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Aprila Bank ASA | Q4 2025 | 13 February 2026
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2 Disclaimer This presentation contains forward-looking statements that reflect management’s current views with respect to certain future events and potential financial performance. Although Aprila Bank believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be correct. Accordingly, results could differ materially from those set out in the forward-looking statements as a result of various factors. Important factors that may cause such a difference for Aprila Bank include, but are not limited to: (i) the macroeconomic development, (ii) change in the competitive climate, (iii) change in the regulatory environment and other government actions and (iv) change in interest rate and foreign exchange rate levels. This presentation does not imply that Aprila Bank has undertaken to revise these forward-looking statements, beyond what is required by applicable law or other applicable regulations if and when circumstances arise that will lead to changes compared to the date when these statements were provided.
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3 Table of contents Highlights01 02 Key figures 03 Outlook 04 Appendix
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4 Q&A Please submit your questions by e-mail ir@aprila.no Please note that questions and answers will be published on https://www.aprila.no/content/investor-relations/qa
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5 Note 1: Number of unique business customers. | | Note 2: Total operating expenses / Total income. LTM = Last twelve months. APRILA BANK ASA We reinvent business credit Key figures # Business customers (31 Dec 2025)1 5,712 Cost / income (LTM)2 52% Total income run-rate (NOK million, annual run-rate, Q4 25)2 253 Return on equity (LTM) 20.6% Aprila provides credit to a large and underserved SMB market • SMBs account for around two thirds of employment and more than half of GDP in Europe • These businesses are largely underserved and the financing gap for European SMBs has been estimated to EUR 400 bn • Closing this financing gap is vital to maintain welfare standards in European countries, and this is the reason why Aprila was founded We leverage technology to create competitive advantage • Our technology platform is developed in-house and exposed to own channels and partners through APIs • We have access to large amounts of structured data, including a rapidly growing amount of behavior data • Credit scoring and pricing is based on machine-learning technology, with data from our in-house developed data warehouse Our customers receive a credit offer within 60 seconds • We focus on accessibility, speed and convenience, offering products with understandable pricing and swift credit decisions • More than half of our customers are onboarded within three days after the application is submitted
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6 Note 1: Gross income from lending divided by average net loans in the period. | | Note 2: LTM = Last twelve months. HIGHLIGHTS Record-high pre-tax profit driven by strong credit discipline Highlights Q2 2022 Q4 25 All-time high pre-tax profit of NOK 18.6m • Pre-tax profit of NOK 18.6m in Q4 25 and NOK 68.1 million in 2025 • Return on equity (ROE) of 20.9% in Q4 25 and 20.6% in 2025 Sustained lending and total income growth • Gross lending increased 34% YoY and 6% QoQ to NOK 1,438 million • Total income increased 21% YoY and 4% QoQ to NOK 64 million The redomiciliation is progressing according to plan • As announced 14 November 2025, the bank has shortlisted Liechtenstein and Sweden as potential new domiciles • The bank is in active dialogue with the Financial Market Authority in Liechtenstein and the discussions are progressing according to plan • Subject to a positive outcome of these discussions, Aprila plans to submit a license application during H1 2026 • The rationale for the redomiciliation is to safeguard Aprila’s long-term competitiveness – both in Norway and in other European markets LTM NOKm Q4 25 Q4 24 Gross loans 1,438 1,072 Gross income from lending 77 65 Total income 63.7 52.8 Pre-tax operating profit 18.6 8.9 Yield on avg. net loans1 24.4% 26.7% ROE 20.9% 12.2% LTM2 ending NOKm Q4 25 Q4 24 Gross loans 1,438 1,072 Gross income from lending 290 249 Total income 241 208 Pre-tax operating profit 68 37 Yield on avg. net loans1 25.2% 27.2% ROE 20.6% 13.9%
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7 1,040 1,155 1,190 1,278 1,343 21 51 63 80 92 1,072 1,216 1,263 1,362 1,438 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Spot factoring Downpayment loan Credit line GROSS LENDING Gross lending has increased 34% year-on-year Gross lending NOK million Key comments • Gross lending grew 34% YoY and 6% QoQ • After a strong start in October, lending growth softened in November, before it rebounded in December • Q1 26 is off to a promising start; gross lending increased by NOK 37 million, equivalent to an annual growth rate of 30% 34% 6%
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8 YIELD Lending yield moderation remains gradual and well-controlled Yield Key comments • Lending yield of 24.2% in Q4, reflecting gradual and controlled yield moderation • The yield moderation is driven by a deliberate shift towards larger, lower-risk customers • Funding costs are expected to decline in Q1, as a result of two interest rate reductions communicated in Q4 (8 weeks notification period): - From 4.82% to 4.65% on 31 October, effective from 1 Jan 2026 for existing customers - From 4.65% to 4.59% on 28 November, effective from 29 Jan 2026 for existing customers 26.4 % 26.3 % 25.3 % 24.7 % 24.2 % 4.2 % 4.5 % 5.1 % 4.5 % 4.5 %4.9 % 4.8 % 4.8 % 4.8 % 4.8 % Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Lending yield Liquidity yield Funding cost
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9 52.8 56.7 59.4 61.1 63.7 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 TOTAL INCOME Total income up 21% year-on-year Total income Key comments • Total income increased 21% YoY and 4% QoQ • Q4 income composition highlights a stable and predictable revenue mix: - Net interest income: NOK 56.1 million (88%) - Net commission and fee income: NOK 5.1 million (8%) - Net gains on financial instruments: NOK 2.6 million (4%) 21% 4% NOK million
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10 37 46 50 58 68 5 5 5 2 3 42 51 55 61 71 15.4% 17.5% 17.9% 19.1% 21.4% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Pre-tax profit LTM One-offs LTM Pre-tax profit LTM adj. ROE LTM adj. 210 218 227 233 241 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 +69% Note 1: Adjusted for one-offs. LTM PERFORMANCE Profitability expansion driven by income growth and credit discipline Total income last 12 months1 (Cost + Losses) / Income last 12 months1 Pre-tax profit and ROE last 12 months1 +15% -10 pp 53% 53% 51% 52% 51% 27% 24% 25% 22% 19% 80% 77% 76% 74% 70% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Cost / Income LTM adj. Losses / Income LTM adj.
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11 Note 1: Aprila Bank has currently only issued equity, and hence total capital ratio equals CET1-ratio. CAPITAL ADEQUACY Solid capital position Total capital ratio1 Key comments • CET1-ratio of 32.2% 31 Dec 2025 • Following the 2026 SREP, Aprila’s P2R was reduced from 4.8% to 3.7% and the P2G was reduced from 1.5% to 1.0% • As a result, Aprila’s OCR was reduced from 22.3% to 21.2% and the Norwegian Financial Supervisory Authority (FSA) expects Aprila to maintain a total capital ratio above 22.2% (21.2% P2R + 1.0% P2G) • In the final report from FSA’s on-site inspection of Aprila Bank in 2022, FSA stated that the bank, in FSA’s opinion, does not have sufficient historical data to use retail classification - The bank has applied retail classification on eligible exposures as of 31 Dec 2025 - Without retail classification, the CET1-ratio would have been 27.0% as of 31 Dec 2025 31.7% 29.2% 31.4% 29.6% 32.2% 21.2% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 CET1 ratio OCR from 31/12/2025 (P2R = 3.7%)
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12 Table of contents Table of contents Highlights01 02 Key figures 03 Outlook 04 Appendix
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13 KEY FIGURES All-time high quarterly pre-tax profit four quarters in a row Unique customers Cost / income Loan losses (in % of gross loans, annualised) Profit after tax and ROE NOK million / % • 5,712 unique customers at the end of the period - Credit line: 93% - Downpayment loan: 7% • Cost/income impacted by planned one- off expenses in Q4 • Except for a spike in Q2, loan losses have trended downwards over the past five quarters as a result of improved credit quality • Total income growth combined declining loan losses have yielded four all-time high quarterly pre-tax profits in a row Key comments 5,000 5,056 5,142 5,223 5,334 74 203 272 335 3785,237 5,398 5,540 5,655 5,712 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Downpayment loans Credit line 61% 55% 43% 53% 58% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 4.3 % 4.0 % 5.3 % 3.4 % 2.2 % Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 8.9 14.1 17.5 17.8 18.6 12.2% 18.5% 21.9% 21.1% 20.9% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25
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14 28% 17% 17% 14% 8% 16% Services Construction Retail Real estate ICT Other KEY FIGURES | CREDIT LINE Average account balance continues to increase Customer accounts Average balance per account Gross loans by industry Average drawdown (per account with draw-down) NOK million NOK thousand NOK thousand • Net 93 new accounts (+2%) in the quarter - Onboarded: 365 - Offboarded: 272 • 5,334 credit line accounts at the end of the period • 83% of customer accounts with draw- down at EOP • NOK 252k outstanding per account at the end of the period • On average NOK 304k drawn by customers with draw-down Key comments NOK 1,343m 4,215 4,313 4,363 4,383 4,410 822 775 806 858 924 5,037 5,088 5,169 5,241 5,334 84% 85% 84% 84% 83% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Credit line accounts without draw-down at EOP Credit line accounts with draw-down at EOP Net active in % 206 227 230 244 252 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 247 268 273 292 304 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25
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15 29% 17% 16% 14% 8% 16% Services Construction Retail ICT Real estate Other KEY FIGURES | DOWNPAYMENT LOAN 378 downpayment loan accounts with an average balance of NOK 244k Customer accounts Average balance per account Gross loans by industry NOK million NOK thousand • Net 43 new accounts in the quarter - Onboarded: 72 - Offboarded: 29 • 378 downpayment loan accounts at the end of the period • NOK 244k outstanding per account at the end of the period Key comments NOK 92m 74 203 272 335 378 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 278 253 233 240 244 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25
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16 LOAN LOSSES Loan losses at record low Sum of LLPs and realised losses Losses on loans in % of gross income Loans by DPD (>=1) Loan losses in % of gross loans (annualised) NOK million • Total loan losses of NOK 7.8m of which: - NOK 2.6m in LLPs and - NOK 5,2m in net realised losses • DPD >= 1: 11.1% of gross loans Key comments 11.7 11.6 16.6 11.0 7.8 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 2.0% 2.4% 2.1% 1.4% 1.6% 0.7% 1.0% 1.0% 0.4% 0.7%0.9% 0.9% 0.7% 0.3% 0.4% 5.6% 7.1% 8.5% 8.5% 8.4% 9.2% 11.5% 12.4% 10.6% 11.1% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 >90 61-90 31-60 1-30 18% 17% 23% 15% 10% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 4.3 % 4.0 % 5.3 % 3.4 % 2.2 % Q4 24 Q1 25 Q2 25 Q3 25 Q4 25
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17 Table of contents Highlights01 02 Key figures 03 Outlook 04 Appendix
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18 PRIORITIES 2026 Our top priorities remain the same Strengthen competitive advantage Further strengthen long-term profitability and capital efficiency 2026 Accelerate the profitable growth • Increase automation in core customer processes • Keep evolving credit models • Continue to enhance customer experience • Continue to improve offering to larger customers • Streamline sales processes • Continue to optimise loan origination • Secure a banking license in LI or SE • Consider capital structure optimisation • Continue automating internal processes How? Progress on selected initiatives • All-time-high nominal YTD gross lending growth in 2025 of NOK 366 million in 2025 vs. NOK 163 million in 2024 • 85% of all customer chats solved by AI in Q4 25 vs 78% in Q3 25 • ROE of 20.6% in 2025 vs. 13.9% in 2024 • Liechtenstein and Sweden shortlisted for redomiciliation - with Liechtenstein as the preferred option
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19 Note 1: Total income run-rate in the quarter. | | Note 2: Cost income = Total operating expenses / Total income. LTM = Last twelve months. | | Note 3: As the lending book gradually shifts towards larger customers with lower credit risk. FINANCIAL OUTLOOK Targeting a total income run-rate of NOK 285 - 295 million at year-end YE 25E YE 26E CommentsYE 25A 250 - 260 285 - 295 ~ 52% ~ 52% Total income Annual run-rate1 (NOK million) Cost / income (LTM)2 • Increased lending balance per account • Controlled decline in lending yield3 • Reduced funding cost 253 52% • Redomiciliation one-offs • Wage and cost inflation ~ 5,800 n.a. Customer accounts (CL + DL, EOP) 5,712 • Guidance to be discontinued New targets to be communicated based on the outcome of the redomiciliation process
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20 Q&A Please submit follow-up questions by e-mail ir@aprila.no Please note that questions and answers will be published on https://www.aprila.no/content/investor-relations/qa
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21 Table of contents Highlights01 02 Key figures 03 Outlook 04 Appendix
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22 35% 33% 19% 13% Sales and marketing External services IT operations Other Income statement & general administrative expenses General administrative expenses Q4 25: NOK 14.2m Income Statement Amounts in NOK thousand Q4 2025 Q4 2024 2025 2024 Interest income 72,325 60,025 270,436 230,269 Interest expense 16,253 13,757 58,293 46,508 Net interest income 56,073 46,268 212,143 183,761 Income commissions and fees 5,057 4,329 18,879 16,686 Expenses commissions and fees -5 221 453 898 Net commissions and fees 5,063 4,108 18,425 15,788 Net gains / losses (-) on certificates, bonds and currency 2,562 2,422 10,347 8,089 Other income 0 0 0 0 Total income 63,698 52,798 240,916 207,638 Salary and other personnel expenses 22,159 16,502 72,041 61,613 General administrative expenses 14,173 14,219 49,596 45,321 Total s alary and adminis trative expens es 36,333 30,721 121,636 106,934 Depreciation and impairment of fixed and intangible assets 930 1,513 4,291 6,387 Total operating expenses excl. losses on loans 37,263 32,234 125,927 113,321 Losses on loans 7,807 11,667 46,917 56,979 Pre-tax operating profit 18,628 8,897 68,072 37,338 Tax 0 0 0 0 Profit after tax 18,628 8,897 68,072 37,338 Earnings per share (NOK) 0.26 0.12 0.94 0.53 Diluted earnings per share (NOK) 0.26 0.12 0.94 0.53 Amounts in NOK thousand Q4 2025 Q4 2024 2025 2024 Sales and marketing 4,995 5,357 19,506 18,197 IT operations 2,657 2,792 10,023 9,896 External services 4,700 2,002 11,905 6,841 External audit and related services 867 413 1,868 1,304 Credit information 315 326 1,305 1,380 Other operating expenses 638 3,330 4,989 7,703 Total general adminis trative expens es 14,173 14,219 49,596 45,321
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23 Balance sheet & regulatory capital Balance Sheet Regulatory capital Amounts in NOK thousand 31.12.2025 31.12.2024 Loans and deposits with credit institutions 194,310 168,803 Net loans to customers 1,301,624 977,840 Certificates and bonds 276,455 256,060 Other intangible assets 5,227 4,316 Deferred tax assets 0 0 Fixed assets 2,643 2,443 Other receivables 6,982 6,101 Total as s ets 1,787,240 1,415,564 Deposits from and debt to customers 1,390,696 1,096,783 Other debt 31,067 21,913 Total liabilities 1,421,764 1,118,696 Share capital 72,729 72,660 Share premium 329,213 328,940 Unregistered Share capital 195 0 Other paid-in equity 3,424 3,424 Retained earnings -40,085 -108,157 Total equity 365,476 296,868 Total equity and liabilities 1,787,240 1,415,564 Amounts in NOK thousand 31.12.2025 31.12.2024 Share capital 72,729 72,660 Share premium 329,213 328,940 Other equity -36,466 -104,733 Total equity 365,476 296,868 Part of interim or year-end profit not eligible 0 0 Additional value adjustments (AVA) -276 -256 Other intangible assets -5,227 -4,316 Deferred tax assets 0 0 Insufficient coverage for non-performing exposures -806 -174 CET 1 instruments funded by the institution -475 -521 Common equity tier 1 (CET 1) 358,692 291,601 Tier 1 capital 358,692 291,601 Total capital 358,692 291,601 Risk-weighted exposure amount Institutions 38,862 33,761 Corporates 91,858 35,076 Retail 650,449 523,654 Commercial immovable property 1,101 0 Exposures in default 43,126 16,578 Collective investments undertakings (CIU) 15,116 11,856 Other items 10,193 8,336 Credit risk 850,704 629,261 Position, foreign exchange and commodities risks 10,936 0 Operational risk 250,101 289,933 Credit valuation adjustment 675 759 Total risk exposure amount 1,112,415 919,952 Common equity tier 1 ratio (%) 32.2% 31.7% Tier 1 ratio (%) 32.2% 31.7% Total capital ratio (%) 32.2% 31.7% Leverage ratio (%) 19.5% 20.1% LCR 734% 937% NSFR 210% 233%
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24 Note 1: Gross margin = Gross profit bf. loan losses / Gross income total. | | Note 2: (Net interest income + Net commission income – Loans losses) / average net loans, annualised. Gross income and key figures Gross income and key figures 2 1 NOK million Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Gross income and margin Interest income credit line 41.8 48.3 51.5 55.4 60.1 60.1 61.5 63.6 65.3 67.9 Income commissions and fees credit line 3.2 3.4 3.7 4.0 4.2 4.3 4.4 4.6 4.8 5.1 Gross income credit line 44.9 51.8 55.2 59.5 64.3 64.5 66.0 68.2 70.1 72.9 Interest income downpayment loan 0.0 0.0 0.0 0.0 0.0 0.3 1.8 2.9 3.6 4.3 Income commissions and fees downpayment loan 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Gross income downpayment loan 0.0 0.0 0.0 0.0 0.0 0.3 1.8 2.9 3.6 4.3 Interest income spot factoring 4.0 4.1 2.9 1.8 0.2 0.0 0.1 0.1 0.1 0.0 Income commissions and fees spot factoring 0.3 0.3 0.2 0.1 0.0 0.0 0.0 -0.1 0.0 0.0 Gross income spot factoring 4.3 4.4 3.2 2.0 0.2 0.0 0.1 0.0 0.1 0.0 Gross income other 4.5 3.6 2.0 2.4 5.1 4.5 4.2 4.2 3.6 4.3 Gross income total 53.8 59.8 60.4 63.9 69.6 69.2 72.0 75.3 77.4 81.6 Direct variable expens es 12.9 13.8 12.5 13.7 15.2 18.2 15.9 16.6 16.8 18.6 Gross profit bf. loan losses 40.9 45.9 47.9 50.1 54.4 51.0 56.1 58.7 60.6 63.0 Total income 41.9 47.5 48.7 51.0 55.1 52.8 56.7 59.4 61.1 63.7 Gross income from lending 49.2 56.2 58.4 61.5 64.5 64.8 67.8 71.1 73.8 77.3 Total operating expenses 23.8 27.1 27.1 23.7 30.3 32.2 31.1 25.3 32.3 37.3 Losses on loans 10.4 10.5 16.4 13.3 15.6 11.7 11.6 16.6 11.0 7.8 Key figures Gross margin 76% 77% 79% 78% 78% 74% 78% 78% 78% 77% Total income / gross income 78% 79% 81% 80% 79% 76% 79% 79% 79% 78% Net interest margin after losses 14.9% 17.2% 14.9% 16.1% 15.0% 15.8% 16.5% 14.2% 16.0% 16.7% Cost / income 57% 57% 56% 46% 55% 61% 55% 43% 53% 58% Losses on loans / gross income from lending 21% 19% 28% 22% 24% 18% 17% 23% 15% 10%
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25 11% 45% 44% Mgmt. & employees Board of Directors Others Note 1: As registered in VPS 4 August 2025. OWNERSHIP STRUCTURE Aligned interests among key stakeholders Top 30 shareholders1 72.7m shares Share distribution # Investor Name Role # s hares % 1 SES AS Bertel Steen Board member 18,100,000 24.9 % 2 AMESTO GROUP AS Arild Spandow Chairman 9,768,374 13.4 % 3 KVANTIA AS Hans Marius Falkanger Board member 4,335,036 6.0 % 4 ALLIANCE VENTURE SPRING AS 3,174,406 4.4 % 5 VISMA NORGE HOLDING AS 3,000,000 4.1 % 6 EQUILIBRIA APS 2,808,822 3.9 % 7 MP PENSJON PK 2,227,357 3.1 % 8 PRIMERA AS Per Christian Goller Chief Growth Officer 1,816,500 2.5 % 9 ØSD INVEST AS Øystein Sindre Dannevig Chief Decision Scientist 1,512,781 2.1 % 10 SURFSIDE HOLDING AS 1,433,730 2.0 % 11 STRØMSTANGEN AS 1,371,686 1.9 % 12 FJ LABS 1,099,400 1.5 % 13 JOMAHO AS 1,027,575 1.4 % 14 CHRI AS 996,032 1.4 % 15 AREPO AS 907,747 1.2 % 16 SIRKELBUE AS Karl Erik Asbjørnsen Technologist 800,000 1.1 % 17 DISRUPTOR AS Israr Khan Chief Product & Tech Officer 760,289 1.0 % 18 THESAURUS AS 725,453 1.0 % 19 BLUE MOUNTAIN CAPITAL AS Kjetil Sørlien Barli CEO 651,000 0.9 % 20 JAH AS 615,127 0.8 % 21 UNIVERSAL PRESENTKORT AS 597,699 0.8 % 22 VIVIEND AS 575,454 0.8 % 23 ELIGERE AS Lene Gridseth Chief Operating Officer 573,200 0.8 % 24 KLØVNINGEN AS 535,350 0.7 % 25 PIIOTARHO AS 500,000 0.7 % 26 ITO CHRISTIAN AS 450,370 0.6 % 27 Maxwell Montes AS 422,795 0.6 % 28 STRIGEN AS 420,914 0.6 % 29 ARBIENSGT 8 AS 370,758 0.5 % 30 KNUT OLAV ASBJØRNSEN Knut Olav Asbjørnsen Head of Sales 355,000 0.5 % Others 10,795,826 14.8 % Total 72,728,681 100.0 % Ownership