Market announcement
AS LHV Group
Category
Other corporate action
Attachments
Date
21.04.2026 08:00:01
Title
LHV Groupi 2026. aasta I kvartali auditeerimata majandustulemused
Message
2026. aasta I kvartalit iseloomustas LHV Groupi jaoks jätkuv ärimahtude kasv, kuid samas kasumi vähenemine, mida põhjustasid surve tulubaasile, üksikute tütarettevõtete nõrgem tulemus ja kulude kiirem kasv. Vaatamata keerulisemale kvartalile suutis LHV Group I kvartalis finantsplaani tulude, kasumi ja ärimahtude vaates mõõdukalt ületada. LHV Groupi kliendibaas kasvas 705 000 kliendini. LHV Group teenis 2026. aasta I kvartalis 19,7 miljonit eurot puhaskasumit, mida on 36% vähem kui eelmises kvartalis ja 32% vähem kui aasta tagasi. LHV Pank teenis puhaskasumit 20,2 miljonit eurot ja LHV Bank Ltd 1,3 miljonit eurot. AS LHV Varahaldus teenis I kvartalis puhaskahjumit 0,6 miljonit eurot ja AS LHV Kindlustuse puhaskahjum oli 0,7 miljonit eurot. Grupi aktsionäridele kuuluva omakapitali tootlus oli I kvartalis 10,7%. Konsolideeritult teenis LHV Group 2026. aasta I kvartalis netotulusid 73,7 miljonit eurot, mida oli 7% vähem kui eelmises kvartalis ja 7% vähem kui aasta tagasi. I kvartali netotuludest moodustasid 59,3 miljonit eurot neto intressitulud ja 14,7 miljonit eurot neto teenustasutulud. LHV Grupi I kvartali netotulusid mõjutas peamiselt surve finantseerimiskuludele ja LHV Kindlustuse nõrgem kvartalitulemus. Kasumlikkust survestas lisaks tulude vähenemisele ka kulude kiirem kasv, mis suurenes kvartaalses võrdluses 7% ja aastavõrdluses 21%. Kulude kasvu mõjutasid peamiselt ühekordsed personalikulud, sisseostetud nõustamisteenused ja täiendavate reservide moodustamine. Kulud moodustasid kokku 45,6 miljonit eurot. Allahindlusi tehti I kvartalis kokku 1,3 miljoni euro ulatuses, mis on oluliselt väiksem kui aasta tagasi. Märtsi lõpu seisuga oli LHV Groupi konsolideeritud varade maht 9,98 miljardit eurot, mis oli 2% väiksem kui eelmise kvartali lõpus ja 17% suurem kui aasta tagasi. Konsolideeritud laenuportfell kasvas I kvartalis 120 miljoni euro võrra ehk 2% 5,59 miljardi euroni (aastavõrdluses +18%). LHV Groupi konsolideeritud hoiused vähenesid kvartaliga 332 miljoni euro võrra ehk 4% ja ulatusid 7,80 miljardi euroni (aastases võrdluses +18%). Hoiuste vähenemine tulenes peamiselt 249 miljoni euro ulatuses finantsvahendajate hoiuste ja 68 miljoni euro ulatuses muude hoiuste kahanemisest. LHV poolt juhitud fondide koondmaht kasvas kvartaliga 16 miljoni euro võrra 1,72 miljardi euroni (aastane kasv 10%). Finantsvahendajatest klientide maksete arv oli I kvartalis 26,1 miljonit makset, mida on 7% rohkem kui eelmises kvartalis. LHV Group on hästi kapitaliseeritud ja kõik kapitali eesmärgid on täidetud piisava varuga. Grupi esimese taseme põhiomavahendite suhtarv (CET1) oli I kvartali lõpus 16,2%, esimese taseme omavahendite suhtarv (T1) 18,0% ja kapitali adekvaatsus kokku (CAD) 21,4%. Likviidsuse kattekordaja (LCR) oli 192% ja stabiilse netorahastamise määr (NSFR) 150%, mis ületavad suurelt regulatiivseid miinimumnõudeid. Märtsis toimunud aktsionäride korralisel üldkoosolekul otsustati maksta eelmise aasta eest aktsionäridele dividend 17 senti aktsia kohta. Dividendid maksti välja 15. aprillil. Kvartali lõpu aktsia sulgemishinna pealt tähendab see 4,8% dividendimäära. LHV Group ületas esimese kvartali finantsplaani netotulude osas 157 tuhande euro ja puhaskasumi osas 151 tuhande euro võrra. Laenuportfell ületab finantsplaani 5 miljoni euro võrra, deposiidid 92 miljoni euro võrra ja fondide maht 1 miljoni euro võrra. Finantsplaan püsib. +---------------------------------------------+-----------+------------+-----------+ |Kasumiaruanne, tuhandetes eurodes |I kv 2026 |IV kv 2025 |I kv 2025 | +---------------------------------------------+-----------+------------+-----------+ |Neto intressitulu | 59 277| 59 914 | 62 010| +---------------------------------------------+-----------+------------+-----------+ |Neto teenustasutulu | 14 698| 18 312 | 14 071| +---------------------------------------------+-----------+------------+-----------+ |Neto finantstulud | 313| 215 | 2 747| +---------------------------------------------+-----------+------------+-----------+ |Kindlustusteenuse tulem | -689| 165 | 597| +---------------------------------------------+-----------+------------+-----------+ |Muud tegevustulud ja -kulud | 65| 243 | -4| +---------------------------------------------+-----------+------------+-----------+ |Netotulud kokku | 73 664| 78 849 | 79 421| +---------------------------------------------+-----------+------------+-----------+ |Personalikulu | -25 737| -23 062 | -22 655| +---------------------------------------------+-----------+------------+-----------+ |Kontorikulud | -713| -782 | -659| +---------------------------------------------+-----------+------------+-----------+ |IT kulud | -4 386| -4 000 | -3 576| +---------------------------------------------+-----------+------------+-----------+ |Turunduskulud | -1 120| -1 439 | -1 258| +---------------------------------------------+-----------+------------+-----------+ |Muud tegevuskulud | -13 612| -13 208 | -9 394| +---------------------------------------------+-----------+------------+-----------+ |Kulud kokku | -45 568| -42 491 | -37 542| +---------------------------------------------+-----------+------------+-----------+ |Kasum enne allahindlusi | 28 096| 36 358 | 41 879| +---------------------------------------------+-----------+------------+-----------+ |Allahindlus | -1 289| 1 670 | -5 667| +---------------------------------------------+-----------+------------+-----------+ |Tulumaksukulu | -7 119| -7 257 | -7 052| +---------------------------------------------+-----------+------------+-----------+ |Puhaskasum | 19 688| 30 771 | 29 160| +---------------------------------------------+-----------+------------+-----------+ |Vähemusosaluse osa | -160| 826 | 592| +---------------------------------------------+-----------+------------+-----------+ |Emaettevõtte aktsionäride osa kasumist | 19 848| 29 945 | 28 568| +---------------------------------------------+-----------+------------+-----------+ |? |? |? |? | +---------------------------------------------+-----------+------------+-----------+ |Puhaskasum aktsia kohta, eurodes | 0,06| 0,09 | 0,09| +---------------------------------------------+-----------+------------+-----------+ |Lahustatud puhaskasum aktsia kohta, eurodes | 0,06| 0,09 | 0,09| +---------------------------------------------+-----------+------------+-----------+ | | +---------------------------------------------+-----------+------------+-----------+ |Bilanss, tuhandetes eurodes | märts.26 | dets.25 | märts.25 | +---------------------------------------------+-----------+------------+-----------+ |Raha ja nõuded pankadele | 3 875 262| 4 312 403 | 3 279 271| +---------------------------------------------+-----------+------------+-----------+ |Finantsvarad | 456 985| 402 991 | 442 463| +---------------------------------------------+-----------+------------+-----------+ |Laenud klientidele | 5 627 847| 5 507 092 | 4 774 970| +---------------------------------------------+-----------+------------+-----------+ |Laenude allahindluse reserv | -42 606| -41 701 | -45 628| +---------------------------------------------+-----------+------------+-----------+ |Nõuded klientide vastu | 28 288| 12 387 | 10 511| +---------------------------------------------+-----------+------------+-----------+ |Muud varad | 37 977| 39 790 | 46 698| +---------------------------------------------+-----------+------------+-----------+ |Varad kokku | 9 983 753| 10 232 962 | 8 508 285| +---------------------------------------------+-----------+------------+-----------+ |Nõudmiseni hoiused | 4 928 751| 5 307 001 | 4 834 265| +---------------------------------------------+-----------+------------+-----------+ |Tähtajalised hoiused | 2 873 987| 2 827 437 | 1 770 227| +---------------------------------------------+-----------+------------+-----------+ |Saadud laenud | 1 054 680| 1 043 617 | 936 215| +---------------------------------------------+-----------+------------+-----------+ |Võlgnevused klientidele ja saadud laenud | 8 857 418| 9 178 055 | 7 540 707| +---------------------------------------------+-----------+------------+-----------+ |Viitvõlad ja muud kohustused | 188 873| 80 798 | 163 691| +---------------------------------------------+-----------+------------+-----------+ |Allutatud laenud | 209 252| 206 928 | 126 247| +---------------------------------------------+-----------+------------+-----------+ |Kohustused kokku | 9 255 543| 9 465 781 | 7 830 645| +---------------------------------------------+-----------+------------+-----------+ |Omakapital | 728 210| 767 181 | 677 640| +---------------------------------------------+-----------+------------+-----------+ |sh vähemusosaluse osa | 6 950| 9 282 | 7 133| +---------------------------------------------+-----------+------------+-----------+ |Kohustused ja omakapital kokku | 9 983 753| 10 232 962 | 8 508 285| +---------------------------------------------+-----------+------------+-----------+ LHV Pank LHV Panga puhaskasum ulatus 20,2 miljoni euroni. Kvartali tulemust mõjutasid peamiselt ühekordsed personalikulud ja ligikaudu 2,3 miljoni euro suurune intressiswapide ümberhindluse mõju, mis grupi tasandil elimineeritakse. Selle mõjuta oleks puhaskasum olnud 22,5 miljonit eurot. LHV Panga klientide arv kasvas kvartaliga 8 900 võrra, ulatudes 500 400-ni. Panga hoiused vähenesid kvartaliga 425 miljoni euro võrra 6,54 miljardi euroni, millest nõudmiseni hoiused kahanesid 382 miljoni euro võrra ja tähtajalised hoiused 45 miljoni euro võrra. Fookus liigub järjest enam jaeklientide hoiuste suunas ja platvormihoiuste osakaalu vähendamisele. LHV Panga laenuportfelli maht suurenes kvartaliga 24 miljoni euro võrra 4,71 miljardi euroni. Kasv tuli peamiselt eluasemelaenude jätkuvalt tugeva kasvu toel. Ettevõtete laenuportfell vähenes ühe suure laenu lõpptähtaja saabumise tõttu ja pank keskendus laenuportfelli tootluse parandamisele, samal ajal säilis portfelli tugev kvaliteet. Veebruaris tuli LHV Pank välja mobiiliäpi visuaalse uuendusega. Lisaks alustas veebruaris juba 24. korda Börsihai kauplemismäng, millest võttis osa üle 4 500 mängija. Esimese kvartali seisuga on LHV Panga netotulud finantsplaanist maas 2,7 miljoni euro võrra ja puhaskasum 1,4 miljoni euro võrra. Hoiused on plaanist ees 57 miljoni euro võrra ja laenud plaanist 16 miljoni euro võrra maas. LHV Bank Ühendkuningriigis tegutseva LHV Banki puhaskasum ulatus esimeses kvartalis 1,3 miljoni euroni. Tulud kasvasid tugevalt, kuid kulud suurenesid oodatust kiiremini seoses rahaliste boonuste maksmisega optsioonipõhiste asemel ja ühekordsete personalikuludega. Kasumlikkust mõjutas lisaks täiendava provisjoni moodustamine. LHV Banki laenuportfell kasvas kvartaliga 93 miljoni euro võrra 876 miljoni euroni (aastane kasv 79%). Krediidikomitee poolt heaks kiidetud, kuid veel väljastamata laenude maht on 143 miljonit eurot. Esimeses kvartalis tehti 1 miljoni euro ulatuses provisjone. Portfelli üldine kvaliteet on tugev. LHV Banki kaasatud hoiused suurenesid kvartaliga 139 miljoni euro võrra 1,43 miljardi euroni (aastane kasv 74%). Hoiused kasvasid kvartalis jõudsalt, eelkõige tänu otseste klientide hoiuste suurenemisele. Samal ajal paranes rahastamise hind veidi ja vähenes sõltuvus vahendajate kaudu kaasatud hoiustest. Esimeses kvartalis tehti edusamme nii tehnoloogias kui tootearenduses. Edukalt viidi läbi klienditoe Agentic AI lahenduse piloot ning saadi regulatiivsed load tarbimislaenude pakkumiseks ja ISA teenuse osutamiseks. Nendele arengutele tuginedes jätkub uute toodete arendus. LHV Banki esimese kvartali netotulud ületavad finantsplaani 770 tuhande euro võrra, kuid puhaskasum jäi suuremate kulude ja provisjonide tõttu finantsplaanile alla 249 tuhande euro võrra. Laenuportfell ületab finantsplaani 17 miljoni euro võrra ja hoiuste maht 137 miljoni euro võrra. LHV Varahaldus LHV Varahalduse esimese kvartali puhaskahjum oli -0,6 miljonit eurot. Tulemust mõjutas negatiivselt märtsis tehtud dividendimaksega kaasnenud tulumaks (1,1 miljonit eurot), mis I kvartalis oli oluliselt suurem kui eelnevatel perioodidel. Esimene kvartal oli finantsturgudel erinevate geopoliitiliste sündmuste tõttu äärmiselt turbulentne, kuid vaatamata sellele suutsid kõik LHV pensionifondid näidata turul ainsana positiivset tootlust ja edestada konkurente. LHV pensionifondide Julge, Ettevõtlik ja Tasakaalukas kvartaalsed tootlused kujunesid vastavalt 4,0%, 2,7% ja 2,1%. LHV pensionifond Indeks, millel on konkurentidega võrreldes suurem osakaal arenevatel turgudel, näitas esimeses kvartalis 1,3% tootlust. Konservatiivsem fond Rahulik tootluseks kujunes 0,6%. III samba fond Aktiivne III näitas 4,0% kvartaalset tootlust. Aktiivseid igakuiseid sissemakseid tegevate II samba klientide arv kvartali lõpuks oli 105 000. LHV Varahalduse puhaskasum ületab esimese kvartali põhjal finantsplaani 0,1 miljoni euro võrra ja fondide maht on plaanis. LHV Kindlustus LHV Kindlustuse jaoks oli esimene kvartal keerulisemate ilmastikuolude ja Lähis- Ida geopoliitilise olukorra tõttu keeruline. Puhaskahjum ulatus nende mõjul -0,7 miljoni euroni, kuid märtsis oli näha esimesi stabiliseerumise märke. Neto teenitud preemiad püsisid sarnaselt eelmise kvartaliga 10,5 miljoni euro tasemel (aastases võrdluses on kasvanud 9%). Bruto tekkinud kahjud ulatusid 8,3 miljoni euroni kasvades kvartaalses võrdluses 14% ja aastavõrdluses 27%, mis viis kindlustustegevuse tulemi esimest korda viimaste aastate jooksul negatiivseks. Neto kahjusuhe kerkis 82%-ni. Kogu kvartalit iseloomustas keskmisest suurem kahjunõuete arv ja keskmisest suurem nõude maht. Märtsi lõpu seisuga oli kehtivate kindlustuslepingute arv 314 000 ja klientide arv 237 000. LHV Kindlustuse puhaskasum jääb esimese kvartali seisuga finantsplaanile alla 1,3 miljoni euro võrra. Sõlmitud lepingute preemiate maht ületab finantsplaani 44 tuhande euro võrra. LHV Groupi juhatuse esimehe Mihkel Torimi kommentaar: ?2026. aasta esimene kvartal langes kokku olulise juhtimismuudatusega LHV Groupis. 1. aprillil asus Erki Kilu LHV Panga juhatuse esimehe ametisse ja Kris Brewster sai LHV Banki ajutiseks tegevjuhiks Ühendkuningriigis. Need muudatused toovad LHV arengusse Eestis värske vaate, asetavad Ühendkuningriigi panga juhtimise tugevamalt kohaliku meeskonna kätte ja tugevdavad kahe panga vahelist koostööd järgmises arenguetapis. Selle taustal oli kvartal ise väga nõudlik. Konsolideeritud puhaskasumit summas 19,7 miljonit eurot pidurdasid surve finantseerimiskuludele, LHV Kindlustuse ebatavaliselt kahjurohke kvartal ja ühekordsetest kuludest tingitud kõrgemad tegevuskulud. Samal ajal jätkus ärimahtude kasv: konsolideeritud laenuportfell ulatus 5,59 miljardi euroni (+18% aastavõrdluses), LHV Banki laenuportfell kasvas aastavõrdluses 79% ning saadi regulatiivsed load tarbimislaenude ja ISA toodete pakkumiseks. LHV pensionifondid olid Eesti turul ainsad fondid, mis näitasid äärmiselt volatiilses kvartalis positiivset tootlust. Ületasime mõõdukalt finantsplaani, kapitali positsioon püsib tugev ja finantsplaan püsib." AS-i LHV Group aruanded on saadaval aadressil: https://investor.lhv.ee/aruanded. Kvartali tulemuste tutvustamiseks korraldab LHV Group Teamsi kaudu investorkohtumise. Virtuaalne investorkohtumine toimub enne turu avanemist 21. aprillil kell 9.00. Esitlus tehakse eesti keeles. Palume eelnevalt registreeruda siin (https://events.teams.microsoft.com/event/300f31bd-e2d6-454a-bfcb- 733cb5f54252@d7b2bdd1-6077-4f89-8708-6956b8db8f1a). LHV Group on suurim kodumaine finantskontsern ja kapitali pakkuja Eestis. LHV Groupi peamised tütarettevõtted on LHV Pank, LHV Varahaldus, LHV Kindlustus ja LHV Bank Limited. Grupi ettevõtetes töötab ligi 1200 inimest. LHV Panga teenuseid kasutab üle 500 000 kliendi, LHV hallatavatel II samba pensionifondidel on 105 000 aktiivset klienti ja LHV Kindlustusega on kaitstud 237 000 klienti. Groupi tütarettevõte LHV Bank omab Ühendkuningriigi pangalitsentsi ning pakub pangateenuseid rahvusvahelistele finantstehnoloogia ettevõtetele ja laenusid väikese ja keskmise suurusega ettevõtetele. Investorsuhted Sten Hans Jakobsoo Investorsuhete ja ettevõtte arenduse juht E-post: [email protected] (mailto:[email protected]) Meedia ja kommunikatsioon Paul Pihlak Kommunikatsioonijuht E-post: [email protected] (https://www.globenewswire.com/Tracker?data=PXnBlH5t6_HC1z82_Z3UsH7zv7KOSM8YVbgt PKWuIsRJGSbdHHAVo- UpoTDj1sSYrEcI6XlNUUd7fCxFuOQG7G2k5m1j3_QljrNfu7XuWdPT6MeZjt1jQrQOUwLzE7pnpmw8MK - D1dc4IMGhr77Fn5D1F9ldCNTtts0KKhscScMB9O3bx1DM7Wqq6lcYSAhQF883YaJA3Pdd6LgeQ1E0Mnp N_sPbfNd0k4qA4MDF3w_Vwt3B9HqaK0nrThGOQeduOT-wQJMn0XfPLwI1i4dT8URfHvAa- C0yg2hRblcLUhR1U58mtE_BuLzjdhEjwMqHs3RdtjhZlTbk9eM_n- LbG2l_20XlqhZXTiCV6E7D3NepknqMuFpH0fx2YbEn0vmglTPIyFIa7dtp30l6gsC8ddV-vcVVN- uJ1k8PJujZPEKGb67r5rjB7qbIKLUSqrbpmwz4gK5XIDg3T19fNoFbf21cPfkgODCIFckgvLm_C3b6vx hOEe80lFlF7TTnNVoA)
Title
Unaudited financial results of LHV Group for Q1 2026
Message
The first quarter of 2026 was characterised by continued strong growth in business volumes, but also by a notable decline in profitability, driven by revenue pressure, weaker quarterly contributions from certain subsidiaries and faster growth in operating expenses. Despite a more challenging quarter, LHV Group moderately exceeded the financial plan in terms of net income, net profit and business volumes. LHV Group's customer base increased to 705,000 customers AS LHV Group generated consolidated net profit of EUR 19.7 million in Q1 2026, which is 36% less than in the previous quarter and 32% less than in the same period last year. AS LHV Pank earned a net profit of EUR 20.2 million and LHV Bank Ltd EUR 1.3 million. AS LHV Varahaldus recorded a net loss of EUR 0.6 million and AS LHV Kindlustus a net loss of EUR 0.7 million. The return on equity attributable to the shareholders of the Group was 10.7% in Q1. On a consolidated basis, LHV Group generated total net income of EUR 73.7 million in Q1 2026, which was 7% less than in the previous quarter and 7% less than in the same period last year. Net interest income amounted to EUR 59.3 million and net fee and commission income to EUR 14.7 million. The Group's Q1 net income was primarily affected by pressure on funding costs and a weaker quarterly result at LHV Kindlustus. Profitability was impacted also by faster increase in costs, which rose by 7% quarter-on-quarter and 21% year-on-year. Cost growth was primarily driven by one-off personnel expenses, outsourced consulting services and additional reserves. Total operating expenses amounted to EUR 45.6 million. Loan impairment charges totalled EUR 1.3 million in Q1, significantly lower than in the same period last year. As at the end of March, LHV Group's consolidated total assets stood at EUR 9.98 billion, down 2% from the end of the previous quarter and up 17% year-on-year. The consolidated loan portfolio grew by EUR 120 million, i.e. 2%, to EUR 5.59 billion in Q1 (+18% year-on-year). LHV Group's consolidated deposits decreased by EUR 332 million (-4%) during the quarter to EUR 7.80 billion (+18% year-on- year). The decline was primarily driven by a EUR 249 million decrease in financial intermediaries' deposits and a EUR 68 million decrease in other deposits. The aggregate volume of funds managed by LHV increased by EUR 16 million during the quarter to EUR 1.72 billion (+10% year-on-year). Financial intermediary customers processed 26.1 million payments in Q1, an increase of 7% compared to the previous quarter. LHV Group is well capitalised and all capital targets have been met with comfortable buffers. The Group's Common Equity Tier 1 (CET1) ratio stood at 16.2% at the end of Q1, the Tier 1 capital ratio at 18.0% and the total capital adequacy ratio (CAD) at 21.4%. The liquidity coverage ratio (LCR) was 192% and the net stable funding ratio (NSFR) 150%, both well above regulatory minimums. At the Annual General Meeting held in March, shareholders voted to pay a dividend of EUR 0.17 per share for the previous financial year. The dividend was paid on 15 April. Based on the quarter-end closing share price, this represents a dividend yield of 4.8%. For the first three months of 2026, LHV Group's net income exceeded the financial plan by EUR 157 thousand and net profit by EUR 151 thousand. The loan portfolio exceeds the financial plan by EUR 5 million, deposits by EUR 92 million and fund volumes by EUR 1 million. The financial plan remains unchanged. +------------------------------------------------------+-------+-------+-------+ |Income statement, thousands of euros |Q1 2026|Q4 2025|Q1 2025| +------------------------------------------------------+-------+-------+-------+ |Net interest income | 59,277| 59,914| 62,010| +------------------------------------------------------+-------+-------+-------+ |Net fee and commission income | 14,698| 18,312| 14,071| +------------------------------------------------------+-------+-------+-------+ |Net financial income | 313| 215| 2,747| +------------------------------------------------------+-------+-------+-------+ |Result of the insurance service | -689| 165| 597| +------------------------------------------------------+-------+-------+-------+ |Other operating income and expenses | 65| 243| -4| +------------------------------------------------------+-------+-------+-------+ |Total net income | 73,664| 78,849| 79,421| +------------------------------------------------------+-------+-------+-------+ |Staff costs |-25,737|-23,062|-22,655| +------------------------------------------------------+-------+-------+-------+ |Office expenses | -713| -782| -659| +------------------------------------------------------+-------+-------+-------+ |IT costs | -4,386| -4,000| -3,576| +------------------------------------------------------+-------+-------+-------+ |Marketing expenses | -1,120| -1,439| -1,258| +------------------------------------------------------+-------+-------+-------+ |Other operating expenses |-13,612|-13,208| -9,394| +------------------------------------------------------+-------+-------+-------+ |Total expenses |-45,568|-42,491|-37,542| +------------------------------------------------------+-------+-------+-------+ |Profit before loan impairment | 28,096| 36,358| 41,879| +------------------------------------------------------+-------+-------+-------+ |Loan impairment | -1,289| 1,670| -5,667| +------------------------------------------------------+-------+-------+-------+ |Income tax expense | -7,119| -7,257| -7,052| +------------------------------------------------------+-------+-------+-------+ |Net profit | 19,688| 30,771| 29,160| +------------------------------------------------------+-------+-------+-------+ |Minority holding | -160| 826| 592| +------------------------------------------------------+-------+-------+-------+ |Profit attributable to shareholders of the parent | | | | |company | 19,848| 29,945| 28,568| +------------------------------------------------------+-------+-------+-------+ | | | | | +------------------------------------------------------+-------+-------+-------+ |Net profit per share, euros | 0.06| 0.09| 0.09| +------------------------------------------------------+-------+-------+-------+ |Diluted net profit per share, euros | 0.06| 0.09| 0.09| +------------------------------------------------------+-------+-------+-------+ +----------------------------------------+-----------+------------+-----------+ | Balance sheet, thousands of euros | Mar 26 | Dec 25 | Mar 25 | +----------------------------------------+-----------+------------+-----------+ | Cash and due from banks | 3,875,262 | 4,312,403 | 3,279,271 | +----------------------------------------+-----------+------------+-----------+ | Financial assets | 456,985 | 402,991 | 442,463 | +----------------------------------------+-----------+------------+-----------+ | Loans to customers | 5,627,847 | 5,507,092 | 4,774,970 | +----------------------------------------+-----------+------------+-----------+ | Loan impairment reserve | -42,606 | -41,701 | -45,628 | +----------------------------------------+-----------+------------+-----------+ | Trade receivables | 28,288 | 12,387 | 10,511 | +----------------------------------------+-----------+------------+-----------+ | Other assets | 37,977 | 39,790 | 46,698 | +----------------------------------------+-----------+------------+-----------+ | Total assets | 9,983,753 | 10,232,962 | 8,508,285 | +----------------------------------------+-----------+------------+-----------+ | Demand deposits | 4,928,751 | 5,307,001 | 4,834,265 | +----------------------------------------+-----------+------------+-----------+ | Term deposits | 2,873,987 | 2,827,437 | 1,770,227 | +----------------------------------------+-----------+------------+-----------+ | Loans received | 1,054,680 | 1,043,617 | 936,215 | +----------------------------------------+-----------+------------+-----------+ | Trade payables and loans received | 8,857,418 | 9,178,055 | 7,540,707 | +----------------------------------------+-----------+------------+-----------+ | Accrued expenses and other liabilities | 188,873 | 80,798 | 163,691 | +----------------------------------------+-----------+------------+-----------+ | Subordinated debt | 209,252 | 206,928 | 126,247 | +----------------------------------------+-----------+------------+-----------+ | Total liabilities | 9,255,543 | 9,465,781 | 7,830,645 | +----------------------------------------+-----------+------------+-----------+ | Owners' equity | 728,210 | 767,181 | 677,640 | +----------------------------------------+-----------+------------+-----------+ | incl. minority holding | 6,950 | 9,282 | 7,133 | +----------------------------------------+-----------+------------+-----------+ | Total liabilities and owners' equity | 9,983,753 | 10,232,962 | 8,508,285 | +----------------------------------------+-----------+------------+-----------+ LHV Pank LHV Pank reported a net profit of EUR 20.2 million. The quarterly result was primarily impacted by one-off personnel expenses and an approximately EUR 2.3 million revaluation effect from interest rate swaps, which is eliminated at the Group level. Excluding this effect, net profit would have amounted to EUR 22.5 million. The number of LHV Pank customers increased by 8,900 during the quarter, reaching 500,400. Deposits decreased by EUR 425 million during the quarter to EUR 6.54 billion, with demand deposits declining by EUR 382 million and term deposits by EUR 45 million. The focus is increasingly shifting towards retail customer deposits and reducing the share of platform deposits. LHV Pank's loan portfolio increased by EUR 24 million during the quarter to EUR 4.71 billion. Growth was primarily driven by continued strong demand for mortgage loans. The corporate loan portfolio decreased due to the expiry of one large loan, while the bank focused on improving the return on its loan portfolio. Overall portfolio quality remained strong. In February, LHV Pank launched a visual redesign of its mobile app. Additionally, the 24th edition of the Börsihai stock trading game was launched in February, attracting over 4,500 participants. As at the end of Q1, LHV Pank's net income is EUR 2.7 million below the financial plan and net profit EUR 1.4 million below. Deposits are EUR 57 million ahead of plan, while loans are EUR 16 million below plan. LHV Bank LHV Bank, operating in the United Kingdom, reported a net profit of EUR 1.3 million in the first quarter. While income grew strongly, costs increased faster than expected due to switch to cash, rather share option based, bonus payments and one-off personnel related costs. Profitability was also impacted by additional provisioning. The loan portfolio of LHV Bank grew by EUR 93 million during the quarter to EUR 876 million (+79% year-on-year). The pipeline of approved but not yet disbursed loans stands at EUR 143 million. Provisions of EUR 1 million were made in Q1. Overall portfolio quality remains strong. LHV Bank's deposits increased by EUR 139 million during the quarter to EUR 1.43 billion (+74% year-on-year). Deposit growth in the quarter was strong, driven in particular by an increase in direct customer deposits. At the same time, the cost of funding improved slightly and reliance on intermediary-sourced deposits decreased. Significant progress was made in technology and product development during Q1. An agentic AI proof of concept for customer support was successfully completed and regulatory approvals were obtained for offering consumer credit and providing ISA (Individual Savings Account) services. New product development is continuing on the basis of these approvals. LHV Bank's Q1 net income exceeded the financial plan by EUR 770 thousand, but net profit fell EUR 249 thousand short of the plan due to higher expenses and provisions. The loan portfolio exceeds the financial plan by EUR 17 million and deposits by EUR 137 million. LHV Varahaldus LHV Varahaldus recorded a net loss of EUR 0.6 million in Q1. The result was negatively affected by income tax associated with a dividend payment made in March (EUR 1.1 million), which was significantly higher than in previous periods. The first quarter was extremely turbulent in financial markets due to various geopolitical developments, but despite this, all LHV pension funds were the only funds in the Estonian market to deliver positive returns, outperforming competitors. LHV pension funds Julge, Ettevõtlik and Tasakaalukas returned 4.0%, 2.7% and 2.1% respectively in Q1. LHV Pensionifond Indeks, which has higher exposure to emerging markets compared to its competitors, returned 1.3% in Q1. The more conservative fund Rahulik returned 0.6%. The Pillar III fund Aktiivne III delivered a quarterly return of 4.0%. The number of active monthly contributors to Pillar II funds stood at 105,000 at quarter-end. LHV Varahaldus's net profit exceeds the financial plan by EUR 0.1 million for Q1, and fund volumes are in line with the plan. LHV Kindlustus The first quarter was challenging for LHV Kindlustus due to adverse weather conditions and the geopolitical situation in the Middle East. As a result, the net loss amounted to EUR 0.7 million, although early signs of stabilisation were visible in March. Net earned premiums remained at EUR 10.5 million, broadly in line with the previous quarter (+9% year-on-year). Gross incurred losses reached EUR 8.3 million, increasing by 14% quarter-on-quarter and 27% year-on-year, which pushed the insurance service result into negative territory for the first time in recent years. The net loss ratio rose to 82%. The quarter was characterised by an above-average number of claims and an above-average claim size. At the end of March, the number of active insurance contracts stood at 314,000 and the number of customers at 237,000. LHV Kindlustus's net profit is EUR 1.3 million below the financial plan for Q1. The volume of contract premiums written exceeds the financial plan by EUR 44 thousand. Comment by Mihkel Torim, CEO of LHV Group: "The first quarter of 2026 coincided with an important leadership transition at LHV Group. On 1 April, Erki Kilu took over as Chairman of the Management Board of LHV Pank and Kris Brewster became Interim CEO of LHV Bank in the United Kingdom. These changes bring a fresh perspective to LHV's development in Estonia, place the management of our UK bank more firmly in the hands of a local team with direct market insight and strengthen the bridge between our two banks as we move into the next stage of development. Against this backdrop, the quarter itself was demanding. Consolidated net profit of EUR 19.7 million was held back by pressure on funding costs, an unusually heavy claims quarter at LHV Kindlustus and higher operating expenses driven by one-off items. At the same time, business volumes continued to grow: the consolidated loan portfolio reached EUR 5.59 billion (+18% year-on-year), LHV Bank's loan book grew 79% year-on-year and secured consumer credit and ISA approvals, and LHV's pension funds were the only funds in the Estonian market to deliver positive returns in a highly volatile quarter. We moderately exceeded our financial plan, capital remains strong and the plan for the year remains unchanged." AS LHV Group reports are available at: https://investor.lhv.ee/en/reports/ To present the quarterly results, LHV Group will host a virtual investor meeting via Teams. The meeting will take place before market opening on 21 April at 11:00 AM EET. The presentation will be held in English. Please register in advance here (https://events.teams.microsoft.com/event/b2b504b4- 7fb5-4878-91a1-864525fdbf3f@d7b2bdd1-6077-4f89-8708-6956b8db8f1a). LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group's key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs approximately 1,200 people. The services of LHV Pank are being used by over 500,000 customers, the II pillar pension funds managed by LHV have 105,000 active customers and LHV Kindlustus protects a total of 237,000 customers. LHV Bank Limited, a subsidiary of the Group, holds a banking licence in the United Kingdom and provides banking services to international financial technology companies, as well as loans to small and medium-sized enterprises. Investor Relations Sten Hans Jakobsoo Head of Investor Relations and Corporate Development Email: [email protected] (https://www.globenewswire.com/Tracker?data=_TW3rc8nuNraUa4gPS4OhTygc32BkzQnYbrD aDb42cDfxTYz41LQvegcY-fqrGJTjpfcAwyCUbFU0Dd-_pVcfHiDwfk1P9xegLi- craz2hmJYu6iT5V9OoLBXKcfNkNEtybjsQ6u7nc_Cifs1mywYla3BEAZmVAizGM- wdfUGiaACSIFpueFdg8Qg6hcJ2boZe2tZ61cS_qu5GT7nsSCvBHnlc0cfbMe9lKbLiBBR9kX7mwCBvWu LuOfEI3yN2e5nzWdZolyLzV2ulgpEmvnsj_cp3eBEMiKyV81swXGOgoDj5gmJw2-CinDR4ifJe- 9JF6Yo16DY-b_JQTOXRZwAoBpAxuN4aa8DxrNggx44Ey-uLDP61r- OI76fDd5Ox39VarTLqjX5VS8psPm2tY6NQrIFl9Km0HJMIHwHO6w0iy9OknAq- J0mxA_wTpS97LPUyV3EQKZcdfh6CVZklC8h4Krx9EHRJQoLKm5jGrEjfsRxzq6yOugZF2bCusV8H18XH uho4t9ss39IdLq9xlHug==) Communications Paul Pihlak Head of Communications Email: [email protected] (https://www.globenewswire.com/Tracker?data=E2oP4m3mNSyVGiK1kanSf2L3E5YZCyxow3LP UgqzudKiS-aLFKbmHWY-MCmcrbd8yilCoMYEQegMGOqvc9XGJJgwUY1snHrBvgsHA1ZH1GdTKqBkjn- i_nzFR39- LOXbFfS37ja7LczTzugerJGC3IXeSYZ7Rnvuyl4CrAVWn7IrHFOTGSMsr2au5OAzTgr0ozHF4jwuVPBF R- JImBHDqJJ1aq_3jqttb6kJI8oIGab9GBytUnVlQr60NmR1uXfS1_veeck98978y8XP7B31_E724mI6- d5rr3aoW4Ent3q0_pul-pZl9RmIuVQwQDkzPJxNRE2fR_-Ixx92ngc_CiVOcyEhGzyn- 9oA3yPGJ1uwIYzEQrswCMbdU0VgxdWeVbBGM8V3lUiD_8C3R7EpPouJEWyQLSi1DAxaGu9OoP0N3cQEQ 8kPBiJ4- f0OviDPfg7_xeD3mP54WHXI4cewmECWgFcKKIWgyE1DESzRbZ_dfTL0QAW3tNpzQcPmFBKA)