Slide 1: LHV Group Q1 2026 results
LHV Group Q1 2026 results 21 April 2026
Slide 2: Key highlights Q1 2026
LHV Group Key highlights Q1 2026 Net profit of EUR 19.7m was in line with the financial plan, despite Net income Net profit declining 36% QoQ and 32% YoY EUR 73.7m EUR 19.7m Capital and liquidity strong: CET1 16.2%, LCR 192%, all ratios above -7% YoY -32% YoY internal targets with meaningful buffers
Slide 3: Q1 2026 compared to Q4 2025
LHV Group Q1 2026 compared to Q4 2025 Financial results, EURt Q1-26 Q4-25 ∆ quarter Mar 26 Feb 26 • Net interest income broadly stable QoQ as Net interest income 59,277 59,914 -637 20,165 19,368 Net fee and commission income 14,697 18,312 -3,615 6,034 4,185 interest income continued growth, but was
Slide 4: Q1 2026 compared to Q1 2025
LHV Group Q1 2026 compared to Q1 2025 Financial results, EURt Q1-26 Q1-25 ∆ YoY • Net interest income declined 4% YoY as Net interest income 59,277 62,010 -2,733 Net fee and commission income 14,697 14,071 +626 margin compression offset volume growth. Other income -312 3,341 -3,653 Pressure continue
Slide 5: Profitability
LHV Group Profitability Net profit year-over-year bridge • Net profit declined EUR 9.5m YoY, with net income headwinds partially offset by 1,323 29,160 significantly lower impairments 688 4,055 62 • Interest expense increase driven by a larger 3,653 4,378 19,688 deposit base and residual funding rat
Slide 6: Balance sheet structure
LHV Group Balance sheet structure EURm Structure of assets • Balance sheet structure remains 12,000 10,233 9,984 deliberately simple: customer loans and a 8,736 high-quality liquidity portfolio on the asset 9,000 6,845 6,135 7,126 side. Customer deposits as the primary 6,000 source of funding 3,000
Slide 7: Risk tolerance: Capital
LHV Group Risk tolerance: Capital • All capital ratios exceed both regulatory Category Indicator Risk appetite level Actual 31 March 2026 minimums and internal risk tolerance levels with meaningful buffers Capital adequacy (CAD) >20.00% 21.43% Capital adequacy (Tier 1) >17.35% 17.98% • CET1 ratio of
Slide 8: Liquidity
LHV Group Liquidity LCR and NSFR • LCR at 192% and NSFR at 150%, both 200% 192% well above regulatory minimums and internal targets 150% 150% 100% 120% 110% • Deposit base remains the primary funding source, complemented by covered bonds 50% and unsecured senior debt 0% • Loan-to-deposit ratio at 72
Slide 9: Loan portfolio quality
LHV Group Loan portfolio quality EURm Loan portfolio by stages (gross) 5,628 Stage 3 collateral shortfall • Loan portfolio expanded by EUR 853m 5,507 6,000 4,775 5,038 5,280 2.8% Fair value (+18%) over the past 12 months, with Carrying of Uncovered Collateral 4,500 amount collateral part coverage gr
Slide 10: Q1 2026 financial results in line with financial plan
LHV Group Q1 2026 financial results in line with financial plan Financial results, EURt YTD26 YTD25 ∆ YoY FP YTD ∆ FP • Q1 2026 net profit of EUR 19.7m, in line Net interest income 59,277 62,010 -2,733 58,692 +585 Net fee and commission income 14,697 14,071 +626 14,049 +648 with the financial plan (
Slide 11: LHV Pank
LHV Pank
Slide 12: Key highlights Q1 2026
LHV Pank Key highlights Q1 2026 Net income Net profit 500,000 customers reached, focus on activation and engagement EUR 54.0m EUR 20.2m -10% YoY -20% YoY Efficiency gains from loan margins and deposit pricing Loan portfolio Deposits Mobile app redesign launched, enhancements ongoing EUR 4.71bn EUR 6
Slide 13: Increasing efficiency in deposit pricing
LHV Pank Increasing efficiency in deposit pricing EURm Customer deposits • Customer deposits decreased slightly due +9% to conservative repricing of deposits 8,000 6,964 6,640 5,984 6,560 6,538 • Banking Services deposits declined 6,000 mainly due to declining crypto values 4,000 during the quarter
Slide 14: Increasing return of loan portfolio
LHV Pank Increasing return of loan portfolio EURm Loans (net) • Loan portfolio grew slightly +11% 4,429 4,574 4,683 4,707 • Growth came from mortgages that 5,000 4,239 10.0% continue to grow actively 3,750 7.5% 2,500 5.0% • Corporate loans declined due to one larger loan where term ended and the 1,2
Slide 15: Net income expected improvement from Q2
LHV Pank Net income expected improvement from Q2 Net interest income EURt • Net interest income has stabilised -10% • Increasing Euribor effect realising from 56,090 60,000 51,122 48,938 50,101 50,621 next months 45,000 • Decline in fee income driven by a product 30,000 mix with low or zero fees and
Slide 16: Expenses broadly in line with plan
LHV Pank Expenses broadly in line with plan Operating expenses by category EURt • Personnel expenses higher due to +16% severance payments and accelerated 32,000 27,406 share option costs related to 25,800 23,654 24,460 23,719 management transitions 24,000 • IT expenses slightly increased due to 16,
Slide 17: Underlying business performance according to plan
LHV Pank Underlying business performance according to plan Financial results, EURt Q1-26 Q4-25 YTD26 YTD25 FP YTD ∆ FP Net interest income 50,621 50,101 50,621 56,090 51,231 -610 • Deposits ahead of plan, loans slightly Net fee and commission income 11,379 12,937 11,379 10,470 11,018 +361 behind due
Slide 18: LHV Bank
LHV Bank
Slide 19: Key highlights Q1 2026
LHV Bank Key highlights Q1 2026 Business volumes ahead of plan across loans, deposits and transactions, Net income Net profit with net profit in line with expectations EUR 15.0m EUR 1.3m +3% YoY -41% YoY Loan portfolio grew 12% QoQ to EUR 876m Loan portfolio Deposits EUR 0.88bn EUR 1.43bn +79% YoY +
Slide 20: Loan and deposit volumes continued to grow strongly
LHV Bank Loan and deposit volumes continued to grow strongly Loans (net) EURm • Strong sales continued in SME Lending 1,000 +79% 782 876 • Pipeline with offers at £124m (EUR 143m) 750 660 569 • Overdue loans naturally growing in line with 500 490 portfolio growth and maturity 250 • Strong accelerati
Slide 21: Net income dynamics reflect portfolio growth
LHV Bank Net income dynamics reflect portfolio growth Net interest income EURt • SME loan portfolio growth driving interest +74% 9,606 income growth 10,000 9,178 7,500 • The bank continues to see record levels of 6,125 6,410 5,263 payment volumes, with volumes in the first 5,000 quarter over 25% hig
Slide 22: Expenses remained well controlled
LHV Bank Expenses remained well controlled Operating expenses by category EURt • Operating costs reflect investment in +13% 14,000 people, the brand and business growth 12,313 12,406 11,009 11,438 11,277 • Customer support Agentic AI proof of 10,500 concept explored successfully in Q1 with plans to
Slide 23: Underlying business volumes ahead of plan
LHV Bank Underlying business volumes ahead of plan Financial results, EURt Q1-26 Q4-25 YTD26 YTD25 FP YTD ∆ FP • Net income ahead of plan on the back of Net interest income 9,178 9,606 9,178 5,263 8,070 +1,109 Net fee and commission income strong loan growth 599 -192 599 213 638 -38 Net fee sharing
Slide 24: LHV Varahaldus
LHV Varahaldus
Slide 25: Key highlights Q1 2026
LHV Varahaldus Key highlights Q1 2026 Best-performing pension funds in Estonia across both Pillar II and Pillar III Net income Net loss in Q1 EUR 2.4m EUR -0.6m +8% YoY -682% YoY AUM growing steadily in both pillars Pillar II funds Pillar III funds EUR 1.55bn EUR 0.15bn +8% YoY +35% YoY Q1 net loss
Slide 26: Only LHV pension funds showed positive returns in Q1
LHV Varahaldus Only LHV pension funds showed positive returns in Q1 Assets under management and number of customers customers (th.) EURm • AUM increased mostly due to good funds +6% returns both in II and in III pillar 1,800 1,559 1,563 1,620 1,702 1,718 240 • Strong quarter for actively managed LHV
Slide 27: Results slightly ahead of financial plan
LHV Varahaldus Results slightly ahead of financial plan Financial results, EURt Q1-26 Q4-25 YTD26 YTD25 FP YTD ∆ FP • Operating income slightly higher than Total net income 2,382 4,502 2,382 2,203 2,333 +49 anticipated, expenses also in line with Total operating expenses 2,025 2,006 2,025 1,734 2,03
Slide 28: LHV Kindlustus
LHV Kindlustus
Slide 29: Key highlights Q1 2026
LHV Kindlustus Key highlights Q1 2026 Net loss driven by slightly increased claim frequency and higher number of Gross written premiums Net loss large losses EUR 14.7m EUR -0.7m +14% YoY -201% YoY Gross premiums grew 14% YoY in a soft market, driven by home and travel insurance diversification Net l
Slide 30: A claim-heavy quarter
LHV Kindlustus A claim-heavy quarter EURm Contract premiums written • Q1 sales grew by 9% YoY, driven primarily +14% by home and travel insurance. Some 16 14.7 smaller product lines also delivered strong 12.9 12 10.7 sales performances 10.2 9.2 8 • 3 claims over EUR 100,000 in Q1, in addition to a h
Slide 31: Monthly sales targets met
LHV Kindlustus Monthly sales targets met Financial results, EURt Q1-26 Q4-25 YTD26 YTD25 FP YTD ∆ FP • On a YoY basis, total claims increased by Insurance revenue 10,545 10,591 10,545 9,708 10,717 -172 Commission expense 848 1,265 848 947 1,335 -486 EUR 1.3m in Q1 Gross incurred losses 8,250 7,228 8
Slide 32: Key takeaways Q1 2026
LHV Group Key takeaways Q1 2026 Net profit of EUR 19.7m was in line with the financial plan, despite declining 36% QoQ and 32% YoY Capital and liquidity strong: CET1 16.2%, LCR 192%, all ratios above internal targets with meaningful buffers to support continued growth LHV Pank reached 500,000 custom
Slide 33: 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