Kvartalsrapport Q1 2026

Automatiskt nyckeltalsindex

Detta är sökträffar och textkontext, inte verifierade eller normaliserade redovisningsvärden.

Fulltext

===== SIDA 1 =====

© Enity Holding 2025 
2026 
Enity Holding AB (publ)  
Q1 report January - March

===== SIDA 2 =====

Enity Holding  About Enity 
2 Enity Holding AB (publ) Q1 report January - March 2026
  
Results strengthened by the Uno acquisition 
 
Key take aways in the quarter 
• Solid lending growth of 9.5%, despite subdued housing activity. 
• Results benefited from positive fair value revaluation from the Uno Finans acquisition 
• Net interest income decreased mainly due to fewer calendar days compared to the fourth quarter, higher 
deposit volumes and a negative reclassification of SEK 4.5m related to equity hedges. 
• Net interest margin decreased impacted by timing effects in Q1 and a time lag from the strengthening NOK. 
• Credit losses in line with the first quarter 2025, remained elevated and seasonally high. 
• Finland continued to deliver with strengthened results. 
• Acquisition of Uno Finans puts short-term pressure on capital ratios. 
• Operating expenses excluding loan brokers decreased. 
• Adjusted RoTE for the twelve months period was 19.2%. 
• After the closing of the first quarter, Enity received the result of its Supervisory review and evaluation process 
(SREP), which reduced the consolidated situation’s Pillar 2 requirement to 0.96% (1.2). The Pillar 2 
requirement for the leverage ratio remained unchanged. 
 
 
The balance sheet is compared to the end of the most recent financial year (31 December 2025). 
 
 
Q1 Q4 Q1 Jan-Dec
SEKm 2026 2025 ∆ 2025 ∆ 2025
Net interest income 288.3 306.5 -6.0% 300.2 -4.0% 1,218.2
Net commission income 34.8 14.1 146.8% - 100.0% 31.4
Net gains/losses on financial transactions -4.5 -10.0 -55.2% -2.1 114.5% 0.7
Share of associate and joint ventures results 123.8 11.0 1021.9% 0.9 13327.1% 24.9
Other operating revenue 3.2 2.6 26.4% 2.7 21.8% 10.6
Total operating income 445.7 324.2 37.5% 301.3 47.9% 1,286.0
Total operating expenses -210.9 -202.9 4.0% -189.3 11.4% -782.8
Profit before credit losses 234.8 121.3 93.5% 112.8 108.1% 503.1
Net credit losses -27.1 -18.4 47.2% -31.7 -14.5% -72.6
Income tax -20.6 -23.3 -11.7% -32.1 -35.9% -111.7
Profit/loss for the period 187.1 79.6 134.9% 49.0 281.6% 318.9
Lending to the public 32,090.3 30,611.2 4.8% 29,310.0 9.5% 30,611.2
Deposits from the public 28,394.7 24,517.2 15.8% 22,377.3 26.9% 24,517.2
Adjusted operating income¹ 329.63 324.21 1.7% 301.67 9.3% 1,285.97
Adjusted operating expenses¹ -189.7 -184.7 2.7% -142.2 33.4% -620.3
Adjusted operating profit¹ 112.8 121.2 -6.9% 127.8 -11.7% 593.1
Adjusted operating profit less tax¹ 89.6 96.2 -6.9% 101.5 -11.7% 470.9
Total capital ratio 16.8% 17.2% -2.7% 19.2% -12.8% 17.2%
CET1 ratio, % 13.0% 13.9% -6.3% 17.3% -24.7% 13.9%
Net interest margin (%)¹ 3.7% 4.0% -8.3% 4.1% -10.9% 4.1%
Credit losses, %¹ 0.24% 0.26% -9.2% 0.22% 7.8% 0.3%
Adjusted C/I ratio (%) 57.6% 57.0% 1.1% 47.1% 22.1% 48.2%
Adjusted RoTE (%) 16.9% 15.9% 6.2% 16.8% 0.7% 19.2%
Earnings per share, kr 3.63 1.48 145.7% 0.98 269.9% 6.14
Number of employees 356 285 24.9% 236 50.8% 285

===== SIDA 3 =====

Enity Holding  About Enity 
3 Enity Holding AB (publ) Q1 report January - March 2026
  
 
 
 
Enity’s financial targets 
The Board of Enity Holding has set the following financial targets:  
Medium-term financial targets 
Loan book – Annual organic lending growth of 8–10% 
over an economic cycle. 
RoTE – A return on adjusted operating profit after tax in 
relation to average tangible equity (RoTE) of 
approximately 20%. 
CET1 – A Common Equity Tier 1 (CET1) capital ratio 
exceeding the regulatory requirement by 200–300 basis 
points. 
Dividend policy – The aim to distribute 20–40% of the 
year’s profit attributable to shareholders and any surplus 
capital, while taking the CET1 target into account. 
Status of as of 31 March 2026 
Loan book – Lending growth over the last twelve months 
was 9.5%. In local currencies lending grew by 8.0%.  
RoTE – Amounted to 16.9% in the quarter, excluding the 
revaluation gain. Over the last twelve months adjusted 
RoTE was 19.2%. 
CET1 – Amounted to 13.0% at period end and was 
negatively affected by the acquisition of Uno Finans. The 
ratio exceeds the regulatory requirement by 69 bps. 
Proposed dividend SEK 1.40 per share for 2025, 
corresponding to a dividend ratio of 20%. The Annual 
General Meeting will be held 7 May 2026.

===== SIDA 4 =====

Enity Holding  About Enity 
4 Enity Holding AB (publ) Q1 report January - March 2026
  
CEO comment
An eventful first quarter driven by prolonged 
geopolitical uncertainty   
The first quarter was highly eventful and marked by 
continued geopolitical uncertainty, not least due to the 
ongoing conflict in the Middle East. Despite a challenging 
external environment and continued subdued housing 
market activity, our portfolio increased by 9.5%, or 8% 
currency adjusted – demonstrating the strength of our 
business model and the attractiveness of our offering. 
Mortgage market transactions declined year on year in 
Norway and Finland. In Sweden, activity strengthened 
toward the end of the quarter after a weak start. In Enity’s 
Swedish operation, mortgage volumes declined compared 
with Q4, primarily driven by higher redemptions. Lending 
growth in Norway and Finland remained strong. 
Positive results impact from the Uno Finans 
acquisition 
An important milestone in the quarter was the successful 
completion of the Uno transaction. From March, Uno has 
been fully consolidated into the Group and contributed 
approximately SEK 10m to operating profit in March. As 
previously communicated, the transaction resulted in a 
temporary shortfall to our CET1 capital target.  
The quarterly result benefited from a positive fair value 
revaluation gain of SEK 116m following the Uno transaction. 
At the same time, net interest income was temporarily 
pressured by several factors, including timing effects related 
to fewer calendar days, hedge related accounting 
reclassifications, and timing of rate changes. The stronger 
NOK created a lag between volume growth and NII, which 
weighed on the net interest margin. We expect these timing 
effects to reverse and contribute positively to NII in the 
second quarter. 
Operating expenses excluding the loan brokers decreased.  
Credit losses remained elevated at 24bps, partly reflecting 
seasonality linked to the New Year period and weaker 
household cash flows. Credit losses are expected to remain 
elevated during the year, reflecting a still subdued mortgage 
market and rates not expected to come down further. Over 
the coming years credit losses are expected to gradually 
decrease.   
Product innovation to meet new mortgage 
regulation and support growth in Sweden 
New mortgage regulations in Sweden came into force on 1 
April, increasing the maximum loan to value ratio for new 
mortgages from 85% to 90% and abolishing the enhanced 
amortisation requirement above 4.5x gross income. This 
strengthens affordability for homebuyers and supports 
Enity’s core offering. At the same time, the new 80% loan-
to-value cap on existing mortgages may restrict customers’ 
ability to renovate or invest in their homes, and we question 
whether this measure is well aligned with its intended 
objectives. 
However, to address this, we launched Home Loan Plus in 
April – an unsecured loan offered only in combination with a 
mortgage, with a cap of SEK 300,000 per residence. Credit 
assessment remains based on the property. In addition, 
second charge loans were launched in Sweden to further 
promote financial inclusion and help more customers to 
improve their personal finances. This product has already 
proven successful in Norway and strengthens our secured 
lending proposition. 
Financial inclusion and long term value creation 
In March, Bluestep Bank announced the winners of 
Framtidsnyckeln (“Key to the Future”) 2026, an initiative 
promoting financial literacy and inclusion among young 
people. Strengthening financial understanding is 
increasingly important in today’s complex financial 
environment and is a natural extension of Enity’s mission. 
Well positioned for sustainable growth 
Despite a still cautious market, we continued to deliver 
stable growth, supported by disciplined underwriting and a 
resilient, asset-backed portfolio. Credit losses remained low, 
although on an elevated level. With a solid platform, growing 
distribution capabilities and regulatory trends increasingly 
favouring secured lending, Enity is well positioned to deliver 
sustainable, capital efficient growth over time. 
Björn Lander, 
CEO

===== SIDA 5 =====

Enity Holding  Management administration report 
5 Enity Holding AB (publ) Q1 report January - March 2026
  
Financial overview 
Enity Holding AB (publ) (“Enity”, “the Company” or “the 
Parent Company”), corporate identity number 556668-
9575, with its registered office in Stockholm, is the parent 
company of the Enity Holding Group (“the Group” or “the 
Consolidated Situation”). The Group consists of the Parent 
Company and its wholly owned subsidiaries.  
The Group is the Nordic region’s leading specialist 
mortgage provider, with its main business focus on 
secured lending activities financed through equity, 
deposits from the public, and the issuance of covered, 
unsecured, and subordinated bonds. The Group operates 
in Sweden, Norway, and Finland, with banking operations in 
the latter two countries conducted through branches. The 
Group includes two mortgage brokers that operate in 
Norway and Finland. 
All financial information is provided for the Group unless 
otherwise stated, while regulatory disclosures refer to the 
Consolidated Situation as reported to the Swedish 
Financial Supervisory Authority. 
The Group hereby presents its financial statements and 
consolidated financial reports for the first quarter, 1 
January 2026 - 31 March 2026. 
Group performance 
Q1 2026 compared to Q4 2025 
 
Operating profit 
Operating profit increased by 102% to SEK 208m (103) 
due to the revaluation of Uno Finans. Adjusted operating 
profit amounted to SEK 113m (121). Items affecting 
comparability was SEK 95m (-18). Uno Finans was fully 
consolidated from March and delivered an operating profit 
of SEK 10m. Eiendomsfinans reported a loss of SEK 3m, 
reflecting seasonal weakness. 
Net interest income 
Net interest income decreased by 6% to SEK 288m (307) 
compared to the fourth quarter. Two less calendar days in 
the first quarter affected negatively. Despite this, interest 
income was stable due to loan growth. Higher deposit 
volumes increased interest expenses. The increased 
volume was used for new lending, redemption of a senior 
unsecured bond, the Uno acquisition and an increased 
 
 
 
 
liquidity reserve. Furthermore, a reclassification of interest 
expenses related to net asset hedges was made as from 
the first quarter. This effect amounted to SEK -4.5 million. 
The net interest margin consequently decreased to 3.7% 
(4.0%). In addition to the above, a stronger NOK at the end 
of the quarter impacted negatively. The stronger NOK 
affected the loan book positively whereas net interest 
income in the quarter was lagging.  
Other income 
Net commission income increased to SEK 35m  
(14), related to the acquisition of Uno.  
  
Loan book  Adjusted operating profit  Credit losses 
 
 
 
 
 
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
Q1 25 Q2 25 Q3 25 Q4 25 Q1 26
Mortgages Finland, SEKm
Mortgages Norway, SEKm
Mortgages Sweden, SEKm
0
20
40
60
80
100
120
140
160
180
200
Q1 25 Q2 25 Q3 25 Q4 25 Q1 26
Operating profit, SEKm
0.22%
0.23%
0.24%
0.25%
0.26%
0.27%
 -
 10
 20
 30
 40
Q1
25
Q2
25
Q3
25
Q4
25
Q1
26
Net credit losses mortgages
quarter, SEKm
Net credit losses LTM, % of loan
book

===== SIDA 6 =====

Enity Holding  Management administration report 
6 Enity Holding AB (publ) Q1 report January - March 2026
  
Net gains/losses on financial transactions amounted to 
SEK -4.5m (-10), mainly due to a decrease in the fair value 
of bonds in the liquidity reserve following the sharp 
increase in interest rates during the quarter.  
Share of associate and joint ventures results, fully relates 
to the holding in Uno Finans which was acquired in 
February. The results increased to SEK 124m (11), including 
a revaluation to fair value of SEK 116m.  
Operating expenses 
Operating expenses increased to SEK 211m (203), due to 
costs related to the loan brokers. Marketing expenses was 
still on a high level.   
Operating expenses adjusted for items affecting 
comparability amounted to SEK 190m (185). In the first 
quarter adjustments were made regarding retention 
incentives of SEK 11m (13) and amortisation of surplus 
value from previous acquisitions which amounted to SEK 
9m (5). The latter has increased as a function of the Uno 
acquisition due to the purchase price allocation and will 
give a quarterly amortisation of intangible assets of 
SEK 12m going forward. Adjusted operating expenses also 
include costs for completing the transaction. For further 
information see page 41. 
Adjusted C/I ratio amounted to 57.6% (56.9%) for the 
quarter. The increase refers to the Uno Finans ownership 
from March. Adjusting for the impact from consolidated 
loan brokers C/I ratio was 52.6% (54.1%). 
Employees 
The number of employees in the Group amounted to 356 
(285) at the end of the quarter. The increase mainly refers 
to Uno Finans, which added 55 employees.  
Credit losses 
Credit losses increased to SEK 27m (18). Credit losses 
were seasonally high in the first quarter and still on an 
elevated level. Additionally, credit losses included a Bank2 
related loan loss from the run-off portfolio of SEK 4m 
which reduced the remaining net exposure on the run-off 
portfolio to SEK 11m. The credit loss level LTM decreased 
to 0.24% (0.26%).  
The share of loans in stage 3 increased to 7.1% (6.9%). The 
increase was mainly a result of the stronger NOK at the 
end of the period and adverse stage migrations and longer 
lead times for selling properties in Norway. A decrease was 
seen in Sweden and Finland. The share of stage 2 loans 
increased by 0.2 p.p. to 9.4%. For further information see 
Note 3 “Credit losses”. 
Tax 
The tax for the quarter amounted to SEK -21m  
(-32). The Group’s effective tax rate is mainly influenced by 
differences in national tax rates. However, translation 
differences of foreign operations can give rise to timing 
differences impacting income tax, but with a corresponding 
tax amount reported under the statement of other 
comprehensive income. 
Following the publication of the year-end report, Enity 
updated the tax treatment of certain items based on 
additional analysis and supplementary documentation, 
resulting in differences between this report and 
communicated figures in the year-end report. 
Net profit 
Net profit for the quarter amounted to SEK 166m (SEK 
80m). Adjusted operating profit less tax amounted to  
SEK 90m (96m). 
Q1 2026 compared to Q1 2025 
 
Operating profit 
Operating profit for the period increased by 156% to  
SEK 208m (81), due to the revaluation of Uno Finans. 
Adjusted operating profit decreased by 12% and amounted 
to SEK 113m (128), with items affecting comparability of 
SEK 95m (-47). Uno Finans was fully consolidated from 
March and delivered an operating profit of SEK 10m. 
Eiendomsfinans reported a loss of SEK 3m, reflecting 
seasonal weakness. 
Net interest income 
Net interest income decreased by 4% to SEK 288m (300). 
Interest expenses increased, in part due to increased 
deposit volumes. The increased volume was used for new 
lending, redemption of a senior unsecured bond, the Uno 
acquisition and an increased liquidity reserve. Furthermore, 
a reclassification of interest-expenses related to net asset 
hedges was made as from the first quarter 2026. This 
effect amounted to SEK -4.5 million. Increased lending to 
the public in all markets contributed to improved interest 
income. The net interest margin weakened to 3.7% (4.1%). 
This was also due to a stronger NOK at the end of the 
quarter 2026, which affected the loan book positively 
whereas net interest income in the quarter was lagging.

===== SIDA 7 =====

Enity Holding  Management administration report 
7 Enity Holding AB (publ) Q1 report January - March 2026
  
Other income 
Net commission income increased to SEK 35m (-) related 
to loan brokers. 
Net gains/losses on financial transactions amounted to 
SEK -4.5m (-2.1).  
Share of associate and joint ventures results 2026, fully 
relates to the holding in Uno Finans, which was acquired in 
February. After the acquisition the holding in Uno Finans 
was revalued to fair value which impacted the results 
positively with SEK 116m. The results amounted to SEK 
124m (1). In the first quarter 2025 the associate holding 
contained both Uno Finans and Eiendomsfinans. 
Eiendomsfinans was fully acquired in May 2025.  
Operating expenses 
Operating expenses increased to SEK 211m (189) related to 
the loan brokers. Excluding the loan brokers operating 
expenses decreased because of improved automation and 
realisation of synergies from the acquisition of Bank2. The 
first quarter 2026 included items affecting comparability 
and amortisation of surplus value from previous 
acquisitions of SEK -21m (-47).  
Operating expenses adjusted for items affecting 
comparability for the period amounted to SEK 190m (142). 
Items affecting comparability in 2025 primarily related to 
the public listing, the integration of Bank2 and redundancy 
payments for staff reduction programmes enabled by 
synergy effects and improved automation. 
Adjusted C/I ratio amounted to 57.6% (47.1%). Adjusting 
for the loan brokers the C/I ratio was 52.6% in the first 
quarter 2026. 
Employees 
Number of employees amounted to 356 (236) at period 
end. The increase was due to the acquisitions of Uno 
Finans and Eiendomsfinans, comprising 126 employees.  
Credit losses 
Credit losses decreased to SEK 27m (32) and was still on 
an elevated level. The first quarter 2026 included SEK 4m 
(12) related to the integration of Bank2 and specific 
provisions in its run-off portfolio. Write-offs have increased 
compared to same period last year and are mostly offset 
by release of provisions and recoveries. Change in 
provisions primarily relate to increased levels of stage 2 
and stage 3 loans for the Norwegian portfolio. The credit 
loss level LTM amounted to 0.24% (0.22%).  
The share of loans in stage 3 amounted to 7.1% (6.8%) and 
has increased due to adverse stage migrations and longer 
lead times for selling properties. For further information on 
credit losses, see Note 3 “Credit losses”. 
Tax 
Tax expense for the period amounted to SEK 21m (32). The 
Group’s effective tax rate is mainly influenced by 
differences in national tax rates. Translation differences of 
foreign operations can give rise to timing differences 
impacting income tax, but with a corresponding tax amount 
reported under the statement of other comprehensive 
income. 
Net profit 
Net profit amounted to SEK 187m (49). Adjusted operating 
profit less tax amounted to SEK 90m (102). 
Seasonal variations and market volatility 
Enity has no major seasonal variations, except for lower 
staff costs in Sweden in the third quarter, as a result of 
employees’ summer holidays, while the same effect – 
though to a lesser extent – occurs in the second quarter in 
Norway. Credit losses tend to be higher in the fourth and 
first quarters due to holidays, while tax refunds in the 
second quarter have a positive effect. Net result of 
financial transactions refers to changes in the market 
valuations of derivatives used for hedging purposes, as 
well as bonds in the liquidity portfolio. These may show 
volatility between quarters, but typically even out over time.

===== SIDA 8 =====

Enity Holding  Management administration report 
8 Enity Holding AB (publ) Q1 report January - March 2026
  
 
Financial position
As of 31 March 2026, compared with  
31 December 2025.  
Lending 
Lending to the public in the last twelve months increased 
by 9.5% to SEK 32,090m (29,310). Adjusted for currency 
effects, the increase was 8%. Norway accounted for 54%, 
Sweden for 40%, and Finland for 6%.  
Funding and deposits 
The Group’s strategy includes a well-diversified funding 
structure, focused on deposits from the public as well as 
covered and unsecured bonds. 
At period end, the Group’s funding sources consisted of 
equity, subordinated capital instruments (AT1 and T2 
bonds), deposits from the public in Sweden, Norway and 
Germany, covered bonds and senior unsecured bonds. 
During the quarter, a senior unsecured bond of SEK 
1,000m was redeemed.  
Total deposits from the public amounted to SEK 28,395m 
(24,517) at period end. Deposits in NOK amounted to SEK 
15,975m (13,440) and deposits in EUR to SEK 2,876m 
(2,779). 
Deposit products in all countries are covered by the 
Swedish government deposit guarantee, which amounted 
to 1 150 000 SEK. The deposit guarantee was raised from 
1 050 000 as of 1
st January 2026. In Norway, amounts 
exceeding the Swedish deposit guarantee are also 
covered by the Norwegian deposit guarantee, which 
amounts to 2 000 000 NOK via the Norwegian Banks' 
Guarantee Fund. 
At period end, a nominal volume of SEK 4,700m (5,200) of 
covered bonds was outstanding. The nominal volume of 
unsecured bonds amounted to SEK 1,300m (2,300) and 
NOK 200m (-) respectively. Outstanding nominal volume 
of Tier 2 capital instruments (“T2”) amounted to SEK 300m 
(300) and NOK 60m (60) respectively. 
Liquidity reserve 
The Group’s liquidity reserve amounted to SEK 5,296m 
(4,032) at period end, distributed as follows: 
• SEK 1,847m (656) was placed with central banks. 
• SEK 1,814m (1,777) was placed with credit institutions. 
• SEK 1,634m (1,598) was placed in Swedish, Norwegian, 
Finnish and German government, municipal and 
covered bonds. 
The Liquidity Coverage Ratio (“LCR”) in the Consolidated 
Situation amounted to 459.9% (442.5%) at period end. The 
Net Stable Funding Ratio (“NSFR”) amounted to 128.7% 
(124.4%). Both LCR and NSFR well exceeded regulatory 
requirements. 
Cash flow 
Cash flow was stable during the period and reflects 
ongoing operating and funding activities, including the 
acquisition of the remaining shares in Uno Finans AS. 
 
 
Funding sources  CET1- capital  Liquidity reserve 
 
 
 
 
 
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
Q1 25 Q2 25 Q3 25 Q4 25 Q1 26
Subordinated debt (Tier 2)
Unsecured bonds, SEKm
Covered bonds, SEKm
EUR deposits, SEKm
NOK deposits, SEKm
12.00%
13.00%
14.00%
15.00%
16.00%
17.00%
18.00%
0
500
1,000
1,500
2,000
2,500
3,000
Q1
25
Q2
25
Q3
25
Q4
25
Q1
26
CET1 Capital, SEKm
CET1 Ratio, %
Other bonds
Central banks
Government debt securities
Credit institutions

===== SIDA 9 =====

Enity Holding  Management administration report 
9 Enity Holding AB (publ) Q1 report January - March 2026
  
Capital adequacy 
The Common Equity Tier 1 capital ratio (“CET1”) amounted 
to 13.0% (13.9%). The CET1 requirement (Pillar 1, P2R and 
combined buffer requirement) amounted to 12.3%. The 
total capital ratio was 16.7% (17.2%). Total capital 
requirement amounted to 16.3%. As a consequence of the 
acquisition of Uno Finans the capital ratios are temporarily 
below targeted levels and the goal is to restore them.  
The CET1 capital amounted to SEK 2,019m (2,358). Total 
own funds amounted to 2,599 (2,924). The minimum capital 
requirement has decreased to SEK 1,241m. See Note 6 for 
further information.  
Credit rating  
The Bank’s credit rating (long-term issuer rating from 
Moody’s) is Baa1, stable outlook since June 2025. The 
Bank’s covered bonds have a credit rating of Aa1 from 
Moody’s. 
After the period’s end, Moody’s upgraded Enity’s long-term 
deposit rating to A3 (from Baa1) and affirmed Enity’s issuer 
rating of Baa1, but assigned a negative outlook (from stable 
outlook). This follows the introduction of the Crisis 
Management and Deposit Insurance (CMDI) package, 
which EU lawmakers passed in March 2026. The package 
gives all deposits priority over senior unsecured debt in 
case of insolvency.

===== SIDA 10 =====

Enity Holding  Management administration report 
10 Enity Holding AB (publ) Q1 report January - March 2026
  
Other corporate events
External market developments 
The Middle East conflict influenced developments in the 
first quarter, with subsequent increases in energy prices 
and interest rates. The tragic effects from a human 
perspective aside, the conflict has greatly increased 
uncertainty around the outlook for the world economy.  
Naturally, a dragged-out conflict will put continuous 
upward pressure on energy prices, which would be 
negative for both inflation and growth. Central banks have 
so far acknowledged the increased inflation risks but also 
stressed the high degree of uncertainty. The risk of interest 
rate-increases in Enity’s markets currently seems highest in 
Norway, as inflation was elevated already before the start 
of the conflict in the Middle East.  
Significant events during the quarter 
Acquisition of the remaining shares in Uno Finans 
The Bank completed the acquisition of the remaining 51.4% 
of the shares in Uno Finans AS, resulting in the company 
becoming a wholly owned subsidiary as of 23 February 
2026. The transaction was completed in line with 
previously communicated intentions and on market‑based 
terms. The total purchase consideration, including 
previously held shares, amounted to SEK 578m. In 
connection with the transaction, the Group’s previously 
held interest in Uno Finans AS was revalued to fair value, 
resulting in a revaluation gain recognised in profit or loss in 
the first quarter of 2026 amounting to SEK 116m. See Note 
10 for details. 
Annual report 
Enity’s Annual & Sustainability report was published on  
27 March 2026.  
Changes in the senior management team 
Christian Marker, Chief Legal Officer (CLO) announced 
that he has decided to leave Enity. He will remain as CLO 
and member of the senior management team until 3 June 
2026. The recruitment for a replacement is ongoing.   
Annual General Meeting 2026  
The Annual General Meeting (AGM) of Enity Holding AB 
(publ) will be held on Thursday, 7 May, 2026, at 10:00 AM 
at Helio GT30, Grev Turegatan 30, Stockholm. 
Nomination committee  
The Nomination Committee consists of Chairman of the 
Board Jayne Almond, Vesa Koskinen representing EQT, 
Peter Lundkvist representing AP3 and Carl Rydin 
representing Jofam. Vesa Koskinen has been appointed 
Chairman of the Nomination Committee. For further 
information on the Nomination Committee, visit enity.com. 
Dividends 
The Board of Directors proposes a dividend of SEK 1.4 per 
share, corresponding to 22% of the profit for 2025. The 
proposed dividend amounts to a total of SEK 70m. The 
proposed record date for the dividend is 11 May 2026, and 
the dividend is scheduled to be paid on 15 May. The share 
will be traded without the right to dividend on 8 May. 
Significant events and other information after the 
end of the period 
After the period’s end, Moody’s upgraded Enity’s long-term 
deposit rating to A3 (from Baa1) and affirmed Enity’s issuer 
rating of Baa1, but assigned a negative outlook (from stable 
outlook). This follows the introduction of the Crisis 
Management and Deposit Insurance (CMDI) package, 
which EU lawmakers passed in March 2026. The package 
gives all deposits priority over senior unsecured debt in 
case of insolvency. 
Following the Supervisory Review and Evaluation Process 
(SREP), the Swedish FSA has decided on a Pillar 2 
Requirement for Entity’s consolidated situation of 0.96% of 
total Risk Exposure Amount. This represents a reduction 
compared to the previous Pillar 2 Requirement of 1.2%. As 
in previous decisions, no Pillar 2 Guidance is assigned in 
relation to the risk‑based capital requirement. The Pillar 2 
requirement for the leverage ratio remains unchanged, with 
Pillar 2 Guidance set at 0.15% of the leverage ratio 
exposure measure. 
No other significant events affecting the Group’s income 
statement or balance sheet have occurred after 31 March 
2026.

===== SIDA 11 =====

Enity Holding  Management administration report 
11 Enity Holding AB (publ) Q1 report January - March 2026
  
Sweden 
Volumes and market development in Q1 2026 
Lending growth LTM was 5.1%, and slightly negative in the 
quarter impacted by higher redemptions due to increased 
market activity in light of upcoming mortgage regulation 
with lower loan-to-value caps for existing mortgages. 
Macro conditions in Sweden continued to stabilise, 
inflation eased materially and growth strengthened mainly 
driven by private consumption, although consumer 
confidence was still subdued and the housing market 
cautious, with fewer transactions in the beginning of the 
year but picking up in March.  
The Riksbank kept its policy rate at 1.75%, with no 
adjustments anticipated in the near term. However, the 
ongoing conflict in the Middle East has introduced 
uncertainty to the forecast. 
Financial development in Q1 2026 
Adjusted operating profit amounted to SEK 34m (42), a 
decrease of -20.5%. Net interest income was negatively 
impacted by fewer calendar days in the quarter. Interest 
expenses rose due to larger deposit volumes. 
Consequently, net interest margin decreased. Adjusted 
operating expenses were higher, mainly due to higher 
marketing expenses.  
Net credit losses were in line with previous quarter and on 
an elevated level, with a credit loss ratio LTM of 0.10% 
(0.06%). 
 
 
 
 
1 See the section Definitions of alternative performance measures . 
2 KPIs are annualised.  
 
A wide range of mortgage products are offered, including traditional mortgages for home purchases, consolidation of existing loans and 
credits into a new mortgage, top-up of existing mortgages, green mortgages, as well as solutions for friends buying a home together or 
needing financing for the down payment. In addition, the 60plus loan is offered to customers over age 60 making it possible to release 
equity from their home with the property as collateral. Enity also offers deposit accounts. 
Q1 Q4 Q1 Jan-Dec
SEKm unless otherwise stated ¹ 2026 2025 ∆ 2025 ∆ 2025
Net interest income 104.3 112.0 -6.8% 138.0 -24.4% 504.5
Total operating income 106.0 109.6 -3.3% 138.5 -23.5% 511.2
Operating expenses -64.8 -60.7 6.7% -62.4 3.9% -238.0
Adjusted operating expenses -64.8 -60.7 6.7% -60.3 7.5% -236.0
Net credit losses -7.7 -6.8 13.9% -4.0 90.9% -6.9
Adjusted operating profit 33.5 42.1 -20.5% 74.2 -54.9% 268.4
Lending to the public 12,783.3 12,793.0 -0.1% 12,162.4 5.1% 12,793.0
Deposits from the public 9,544.0 8,297.8 15.0% 7,306.5 30.6% 8,297.8
Adjusted C/I ratio (%) 61.1% 55.4% 10.4% 43.5% 40.5% 46.2%
Credit losses,  % ² 0.10% 0.06% 55.2% 0.11% -8.2% 0.06%
Net interest margin (%) 3.3% 3.5% -7.6% 4.6% -28.6% 4.1%
Share of total lending of the group  Lending development  Adjusted operating profit 
 
 
 
 
 
 
39.9%
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Q1 25 Q2 25 Q3 25 Q4 25 Q1 26
Mortgages Sweden Equity release
0
10
20
30
40
50
60
70
80
90
100
Q1 25 Q2 25 Q3 25 Q4 25 Q1 26
Operating profit, SEKm

===== SIDA 12 =====

Enity Holding  Management administration report 
12 Enity Holding AB (publ) Q1 report January - March 2026
  
0
10
20
30
40
50
60
70
80
90
100
Q1 25 Q2 25 Q3 25 Q4 25 Q1 26
Operating profit, SEKm
0
5,000
10,000
15,000
20,000
Q1 25 Q2 25 Q3 25 Q4 25 Q1 26
Mortgages Norway
53.8%
Norway 
Volumes and market development in Q1 2026 
Lending LTM grew by 10.1%, and in local currency by 7.6%. 
Lending growth in the quarter was 8.1% and deposit 
volumes increased by 18.9%. 
Housing market development slowed in the quarter with a 
lower number of transactions compared to the first quarter 
last year, which however was strong. House prices 
continued to increase. Increased geopolitical uncertainty 
weighted on consumer confidence. Inflation was still 
elevated, growth was holding up well and unemployment 
was low.  
Norges Bank kept the policy rate unchanged at 4.00% 
maintaining a cautious stance. Their current assessment of 
the inflation outlook implies that they will likely raise the 
policy rate at one of the forthcoming monetary policy 
meetings. 
Financial development in Q1 2026 
Adjusted operating profit decreased by 2.6% and 
amounted to SEK 92m (95). Net interest income 
decreased, due to fewer calendar days. Loan book growth 
improved interest income. Operating expenses decreased. 
Compared to last year, synergies from the acquisition of 
Bank2 together with efficiency measures taken in 2024 
contributed to a lower cost base.  
Net credit losses for the quarter were still elevated and 
amounted to SEK 13m (11), with a credit loss level LTM of 
0.28% (0.33). The increase mainly relates to higher 
provisions due to aging in stage 3 and an increased share 
of loans in stage 2. The stronger NOK also had a negative 
impact.  
 
1 See the section Definitions of alternative performance measures.  
2 KPIs are annualised.  
 
 
Mortgages are provided for home purchases, refinancing through consolidation of loans and credits, as well as the possibility to top up 
existing loans with second-lien collateral. The mortgage offerings are tailored to meet customers’ needs in different life situations. Also, 
deposit accounts are offered.  
Q1 Q4 Q1 Jan-Dec
SEKm unless otherwise stated ¹ 2026 2025 ∆ 2025 ∆ 2025
Net interest income 154.9 162.7 -4.8% 144.2 7.4% 614.0
Total operating income 156.2 163.3 -4.4% 145.6 7.3% 620.7
Operating expenses -51.0 -57.5 -11.4% -70.5 -27.7% -238.7
Adjusted operating expenses -51.0 -57.5 -11.4% -60.9 -16.3% -227.1
Net credit losses -12.8 -10.9 17.6% -18.5 -30.5% -51.9
Adjusted operating profit 92.4 94.9 -2.6% 66.2 39.5% 341.7
Lending to the public 17,264.8 15,973.6 8.1% 15,676.5 10.1% 15,973.6
Deposits from the public 15,974.8 13,440.1 18.9% 12,406.1 28.8% 13,440.1
Adjusted C/I ratio (%) 32.6% 35.2% -7.4% 41.8% -22.0% 36.6%
Credit losses,  % ² 0.28% 0.33% -15.1% 0.21% 36.9% 0.33%
Net interest margin (%) 3.7% 4.0% -7.9% 3.7% 0.4% 3.9%
Share of total lending of the group  
 
 Lending development 
   
 Adjusted operating profit

===== SIDA 13 =====

Enity Holding  Management administration report 
13 Enity Holding AB (publ) Q1 report January - March 2026
  
 
Finland 
Volumes and market development in Q1 2026 
Lending growth LTM was 49%. In the quarter lending grew 
by 12.1%.  
Underlying conditions in the Finnish economy are 
supported by lower interest rates and easing inflation 
pressures although growth remains subdued. Consumer 
confidence remained weak through Q1 and continued to 
weigh on the pace of recovery. Activity in the Finnish 
housing market declined during the quarter on a year over 
year comparison, and property prices remained low, 
particularly in the Helsinki area. Developments, however, 
vary somewhat between different regions. 
The European Central Bank kept policy rates unchanged at 
2.00% in the quarter, despite increased uncertainty.  
Financial development in Q1 2026 
Operating profit turned back to profit again and amounted 
to SEK 2m (-1) for the quarter. Net interest income 
increased, because of improved interest income and lower 
interest expenses, impacting the margin positively. 
Operating expenses were stable. 
Net credit losses increased to SEK 3m (1) equivalent to a 
credit loss level LTM of 0.49% (0.48).  
 
 
1 See the section Definitions of alternative performance measures , 
2 KPIs are annualised.  
 
Mortgages and loans secured by residential property are offered. These are used for home purchases, consolidation of loans and credits, 
and top-up of existing loans. The products are designed to be flexible and adapted to the needs of the Finnish customer base. EUR 
deposits in Germany are offered through a cooperation with Raisin and included in the Finnish segment where lending is offered in euro. 
Q1 Q4 Q1 Jan-Dec
SEKm unless otherwise stated ¹ 2026 2025 ∆ 2025 ∆ 2025
Net interest income 23.7 19.6 20.9% 15.5 53.3% 70.5 
Total operating income 23.9 19.4 23.3% 15.9 49.9% 71.1 
Operating expenses -19.7 -19.3 2.3% -18.3 7.5% -70.6 
Adjusted operating expenses -19.7 -19.3 2.3% -18.3 7.5% -70.6 
Net credit losses -2.7 -0.7 313.9% -1.9 43.0% -7.5 
Adjusted operating profit 1.5 -0.5 -375.7% -4.3 -134.0% -7.0
Lending to the public 2,026.7 1,807.4 12.1% 1,360.0 49.0% 1,807.4 
Deposits from the public 2,875.9 2,779.3 3.5% 2,664.7 7.9% 2,779.3 
Adjusted C/I ratio (%) 82.4% 99.3% -17.0% 115.0% -28.3% 99.3% 
Credit losses,  % ² 0.49% 0.48% 2.1% 0.34% 45.5% 0.48% 
Net interest margin (%) 4.9% 4.5% 11.1% 4.6% 6.7% 4.5% 
Share of total lending of the group  Lending development          Adjusted operating profit and loss 
   
 
   
  
  
6.3%
0
500
1,000
1,500
2,000
2,500
Q1 25 Q2 25 Q3 25 Q4 25 Q1 26
Mortgages Finland
-6
-5
-4
-3
-2
-1
0
1
2
Q1 25 Q2 25 Q3 25 Q4 25 Q1 26
Operating profit, SEKm

===== SIDA 14 =====

Enity Holding  Management administration report 
14 Enity Holding AB (publ) Q1 report January - March 2026
  
Loan brokers 
In mid-2025 and in February 2026, Enity increased its 
ownership in the loan brokers Eiendomsfinans and Uno 
Finans respectively to 100%. The entities remain 
operationally independent. The ownership reflects the 
strategic importance of building awareness through 
different distribution and customer acquisition platforms.  
Market development in Q1 2026 
Market conditions in Norway continued to be favourable 
but were more challenging in Finland. In Norway, demand 
for unsecured loans, and especially refinancing loans, were 
still high. Uncertainties concerning potential rate hikes 
however, caused caution amongst consumers affecting the 
housing market negatively. Although, there was still a 
demand for restructuring and refinancing mortgage loans, 
with a steady demand for specialised mortgages. The 
business focused on secured loans in Finland experienced 
higher demand compared to the same period last year, 
partly driven by increased awareness of the product 
offering. 
 
Financial figures relate to Uno Finans and Eiendomsfinans 
as fully owned subsidiaries. Uno Finans results are included 
for March only. Please also see Note 2. 
  
 
 
   
 
 
 
Eiendomsfinans and Uno Finans are established brokers of mortgage products, and Uno Finans also distributes other loan products. In 
addition, Uno’s digital platform provides members with an aggregated overview of their finances and tools intended to support interest-
cost reduction. 
 
  
Q1 Q4 Q1 Jan-Dec
SEKm unless otherwise stated ¹ 2026 2025 ∆ 2025 ∆ 2025
Net commission income 48.6 18.8 159.1% - 100.0% 36.1 
Operating expenses -41.2 -19.5 111.6% - 100.0% -47.0 
Operating margin 18.1% -3.5% -614.2% - 100.0% -23.2%
EBITDA 15.2 10.3 46.8% 0.9 100.0% 26.1 
Number of employees 126 71 77.5% - 100.0% 71

===== SIDA 15 =====

Enity Holding Financial reports 
15 Enity Holding AB (publ) Q1 report January - March 2026
  
Material risks and 
uncertainties 
The Group is exposed to a range of risks, including material 
risks such as credit risk, market risk, operational risk and 
regulatory risk. These are managed and mitigated through 
robust internal controls, risk management frameworks and 
strategic planning. However, certain risk factors such as 
external events and macroeconomic developments remain 
beyond the Group’s direct control. In particular, changes in 
macroeconomic conditions, including fluctuations in GDP, 
changes in inflation, unemployment levels and central bank 
policy rates, may affect the Group’s profitability, lending 
activity and overall risk exposure. 
The Group does not have a trading book, actively hedges 
its interest rate risks and holds a liquidity reserve with 
stable counterparties that have a strong credit rating.  
Cybersecurity continues to represent an area of increasing 
risk globally and remains a key focus area for the Group 
The Group’s risk management framework is governed by 
the Risk Management Policy adopted by the Board of 
Directors. 
Detailed description of the Group’s risks, risk exposure and 
risk management can be found in Enity’s Annual & 
Sustainability Report for 2025, pages 20, 32-47, 50-51 and 
Note 2. No significant risks have arisen beyond those 
described in the Annual & Sustainability Report and in this 
report. 
 
 
 
Capital management 
Capital management is integrated into strategic planning 
and the Internal Capital and Liquidity Assessment Process 
(“ICLAAP”). Through capital management, adequate 
capitalisation, an appropriate composition of own funds 
from a loss-absorption and cost perspective, efficient 
capital usage and effective capital planning are ensured. 
This supports achieving set targets, desired results, 
maintaining financial strength and continuity, maintaining 
sufficient liquidity to meet commitments, and protecting 
the Group’s brands and reputation. 
The Group’s capital management framework is governed 
by the Capital Management Policy, adopted by the Board. 
The Group’s own funds shall, always exceed the risk-based 
capital requirement and the leverage requirement. The Risk 
Management function monitors capital requirements and 
capital adequacy against set risk limits and reports the 
outcome monthly to the Board and CEO. 
For further information on risk and capital management, 
see Note 6 “Capital adequacy analysis” in this report, the 
2025 Annual Report for Enity Bank Group AB (publ) and 
periodic information on risk management, capital adequacy 
and liquidity published on www.enity.com. 
Other information 
The share 
Enity Holding AB (publ) is listed on on Nasdaq Stockholm’s 
main market since June 2025. The share is traded under 
the ticker Enity and the ISIN code is SE0025011554. The 
total number of shares in Enity amounts to 50,000,000.

===== SIDA 16 =====

Enity Holding Financial reports 
16 Enity Holding AB (publ) Q1 report January - March 2026
  
Group 
Income statement, condensed 
 
 
Statement of comprehensive income, 
condensed 
 
Q1 Q4 Q1 Jan-Dec
SEKm Note 2026 2025 2025 2025
Operating income 
Interest income calculated using the effective interest method 2 579.0 580.8 564.9 2,274.2
Other interest income 58.9 57.3 62.4 242.8
Interest expense -349.5 -331.6 -328.9 -1,298.8
Net interest income 288.3 306.5 298.4 1,218.2
 
Commission income 34.8 14.1 - 31.4
Commission expense - - - -
Net gains/losses on financial transactions -4.5 -10.0 -0.3 0.8
Share of associate and joint ventures results 123.8 11.0 0.9 24.9
Other operating revenue 3.2 2.6 2.7 10.6
Total operating income 445.7 324.2 301.7 1,286.0
 
Operating expenses 
General administration expenses -180.0 -173.4 -165.0 -677.0
Depreciation of tangible and intangible assets -30.9 -29.4 -23.8 -105.9
Total operating expenses -210.9 -202.9 -188.9 -782.8
 
Profit before credit losses 234.8 121.3 112.8 503.2
 
Credit losses, net 3 -27.1 -18.4 -31.7 -72.6
Operating profit 207.7 102.9 81.2 430.6
Income tax -20.6 -23.3 -32.1 -111.7
Profit/loss for the period 187.1 79.6 49.0 318.9
Net profit for the period attributable to shareholders 181.4 73.8 49.0 307.1
Profit for the period attributable to AT-1 instrument holders 5.7 5.8 - 11.8
Earnings per share, kr 9 3.63 1.48 0.981 6.140
Earnings per share after dilution, kr 9 3.61 1.47 0.981 6.120
Q1 Q4 Q1 Jan-Dec
SEKm Note 2026 2025 2025 2025
Net profit for the period 187.1 79.6 49.0 318.9
Items that may be reclassified to the income statement. net after tax
Translation differences of foreign operations 104.8 -40.4 -17.9 -35.5
Tax due to translation differences of foreign operations -34.6 14.8 2.3 11.3
Net investment hedge (before tax) 27.5 -18.3 -3.8 -6.7
Tax due to net investment hedge 7.7 -11.4 13.5 1.4
Total other comprehensive income 105.3 -55.2 -5.9 -29.6
Comprehensive income for the period 292.4 24.4 43.1 289.3
Comprehensive profit for the period attributable to shareholders 298.1 30.2 43.1 224.8
Comprehensive profit for the period attributable to AT-1 instrument holders -5.7 -5.8 - 1.2
Group

===== SIDA 17 =====

Enity Holding Financial reports 
17 Enity Holding AB (publ) Q1 report January - March 2026
  
Group 
Balance sheet, condensed 
 
 
 
31 Mar 31 Mar 31 Dec
SEKm Note 2026 2025 2025
Assets
Cash and balances at central banks 1,847.5 772.5 656.0
Government debt securities 750.7 567.2 804.6
Lending to credit institutions 1,813.8 1,480.2 1,777.4
Lending to the public 4 32,090.3 29,310.0 30,611.2
Value change of interest-hedged items in portfolio hedging -116.7 -17.3 36.2
Derivatives 152.2 120.2 66.9
Bonds and other interest-bearing securities 5 883.8 712.3 793.5
Shares and participations 1.1 1.1 1.1
Shares and participations in associates 6.6 143.1 82.3
Goodwill 3,258.0 2,667.4 2,792.9
Intangible fixed assets 839.6 483.9 502.8
Tangible assets 96.5 63.6 101.1
Other assets 64.0 18.9 40.3
Prepaid expenses and accrued income 94.3 83.7 81.6
Tax assets 47.8 36.8 62.8
Deferred tax assets 0.0 1.1 -
Total assets 41,829.6 36,444.8 38,410.6
Liabilities and provisions
Deposits from the public 28,394.7 22,377.3 24,517.2
Debt securities in issue 6,580.3 7,920.1 7,573.1
Derivatives 141.0 68.8 65.3
Other liabilities 291.0 228.5 229.1
Prepaid income and accrued expenses 108.9 120.1 84.0
Provisions 3.5 23.2 7.2
Current tax liability 66.9 55.8 74.9
Deferred tax liabilities 160.8 68.9 84.1
Total liabilities and provisions 35,747.0 30,862.9 32,634.9
Equity
Share capital 0.5 0.4 0.5
Share premium reserve 190.7 190.7 190.7
Statutory reserve 26.0 26.0 26.0
Translation reserve -22.7 -68.5 -128.0
AT1 capital instruments 250.0 - 250.0
Other con-tributed capital 1,077.7 1,074.0 1,076.6
Retained earnings 4,560.3 4,359.2 4,360.0
Total equity 6,082.5 5,581.9 5,775.7
Total equity and liabilities 41,829.6 36,444.8 38,410.6
The result for the comparative period attributable to non-controlling interests amounted to 1.2 SEKm

===== SIDA 18 =====

Enity Holding Financial reports 
18 Enity Holding AB (publ) Q1 report January - March 2026
  
Group 
 Statement of changes in equity, 
condense 
  
SEKm
Share 
capital 
Share 
premium 
reserve 
Reserve 
fund 
Trans-
lation 
reserve 
Additional 
Tier 1 
Capital 
Instruments 
Other con-
tributed 
capital 
Retained 
earnings Total 
Non-con-
trolling 
interest Total equity 
Opening balance 1 Jan  2025 0.4 190.7 26.0 -55.0 - 1,074.0 4,310.4 5,546.5 - 5,546.5
Issued Additional Tier 1 (AT1) 
capital instrument 250.0 250.0 250.0 
Cost of additional tier 1 capital 
instrument (AT1) -7.5 -7.5 -7.5 
Dividends to shareholders -250.0 -250.0 -250.0 
Dividend additional tier 1 capital 
instrument (AT1) -11.8 -11.8 -11.8 
Share-based payments 2.6 2.6 2.6 
Bonus issue 0.1 -0.1 - - 
Profit/loss for the period 11.8 307.1 318.9 318.9 
Other comprehensive income
Translation differences of foreign 
operations -58.1 -58.1 -58.1 
Tax due to translation differences 
of foreign operations 12.6 12.6 12.6 
Net investment hedge (before tax) -34.7 -34.7 -34.7 
Tax due to net investment hedge 7.1 7.1 7.1 
Closing balance 31 Dec  2025 0.5 190.7 26.0 -128.0 250.0 1,076.6 4,360.0 5,775.7 - 5,775.7
Opening balance 1 Jan  2025 0.4 190.7 26.0 -54.9 - 1,074.0 4,310.4 5,546.6 5,546.6
Repayment other primary capital 
instruments - - 
Profit/loss for the period 49.0 49.0  49.0 
Other comprehensive income -  - 
Translation differences of foreign 
operations -25.6 -25.6  -25.6 
Tax due to translation differences 
of foreign operations 2.3 2.3  2.3 
Net investments of foreign 
operations (before tax) -3.8 -3.8  -3.8 
Tax due to net investment hedge 13.5 13.5  13.5 
Closing balance 31 Mar 2025 0.4 190.7 26.0 -68.5 - 1,074.0 4,359.4 5,581.9 - 5,581.9
Opening balance 1 Jan 2026 0.5 190.7 26.0 -128.0 250.0 1,076.6 4,360.0 5,775.7 - 5,775.7
Issued Additional Tier 1 (AT1) 
capital instrument -           
Reclassification from net 
investment hedge to retained 
earnings
18.9 18.9 18.9           
Dividends to shareholders -           
Dividend additional tier 1 capital 
instrument (AT1) -5.7 -5.7 5.7-             
Share-based payments 1.1 1.1 1.1              
Bonus issue
Profit/loss for the period 5.7 181.4 187.1 187.1          
Other comprehensive income
Translation differences of foreign 
operations 104.8 104.8 104.8         
Tax due to translation differences 
of foreign operations -34.6 -34.6 34.6-           
Net investment hedge (before tax) 27.5 27.5 27.5           
Tax due to net investment hedge 7.7 7.7 7.7             
Closing balance 31 Mar 2026 0.5 190.7 26.0 -22.6 250.0 1,077.7 4,560.3 6,082.5 - 6,082.5

===== SIDA 19 =====

Enity Holding Financial reports 
19 Enity Holding AB (publ) Q1 report January - March 2026
  
Group 
Cashflow statement, condensed 
 
 
 
 
 
 
Jan-Mar Jan-Mar Jan-Dec
SEKm 2026 2025 2025
Operating activities 
Operating profit 207.7          81.2 430.6
Adjustments for items not included in cash flow
Depreciation and amortisation 30.9            23.8 105.9
Unrealised changes in value 272.3-          47.2 -22.8
Credit losses excluding recoveries 32.8            33.6 84.1
Accrued interest -             89.1 -
Other 3.1               -1.7 6.0
Total non-cash items 205.5-         192.1 173.2
Tax paid 47.7-             23.3 -54.7
Cash flow from operations 45.5-            296.6 549.1
Cash flow from changes to operating capital
Increase (-)/decrease (+) of lending to the public 249.4-          -841.1 -2,842.8
Increase (-)/decrease (+) of short term receivables 95.3-            138.8 176.8
Increase (-)/decrease (+) in bonds and other interest-bearing securities 0.0              95.9 581.9
Increase (-)/decrease (+) government debt securities 2.7               -46.6 -873.8
Increase (+)/decrease (-) of deposits from the public 2,871.0        -515.2 2,319.4
Increase (+)/decrease (-) of short term liabilities 133.7           78.8 -8.7
Cash flow from operating activities 2,617.2        -792.9 -98.0
Investing activities
Acquisition of business, after deduction for cash and cash equivalents 462.3-          - -77.5
Investments in other intangible assets 14.0-             -8.1 -45.3
Investments in tangible assets 0.8-              -0.1 -2.6
Cash flow from investing activities 477.0-          -8.2 -125.4
Financing activities
Increase (+)/decrease (-) in issued securities 1,009.1-        -12.4 -351.6
Dividend additional tier 1 capital instrument (AT1) 5.7-               - -
Amortisation leasing 5.5-              -6.3 -24.2
Cash flow from financing activities 1,020.3-       -18.8 -395.1
Cash flow for the period 1,119.9         -819.8 -618.5
Cash and cash equivalents at the beginning of the period 2,433.4       3,173.0 3,173.0
Exchange difference in cash and cash equivalents 108.0          -100.5 -121.1
Cash and cash equivalents at the end of the period 3,661.3       2,252.7 2,433.4
of which cash and balances at central banks 1,847.5        772.5 656.0
of which lending to credit institutions 1,813.8         1,480.2 1,777.4
Cash flow includes interest receipts of 291.3          564.9 2,005.5
Cash flow includes interest payments of 124.5-          -328.9 -1,229.0

===== SIDA 20 =====

Enity Holding Financial reports 
20 Enity Holding AB (publ) Q1 report January - March 2026
  
Parent 
Income statement, condensed 
 
 
Statement of comprehensive income, 
condensed 
 
 
 
  
Q1 Q4 Q1 Jan-Dec
SEKm 2026 2025 2025 2025
Operating income
Interest income calculated using the effective interest method 0.2 0.3 -0.1 0.2
Net interest income 0.2 0.3 -0.1 0.2
Net gains/losses on financial transactions - -0.0 - -0.4
Total operating income 0.2 0.3 -0.1 -0.2
Operating expenses
General administration expenses -3.0 -4.5 -30.4 -95.9
Total operating expenses -3.0 -4.5 -30.4 -95.9
Operating profit -2.8 -4.2 -30.5 -96.1
Result from investments in group companies - 70.0 70.0
Group contribution received - - 100.0
Income tax 0.0 - - 0.0
Profit/loss for the period -2.8 65.8 -30.5 73.9
Q1 Q4 Q1 Jan-Dec
SEKm 2026 2025 2025 2025
Profit/loss for the period -2.8 65.8 -30.5 73.9
Comprehensive income for the period -2.8 65.8 -30.5 73.9
Comprehensive income for the period -2.8 65.8 -30.5 73.9
Parent

===== SIDA 21 =====

Enity Holding Financial reports 
21 Enity Holding AB (publ) Q1 report January - March 2026
  
Balance sheet, condensed 
 
 
  
31 Mar 31 Mar 31 Dec
SEKm Note 2026 2025 2025
Assets
Lending to credit institutions 39.1 8.6 45.5
Shares and participations in group companies 5,054.8 5,050.9 5,053.5
Shares and participations in associates - 48.7 -
Receivable from group companies 70.0 - 70.0
Prepaid expenses and accrued income 2.2 - 1.9
Tax assets 0.0 0.3 0.0
Total assets 5,166.1 5,108.5 5,170.9
Liabilities
Prepaid income and accrued expenses 7.5 30.4 5.0
Total liabilities 7.5 30.4 5.0
Equity
Share capital 0.5 0.4 0.5
Statutory reserve 26.0 26.0 26.0
Share premium reserve 190.7 190.7 190.7
AT1 capital instruments 250.0 - 250.0
Retained earnings 4,691.2 4,860.9 4,891.4
Total equity 5,158.5 5,078.1 5,165.8
Total equity and liabilities 5,166.1 5,108.5 5,170.9
Parent

===== SIDA 22 =====

Enity Holding Financial reports 
22 Enity Holding AB (publ) Q1 report January - March 2026
  
Statement of changes in equity, 
condensed 
 
  
 
The share capital above consists of 50 000 000 ordinary shares of the same class with a quota value of 0,01  kr. 
All shares carry equal voting rights. 
  
SEKm Share capital Reserve fund  
Share premium 
reserve 
Additional Tier 
1 Capital 
Instruments 
Retained 
earnings Total equity 
Opening balance 1 Jan  2025 0.4 26.0 190.7 4,891.4 5,108.5
AT1 capital instruments 250.0 250.0
Cost of additional tier 1 capital instrument (AT1) -7.5 -7.5
Profit/loss for the period -11.8 -11.8
Dividend -250.0 -250.0
Share-based payments 2.6 2.6
Bonus issue 0.1 -0.1 -0.1
Profit/loss for the period 73.9 73.9
Closing balance 31 Dec 0.5 26.0 190.7 250.0 4,698.6 5,165.8
       
Opening balance 1 Jan  2025 0.4 26.0 190.7 4,891.4 5,108.5 
Profit/loss for the period -30.5 -30.5
Closing balance 31 Mar 2025 0.4 26.0 190.7 - 4,860.9 5,078.0
      
Opening balance 1 Jan 2026 0.5 26.0 190.7 250.0 4,698.6 5,165.8
Dividend additional tier 1 capital instrument (AT1) -5.7 -5.7
Share-based payments 1.1 1.1
Profit/loss for the period -2.8 -2.8
Closing balance 31 Dec 0.5 26.0 190.7 250.0 4,691.2 5,158.5
Restricted equtiy Non-restricted equity
Parent

===== SIDA 23 =====

Enity Holding Financial reports 
23 Enity Holding AB (publ) Q1 report January - March 2026
  
Parent 
Cashflow statement, condensed 
 
  
 
 
 
 
 
 
Jan-Mar Jan-Mar Jan-Dec
SEKm 2026 2025 2025
Operating activities 
Operating profit -2.8 -30.5 -96.1
Total non-cash items -0.2 0.1 70.4
Tax paid -0.0 -0.0 0.3
Cash flow from operations -3.0 -30.4 -25.3
Cash flow from changes to operating capital
Increase (-)/decrease (+) of short term receivables -0.1 0.1 -72.3
Increase (+)/decrease (-) of short term liabilities 2.4 - 5.1
Cash flow from operating activities -0.7 - -92.5
Investing activities
Acquisition of business, after deduction for cash and cash equivalents - - 48.7
Cash flow from investing activities - - 48.7
Financing activities
Group contribution received - - 100.0
Issued Additional Tier 1 (AT1) capital instrument - - 250.0
Cost of additional tier 1 capital instrument (AT1) - - -7.5
Dividend additional tier 1 capital instrument (AT1) -5.7 - -11.8
Dividend to shareholders - - -250.0
Cash flow from financing activities -5.7 - 80.7
Cash flow for the period -6.4 - 36.9
Cash and cash equivalents at the beginning of the period 45.5 8.6 8.6
Exchange difference in cash and cash equivalents -
Cash and cash equivalents at the end of the period 39.1 8.6 45.5
of which cash and balances at central banks
of which lending to credit institutions 39.1 8.6 45.5
Cash flow includes interest receipts of - 0.1 0.2
Cash flow includes interest payments of -0.2 - -

===== SIDA 24 =====

24 Enity Holding AB (publ) Q1 report January - March 2026
  
Note 1. Accounting policies 
This report has been prepared in accordance with IAS 34, 
Interim Financial Reporting. 
The accounting policies and calculation methods 
described in Note 1 of the 2025 Annual Report are applied 
in this report. 
The consolidated financial statements have been prepared 
in accordance with International Financial Reporting 
Standards (“IFRS”) as adopted by the EU and the Swedish 
Financial Supervisory Authority’s regulations and general 
guidelines, FFFS 2008:25. The Group also applies RFR 1 
Supplementary Accounting Rules for Groups, related 
interpretations issued by the Swedish Financial Reporting 
Board, as well as the Swedish Annual Accounts Act for 
Credit Institutions and Securities Companies (“ÅRKL”). 
The Parent Company applies the Swedish Annual 
Accounts Act (1995:1554) and recommendation RFR 2 
Accounting for Legal Entities, issued by the Swedish 
Financial Reporting Board. 
Changes in accounting policies due 
to new or amended IFRS 
There are no changes to IFRS standards and 
interpretations that have been assessed to have any 
material monetary impact on the Group’s financial 
statements. 
New and amended standards and 
interpretations not yet effective  
Presentation and disclosures in financial 
statements (IFRS 18)  
IFRS 18 Presentation and Disclosure in Financial 
Statements will replace IAS 1 and is effective for annual 
reporting periods beginning on or after 1 January 2027. 
The standard introduces new requirements related to the 
structure of the income statement, including the 
classification of income and expenses into defined 
operating, investing and financing categories, as well as 
enhanced disclosure requirements relating to 
management-defined performance measures. Early 
application is permitted; however, the Group does not 
intend to apply the standard early. 
The Group has performed a preliminary assessment of the 
expected impact of IFRS 18 based on its current 
operations and business model, which primarily comprise 
the provision of mortgage financing to customers, funded 
mainly through customer deposits. In accordance with 
IFRS 18, the Group is expected to qualify as an entity with a 
specified main business activity of providing financing to 
customers. As a result, interest income and interest 
expense arising from lending and deposit-taking activities 
are expected to be classified within operating activities in 
the income statement. 
Based on the preliminary assessment, IFRS 18 is expected 
to result primarily in changes to the presentation and 
disclosure of information in the financial statements, 
particularly in the structure of the income statement and 
related note disclosures. At this stage, no material impact 
on the Group’s financial performance, financial position or 
cash flows is expected. The Group continues to monitor 
the development of the standard and will complete its 
detailed assessment following EU endorsement.

===== SIDA 25 =====

25 Enity Holding AB (publ) Q1 report January - March 2026
  
  
Note 2. Operating segments 
Operating segment reporting is based on the Group’s 
accounting policies, organisation and internal reporting. 
For cross-border services, invoicing and allocation are 
conducted in accordance with the OECD’s transfer pricing 
guidelines. 
The banking operations in Norway and Finland are 
conducted through the branches, and the brokerage 
business is classified as a separate segment.  
The Other segment includes Group-wide costs not 
attributable to segments (e.g., hedging, currency effects, 
and listing-related costs for the prior period), run-off 
portfolios from Bank2, and certain Group-level IFRS 
adjustments. 
 
 
 
 
Balance sheet 31 Mars 2026
SEKm
Mortgages
Sweden
Mortgages
Norway
Mortgages
Finland
Loan 
brokers Other Eliminations Total
Lending to credit institutions 185.9 1,460.0 85.1 41.1 41.8 - 1,813.8
Lending to the public 12,783.3 17,265.4 2,026.7 - 14.9 - 32,090.4
Deposits from the public 9,544.0 15,974.8 2,875.9 - - - 28,394.7
Group
Balance sheet 31 Mars 2025
SEKm
Mortgages
Sweden
Mortgages
Norway
Mortgages
Finland
Loan 
brokers Other Eliminations Total
Lending to credit institutions 202.4 613.7 652.8 - 11.3 - 1,480.2
Lending to the public 12,162.4 15,676.5 1,360.0 - 111.1 - 29,310.0
Deposits from the public 7,306.5 12,406.1 2,664.7 - - - 22,377.3
Group
Balance sheet 31 Dec 2025
SEKm
Mortgages
Sweden
Mortgages
Norway
Mortgages
Finland
Loan 
brokers Other Eliminations Total
Lending to credit institutions 227.8 1,011.0 489.0 48.2 - 1,777.4
Lending to the public 12,793.0 15,974.1 1,807.4 36.6 - 30,611.2
Deposits from the public 8,297.8 13,440.1 2,779.3 - - 24,517.2
Group
Income statement Jan-Mar 2026
SEKm
Mortgages
Sweden
Mortgages
Norway
Mortgages
Finland
Loan 
brokers Other Eliminations Total
Interest income 247.2 376.1 41.0 0.1 12.6 -39.2 637.8
of which interest income from lending to the public 198.5 347.7 36.7 - 12.4 - 595.3
of which interest income within group 37.8 0.2 1.2 - - -39.2 -0.0
Interest expense -142.8 -221.2 -17.3 -0.3 -7.1 39.2 -349.5
of which interest expense from deposits from the public -62.6 -174.6 -17.2 - -1.7 - -256.2
of which interest expense from inssued bonds -47.2 -7.7 - - - - -54.8
of which interest expense within group -1.2 -37.8 - -0.2 0.0 39.2 0.0
Net interest income 104.3 154.9 23.7 -0.1 5.5 - 288.3
Net commission income - - - 48.6 - -13.8 34.8
Other operating revenue 1.7 1.3 0.2 7.9 139.0 -27.5 122.6
of which Share of associate and joint ventures results - - - 7.8 116.0 - 123.8
Total operating income 106.0 156.2 23.9 56.3 144.5 -41.3 445.7
Total operating expenses -64.8 -51.0 -19.7 -41.2 -48.1 13.8 -210.9
Profit before credit losses 41.2 105.2 4.2 15.2 96.4 -27.5 234.8
Credit losses, net -7.7 -12.8 -2.7 - -3.8 - -27.1
Operating profit 33.5 92.4 1.5 15.2 92.6 -27.5 207.7
Items affecting comparability - - - - -94.9 - -94.9
Adjusted operating profit 33.5 92.4 1.5 15.2 -2.2 -27.5 112.8
Group

===== SIDA 26 =====

26 Enity Holding AB (publ) Q1 report January - March 2026
  
 
 
income statement Jan-Mar 2025
SEKm
Mortgages
Sweden
Mortgages
Norway
Mortgages
Finland
Loan 
brokers Other Eliminations Total
Interest income 278.0 358.2 43.8 - 2.7 -55.3 627.4
of which interest income from lending to the public 207.3 330.3 29.4 - 2.8 - 569.7
of which interest income within group 51.5 - 3.8 - - -55.3 -0.0
Interest expense -141.7 -214.0 -28.4 - -0.3 55.3 -328.9
of which interest expense from deposits from the public -67.1 -151.7 -29.9 - - - -248.7
of which interest expense from inssued bonds -61.3 -7.9 - - - - -69.2
of which interest expense within group -3.8 -53.0 1.5 - -0.0 55.3 -0.0
Net interest income 136.3 144.2 15.5 - 2.4 - 298.4
Net commission income - - - - - - -
Other operating revenue 2.3 1.4 0.5 0.9 -13.2 11.4 3.2
of which Share of associate and joint ventures results - - - 0.9 - - 0.9
Total operating income 138.6 145.6 15.9 0.9 -10.8 11.4 301.7
Total operating expenses -62.2 -70.5 -18.3 - -37.8 - -188.9
Profit before credit losses 76.4 75.1 -2.4 0.9 -48.6 11.4 112.8
Credit losses, net -4.0 -18.5 -1.9 - -7.2 - -31.7
Operating profit 72.3 56.6 -4.3 0.9 -55.8 11.4 81.2
Items affecting comparability 2.1 9.6 - - 35.0 - 46.6
Adjusted operating profit 74.4 66.2 -4.3 0.9 -20.8 11.4 127.8
Group
Income statement Jan-Dec 2025
SEKm
Mortgages
Sweden
Mortgages
Norway
Mortgages
Finland
Loan 
brokers Other Eliminations Total
Interest income 1,062.1 1,459.0 165.7 12.4 19.0 -201.2 2,517.0
of which interest income from lending to the public 829.7 1,353.7 128.0 - 18.7 - 2,330.1
of which interest income within group 176.2 0.2 12.5 12.4 - -201.2 -0.0
Interest expense -557.5 -845.0 -95.2 -0.4 -7.5 206.9 -1,298.8
of which interest expense from deposits from the public -241.2 -638.3 -95.2 - - - -974.7
of which interest expense from inssued bonds -232.0 -27.5 - - - - -259.5
of which interest expense within group -12.5 -176.2 0.0 -0.6 -12.0 201.2 -0.0
Net interest income 504.5 614.0 70.5 12.0 11.5 5.7 1,218.2
Net commission income - - - 36.1 - -4.7 31.4
Other operating revenue 6.7 6.7 0.6 25.0 -31.7 29.0 36.3
of which Share of associate and joint ventures results - - - 29.5 - - 29.5
Total operating income 511.2 620.7 71.1 73.1 -20.2 30.0 1,286.0
Total operating expenses -238.0 -238.7 -70.6 -47.0 -188.4 - -782.8
Profit before credit losses 273.2 382.0 0.5 26.1 -208.7 30.0 503.2
Credit losses, net -6.9 -51.9 -7.5 - -6.3 - -72.6
Operating profit 266.3 330.1 -7.0 26.1 -215.0 30.0 430.6
Items affecting comparability 2.0 11.6 - 4.5 144.3 - 162.6
Adjusted operating profit 268.4 341.7 -7.0 30.7 -70.6 30.0 593.1
Group

===== SIDA 27 =====

27 Enity Holding AB (publ) Q1 report January - March 2026
  
Note 3. Credit losses 
Underlying credit quality in the Group’s loan portfolio 
remains sound, with stable development across all three 
markets – Sweden, Finland and Norway. Against the 
backdrop of the prevailing external environment and 
uncertainty regarding the pace of economic recovery, the 
Group maintains a cautious stance in its risk management, 
adapted to current market conditions. The Group 
continues to apply a prudent and disciplined credit risk 
strategy, and no systemic risks have been identified. 
Period January – March 
Credit losses increased to SEK 27 (18) in the first quarter. 
Credit losses were seasonally high in the quarter and still 
on an elevated level. Credit losses included a Bank2 
related net loss from the run-off portfolio of SEK 4m, where 
actual losses amounted to SEK 30m and of which the 
majority were provisioned for at the time of the acquisition 
of Bank2. This reduced the remaining net exposure on the 
run-off portfolio to SEK 11m. The credit loss level LTM 
decreased to 0.24% (0.26%).  
The share of loans in stage 3 increased to 7.1% (6.9%) 
mainly a result of the stronger NOK at the end of the 
period. Share of stage 3 decreased in Sweden and Finland. 
In Norway the increase was a result of adverse stage 
migrations and longer lead times for selling properties.
 
 
 
 
 
 
 
 
 
 
 
 
 
SEKm Q1 Q4 Q1 Jan-Mar Jan-Dec
2026 2025 2025 2026 2025
Stage 1 - net impairment 0.7 -0.6 0.1 0.7 -6.5
Stage 2 - net impairment -0.1 0.7 -8.4 -0.1 -0.3
Stage 3 - impairment / recoveries for the year -11.1 -13.1 -12.5 -11.1 -46.9
Write-offs
Actual losses during the year -61.6 -17.3 -19.3 -61.6 -70.8
Release of allowances in Stage 3 39.3 8.1 6.4 39.3 40.3
Recoveries from previous write-offs 5.7 3.8 2.0 5.7 11.5
Total write-offs -16.7 -5.4 -10.9 -16.7 -19.0
Total credit losses, net -27.1 -18.4 -31.7 -27.1 -72.6
Group

===== SIDA 28 =====

28 Enity Holding AB (publ) Q1 report January - March 2026
  
Note 4. Lending to the public 
  
The tables below show the breakdown of loans at amortised cost and their provisions by stage, and changes during the 
period. 
   
 
 
 
 
SEKm 31 Mar 2026 31 Mar 2025 31 Dec 2025
Measured at amortised cost
Mortgages Sweden 10,687.1 10,404.4 10,780.2
Mortgages Norway 17,265.4 15,676.5 15,974.1
Mortgages Finland 2,026.7 1,360.0 1,807.4
Corporate/ factoring/ unsecured loans 14.9 111.1 36.6
Measured at fair value
Mortgages Sweden 2,096.2 1,758.0 2,013.3
Total lending to the public 32,090.3 29,310.0 30,611.2
Group
31 Mar 2026
Net carrying 
amount 
SEKm Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Total
Mortgages Sweden 9,625.7 650.7 449.1 10,725.4 -6.6 -10.3 -21.4 -38.3 10,687.1
Mortgages Norway 13,740.6 2,056.6 1,546.7 17,343.4 -5.4 -16.2 -56.4 -78.0 17,265.4
Mortgages Finland 1,799.3 112.8 130.0 2,042.1 -1.0 -2.0 -12.4 -15.4 2,026.7
Corporate loans - 15.4 4.6 20.1 - -8.5 -1.0 -9.5 10.6
Unsecured loans 0.7 1.4 6.2 8.4 -0.1 -0.1 -3.8 -4.0 4.4
Total 25,165.9 2,837.0 2,136.6 30,139.4 -13.1 -37.2 -95.0 -145.2 29,994.2
Group
ProvisionsReported value gross
31 Mar 2025
Net carrying 
amount
SEKm Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Total
Mortgages Sweden 8,736.1 1,245.3 481.4 10,462.9 -6.5 -14.8 -37.2 -58.5 10,404.4
Mortgages Norway 12,532.6 1,954.3 1,254.3 15,741.2 -5.4 -24.6 -34.7 -64.6 15,676.6
Mortgages Finland 1,168.5 84.8 116.0 1,369.3 -0.4 -2.5 -6.3 -9.2 1,360.1
Corporate loans - 128.1 15.4 143.5 - -35.8 -1.0 -36.8 106.7
Unsecured loans 0.7 1.6 5.9 8.2 -0.1 -0.1 -3.7 -3.9 4.3
Total 22,437.9 3,414.1 1,873.0 27,725.1 -12.4 -77.8 -82.9 -173.0 27,552.1
Group
Reported value gross Provisions
31 Dec 2025
Net carrying 
amount
SEKm Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Total
Mortgages Sweden 9,759.8 589.8 475.4 10,825.0 -6.9 -10.1 -28.2 -45.2 10,779.8
Mortgages Norway 12,805.0 1,872.3 1,366.8 16,044.1 -5.5 -15.6 -48.9 -70.0 15,974.1
Mortgages Finland 1,584.0 119.2 118.4 1,821.6 -0.9 -1.7 -11.5 -14.1 1,807.4
Corporate loans - 62.6 4.3 66.9 - -33.3 -0.9 -34.3 32.6
Unsecured loans 0.7 1.3 5.8 7.8 -0.1 -0.1 -3.5 -3.8 4.0
Total 24,149.5 2,645.2 1,970.6 28,765.3 -13.4 -60.8 -93.2 -167.4 28,597.9
Reported value gross Provisions
Group

===== SIDA 29 =====

29 Enity Holding AB (publ) Q1 report January - March 2026
  
  
 
 
SEKm Stage 1 Stage 2 Stage 3 Total
Reported value gross 1 Jan 2026 24,149.0 2,645.7 1,970.6 28,765.3
Reported value gross 31 Mar 2026 25,165.9 2,837.0 2,136.6 30,139.4
Provisions 1 Jan 2026 -13.4 -60.8 -93.2 -167.4
New financial assets -1.5 -0.0 - -1.6
Change in PD/LGD/EAD 0.3 -0.2 -15.6 -15.4
Change due to expert credit judgement - - 14.9 14.9
Transfers between stages 0.8 -2.6 -9.4 -11.2
-Transfer from stage 1 to 2 1.9 -11.4 - -9.5
-Transfer from stage 1 to 3 0.0 - -0.5 -0.5
-Transfer from stage 2 to 1 -1.0 4.6 - 3.6
-Transfer from stage 2 to 3 - 5.4 -12.0 -6.5
-Transfer from stage 3 to 1 -0.1 - 0.8 0.7
-Transfer from stage 3 to 2 - -1.3 2.3 1.0
Changes in exchange rates -0.4 -3.0 -3.8 -7.1
Removed financial assets 1.1 29.5 12.1 42.7
Provisions 31 Mar 2026 -13.1 -37.2 -95.0 -145.2
Opening balance 1 Jan 2026 24,135.6 2,584.9 1,877.4 28,597.9
Net carrying amount 31 Mar 2026 25,152.8 2,799.8 2,041.6 29,994.2
Group
SEKm Stage 1 Stage 2 Stage 3 Total
Reported value gross 1 Jan 2025 21,952.9 3,860.9 1,517.7 27,331.4
Reported value gross 31 Mar 2025 22,437.9 3,414.1 1,872.9 27,725.0
Provisions 1 Jan 2025 -12.6 -80.5 -67.7 -160.8
New financial assets -1.9 -0.1 - -2.0
Change in PD/LGD/EAD 0.3 -10.5 1.5 -8.7
Change due to expert credit judgement - 5.0 -5.3 -0.3
Transfers between stages 0.7 3.7 -18.6 -14.2
-Transfer from stage 1 to 2 1.8 -18.2 - -16.3
-Transfer from stage 1 to 3 0.0 - -0.2 -0.2
-Transfer from stage 2 to 1 -1.1 7.2 - 6.1
-Transfer from stage 2 to 3 - 15.4 -19.0 -3.6
-Transfer from stage 3 to 1 -0.1 - 0.1 -0.0
-Transfer from stage 3 to 2 - -0.7 0.5 -0.2
Changes in exchange rates 0.1 1.2 0.8 2.1
Removed financial assets 0.9 3.5 6.4 10.8
Provisions 31 Mar 2025 -12.4 -77.8 -82.8 -173.0
Opening balance 1 Jan 2025 21,940.3 3,780.8 1,450.0 27,170.6
Net carrying amount 31 Mar 2025 22,425.6 3,336.3 1,790.1 27,552.0
Group

===== SIDA 30 =====

30 Enity Holding AB (publ) Q1 report January - March 2026
  
   
SEKm Stage 1 Stage 2 Stage 3 Total
Reported value gross 1 Jan 2025 21,952.4 3,861.3 1,517.7 27,331.4
Reported value gross 31 Dec 2025 24,149.0 2,645.7 1,970.6 28,765.3
Provisions 1 Jan 2025 -12.6 -80.5 -67.7 -160.8
New financial assets -5.3 -7.2 -2.5 -15.0
Change in PD/LGD/EAD 0.9 -1.5 -25.4 -26.0
Change due to expert credit judgement - -10.0 -0.1 -10.1
Transfers between stages 0.2 17.7 -25.6 -7.7
-Transfer from stage 1 to 2 1.6 -11.1 - -9.5
-Transfer from stage 1 to 3 0.5 - -10.1 -9.6
-Transfer from stage 2 to 1 -1.6 13.3 - 11.7
-Transfer from stage 2 to 3 - 16.9 -23.1 -6.2
-Transfer from stage 3 to 1 -0.3 - 3.0 2.7
-Transfer from stage 3 to 2 - -1.4 4.7 3.2
Changes in exchange rates 0.3 3.5 2.7 6.5
Removed financial assets 3.1 17.2 25.4 45.7
Provisions 31 Dec -13.4 -60.8 -93.2 -167.4
Opening balance 1 Jan 2025 21,939.8 3,780.8 1,450.0 27,170.6
Net carrying amount 2025 24,135.6 2,584.9 1,877.4 28,597.9
Group

===== SIDA 31 =====

31 Enity Holding AB (publ) Q1 report January - March 2026
  
Note 5. Fair value measurement 
Financial instruments recognised at fair value 
The Group’s financial assets and liabilities are measured at 
fair value through profit or loss or at amortised cost. All 
derivative contracts in assets and liabilities measured at 
fair value are entered into to hedge interest rate or 
currency risks in the Group’s operations, and all interest-
bearing securities are included in the Group’s liquidity 
portfolio. 
All financial assets and liabilities measured at fair value are 
classified in a fair value hierarchy. This hierarchy reflects 
how observable the prices or other information used in the 
valuation techniques are. In level 1, quoted prices that are 
readily and regularly available from multiple price sources 
and represent actual and frequent transactions are used. 
Government securities and other actively traded interest-
bearing securities are found here. In level 2, valuation 
models based on observable market quotations are used, 
as well as instruments measured at quoted prices where 
the market is deemed less active. Interest rate and 
currency derivatives are found at this level. Level 3 refers 
to financial instruments not traded in an active market and 
where valuation models are used in which significant inputs 
are based on unobservable data. At this level are equity-
release loans that are part of lending to the public. No 
financial instruments were transferred between the levels 
in the fair value hierarchy during the period. 
 
 
Assets and liabilities 31 Mar 2026
SEKm
Measured at fair 
value through 
profit or loss 
of which hedge 
accounting Amortised cost 
Non-financial 
assets and 
liabilities 
Total carrying 
amount 
Assets
Cash and balances at central banks - - 1,847.5 - 1,847.5
Lending to credit institutions - - 1,813.8 - 1,813.8
Lending to the public 2,096.2 - 29,994.1 - 32,090.3
Value change of interest-hedged items in portfolio 
hedging - - -116.7 - -116.7
Derivatives 147.0 134.6 - 5.3 152.2
Bonds 883.8 - - - 883.8
Government debt securities 750.7 - - - 750.7
Shares and participations - - 1.1 - 1.1
Shares in associated companies - - - - -
Goodwill - - - 3,258.0 3,258.0
Other assets - - 64.0 - 64.0
Prepaid expenses and accrued income - - 67.4 26.9 94.3
Other non financial assets - - - 983.0 983.0
Total assets 3,877.7 134.6 33,676.6 4,274.5 41,828.7
Liabilities and provisions
Deposits from the public - - 28,394.7 - 28,394.7
Debt securities in issue - - 6,580.3 - 6,580.3
Derivatives 141.0 21.6 - - 141.0
Other liabilities - - 270.6 19.4 290.0
Prepaid income and accrued expenses - - 108.9 - 108.9
Provisions - - - 3.5 3.5
Non financial liabilities - - - 227.7 227.7
Total liabilities and provisions 141.0 21.6 35,354.5 250.6 35,746.0
Group

===== SIDA 32 =====

32 Enity Holding AB (publ) Q1 report January - March 2026
  
 
 
Measured at fair value through profit or loss by level 
 
 
Changes in lending to the public measured at fair value in level 3 
  
Assets and liabilities 31 Dec 25  
SEKm
Measured at fair 
value through 
profit or loss 
of which hedge 
accounting Amortised cost 
Non-financial 
assets and 
liabilities 
Total carrying 
amount 
Assets
Cash and balances at central banks - - 656.0 - 656.0
Lending to credit institutions - - 1,777.4 - 1,777.4
Lending to the public 2,013.3 - 28,597.9 - 30,611.2
Value change of interest-hedged items in portfolio 
hedging - - 36.2 - 36.2
Derivatives 66.9 21.9 - - 66.9
Bonds 793.5 - - - 793.5
Government debt securities 804.6 - - - 804.6
Shares and participations - - 1.1 - 1.1
Shares in associated companies - - - 82.3 82.3
Goodwill - - - 2,792.9 2,792.9
Other assets - - 40.3 - 40.3
Prepaid expenses and accrued income - - 59.6 22.0 81.6
Other non financial assets - - - 666.6 666.6
Total assets 3,678.2 21.9 31,168.5 3,563.7 38,410.4
Liabilities and provisions
Deposits from the public - - 24,517.2 - 24,517.2
Debt securities in issue - - 7,573.1 - 7,573.1
Value change of interest-hedged items in portfolio 
hedging - - - - -
Derivatives 65.3 57.5 - - 65.3
Other liabilities - - 207.7 21.4 229.1
Prepaid income and accrued expenses - - 84.0 - 84.0
Provisions - - - 7.2 7.2
Non financial liabilities - - - 158.8 158.8
Total liabilities and provisions 65.3 57.5 32,382.1 187.4 32,634.7
Group
SEKm Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Assets
Lending to the 
public - - 2,096.2 2,096.2 - - 1,758.0 1,758.0 - - 2,013.3 2,013.3
Shares and 
participations - - - - - - - - - - - -
Derivatives - 147.0 - 147.0 - 120.2 - 120.2 - 66.9 - 66.9
Bonds and other 
interest-bearing 1,634.5 - - 1,634.5 1,279.6 - - 1,279.6 1,598.1 - - 1,598.1
Total 1,634.5 147.0 2,096.2 3,877.7 1,279.6 120.2 1,758.0 3,157.8 1,598.1 66.9 2,013.3 3,678.2
Liabilities
Derivatives - 141.0 - 141.0 - 68.8 - 68.8 - 65.3 - 65.3
Total - 141.0 - 141.0 - 68.8 - 68.8 - 65.3 - 65.3
2025-12-31
Group
2026-03-31 2025-03-31
Jan-Mar 2026
SEKm Opening balance New loans Settled loans 
Interest income, 
unrealised 
Gain/loss on 
revaluations Total 
Lending to the public 2,013.3 111.2 -58.7 31.0 -0.6 2,096.2
Group

===== SIDA 33 =====

33 Enity Holding AB (publ) Q1 report January - March 2026
  
 
  
 
 
Sensitivity analysis for lending to the public 
measured at fair value in level 3 
The Group has performed a sensitivity analysis of lending 
to the public measured at fair value, classified within Level 
3 of the fair value hierarchy. The analysis illustrates the 
impact of changes in significant unobservable inputs used 
in the valuation models: parallel shift of the yield curve by 
+1 percentage point and – 1 percentage point; decrease 
and increase in the house price index by 10 percentage 
points. 
The sensitivity analysis is based on hypothetical changes in 
key assumptions and does not represent management’s 
expectations of future market developments. The scenarios 
are applied independently and assume all other variables 
remain constant. 
The effect of these changes on fair value is disclosed in 
the table below: 
 
 
 
 
 
 
 
 
 
Disclosure of fair value 
For lending to credit institutions, the carrying amount is 
considered a good approximation of fair value as the item 
has variable interest and insignificant loss risk, which 
means it is not subject to significant changes in value. Any 
currency change is recognised continuously in the income 
statement. 
The fair value of lending to the public amounts to  
SEK 32,574m (31,198). 
The value of lending to the public has been calculated 
based on observable market data by discounting expected 
future cash flows of the assets to present value using a 
discount factor. The expected future cash flows have been 
based on the size of the portfolio at the balance sheet 
date, and an expected future cash flow considers historical 
cash flows, type and nominal amount of receivables and 
experience with similar assets. 
For all other financial instruments with short maturities, the 
carrying amount is considered a good approximation of fair 
value as the discounted value does not produce a 
noticeable effect. 
 
 
 
  
Jan-Mar 2025
SEKm
Opening balance New loans Settled loans
Interest income, 
unrealised
Gain/loss on 
revaluations Total
Lending to the public 1,661.8 128.9 -60.3 28.4 -0.7 1,758.0
Group
Jan-Dec 2025
SEKm
Opening balance New loans Settled loans
Interest income, 
unrealised
Gain/loss on 
revaluations Total
Lending to the public 1,661.8 504.4 -267.3 115.4 -1.0 2,013.3
Group
Scenario Förändri
ng 2026-03-31 2025-03-31 2025-12-31
Parallel yield 
curve shift +100 bps -4.4 -6.0 -6.4
Parallel yield 
curve shift -100 bps 0.1 0.4 0.5
House price index 
decrease -10% -16.7 -0.4 -7.6
House price index 
increase +10% 0.1 6.0 0.5

===== SIDA 34 =====

34 Enity Holding AB (publ) Q1 report January - March 2026
  
  
Note 6. Capital adequacy analysis 
The disclosure of capital adequacy information meets the 
disclosure requirements in accordance with the Swedish 
Annual Accounts Act (1995:1559) for credit institutions and 
securities companies, the Swedish Financial Supervisory 
Authority’s regulations and general guidelines (FFFS 
2008:25) on annual reports in credit institutions and 
securities companies, the Swedish Financial Supervisory 
Authority’s regulations (FFFS 2014:12) on supervisory 
requirements and capital buffers, Regulation (EU) No 
575/2013 of the European Parliament and of the Council 
on prudential requirements for credit institutions and 
amending Regulation (EU) No 648/2012 (“CRR”), and 
Commission Implementing Regulation (EU) 2021/637 
laying down implementing technical standards with regard 
to institutions’ public disclosures of the information 
referred to in Part Eight, Titles II and III of Regulation (EU) 
No 575/2013 of the European Parliament and of the 
Council. 
This note provides information on the Consolidated 
Situation. For more information on ownership and legal 
structure, see the section “Financial overview”. 
The Bank has prior permission from the Swedish Financial 
Supervisory Authority to include interim profits in Common 
Equity Tier 1 capital in accordance with Article 26.2 of the 
CRR. The report on risk and capital management in 
accordance with Pillar III disclosure requirements is 
published on www.enity.com. 
Risk-based capital requirement 
The risk-based capital requirement is calculated in 
accordance with the CRR, Swedish laws and the Swedish 
Financial Supervisory Authority’s regulations and general 
guidelines. The risk-based capital requirement consists of 
minimum requirements in the form of Pillar 1, Pillar 2 
requirements (P2R) and the combined buffer requirement. 
Below is an overview of the methods used to calculate the 
risk-based capital requirement. 
The Pillar 1 capital requirement consists of credit risk 
(including counterparty risk), market risk, credit valuation 
adjustment risk and operational risk. 
Counterparty risk is calculated using the Original Exposure 
Method, while other credit risk is based on the 
Standardised Approach. Credit valuation adjustment risk is 
calculated using the Simplified Approach and market risk 
using the Simplified Standardised Approach. The Pillar 1 
capital requirement amounts to 8% of risk-weighted assets 
and at least 4.5% of risk-weighted assets must be covered 
by Common Equity Tier 1 capital. 
P2R is based on qualitative and quantitative assessment of 
material risks to determine whether additional capital is 
needed for risks not covered, or not adequately covered, 
by the Pillar 1 capital requirement. P2R for material risks is 
assessed using internal methods and methods from the 
Swedish Financial Supervisory Authority for concentration 
risk, interest rate risk and credit spread risk.

===== SIDA 35 =====

35 Enity Holding AB (publ) Q1 report January - March 2026
  
The total capital requirement for the Consolidated Situation is shown below  
 
 
The Consolidated Situation meets the own funds requirements. 
 
Leverage ratio 
The leverage ratio is calculated in accordance with the 
CRR, Swedish laws and the Swedish Financial Supervisory 
Authority’s regulations and general guidelines. The 
minimum capital requirement and P2R for leverage ratio 
must be met with Tier 1 capital, while Pillar II Guidance  
(‘P2G‘) for leverage ratio must be met with Common Equity 
Tier 1 capital. The leverage ratio is shown below. 
 
 
 
 
The Consolidated Situation meets the requirement for total leverage ratio . 
  
Capital requirements and Pillar II guidance
SEKm 31 Mar 2026 31 Mar 2025 31 Mar 2025
Pillar I capital requirement 1,241.3 1,159.4 1,358.2
Pillar II capital requirement 186.2 173.9 203.7
Combined buffer 1,108.9 1,007.2 1,148.4
Pillar II guidance - - -
Total capital requirements 2,536.4 2,340.5 2,710.3
Consolidated situation
Capital requirements and Pillar II guidance
% RWA 31 Mar 2026 31 Mar 2025 31 Dec 2025
Pillar I capital requirement 8.0% 8.0% 8.0%
Pillar II capital requirement 1.2% 1.2% 1.2%
Combined buffer 7.2% 7.0% 6.8%
Pillar II guidance - - -
Total capital requirements 16.4% 16.2% 16.0%
Consolidated situation
Leverage ratio and Pillar II guidance
SEKm 31 Mar 2026 31 Mar 2025 31 Dec 2025
Minimum capital requirement 1,157.1 1,029.0 1,074.4
Pillar II capital requirement - - -
Pillar II guidance 57.9 51.5 53.7
Total leverage ratio and Pillar II guidance 1,214.9 1,080.5 1,128.1
Consolidated situation
Leverage ratio and Pillar II guidance
% 31 Mar 2026 31 Mar 2025 31 Dec 2025
Minimum capital requirement 3.00% 3.00% 3.00%
Pillar II capital requirement - - -
Pillar II guidance 0.15% 0.15% 0.15%
Total leverage ratio and Pillar II guidance 3.15% 3.15% 3.15%
Consolidated situation

===== SIDA 36 =====

36 Enity Holding AB (publ) Q1 report January - March 2026
  
Key ratios 
Key ratios (EU KM1) for the Consolidated Situation are shown below.
 
 
1 as a percentage of the risk-weighted exposure amount. 
2 as a percentage of the total exposure measure.   
2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31
1 Common Equity Tier 1 (CET1) capital 2 018,8 2 357,5 2 303,3 2 234,9 2 503,2
2 Tier 1 capital 2 268,8 2 607,5 2 553,3 2 484,9 2 503,2
3 Total capital 2 598,8 2 924,1 2 837,7 2 771,5 2 782,0
4 Total risk exposure amount 15 516,4 16 977,4 15 297,7 15 211,7 14 492,4
5 Common Equity Tier 1 ratio (%) 13,0% 13,9% 15,1% 14,7% 17,3%
6 Tier 1 ratio (%) 14,6% 15,4% 16,7% 16,3% 17,3%
7 Total capital ratio (%) 16,7% 17,2% 18,6% 18,2% 19,2%
EU 7a
Additional own funds requirements to address risks other than the risk 
of
excessive leverage (%)
1,2% 1,2% 1,2% 1,2% 1,2%
EU 7b of which: to be made up of CET1 capital (percentage points) 0,7% 0,7% 0,7% 0,7% 0,7%
EU 7c of which: to be made up of Tier 1 capital (percentage points) 0,9% 0,9% 0,9% 0,9% 0,9%
EU 7d Total SREP own funds requirements (%) 9,2% 9,2% 9,2% 9,2% 9,2%
8 Capital conservation buffer (%) 2,5% 2,5% 2,5% 2,5% 2,5%
EU 8a Conservation buffer due to macro-prudential or systemic risk identified 
at the levelof a Member State (%) - - - - -
9 Institution specific countercyclical capital buffer (%) 2,2% 2,2% 2,2% 2,2% 2,2%
EU 9a Systemic risk buffer (%) 2,5% 2,1% 2,4% 2,1% 2,2%
10 Global Systemically Important Institution buffer (%) - - - - -
EU 10a Other Systemically Important Institution buffer (%) - - - - -
11 Combined buffer requirement (%) 7,2% 6,8% 7,1% 6,8% 7,0%
EU 11a Overall capital requirements (%) 16,4% 16,0% 16,3% 16,0% 16,2%
12 CET1 available after meeting the total SREP own funds requirements 
(%) 7,6% 8,2% 9,4% 9,0% -
13 Total exposure measure 38 569,2 35 811,9 36 067,9 35 407,0 34 301,7
14 Leverage ratio (%) 5,9% 7,3% 7,1% 7,0% 7,3%
EU 14a Additional own funds requirements to address the risk of excessive 
leverage (%) - - - -
EU 14b of which: to be made up of CET1 capital (percentage points) - - - -
EU 14c Total SREP leverage ratio requirements (%) 3,0% 3,0% 3,0% 3,0% 3,0%
EU 14d Leverage ratio buffer requirement (%) - - - - -
EU 14e Overall leverage ratio requirement (%) 3,0% 3,0% 3,0% 3,0% 3,0%
15 Total high-quality liquid assets (HQLA) (Weighted value -average) 3 396,5 2 175,4 2 725,6 2 036,0 1 985,2
EU 16a Cash outflows - Total weighted value 2 954,4 1 966,2 3 657,9 1 737,7 1 598,9
EU 16b Cash inflows - Total weighted value 2 646,3 1 892,3 3 203,3 2 397,8 1 793,6
16 Total net cash outflows (adjusted value) 738,6 491,6 914,5 434,4 399,7
17 Liquidity coverage ratio (%) 459,9% 442,5% 298,0% 468,7% 496,7%
18 Total available stable funding 31 585,8 29 111,6 28 265,0 27 989,2 27 953,6
19 Total required stable funding 24 547,2 23 402,3 23 260,7 22 765,4 22 116,0
20 NSFR ratio (%) 128,7% 124,4% 121,5% 123,0% 126,4%
Combined buffer and overall capital requirement (as a percentage of risk-
weighted exposure amount)
Net Stable Funding Ratio
Liquidity Coverage Ratio
Leverage ratio buffer and overall leverage ratio requirement (as a percentage of 
total exposure measure)
Additional own funds requirements to address the risk of excessive leverage (as 
a percentage of total exposure measure)
Leverage ratio
Additional own funds requirements to address risks other than the risk of 
excessive leverage (as a percentage of risk-weighted exposure amount)
Capital ratios (as a percentage of risk-weighted exposure amount)
Risk-weighted exposure amounts
Available own funds (amounts)
Consolidated situation

===== SIDA 37 =====

37 Enity Holding AB (publ) Q1 report January - March 2026
  
Note 7. Related party transactions 
 
 
General administrative expenses 
General administrative expenses consist of brokerage 
costs for loans to Uno Finans AS and Eiendomsfinans Drift 
AS. These are capitalized under IFRS 9 using the effective 
interest method.  
Acquisitions 
During the first quarter of 2026, Enity Bank Group AB 
(publ) completed the acquisition of the remaining 
51.4 per cent of the shares in Uno Finans AS, resulting in 
the company becoming a wholly owned subsidiary as of 
23 February 2026. The transaction was completed in line 
with previously communicated intentions and on 
market‑based terms. The total purchase consideration, 
including previously held shares, amounted to SEK 578 m. 
The transaction implies an enterprise value (Fair Value) of 
Uno Finans of approximately SEK 755 million at the 
acquisition date. In connection with the transaction, the 
Group’s previously held interest in Uno Finans AS was 
remeasured to fair value, resulting in a remeasurement gain 
recognised in profit or loss in the first quarter of 2026 
amounting to SEK 116m. 
Transactions with key management personnel 
One of the sellers in the acquisition of the remaining 
shares in Uno Finans AS was Rolf Stub, who is a member of 
the Board of Directors of Enity Holding and Enity Bank 
Group. The Bank acquired 9,367 shares corresponding to 
approximately 5.1 per cent of the total shares in Uno Finans 
AS. The consideration paid amounted to approximately 
SEK 55 million, forming part of the total purchase 
consideration for the acquisition. The transaction was 
carried out on market‑based terms, and Rolf Stub did not 
participate in the Board’s deliberations or decisions 
relating to the transaction. 
During the period, no other material transactions were 
conducted with key management personnel that are 
classified as related-party transactions under the 
applicable regulations for listed companies. 
Company name 
Corporate 
identification 
number 
Registered office Ownership 
Enity Bank Group AB (publ) 556717-5129 Stockholm 100%
Bluestep Finans Funding No 1 AB*** 556791-6928 Stockholm 100%
Bluestep Mortgage Securities No 3 Designated Activity Company** 550839 Dublin 100%
Eiendomsfinans AS* 967692301 Drammen 100%
Eiendomsfinans Drift AS* 987214597 Drammen 100%
Uno Finans AS* 921320639 Oslo 100.0%
Uno Score AS* 827608432 Oslo 100.0%
Uno Finans Oy* 33098331 Helsinki 100.0%
*Loan brokers
**In liquidation
***Dormant 
Assets and liabilities
SEKm 31 Mar 2026 31 Mar 2025 31 Dec 2025
Other assets
Associates - 14.6 -
Total - 14.6 -
Group
Income and expenses
SEKm 31 Mar 2026 31 Mar 2025 31 Dec 2025
General administration expenses
Associates 4.2 18.0 43.5
Total 4.2 18.3 43.5
Group

===== SIDA 38 =====

38 Enity Holding AB (publ) Q1 report January - March 2026
  
Note 8. Pledged assets, contingent 
liabilities and commitments 
 
 
Cash and balances at central banks 
Reserved funds refer to the cash reserve requirement of 
the Bank of Finland and the Central Bank of Sweden. 
Lending to the public 
Refers to the registered cover pool for the benefit of 
holders of covered bonds issued by the Bank. The cover 
pool consists of loans granted against collateral primarily 
in single-family homes, holiday homes and tenant-owner 
apartments with loan-to-value within 80 percent of 
market value. In the event of the Group’s insolvency, the 
holders of the covered bonds have preferential rights to 
the pledged assets. 
Debt securities eligible for refinancing with 
central banks 
Refers to collateral pledged for any arising negative 
balances on central bank accounts. Central bank 
accounts are used for clearing and settlement between 
banks. In cases where a payment obligation (negative 
balances) would not be fulfilled, the Central Bank of 
Sweden has the possibility to take the pledged securities 
in possession. 
Granted loans not paid out 
Refers to loan commitments that have been contractually 
granted to customers but not yet disbursed. These 
represent binding obligations to provide funds and are 
reported as off-balance sheet commitments until payout. 
The disclosed amount has been adjusted for prior 
periods to include both mortgage loans and equity 
release products for consistency. 
Commitments regarding acquisitions 
Enity entered a binding commitment to acquire the 
remaining shares in Uno Finans AS, where the company 
held 49,6%. The acquisition was concluded during the 
first quarter of 2026, in accordance with the 
shareholders’ agreement.  
Commitments regarding retention payments 
In connection with the listing process, the Group agreed 
to retention payments for certain employees. These are 
conditional on specific terms, primarily continued 
employment over the agreed service period. No liability is 
recognised until the relevant service has been rendered, 
and expenses are recognised in the periods when 
conditions are met, and payments fall due. Last 
commitment has impacted earnings by SEK 10,5 m in Q1 
2026, including related social security costs. 
  
SEKm 31 Mar 2026 31 Mar 2025 31 Dec 2025
Pledged assets and comparable securities for own liabilities
Cash and balances at central banks 78.6 33.4 72.3
Lending to the public 5,569.5 5,668.0 5,640.0
Commitments
Granted loans but not paid out 271.7 43.7 226.0
Acquisitions - 68.8 62.2
Commitments to employees - - 10.5
Group

===== SIDA 39 =====

39 Enity Holding AB (publ) Q1 report January - March 2026
  
Note 9. Earnings per share 
During 2025, as part of the preparations for the company’s 
listing on Nasdaq Stockholm, the company conducted a 
bonus issue, whereby the share capital increased from 
400 000 SEK to 500 000 SEK through a transfer of 
funds from unrestricted equity. 
After the bonus issue, a share split was conducted during 
2025, whereby the number of shares increased from 5 
000 to 50 000 000. These changes were implemented 
before the first day of trading and were intended to adapt 
the company’s capital structure and number of shares 
ahead of the listing. 
A long-term incentive programme (LTIP) was decided and 
entered into force on 1 July 2025. The programme may 
potentially affect future earnings per share through a 
certain dilution effect, depending on the outcome of 
performance conditions and the allocation of shares to 
employees. If the incentive programme is fully subscribed, 
the number of ordinary shares is expected to increase by 
approximately 185 396 shares, corresponding to a dilution 
effect of about 0.40% of the existing share capital. This 
forecast is based on the programme’s maximum 
subscription. However, the impact is not expected to be 
material. 
The denominator used to calculate both basic and diluted 
earnings per share has been adjusted to reflect the new 
share issue conducted during the second quarter of 2025. 
 
 
  
Q1 Q4 Q1 Jan-Dec
Earnings per share 2026 2025 2025 2025
Average number of shares 50,000,000 50,000,000     50,000,000     50,000,000            
Weighted average number of shares outstanding 50,000,000 50,000,000      50,000,000      50,000,000              
Weighted average number of potential ordinary shares (diluted) 
from share-based compensation plans 50,000,000 50,000,000      50,000,000      50,000,000              
Diluted number per share 50,185,404 50,185,396          50,000,000      50,185,396                 
Profit for the year, mkr 187.1 79.6                   49.0                  318.9                        
Profit attributable to shareholders of  Enity Holding AB 181.4 73.8                     49.0                     307.1                           
Profit attributable to AT1-instrument holders 5.7 5.8                       -                      11.8                              
Earnings per share, kr
Earnings per share before dilution, kr 3.63 1.48                      0.98                     6.14                             
Earnings per share after dilution, kr 3.61 1.47                      0.98                     6.12

===== SIDA 40 =====

40 Enity Holding AB (publ) Q1 report January - March 2026
  
Note 10. Business combinations 
The remaining shares in Uno Finans AS was acquired on 
the 23rd of February 2026. Refer disclosure under Note 7 
and Significant Events during the period.  
The acquisition of the remaining shares was carried out to 
simplify the Group structure and create greater operational 
and financial flexibility for the future. 
The acquisition has been accounted for in accordance 
with the acquisition method in IFRS 3 which is deemed to 
reflect the true nature of the acquisition. The transaction 
implies an enterprise value (Fair Value) of Uno Finans of 
approximately SEK 755m at the acquisition date. Enity has 
remeasured its previous interest to fair value and 
recognised SEK 116m as a profit in the income statement 
during the quarter. Acquisition costs amount to 
approximately SEK 2m. 
Revenue and profit attributable to the acquired 
company 
From the acquisition date up to and including 31 March, 
Uno Finans contributed external commission income of 
SEK 22m and a net income of SEK 10m. 
Goodwill 
In connection with the purchase price allocation, excess 
values of SEK 666m were identified. Goodwill is considered 
to have an indefinite useful life and is attributable to 
expected future synergies. Trademarks are assessed to 
have an indefinite useful life and customer relationships 
are assessed to have a useful life of five years. Deferred tax 
has been recognised on trademarks and customer 
relationships. 
Effect on the Group’s cash flow 
A cash consideration of SEK 597m was paid on the 
acquisition date, while acquired cash amounted to SEK 
86m. The effect on the Group’s cash flow therefore 
amounts to SEK 511m. 
Comparative period 
During the prior year, the remaining shares in 
Eiendomsfinans AS was acquired. For disclosure related to 
the acquisition, refer the 2025 Annual Report of Enity 
Holding AB (publ). 
 
 
 
 
 
 
Acquisition Analysis Uno Finans AS SEKm
Intangible fixed assets 30.3
Property plant and equipment 0.5
Accounts Receivable and Other Receivables 25.9
Cash and Cash Equivalents 82.0
Accounts Payable and Other Liabilities -49.5
Net Identifiable Assets and Liabilities 89.2
Total purchase consideration 755.6
Excess Value 666.4
Allocation of Excess Value
Goodwill 439.4
Customer Relationships 228.4
Trademarks 74.2
Deferred Tax -75.7
Total Excess Value 666.4

===== SIDA 41 =====

41 Enity Holding AB (publ) Q1 report January - March 2026
  
Signature of the Chief Executive 
Officer and the Board 
This quarterly report has not been subjected to an audit by the Company’s auditors. 
The CEO and the Board certifies that the report provides a true and fair view of the Parent’s and the Group’s operations, 
their financial positions and earnings as well as describing significant risks and uncertainties facing the Parent and the 
Group. 
 
 
 
 
Stockholm the 29th of April 2026 
 
Björn Lander 
Chief Executive Officer 
 
Jayne Almond 
Chairperson of the board 
 
Vesa Koskinen 
Board member 
 
Christopher Rees 
Board member 
 
 
Julia von Mecklenburg Ehrhardt 
Board member 
 
Rolf Stub 
Board member

===== SIDA 42 =====

42 Enity Holding AB (publ) Q1 report January - March 2026
  
Definitions of alternative 
performance measures  
  
 
Adjusted C/I ratio (%) 
 
Adjusted total operating expenses in relation 
to adjusted total operating income. Total 
operating expenses are adjusted for items 
affecting comparability, amortisation of 
surplus values from acquisitions, impairment 
on intangible assets and restructuring costs. 
Total operating income is adjusted for items 
affecting comparability. 
 
Used by management to assess the 
operational efficiency, after amortisations of 
surplus values from acquisitions (incl. 
goodwill) and after adjustments for items 
affecting comparability between periods. 
 
 
 
 
 
 
 
Net interest margin (%) 
 
Net interest income in relation to average 
lending to the public. 
 
Used by management as a performance 
measure to analyse the margin in the lending 
to the public. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Q1 Q4 Q1 Jan-Dec
C/I ratio (%) 2026 2025 2025 2025
Total operating expenses 210.9 202.9 188.9 782.8
Operating income 445.7 324.2 301.7 1,286.0
C/I ratio 47.3% 62.6% 62.6% 60.9%
Q1 Q4 Q1 Jan-Dec
Adjusted C/I ratio (%) 2026 2025 2025 2025
Total operating expenses 210.9 202.9 188.9 782.8
(-) Items affecting comparability -12.3 -13.2 -37.5 -134.3
Acquisition, integration and 
divestment - - - -
Strategic overview - - - -
(-) Amortisation of surplus values 
from acquisitions -8.9 -5.0 -3.0 -17.3
(-) Impairment - - - -4.5
(-) Restructuring - 0.0 -6.2 -6.3
Adjusted total operating 
expenses 189.7 184.7 142.2 620.3
Operating income 445.7         324.2         301.7          1,286.0       
(-) Items affecting comparability 116.0-          -            -            -            
Adjusted operating income 329.6         324.2         301.7          1,286.0       
Adjusted C/I ratio (%) 57.6% 57.0% 47.1% 48.2%
Q1 Q4 Q1 Jan-Dec
Net interest margin (%) 2026 2025 2025 2025
Net interest income 288.3 306.5 300.2 1,218.2
Annualised net interest income 1,153.2 1,226.2 1,200.8 1,218.2
(÷) Average lending to the public 31,350.8 30,562.7 29,071.2 29,721.8
Net interest margin (%) 3.7% 4.0% 4.1% 4.1%
Q1 Q4 Q1 Jan-Dec
2026 2025 2025 2025
Lending to the public - Opening 
balance 30,611.2 30,514.3 28,832.4 28,832.4
Lending to the public - Closing 
balance 32,090.3 30,611.2 29,310.0 30,611.2
Average lending to the public 31,350.8 30,562.7 29,071.2 29,721.8
Average lending to the public

===== SIDA 43 =====

43 Enity Holding AB (publ) Q1 report January - March 2026
  
Adjusted RoTE (%) 
 
Adjusted operating profit less tax (tax rate 
20.6%) in relation to average tangible equity. 
Tangible equity is calculated as total equity 
less goodwill and intangible assets relating to 
acquisitions. Average tangible equity is 
calculated as the average of the opening and 
closing balance each respective year / period 
end.   
 
Used by management to assess the return 
generated in relation to the net assets 
excluding acquisition related surplus values 
such as goodwill and intangible assets relating 
to acquisitions. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjusted operating profit 
 
Operating profit adjusted for items affecting 
comparability, amortisation of surplus values 
from acquisitions, impairment on intangible 
assets and restructuring costs. 
 
Used by management to assess the financial 
performance, after amortisations of surplus 
values from acquisitions (incl. goodwill) and 
after adjusting for items affecting 
comparability between periods. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Q1 Q4 Q1 Jan-Dec
2026 2025 2025 2025
Operating profit 207.7 102.9 81.2 430.6
(-) Tax -20.6 -23.3 -32.1 -111.7
Profit/loss for the period 187.1 79.6 49.0 318.9
Annualised profit for the period 748.5 318.6 196.2 318.9
Average tangible equity 2,123.6 2,421.8 2,421.7 2,431.6
Return on tangible equity (RoTE) 
% 35.2% 13.2% 8.1% 10.5%
Adjusted RoTE (%)
Operating profit 207.7 102.9 81.2 430.6
(+) Items affecting comparability - 
income -116.0 - - -
(+) Items affecting comparability - 
expenses 12.3 13.2 37.5 134.3
Acquisition, integration and 
divestment - - - -
Strategic overview - - - -
(+) Amortisation of surplus values 
from acquisitions 8.9 5.0 3.0 17.3
(+) Impairment - - - -
(+) Restructuring - -0.0 6.2 6.3
(-) Tax -23.2 -25.0 -26.3 -121.2
Adjusted operating profit less tax 89.6 96.2 101.5 467.3
Annualised adjusted operating 
profit less tax 358.3 384.8 405.8 467.3
(÷) Average tangible equity 2,123.6 2,421.8 2,421.7 2,431.6
Adjusted RoTE (%) 16.9% 15.9% 16.8% 19.2%
Return on tangible equity (RoTE) 
%
Q1 Q4 Q1 Jan-Dec
Adjusted operating profit 2026 2025 2025 2025
Operating profit 207.7 102.9 81.2 430.6
(+) Items affecting comparability - 
income -116.0 - - -
(+) Items affecting comparability - 
expenses 12.3 13.2 37.5 134.3
Acquisition, integration and 
divestment - - - -
Strategic overview - - - -
(+) Amortisation of surplus values 
from acquisitions 8.9 5.0 3.0 17.3
(+) Impairment - - - 4.5
(+) Restructuring - -0.0 6.2 6.3
Adjusted operating profit 112.8 121.2 127.8 593.1

===== SIDA 44 =====

44 Enity Holding AB (publ) Q1 report January - March 2026
  
 
Adjusted operating profit less tax
  
Operating profit adjusted for items affecting 
comparability, amortisation of surplus values 
from acquisitions, impairment on intangible 
assets and restructuring costs less tax (tax 
rate 20.6%). 
 
Used by management to assess the financial 
performance, after amortisations of surplus 
values from acquisitions (incl. goodwill) and 
after adjusting for items affecting 
comparability between periods adjusted for 
tax. 
 
 
 
 
Credit loss (%) rolling 12 months 
Net credit losses in relation to average 
lending to the public. Average lending to the 
public is calculated as the average of the 
opening and closing balance of each 
respective year / period end. 
Used by management to measure the 
effectiveness of the credit assessment 
process and the credit risk development. 
 
 
 
 
 
 
 
 
 
 
 
 
 
CET1 
  
Common Equity Tier 1 capital comprises share 
capital, paid-in capital, retained earnings and 
other reserves of the companies included in 
the consolidated situation  
 
Regulatory required and used by management 
to measure capital availability and financial 
strength. 
 
 
 
 
 
Q1 Q4 Q1 Jan-Dec
2026 2025 2025 2025
Operating profit 207.7 102.9 81.2 430.6
(+) Items affecting comparability - 
income -116.0 - - -
(+) Items affecting comparability - 
expenses 12.3 13.2 37.5 134.3
Acquisition, integration and 
divestment - - - -
Strategic overview - - - -
(+) Amortisation of surplus values 
from acquisitions 8.9 5.0 3.0 17.3
(+) Impairment - - - 4.5
(+) Restructuring - -0.0 6.2 6.3
Adjusted operating profit 112.8 121.2 127.8 593.1
(-) Tax -23.2 -25.0 -26.3 -122.2
Adjusted operating profit less tax 89.6 96.2 101.5 470.9
Adjusted operating profit less tax
Q1 Q4 Q1 Jan-Dec
2026 2025 2025 2025
Credit losses, net (LTM) 68.0 72.6 60.0 72.6
Lending to the public at amortised 
cost - 2024-12-31 27,170.6 27,170.6 27,170.6 27,170.6
Lending to the public at amortised 
cost - 2025-03-31 27,552.0 27,552.0 27,552.0 27,552.0
Lending to the public at amortised 
cost - 2025-09-30 28,585.2 28,585.2 28,585.2 28,585.2
Lending to the public at amortised 
cost - 2025-12-31 28,597.9 28,597.9 28,597.9 28,597.9
Lending to the public at amortised 
cost - 2026-03-31 29,994.1 29,994.1 29,994.1 29,994.1
(÷) Average lending to the public 
at amortised cost (LTM) 28,773.1 27,884.3 27,361.3 27,884.3
Credit losses LTM % 0.24% 0.26% 0.22% 0.26%
Credit losses LTM %
Q1 Q4 Q1 Jan-Dec
Total capital ratio 2026 2025 2025 2025
CET1 2,018.8 2,357.5 2,503.2 2,357.5
(+) AT1 250.0 250.0 - 250.0
(+) T2 330.0 316.5 278.8 316.5
Total own funds 2,598.8 2,924.1 2,782.0 2,924.1
(÷) Risk exposure amount 15,516.4 16,977.4 14,492.4 16,977.4
Total capital ratio 16.7% 17.2% 19.2% 17.2%

===== SIDA 45 =====

Financial calendar 
Annual General Meeting 2026, 7th of May 2026 
 
Interim report, Q2 2026, 24th of July 2026 
 
Interim report, Q3 2026, 5th of November 2026 
 
 
 
 
Contact 
Pontus Sardal 
CFO 
pontus.sardal@enity.com 
 
Sofia Svavar  
Head of Investor Relations 
sofia.svavar@enity.com 
 
 
 
 
  
     
Enity Holding AB (publ) 
Sveavägen 167 
SE-104 35 Stockholm 
 
Enity Holding 2025 
Org. No 556668-9575 
Registered office: Stockholm 
www.enity.com