GrønlandsBANKEN (GRLA) investor relations material

Executive summary

• Profit before tax for Q1 2026 was DKK 36.3 million, down from DKK 39.1 million in Q1 2025, reflecting lower interest rates and higher costs.

• Core earnings were DKK 37 million, compared to DKK 45 million a year earlier.

• Lending decreased by DKK 23 million since year-end 2025, while guarantees increased by DKK 74 million.

• Net interest and fee income fell by DKK 2.5 million year-over-year to DKK 105 million.

• Total expenses including depreciation rose to DKK 70 million, mainly due to staff and IT costs.

Financial highlights

• Net interest and fee income: DKK 105.4 million (Q1 2025: DKK 108.0 million).

• Profit before tax: DKK 36.3 million (Q1 2025: DKK 39.1 million).

• Lending: DKK 4,899 million; Deposits: DKK 8,435 million.

• Core earnings per cost krone: 1.5 (Q1 2025: 1.7).

• Solvency ratio: 27.7%; Core capital ratio: 25.2%.

Outlook and guidance

• Profit before tax for 2026 is expected in the range of DKK 180–205 million, maintained after an upward revision due to a potential significant gain from the sale of BEC Financial Technologies stake.

• Lending is expected to increase moderately for the rest of 2026.

• Core earnings are expected to decrease slightly in 2026 as lower interest rates take full effect.

• Costs are expected to remain at 2025 levels, with no further staff increases planned.