Årsredovisning 2025

Kvika banki hf.  
Statement on the Corporate Governance of Kvika banki hf.
0
Investment Banking provides a range of professional services in the fields of specialised financing, securities and foreign exchange transactions and
corporate finance services. Capital Markets provide customers with com prehensive services in securities an d foreign exchange brokerage. The
Corporate Finance segment provides advice on the acquisition, sale and merger of companies and business entities, financing businesses via stock or
bond auctions, listing and delisting stocks and bonds. The Lending segment provides businesses, institutions, and investors with specialised lend ing to
finance such things as real estate, real estate development, securities transactions and other investments. The division also uses the Bank’s
infrastructure to distribute loans to other institutional investors.
Kvika’s UK operations are operated through the subsidiary Kvika Limited. (hereinafter referred to as “KL”). KL, established in 2017, is a subsidiary
regulated in the United Kingdom by the Financial Supervisory Authority. KL’s focus is on corporate finance, as well as fund and asset management
services. KL also handles specialized real estate mortgage transactions under the brand Ortus Secured Finance.
A special sustainability committee is in place at Kvika and is now composed of the CEO, CFO and managing directors of most divisions of the bank and
KES, as well as the Director of Sustainability. The Director of Sustainability has day-to-day oversight of sustainability matters on behalf of the
Sustainability Committee, but the subject area falls under the Operation and Development Division.Kvika’s sustainability risk policy was reviewe db y
the BOD in September 2025. The policy forms part of the Bank’s overall risk management framework, with the Risk Management Division overseeing
sustainability risk. As part of the updates to the risk management framework in 2024, a position of a specialist in sustainab ility risk was added to the
Risk Management Division. Additionally, sustainability risk was elevated within the framework, becoming an independent risk factor and one of the
Bank’s key risk factors. The policy was revised to expand its scope from its previous focus on climate risk. The policy now covers all of Kvika’s
sustainability risks, based on the results of a double materiality assessment from 2024.
Commercial Banking provides businesses, institutions, and investors with general banking services. Customer’s daily banking transactions are handled
mostly via Kvika’s online banking system. Kvika’s specialized brands provide diverse financial services to customers. Auður offers individuals wi th a
wide selection of savings accounts as well as favourable mortgage lending, which the bank began offering in 2025. A uður also offers corporate
accounts to legal entities. Aur provides individuals with access to a variety of online banking services. Lykill makes financing in the form of loan an d
lease agreements for cars, machinery, and equipment available for individua ls and legal entities. Kvika also operates the brand Framtíðin exclusiv ely
online and provides mortgages to individuals in the form of secondary mortgages. Lastly, Kvika provides payment services to customers through its
brands Netgíró and Straumur. 
In parallel with the sustainability strategy, it was decided to reduce the number of United Nations Sustainable Development Goals (SDGs) that Kvika
places special emphasis on from six to four so that the goals best align with Kvika's sustainability priorities. They are: SDG 5 on gender equality; SDG 9
on industry, innovations, and infrastructure; SDG 13 on climate action and SDG 17 on partnership for the goals.
Business strategy and values 
Kvika banki hf. (hereinafter referred to as “Kvika” or the “Bank”) is the parent company of the Kvika group. Kvika’s purpose is to increase competition
and simplify customers’ finances by utilizing infrastructure and financial strength. Kvika’s vision is to transform financial services in Iceland with mutual
benefits in mind. On that journey, Kvika is guided by three values that contribute to the development of robust business relationships, long-term
results, and active innovation. Kvika’s values are long-term thinking, simplicity, and courage. In accordance with those values the Bank places emp hasis
on thinking of the future and contributing to a sustainable community through active participation. Emphasis is placed on putting ourselves in the
customer’s shoes, rethinking things and selecting projects that provide the most long-term value for customers and the Bank.
Kvika offers its customers diversified financial services through four business segments: Commercial Banking, Investment Banking, Asset Managem ent
and UK operations. The business segments Asset Management and the UK operations are operated in the subsidiaries Kvika eignastýring hf. and Kvika
Limited. The sale of TM tryggingar hf. to Landsbankinn was completed on February 28, 2025, and the Bank is no longer defined as a financial
conglomerate in the financial sector.
Sustainability
Kvika’s purpose, as previously stated, is to increase competition in financial services and simplify customers’ finances. Kvika’s BOD approved a ne w
sustainability policy in September 2025, which is based on the priorities that emerged from Kvika’s double materiality assessment co nducted in 2024.
In parallel with the new policy, Kvika’s sustainability committee also approved new procedures during the year, setting out goals and metrics relate dt o
the priorities in the sustainability policy. The sustainability policy applies to the Kvika group based on Kvika’s ownership policy for significant
subsidiaries.
Kvika takes the independence of its licenced subsidiaries, both with regards to management and day-to-day operations, seriously. However, Kvika, a sa
parent company, is responsible for internal governance on a consolidated basis. In that context Kvika has laid down ground rules for its subsidiaries ,
both in terms of administrative structure and internal governance, through ownership policies for its significant subsidiaries and requires regul ar and
ad hoc information from the subsidiaries to the parent company. Kvika requires harmonized and professional work ethics within the Kvika group,
harmonized corporate culture, coordinated human resources working under the same conditions and that Kvika’s values are maintained within the
group to the extent allowed by law. Further reference is made to annual reports of the Bank’s subsidiaries, available at www.skatturinn.is.
Asset Management emphasises on offering clients a broad range of services for investing in Iceland as well as in foreign markets. Its aim is to provide
the best asset and fund management services, guided by clients’ long-term interests. Asset and fund management operations are mostly handled by
Kvika’s subsidiary, Kvika eignastýring hf. (hereinafter referred to as “KES”).
Return on equity is determined by decisions made in accordance with the Bank’s risk appetite, which reflects its profitability targets. Consequentl y,
decisions regarding the optimal composition of the balance sheet to generate income are restricted by risk appetite. Kvika’s target is a return on
tangible equity of at least 20% and keeping the capital adequacy ratio (CAR) 2-4% above legal and regulatory requirements set by the Financial
Supervision of the Central Bank of Iceland (hereinafter referred to as “the Icelandic Financial Supervision”). 
Kvika’s objective is to deliver to shareholders an annual compensation equivalent to a minimum of 25% of profit, whether in the form of dividend
payments or share repurchases, under a formal buy-back programme, as authorised by applicable laws and decisions made at shareholders’ meetings.
When deciding on the amount of dividends or, as the case may be, the funds allocated for share buy-backs, care is taken to maintain Kvika’s strong
financial position, bearing in mind risks in the internal and external environment and growth prospects, to ensure that the Bank maintains a solid
capital ratio and liquidity for the future. 
 Consolidated Financial Statements 31 December 2025  76

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Kvika banki hf.  
Statement on the Corporate Governance of Kvika banki hf.
0
The main elements of internal control, risk management and accounting
The BOD is responsible for ensuring that an active system of internal control is in place within the Bank, which is based on three lines of defence. The
first line of defence consists of the management and the employees of business and supporting units in charge of the Bank’s daily management and
organization. The main responsibility of the first line of defence is to ensure the functionality and implementation of internal control measures in daily
operations. The second line of defence is comprised of the Compliance Officer and Risk Management. The Compliance Officer is responsible for the
training of employees and the BOD, monitors and regularly and preventively assesses compliance with relevant legislation, monitors compliance ris k,
as well as consulting on implementation of laws and regulations in Kvika’s operations. Risk Management oversees the Bank’s identified risk factors and
is responsible for developing methods to identify, assess, monitor and manage them in a systematic manner. Compliance and risk management
oversight is additional to internal controls of the first line of defense. Other units may also be assigned a supervisory role in the second line of defe nce,
in line with Kvika’s policy on internal control. The third line of defence is the internal auditor, operating independently from other units within Kv ika’s
organization and directly under the control of the BOD, according to a formal statement of duties and job description of the internal audit function.
The internal audit function assesses the effectiveness of risk management, control methods and internal governance in an independent and objective
manner and in accordance with internal auditing standards. Among other things, the function prepares independent audits, verifications, and advic et o
the BOD and the Audit Committee.
The implementation and functioning of internal control are the responsibility of the management of the Bank. Internal control is based on risk
assessments and control measures intended to reduce risk factors in the operations of the Bank. Internal control includes documented and formal
procedures which Kvika’s employees follow in their daily work, and which are reviewed by the control units. 
Kvika is a member of the United Nations Principles for Responsible Investment (UN PRI) and is working on integrating the principles of the UN PRI into
its operations, particularly within KES. Kvika is one of the founding members of IcelandSIF, an organisation for responsible investments, is a membe ro f
Festa Centre for Sustainability and supports Grænvangur, which is a co-operation forum between industry and government on clima te issues and green 
solutions. Kvika is a member of the Partnership for Carbon Accounting Financials (PCAF), an industry-led initiative to enable financial institutio ns to
consistently measure and disclose GHG emissions financed by their loans and investments. In 2025, Kvika co nducted its third assessment of estimated
financed emission using the PCAF methodology. Information on estimated financed greenhouse gas emissions from Kvika’s loans and investments is
published annually in Kvika’s sustainability report.
In 2024, work began with external consultants on a double materiality assessment, which is, among other things, the first step in the Risk Management
Division’s risk management process for monitoring sustainability risk. The result of the assessment will form the foundation for further work in the
sustainability area in the coming year and will also serve as the basis for Kvika’s sustainability reporting.
Regulatory framework
Kvika is a financial undertaking subject to provisions of Act No. 161/2002 on Financial Undertakings, Act No. 115/2021 on The Market for Financial
Instruments, Act No. 60/2021 on Measures against Market Abuse, Act No. 45/2020 on Alternative Investment Funds, Act No. 116/2021 on undertakings
for collective investment in transferable securities, Act No. 14/2020 on Prospectus for Public Offering or Admission to Trading on a Regulated Marke t,
Act No. 33/2013 on Consumer Lending, Act No. 118/2016 on mortgage lending to consumers, Act No. 2/1995 on Limited Liab ility Companies, the
Competition Act No. 44/2005, Act No. 114/2021 on Payment Services, Act No. 3/2006 on A nnual Financial Statements, Act No. 3/ 2023 on Payment
Accounts, Act No. 140/2018 on Measures against Money La undering and Terrorist Financing and Act No. 78/ 2025 on digital operational res ilience for
the financial sector. Moreover, Kvika is obliged to guarantee the safety of the personal data it processes in its activities, in accordance with Act No .
90/2018, on the Protection of Privacy as regards the Processing of Personal Data and follows Act No. 25/2023 on Sustainable Finance Disclosure. Kvika
has an operating licence from the Icelandic Financial Supervision, which supervises the activities of the Bank. Kvika’s activities are therefore go verned
by the rules and instructions of the Icelandic Financial Supervision and Central Bank of Iceland. Kvika is also subjective to further extensive legis lation
and secondary acts that apply to the financial market, mostly originated from Europe, and incorporated in Icelandic law through various means. More
details about the Icelandic Financial Supervision and an overview of the principal legislation and rules that apply to the Bank at any given time can be
found on the website of the Central Bank of Iceland www.cb.is.
Furthermore, Kvika’s activities comply with the recognised standards and rules of the European Banking Authority (EBA), including guidelines on
internal governance (EBA/GL/2021/05), cf. Article 15 of regulation of the European Parliament and of the Council No. 1093/2010, which was
incorporated into Icelandic law with act no. 24/2017 on a European Financial Supervisory System (hereinafter “EBA Guidelines”). The EBA Guidelines
can be found on the Central Bank of Iceland’s website www.cb.is and on EBA’s website https://www.eba.europa.eu/homepage.   
Kvika awards a variety of grants that have a positive social impact, and the selection of projects reflects the four UN SDGs that have been adopted. Last
year was, among other things, provided to UNICEF in Iceland and women and innovation with FrumkvöðlaAuður.
A more detailed discussion of the scope, position, and impact of the group regarding environmental, social and governance matters (also known as
“ESG factors”) can be found in Kvika’s sustainability report, which is published together with Kvika’s annual financial statement. When writing the
report, data points from the ESRS standards of the CSRD (Corporate Sustainability Reporting Directive), which has not yet been implemented in Icelan d,
are selected and taken into account. Deloitte provides a limited assurance assessment of selected information in Kvika’s 2025 sustainability report.
Compliance with corporate governance guidelines 
Kvika is obliged to observe recognised corporate governance guidelines, pursuant to Par. 7 of Article 54 of Act No. 161/2002, on Financial Undertakings.
The Bank complies with chapter VII of Act No. 161/2002, on Financial Undertakings, and with the Guidelines on Corporate Governance issued jointly in
February 2021 by the Chamber of Commerce, NASDAQ Iceland, and SA – Business Iceland. Kvika has been recognized as a model company in good
corporate governance, most recently in August 2025. The Guidelines are available on the website of the Chamber of Commerce www.vi.is. 
 Consolidated Financial Statements 31 December 2025  77

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Kvika banki hf.  
Statement on the Corporate Governance of Kvika banki hf.
0
The BOD determines the risk policy and risk appetite of the group within Kvika Group’s Risk Policy, which also defines main risk factors in Kvika’s
operations, including their nature and acceptable volume. The purpose of the policy is to establish an effective and transparent framework for
managing the group’s risk and risk appetite, ensuring that risk management is aligned across the group on a consolidated basis. The Kvika Group Risk
Policy stipulates that the Bank and its subsidiaries must ensure that the policy is implemented in their daily operations where applicable. It furthe r
states that Kvika and its subsidiaries shall establish risk policies addressing the main risk factors relevant to their activities. These policies m ust define a
risk appetite within the framework of the risk appetite outlined in the Kvika Group Risk Policy.
The CEO reports to the BOD and verifies the effectiveness of internal controls and risk management in the Consolidated Financial Statements. Interna l
controls and risk management applied in the preparation of the Consolidated Financial Statements are organised with a view to preventing any
significant deficiencies in the accounting process. 
Kvika’s Finance division prepares annual financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted b yt h e
EU, and additional requirements, as applicable, in the Act on Annual Accounts no. 3/ 2006, the Act on Financial Undertakings no. 161/2002 and rules on
accounting for credit institutions no. 834/2003. The annual financial statements are audited by Kvika’s external auditors, Deloitte. 
The BOD hires an Internal Auditor, signs his/her formal statement of duties, and annually approves the internal audit plan. The CEO appoints the
Compliance Officer, and the BOD confirms the appointment. The CEO appoints the Managing Director of the Risk Management function. The reports
and findings of the internal control function are presented directly to the BOD.
Kvika’s BOD has three sub-committees, the Audit Committee, Risk Committee and Remuneration Committee.  
The members of the Audit Committee are Ingunn Svala Leifsdóttir, as chairperson, Helga Kristín Auðunsdóttir and Margrét G. Flóvenz. The committee is
intended to play an advisory and supervisory role for Kvika’s BOD by, among other things, ensuring the quality of financial statements and other
financial information from the Bank and the independence of its auditors. The committee supervises accounting procedures and the effectiveness of
internal controls as well as internal and external auditing. The committee met nine times in 2025 and all members attended all meetings.  
The members of the Risk Committee are Páll Harðarson, as chairperson, Ingunn Svala Leifsdóttir and Sigurður Hannesson. The committee has an
advisory and supervisory role for the Bank’s BOD, among other things, in determining its risk policy and risk appetite. The committee also monitors th e
organisation and effectiveness of risk management, management of credit risk, market risk, liquidity risk, operating risk, reputational risk, and other
risks, as the case may be. The committee met 11 times in 2025 and all members attended all meetings. 
The members of the Remuneration Committee are Guðjón Reynisson, as chairperson, Sigurður Hannesson, and Helga Kristín Auðunsdóttir. The
committee has an advisory and supervisory role for the Bank’s BOD regarding salaries and other remuneration, ensuring that this supports the Bank’s
objectives and interests. The committee met seven times in 2025 and all members attended all meetings.
All the BOD’s sub-committees have established rules of procedure prescribing the implementation of their tasks in detail and endorsed by the BOD.
The BOD appoints sub-committee members by majority vote from its own ranks and nominates the chairpersons. Because of the nature of the
committees, neither the CEO nor other employees can serve on them. The ru les of procedure of the committees and the BOD are accessible on Kvika’s
website www.kvika.is.Kvika operates a nomination committee, whose role is to prepare and make proposals for candidates for election to the Bank’s
BOD at its annual general meeting and at those shareholder meetings where board election is on the agenda. The committee’s proposals shall aim to
ensure that the board is at all times composed in such a way that it has a diverse knowledge and experience that is useful to the Bank in policy-making
and supervision in the environment in which the Bank operates at any given time. According to Kvika’s articles of association, the annual general
meeting appoints/elects three members to the Nomination Committee. The committee consists of Jakobína Hólmfríður Árnadóttir, who is the
chairman, Helga Melkorka Óttarsdóttir and Ragnar Páll Dyer, all appointed to the committee at the annual general meeting in 2025. The committee’s
rules of procedure and further information are available on Kvika's website www.kvika.is.
The members of Kvika’s Executive Committee, in addition to the CEO are the following employees: Anna Rut Ágústsdóttir, deputy CEO and Managing
Director of Operations and Development, Bjarni Eyvinds Þrastarson, Managing Director of Investment Banking, Elísabet Guðrún Björnsdóttir, Manag ing
Director of Risk Management, Eiríkur Magnús Jensson, CFO, Guðmundur Þórðarson, Managing Director of Business Development, Halldór Snæland,
Managing Director of Commercial Banking, and Lilja Jensen, General Counsel. Additionally in the group’s Executive Committee is Hannes Frímann
Hrólfsson, CEO of KES. More details about the Executive Committee are accessible on Kvika’s website www.kvika.is. 
The BOD is the supreme authority in the affairs of the Bank between shareholders’ meetings. Its main duties are to supervise all of Kvika’s operations
and ensure that they are in good order at all times. The BOD is responsible for Kvika’s policy making and shall ensure that the accounting and handling
of the Bank’s assets is properly supervised. The BOD prepares plans for Kvika in line with the Bank’s objectives and in accordance with its Articles of
Association and determines the strategies to be followed to achieve the objectives set. The BOD appoints the CEO and supervises his work, e.g., by
receiving regular reports from the CEO at board meetings. The BOD annually evaluates the CEO’s work in a documented manner. The BOD also
represents the Bank before courts and government authorities and allocates authority to sign and to commit the Bank. 
Kvika’s BOD and control units regularly verify the effectiveness of internal controls and risk management.
Composition and activities of the BOD, Executive Committee, sub-committees and the Nomination Committee
Each year Kvika’s annual general meeting elects the BOD consisting of five board members and two alternates. 
Board members come from varied backgrounds, and all possess extensive experience and expertise. In accordance with the Act on Limited Liability
Companies No. 2/1995, the Bank’s Articles of Association and Kvika’s policy for assessing the eligib ility of its board members and CEO care is taken to
ensure at least 40% representation of each gender on the BOD and mong the alternates. The BOD is currently comprised of three men and two women.
At the Bank’s 2025 annual general meeting Sigurgeir Guðlaugsson resigned from the board and Páll Harðarson joined the board.
Regular board meetings are generally held once a month and meetings to review financial statements are held quarterly. Additional meetings may be
called in between to discuss specific matters. In 2025, 25 board meetings were held and all current board members attended all board meetings. The
Chairman attended all meetings of the BOD. 
 Consolidated Financial Statements 31 December 2025  78

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Kvika banki hf.
Statement on the Corporate Governance of Kvika banki hf.
0
Kvika has adopted a policy for assessing the eligibility of its board members and CEO as provided for in EBA guidelines and pursuant to Art. 52 of Act 
No. 161/2002 on Financial Undertakings, provisions of Rules No. 150/2017 on assessment of eligibility of managing directors and directors of financial 
undertakings and the guidelines. It addresses, inter alia, Kvika’s policy on the diversity of its BOD, Executive Committee, and senior management with 
regard to age, gender and educational and professional background. The composition of the BOD is also dealt with in Kvika’s Articles of Association, 
which state, among other things, that its BOD shall be so comprised that its members jointly possess adequate expertise, skills, and experience to 
understand the activities of the Bank, including key risk factors. Kvika has also adopted a Human Resources Policy and Equality Policy. According to the 
Bank’s Equality Policy, non-discrimination and diversity shall characterise all its operations. All employees should have the opportunity to make good 
use of their abilities at work and be valued on their own merit, have equal opportunities, and enjoy the same rights in their work and for career 
advancement, regardless of gender, age and origin. The status and opportunities of individuals shall be equal regardless of gender, race, nationality, 
religion, age, or other irrelevant factors when it comes to employment in management positions and participation in working groups, boards and 
committees.
Information on Board members
Sigurður Hannesson is the chairman of the BOD. He was appointed to Kvika’s BOD in March 2020. He was born in 1980 and is currently the Director 
General of the Federation of Icelandic Industries. From 2007-2017, Sigurdur worked in the financial markets, most recently serving as a Managing 
Director of Asset Management at Kvika’s (formerly MP Bank’s). In 2015, Sigurdur was the Vice-Chairman of the Government Task Force on lifting of 
capital controls and in 2013 the Chairman of the Expert Group on household debt relief. Sigurdur holds a DPhil degree in mathematics from the 
University of Oxford, a BS degree in mathematics from the University of Iceland and is a certified securities broker. Sigurður also sits on the boards of 
Iceland Symphony Orchestra, Grænvangur (Green by Iceland), Reykjavík University, Skólastræti and the Icelandic Cancer Society. Sigurður owns 
8,550,107 shares in the Bank through shareholding in the private limited company BBL 39 ehf., but does not have interest links with major clients, 
competitors, or big shareholders in the sense of the corporate governance guidelines and is also independent from the bank in sense of the guidelines. 
Helga Kristín Auðunsdóttir is the deputy chairperson of the BOD. She was appointed to Kvika’s BOD in April 2021. She was born in 1980. Helga Kristín 
is a doctor in Law from Fordham University in New York. In her doctoral studies at Fordham University she researched corporate governance and hedge 
fund investments. Helga Kristín graduated with BS in Business Law from Bifröst University in 2004 and with a master’s degree in law from the same 
university in 2006. She graduated with an LL.M degree in law from the University of Miami, with a focus on international business law and contracts in 
2010. Helga Kristín is an assistant professor at the Department of Law at Reykjavík University. Before that, she worked as a director and assistant 
professor at Bifröst University, as a lawyer for Stoðir hf., as a lawyer for FGM/Auðkenni, now part of the Central Bank of Iceland and as a lecturer at the 
faculty of law at University of Miami. Helga Kristín was a member of the board of directors of TM tryggingar hf. from 2023-2025 and of TM hf. in the 
years 2020-2021. She was also an appointed alternate on the board of directors of Tryggingamiðstöðin hf. in 2012-2015. Helga Kristín does not own 
shares in the Bank and does not have interest links with major clients, competitors, or big shareholders in the sense of the corporate governance 
guidelines and is also independent from the bank in sense of the guidelines.  
Guðjón Reynisson was appointed to Kvika’s BOD in March 2018. He was born in 1963 and works as an independent investor and board member. 
Between 2008 and 2017 he served as CEO of Hamleys of London. From 2003 to 2008, he served as managing director of the 10-11 stores. From 1998 to 
2003 he was the managing director of the sales division of Tal, an Icelandic phone company. He graduated with an MBA degree from the University of 
Iceland in 2002. He graduated with an Operations and Business degree from the Continuing Education Study of the University of Iceland in 1999 and 
graduated with a degree as a licensed physical education teacher from the University of Iceland in 1986. Guðjón has been on the board of directors of 
Festi hf. since 2014, of Securitas hf. since 2018 and of Dropp ehf. since 2020. In 2024 Guðjón also took seat on the board of the private equity fund 
Harpa Capital Partners II. Guðjón controls 10,410,789 shares in Kvika through his private limited company, Hakk ehf., but does not have interest links 
with major clients, competitors, or big shareholders in the sense of the corporate governance guidelines and is also independent from the bank in 
sense of the guidelines.
Ingunn Svala Leifsdóttir was appointed to Kvika’s BOD in September 2021. Ingunn was born in 1976. She graduated with a BS degree in Business from 
the University of Iceland in 1999, with a focus on accounting and finance, and with a Cand. Oecon business degree from the same University in 2001, 
with a focus on accounting and management. Ingunn Svala completed the Advanced Management program (AMP) from the IESE Business School in 
New York in 2018. Ingunn Svala currently works as a chief executive officer at Olís. Prior to that she worked as a COO for Dohop and as an executive 
director of operations at Reykjavík University. Ingunn Svala also has extensive experience from the financial sector. She worked for the Kaupthing’s 
Resolution Committee as Chief Financial Officer from 2009 to 2011 as well as working as a Global Business Controller in Investment Banking at 
Kaupþing bank in 2007 to 2009. Ingunn Svala also worked within the Actavis Group consolidation in 2001 to 2007 as a CFO for four subsidiaries, 
namely Actavis hf., Medís ehf., Actavis Group hf. and Actavis Group PTC ehf. Ingunn Svala has extensive experience of serving as a board member and 
has previously served on the boards of Ósar – lifeline of health hf. and of its subsidiary, Parlogis ehf., as well as Slippurinn Akureyri and Lífís, a 
subsidiary of VÍS. Ingunn Svala does not own shares in the Bank and does not have interest links with major clients, competitors, or big shareholders in 
the sense of the corporate governance guidelines and is also independent from the bank in sense of the guidelines.
Páll Harðason was appointed to the Bank’s BOD in March 2025. He was born in 1966. Páll holds a Ph.D. degree in economics from Yale University and a 
B.A. degree in economics from Macalester College. Pall served as BU CFO of Nasdaq Trading Services from 2023 to 2024 and BU CFO of European 
Markets at Nasdaq from 2019 to 2023. Prior to these roles, Páll served as CEO of Nasdaq Iceland from 2011 to 2019, and as Deputy CEO and Chief 
Operating Officer from 2002 to 2011. He also worked as an economist at the National Economic Institute of Iceland from 1999 to 2002. Páll has 
extensive experience as a board member, having served on the boards of various companies and organizations, including the Nasdaq stock exchanges 
in the Nordic countries. Páll sits on the boards of Elma Orkuviðskipti and Ísaksskóli. Páll owns 700,000 shares in Kvika. Páll does not have interest links 
with major clients, competitors, or big shareholders in the sense of the corporate governance guidelines and is also independent from the bank in 
sense of the guidelines.
The BOD considers all board members to be independent as defined by the corporate governance guidelines.
Kolbrún Jónsdóttir and Thomas Skov Jensen are alternate members of the BOD. In the opinion of the BOD, Kolbrún is also an independent member of 
the BOD within the meaning of the corporate governance guidelines. Thomas is not since he worked as Management Director of Risk Management of 
Kvika until 2023. 
 Consolidated Financial Statements 31 December 2025  79

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Kvika banki hf.  
Statement on the Corporate Governance of Kvika banki hf.
0
Communications between shareholders and the BOD
Main factors in the BOD’s performance evaluation
Information is provided to shareholders on a non-discriminatory basis and is mainly limited to shareholders’ meetings or the communication of
harmonised information to all shareholders simultaneously. News of the Bank’s operations are posted on Kvika’s website and press releases are issued
in accordance with disclosure obligations of issuers of shares when newsworthy events in the Bank’s operations take place. A detailed presentation o f
the Bank’s operations over the past year is also provided at its AGM and information on the Bank’s operations is published in Kvika’s annual report and
financial statements. 
This statement on the corporate governance practices of Kvika banki hf. was reviewed and approved by the BOD on 11 February 2026.
The BOD annually evaluates its performance. It evaluates the performance of tasks and work of the BOD for the previous year. The focus of the
assessment is on strategic planning, disclosure and future vision, the size and composition of the BOD, performance of board members, the work of
sub-committees and performance of the CEO, the internal auditor, and the secretary of the BOD. The development of the Bank is reviewed to assess
whether it is line with objectives. Following the annual performance assessment, the BOD defines tasks in areas where improvements are needed. The
last performance assessment was conducted in December 2025. The BOD also regularly co nducts special self-assessments on its composition in
accordance with the guidelines of the European Banking Authority (EBA), and last did so in December 2025.
Information on the CEO of Kvika and his main duties
Ármann Þorvaldsson became CEO of Kvika in August 2023. Ármann was born in 1968 and previously worked as CEO in the years 2017-2019 and Deputy
CEO in the years 2019-2022. Ármann has worked in the financial market for nearly thirty years. From 1997-2005 he was Head of Corporate Finance at
Kaupthing and in 2005-2008 he was CEO of Kaupthing Singer & Friedlander in London. Later he worked at Ortus Secured Finance in London until 2015
when he joined Virðing. Ármann headed up Virðing’s Corporate Finance division before joining Kvika. Ármann has an MBA degree from Boston
University and a BA degree in history from the University of Iceland. Ármann controls 759.892 shares in Kvika and has also entered into call option
agreements with Kvika in accordance with Kvika’s remuneration policy and incentive scheme. Further, Ármann and his family own the company BMA
ehf. which controls 4,082,158 shares in the Bank. He does not have interest links with major clients, competitors or major shareholders as defined by
the corporate governance guidelines. 
The CEO oversees the daily operations of Kvika and in so doing follows the policies and instructions which have been laid down by the Bank’s BOD.
Daily operations do not include unusual or major arrangements. The CEO shall ensure that Kvika’s accounts are kept in accordance with laws and
customs and that the Bank’s assets are handled in a secure manner. The CEO appoints and dismisses employees of the Bank. Furthermore, he is
required to follow all of the BOD’s instructions. The CEO shall provide Kvika’s external auditors with all requested information. 
Information on violations of laws and regulations, determined by the relevant supervisory body or adjudicating entity
Kvika has not been subject to withdrawal, revocation or dismissal of registration, authorization, membership, or permissions to perform certain tr ades,
operations or work. Kvika was not fined by any supervisory body in the year 2025. In December 2025 the Icelandic Financial Supervision offered the
Bank to settle a case regarding Article 26 (1) of Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets
in financial instruments (MiFIR). In January 2026 the Bank reached an agreement with the Icelandic Financial Supervision to settle the case, which
included the payment of a fine of ISK 20,000,000. 
As per usual the Central Bank of Iceland carried out routine inspections in 2025. No court cases or arbitration proceedings which may have significant
effects on the Bank, or the Group, were ongoing or pending at the end of the year.
 Consolidated Financial Statements 31 December 2025  80

===== SIDA 84 =====

82
Appendix 2:
EU Taxonomy Regulation
Unaudited

===== SIDA 85 =====

Kvika banki hf.  Amounts are in ISK millions
EU Taxonomy Regulation
Business loans
Loans to individuals
Limitations of the 2025 Reporting
2 The delegated regulation on the technical criteria that economic  activities must meet to be considered as significantly contri buting to climate change mitigation and adaptation, and determining when an economic activity causes significant harm to one or  more of the regulation's 
objectives.
Regulation (EU) No. 2020/852 (hereinafter referred to as the "EU Taxonomy") and delegated
regulations were incorporated into Icelandic law with Act No. 25/2023 on Sustainability Disclosure in
Financial Services and the Classification System for Sustainable Investments. According to Article 8 of
the EU Taxonomy, companies subject to its provisions are required to disclose how and to what extent
their activities are linked to economic activities considered environmentally sustainable.
Kvika reports its Green Asset Ratio (GAR) in accordance with the requirements of the EU Taxonomy.
The information is presented in templates specified in the annexes to the EU’s delegated regulations,
as provided later in this document for the Bank and Kvika Asset Management. There is a one-year
delay in Kvika´s disclosures, as the GAR is based on companies’ disclosures from the previous year.
Information covering all six environmental objectives will be included in the sustainability disclosures
for the financial year 2026.
Eligible assets under the EU Taxonomy are assets linked to activities specified in the delegated
regulations of the EU Taxonomy, for which technical criteria exist to assess whether the activity is
environmentally sustainable and therefore taxonomy aligned. Kvika’s eligible assets, as defined by
Delegated Regulation (EU) No. 2021/2139, include loans to companies subject to the non-financial
reporting obligation under Article 66(d) of the Annual Accounts Act No. 3/ 2006, as well as loans to
households (primarily financing of motor vehicles and residential real estate). For eligible assets to be
considered environmentally sustainable and included in Kvika’s GAR, they must meet four key criteria: 
Companies subject to the non-financial reporting obligation under Article 66(d) of the Annual Accounts Act are companies
that are considered large and of public interest. They are re quired by law to disclose information and key performance
indicators in accordance with the requirements of the EU Ta xonomy. Financial institutions are required to use counterparty 
data to calculate their GAR and must therefore rely on the information from the companies included in their investment
and loan portfolios that fall within this scope. Kvika’s loan portfolio is structured in such a way that a large portion of its
business loans (98.3% of the Group´s loans) are granted to small and medium-sized companies that do not meet the
criteria. As a result, a very small portion of Kvika´s business loans are eligible for Kvika´s GAR. 
Motor vehicle financing (6.5: transport with motorcycles, passenger cars, and light commercial vehicles) is an eligible
activity, as previously stated. A significant portion of Kvika’s lending to individuals falls within this category. However, loans
issued prior to June 1, 2023, when the EU Taxonomy came into effect in Iceland, are not eligible. Furthermore, for motor
vehicle financing to be considered environmentally sustainable and contribute significantly to climate change mitigation,
the emissions of the vehicles in question must be below 50g CO ₂/km. Additionally, the activity must not cause harm to
other environmental objectives and must comply with minimum safeguards. To assess this, information on various aspects
of the underlying vehicles, such as their equipment and specifications, must be collected. However, such information is not
readily available in most cases. For this reason, Kvika cannot consider motor vehicle financing as environmentally
sustainable, and the activity is thus excluded from the Bank´s GAR.
Kvika maintains a relatively modest portfolio of real estate-backed loans. While these loans fall within the scope of the EU
Taxonomy as financing of eligible activities, they are current ly not considered environmentally sustainable and taxonomy
aligned. For real estate-backed loans to be classified as enviro nmentally sustainable, information on the energy efficiency
of the underlying assets is required. Energy efficiency is based on energy performance certificates, as defined in EU
Directive No. 2010/31, that show the energy performance of buildings. Iceland is exempt from implementing this directive
and no formal energy performance certificates have theref ore been issued for buildings in Iceland. Thus, real estate-
backed loans do not meet the technical screening criteria to be classified as environmentally sustainable and are therefore
excluded from the Bank’s GAR.
- The activity must significantly contribute to one or more of the environmental objectives of the EU
Taxonomy (so far only two of the six objectives have been considered at Kvika, as required by law,
which will change for the financial year 2026).
- The activity must comply with the technical screening criteria set out in the delegated regulations.
- The activity must be conducted in accordance with minimum safeguards.
- The activity must not significantly harm other environmental objectives established in the EU
Taxonomy.
The implementation and follow-up of the EU Taxonomy is still evolving, and it is anticipated it will take time to enhance
data flow and evolve data collection, analysis, and reporting. As companies gain experience with the disclosure
requirements associated with the EU Taxonomy it will become clearer how effective key indicators, such as the GAR will be.
The technical criteria tailored to different industries has proved useful in considering green financing. Kvika will continue to
monitor the development of the EU Taxonomy, both in Iceland and in Europe.
1 The information has been prepared in accordance with the templates in the annexes to Delegated Regulation (EU) No. 2021/2178, which specifies the content and presentation of disclosures that  companies must provide regarding environmentally sustainable economic activities 
and the methodology for complying with this disclosure obligat ion. Regulation 2021/2178 was implemented in Iceland through Regu lation 10/2024 on the classification system for sustainable investments. On January 1, 2024, Regulation 10/2024 was amended by Regulation 
1207/2024, which, among other things, incorporated Delegated Regu lation (EU) No. 2023/2486 on additions to the EU Taxonomy and Regulation (EU) 2021/2178. Regulation 2023/2486 in troduces additions to the EU Taxonomy by establishing technical screening criteria to 
determine the conditions under which economic activities are cons idered to contribute significantly to the sustainable use and protection of water and marine resources, the transition to a ci rcular economy, pollution prevention and control, or the protection and restoration of 
biodiversity and ecosystems. It also defines whether such activi ties cause significant harm to any other overarching environmen tal objectives. Additionally, it includes amendments to Regulation (EU) 2021/2178 regarding specific public disclosure requirem ents for these economic 
activities. The delegated regulation sets out the technical criteria that economic activities must meet to be considered as sig nificantly contributing to climate change mitigation and adaptation, as well as when an economic activity causes significant ha rm to one or more of the 
regulation’s objectives.
Consolidated Financial Statements 31 December 2025  82

===== SIDA 86 =====

Kvika banki hf.  Amounts are in ISK millions
Annex VI - Template for the KPIs of credit institutions
Name 
* For credit institutions that do not meet the conditions of Article 94(1) of the CRR or the conditions set out in Article 325a(1) of the CRR
** Fees and Commissions and Trading Book KPIs shall only apply starting 2026. SMEs´inclusion in these KPI will only apply subject to a positive result of an impact assessment
0. Summary of KPIs to be disclosed by credit institutions under Article 8 Taxonomy Regulatio n
Total environmentally sustainable assets KPI**** KPI*****
% of assets excluded 
from the numerator of 
the GAR (Article 7(2) 
and (3) and Section 
1.1.2. of Annex V)
% of assets excluded 
from the denominator 
of the GAR (Article 7(1) 
and Section 1.2.4 of 
Annex V)
31.12.2025 Main KPI Green asset ratio (GAR) stock 0.0% 0.0% 56.7% 24.5%
31.12.202
4 Main KPI Green asset ratio (GAR) stock 0.0% 0.0% 65.2% 24.6%
Total environmentally sustainable activities KPI KPI
% of assets excluded 
from the numerator of 
the GAR (Article 7(2) 
and (3) and Section 
1.1.2. of Annex V)
% of assets excluded 
from the denominator 
of the GAR (Article 7(1) 
and Section 1.2.4 of 
Annex V)
Additional KPIs GAR (flow)
Trading book*
Financial guarantees
Assets under management 1.7% 1.0%
Fees and commissions income**
* For credit institutions that do not meet the conditions of Article 94(1) of the CRR or the conditions set out in Article 325a(1) of the CRR
**Fees and commissions income from services other than lending and AuM 
*** % of assets covered by the KPI over banks´ total assets
****based on the Turnover KPI of the counterparty
*****based on the CapEx KPI of the counterparty, except for lending activities where for general lending Turnover KPI is used
Note 1: Across the reporting templates: cells shaded in black should not be reported
.
Note 2: Fees and Commissions and Trading Book KPIs shall only apply starting 2026. SMEs´inclusion in these KPI will only apply subject to a positive result of an impact assessment.
% coverage (over total 
assets)
75.5%
75.4%
0 
23.8%
0 
6** KPI on fees and commissions income from services other than lending and asset management*
7** KPI Trading book portfolio*
% coverage (over total 
assets)***
3 GAR KPI stock
4 GAR KPI flow
5 KPI off-balance sheet exposures
2 GAR sector information
Template number
0 Summary of KPIs
1 Assets for the calculation of GAR
1,397 
 Consolidated Financial Statements 31 December 2025  83

===== SIDA 87 =====

Kvika banki hf. Amounts are in ISK millions
1. Assets for the calculation of GAR - Turnover-based
ab cd e f g h i j k l m n o p
Of which Use 
of Proceeds
Of which 
transitional
Of which 
enabling
Of which 
Use of 
Proceeds
Of which 
adaptation
Of which 
enabling
Of which Use 
of Proceeds
Of which 
transitional/
adaptation
Of which 
enabling
1 GAR - Covered assets in both numerator and 
denominator***
2
Loans and advances, debt securities and equity 
instruments not HfT eligible for GAR 
calculation 64,701 22,373 0 0 22,374 0 
3 Financial undertakings 4,751 1 0 0 1 0 0 
4 Credit institutions 2 
5 Loans and advances 2 
6 Debt securities, including UoP - 
7 Equity instruments - 
8 Other financial corporations 4,749 1 0 0 1 0 0 
9 of which investment firms - 
10 Loans and advances - 
11 Debt securities, including UoP - 
12 Equity instruments - 
13 of which  management companies 4,748 
14 Loans and advances 4,748 
15 Debt securities, including UoP - 
16 Equity instruments - 
17 of which insurance undertakings 1 1 0 0 1 0 0 
18 Loans and advances 1 1 0 0 1 0 0 
19 Debt securities, including UoP - 
20 Equity instruments - 
21 Non-financial undertakings 2,450 
22 NFCs subject to NFRD disclosure obligations 2,450 
23 Loans and advances 2,450 
24 Debt securities, including UoP - 
25 Equity instruments - 
26 Households* 56,102 22,373 22,373 
27 of which loans collateralised by residential 
immovable property 1,705 1,705 1,705 
28 of which building renovation loans - 
29 of which motor vehicle loans** 20,983 20,668 20,668 
30 Local governments financing 1,399 
31 Housing financing - 
32 Other local government financing 1,399 
33 Assets excluded from the numerator for GAR 
calculation (covered in the denominator)**** 194,497 
ISK Million
Disclosure 31.12.2025
Total gross 
carrying amount 
Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) TOTAL (CCM + CCA)
Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible)
Of which environmentally sustainable (Taxonomy-
aligned)
Of which environmentally sustainable (Taxonomy-
aligned)
Of which environmentally sustainable (Taxonomy-
aligned)
 Consolidated Financial Statements 31 December 2025 84

===== SIDA 88 =====

Kvika banki hf. Amounts are in ISK millions
1. Assets for the calculation of GAR - Turnover-based (cont.)
ab cd e f g h i j k l m n o p
Of which Use 
of Proceeds
Of which 
transitional
Of which 
enabling
Of which 
Use of 
Proceeds
Of which 
adaptation
Of which 
enabling
Of which Use 
of Proceeds
Of which 
transitional/
adaptation
Of which 
enabling
34 Financial and Non-financial undertakings 144,253 
35 SMEs and NFCs (other than SMEs) not 
subject to NFRD disclosure obligations 101,190 
36 Loans and advances 101,190 
37 of which loans collateralised by 
commercial immovable property 45,247 
38 of which building renovation loans - 
39 Debt securities - 
40 Equity instruments - 
41 Non-EU country counterparties not 
sub
ject to NFRD disclosure obligations 43,063 
42 Loans and advances 43,063 
43 Debt securities - 
44 Equity instruments - 
45 Derivatives 9,944 
46 On demand interbank loans 8,154 
47 Cash and cash-related assets 12 
48 Other categories of assets (e.g. Goodwill, 
commodities etc.) 32,134 
49 Total GAR assets 259,198 22,373 0 - 0 - - - - - - 22,373 0 - 0 - 
50 Assets not covered for GAR calculation***** 83,924 
51 Central governments and Supranational 
issuers 43,128 
52 Central banks exposure 20,132 
53 Trading book 20,663 
54 Total assets 343,122 22,373 0 - 0 - - - - - - 22,373 0 - 0 - 
55 Financial guarantees 214 9 9 
56 Assets under management *** 81,158 11,227 1,397 15 268 11,227 1,397 15 268 
57 Of which debt securities 32,099 2,874 1,353 15 268 2,874 1,353 15 268 
58 Of which equity instruments 49,059 8,353 44 8,353 44 - 
*Households  include all retail loans issued to individuals
**Motor vehicle loans for households include cars in vehicle groups (M1) and (N1)
**For motor vehicle loans, only exposures generated after 1 June 2023 (the date of application of the disclosure) are included
***Accounting categories of financial assets used for the calculation of the green asset ratio
****Certain assets are excluded from the numerator e.g. financial assets held for trading, on-demand interbank loans, derivates and exposures to undertakings that are not obliged to publish non-financial information pursuant to Article 19a or 29a of Directive 2013/34/EU
*****The exposures to central governments, central banks and supranational issuers shall be excluded from the calculation of the numerator and denominator of key performance indicators of financial undertakings
Off-balance sheet exposures - Corporates subject to NFRD disclosure obligations
Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) TOTAL (CCM + CCA)
ISK Million
Disclosure 31.12.2025
Total gross 
carrying amount 
Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible)
Of which environmentally sustainable (Taxonomy-
aligned)
Of which environmentally sustainable (Taxonomy-
aligned)
Of which environmentally sustainable (Taxonomy-
aligned)
 Consolidated Financial Statements 31 December 2025 85

===== SIDA 89 =====

Kvika banki hf. Amounts are in ISK millions
1. Assets for the calculation of GAR - Turnover-based
ab cd e f g h i j k l m n o p
Of which Use 
of Proceeds
Of which 
transitional
Of which 
enabling
Of which 
Use of 
Proceeds
Of which 
adaptation
Of which 
enabling
Of which Use 
of Proceeds
Of which 
transitional/
adaptation
Of which 
enabling
1 GAR - Covered assets in both numerator and 
denominator****
2
Loans and advances, debt securities and equity 
instruments not HfT eligible for GAR 
calculation 36,034 12,465 12,465 
3 Financial undertakings 1,257 
4 Credit institutions 2 
5 Loans and advances 2 
6 Debt securities, including UoP - 
7 Equity instruments - 
8 Other financial corporations 1,255 
9 of which investment firms - 
10 Loans and advances - 
11 Debt securities, including UoP - 
12 Equity instruments - 
13 of which  management companies 1,255 
14 Loans and advances 1,255 
15 Debt securities, including UoP - 
16 Equity instruments - 
17 of which insurance undertakings - 
18 Loans and advances - 
19 Debt securities, including UoP - 
20 Equity instruments - 
21 Non-financial undertakings 67 
22 NFCs subject to NFRD disclosure 
obligations 67 
23 Loans and advances 67 
24 Debt securities, including UoP - 
25 Equity instruments - 
26 Households* 33,209 12,465 12,465 
27 of which loans collateralised by residential 
immovable 
property 1,675 1,675 1,675 
28 of which building renovation loans - 
29 of which motor vehicle loans** 20,089 10,790 10,790 
30 Local governments financing 1,466 
31 Housing financing
32 Other local government financing 1,466 
33
Assets excluded from the numerator for GAR 
calculation (covered in the 
denominator)***** 231,175 
TOTAL (CCM + CCA)
Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible)
Of which environmentally sustainable (Taxonomy-
aligned)
Of which environmentally sustainable (Taxonomy-
aligned)
Of which environmentally sustainable (Taxonomy-
aligned)
ISK Million
Disclosure 31.12.2024
Total gross 
carrying amount 
Climate Change Mitigation (CCM) Climate Change Adaptation (CCA)
 Consolidated Financial Statements 31 December 2025 86

===== SIDA 90 =====

Kvika banki hf. Amounts are in ISK millions
1. Assets for the calculation of GAR - Turnover-based (cont.)
ab cd e f g h i j k l m n o p
Of which Use 
of Proceeds
Of which 
transitional
Of which 
enabling
Of which 
Use of 
Proceeds
Of which 
adaptation
Of which 
enabling
Of which Use 
of Proceeds
Of which 
transitional/
adaptation
Of which 
enabling
34 Financial and Non-financial undertakings 115,644 
35 SMEs and NFCs (other than SMEs) not 
subject to NFRD disclosure obligations 78,017 
36 Loans and advances 78,017 
37 of which loans collateralised by 
commercial immovable property 30,409 
38 of which building renovation loans - 
39 Debt securities - 
40 Equity instruments - 
41 Non-EU country counterparties not 
sub
ject to NFRD disclosure obligations 37,627 
42 Loans and advances 37,627 
43 Debt securities - 
44 Equity instruments - 
45 Derivatives 13,798 
46 On demand interbank loans 9,726 
47 Cash and cash-related assets 16 
48 Other categories of assets (e.g. Goodwill, 
commodities etc.) 91,992 
49 Total GAR assets 267,285 12,465 12,465 
50 Assets not covered for GAR calculation***** 87,340 
51 Central governments and Supranational 
issuers 63,335 
52 Central banks exposure 18,578 
53 Trading book 5,427 
54 Total assets 354,595 12,465 12,465 
55 Financial guarantees 33 - 
56 Assets under management *** 73,034 10,564 549 468 10,564 549 468 
57 Of which debt securities 26,445 1,619 542 462 1,619 542 462 
58 Of which equity instruments 46,589 8,945 7 7 8,945 7 7 
*Households  include all retail loans issued to individuals
**Motor vehicle loans for households include cars in vehicle groups (M1) and (N1)
**For motor vehicle loans, only exposures generated after 1 June 2023 (the date of application of the disclosure) are included
***Accounting categories of financial assets used for the calculation of the green asset ratio
****Certain assets are excluded from the numerator e.g. financial assets held for trading, on-demand interbank loans, derivates and exposures to undertakings that are not obliged to publish non-financial information pursuant to Article 19a or 29a of Directive 2013/34/EU
**** GAR - Covered assets in both numerator and denominator: Accounting categories of financial assets used for the calculation of the green asset ratio.
Of which environmentally sustainable (Taxonomy-
aligned)
Of which environmentally sustainable (Taxonomy-
aligned)
Off-balance sheet exposures - Corporates subject to NFRD disclosure obligations
ISK Million
Disclosure 31.12.2024
Total gross 
carrying amount 
Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) TOTAL (CCM + CCA)
Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible)
Of which environmentally sustainable (Taxonomy-
aligned)
 Consolidated Financial Statements 31 December 2025 87

===== SIDA 91 =====

Kvika banki hf. Amounts are in ISK millions
1. Assets for the calculation of GAR - Cap-Ex based
ab cd e f g h i j k l m n o p
Of which Use 
of Proceeds
Of which 
transitional
Of which 
enabling
Of which 
Use of 
Proceeds
Of which 
adaptation
Of which 
enabling
Of which Use 
of Proceeds
Of which 
transitional/
adaptation
Of which 
enabling
1 GAR - Covered assets in both numerator and 
denominator***
2
Loans and advances, debt securities and equity 
instruments not HfT eligible for GAR 
calculation 64,701 22,373 0 0 22,373 
3 Financial undertakings 4,751 1 0 0 
4 Credit institutions 2 
5 Loans and advances 2 
6 Debt securities, including UoP - 
7 Equity instruments - 
8 Other financial corporations 4,749 1 0 0 
9 of which investment firms - 
10 Loans and advances - 
11 Debt securities, including UoP - 
12 Equity instruments - 
13 of which  management companies 4,748 
14 Loans and advances 4,748 
15 Debt securities, including UoP - 
16 Equity instruments - 
17 of which insurance undertakings 1 1 0 0 
18 Loans and advances 1 1 0 0 
19 Debt securities, including UoP - 
20 Equity instruments - 
21 Non-financial undertakings 2,450 
22 NFCs subject to NFRD disclosure obligations 2,450 
23 Loans and advances 2,450 
24 Debt securities, including UoP - 
25 Equity instruments - 
26 Households* 56,102 22,373 22,373 
27 of which loans collateralised by residential 
immovable 
property 1,705 1,705 1,705 
28 of which building renovation loans - 
29 of which motor vehicle loans** 20,983 20,668 20,668 
30 Local governments financing 1,399 
31 Housing financing - 
32 Other local government financing 1,399 
33 Assets excluded from the numerator for GAR 
calculation (covered in the denominator)**** 194,497 
TOTAL (CCM + CCA)
Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible)
Of which environmentally sustainable (Taxonomy-
aligned)
Of which environmentally sustainable (Taxonomy-
aligned)
Of which environmentally sustainable (Taxonomy-
aligned)
ISK Million
Disclosure 31.12.2025
Total gross 
carrying amount 
Climate Change Mitigation (CCM) Climate Change Adaptation (CCA)
 Consolidated Financial Statements 31 December 2025 88

===== SIDA 92 =====

Kvika banki hf. Amounts are in ISK millions
1. Assets for the calculation of GAR - Cap-Ex based (cont.)
ab cd e f g h i j k l m n o p
Of which Use 
of Proceeds
Of which 
transitional
Of which 
enabling
Of which 
Use of 
Proceeds
Of which 
adaptation
Of which 
enabling
Of which Use 
of Proceeds
Of which 
transitional/
adaptation
Of which 
enabling
34 Financial and Non-financial undertakings 144,253 
35 SMEs and NFCs (other than SMEs) not 
subject to NFRD disclosure obligations 101,190 
36 Loans and advances 101,190 
37 of which loans collateralised by 
commercial immovable property 45,247 
38 of which building renovation loans - 
39 Debt securities - 
40 Equity instruments - 
41 Non-EU country counterparties not 
sub
ject to NFRD disclosure obligations 43,063 
42 Loans and advances 43,063 
43 Debt securities - 
44 Equity instruments - 
45 Derivatives 9,944 
46 On demand interbank loans 8,154 
47 Cash and cash-related assets 12 
48 Other categories of assets (e.g. Goodwill, 
commodities etc.) 32,134 
49 Total GAR assets 259,198 22,373 0 - 0 - - - - - - 22,373 - - - - 
50 Assets not covered for GAR calculation***** 83,924 
51 Central governments and Supranational 
issuers 43,128 
52 Central banks exposure 20,132 
53 Trading book 20,663 
54 Total assets 343,122 22,373 0 - 0 - - - - - - 22,373 - - - - 
55 Financial guarantees 214 9 9 
56 Assets under management *** 81,158 12,503 1,485 15 268 12,503 1,485 15 268 
57 Of which debt securities 32,099 2,874 1,383 15 268 2,874 1,383 15 268 
58 Of which equity instruments 49,059 9,628 102 9,628 102 - 
*Households  include all retail loans issued to individuals
**Motor vehicle loans for households include cars in vehicle groups (M1) and (N1)
**For motor vehicle loans, only exposures generated after 1 June 2023 (the date of application of the disclosure) are included
***Accounting categories of financial assets used for the calculation of the green asset ratio
****Certain assets are excluded from the numerator e.g. financial assets held for trading, on-demand interbank loans, derivates and exposures to undertakings that are not obliged to publish non-financial information pursuant to Article 19a or 29a of Directive 2013/34/EU
*****The exposures to central governments, central banks and supranational issuers shall be excluded from the calculation of the numerator and denominator of key performance indicators of financial undertakings
ISK Million
Disclosure 31.12.2025
Total gross 
carrying amount 
Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) TOTAL (CCM + CCA)
Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible)
Of which environmentally sustainable (Taxonomy-
aligned)
Of which environmentally sustainable (Taxonomy-
aligned)
Of which environmentally sustainable (Taxonomy-
aligned)
Off-balance sheet exposures - Corporates subject to NFRD disclosure obligations
 Consolidated Financial Statements 31 December 2025 89

===== SIDA 93 =====

Kvika banki hf. Amounts are in ISK millions
1. Assets for the calculation of GAR - Cap-Ex based
ab cd e f g h i j k l m n o p
Of which Use 
of Proceeds
Of which 
transitional
Of which 
enabling
Of which 
Use of 
Proceeds
Of which 
adaptation
Of which 
enabling
Of which Use 
of Proceeds
Of which 
transitional/
adaptation
Of which 
enabling
1 GAR - Covered assets in both numerator and 
denominator****
2
Loans and advances, debt securities and equity 
instruments not HfT eligible for GAR 
calculation 36,034 12,465 12,465 
3 Financial undertakings 1,257 
4 Credit institutions 2 
5 Loans and advances 2 
6 Debt securities, including UoP - 
7 Equity instruments - 
8 Other financial corporations 1,255 
9 of which investment firms - 
10 Loans and advances - 
11 Debt securities, including UoP - 
12 Equity instruments - 
13 of which  management companies 1,255 
14 Loans and advances 1,255 
15 Debt securities, including UoP - 
16 Equity instruments - 
17 of which insurance undertakings - 
18 Loans and advances - 
19 Debt securities, including UoP - 
20 Equity instruments - 
21 Non-financial undertakings 67 - 0 - 
22 NFCs subject to NFRD disclosure obligations 67 
23 Loans and advances 67 
24 Debt securities, including UoP - 
25 Equity instruments - 
26 Households* 33,209 12,465 12,465 
27 of which loans collateralised by residential 
immovable 
property 1,675 1,675 1,675 
28 of which building renovation loans - 
29 of which motor vehicle loans** 20,089 10,790 10,790 
30 Local governments financing 1,466 
31 Housing financing
32 Other local government financing 1,466 
33
Assets excluded from the numerator for GAR 
calculation (covered in the 
denominator)***** 231,175 
ISK Million
Disclosure 31.12.2024
Total gross 
carrying amount 
Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) TOTAL (CCM + CCA)
Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible)
Of which environmentally sustainable (Taxonomy-
aligned)
Of which environmentally sustainable (Taxonomy-
aligned)
Of which environmentally sustainable (Taxonomy-
aligned)
 Consolidated Financial Statements 31 December 2025 90

===== SIDA 94 =====

Kvika banki hf. Amounts are in ISK millions
1. Assets for the calculation of GAR - Cap-Ex based (cont.)
ab cd e f g h i j k l m n o p
Of which Use 
of Proceeds
Of which 
transitional
Of which 
enabling
Of which 
Use of 
Proceeds
Of which 
adaptation
Of which 
enabling
Of which Use 
of Proceeds
Of which 
transitional/
adaptation
Of which 
enabling
34 Financial and Non-financial undertakings 115,644 
35 SMEs and NFCs (other than SMEs) not 
subject to NFRD disclosure obligations 78,017 
36 Loans and advances 78,017 
37 of which loans collateralised by 
commercial immovable property 30,409 
38 of which building renovation loans - 
39 Debt securities - 
40 Equity instruments - 
41 Non-EU country counterparties not 
sub
ject to NFRD disclosure obligations 37,627 
42 Loans and advances 37,627 
43 Debt securities - 
44 Equity instruments - 
45 Derivatives 13,798 
46 On demand interbank loans 9,726 
47 Cash and cash-related assets 16 
48 Other categories of assets (e.g. Goodwill, 
commodities etc.) 91,992 
49 Total GAR assets 267,285 10,607 10,607 
50 Assets not covered for GAR calculation***** 87,340 
51 Central governments and Supranational 
issuers 63,335 
52 Central banks exposure 18,578 
53 Trading book 5,427 
54 Total assets 354,595 12,465 12,465 
55 Financial guarantees 33 - 
56 Assets under management *** 73,034 15,440 746 746 15,440 746 746 
57 Of which debt securities 26,445 1,966 462 462 1,966 462 462 
58 Of which equity instruments 46,589 13,474 284 284 13,474 284 284 
*Households  include all retail loans issued to individuals
**Motor vehicle loans for households include cars in vehicle groups (M1) and (N1)
**For motor vehicle loans, only exposures generated after 1 June 2023 (the date of application of the disclosure) are included
***Accounting categories of financial assets used for the calculation of the green asset ratio
****Certain assets are excluded from the numerator e.g. financial assets held for trading, on-demand interbank loans, derivates and exposures to undertakings that are not obliged to publish non-financial information pursuant to Article 19a or 29a of Directive 2013/34/EU
*****The exposures to central governments, central banks and supranational issuers shall be excluded from the calculation of the numerator and denominator of key performance indicators of financial undertakings
Off-balance sheet exposures - Corporates subject to NFRD disclosure obligations
ISK Million
Disclosure 31.12.2024
Total gross 
carrying amount 
Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) TOTAL (CCM + CCA)
Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible)
Of which environmentally sustainable (Taxonomy-
aligned)
Of which environmentally sustainable (Taxonomy-
aligned)
Of which environmentally sustainable (Taxonomy-
aligned)
 Consolidated Financial Statements 31 December 2025 91

===== SIDA 95 =====

Kvika banki hf.  Amounts are in ISK millions
2. GAR sector information
ab c d e f gh i j kl m
ISK 
Million
Of which 
environmentally 
sustainable (CCM)
ISK Million
Of which 
environmentally 
sustainable (CCM)
ISK Million
Of which 
environmentally 
sustainable (CCA)
ISK Million
Of which 
environmentally 
sustainable (CCA)
ISK Million
Of which 
environmentally 
sustainable 
(CCM + CCA)
ISK 
Million
Of which 
environmentally 
sustainable 
(CCM + CCA)
31.12.2025 - Turnover-based
1 - - - 
31.12.2025 - Cap-Ex based
1 - - - 
31.12.2024 - Turnover-based
1 C2442 - Aluminium production 8 - 8 
31.12.2024 - Cap-Ex based
1 C2442 - Aluminium production 8 - 8 
2. The sector breakdown by activity is only  applicable to activities covered by the delegated acts that have been adopted in I celand.
3. The breakdown by sector is based on ISAT 2008 mapping onto NA CE codes, by the principal activity of the counterparty availab le in public records, the Group expects this to possibly change next year as more companies publish their Taxonomy disclosures in 2024.
4.  This table only covers exposures to non-financial corporates  subject to disclosure obligations according to article 8 of th e EU Taxonomy. For the first reporting year the Group cannot disclose which corporates classify as an activity under the object ives of "climate change 
mitigation" (CCA) og "climate change adaptation" (CCA), as that is dependent on the public disclosures by said corporates, and therefore the results are published as a total for both objectives.
Gross carrying amount Gross carrying amount Gross carrying amount Gross carrying amount Gross carrying amount Gross carrying amount
Breakdown by sector - NACE 4 digits level (code and label)
ISK Million
Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) TOTAL (CCM + CCA)
Non-Financial corporates 
(Subject to NFRD)
SMEs and other NFC not subject 
to NFRD
Non-Financial corporates (Subject 
to NFRD)
SMEs and other NFC not 
subject to NFRD
Non-Financial corporates 
(Subject to NFRD)
SMEs and other NFC not 
subject to NFRD
1. Credit institutions shall disclose in this template information on exposures in the banking book towards those sectors cover ed by the Taxonomy (NACE sectors 4 levels of detail), using the re levant NACE Codes on the basis of the principal activity of t he counterparty.
 Consolidated Financial Statements 31 December 2025  92

===== SIDA 96 =====

Kvika banki hf. Amounts are in ISK millions
3. GAR KPI stock - Turnover-based
ab c d e f g h i j k l m n o p
Of which Use of 
Proceeds
Of which 
transitional
Of which 
enabling
Of which 
Use of 
Proceeds
Of which 
transitional
Of which 
enabling
Of which 
Use of 
Proceeds
Of which 
transitional
Of which 
enabling
1 GAR - Covered assets in both numerator and 
denominator
2
Loans and advances, debt securities and equity 
instruments not HfT eligible for GAR 
calculation
34.6% 34.6% 18.9%
3 Financial undertakings 0.0% 0.0% 1.4%
4 Credit institutions 0.0% 0.0% 0.0%
5 Loans and advances 0.0% 0.0% 0.0%
6 Debt securities, including UoP 0.0% 0.0% 0.0%
7 Equity instruments 0.0% 0.0% 0.0%
8 Other financial corporations 0.0% 0.0% 1.4%
9 of which investment firms 0.0% 0.0% 0.0%
10 Loans and advances 0.0% 0.0% 0.0%
11 Debt securities, including UoP 0.0% 0.0% 0.0%
12 Equity instruments 0.0% 0.0% 0.0%
13 of which  management companies 0.0% 0.0% 1.4%
14 Loans and advances 0.0% 0.0% 1.4%
15 Debt securities, including UoP 0.0% 0.0% 0.0%
16 Equity instruments 0.0% 0.0% 0.0%
17 of which insurance undertakings 87.1% 6.0% 6.0% 87.1% 6.0% 6.0% 0.0%
18 Loans and advances 87.1% 6.0% 6.0% 87.1% 6.0% 6.0% 0.0%
19 Debt securities, including UoP 0.0% 0.0% 0.0%
20 Equity instruments 0.0% 0.0% 0.0%
21 Non-financial undertakings 0.0% 0.0% 0.7%
22 NFCs subject to NFRD disclosure obligations 0.0% 0.0% 0.7%
23 Loans and advances 0.0% 0.0% 0.7%
24 Debt securities, including UoP 0.0% 0.0% 0.0%
25 Equity instruments 0.0% 0.0% 0.0%
26 Households 39.9% 39.9% 16.4%
27 of which loans collateralised by residential 
immovable propert
y 100.0% 100.0% 0.5%
28 of which building renovation loans 0.0% 0.0% 0.0%
29 of which motor vehicle loans 98.5% 98.5% 6.1%
30 Local governments financing 0.0% 0.0% 0.4%
31 Housing financing 0.0% 0.0% 0.0%
32 Other local government financing 0.0% 0.0% 0.4%
49 Total GAR assets 8.6% 0.0% 0.0% 8.6% 0.0% 0.0% 75.5%
% (compared to total covered assets in the 
denominator)
Disclosure 31.12.2025
Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) TOTAL (CCM + CCA)
Proportion of total covered assets funding taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant 
sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant 
sectors (Taxonomy-eligible)
Proportion 
of total 
assets 
covered
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-aligned)
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-aligned)
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-aligned)
 Consolidated Financial Statements 31 December 2025 93

===== SIDA 97 =====

Kvika banki hf. Amounts are in ISK millions
3. GAR KPI stock - Turnover-based
ab c de f g hi j k lm n o p
Of which Use of 
Proceeds
Of which 
transitional
Of which 
enabling
Of which 
Use of 
Proceeds
Of which 
transitional
Of which 
enabling
Of which 
Use of 
Proceeds
Of which 
transitional
Of which 
enabling
1 GAR - Covered assets in both numerator and 
denominator
2
Loans and advances, debt securities and equity 
instruments not HfT eligible for GAR 
calculation
34.6% 34.6% 10.2%
3 Financial undertakings 0.0% 0.0% 0.4%
4 Credit institutions 0.0% 0.0% 0.0%
5 Loans and advances 0.0% 0.0% 0.0%
6 Debt securities, including UoP 0.0% 0.0% 0.0%
7 Equity instruments 0.0% 0.0% 0.0%
8 Other financial corporations 0.0% 0.0% 0.4%
9 of which investment firms 0.0% 0.0% 0.0%
10 Loans and advances 0.0% 0.0% 0.0%
11 Debt securities, including UoP 0.0% 0.0% 0.0%
12 Equity instruments 0.0% 0.0% 0.0%
13 of which  management companies 0.0% 0.0% 0.4%
14 Loans and advances 0.0% 0.0% 0.4%
15 Debt securities, including UoP 0.0% 0.0% 0.0%
16 Equity instruments 0.0% 0.0% 0.0%
17 of which insurance undertakings 0.0% 0.0% 0.0%
18 Loans and advances 0.0% 0.0% 0.0%
19 Debt securities, including UoP 0.0% 0.0% 0.0%
20 Equity instruments 0.0% 0.0% 0.0%
21 Non-financial undertakings 0.0% 0.0% 0.0%
22 Loans and advances 0.0% 0.0% 0.0%
23 Debt securities, including UoP 0.0% 0.0% 0.0%
24 Equity instruments 0.0% 0.0% 0.0%
25 Households 37.5% 37.5% 9.4%
26 of which loans collateralised by residential 
immovable propert
y 100.0% 100.0% 0.5%
27 of which building renovation loans 0.0% 0.0% 0.0%
28 of which motor vehicle loans 53.7% 53.7% 5.7%
29 Local governments financing 0.0% 0.0% 0.4%
30 Housing financing 0.0% 0.0% 0.0%
31 Other local government financing 0.0% 0.0% 0.4%
32
Collateral obtained by taking possession: 
residential and commercial immovable 
properties 
0.0% 0.0% 0.0%
49 Total GAR assets 4.7% 4.7% 75.4%
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-aligned)
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-aligned)
% (compared to total covered assets in the 
denominator)
Disclosure 31.12.2024
Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) TOTAL (CCM + CCA)
Proportion of total covered assets funding taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant 
sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant 
sectors (Taxonomy-eligible)
Proportion 
of total 
assets 
covered
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-aligned)
 Consolidated Financial Statements 31 December 2025 94

===== SIDA 98 =====

Kvika banki hf. Amounts are in ISK millions
3. GAR KPI stock - Cap-Ex based
ab c d e f g h ij k l m n o p
Of which Use of 
Proceeds
Of which 
transitional
Of which 
enabling
Of which 
Use of 
Proceeds
Of which 
transitional
Of which 
enabling
Of which 
Use of 
Proceeds
Of which 
transitional
Of which 
enabling
1 GAR - Covered assets in both numerator and 
denominator
2
Loans and advances, debt securities and equity 
instruments not HfT eligible for GAR 
calculation
34.6% 34.6% 18.9%
3 Financial undertakings 0.0% 0.0% 1.4%
4 Credit institutions 0.0% 0.0% 0.0%
5 Loans and advances 0.0% 0.0% 0.0%
6 Debt securities, including UoP 0.0% 0.0% 0.0%
7 Equity instruments 0.0% 0.0% 0.0%
8 Other financial corporations 0.0% 0.0% 1.4%
9 of which investment firms 0.0% 0.0% 0.0%
10 Loans and advances 0.0% 0.0% 0.0%
11 Debt securities, including UoP 0.0% 0.0% 0.0%
12 Equity instruments 0.0% 0.0% 0.0%
13 of which  management companies 0.0% 0.0% 1.4%
14 Loans and advances 0.0% 0.0% 1.4%
15 Debt securities, including UoP 0.0% 0.0% 0.0%
16 Equity instruments 0.0% 0.0% 0.0%
17 of which insurance undertakings 87.1% 6.0% 6.0% 0.0% 6.0% 6.0% 0.0%
18 Loans and advances 87.1% 6.0% 6.0% 0.0% 6.0% 6.0% 0.0%
19 Debt securities, including UoP 0.0% 0.0% 0.0%
20 Equity instruments 0.0% 0.0% 0.0%
21 Non-financial undertakings 0.0% 0.0% 0.7%
22 NFCs subject to NFRD disclosure obligations 0.0% 0.0% 0.7%
23 Loans and advances 0.0% 0.0% 0.7%
24 Debt securities, including UoP 0.0% 0.0% 0.0%
25 Equity instruments 0.0% 0.0% 0.0%
26 Households 39.9% 39.9% 16.4%
27 of which loans collateralised by residential 
immovable propert
y 100.0% 100.0% 0.5%
28 of which building renovation loans 0.0% 0.0% 0.0%
29 of which motor vehicle loans 98.5% 98.5% 6.1%
30 Local governments financing 0.0% 0.0% 0.4%
31 Housing financing 0.0% 0.0% 0.0%
32 Other local government financing 0.0% 0.0% 0.4%
49 Total GAR assets 8.6% 0.0% 0.0% 8.6% 0.0% 75.5%
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-aligned)
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-aligned)
% (compared to total covered assets in the 
denominator)
Disclosure 31.12.2025
Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) TOTAL (CCM + CCA)
Proportion of total covered assets funding taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant 
sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant 
sectors (Taxonomy-eligible)
Proportion 
of total 
assets 
covered
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-aligned)
 Consolidated Financial Statements 31 December 2025 95

===== SIDA 99 =====

Kvika banki hf. Amounts are in ISK millions
3. GAR KPI stock - Cap-Ex based
ab c d e f g h ij k l m n o p
Of which Use of 
Proceeds
Of which 
transitional
Of which 
enabling
Of which 
Use of 
Proceeds
Of which 
transitional
Of which 
enabling
Of which 
Use of 
Proceeds
Of which 
transitional
Of which 
enabling
1 GAR - Covered assets in both numerator and 
denominator
2
Loans and advances, debt securities and equity 
instruments not HfT eligible for GAR 
calculation
34.6% 34.6% 10.2%
3 Financial undertakings 0.0% 0.0% 0.4%
4 Credit institutions 0.0% 0.0% 0.0%
5 Loans and advances 0.0% 0.0% 0.0%
6 Debt securities, including UoP 0.0% 0.0% 0.0%
7 Equity instruments 0.0% 0.0% 0.0%
8 Other financial corporations 0.0% 0.0% 0.4%
9 of which investment firms 0.0% 0.0% 0.0%
10 Loans and advances 0.0% 0.0% 0.0%
11 Debt securities, including UoP 0.0% 0.0% 0.0%
12 Equity instruments 0.0% 0.0% 0.0%
13 of which  management companies 0.0% 0.0% 0.4%
14 Loans and advances 0.0% 0.0% 0.4%
15 Debt securities, including UoP 0.0% 0.0% 0.0%
16 Equity instruments 0.0% 0.0% 0.0%
17 of which insurance undertakings 0.0% 0.0% 0.0%
18 Loans and advances 0.0% 0.0% 0.0%
19 Debt securities, including UoP 0.0% 0.0% 0.0%
20 Equity instruments 0.0% 0.0% 0.0%
21 Non-financial undertakings 0.0% 0.0% 0.0%
22 Loans and advances 0.0% 0.0% 0.0%
23 Debt securities, including UoP 0.0% 0.0% 0.0%
24 Equity instruments 0.0% 0.0% 0.0%
25 Households 37.5% 37.5% 9.4%
26 of which loans collateralised by residential 
immovable propert
y 100.0% 100.0% 0.5%
27 of which building renovation loans 0.0% 0.0% 0.0%
28 of which motor vehicle loans 53.7% 53.7% 5.7%
29 Local governments financing 0.0% 0.0% 0.4%
30 Housing financing 0.0% 0.0%
31 Other local government financing 0.0% 0.0% 0.4%
32
Collateral obtained by taking possession: 
residential and commercial immovable 
properties 
0.0% 0.0% 0.0%
49 Total GAR assets 4.7% 4.7% 75.4%
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-aligned)
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-aligned)
% (compared to total covered assets in the 
denominator)
Disclosure 31.12.2024
Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) TOTAL (CCM + CCA)
Proportion of total covered assets funding taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant 
sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant 
sectors (Taxonomy-eligible)
Proportion 
of total 
assets 
covered
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-aligned)
 Consolidated Financial Statements 31 December 2025 96

===== SIDA 100 =====

Kvika banki hf. Amounts are in ISK millions
4. GAR KPI flow - Turnover-based
ab c d efg h i j k l m n o p
Of which Use of 
Proceeds
Of which 
transitional
Of which 
enabling
Of which 
Use of 
Proceeds
Of which 
transitional
Of which 
enabling
Of which Use 
of Proceeds
Of which 
transitional
Of which 
enabling
1 GAR - Covered assets in both numerator and 
denominator
2
Loans and advances, debt securities and equity 
instruments not HfT eligible for GAR 
calculation
29.9% 29.9% 29.8%
3 Financial undertakings 0.0% 0.0% 0.0%
4 Credit institutions 0.0% 0.0% 0.0%
5 Loans and advances 0.0% 0.0% 0.0%
6 Debt securities, including UoP 0.0% 0.0% 0.0%
7 Equity instruments 0.0% 0.0% 0.0%
8 Other financial corporations 0.0% 0.0% 0.0%
9 of which investment firms 0.0% 0.0% 0.0%
10 Loans and advances 0.0% 0.0% 0.0%
11 Debt securities, including UoP 0.0% 0.0% 0.0%
12 Equity instruments 0.0% 0.0% 0.0%
13 of which  management companies 0.0% 0.0% 0.0%
14 Loans and advances 0.0% 0.0% 0.0%
15 Debt securities, including UoP 0.0% 0.0% 0.0%
16 Equity instruments 0.0% 0.0% 0.0%
17 of which insurance undertakings 0.0% 0.0% 0.0%
18 Loans and advances 0.0% 0.0% 0.0%
19 Debt securities, including UoP 0.0% 0.0% 0.0%
20 Equity instruments 0.0% 0.0% 0.0%
21 Non-financial undertakings 100.0% 100.0% 1.6%
22 NFCs subject to NFRD disclosure obligations 100.0% 100.0% 1.6%
23 Loans and advances 100.0% 100.0% 1.6%
24 Debt securities, including UoP 0.0% 0.0% 0.0%
25 Equity instruments 0.0% 0.0% 0.0%
26 Households 31.2% 31.2% 28.2%
27 of which loans collateralised by residential 
immovable propert
y 100.0% 100.0% 0.7%
28 of which building renovation loans 0.0% 0.0% 0.0%
29 of which motor vehicle loans 100.0% 100.0% 27.6%
30 Local governments financing 0.0% 0.0% 0.0%
31 Housing financing 0.0% 0.0% 0.0%
32 Other local government financing 0.0% 0.0% 0.0%
49 Total GAR assets 10.5% 10.5% 29.8%
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-aligned)
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-aligned)
% (compared to flow of total eligible assets)
Disclosure 31.12.2025
Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) TOTAL (CCM + CCA)
Proportion of total covered assets funding taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant 
sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion 
of total new 
assets 
covered
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-aligned)
 Consolidated Financial Statements 31 December 2025 97

===== SIDA 101 =====

Kvika banki hf. Amounts are in ISK millions
4. GAR KPI flow -Turnover-based
ab c d e f g h i j k l m n o p
Of which Use of 
Proceeds
Of which 
transitional
Of which 
enabling
Of which 
Use of 
Proceeds
Of which 
transitional
Of which 
enabling
Of which Use 
of Proceeds
Of which 
transitional
Of which 
enabling
1 GAR - Covered assets in both numerator and 
denominator
2
Loans and advances, debt securities and equity 
instruments not HfT eligible for GAR 
calculation
100.0% 100.0% 38.4%
3 Financial undertakings 0.0% 0.0% 0.0%
4 Credit institutions 0.0% 0.0% 0.0%
5 Loans and advances 0.0% 0.0% 0.0%
6 Debt securities, including UoP 0.0% 0.0% 0.0%
7 Equity instruments 0.0% 0.0% 0.0%
8 Other financial corporations 0.0% 0.0% 0.0%
9 of which investment firms 0.0% 0.0% 0.0%
10 Loans and advances 0.0% 0.0% 0.0%
11 Debt securities, including UoP 0.0% 0.0% 0.0%
12 Equity instruments 0.0% 0.0% 0.0%
13 of which  management companies 0.0% 0.0% 0.0%
14 Loans and advances 0.0% 0.0% 0.0%
15 Debt securities, including UoP 0.0% 0.0% 0.0%
16 Equity instruments 0.0% 0.0% 0.0%
17 of which insurance undertakings 0.0% 0.0% 0.0%
18 Loans and advances 0.0% 0.0% 0.0%
19 Debt securities, including UoP 0.0% 0.0% 0.0%
20 Equity instruments 0.0% 0.0% 0.0%
21 Non-financial undertakings 100.0% 100.0% 0.2%
22 Loans and advances 100.0% 100.0% 0.2%
23 Debt securities, including UoP 0.0% 0.0% 0.0%
24 Equity instruments 0.0% 0.0% 0.0%
25 Households 39.1% 39.1% 38.1%
26 of which loans collateralised by residential 
immovable propert
y 100.0% 100.0% 0.7%
27 of which building renovation loans 0.0% 0.0% 0.0%
28 of which motor vehicle loans 100.0% 100.0% 37.4%
29 Local governments financing 0.0% 0.0% 0.0%
30 Housing financing 0.0% 0.0% 0.0%
31 Other local government financing 0.0% 0.0% 0.0%
32
Collateral obtained by taking possession: 
residential and commercial immovable 
properties 
0.0% 0.0% 0.0%
49 Total GAR assets 15.5% 15.5% 38.4%
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-aligned)
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-aligned)
% (compared to flow of total eligible assets)
Disclosure 31.12.2024
Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) TOTAL (CCM + CCA)
Proportion of total covered assets funding taxonomy relevant 
sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant 
sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion 
of total new 
assets 
covered
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-aligned)
 Consolidated Financial Statements 31 December 2025 98

===== SIDA 102 =====

Kvika banki hf. Amounts are in ISK millions
4. GAR KPI flow - Cap-Ex based
ab c d efg h i j k l m n o p
Of which Use of 
Proceeds
Of which 
transitional
Of which 
enabling
Of which 
Use of 
Proceeds
Of which 
transitional
Of which 
enabling
Of which Use 
of Proceeds
Of which 
transitional
Of which 
enabling
1 GAR - Covered assets in both numerator and 
denominator
2
Loans and advances, debt securities and equity 
instruments not HfT eligible for GAR 
calculation
29.9% 29.9% 29.8%
3 Financial undertakings 0.0% 0.0% 0.0%
4 Credit institutions 0.0% 0.0% 0.0%
5 Loans and advances 0.0% 0.0% 0.0%
6 Debt securities, including UoP 0.0% 0.0% 0.0%
7 Equity instruments 0.0% 0.0% 0.0%
8 Other financial corporations 0.0% 0.0% 0.0%
9 of which investment firms 0.0% 0.0% 0.0%
10 Loans and advances 0.0% 0.0% 0.0%
11 Debt securities, including UoP 0.0% 0.0% 0.0%
12 Equity instruments 0.0% 0.0% 0.0%
13 of which  management companies 0.0% 0.0% 0.0%
14 Loans and advances 0.0% 0.0% 0.0%
15 Debt securities, including UoP 0.0% 0.0% 0.0%
16 Equity instruments 0.0% 0.0% 0.0%
17 of which insurance undertakings 0.0% 0.0% 0.0%
18 Loans and advances 0.0% 0.0% 0.0%
19 Debt securities, including UoP 0.0% 0.0% 0.0%
20 Equity instruments 0.0% 0.0% 0.0%
21 Non-financial undertakings 100.0% 100.0% 1.6%
22 NFCs subject to NFRD disclosure obligations 100.0% 100.0% 1.6%
23 Loans and advances 100.0% 100.0% 1.6%
24 Debt securities, including UoP 0.0% 0.0% 0.0%
25 Equity instruments 0.0% 0.0% 0.0%
26 Households 31.2% 31.2% 28.2%
27 of which loans collateralised by residential 
immovable propert
y 100.0% 100.0% 0.7%
28 of which building renovation loans 0.0% 0.0% 0.0%
29 of which motor vehicle loans 100.0% 100.0% 27.6%
30 Local governments financing 0.0% 0.0% 0.0%
31 Housing financing 0.0% 0.0% 0.0%
32 Other local government financing 0.0% 0.0% 0.0%
49 Total GAR assets 10.5% 10.5% 29.8%
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-aligned)
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-aligned)
% (compared to flow of total eligible assets)
Disclosure 31.12.2025
Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) TOTAL (CCM + CCA)
Proportion of total covered assets funding taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant 
sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion 
of total new 
assets 
covered
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-aligned)
 Consolidated Financial Statements 31 December 2025 99

===== SIDA 103 =====

Kvika banki hf. Amounts are in ISK millions
4. GAR KPI flow - Cap-Ex based
ab c d efg h i j k l m n o p
Of which Use of 
Proceeds
Of which 
transitional
Of which 
enabling
Of which 
Use of 
Proceeds
Of which 
transitional
Of which 
enabling
Of which Use 
of Proceeds
Of which 
transitional
Of which 
enabling
1 GAR - Covered assets in both numerator and 
denominator
2
Loans and advances, debt securities and equity 
instruments not HfT eligible for GAR 
calculation
66.9% 66.9% 38.4%
3 Financial undertakings 0.0% 0.0% 0.0%
4 Credit institutions 0.0% 0.0% 0.0%
5 Loans and advances 0.0% 0.0% 0.0%
6 Debt securities, including UoP 0.0% 0.0% 0.0%
7 Equity instruments 0.0% 0.0% 0.0%
8 Other financial corporations 0.0% 0.0% 0.0%
9 of which investment firms 0.0% 0.0% 0.0%
10 Loans and advances 0.0% 0.0% 0.0%
11 Debt securities, including UoP 0.0% 0.0% 0.0%
12 Equity instruments 0.0% 0.0% 0.0%
13 of which  management companies 0.0% 0.0% 0.0%
14 Loans and advances 0.0% 0.0% 0.0%
15 Debt securities, including UoP 0.0% 0.0% 0.0%
16 Equity instruments 0.0% 0.0% 0.0%
17 of which insurance undertakings 0.0% 0.0% 0.0%
18 Loans and advances 0.0% 0.0% 0.0%
19 Debt securities, including UoP 0.0% 0.0% 0.0%
20 Equity instruments 0.0% 0.0% 0.0%
21 Non-financial undertakings 100.0% 100.0% 0.2%
22 Loans and advances 100.0% 100.0% 0.2%
23 Debt securities, including UoP 0.0% 0.0% 0.0%
24 Equity instruments 0.0% 0.0% 0.0%
25 Households 39.1% 39.1% 38.1%
26 of which loans collateralised by residential 
immovable propert
y 100.0% 100.0% 0.7%
27 of which building renovation loans 0.0% 0.0% 0.0%
28 of which motor vehicle loans 100.0% 100.0% 37.4%
29 Local governments financing 0.0% 0.0% 0.0%
30 Housing financing 0.0% 0.0% 0.0%
31 Other local government financing 0.0% 0.0% 0.0%
32
Collateral obtained by taking possession: 
residential and commercial immovable 
properties 
0.0% 0.0% 0.0%
49 Total GAR assets 15.5% 0.0% 38.4%
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-aligned)
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-aligned)
% (compared to flow of total eligible assets)
Disclosure 31.12.2024
Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) TOTAL (CCM + CCA)
Proportion of total covered assets funding taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant 
sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion 
of total new 
assets 
covered
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-aligned)
 Consolidated Financial Statements 31 December 2025 100

===== SIDA 104 =====

Kvika banki hf. Amounts are in ISK millions
5. KPI off-balance sheet exposure s
ab c d e f g h i j k l m n o
Of which Use of 
Proceeds
Of which 
transitional
Of which 
enabling
Of which Use of 
Proceeds
Of which 
transitional
Of which 
enabling
Of which 
Use of 
Proceeds
Of which 
transitional
Of which 
enabling
1 Financial guarantees (FinGuar KPI) 4% 4%
2 Assets under management (AuM KPI) 14% 2% 0% 14% 2% 0%
1 Financial guarantees (FinGuar KPI) 4% 4%
2 Assets under management (AuM KPI) 14% 2% 0% 14% 2% 0%
1 Financial guarantees (FinGuar KPI) 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
2 Assets under management (AuM KPI) 14% 1% 0% 0% 1% 0% 0% 0% 0% 0% 14% 1% 0% 0% 1%
1 Financial guarantees (FinGuar KPI) 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
2 Assets under management (AuM KPI) 21% 1% 0% 0% 1% 0% 0% 0% 0% 0% 21% 1% 0% 0% 1%
1. Institution shall dislcose in this template the KPIs for off-balance sheet exposures (financial guarantees and AuM) calculated based on the data disclosed in template 1, on covered assets, and by applying the formulas 
proposed in this template.
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-aligned)
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-aligned)
% (compared to flow of total eligible assets)
Disclosure 31.12.2025
Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) TOTAL (CCM + CCA)
Proportion of total covered assets funding taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant 
sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-aligned)
31.12.2024 - Turnover-based
31.12.2024 - Cap-Ex based
31.12.2025 - Turnover-based
31.12.2025 - Cap-Ex based
 Consolidated Financial Statements 31 December 2025 101

===== SIDA 105 =====

Kvika banki hf. Amounts are in ISK millions
Disclosure by credit institutions under EU Taxonomy Regulation Article 8 and underlying Delegated Act (EU) 2021/2178, Article 10.
Annex XI
QUALITATIVE DISCLOSURES FOR ASSET MANAGERS, CREDIT INSTITUTIONS, INVESTMENT FIRMS AND 
INSURANCE AND REINSURANCE UNDERTAKINGS
Additional or complementary information in support of the financial undertaking’s
strategies and the weight of the financing of Taxonomy-aligned economic
activities in their overall activity.
For credit institutions that are not required to disclose quantitative information
for trading exposures, qualitative information on the alignment of trading
portfolios with Regulation (EU) 2020/852, including overall composition, trends
observed, objectives and policy.
The disclosure of quantitative KPIs shall be accompanied by the following qualitative information to support the financial 
undertakings’ explanations and markets’ understanding of these KPIs:
Contextual information in support of the quantitative indicators including the
scope of assets and activities covered by the KPIs, information on data sources
and limitation.
The Group has derived that the following assets can be considered as
taxonomy-eligible; loans and advances to financial and non-financial corporates
that are subject to non-financial disclosures according to Article 66 d of the
Annual Accounts Act and loans to households, in particular motor vehicle loans
(activity 6.5: Purchase, financing, renting, leasing) and residential real estate
(mortgages, activity 7.7: Acquisition and ownership of buildings). Kvika has
employed external data sourced from a third party, adhering to the criteria
outlined in Article 66 d of the Annual Accounts Act. This information has been
complemented, where needed, with data directly collected from the annual
reports of corporate customers and counterparties. Kvika’s estimation of how
and to what extent its activities are associated with taxonomy-aligned economic
activities is dependent upon and limited to its counterparties’ reporting.
Explanations of the nature and objectives of Taxonomy-aligned economic
activities and the evolution of the
Taxonomy aligned economic activities over
time, starting from the second year of implementation, distinguishing between
business-related and methodological and data-related elements.
Not applicable for financial year 2025. No economic activities were Taxonomy-
aligned for the financial year 2024.
Description of the compliance with Regulation (EU) 2020/852 in the financial
undertaking’s business strategy, product design processes and engagement with
clients and counterparties.
In 2024, Kvika updated it Green Funding Framework to better adhere to recent
developments in sustainability related regulations, including the EU Taxonomy. In
it's Green Funding Framework, Kvika has mapped
applicable categories to EU environmental objectives and example of economic
activities under the EU Taxonomy. Where possible, applicable eligibility criteria
have been designed to comply with the technical screening criteria set out in the
EU Taxonomy Delegated Act as at the time of this Framework publication.
 Consolidated Financial Statements 31 December 2025 102

===== SIDA 106 =====

Kvika banki hf. Amounts are in ISK millions
Kvika Asset Management
Turnover-based: % 0.3% Turnover-based: [ISK Million] 2 
CapEx—based: % 0.4% CapEx-based: [ISK Million] 2 
Coverage: % 88.1% The value in monetary amounts of derivatives. 41 
Percentage (%) 0.0% ISK Million 0 
For non-financial undertakings: 40.1% For non-financial undertakings: ISK Million 163 
For financial undertakings: 22.7% For financial undertakings: ISK Million 93 
For non-financial undertakings: 1.7% For non-financial undertakings: ISK Million 7 
For financial undertakings: 3.8% For financial undertakings: ISK Million 15 
For non-financial undertakings: 8.4% For non-financial undertakings: ISK Million 34 
For financial undertakings: 12.6% For financial undertakings: ISK Million 51 
Percentage (%) 10.6% ISK Million 43 
Percentage (%) 54.3% ISK Million 221 
Percentage (%) ISK Million
The proportion of exposures to financial and non-financial undertakings subject to 
Articles 19a and 29a of Directive 2013/34/EU over total assets covered by the KPI:
Value of exposures to financial and non-financial undertakings subject to 
Articles 19a and 29a of Directive 2013/34/EU:
The proportion of exposures to other counterparties over total assets covered by 
the KPI: Value of exposures to other counterparties:
The percentage of assets covered by the KPI relative to total investments (total 
AuM). Excluding investments in sovereign entities.
The monetary value of assets covered by the KPI.
Excluding investments in sovereign entities.
The proportion of exposures to financial and non-financial undertakings from non-
EU countries not subject to Articles 19a and 29a of Directive 2013/34/EU over total 
assets covered by the KPI:
Value of exposures to financial and non-financial undertakings from non-EU 
countries not subject to Articles 19a and 29a of Directive 2013/34/EU:
The proportion of exposures to EU financial and non-financial undertakings not 
subject to Articles 19a and 29a of Directive 2013/34/EU over total assets covered 
by the KPI:
Value of exposures to EU financial and non-financial undertakings not subject to 
Articles 19a and 29a of Directive 2013/34/EU:
The value of all the investments that are funding economic activities that are not 
taxonomy-eligible relative to the value of total assets covered by the KPI:
Value of all the investments that are funding economic activities that are not 
taxonomy-eligible:
The value of all the investments that are funding taxonomy-eligible economic 
activities, but not taxonomy-aligned relative to the value of total assets covered by 
the KPI:
Value of all the investments that are funding Taxonomy eligible economic 
activities, but not taxonomy aligned:
Kvika Asset Management publishes the following information pursuant to Article 8 of the EU Taxonomy, alongside Kvika Asset Management annual
accounts for 2025. The information is presented in templates set out in Annexes IV and XI of the Delegated Regulation No. 2021/2178, and in all relevant
updates to those templates, as laid out in Delegated Regulation (EU) No. 2023/2486, covering asset managers. 
Key performance indicators 
According to the Delegated Regulation no. 2021/2178, asset managers are to disclose the proportion of investment in taxonomy-aligned economic
activities out of the total Assets under Management. This ratio is based on investees’ key performance indicators (turnover and capex) and is therefo re
dependent upon and limited to the investees’ taxonomy disclosures.
ANNEX IV
TEMPLATE FOR THE KPI OF ASSET MANAGERS
Standard template for the disclosure required under Article 8 of Regulation (EU) 2020/852 (asset managers)
The weighted average value of all the investments that are directed at funding, or 
are associated with taxonomy-aligned economic activities relative to the value of 
total assets covered by the KPI, with following weights for investments in 
undertakings per below:
The weighted average value of all the investments that are directed at funding, or 
are associated with taxonomy-aligned economic activities, with following weights 
for investments in undertakings per below:
Additional, complementary disclosures: breakdown of denominator of the KPI
The percentage of derivatives relative to total assets covered by the KPI. The value in monetary amounts of derivatives.
 Consolidated Financial Statements 31 December 2025 103

===== SIDA 107 =====

Kvika banki hf. Amounts are in ISK millions
Kvika Asset Management
Turnover-based: % 0.3% Turnover-based: ISK Million 2 
CapEx—based: % 0.4% CapEx-based: ISK Million 2 
For financial undertakings: For financial undertakings:
Turnover-based: % 0.0% Turnover-based: ISK Million 0
CapEx—based: % 0.0% CapEx-based:ISK Million 0
Turnover-based: % 0.0% Turnover-based: ISK Million 0
CapEx—based: % 0.0% CapEx-based: ISK Million 0
Turnover: 0.3% Transitional activities: A% (Turnover; CapEx) 0.0%
Capex: 0.4% Enabling activities: B% (Turnover; CapEx) 100.0%
Turnover: 0.0% Transitional activities: A% (Turnover; CapEx) 0.0%
Capex: 0.0% Enabling activities: B% (Turnover; CapEx) 0.0%
Turnover: 0.0% Transitional activities: A% (Turnover; CapEx) 0.0%
Capex: 0.0% Enabling activities: B% (Turnover; CapEx) 0.0%
Turnover: 0.0% Transitional activities: A% (Turnover; CapEx) 0.0%
Capex: 0.0% Enabling activities: B% (Turnover; CapEx) 0.0%
Turnover: 0.0% Transitional activities: A% (Turnover; CapEx) 0.0%
Capex: 0.0% Enabling activities: B% (Turnover; CapEx) 0.0%
Turnover: 0.0% Transitional activities: A% (Turnover; CapEx) 0.0%
Capex: 0.0% Enabling activities: B% (Turnover; CapEx) 0.0%
Explanatory notes
 'taxonomy-aligned activities'
 'not taxonomy-aligned'
 'taxonomy-eligible activities'
The proportion of taxonomy-aligned exposures to other counterparties in over 
total assets covered by the KPI: Value of taxonomy-aligned exposures to other counterparties:
Breakdown of the numerator of the KPI per environmental objective
Taxonomy-aligned activities –:
ANNEX IV (cont.)
Additional, complementary disclosures: breakdown of numerator of the KPI
The proportion of Taxonomy-aligned exposures to financial and non-financial 
undertakings subject to Articles 19a and 29a of Directive 2013/34/EU over total 
assets covered by the KPI:
Value of Taxonomy-aligned exposures to financial and non-financial 
undertakings subject to Articles 19a and 29a of Directive 2013/34/EU:
For non-financial undertakings: For non-financial undertakings:
5) Pollution prevention and control
6) The protection and restoration of biodiversity and 
ecosystems
economic activities that qualify as environmentally sustainable under EU 
Taxonomy
1) Climate change mitigation
2) Climate change adaptation
3) The sustainable use and protection of water and marine 
resources
4) The transition to a circular economy
For credit institutions that are not required to disclose quantitative information for
trading exposures, qualitative information on the alignment of trading portfolios
with Regulation (EU) 2020/852, including overall composition, trends observed,
objectives and policy.
Does not apply to asset managers.
economic activities that do not qualify as environmentally sustainable under EU 
Taxonomy i.e. do not fulfil the criteria set out in the delegated acts
activity that has a corresponding criteria in the EU Taxonomy delegated acts to be 
assessed against
ANNEX XI
QUALITATIVE DISCLOSURES FOR ASSET MANAGERS, CREDIT INSTITUTIONS, INVESTMENT FIRMS AND INSURANCE AND REINSURANCE UNDERTAKINGS
The disclosure of quantitative KPIs shall be accompanied by the following qualitative information to support the financial undertakings’ explanations and markets’ 
understanding of these KPIs:
Contextual information in support of the quantitative indicators including the scope
and activities covered by the KPIs, information on data sources and limitation.
The calculation of key indicators uses total assets under management (AuM),
excluding exposures to central governments, central banks and supranational
issuers. Investments in companies which are not obliged to disclose non-financial
information under the Act on Annual Accounts should also be excluded.
Furthermore, the calculations of Kvika Asset Management’s Taxonomy KPIs
depend upon and are limited to investee companies’ 2025 Taxonomy disclosures
for the financial year 2024.
Explanations of the nature and objectives of Taxonomy-aligned economic activities
and the evolution of the Taxonomy-aligned economic activities over time, starting
from the second year of implementation, distinguishing between business-related
and methodological and data-related elements.
As according to investee companies’ Taxonomy disclosures, all Taxonomy-aligned
economic activities are enabling activities, i.e. they all enable other activities to
make a substantial contribution to climate change mitigation. 
Description of the compliance with Regulation (EU) 2020/852 in the financial
undertaking’s business strategy, product design processes and engagement with
clients and counterparties.
Kvika Asset Management expects to increasingly consider the EU Taxonomy e.g.
in product development as well as in communication with customers, additionally
there has been increased education to employees on the topic.  
 Consolidated Financial Statements 31 December 2025 104

===== SIDA 108 =====

Kvika banki hf. Amounts are in ISK millions
Group alignment
Computation of weighted averages of KPIs on Taxonomy-aligned activities of Groups
ISK Million Revenue
Proportion of total 
group revenue KPI (Turnover) KPI (CapEx)
KPI (Turnover) 
weighted
KPI (CapEx) 
weighted
Asset management 2,351 12.11% 0.34% 0.37% 0.05% 0.06%
Banking activities 17,059 87.89% 0.00% 0.00% 0.00% 0.00%
Total 19,411 
Average KPI 0.05% 0.06%
ISK Million Revenue
Proportion of total 
group revenue KPI (Turnover) KPI (CapEx)
KPI (Turnover) 
weighted
KPI (CapEx) 
weighted
Asset management 2,597 15.12% 0.14% 0.21% 0.02% 0.03%
Banking activities 14,587 84.88% 0.00% 0.00% 0.00% 0.00%
Total 17,184 
Average KPI 0.02% 0.03%
KPI per business segment
KPI per business segment
31.12.2025
31.12.2024
 Consolidated Financial Statements 31 December 2025 105