SEK 70bn Investment portfolio Highly diversified and granular No single risk exposures SEK 39bn Other assets SEK 4bn Savings accounts 125k savers, all term - deposit, max EUR 100k per saver SEK 49bn Bonds Diversification across many small issuances, diversified maturity profile SEK 10bn Equity Well capitalized Incl. AT1 SEK 8bn Minimal risk, Basel III - requirements SEK 27bn Liquidity reserve Other liabilities SEK 3bn
Page 50
80% 12% 5% 2% 0% 1% Competitive funding platform with a stable deposit base 50 Capital Markets Day 2026 · Public • Sustainable, low - cost and diversified funding structure with continuous access to funding . • Deposit platforms across Europe with attractive savings offerings . • Investment grade rating from Moody’s and well established EMTN market platform. Distribution of funding , Q2 2026 SEK 60 bn Deposits Sr unsecured debt AT1 instruments Subordinated liabilities Notes issued by securitisation Term loan
Page 51
▪ Savings offerings in SEK, EUR and PLN. ▪ All deposits covered by Swedish deposit guarantee scheme . ▪ Average maturity of 1.2 years . Stable growth in deposits 51 Capital Markets Day 2026 · Public Total deposits as of Q 2 2026 SEK 4 9 billion Savings customers in seven markets >1 2 5 ,000 Deposit growth and maturity evolution, SEKbn 2023 2024 2025 2026 H1 20.2 40.2 42.8 48.6 Long - term (4 - 5y) Medium - term (2 - 3y) Short - term (0 - 1y) On - demand
Page 52
Hoist Finance sourced funding cost Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer average 3.5 6.4 7.2 6.6 8.9 8.8 9.6 7.9 126% The most competitive sourced funding cost in the industry Our Moody’s rating evolution 52 Capital Markets Day 2026 · Public Low - cost deposit funding and the highest credit rating in the industry 500 bps Nov 2023 Spread June 2026 Spread 119 bps * Weighted average cost of debt at end of Dec - 25, based on traded instruments and estimates of non - traded instruments. Source FactSet, Bloomberg, peers public disclosures (2025). Hoist includes cost of AT1. October 2021 Baa3 (stable outlook) November 2023 Positive outlook September 2024 Upgrade to Baa2 (stable outlook) July 2025 Positive outlook June 2026 Upgrade to Baa1 (stable outlook) Bond spread: example 3Y Senior Preferred (3m stibor+spread )
Page 53
0 5 10 15 20 25 30 33% Q4 - 21 41% Q4 - 22 32% Q4 - 23 78% Q4 - 24 79% Q4 - 25 70% Q2 - 26 Liquidity reserve % to total portfolio Liquidity reserve (SEKbn) Own platform Third - party platform 10 12 14 30 25 29 9 7 6 10 17 20 0 10 20 30 40 50 Q4 - 21 Q4 - 22 Q4 - 23 Q4 - 24 Q4 - 25 Q2 - 26 18 19 20 40 43 49 116 116 115 127 143 138 0 50 100 150 Q4 - 21 Q4 - 22 Q4 - 23 Q4 - 24 Q4 - 25 Q2 - 26 Improved NSFR - efficiency NSFR stably above the 130% floor for SDRs . Net stable funding ratio,% Own platform in Sweden (SEK) since set - up ( - 09), rolled out to Germany (EUR) in Nov - 25 and Spain (EUR) in March - 26. Deposits, SEKbn Our NSFR efficiency has improved , with the liquidity portfolio now at 70% of the NPL - portfolio, down from 79%. Liquidity reserve in relation to portfolio 53 Capital Markets Day · Public NSFR (%)
Page 54
Portfolio management Competitive funding Operational leverage
Page 55
-80 -60 -40 -20 0 20 40 60 80 100 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 5,500 6,000 6,500 0 93% 2021 88% 2022 80% 70% 2024 66% 2025 62% H1’26 2,225 2,069 2,525 2,222 3,265 2,612 4,171 2,920 4,291 2,832 2,463 1,527 2023 Operational leverage • Cost control and scale benefits : - Direct cost to income reduced from 47% to 42% over the period. - Indirect cost to income reduced from 45% to 20% over the period. 55 Capital Markets Day 2026 · Public Operating expenses excl. non - recurring items, continued operations Cost to income Total operating income Direct costs 1,017 1,052 971 1,251 1,019 1,593 1,032 1,888 1,005 1,827 497 1,030 Indirect costs
Page 56
17,8 21,6 24,3 30,7 33,4 39,2 - 3% 2021 3% 2022 9% 2023 15% 2024 17% 2025 20% H1’26 Profitable growth • Pricing discipline - Profitability increased at higher volumes. • Tight cost control - Flat indirect cost development, while doubling the investment portfolio. • Growth - Ample capital for continued investment portfolio growth. 56 Capital Markets Day 2026 · Public Return on equity and Investment portfolio Underlying rolling 12m (excl. non recurring) Investment portfolio SEKbn continued operations only Rejuvenation Profitable growth
Page 57
Markets deep dive Country Managing Directors
Page 58
Asset classes Unsecured 70% Secured 30% SME - share 30% Operations In - house 87% Outsourced 13% Our flexible operating model 58 Capital Markets Day 2026 · Public Asset classes Unsecured 33% Secured 67% SME - share 47% Operations In - house 86% Outsourced 14% Asset classes UK Unsecured 97% Secured 3% SME - share 46% Operations UK In - house 20% Outsourced 80% Asset classes Unsecured 98% Secured 2% SME - share 2% Operations In - house 80% Outsourced 20% Asset classes Unsecured 94% Secured 6% SME - share - Operations In - house - Outsourced 100% Asset classes Unsecured 91% Secured 9% SME - share - Operations In - house 100% Outsourced - Andrea Giovanelli MANAGING DIRECTOR ITALY Data, as of Q 2 2026 Makram Chebli MANAGING DIRECTOR FRANCE Enok Hanssen MANAGING DIRECTOR GROWTH MARKETS Sarah Salmona MANAGING DIRECTOR GREECE Mateusz Poznański MANAGING DIRECTOR POLAND Misha Mihailovs MANAGING DIRECTOR GERMANY
Page 59
Concluding remarks and Q&A Harry Vranjes, CEO
Page 60
2026 - 2030: Leveraging scale 60 Capital Markets Day 2026 · Public ▪ Scale reduces risks on both sides of the balance sheet, increasing stability and resilience . ▪ Sourcing capacity with local teams across 15 markets, covering multiple asset classes under centralised investment governance. ▪ Maintain strong cost control and return focus - expanding operational leverage further. ▪ Continued focus on profitable growth , with a new investment volume ambition. Same strategy, new phase for Hoist Finance as a specialised debt restructurer (SDR)