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0 5,000 10,000 15,000 20,000 25,000 0 50 100 150 200 250 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 SEK million Loans to the public Operating profit TRACK RECORD SINCE IPO * Excluding items affecting comparability Q4-18 and Q1-20
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För att ändra bakgrundsbild, högerklicka någonstans på bakgrunden, välj Formatera bakgrund, välj Bild eller strukturfyllning eller Hel fyllning (om du bara vill ha en färgad bakgrund) , sedan Infoga bild från fil. January – December 2025 YEAR-END REPORT
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188 242 Q4'24 Q4'25 HIGHLIGHTS OCTOBER – DECEMBER 2025 3 • 6 % growth in local currencies during the quarter • Operating profit SEK 242 million, +29% vs Q4-2024 – The Credit Cards segment drives EPS – Improved C/I – the business continues to scale well • Dividend proposal of SEK 5.00 per share +29% Operating profit
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BECOMING AVARDA • The plan to change corporate name to Avarda Bank is progressing • From Nordic niche bank to pan-European credit and payment platform Transaction volume 46.5 bn Number of customers 3.4 mn Consumer Lending in the Nordics Notes: 1) Including Consumer Lending Continental Europe, 2) LTM figures Transaction volume 2.8 bn As of Q2 20162) As of Q4 20252) Number of customers 0.3 mn Credit Cards & Ecommerce Solutions1) 69% 24% 31% 76% Q2'16 Q4'25 Share of loan portfolio
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0 5,000 10,000 15,000 20,000 25,000 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 SEK million TF Bank Credit Cards Ecommerce Solutions Consumer Lending LOAN BOOK GROWTH • TF Bank: Q4 = 6% – Year-on-year 23% • Credit Cards: Q4 = 10% – Year-on-year 48% • Ecommerce Solutions: Q4 = 10% – Year-on-year 4% • Consumer Lending: Q4 = 0% – Year-on-year 6% 5 23% Notes: 1) Growth in local currencies, 6% 1)
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0% 0% 0% 2% 3% 4% 5% 5% 8% 12% 19% 42% Poland Spain Italy Denmark Austria Estonia Lithuania Latvia Sweden Finland Norway Germany GROWTH AND DIVERSIFICATION 6 Notes: 1) Customer acquisition cost; 1) As of Q4 2025 Market update Loan book split by market2) Germany: Credit card product in high demand and increased profitability. Launch of credit offering in Ecommerce Solutions during Q4 2024 and Consumer Lending during Q2 2025 Norway: Strong profits in Consumer Lending and Credit Cards. All segments continue to grow Finland: Focus on protecting margins and improve profitability Sweden: Portfolio growth in Ecommerce Solutions segment. Baltics: Portfolio growth and profitability focus in Consumer Lending. Ecommerce Solutions discontinued from Q1 2024 Austria: Credit card product in high demand. Competitive CAC1) Denmark: Strong sales growth in Consumer Lending, business is scaling up Italy: Credit card product launched during Q3 2024 Spain: Credit card product launched during Q2 2024. New sales in Consumer Lending is paused. Poland: New sales in Consumer Lending and Ecommerce Solutions is paused
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CREDIT CARDS Highlights • The loan portfolio close to SEK 12 bn – German and Austrian market the main drivers • 401 k active cards in Germany, +31% YoY • Continued scalability in the business model 7 Share of TF Bank's loan book 50% Share of TF Bank’s operating income 53% Notes: 1) Year-on-year in local currencies, 2) Schufa and TF Bank estimate, 3) Gjeldsregistret and TF Bank estimate, 4) TF Bank estimate,5) year-on-year Segment description • Gold plated and transparent offering – gold card with no fees • Focus on digital solutions • Target markets are Germany, Norway, Austria, Spain and Italy. Addressable size of market in terms of number of consumers - Germany 35 M2), Norway 3 M3), Austria 3 M4), Spain 12 M4) and Italy 10 M4) Segment Active cards 466 k Active cards growth5) +30% Loan book growth1) +48% Geographical markets 511.8 bn Loan book
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ECOMMERCE SOLUTIONS Highlights • Transaction volume growth of 37% vs Q4-2024 – Attributed to the recent addition of new major partnerships – Increased operating income in coming quarters to be expected • Development of existing products and broader offering 8 Share of TF Bank's loan book 12% Share of TF Bank’s operating income 17% Notes: 1) year-on-year in local currencies, 2) year-on-year Segment description • Digital payment solutions offered in the Nordic region and Germany • Best-in-class white label Checkout+ solution. We support our partners, the merchants, throughout the whole customer journey Segment 2.8 bn Loan book Loan book growth1) 4% Geographical markets 9 Transaction volume 17.0 bn Transaction volume growth2) 27%
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CONSUMER LENDING Highlights • Focus on controlled risk levels and selective expansion • Credit offering in most recently launched markets, Germany and Denmark, progressing according to plan • Operations consolidated into new subsidiary, TF Bank Nordic during Q4 9 Share of TF Bank's loan book 38% Share of TF Bank's operating income 30% Notes: 1) year-on-year in local currencies Segment description • Diversified portfolio with Nordic base • Product offering tailored for each market - Average loan size on book of SEK – 73,000 - Tenor typically between 12 and 60 months • Marketed through direct channels, own data base and external partners Segment 9.1 bn Loan book Loan book growth1) +6% Geographical markets 11
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224 232 235 252 277 657 668 690 748 798 8.5% 8.6% 8.7% 8.9% 9.0% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 SEK Million Operating income Net loan losses Risk-adjusted margin STABLE RISK-ADJUSTED MARGIN • Risk-adjusted income1) – Stable risk-adjusted margin2) • Operating income – Credit Cards the main driver • Net loan losses – Driven by growth in Credit Cards 10 Notes: 1) Operating income minus net loan losses, 2)ratio = current quarter annualised
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37% 37% 38% 35% 35% 32% 33% 32% 29% 29% 58% 61% 61% 61% 63% 33% 31% 33% 34% 31% 20% 30% 40% 50% 60% 70% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 TF Bank Credit Cards Ecommerce Solutions Consumer Lending OPEX – COST/INCOME RATIO BY SEGMENT • Operating expenses Q4-25 vs. Q4-24, +14% – Positive trend for Credit Cards • Cost/income ratio per segment in Q4-25 – Credit Cards 29% – Ecommerce Solutions 63% – Consumer Lending 31% 11
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188 188 195 231 242 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 SEK million Operating profit INCREASED PROFIT YEAR-ON-YEAR • Operating profit Q4-25 vs. Q4-24, +29% – Driven by segment Credit Cards – Adjusted earnings per share, 2.83 SEK (2.08 1), +36% • Strong profitability in Q4-2025 – Adjusted return on loans to the public, 3.1% (2.61) – Adjusted return on equity, 24.7% (22.31) 12 29% Notes: 1) excluding financial effects as a result of the divestment of the majority stake in the subsidiary Rediem Capital AB in Q4 2024
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75 80 96 120 136 8.5% 8.8% 9.1% 9.1% 9.4% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 SEK million Operating profit Risk-adjusted margin CREDIT CARDS • Operating profit Q4-25 vs. Q4-24, +81% – Growing operating income • Return on loans to the public, 3.7% (2.8) – Higher risk-adjusted margin – Economies of scale 13 Segment 81%
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33 24 23 26 13 15.4% 15.3% 15.7% 15.5% 14.2% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 SEK million Operating profit Risk-adjusted margin ECOMMERCE SOLUTIONS • Operating profit Q4-25 vs. Q4-24, -62% – Recalibration of NPL model, one-off impact of approximately SEK -10 million – Start-up costs related to new major partnerships • Return on loans to the public, 1.5% (3.8) – Higher cost/income ratio 14 Segment -62%
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80 84 76 85 93 6.6% 6.6% 6.4% 6.8% 6.9% 0 20 40 60 80 100 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 SEK million Operating profit Risk-adjusted margin CONSUMER LENDING • Operating profit Q4-25 vs. Q4-24, +17% – Improved risk-adjusted margin – Recalibration of NPL model, one-off impact of approximately SEK +10 million • Return on loans to the public, 3.1% (2.6) – Maintaining strong returns 15 Segment 17%
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0 4,000 8,000 12,000 16,000 20,000 24,000SEK million FUNDING AND LIQUIDITY • Retail deposits in Europe Germany (SEK 17.4 billion) Netherlands (4.9 billion) Nordics2) (SEK 0.6 billion) Other3) (SEK 1.9 billion) – Fixed-term deposits: 44% • Available liquidity reserve: 18% of deposits • LCR and NSFR: 222% and 115% 16 Other HQLA1) Deposits from the public Liquidity reserve 4,330 18% of deposits Notes: 1) Remaining term to maturity of up to 12 months, 2) Finland, Sweden and Norway, 3) Spain and Ireland 24,692
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13.0% 8.9% 8.9% 8.9% 14.2% 16.1% 4.1% 10.6% 10.6% 1.5% 3.6% 12.9% 1.5% 3.2% 1.6% Capital ratios 31 December 2025 Headroom to CET1 regulatory capital requirements (including Pillar 2 and buffer requirement) Headroom to T1 regulatory capital requirements (including Pillar 2 and buffer requirement) Headroom to T1+T2 regulatory capital requirements (including Pillar 2 and buffer requirement) CAPITAL SITUATION 17 • Strong capital ratios • Significant headroom to regulatory requirements • Reissuance of T2 instruments • Proposed dividend of SEK 323 million impacts own funds CET1 T1 T1+T2 CET1 T1 T1+T2 Headroom Headroom T1 17.7%1) 15.7%1) 14.5%1) Headroom CET1 CET1 Notes: 1) Capital situation excluding proposed dividend.
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LOOKING AHEAD 18 • Continue delivering on our financial targets • Strong opportunities for further growth in Credit Cards • Take our operations into the next phase
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För att ändra bakgrundsbild, högerklicka någonstans på bakgrunden, välj Formatera bakgrund, välj Bild eller strukturfyllning eller Hel fyllning (om du bara vill ha en färgad bakgrund) , sedan Infoga bild från fil. 19 Q&A Session
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För att ändra bakgrundsbild, högerklicka någonstans på bakgrunden, välj Formatera bakgrund, välj Bild eller strukturfyllning eller Hel fyllning (om du bara vill ha en färgad bakgrund) , sedan Infoga bild från fil. 20 Appendix
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CORPORATE PROFILE 21 Our Products We are a fast-growing digital credit and payment platform operating in 14 European countries. Through our proprietary IT infrastructure, we develop simple and flexible payment and financing solutions for millions of customers. Our DNA Our goal is to contribute to financial inclusion by offering responsible lending. We aim to provide our customers with the opportunity to access the products and services they need in a sustainable and responsible manner. Our Geographical footprint We serve customers in the Nordics, Germany, Austria, Spain, the Baltics, Poland, Ireland, the Netherlands and Italy. Geographical diversification is a key component of the Bank’s strategy. The investment case Our strategy is based on driving profitable growth through a diversified geographical presence in selected European markets. We are continuously working to improve efficiency and strengthen our competitiveness, while accelerating the development of Credit Cards and Ecommerce Solutions.
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0 400 800 1,200 1,600 2,000 2,400 0 3,000 6,000 9,000 12,000 15,000 18,000 21,000 24,000 27,000 1998 2007 2016 2025 SEK million Loan portfolio Loan portfolio Operating income LONG TRACK RECORD OF PROFITABLE GROWTH 22 Long experience and proven business model • 35 years+ experience from consumer finance industry • Highly profitable core markets with proven model for geographical expansion into new high-growth markets • Three complementary business segments Strong track record on growth and profitability
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BOARD OF DIRECTORS John Brehmer Chairman of the Board since 2020 Board member since 2010 Current commitments: Chairman: Mederion AB, Tiberon AB, Zebware AB Board member: Consortio Invest AB, Consortio Business Center AB, Consortio CS Holding AB Holdings in company: 10,100,000 shares Michael Lindengren Board member since 2021 Current commitments: Chairman: Acrap AB, Simplicity Stiftelsetjänst AB Board member: Simplicity AB, Sparbanksstiftelsen Sjuhärad and Sparbanken Sjuhärad (publ) AB Holdings in company: 15,000 shares Arti Zeighami Board member since 2023 Current commitments: Partner & Director, Senior advisor AI@scale: Boston Consulting Group (BCG X) Holdings in company: 0 shares Niklas Johansson Board member since 2022 Current commitments: Chairman: Nordisk Renting AB Board member: Livförsäkringsbolaget Skandia, Trustly AB, Euroclear Sweden AB, Cienaga AB and Verdane Fund Management AB Holdings in company: 1,317 shares Sara Mindus Board member since 2020 Current commitments: Board member: Besqab AB (publ), K-Fast Holding AB (publ), Dreams AB, Colibri Ventures AB, Faboss Invest AB och Duco Förvaltning AB. Board member and CEO: Sara Mindus AB Holdings in company: 75,000 shares Fredrik Oweson Board member since 2022 Current commitments: Chairman: Scope Capital SA, Woffel SA Board member: Scope Capital Advisory SA and Scope Consumer VI Sàrl Holdings in company: 0 shares 23
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EXECUTIVE DIRECTORS Joakim Jansson CEO Education: PhD in Economics, Uppsala University. At TF Bank since 2023 as CEO. Has previously held leading positions within Swedbank and Handelsbanken. Current commitments: Board member: Yieldloop AB Holdings in company: 32,800 shares Vilma Sool Chief Commercial Officer Education: LL.M (Master in Law), Tallinn University At TF Bank since 2014 as Head of Estonia, then Head of Baltics, becoming Chief Corporate Officer and later Head of Continental Europe Consumer Lending. Since December 2025 appointed as Chief Commercial Officer. Previous experience as Business developer and responsible for Deposits at Bigbank. Current commitments: Board member: Core Concept OÜ Holdings in company: 16,001 shares Mikael Meomuttel CFO, Deputy CEO and Head of Investor Relations Education: MSc, Business/Economics and Finance, University of Borås/University of Gothenburg. At TF Bank since 2009, 2014 Deputy CEO and from 2018 also the Group’s Head of IR. Previously, among other things, been Financial Controller at Consortio Fashion Group AB (CFG). Current commitments: Chairman: Torhamnsskär Holding AB, TF Bank Nordic AB and Yieldloop AB Holdings in company: 72,000 shares 24
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För att ändra bakgrundsbild, högerklicka någonstans på bakgrunden, välj Formatera bakgrund, välj Bild eller strukturfyllning eller Hel fyllning (om du bara vill ha en färgad bakgrund) , sedan Infoga bild från fil. 25 Contact Investor relations Mikael Meomuttel +46 706 26 95 33 ir@tfbank.se www.tfbankgroup.com