Lhv Group As · OMXTSE:LHV1T
Lhv Group As — Q2 2026 Earnings Presentation
34 slides from Lhv Group As's earnings presentation, Jul 21, 2026
Slide 1: LHV Group Q2 2026 results
LHV Group Q2 2026 results 21 July 2026
Slide 2: Key highlights Q2 2026
LHV Group Key highlights Q2 2026 Group net profit reached EUR 24.7m in Q2 2026, up 25% QoQ but Net income Net profit 20% below the elevated comparison base of Q2 2025 EUR 79.0m EUR 24.7m +7% YoY -20% YoY Group net interest income increased 5% QoQ and 8% YoY LHV Pank’s net income increased 15% QoQ an
Slide 3: Q2 2026 compared to Q1 2026
LHV Group Q2 2026 compared to Q1 2026 Financial results, EURt Q2-26 Q1-26 ∆ QoQ Jun 26 May 26 • Net interest income increased 5% QoQ, with Net interest income 62,480 59,277 +3,203 21,735 20,811 Net fee and commission income 14,644 14,697 -53 5,165 5,181 further improvement expected Other income 1,88
Slide 4: 2026 compared to 2025
LHV Group 2026 compared to 2025 Financial results, EURt Q2-26 Q2-25 ∆ YoY YTD26 YTD25 ∆ YoY • Net interest income increased 2% YoY in H1 Net interest income 62,480 57,643 +4,836 121,757 119,653 +2,104 Net fee and commission income 14,644 15,580 -937 29,341 29,651 -311 as higher base rates continued
Slide 5: Profitability
LHV Group Profitability Net profit YoY bridge, EURt • In H1 2026, net profit declined EUR 15.6m YoY (-26%), mainly due to higher impairments and 6,774 400 operating expenses, while net income 59,925 -4,670 - 711 -2,448 remained broadly stable -6,270 -1,511 1,755 44,375 -3,325 • Decline in other inco
Slide 6: Balance sheet structure
LHV Group Balance sheet structure Structure of assets EURm • Balance sheet structure remains deliberately 12,000 10,233 simple, with customer loans and high-quality 9,652 8,736 liquidity portfolio on the asset side and 9,000 6,845 7,126 customer deposits as the primary source of 6,135 6,000 funding
Slide 7: Loan portfolio quality
LHV Group Loan portfolio quality EURm Loan portfolio by stages (gross) Stage 3 collateral shortfall • Loan portfolio expanded by EUR 769m (+15%) 5,507 5,628 5,815 Fair value YoY, with growth well diversified between 6,000 5,280 Carrying of Uncovered Collateral 5,038 2.8% amount collateral part cover
Slide 8: Risk tolerance: Capital
LHV Group Risk tolerance: Capital • All capital ratios above both regulatory Category Indicator Risk appetite level Actual 30 June 2026 minimum requirements and internal risk tolerance levels, with meaningful buffers Capital adequacy (CAD) >20.00% 20.80% Capital adequacy (Tier 1) >17.30% 17.49% • CE
Slide 9: Liquidity
LHV Group Liquidity LCR and NSFR • LCR stood at 171% and NSFR at 147%, both 200% well above regulatory minimums and internal 171% targets 150% 147% 120% • Deposits remained the primary funding source, 100% 110% complemented by covered bonds and senior 50% unsecured debt 0% • Loan-to-deposit ratio st
Slide 10: YTD 2026 financial results broadly in line with the financial plan
LHV Group YTD 2026 financial results broadly in line with the financial plan Financial results, EURt YTD26 FP YTD ∆ FP • Q2 2026 net profit of EUR 24.7m was broadly Net interest income 121,757 118,907 +2,850 Net fee and commission income 29,341 32,185 -2,845 in line with the financial plan Other inc
Slide 11: LHV Pank
LHV Pank
Slide 12: Key highlights Q2 2026
LHV Pank Key highlights Q2 2026 Net interest income returned to growth, supporting 15% QoQ increase in Net income Net profit net income and 20% QoQ increase in net profit EUR 62.3m EUR 24.3m +10% YoY -18% YoY Loan portfolio increased by EUR 114m QoQ Loan portfolio Deposits Margin discipline on both
Slide 13: Key operational activities and milestones in Q2
LHV Pank Key operational activities and milestones in Q2 Core systems fully migrated to the cloud Transition to product-led operating model MiCA licence secured, the first bank in Estonia to receive one Recognised as Top Employer in the Estonian financial sector LHV Pank AS to be renamed to LHV Bank
Slide 14: Increasing efficiency in deposit pricing
LHV Pank Increasing efficiency in deposit pricing EURm Customer deposits • Customer deposits declined as result of the -5% continued repricing of deposits and the 8,000 6,640 6,964 100% deliberate reduction of higher-cost funding 6,560 6,538 6,226 6,000 75% • Banking services deposits decreased, mai
Slide 15: Loan growth broadly in line with market development
LHV Pank Loan growth broadly in line with market development EURm Loans (net) • Loan portfolio grew by EUR 114m in Q2, +9% compared with EUR 24m growth in Q1 4,574 4,683 4,707 4,821 4,429 5,000 10.0% • Retail loans increased by EUR 89m and the 3,750 7.5% corporate loan portfolio by EUR 25m QoQ 2,500
Slide 16: Net income up 15% QoQ and 10% YoY
LHV Pank Net income up 15% QoQ and 10% YoY EURt Net interest income • Net interest income returned to growth as +5% expected, increasing 6% QoQ and 5% YoY 60,000 53,703 51,122 48,938 50,101 50,621 • The ECB rate hike in mid-June had no material 45,000 impact on Q2 results 30,000 • Fee income increas
Slide 17: Expenses broadly in line with plan
LHV Pank Expenses broadly in line with plan EURt Operating expenses by category • Higher personnel expenses were driven by +16% one-off items, severance payments and 32,000 28,255 accelerated share option costs related to 27,406 24,460 25,800 management transitions 23,719 24,000 • IT expenses increa
Slide 18: Net profit up 20% QoQ
LHV Pank Net profit up 20% QoQ Financial results, EURt Q2-26 Q1-26 YTD26 YTD25 FP YTD ∆ FP • Loans remained ahead of plan, while deposits Net interest income 53,703 50,621 104,324 107,211 102,908 +1,416 Net fee and commission income 11,779 11,379 23,158 22,312 26,124 -2,966 were slightly below plan
Slide 19: LHV Bank
LHV Bank
Slide 20: Key highlights Q2 2026
LHV Bank Key highlights Q2 2026 Business volumes remained in line with plan across loans, deposits and Net income Net profit transactions EUR 14.8m EUR 1.4m +19% YoY vs EUR 0.1m in Q2 2025 Loan portfolio grew 8% QoQ to EUR 945m Loan portfolio Deposits Deposits remained stable at EUR 1.4bn by design,
Slide 21: Continued loan growth
LHV Bank Continued loan growth Loans (net) EURm • SME lending momentum remained strong 1,000 +66% 945 876 • Pipeline with offers at grew from GBP 124m 782 750 660 (EUR 143m) to GBP 176m (EUR 206M) 569 • Overdue loans continued to grow in line with 500 portfolio growth and maturity 250 • Deposit grow
Slide 22: Net interest income improved
LHV Bank Net interest income improved EURt Net interest income • Growth in the SME loan portfolio continued to +56% support net interest income 12,000 9,606 9,557 • Euro payment services remained under 9,178 9,000 pressure due to lower euro deposit balances 6,125 6,410 and reduced partnership fee in
Slide 23: Expenses remained well controlled
LHV Bank Expenses remained well controlled Operating expenses by category EURt • Operating expenses remained below plan, +2% while the Bank continued to invest in people, 14,000 brand and business growth 12,313 12,406 12,572 11,438 11,277 • Customer support Agentic AI rollout is planned 10,500 for Q
Slide 24: Continued balance sheet growth
LHV Bank Continued balance sheet growth Financial results, EURt Q2-26 Q1-26 YTD26 YTD25 FP YTD ∆ FP • Net interest income was ahead of plan, Net interest income 9,557 9,178 18,736 11,388 17,295 +1,441 Net fee and commission income 373 599 972 597 1,334 -362 supported by strong loan growth Net fee sh
Slide 25: LHV Varahaldus
LHV Varahaldus
Slide 26: Key highlights Q2 2026
LHV Varahaldus Key highlights Q2 2026 Net income Net profit Strong market rebound in Q2, driven primarily by AI-related sectors EUR 2.4m EUR 0.4m +10% YoY -27% YoY AUM continued to grow across both pillars, supported by positive fund returns Pillar II funds Pillar III funds Operating income and expe
Slide 27: Strong quarter for index funds after weak start to the year
LHV Varahaldus Strong quarter for index funds after weak start to the year Assets under management and number of customers customers (th.) EURm • AUM continued to increase, supported by +15% regular inflows and positive fund returns 2,000 1,563 1,620 1,702 1,718 1,791 200 • Very strong quarter for b
Slide 28: Results slightly ahead of the financial plan
LHV Varahaldus Results slightly ahead of the financial plan Financial results, EURt Q2-26 Q1-26 YTD26 YTD25 FP YTD ∆ FP • Operating income and expenses broadly in line Total net income 2,434 2,382 4,817 4,417 4,742 +74 Total operating expenses 2,244 2,025 4,269 3,525 4,212 +57 with the financial pla
Slide 29: LHV Kindlustus
LHV Kindlustus
Slide 30: Key highlights Q2 2026
LHV Kindlustus Key highlights Q2 2026 Net loss ratio improved compared with the challenging previous quarter, Gross written premiums Net profit supported by the absence of major claims and lower claim frequency EUR 11.7m EUR 0.8m +15% YoY -27% YoY Gross premiums grew 15% YoY in a soft market, driven
Slide 31: Improved financial results
LHV Kindlustus Improved financial results Contract premiums written EURm • Q2 sales grew 15% YoY, driven primarily by +15% 14.7 MTPL and travel insurance, while several 16 smaller product lines also delivered strong 10.7 11.7 growth. Momentum in MOD and home 12 10.2 9.2 insurance softened 8 • Market
Slide 32: Stable quarterly results
LHV Kindlustus Stable quarterly results Financial results, EURt Q2-26 Q1-26 YTD26 YTD25 FP YTD ∆ FP • YTD claims exceeded the financial plan by Insurance revenue 11,123 10,545 21,668 19,921 21,683 -15 Commission expense 1,047 848 1,896 2,083 2,709 -813 EUR 1.5m, while strong Q2 performance Gross inc
Slide 33: Key takeaways Q2 2026
LHV Group Key takeaways Q2 2026 Group net profit of EUR 24.7m in Q2 2026, improved 25% QoQ, however remaining 20% below the elevated Q2 2025 comparison base Group net interest income showed 5% growth QoQ and 8% growth YoY LHV Pank net income increased 15% QoQ and 10%YoY, supported by important techn
Slide 34: Mihkel Torim LHV Group CEO
Mihkel Torim LHV Group CEO mihkel.torim@lhv.ee Meelis Paakspuu LHV Group CFO meelis.paakspuu@lhv.ee Sten Hans Jakobsoo Head of Investor Relations and Corporate Development stenhans.jakobsoo@lhv.ee AS LHV GROUP TARTU MNT 2, TALLINN 6 800 400 GROUP@LHV.EE LHV.EE