Slides
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Q3 202 6 Results presentation 23 October 2026
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Today’s presenters 2 Public information Harry Vranjes Magnus Söderlund Karin Tyche CEO CFO CIRO
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Strong and steady delivery with high profitability 3 Public information Highlights Q3 2026 SEK 1 . 6 bn I nvestment portfolio acquisition s SEK 40 . 0 bn T otal investment portfolio 103 % C ollection performance 21.2 % Return on equity SEK 503 m Profit before tax SEK 4.05 EPS 12.88 % CET1 - ratio Q3 2025: 1 7.6 % Q3 2025: SEK 3 49 m Q3 2025: SEK 3.00 Q3 2025: 12.21% Q3 2025: 1 03 % Q3 2025: 31.6 bn Q3 2025: SEK 2.4bn
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70% 30% Unsecured Secured 4 Public information Softer investment quarter after high H1 - activity ▪ Continued active market with SEK 1.6bn of investments closed, mainly in France, Italy, Poland and the UK, at accretive IRRs . ▪ SME - share of the portfolio at 17%. ▪ After the quarter was closed, an additional SEK 1bn of investments signed and a strong pipeline going into the final months of - 26 and start of - 27. Investment highlight s Q3 2026 SEK 40.0bn SEK 40.0bn Investment portfolio by asset class Investment portfolio by geography Investment portfolio acquisitions Investment portfolio Co investment portfolio SEK 40.0bn Investments portfolio value SEK 67.8bn Gross 180 - month ERC 15% 15% 15% 14% 14% 10% 7% 7% 4% Italy UK Spain Poland Germany France Greece Other Sweden 2,1 2,2 4,5 1,9 1,0 2,6 2,4 4,0 2,0 6,1 1,6 0 1 2 3 4 5 6 7 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 2024 : SEK 10.8bn 202 5: SEK 9.9bn 2026 YTD : SEK 9.7bn Co - Investment
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5 Public information Stronger results from larger portfolio Q3 financial summary R eturn o n equity 21.2 % Q3 2025: 1 7.6 % ▪ Stable collection performance at 103% in seasonally slow Q3 . ▪ Investment portfolio growth of 27% in one year ( 24% excl. FX). ▪ Strong profitability with ROE of 21.2% , vs 17.6% last year. Investment v olumes SEKm 1,585 Q3 2025: 2,355 Investment p ortfolio SEKm 3 9 , 973 Q3 2025: 31 , 565 27 % SEKm Q3'26 Q3'25 Change Change excl. fx Interest income investment portfolio 1,542 1,238 25% Interest income coinvest portfolio 68 47 45% Other interest income 170 144 18% Interest expense - 537 - 492 9% Net interest income 1,244 937 33% 33% Total impairment gains & losses 98 75 31% Other income 49 39 27% Net result from financial transactions 11 - 1 < - 100 % Total operating income 1,403 1,051 34% 34% Direct expense - 629 - 451 39% Indirect expense - 266 - 250 6% Total operating expenses - 895 - 701 28% Share of profit from joint ventures - 4 0 < - 100 % Profit before tax 503 349 44% 45% Tax - 119 - 65 83% Net Profit 384 284 35% 36% 3.6pp
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Steady performance in a seasonally slow quarter 6 Public information Financial overview Q3 2026 SEK 384m Net profit for the quarter SEK 284m Q3 2025 SEK - 895m Total operating expenses SEK - 701m Q3 2025 SEK 1,403m Total operating income SEK 1,051m Q3 2025 SEK 1,244 m Net interest i ncome SEK 937m Q3 2025 ▪ Interest income from acquired loan portfolios, incl co - investments, 25% up from last year – in line with FX - adjusted portfolio growth. ▪ Interest expense increased by 9% , lower than portfolio growth due to improved NSFR efficiency and higher yields . ▪ Impairments at SEK 98m reflecting stable collection performance at 103% . ▪ Net financial transactions of SEK 11m reflecting strong collections also in the co - investment portfolio . ▪ Other income include fee income from third party servicing in Azzurro of SEK 27m. ▪ Direct costs growth of 39% since Q3 2025, compared to portfolio growth of 27%, higher due to the addition of Azzurro (SEK 92m ) with increased legal costs in the quarter. ▪ Indirect costs at a stable level , with SEK 20m added from Azzurro and SEK 10m in one - timers. ▪ Profit before tax of SEK 503m , compared to SEK 349m last year, reflecting a growing book and strengthened operating leverage . ▪ Effective tax rate at 23.7% .
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Five quarters cost trend Direct costs Indirect costs FTE Public information 115 127 126 139 171 336 353 375 390 441 65 0 100 200 300 400 500 600 700 800 900 - 1,500 - 1,000 - 500 0 500 1,000 1,500 2,000 2,500 3,000 3,500 Q3’25 Q4’25 2,549 Q1’26 Q2’26 17 Q3’26 451 545 501 530 629 2,518 2,661 3,075 2,994 250 248 248 249 256 25 33 Q3’25 Q4’25 Q1’26 Q2’26 10 Q3’26 273 282 266 Non - recurring Underlying indirect 368 371 361 365 371 641 654 674 676 689 Q3’25 Q4’25 Q1’26 144 52 Q2’26 148 44 Q3’26 1,009 1,025 1,035 1,237 1,252 Gross collections Non - recurring Azzurro servicing costs Other direct costs Legal costs Azzurro Direct Direct Azzurro Indirect Indirect MSEK 7
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0,00% 0,50% 1,00% 1,50% 2,00% 2,50% 3,00% 3,50% 4,00% 4,50% 0 5 10 15 20 25 30 35 40 45 50 55 60 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Funding Average cost of funding, % Stable funding platform Distribution of funding Funding 1 , SEKbn Avg. cost of funding 3. 21% 3.87% 81% 12% 2% 5% Deposits Sr unsecured debt AT1 instruments Subordinated liabilities • A verage funding cost came down to 3.21% from 3.23% in Q2, despite higher market interest rates , reflecting deposits with fixed term of an average 1.2 years (approx.). • Successfully issued SEK 300m tier 2 instruments at Stibor 3m+225 bps . • Stable funding mix with deposits at approx. 80%. Public information 8
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Robust, organic capital generation 9 Public information Capital and liquidity position 0 2 4 6 8 10 12 14 Regulatory capital requirement Margin above capital requirement CET1 ratio 8.95 3.93 12.88 25 27 27 27 27 Q3 - 25 Q4 - 25 Q1 - 26 Q2 - 26 Q3 - 26 142 143 145 138 138 Q3 - 25 Q4 - 25 Q1 - 26 Q2 - 26 Q3 - 26 Q3 - 25 Q4 - 25 Q1 - 26 Q2 - 26 Q3 - 26 1,835 1,738 1,595 1,780 1,854 CET1 - target range 12. 25 % 11.25 % Liquidity coverge ratio (LCR), R12 % Liquidity reserve, SEKbn Net stable funding ratio (NSFR), % CET1 - ratio, % ▪ Robust capital ratios, well above regulatory requirements, giving ample room to invest . ▪ Strong liquidity ratios , with NSFR above the 130% requirement for SDR with margin.
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High activity level going into the final months of 2026 10 Public information Key takeaways Stable operational delivery, strong profitability. Despite a seasonally slower Q3, stable collection performance at 106% YTD with ROE of 22.6% YTD. Active NPL - transaction market . With SEK 9.7m invested YTD, record level, strong pipeline going into the final months of the year and start of 2027, with high activity across all the larger markets . Building position in the UK . With the integrated of Azzurro in the UK in full swing, we have signed our first investments and forward flow agreements as one entity . Further strengthening funding resilience . We continue the roll - out of the own deposit platform , now looking at Poland to take in both PLN and EUR directly on HoistSpar Poland from early 2027 .
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Q&A
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Overview of non - recurring items 12 Public information P&L nominal Q3'25 Q4'25 Q 1 ’2 6 Q 2 '26 Q 3 '26 SEKm SEKm SEKm SEKm SEKm Impairment gains and losses 38 Positive book revaluations Derecognition gains and losses 64 Portfolio divestments, Poland and Sweden Other operating income 164 VAT refund Total operating income 102 164 Personnel expenses Other administrative expenses - 65 Legacy VAT provision - 25 M&A transaction costs - 33 M&A transaction costs - 10 Project costs, provisioning for a legacy case Depreciation and amortisation of tangible and intangible assets Total operating expenses - 65 - 33 Profit/loss before tax from continuing operations 37 131
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Status on the SDR criteria T he main activity of the institution is the purchase, management and restructuring of non - performing exposures in accordance with a clear and effective internal decision process implemented by its management body. Main activity is acquiring, managing and restructuring NPLs. T he accounting value measured without taking into account any credit risk adjustments of its own originated loans does not exceed 15% of its total assets. No own originated loans. A t least 5% of the accounting value measured without taking into account any credit risk adjustments of its own originated loans constitutes a total or partial refinancing, or the adjustment of relevant terms, of the purchased non - performing exposures that qualifies as a forbearance measure in accordance with Article 47b of this Regulation. >13.6% of NPLs qualifies as forbearance measures in accordance with the article. T he total assets of the institution do not exceed EUR 20 billion. Total assets at EUR 6.3bn. T he institution maintains, on an ongoing basis, a net stable funding ratio of at least 130%. NSFR by end - Q3 of 138%. T he sight deposits of the institution do not exceed 5% of total liabilities of the institution. Only offers deposits with contractual maturity. 13 Public information Fulfilling the full SDR - criteria on each reporting date during the preceding financial year 1 2 3 4 5 6 Hoist Finance at end - Q3 2026: From the regulatory text (article 36(5) CRR), conditions to be complied with, on an individual and consolidated basis, to qualify as SDR: