Good morning, everyone, and welcome to Enity and this presentation of the full-year result of 2025 as well as the fourth quarter. My name is Björn Lander.

I am here today together with Pontus Sardal. Now we're closing 2025.

It has been a very successful and, I would say, a very eventful year for Enity, not least the IPO process. I'm very pleased with the strategic development of the bank during 2025 as well as the performance in 2025.

We celebrated our 20th anniversary as the leading pure-play mortgage bank. We started 2025 as a private equity-owned company, and we closed the year as a public listed company.

That was a natural and a very good step for Enity and a big milestone. The listing process required a huge effort across the organization, both pre- and post-IPO.

What impressed me most is that we continue to deliver strong results and in line with the financial targets. A big thanks to all employees at Enity.

We have seen strong growth in 2025, double-digit portfolio growth despite subdued housing markets. We delivered record high full-year results in 2025 driven by good growth, stable margins, and good cost control.

We have also seen a good support from efficiency realization and synergies coming from the acquisition of Bank2. Looking at the financial targets that was set as part of the IPO, we have two financial targets.

We have a loan book target of 8% to 10% and an adjusted RoTE of approximately 20%. We delivered 10% loan book growth in 2025 and a 19.2% adjusted RoTE, well in line with the target set.

We closed the year with a CET1 ratio of 14.1%, which is 215 basis points above regulatory requirement. We have a target to operate within a range of 200 to 300 basis points above the regulatory requirements.

The Board of Directors, they propose a dividend of SEK 1.4 per share, corresponding to a dividend of 20%. Looking at the CET1 and dividend together, we have taken the upcoming acquisition of Uno into account as well as our ambition to continue to grow and expand.

Good momentum for continued strong growth. If you look at the 2025, Sweden grew by 6.6% despite the weak housing market in 2025.

We have seen a gradual improvement in Sweden throughout the year, and we believe lower rates and better economic conditions will support the housing markets into 2026. We actually increased our marketing spend in the fourth quarter in Sweden to continue to build up momentum and capitalize on better conditions.

We think it is good timing to invest more thanks to improved consumer confidence. We will continue to invest more into marketing also in 2026 to support our overall growth target.

We think also that the elimination of the interest deduction on unsecured consumer loan is expected to contribute positively for Enity, even though it will most likely take some time until it will fully be visible in the numbers. I think many consumers are not aware of this change and will realize this first when they file their income declaration during the spring 2027.

Then we have some proposed LTV cap changes in Sweden together with eased amortization requirements and debt-to-income cap expected to come into force 1st of April. We think this will have a positive/neutral impact to the Swedish business.

If you look at Norway, they grew the portfolio by circa 10%, good performance. It was obviously a very strong housing market during the first half-year.

House prices increased 7% during the first half, but actually declined 2% in the second half. We believe that the first half was positively impacted by the increased LTV when it went from 85% to 90%.

Norges Bank kept the policy rate unchanged at 4% during the fourth quarter, clearly much higher policy rates than both Sweden and Euroland. Then if you look at Finland, we delivered high double-digit growth despite weak housing markets.

We turned into profitability in 2025, and we have reached the critical mass in Finland to be able to deliver a good profitability moving forward. There might be some kind of volatility in the numbers depending on the level of marketing spend from quarter to quarter.

I think, for us in Finland, key focus is to continue to build awareness in the market. We are, as building this kind of category.

We are the only player doing that, it takes some time to educate market, consumers, and partners. Like in Sweden, we believe the market will recover, but there are still an element of uncertainty with regards to that.

60plusbanken in Sweden passed another milestone. We reached SEK 2 billion of loan book in 2025, so that's great to see.

When it comes to our margins, they have been stable compared to 2024. We also believe that the kind of the margins will continue to drop somewhat in the next couple of years.

As previously communicated, it will come down a bit also in 2026. Some other highlights for 2025, again, we delivered a very strong result.

Adjusted operating profit improved by 17%. Again, this is a combination of good growth, stable margins, and good cost control.

We actually had a negative impact from a weaker Norwegian krone. By end of last year, the NOK/SEK was at 0.91.

This impact our result negatively by more than 20 million year-on-year. If the NOK stays at this level, it will obviously be a bit of a drag for us into 2026.

When it comes to scalability, we can clearly see that we have improved in terms of cost-to-income ratio, and cost-to-income went down 5 percentage point during 2025. This is driven by the kind of the transformation that has been ongoing for quite some time, the consolidation of core banking platforms, improved internal processes, and centralization of certain functions.

There are still things to do when it comes to internal efficiency and scalability, but we are on a good track to reach the kind of the target of 40% to 42% cost-to-income ratio in the next couple of years. Credit quality has been resilient in 2025.

Norway are still on an elevated level, including some specific provisions related to the run-off portfolio from Bank2. We have seen higher share of loan in Stage 3, but trending downwards.

As previously said, it will take some time to get it down further. Overall, when it comes to credit losses, they are expected to gradually decrease towards more normalized level over the next couple of years.

Then we have an upcoming acquisition of the remaining shares of Uno Finans, as also communicated the last quarter. We expect to complete kind of the acquisition during February and start to consolidate numbers from March 2026.

Our share of the 2025 profit was 31 million SEK, whereof 11 million in the fourth quarter. We expect good contribution and good results going forward from Uno.

By that, I hand over to Pontus.

Thank you, Björn. Let's run through the financials and the performance of the segments.

Group financials, we've had a good operational delivery with 10% lending growth and an adjusted operating profit, which is up 17% to last year. Looking then specifically at the fourth quarter, adjusted operating profit is down somewhat quarter-on-quarter as well as year-on-year due to a few factors that I will comment on now.

Firstly, net interest income was negatively impacted by a further weakening of the NOK, comparing to previous quarter as well as same quarter last year. Despite this, we delivered a flat net interest income where margins declined somewhat, but lending growth more than compensate for this.

I think, again, going forward, as we've previously communicated, we expect to continue to grow in the range of 8% to 10% and the net interest margin to trend down somewhat over the coming years. To note again here is also that the NOK is still trading below the average rate for 2025.

Then secondly, we had net financial transactions, i.e., mark-to-market of hedging derivatives on the currency side and the interest side, -10 million in the fourth quarter, which is worse than previous quarter as well as same quarter last year. This is clearly a volatile item.

It can vary quite a lot between the quarters. If you look at the full-year numbers, it's close to zero.

It has evened out over the year. Then thirdly, we saw adjusted operating expenses in the fourth quarter up on a quarter-on-quarter basis due to being firstly seasonally low in the third quarter as well as we have increased our spending on marketing in the fourth quarter to grasp the growth opportunities as we see them, and primarily then in the Swedish market.

The year-on-year comparison on the OpEx side is impacted then by the consolidation of Eiendomsfinans from the second quarter this year. If you adjust for that and make a comparison on a full-year basis, the operating expenses are down.

That's a fact because of staff reductions and the synergy takeouts of Bank2 then. On the OpEx side, going forward for 2026, we expect a 4% cost inflation compared to full-year 2025 numbers.

We also expect the full-year impact from consolidating Eiendomsfinans, which forms only part of 2025 numbers. In addition to that, we are also ramping up marketing spend with circa 20 million to seize growth opportunities across the markets.

Again, to reiterate, in the medium term, we still expect the adjusted cost-to-income ratio, i.e., adjusting for the broker businesses, to come down towards the 40% to 42%. We were at 46% at year-end.

Then on the credit loss side, they remain stable, 26 basis points last 12 months compared to the third quarter. Booked losses in the fourth quarter were somewhat up in Sweden from basically zero credit losses in the year.

In Sweden, we posted 6 basis points for the full year. In Norway, losses and the share of Stage 3 loans they remain elevated if you compare to last year.

Over the medium term, we expect credit losses to gradually start to decrease to more normalized levels. However, economic recovery, interest rates still have to work their way through for this to be the case.

We then delivered a strong net profit for the period, up 38%, where income tax had a positive impact on net profit for the quarter as well as for the full year. This is due to an improved interpretation of the mechanisms for foreign taxes where we're able to offset that at a better rate.

Again, going forward, we expect effective tax rates to be the function of where profits are generated and the local tax rate in each jurisdictions, though on a quarterly basis, they can vary depending on translation differences, which form part of other comprehensive income where you will have an offsetting effect. Now to a few words on each of the markets.

Let's start with Sweden. Adjusted operating profit declined in the quarter, but rose 11% for the full year 2025.

Muted growth in Sweden has clearly been the case, but that has been more than well offset by lower costs and lower credit losses. Net interest income and net interest margin declined in the quarter due to adverse timing effects on group internal lending as the spread on internal lending is actually a bit more favorable to Sweden than to Norway.

The corresponding effect is also visible in Norway. We expect a somewhat reverse effect on this during the first quarter this year.

Additionally, operating costs in the fourth quarter are up compared to previous quarter due to seasonality and as well as additional spending on marketing to seize growth opportunities. Year-on-year, operating expenses are down.

Then finally, credit losses again, they're up in the fourth quarter from literally zero in the previous three quarters this year. The net credit loss level will always contain elements of volatility between the quarters.

For the full year, Sweden posted a 6 basis points credit loss level compared to 19 basis points last year. Then let's go to Norway.

Adjusted operating profit improved 5% in the quarter and 24% for the full year due to strong lending growth. This is despite headwind from a weakening NOK over the year.

Net interest margins, they have been stable over the years, and with the net interest income growing in line with lending, even if there was some support from the group internal lending in the fourth quarter as mentioned under Sweden. Operating expenses are broadly flat quarter-on-quarter.

They're down 10% to same period last year. For the full year, operating expenses are down 14%.

This is due to the full takeout of synergies from the Bank2 acquisition as well as some support obviously also from the weaker Norwegian krone. This leaves the cost-to-income ratio on the same level as previous quarter, i.e., 35%.

Credit losses still elevated with a neutral development of Stage 3 loans. As mentioned, we believe it will take some time to work that number down.

Interest rate cuts and economic recovery still need to come all the way through to the customers. Then let's a few short comments on Finland.

As communicated in the third quarter, the break-even point in Finland was reached. This still holds even if there is a minor operating loss in the fourth quarter due to slightly higher marketing spending.

In Finland, we continue to see good gross opportunities where we can convert business to current margins. This will increasingly be supportive to the overall profits for Enity going forward.

Then a few words on the credit loss side. Again, we posted 26 basis points in last 12 months credit loss ratio.

Again, important to keep in mind is that we also posted a stable net interest margin of circa 400 basis points. It's a very good loss absorption.

I think if you look at the numbers, we've seen write-offs being fairly stable over the last five quarters. They've been ranging in between 15 and 20 million, whereas provisions on a quarterly basis will always give some volatility.

We've had quarters where we've released provisions, and we've had some quarters where we've added provisions. The fourth quarter is such that we have built up a little bit more provisions in the Norwegian book, and we've seen less put-backs basically in the Swedish book.

This took the net credit loss figure for the quarter a little bit up if you compare to previous two quarters. Stage 3 loans, they're still elevated comparing to the past, but they continue to trend positively across all markets.

We saw a little bit up on the Stage 2 loans, which is due to the Christmas holiday period. Then let's a few words on the funding side.

We've had basically no major changes on the funding structure. It remains intact.

We have done a refinancing of a covered bond maturity of 2 billion up to 1.5 billion at similar spreads during the fourth quarter. Rating remains unchanged, and the regulatory ratios are well above the limits.

To note is that we have an upcoming senior bond maturity in the first quarter this year. Then finally, on the capital ratio side, we have as communicated in the third quarter where we had a self-imposed REA in anticipation of the upcoming transaction or acquisition of remaining shares in Uno Finans, this is still the case.

We have adjusted that item to better reflect what we anticipate will be the capital impact from that acquisition at completion. This, in combination also with the proposed dividend, puts the CET1 ratio at the lower band of the target range, i.e., 14.1%.

With that, I hand back the word to Björn.

Thank you, Pontus. Then we leave 2025 behind us and look a little bit ahead what's going to happen.

I think we reiterate what was said basically last quarter. Key focus for us is, of course, to continue to grow and perform in our core markets being Sweden and Norway.

Again, Sweden, we believe that we will get some tailwind with regards to improved market conditions, even though it might take some time. We believe the housing markets will recover and improve during 2026.

When it comes to Norway, we are also optimistic about the Norwegian market, even though we don't see kind of the same support we had in the beginning of last year when the kind of the LTV cap increased from 85% to 90%. We will continue to expand and grow in Finland and 60plusbanken.

Finland, clearly a growth market despite the subdued kind of housing market. Key focus, again, to build awareness and continue to invest into marketing and also to integrate more into partners and brokers in the Finnish market.

Then also as communicated last time, we do see opportunities to enter additional markets beyond the Nordics. We have started the work to assess opportunities in different markets.

This is, however, a long-term kind of project for us and nothing that will happen in the near future. Then we will also continue to invest into further digitalization and kind of automation initiatives to improve both our customer experience and to make the onboarding easier and better.

We will also continue to strive to improve our internal efficiency even more to support both the kind of the growth coming as well as the cost-to-income ratio. The last thing is we are strengthening the distribution of our mortgage products in both Norway and Finland thanks to Eiendomsfinans and Uno.

We believe there are opportunities for further acquisitions in the Swedish market. The new legislation for brokers in Sweden, which means that loan intermediaries must apply for banking license, create opportunities for us to explore that possibility.

By that, closing 2025, a year, strong year in terms of performance, very eventful year. We enter 2026 with kind of good momentum and a more optimistic housing market and a further scalability.

We are well-positioned for the year to come. By that, we open up for questions.

Morning, guys. Let's focus first on the revenue side.

If we take the net interest income, you remind us, of course, that the NOK is impacting on an average basis for the full year also into 2026. If we rather look at sequential quarter, we see that the NOK is actually strengthened quite a bit in the last month here now.

If the NOK isn't moving further down, should we consider that from Q1 compared to Q4, the driver of the net interest income would rather be volumes, and these volumes would then also be unaffected by FX? Is that how we should think about it?

I think we had in the four, comparing to the third quarter, the kind of the NOK depreciation made up some 2 million circa in lower net interest income. It reached kind of the bottom point end of year then.

Would it recover obviously, one would expect to see some support from that going forward, comparing to where you were in the first in the fourth quarter. Comparing to last year is a different story, obviously.

Yeah. Then other income, because that's actually where you had a bigger miss in the quarter.

There is an FX-related derivative impact, I think, on the trading line of some 10 million. Could you tell us a little bit on other revenues into 2026?

What should we consider for trading, but also associates? You have Uno falling out, which is around 10, 11 million a quarter.

How big would that be once you have acquired 100%? On what P&L line will we see that effect?

Yeah. If we we start there's there's there's two kind of items on the other revenue lines that are made.

One is the the broker commissions from Eiendomsfinans that was acquired during spring, which make up make up circa 50 million on an annualized basis then, looking at the kind of run rates that we've seen this year. That's that's kind of a that's that's going to be a full-year impact in in 2026 from that.

Then on the on the other, which is income from associates, i.e., the our share in the holding in Uno Finans, which was 7 million in the third quarter, it was 11 million in the in the fourth quarter on a net net profit basis, basically. One should expect to see to see kind of the other share of that number when we move in to into 2026 then.

Then I think in terms of in terms of how this will play out, I think we have to come back to that when when we've completed the the transaction and and consolidated, etc. It will obviously have a similar impact as we saw for the for the or from the acquisition of Eiendomsfinans where you where it will inflate both both the OpEx line as well as the revenue line.

Let us let us come back to that when when we have closed the transaction. On a on a net basis, I think it's you you should look at the you should look at the numbers on on the share in associates, which is a representative kind of run rate of the business.

Yeah. If you today have 11 million on a 50% ownership, we should just double it.

Is it mainly a fee revenue item, just so we get it roughly right in the modeling?

It's a net profit number you see there, but it's a fee income number that will inflate when we move in

to

next year. On the OpEx side as well.

Exactly.

Yeah.

That

That's it for me for now.

Okay.

Thank you. I will continue a little bit where you picked off.

I heard what you said on Uno Finans here in terms of impact. Can you then, in Eiendomsfinans, you talked about that the cost was similar to the income level basically.

Do we have any idea about cost-income ratio in this Uno Finans so we can get a rough estimate since we will inflate both the income and the cost side? Anything you can share on that?

No, let us complete this, and then we'll communicate what we believe is the impact from that going forward in terms of cost-income ratio, etc. I think also that in terms of cost-income ratio and the guidance we've given, and I think that is the way we will continue to track that in terms of are we improving operationally.

We do want to adjust for the holdings in the loan brokerage businesses because it distorts quite a lot otherwise the development of the underlying operational efficiency.

Will you report this separately then so we can track it more clearly?

Yeah. We will.

We will report these holdings as a segment Other, which is partly the case today, but they will form part of a separate segment. You are going to be able to report it also, so.

Thank you.

Hi there. What information do you have about the enterprise value of Uno Finans?

No, we aren't going to comment on that today. We are in the process of closing this deal, and that will happen in the next couple of weeks.

We will get back with the information about it once we have completed the transaction.

Okay. You don't have any information about enterprise value?

No, nothing we will communicate today.

Okay. If you know the effect on the capital ratios of the acquisition of Uno Finans, how can you not say anything about the enterprise value?

The capital ratios is a self-imposed REA. It's obviously not consolidated.

The acquisition is not completed. We've made an assessment how we believe that the capital impact post-acquisition will look.

That is what we've done.

Okay.

Thank you. I got a little bit cut off, I think.

If we talk about the FX impact, you mentioned 20 million, but could you elaborate on the FX impact in Q4 and also how much it impacted income and how much it impacted costs, please?

The net impact was circa 2 million in the fourth quarter comparing to previous quarter, i.e., the third quarter, which was primarily on the revenue line. I think we have the greatest part of our interest income and loan book is in Norway, but a quite small part actually of the OpEx side.

When you look at the Norwegian segment, it contains a lot of services that are required internally from Sweden. It's a small number on the OpEx side.

Then if you look at it on a year-on-year basis, it's circa 10 million if you look at the net interest income comparing fourth quarter '25 to '24 then.

I see. In terms of how should we think about cost growth looking into 2026?

I see in 2025 you have a cost base of 620 million, and so it grew by 6% when we look at adjusted cost base. You now highlight that you will increase marketing spend a little bit more.

Could you elaborate on the drivers and what we should expect in totality in terms of cost growth for 2026, please?

Yeah. On the basis you look, and we expect 4% inflationary-driven kind of cost growth from that base.

Then additionally to that, you have the full-year impact of Eiendomsfinans, which is then circa 50 million. Then we are kind of ramping up marketing spend circa 20 million.

That kind of math should take you to a number for 2026. I think the spending on the market, you want to probably comment also, Björn.

I think we're seeing good opportunities, and we believe it's the right thing to be spending a little bit more. We've been through a market, primarily in Sweden, which has been quite muted, but it is clearly improving.

We saw kind of good gross now also in the fourth quarter in Sweden and expect that to continue to be supportive into this year as well.

I see. Thanks so much.

That was all for me.

Hi, thank you. I am more wondering about how should we think about loan loss ratio going ahead?

Is the Q4 a likely run rate going ahead, or is it still around 16, 17 basis points in a normalized value we should consider for '26? Thank you.

I think we expect it to trend downwards. Again, I think it will take time before we've worked everything through, and also before kind of the economic recovery and rates have worked their way through to the customers.

I think if you look at this year, we did have some kind of non-recurring items in the first quarter, circa 12 12 million. If you adjust for that, you have a slightly lower loss rate.

We expect it to kind of trend below at least trend below the 20 basis point mark.

Thank you.

Yes, hi. Just following up on the loan loss question here.

We are at a very low level in Sweden and a bit more elevated in Norway and, well, Finland is so small. You say are going to be trending down, is it Norway that's going to be improving, or what are the driving forces here in order to bring it down?

Is it a risk that Sweden, 6 basis points is still at a very, very low level for being your type of business. Could that potentially move up, or how should we view the different markets?

Yeah. This is fair.

I think 6 basis points in Sweden in the year is obviously very strong. We had 19 basis points in 2024.

Looking at the normalized levels, they've been ranging between 10 and 20 basis points. I think one should expect loss ratio to move up a little bit in Sweden, and one should expect it to trend kind of downwards in the medium term in Norway.

Then again, keeping in mind that rates are still high in Norway, inflation is still higher in Norway. I think that hasn't come all the way through yet to the borrowers as we've seen in both Finland and Sweden.

I think then one should take a bit of a longer-term view for that to trend down to more normalized levels in Norway.

Would you consider that any seasonality in loan losses in the fourth quarter?

There's probably an element of seasonality. I think now the credit loss is moving up was kind of only or mostly relating to Sweden.

I think partly seasonality because of Christmas holiday season. You see a bit of step-up in the so-called Stage 2 loans then, i.e., there are more people who are more than 30 days behind.

Then we also had a bit of a catch-up in terms of that we realized quite a few losses also in the fourth quarter in Sweden. I think yes, definitely, that would probably have an element of seasonality to it.

Thank you.

There's a written comment. We can comment on that.

It's referring to adjusted operating profit in Sweden and if we could comment on that for the fourth quarter. That is down 41% not year-on-year, but I think quarter-on-quarter.

I think that's the question. There's a couple of things.

Firstly, we, like mentioned, came on a level where credit losses were literally zero for the previous three quarters. They were only 2 million in the third quarter.

There was a bit of a step-up there. That's obviously one of the drivers.

Then again, keeping in mind that the credit loss level overall in Sweden is very low, and even if you would annualize the 6.8, it would be a solid kind of loss ratio. Then on the operating expenses side, there's two things going on.

In the third quarter, we had seasonality because of people being on holiday, and you could release kind of holiday pay provisions. In the fourth quarter, again, we've added some efforts to marketing to generate business and accelerate that.

I think that is a bit of seasonality on the OpEx side. Then on the net interest income side, there is an element of, like mentioned, there is an element of internal lending.

You could say that the Treasury operates out of Sweden and we've reduced the internal lending to Norway, which has some kind of negative impact on the spreads. We expect some of that to kind of reverse now in the first in the first quarter this year.

I hope that answered the question.

All right. It seems to be no further questions.

Thank you all for dialing in to this earnings call, and see you in the first quarter. Thank you and have a good day.