Slide 1: Q4 and full-year 2025 results
LHV Group Q4 and full-year 2025 results 10 February 2026
Slide 2: Today's presenters
Today's presenters Mihkel Torim Meelis Paakspuu Kadri Kiisel Erki Kilu CEO, LHV Group CFO, LHV Group CEO, LHV Pank CEO, LHV Bank 2
Slide 3: Key highlights 2025
LHV Group Key highlights 2025 A challenging year with strong volume growth Net income was 2.5% and net profit 6.5% below plan Net income Net profit LHV Pank grew both loan volumes and deposits by 11% EUR 304.8m EUR 117.0m -10% YoY -22% YoY In the UK, the retail offering reached 5,000 customers, whil
Slide 4: Financial highlights in Q4
LHV Group Financial highlights in Q4 Financial results, EURt Q4-25 Q3-25 ∆ quarter Dec 25 Nov 25 • Net interest income increased by 8% QoQ Net interest income 59,914 55,532 +4,382 22,497 17,583 Net fee and commission income 18,312 15,295 +3,017 6,623 6,552 and net fee and commission income Other inc
Slide 5: Balance sheet structure
LHV Group Balance sheet structure Structure of assets EURm • LHV intentionally keeps its balance sheet 12,000 10,233 simple. Assets mainly consist of loans 8,736 issued to customers, and the bank’s 9,000 6,845 6,135 7,126 liquidity portfolio. Deposits are primary 6,000 4,971 source of funding, suppl
Slide 6: Risk tolerance: Capital
LHV Group Risk tolerance: Capital • LHV Group has fulfilled all the Category Indicator Risk appetite level Actual 31 December 2025 requirements with sizable buffer Capital adequacy (CAD) >20.00% 22.85% • The capital base does not yet include Q4 Capital adequacy (Tier 1) >17.30% 19.27% profits; end-o
Slide 7: Liquidity
LHV Group Liquidity LCR and NSFR • LHV manages liquidity risk conservatively. 200% 185% LCR and NSFR levels exceeded both 157% regulatory requirements and internal 150% 120% targets with sufficient buffer 100% 110% • Bank is primarily funded by deposits, 50% supplemented to lesser extent by bond fun
Slide 8: Loan portfolio quality
LHV Group Loan portfolio quality EURm Loan portfolio by stages (gross) Stage 3 collateral shortfall • Loan portfolio increased by almost EUR 5,507 6,000 4,775 5,038 5,280 2.8% Carrying Fair value Collateral Collateral 900m over past 12 months, with broadly 4,592 4,500 Segment amount of collateral sh
Slide 9: Profitability
LHV Group Profitability EURm Structure of liabilities 9,466 • Q4 saw positive momentum in deposits, 10,000 8,669 8,793 8,058 7,831 with both Estonian and UK banks 7,500 increasing their deposit base beyond plan 5,000 • NIM has stabilised and begun to improve 2,500 • Quarterly profitability continued
Slide 10: Slight shortfall compared to financial plan
LHV Group Slight shortfall compared to financial plan Financial results, EURt YTD25 YTD24 ∆ YoY FP YTD ∆ FP • The key components driving the results Net interest income 235,099 273,326 -38,227 246,034 -10,951 Net fee and commission income 63,258 60,301 +2,957 64,041 -787 were interest income and cre
Slide 11: LHV Pank
LHV Pank
Slide 12: Key highlights 2025
LHV Pank Key highlights 2025 Net income Net profit LHV Pank grew both loan volumes and deposits by 11% EUR 228.6m EUR 107.1m -17% YoY -24% YoY 492,000 customers, increasing by 36,000 (8%) YoY Loan portfolio Deposits More than EUR 1bn in financing provided to Estonian companies EUR 4.68bn EUR 6.96bn
Slide 13: Key operational activities and milestones in 2025
LHV Pank Key operational activities and milestones in 2025 New products and improvements • "Küsi raha 2.0" • Mastercard Click to Pay • LHV Premium • New app design Technological improvements • AWS Cloud migration • LHV uses AI from Anthropic, Google and OpenAI (directly and via AWS Bedrock), with de
Slide 14: Deposits continued to grow strongly
LHV Pank Deposits continued to grow strongly EURm Customer deposits +11% • Customer deposits grew at more than 8,000 twice the market growth rate 6,640 6,964 6,294 6,560 5,984 6,000 • Platform deposits remained broadly stable during the period and the plan is to 4,000 reduce platform deposits in 202
Slide 15: Loan portfolio outperforming the market
LHV Pank Loan portfolio outperforming the market EURm Loans (net) • Loan portfolio grew by 11% compared +11% with market growth of 8% 4,574 4,683 5,000 4,204 4,239 4,429 10.0% • Around 70% of the growth came from 3,750 7.5% retail loans and 30% from corporate 2,500 5.0% segment 1,250 2.5% • Competit
Slide 16: Net income improvement in Q4
LHV Pank Net income improvement in Q4 Net interest income EURt • Interest rates declined over the year, 75,000 -18% negatively affecting net interest income as 60,000 61,405 56,090 loans repriced faster than deposits 51,122 48,938 50,101 45,000 • In Q3, the loan portfolio reached market rates, marki
Slide 17: Expenses are stabilising
LHV Pank Expenses are stabilising Operating expenses by category EURt • In 2025, Pank succeeded in reversing -3% previously accelerating cost growth, with 32,000 26,513 expenses stabilising towards the end of 25,800 23,654 24,460 23,719 the year 24,000 • Personnel expenses remain the largest 16,000
Slide 18: Interest rate headwinds weighed on earnings, business volumes remained solid
LHV Pank Interest rate headwinds weighed on earnings, business volumes remained solid Financial results, EURt Q4-25 Q3-25 YTD25 YTD24 FP YTD ∆ FP Net interest income • Net profit was EUR 7.2m below plan, 50,101 48,938 206,251 257,115 202,338 +3,913 Net fee and commission income 12,937 11,673 46,922
Slide 19: LHV Bank
LHV Bank
Slide 20: Key highlights 2025
LHV Bank Key highlights 2025 Net income Net profit Deposits and loans doubled with net profit of £5m (EUR 6m) EUR 55.5m EUR 5.5m +24% YoY -5% YoY Launching retail banking with the current account that pays base rate Loan portfolio Deposits EUR 0.78bn EUR 1.29bn +125% YoY +82% YoY First UK bank joini
Slide 21: Loan and deposit volumes continued to expand
LHV Bank Loan and deposit volumes continued to expand EURm Loans (net) Loan portfolio 782 800 +125% 660 • Strong sales continued in SME Lending 569 600 490 • Pipeline with offers at £103m (EUR 118m) 400 348 • Overdue loans grow naturally with portfolio growth 200 0 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Depo
Slide 22: Net income dynamics reflect portfolio growth
LHV Bank Net income dynamics reflect portfolio growth EURt Net interest income Net interest income 9,606 +117% 10,000 • SME loan portfolio growth driving interest 7,500 6,125 6,410 income growth 5,263 5,000 4,432 • Banking services recorded lower deposit volumes, although impact became marginal 2,50
Slide 23: Expenses remained well controlled
LHV Bank Expenses remained well controlled Operating expenses by category EURt • Operating cost development remained +4% stable over the period 14,000 12,313 11,438 • Bank invested in two larger marketing and 11,009 11,277 10,893 communication campaigns in Q2 and Q4 10,500 to support the launch of r
Slide 24: Business volumes and profitability exceeded financial plan
LHV Bank Business volumes and profitability exceeded financial plan Financial results, EURt Q4-25 Q3-25 YTD25 YTD24 FP YTD ∆ FP • Higher SME loan portfolio driving stronger Net interest income 9,606 6,410 27,405 14,662 42,005 -14,600 Net fee and commission income -192 219 624 741 11,126 -10,502 inte
Slide 25: LHV Varahaldus
LHV Varahaldus
Slide 26: Key highlights 2025
LHV Varahaldus Key highlights 2025 Best-performing pension funds in Estonian market were LHV funds, across Net income Net profit both Pillar II and Pillar III EUR 11.2m EUR 4.1m +26% YoY +155% YoY Outdoor sales channel closed, all sales activities in digital channels or via telemarketing going forwa
Slide 27: Four best performing pension funds in II pillar system were all LHV funds
LHV Varahaldus Four best performing pension funds in II pillar system were all LHV funds Assets under management and number of customers customers (th.) EURm • AUM increased mostly due to good funds +9% returns both in II and in III pillar 2,000 1,702 240 1,558 1,559 1,563 1,620 1,500 205 • Strong l
Slide 28: Net profit exceeded financial plan
LHV Varahaldus Net profit exceeded financial plan Financial results, EURt Q4-25 Q3-25 YTD25 YTD24 FP YTD ∆ FP • Net profit above financial plan estimates. Total net income 4,502 2,308 11,227 8,936 9,268 +1,958 LHV Julge, the best performing fund Total operating expenses 2,006 1,838 7,369 7,079 7,005
Slide 29: LHV Kindlustus
LHV Kindlustus
Slide 30: Key highlights 2025
LHV Kindlustus Key highlights 2025 Gross written premiums Net profit Strong gross written premiums growth with +13% YoY EUR 43.0m EUR 2.5m +13% YoY +111% YoY Net expense ratio outperformed financial plan Net loss ratio Net expense ratio 67.8% 26.8% +1.3pp YoY -4.3pp YoY Number of customers continued
Slide 31: Challenging market
LHV Kindlustus Challenging market EURm Contract premiums written • Challenging market conditions persisted +12% due to declining prices in vehicle 12 9.4 9.7 10.2 10.6 10.6 insurance 9 • Decline had been continuous since Q2 6 2025 3 • In November, sales campaign was conducted for these insurance lin
Slide 32: Monthly sales targets met
LHV Kindlustus Monthly sales targets met Financial results, EURt Q4-25 Q3-25 YTD25 YTD24 FP YTD ∆ FP • December sales targets were met, Insurance revenue 10,591 10,568 41,081 34,969 41,204 -123 Commission expense 1,265 1,246 4,594 4,542 5,402 -808 enabling the achievement of full-year Gross incurred
Slide 33: Key takeaways 2025
LHV Group Key takeaways 2025 Net income was 2.5% and net profit 6.5% below plan Total income returned to growth in Q4 following pressure earlier in the year Group's loan portfolio increased by 20% YoY and deposits 18% YoY LHV Pank increased both loan and deposit volumes by 11%, outperforming the mar
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