Aprila Bank (APRILA) investor relations material

Executive summary

• Pre-tax profit reached NOK 18.2 million in Q1 2026, up 30% year-on-year, with ROE of 19.4% for the quarter and 20.8% for the last twelve months.

• Gross lending increased 30% year-on-year and 10% quarter-over-quarter, reaching NOK 1,585 million, with total income up 15% year-on-year to NOK 65 million.

• Profitability expansion driven by improved credit quality, income growth, and disciplined cost control.

• Focus remains on accelerating profitable growth, strengthening competitive advantage through automation and AI, and optimizing capital efficiency.

• The redomiciliation process is progressing, with Liechtenstein as the preferred option and license application planned for H1 2026.

Financial highlights

• Net interest income accounted for 88% of total income; net fee and commission income for 8%; net gains on financial instruments for 4%.

• Loan losses booked at NOK 9.1 million, with annualized loan losses at 2.4% of gross lending.

• Cost/income ratio was 53% for the last twelve months, or 58% including one-off expenses.

• Interest income was NOK 73.8 million and net interest income NOK 57.4 million in Q1 2026.

• Total assets reached NOK 1,877 million and total equity NOK 384 million at quarter-end.

Outlook and guidance

• Double-digit income growth and continued ROE improvement expected, though at a more moderate pace.

• 2026 guidance targets total income run rate of NOK 285–295 million in Q4 and cost/income ratio around 52%.

• Guidance will be updated following the outcome of the redomiciliation process.

• Macroeconomic outlook weakened due to global conflicts and inflation, with Norges Bank signaling possible rate hikes.

• Focus remains on profitable growth, operational scalability, and leveraging AI for business decisions.