Kvartalsrapport Q3 2025

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

© Enity Holding 2025 
2025 
Enity Holding AB (publ)  
Interim report  
January - September

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

Enity Holding About Enity 
2 Enity Holding AB (publ) Interim report January - September 2025  
January – September 2025 
Delivering on targets
Results and financial position 
The income statement is compared to the corresponding quarter of the previous year. The balance sheet is compared to the 
end of the most recent financial year (31 December 2024). 
 
July - September 2025 
• Lending to the public increased by 8,9% on a last 
twelve-month basis (“LTM”) to 30 514 MSEK (28 008 
MSEK). Adjusted for currency effects, the increase was 
10.2%. 
• Net interest income increased to 308 MSEK (277 
MSEK), an increase of 11,3%.  
• Net credit losses amounted to 11 MSEK (6 MSEK), 
corresponding to a credit loss level LTM of 0,26% 
(0,20%). 
• Adjusted operating profit amounted to 163 MSEK (137 
MSEK), an increase of 18,9%. 
• Net profit amounted for the quarter to 113 MSEK (101 
MSEK) and adjusted operating profit less tax amounted 
to 130 MSEK (109 MSEK). 
• Adjusted C/I ratio for the quarter amounted to 45,9% 
(49,7%). Excluding the impact of the consolidation of 
Eiendomsfinans the ratio was 43,1%. 
• Adjusted RoTE amounted to 21,4% (18,1%). 
 
 
 Key metrics   
 
 
 
  1 Alternative performance measures, see page 43 for definitions. 
2 Number of employees movement – refer page 6. 
 
 
  
Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec
MSEK 2025 2024 2025 2024 2024
Lending to the public 30 514,3 28 008,5 30 514,3 28 008,5 28 832,4
Deposits from the public 24 143,0 22 107,1 24 143,0 22 107,1 23 202,9
Net interest income 308,2 276,8 911,7 821,8 1 114,7
Net interest margin (%) 4,1% 4,0% 4,1% 4,0% 4,1%
Operating profit 137,6 135,9 327,6 310,1 393,6
Profit/loss for the period 113,0 101,1 239,2 241,7 255,6
Credit losses, % 0,26% 0,20% 0,26% 0,20% 0,16%
Adjusted C/I ratio (%) 1 45,9% 49,7% 45,3% 51,7% 51,5%
Adjusted RoTE (%) 1 21,4% 18,1% 20,6% 16,7% 16,6%
CET1 ratio, % 15,1% 16,3% 15,1% 16,3% 16,7%
Adjusted operating profit 1 163,4 137,4 472,0 380,6 507,4
Adjusted operating profit less tax 1 129,7 109,1 374,7 302,2 402,9
Total capital ratio 18,6% 18,4% 18,6% 18,4% 18,7%
Earnings per share 2,13 2,02 8,97 4,83 5,11
Number of employees 2 275 252 275 252 258

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

Enity Holding About Enity 
3 Enity Holding AB (publ) Interim report January - September 2025  
 
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 
approximately 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 percent. 
CET1 – A Common Equity Tier 1 (CET1) capital ratio 
exceeding the regulatory requirement by 200–300 basis 
points. 
Dividend policy – The aim to distribute approximately 
20–40% of the year’s profit attributable to shareholders 
and any surplus capital, while taking the CET1 target into 
account. 
Status of financial targets as of 30 September 
2025 
Loan book – Lending growth adjusted for currency 
effects over the last twelve months amounted to 10.2 
percent. 
RoTE – Amounted to 21,4% for the quarter and 20,6% for 
the period year-to-date, in line with the target of 
approximately 20 percent. 
CET1 – Amounted to 15,1% at period end. It exceeds the 
regulatory requirement by 280 basis points.

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

Enity Holding About Enity 
4 Enity Holding AB (publ) Interim report January - September 2025  
CEO comment
Profitable growth in line with our targets in a challenging market 
The third quarter shows strong organic growth and profitability in 
line with our financial targets, despite a continued subdued Nordic 
housing market. During the quarter, we continued to strengthen our 
position across all markets. Our business in Sweden and Norway is 
developing steadily, while 60plusbanken and our expansion in 
Finland are progressing well. In total, the portfolio grew organically 
by 10% during the last twelve months. 
Increased efficiency and profitability 
Adjusted operating profit improved by 19% in the quarter compared 
to the same quarter last year, driven by a combination of growth, 
continued efficiency gains, and synergies from the acquisition of 
Bank2. The cost/income ratio improved by 6,6 percentage points to 
43,1% when excluding the effects of the Eiendomsfinans acquisition. 
This clearly demonstrates that our investments in digitalisation and 
automation are enhancing our efficiency and positioning us as the 
leading modern mortgage specialist in the Nordics. The net interest 
margin is stable at a level just over 4%, although we continue to 
expect a slight decline over time as we grow primarily within lower-
risk segments. 
As a focused specialist mortgage bank, we have consistently 
maintained high and stable credit quality with low and predictable 
credit losses. The credit loss level over the past twelve-month 
period (LTM) was 0.26% (0.20). The share of Stage 3 loans is still 
higher compared to year-end, but marginally lower compared to the 
second quarter 2025. At the same time, the share of Stage 2 loans 
decreased during the quarter. 
Next steps in our growth journey in a market segment with great 
potential 
The foundation of our business is to grow our core operations in 
Sweden and Norway through our scalable technical platform and 
well-established mortgage brands. By offering inclusive, sustainable 
and responsible lending, we play an important role for those who 
find themselves outside the traditional banking system. Our 
expansion in Finland continues, and during the quarter we delivered 
a positive result, and the segment can begin to contribute positively 
to the Group’s earnings. We also see significant potential to 
continue growing our business in 60plusbanken. In addition to our 
current business, we continuously evaluate opportunities to further 
expand our offering.  
Our growth strategy also includes the possibility of entering 
additional Northern European markets with our specialised and 
distinctive mortgage offering, and we will continue to assess these 
opportunities going forward. Through our diversified, cost-efficient 
and scalable funding model, we are well positioned for continued 
growth. After the period end, the bank issued a covered bond of 
SEK 1.5 billion at 49 basis points over three-month Stibor – a recent 
example of refinancing our covered bonds on attractive terms. 
Acquisitions strengthen the distribution of our mortgages 
Our ownership in Eiendomsfinans and Uno Finans strengthens the 
distribution of our mortgage products in Norway and Finland, 
contributing to the growth and improved results we have delivered 
during the first nine months of the year. The new requirements that 
companies providing or brokering consumer credit in Sweden must 
hold a banking licence create opportunities for us to explore 
possible acquisitions in the Swedish market, thereby strengthening 
our presence in mortgage distribution. 
Resilience and relevance in an uncertain environment 
Our specialised mortgage model continues to demonstrate 
resilience amid ongoing geopolitical and macroeconomic 
uncertainty. The Nordic housing market remains subdued but is 
expected to improve in the coming years, with rising residential 
house prices anticipated. In addition, regulatory proposals in 
Sweden, particularly those supporting first-time buyers including 
easing amortization requirements and higher loan-to-income cap 
further validate our strategic direction. We are well positioned to 
meet borrowers’ needs in a changing environment and to continue 
executing on our profitable growth journey.  
I would like to extend my sincere thanks to all our employees, whose 
commitment makes a real difference in creating a more inclusive 
society – one in which more people can own their home and take 
control of their finances. 
Björn Lander,
 
CEO

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

Enity Holding Management administration report 
5 Enity Holding AB (publ) Interim report January - September 2025  
Financial overview 
Enity Holding AB (publ) (“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 mortgage provider in the specialist lending 
segment, with its main business focus on 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 
operations in the latter two countries conducted through 
branches in each respective country. In Norway, the Group 
also includes two mortgage brokers, one wholly owned and 
the other 49% owned. 
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. Enity Holding AB (publ) 
has been listed on the Nasdaq Stockholm Main Market 
since 13 June 2025. 
The Group hereby presents its financial statements and 
consolidated financial reports for the quarter 1 July - 30 
September 2025 and the period 1 January - 30 September 
2025. 
Group performance 
Third quarter: July – September 2025 
The information below refers to the quarter July - 
September 2025 (compared with the same quarter of the 
previous year). 
Operating profit 
Operating profit for the quarter amounted to 138 MSEK 
(136 MSEK), an increase of 1,3%. Adjusted operating profit 
amounted to 163 MSEK (137 MSEK). Items affecting 
comparability amounted to 26 MSEK (2 MSEK). 
Adjusted operating profit has improved due to continued 
growth in lending to the public at a stable net interest 
margin and further supported by improved cost efficiency.  
Net interest income 
Net interest income increased by 11,3% to 308 MSEK (277 
MSEK) during the quarter. Increased lending to the public 
in all markets contributed to improved net interest income. 
The net interest margin has remained stable at 4,1% 
(4,0%).  
Other income 
Net commission income amounted to 13 MSEK (1 MSEK) 
during the quarter, related to external loan brokerage 
commission from Eiendomsfinans AS. 
Net gains losses on financial transactions amounted to -9 
MSEK (1 MSEK). Changes in mark-to-market valuations 
Loan book  Adjusted operating profit  Credit losses 
 
 
 
 
 
0
5 000
10 000
15 000
20 000
25 000
30 000
35 000
Q3 24 Q4 24 Q1 25 Q2 25 Q3 25
Mortgages Finland, MSEK
Mortgages Norway, MSEK
Mortgages Sweden, MSEK
0
20
40
60
80
100
120
140
160
180
200
Q3 24Q4 24 Q1 25 Q2 25Q3 25
Operating profit, MSEK
0,10%
0,15%
0,20%
0,25%
0,30%
 -
  5
  10
  15
  20
  25
  30
  35
Q3
24
Q4
24
Q1
25
Q2
25
Q3
25
Actual credit losses mortgages
quarter, MSEK
Actual credit losses LTM, % of
loan book

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

Enity Holding Management administration report 
6 Enity Holding AB (publ) Interim report January - September 2025  
related to derivatives used for hedging purposes and the 
liquidity portfolio affected income negatively during the 
quarter. 
Share of associate and joint ventures results amounted to 
8 MSEK (4 MSEK). For the quarter it relates fully to the 
49,6% holding in Uno Finans AS, whereas same period last 
year contained the shareholding in Uno Finans AS as well 
as Eiendomsfinans AS. 
Other operating revenue amounted to 3 MSEK (2 MSEK). 
Operating expenses 
Operating expenses amounted to 174 MSEK (143 MSEK) 
and are affected by items affecting comparability and 
amortisation of surplus value from previous acquisitions of 
26 MSEK (2 MSEK). Operating expenses adjusted for items 
affecting comparability for the period amounted to 148 
MSEK (141 MSEK), an increase of 4,9%.  
Items affecting comparability for the quarter refers to 
retention incentives related to the public listing, recovery 
of previously paid VAT and amortisation of surplus value 
from previous acquisitions. 
The consolidation of Eiendomsfinans AS as a wholly owned 
subsidiary has increased operating expenses by 20 MSEK. 
If these 20 MSEK are disregarded, operating expenses 
have decreased on a like-for-like basis, mainly due to staff 
reductions resulting from increased automation in the 
business, combined with the realisation of synergies from 
the acquisition of Bank2.  
Adjusted C/I ratio amounted to 45,9% (49,7%) for the 
quarter. Adjusting for the impact from consolidating 
Eiendomsfinans AS the C/I ratio would have improved by 
2,8 p.p. to 43,1%. 
Employees 
The number of employees in the Group amounted to 275  
(252) at quarter end. The increase YoY is due to the 
addition of 67 employees in connection with the 
acquisition of Eiendomsfinans AS. Excluding the 
Eiendomsfinans-effect, the number of employees 
decreased following last year’s staff reduction 
programmes. 
Credit losses 
Credit losses amounted to 11 MSEK (6 MSEK). The increase 
mainly relates higher write-offs combined with a further 
provision increase in Norway. The credit loss level LTM 
amounted to 0,26% (0,20%).  
The share of loans in stage 3 amounted to 7,2%, a 0,1 p.p. 
improvement compared to the second quarter. The share 
of stage 2 loans decreased by 0,6 p.p. to 8,7%. For further 
information on credit losses, see Note 3 “Credit losses”. 
Tax 
The tax expense for the quarter amounted to 25 MSEK (35 
MSEK). The effective tax rate for the quarter was 18% 
(26%).  
Net profit 
Net profit for the quarter amounted to 113 MSEK (101 
MSEK). Adjusted operating profit less tax amounted to 130 
MSEK (109 MSEK). 
Year-to-date: January – September 2025 
The information below refers to the period January - 
September 2025 (compared with the same period of the 
previous year). 
Operating profit 
Operating profit for the period amounted to 328 MSEK 
(310 MSEK), an increase of 5,6%. Adjusted operating profit 
amounted to 472 MSEK (381 MSEK). Items affecting 
comparability amounted to 144 MSEK (71 MSEK). 
Adjusted operating profit has improved due to growth in 
lending to the public at a stable net interest margin, further 
supported by increased income from the associate holding 
in Uno Finans AS and improved cost efficiency, whereas 
net credit losses have increased. 
Net interest income 
Net interest income increased by 10,9% to 912 MSEK (822 
MSEK) during the period. Increased lending to the public in 
all markets contributed to improved net interest income. 
The net interest margin has remained stable at 4,1% 
(4,0%). Net interest margins have remained stable as 
lending and borrowing rates have adjusted in line with 
market rates in SEK and EUR. In NOK rates have remained 
high and broadly unchanged on lending and deposits due 
to the Bank of Norway only recently having started to 
decrease rates. 
Other income 
Net commission income amounted to 17 MSEK (1 MSEK) 
during the period related to external loan brokerage 
commission from Eiendomsfinans AS. 
Net gains losses on financial transactions amounted to 11 
MSEK (10 MSEK).

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

Enity Holding Management administration report 
7 Enity Holding AB (publ) Interim report January - September 2025  
Share of associate and joint ventures results amounted to 
14 MSEK (-1 MSEK) and has improved compared to the 
same period last year due to an improved result from the 
holding in Uno Finans AS. The same period last year 
contained the associate holding in Uno Finans AS as well 
as Eiendomsfinans AS. For the period a loss of -4.5 MSEK 
from a write-down of the holding in Eiendomsfinans AS in 
connection with acquisition of remaining shares is also 
included. 
Other operating revenue amounted to 8 MSEK (7 SEK). 
Operating expenses 
Operating expenses amounted to 580 MSEK (504 MSEK) 
and are affected by items affecting comparability and 
amortisation of surplus value from previous acquisitions of 
144 MSEK (71 MSEK). Operating expenses adjusted for 
items affecting comparability for the period amounted to 
436 MSEK (434 MSEK).  
Items affecting comparability for the period refers primarily 
to costs associated with the public listing including 
preparatory work, advisory fees and retention incentives. In 
addition, costs for the finalisation of the integration of 
Bank2 have also been included. For the same period last 
year costs relate to the integration of Bank2 and 
redundancy payments for staff reduction programmes 
enabled by synergy effects from Bank2 and improved 
automation. 
The consolidation of Eiendomsfinans AS as a wholly owned 
subsidiary has impacted operating expenses by 31 MSEK. 
Adjusted for this the operating expenses have decreased 
due to staff reductions following improved automation in 
the business, combined with the realisation of synergies 
from the acquisition of Bank2.  Adjusted C/I ratio 
amounted to 45,3% (51,7%).  
Employees 
The number of employees in the Group amounted to 275  
(252) at period end. The increase YoY is due to the 
addition of 67 employees in connection with the 
acquisition of Eiendomsfinans AS. Excluding the 
Eiendomsfinans-effect, the number of employees 
decreased following last year’s staff reduction 
programmes. 
Credit losses 
Credit losses amounted to 54 MSEK (24 MSEK). Net credit 
losses have increased by 30 MSEK of which relates to 
non-recurring events from the integration of Bank2 and 
specific provisions related to the run-off portfolio from 
Bank2. 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 0,26% (0,20%). The share of loans in stage 3 
amounted to 7,2% (5,6%) 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 
The tax expense for the period amounted to 88 MSEK (68 
MSEK). The effective tax rate was 27% (19%).  The Group’s 
effective tax rate is mainly impacted by differences in 
national tax rates and the rules for the cap on foreign tax 
credits. 
Net profit 
Net profit amounted to 239 MSEK (242 MSEK). Adjusted 
operating profit less tax amounted to 375 MSEK (302 
MSEK). 
 
Funding sources  CET1-capital  Liquidity reserve 
 
 
 
 
 
0
5 000
10 000
15 000
20 000
25 000
30 000
35 000
Q3 24 Q4 24 Q1 25 Q2 25 Q3 25
Subordinated debt (Tier 2)
Unsecured bonds, MSEK
Covered bonds, MSEK
EUR deposits, MSEK
NOK deposits, MSEK
SEK deposits, MSEK
14%
15%
16%
17%
18%
0
500
1 000
1 500
2 000
2 500
3 000
Q3
24
Q4
24
Q1
25
Q2
25
Q3
25
CET1 Capital, MSEK
CET1 Ratio, %
Other bonds
Central banks
Government debt securities
Credit institutions

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

Enity Holding Management administration report 
8 Enity Holding AB (publ) Interim report January - September 2025  
Financial position
As of 30 September 2025, compared with 31 December 
2024.  
Lending 
Lending to the public increased by 5,8% to 30 514 MSEK 
(28 832). Split by country of lending to the public, Norway 
accounted for 53%, Sweden for 41%, and Finland for 6%. 
The distribution between countries is similar compared 
with year-end with Finland increasing in relative terms.  
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 unsecured bonds. During the 
quarter, a senior unsecured bond of NOK 200m was 
issued. A covered bond-transaction of SEK 1.5bn was also 
completed (with settlement date in early October). 
Total deposits from the public amounted to 24 143 MSEK 
(23 203 MSEK) at period end. Deposits in NOK amounted 
to 13 677 MSEK (11 978 MSEK) and deposits in EUR 
amounted to 2 692 MSEK (3 666 MSEK). 
Deposit products in all countries are covered by the 
Swedish government deposit guarantee, which amounts to 
1 050 000 SEK. 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 5 200 MSEK (5 200 
MSEK) of covered bonds was outstanding. 2 000 MSEK is 
maturing in the fourth quarter and proceeds from a 
completed issuance of 1 500 MSEK will also be received in 
the fourth quarter. The nominal volume of unsecured 
bonds amounted to 2 300 MSEK (2 300 MSEK) and 200 
MNOK (- MNOK) respectively. Outstanding nominal volume 
of Tier 2 capital instruments (“T2”) amounted to 300 MSEK 
(300 MSEK) and 60 MNOK (60 MNOK) respectively. 
Liquidity reserve 
The Group’s liquidity reserve amounted to 4 234 MSEK ( 4 
522 MSEK) at period end, distributed as follows: 
• 1 503 MSEK (605 MSEK) was placed with central 
banks. 
• 1 472 MSEK (2 568MSEK) was placed with credit 
institutions. 
• 1 259 MSEK (1 349 MSEK) was placed in Swedish, 
Norwegian, Finnish and German government, municipal 
and covered bonds. 
The Liquidity Coverage Ratio (“LCR”) in the Consolidated 
Situation amounted to 298.0% (579.2%) at period end. The 
Net Stable Funding Ratio (“NSFR”) amounted to 121.5% 
(135.4%). Both LCR and NSFR exceed internally set limits 
and regulatory requirements. 
Cash flow 
Cash flow was stable during the period and reflects 
ongoing operating and funding activities. 
Capital adequacy 
The Common Equity Tier 1 capital ratio (“CET1”) amounted 
to 15,1% (16,7%). The CET1 requirement (Pillar 1, P2R and 
combined buffer requirement) amounted to 12.2%. The 
total capital ratio was 18,6% (18,7%). Total capital 
requirement amounted to 16.3%. 
The CET1 capital amounted to 2 303 MSEK (2 473 MSEK). 
Total own funds amounted to 2 838 (2 767 MSEK). The 
minimum capital requirement has increased to 1 224 MSEK. 
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.

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

Enity Holding Management administration report 
9 Enity Holding AB (publ) Interim report January - September 2025  
Significant events 
Significant events during the quarter 
 
Structural FX 
The Swedish Financial Supervisory Authority has granted 
Enity permission to exclude certain structural foreign 
exchange positions in NOK when calculating foreign 
exchange risk. The permission came into effect from 1 July 
2025. The decision has led to a reduction of risk-weighted 
exposure amount by approximately 500 MSEK.  
Long-term incentive programme 
On 1 July 2025, a long-term incentive programme (LTIP) 
came into effect. It may cause limited future dilution of 
earnings per share. See Notes 1 and 9. 
External market developments 
Visibility concerning tariffs imposed by the US government 
has increased during the quarter, but US trade policy 
remains unpredictable. Political pressure aimed at central 
bank independence in the US and fiscal policy strains in 
many countries have also kept economic uncertainty 
elevated. Focus areas of geopolitical risk are shifting back 
and forth, with de-escalation being visible in the Middle 
East, while Russian aggressions are very much ongoing. 
Management is closely monitoring developments and 
continuously evaluating the possible effects on the 
Group’s credit risk, financial position and results.  
During the quarter, the Riksbank and Norges Bank lowered 
their respective policy rates to support economic growth 
prospects, while the ECB kept rates unchanged after a 
cumulative reduction of 1%-point during the first half year 
of 2025.  
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. 
Annual General Meeting 2026  
The Annual General Meeting of Enity Holding AB (publ) will 
be held on Thursday, 7 May, 2026, at 10:00 AM at Helio 
GT30, Grev Turegatan 30, Stockholm. 
 
Shareholders who wish to have a matter addressed at the 
Annual General Meeting must send a written request to the 
Board in advance, allowing sufficient time for the matter to 
be included in the notice of the meeting. The request 
should be addressed to Enity Holding AB (publ), Att: Legal 
Department, Box 23138, 104 35 Stockholm, and must have 
been received by Thursday, March 19, 2026 at the latest, 
to ensure inclusion in the notice of the meeting. 
Significant events during the period 1 January to 
30 September. 
Apart from the events during the quarter, as noted, the 
following events occurred during the period. 
Listing on Nasdaq Stockholm 
On 13 June 2025, the company was listed on Nasdaq 
Stockholm. 
Capital structure 
On 12 May 2025, the company issued a 250 MSEK AT1 
bond and paid an extra dividend of 250 MSEK to optimise 
the Group’s capital structure. Ahead of the listing, the 
company increased share capital from 400,000 SEK to 
500,000 SEK through a bonus issue and conducted a 
share split, raising the number of shares from 5,000 to 
50,000,000. See Note 9 for details. 
 
Acquisition of the remaining shares in 
Eiendomsfinans 
On 6 May 2025, Enity Bank Group AB (publ) completed 
the acquisition of the remaining 51% of Eiendomsfinans AS 
(including subsidiary Eiendomsfinans Drift AS) from 
Butterfly HoldCo Pte. Ltd. for 83 MSEK, making 
Eiendomsfinans AS a wholly owned subsidiary. See Note 10 
for details. 
Significant events and other information after the 
end of the period 
No other significant events affecting the Group’s income 
statement or balance sheet have occurred after 30 
September 2025.

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

Enity Holding Management administration report 
10 Enity Holding AB (publ) Interim report January - September 2025  
Segment information  
The Group’s operations are organised into different 
geographic segments that form the basis for the internal 
reporting structure. These segments are evaluated and 
monitored by the Chief Executive Officer to optimise 
resource allocation and analyse the Group’s results. 
The business is divided into three main operating 
segments: Sweden, Norway and Finland. The “Other” 
segment includes the operations being wound down from 
the acquisition of Bank2, as well as the results from the 
loan brokers owned by Enity, as well as IFRS-related 
adjustments. Enity also offers EUR deposits from the public 
in Germany through a cooperation with Raisin. The result of 
this activity is included in the Finland segment since 
lending is offered in euro. 
Sweden  
In Sweden, Enity offers a wide range of mortgage products. 
These include traditional mortgages for home purchases, 
the possibility to consolidate 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 to mortgages, the 60plus loan is offered, a loan 
where customers over age 60 can release equity from their 
home with the property as collateral. 
In the savings market, Enity offers deposit accounts with 
both variable and fixed interest rates, giving customers 
flexibility in how they wish to save. 
Norway 
In Norway, Enity provides mortgages 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. 
In Norway, Enity also offers deposit accounts with both 
variable and fixed interest rates, allowing customers to 
choose the form of savings according to their preferences. 
Finland 
In the Finnish market, Enity offers mortgages and loans 
secured by residential property. 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. 
Segment revenues and results 
Operating profit, operating profit adjusted for items 
affecting comparability and other alternative performance 
measures are reported to the Chief Executive Officer for 
assessment of the segments’ performance.  
The information below summarise performance per 
business area. Segment information as defined by IFRS 8 
are disclosed in note 2 in this report.

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

Enity Holding Management administration report 
11 Enity Holding AB (publ) Interim report January - September 2025  
Sweden 
Volumes and financial development Q3 2025 
Lending to the public amounted to 12 569 MSEK (11 948 
MSEK). Lending growth (LTM) was 5.2%.  
Adjusted operating profit amounted to 71 MSEK (69 
MSEK), an increase of 3,1%. Lower adjusted operating 
expenses and lower credit losses contributed to the 
improvement. The credit loss level has improved to LTM -
0,01% (0,29%). 
Operational efforts are focused on improving the customer 
offering through increased automation and shorter lead 
times. This is one concrete step in enabling financial 
inclusion for more people. 
Market development 
Recent fiscal- and monetary policy-stimulus should 
provide further support to the economic development in 
Sweden. Conditions for growth seem to be lining up but 
has yet to clearly translate into increased consumer 
demand. Uncertainty therefore remains, with consumer 
confidence on the weak side and elevated unemployment.  
The Riksbank lowered the policy rate again this quarter, 
this time from 2.0% to 1.75%. The central bank signalled an 
unchanged policy rate for the foreseeable future. 
House prices in Sweden have increased slightly during the 
third quarter, after a lacklustre development earlier in the 
year. The somewhat more upbeat tone has been more 
evident in single family housing compared to tenant owner 
rights. Fiscal- and monetary policy will likely continue to 
support the housing market’s recovery going into 2026. 
 
 
 
 
 
1 See the section Definitions of alternative performance measures . 
2 KPIs are annualised.  
Minor expense reclassifications between the operating segment and Other were made in the current quarter, with a limited impact on the comparative period.  
Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec
MSEK unless otherwise stated ¹ 2025 2024 ∆ 2025 2024 ∆ 2024
Net interest income 122,6 127,2 -3,6% 392,6 374,2 4,9% 505,9
Total operating income 124,0 132,5 -6,4% 401,6 382,6 5,0% 511,4
Adjusted operating expenses -50,3 -59,5 -15,5% -175,3 -178,2 -1,7% -250,8
Net credit losses -2,4 -3,8 -37,2% -0,1 -20,6 -99,5% -19,4
Adjusted operating profit 71,3 69,2 3,1% 226,2 183,7 23,1% 241,3
Lending to the public 12 569,3 11 947,9 5,2% 12 569,3 11 947,9 5,2% 12 005,9
Deposits from the public 7 774,3 7 792,2 -0,2% 7 774,3 7 792,2 -0,2% 7 559,4
Adjusted C/I ratio (%) 40,6% 44,9% -9,7% 43,6% 46,6% -6,3% 49,0%
Credit losses,  % ² -0,01% 0,29% -103,4% -0,01% 0,29% -103,4% 0,19%
Net interest margin (%) 3,90% 4,30% -9,3% 4,30% 4,30% - 4,30%
Share of total lending of the group  Portfolio growth  Adjusted operating profit 
 
 
 
 
 
 
41,2%
0
2 000
4 000
6 000
8 000
10 000
12 000
14 000
16 000
Q3 24 Q4 24 Q1 25 Q2 25 Q3 25
Mortgages Sweden Equity release
0
10
20
30
40
50
60
70
80
90
100
Q3 24Q4 24 Q1 25 Q2 25Q3 25
Operating profit, MSEK

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

Enity Holding Management administration report 
12 Enity Holding AB (publ) Interim report January - September 2025  
Norway 
Volumes and financial development Q3 2025 
Lending to the public amounted to 16 190 MSEK (14 833 
MSEK). Lending growth (LTM) was 11.2% adjusted for the 
currency effect.  
Adjusted operating profit amounted to 90 MSEK (74 
MSEK), an increase of 21,3%. Lending growth contributed 
to higher net interest income and the net interest margin 
has remained stable. Operating expenses decreased, 
where synergies from acquisition of Bank2 together with 
efficiency measures taken in 2024 contributed to a lower 
cost base.  
Credit losses for the quarter amounted to 9 MSEK (2 
MSEK). The increase mainly relates to higher write-offs 
combined with a further provision increase due to higher 
share of loans in stage 3. The credit loss level is LTM 
0,37% (0,08%).  
Market development 
The Bank of Norway cut rates for the second time this year, 
this time to 4.00% from 4.25%. This was seen as another 
gradual step in normalizing the somewhat restrictive 
monetary policy stance. The central bank is continuing to 
refer to an uncertain economic outlook, in which further 
gradual easing of monetary policy will be highly data 
dependent.  
After a strong start to the year (house prices were up 
nearly 7% during the first six months of 2025), house 
prices have stabilized during the third quarter. Transaction 
volumes remain clearly higher compared to a year ago. A 
more cautious approach to easing monetary policy by the 
Bank of Norway might reduce the support from lower 
interest rates going forward. 
 
 
 
1 See the section Definitions of alternative performance measures.  
2 KPIs are annualised.  
Minor expense reclassifications between the operating segment and Other were made in the current quarter, with a limited impact on the comparative period.  
 
 
Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec
MSEK unless otherwise stated ¹ 2025 2024 ∆ 2025 2024 ∆ 2024
Net interest income 154,6 134,3 15,1% 451,3 406,3 11,1% 550,3
Total operating income 153,4 137,1 11,9% 457,4 410,0 11,5% 554,0
Adjusted operating expenses -54,1 -60,9 -11,2% -169,5 -201,1 -15,7% -264,8
Net credit losses -9,1 -1,7 419,9% -41,0 2,2 -1 997,3% -13,4
Adjusted operating profit 90,3 74,4 21,3% 246,8 211,1 16,9% 275,7
Lending to the public 16 189,8 14 832,8 9,1% 16 189,8 14 832,8 9,1% 15 396,6
Deposits from the public 13 676,5 11 924,9 14,7% 13 676,5 11 924,9 14,7% 11 977,7
Adjusted C/I ratio (%) 35,2% 44,4% -20,7% 37,1% 49,0% -24,4% 47,8%
Credit losses,  % ² 0,37% 0,08% 362,5% 0,37% 0,08% 362,5% 0,09%
Net interest margin (%) 3,90% 3,60% 8,3% 3,80% 3,80% - 3,80%
Share of total lending of the group  Portfolio growth  Adjusted operating profit 
 
 
 
 
 
53,1% 0
2 000
4 000
6 000
8 000
10 000
12 000
14 000
16 000
18 000
Q3 24 Q4 24 Q1 25 Q2 25 Q3 25
Mortgages Norway
0
10
20
30
40
50
60
70
80
90
100
Q3 24 Q4 24 Q1 25 Q2 25 Q3 25
Operating profit, MSEK

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

Enity Holding Management administration report 
13 Enity Holding AB (publ) Interim report January - September 2025  
Finland 
Volumes and financial development Q3 2025 
Lending to the public amounted to 1 716 MSEK (1 094 
MSEK). Lending growth (LTM) was 60.5% adjusted for 
currency effects. 
Adjusted operating profit amounted to 2 MSEK (-2 MSEK) 
for the quarter. The Finnish operations recorded an 
operating profit for the first time due to continuous strong 
growth in net interest income and stable operating 
expenses.  
Net credit losses amounted to 1 MSEK (1 MSEK) and have 
remained on same level as last year equivalent to a credit 
loss level, LTM of 0,50% (0,75%).  
Demand for debt consolidation and the inflow of loan 
applications is stable, although the purchase market 
remains weak and affects new lending. New partnerships 
have had a positive effect on the inflow of loan 
applications. As the first and only specialist mortgage 
lender in the Finnish market, there is significant potential to 
continue to increase market penetration and to optimise 
inflow and conversion. 
Market development 
Underlying conditions in the Finnish economy have 
improved during 2025, with lower interest rates and lower 
inflation. A weak labour market coupled with low consumer 
confidence nonetheless seems to impede the economic 
recovery. Expectations are still for growth to gradually 
resume, but at a relatively weaker pace compared to 
Sweden and Norway.  
After a cumulative decrease in policy rates of 1% during 
the first half of 2025, the European Central Bank has taken 
a more cautious approach to monetary policy during the 
third quarter. The central bank has kept policy rates 
unchanged and emphasized a data-dependent and 
meeting-by-meeting approach to monetary policy going 
forward. 
Transaction volumes in the Finnish housing market have 
continued to increase during the third quarter, which is a 
positive sign. Prices on the other hand remain lower 
compared to a year ago, albeit that the rate of decline has 
moderated compared to the last couple of years. 
 
1 See the section Definitions of alternative performance measures , 
2 KPIs are annualised.  
Minor expense reclassifications between the operating segment and Other were made in the current quarter, with a limited impact on the comparative period.   
Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec
MSEK unless otherwise stated ¹ 2025 2024 ∆ 2025 2024 ∆ 2024
Net interest income 18,4 12,7 44,9% 50,9 32,3 57,6% 47,4 
Total operating income 18,4 13,5 35,9% 51,7 33,6 54,1% 48,5 
Adjusted operating expenses -15,8 -15,1 4,2% -51,4 -50,7 1,4% -68,3 
Net credit losses -1,0 -0,5 86,4% -6,8 -3,3 109,1% -3,4 
Adjusted operating profit 1,7 -2,1 -179,0% -6,5 -20,4 -68,1% -23,3
  
Lending to the public 1 716,1 1 094,2 56,8% 1 716,1 1 094,2 56,8% 1 309,6 
Deposits from the public 2 692,2 2 390,0 12,6% 2 692,2 2 390,0 12,6% 3 665,7 
       
Adjusted C/I ratio (%) 85,6% 103,9% -17,7% 99,3% 146,6% -32,2% 140,9% 
Credit losses,  % ² 0,50% 0,75% -33,3% 0,50% 0,75% -33,3% 0,34% 
Net interest margin (%) 4,50% 4,80% -6,3% 4,50% 4,70% -4,3% 4,60% 
Share of total lending of the group  Portfolio growth          Adjusted operating profit and loss 
 
 
 
 
 
5,6%
0
200
400
600
800
1 000
1 200
1 400
1 600
1 800
2 000
Q3 24 Q4 24 Q1 25 Q2 25 Q3 25
Mortgages Finland
-6
-5
-4
-3
-2
-1
0
1
2
Q3 24 Q4 24 Q1 25 Q2 25 Q3 25
Operating profit, MSEK

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

Enity Holding Management administration report 
14 Enity Holding AB (publ) Interim report January - September 2025  
Material risks and 
uncertainties 
The Group is exposed to a variety of risks, including 
material risks such as credit, market, operational risks and 
regulatory risks, which the Group can manage and mitigate 
through robust internal controls, risk management 
frameworks and strategic planning. However, there are also 
risk factors such as external events and macroeconomic 
changes that are beyond the Group’s direct control. Above 
all, macroeconomic developments such as fluctuations in 
GDP, changes in inflation, shifts in unemployment and 
adjustments of central banks’ policy rates can all affect the 
Group’s profitability, lending activity and overall risk 
exposure. 
Risk and capital 
management 
Risk management 
The Group’s risk management aims to ensure that risk-
taking is consistent with the established risk management 
strategy and risk appetite, and to achieve an appropriate 
balance between risk and return. Identified risks are 
assessed qualitatively based on the likelihood and impact 
of economic loss, negative earnings changes or significant 
change in the risk profile, and quantitatively through 
internal stress tests and the calculation of regulatory 
capital and/or liquidity requirements. Risks are limited and 
managed through established risk appetite, policies and 
instructions, implemented processes and procedures, and 
actions taken, which enable well-informed decisions on 
risk-taking and ensure awareness and understanding of 
risk management within the Group. Risk governance is 
conducted from an organisational perspective as well as 
from a three-lines-of-defence perspective. 
The Group has no trading book, hedges its interest rate 
risks and maintains a liquidity reserve placed with stable 
counterparties with good credit ratings. Furthermore, cyber 
security continues to be an area of increased risk from a 
global perspective. 
The risk management framework is governed by the Risk 
Management Policy and Instruction, adopted by the Board.  
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 goals, 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 
2024 Annual Report for Enity Bank Group and periodic 
information on risk management, capital adequacy and 
liquidity published on www.enity.com. 
Other information 
The share 
Enity Holding AB (publ) was listed on 13 June 2025 on 
Nasdaq Stockholm’s main market. The share is traded 
under the ticker Enity and the ISIN code is SE0025011554. 
On the last trading day of the third quarter of 2025, the 
share price closed at 87,00 SEK, an increase of 25% 
during the quarter. In total, approximately 6.2 million shares 
in Enity were traded on Nasdaq Stockholm during the 
quarter at a value of approximately 512 MSEK. The total 
number of shares in the Company amounts to  
50 000 000.

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

Enity Holding Financial reports 
15 Enity Holding AB (publ) Interim report January - September 2025  
Group 
Income statement, condensed 
 
 
Statement of comprehensive income, 
condensed 
 
Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec
MSEK Note 2025 2024 2025 2024 2024
Operating income 
Interest income calculated using the effective interest method 2 573,6 578,8 1 693,4 1 709,2 2 294,6
Other interest income 61,8 42,6 185,4 132,6 173,9
Interest expense -327,2 -344,6 -967,2 -1 020,0 -1 353,7
Net interest income 308,2 276,8 911,7 821,8 1 114,7
 
Commission income 13,0 0,7 17,3 1,2 3,9
Commission expense - -0,0 - -0,8 -1,0
Net gains/losses on financial transactions -8,5 1,1 10,8 10,3 4,9
Share of associate and joint ventures results 7,9 3,6 13,9 -0,9 -1,6
Other operating revenue 2,6 2,2 8,1 6,9 9,3
Total operating income 323,2 284,4 961,8 838,5 1 130,4
 
Operating costs 
General administration expenses -146,9 -117,7 -503,5 -430,0 -597,8
Depreciation of tangible and intangible assets -27,2 -25,3 -76,4 -74,4 -97,9
Total operating expenses -174,1 -142,9 -580,0 -504,3 -695,7
 
Profit before credit losses 149,1 141,4 381,8 334,2 434,7
 
Credit losses, net 3 -11,5 -5,6 -54,2 -24,1 -41,0
Operating profit 137,6 135,9 327,6 310,1 393,6
Income tax -24,6 -34,8 -88,4 -68,5 -138,2
Profit/loss for the period 113,0 101,1 239,2 241,7 255,6
Net profit for the period attributable to shareholders 113,0 101,1 239,2 139,4 254,4
Profit for the period attributable to AT-1 instrument holders - - - 1,2 1,2
Earnings per share 9 2,13 2,02 8,97 4,83 5,11
Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec
MSEK Note 2025 2024 2025 2024 2024
Net profit for the period 113,0 101,1 239,2 241,7 255,6
Items that may be reclassified to the income statement. net after tax
Translation differences of foreign operations 13,7 -26,3 -20,8 -37,0 -35,5
Tax due to translation differences of foreign operations 0,5 1,8 3,4 1,8 11,3
Net investment hedge (before tax) -2,4 -10,3 -16,4 -8,6 -6,7
Tax due to net investment hedge -0,7 0,6 12,9 2,4 1,4
Total other comprehensive income 11,1 -34,2 -20,9 -41,4 -29,6
Comprehensive income for the period 124,1 66,9 218,4 200,3 226,0
Comprehensive profit for the period attributable to shareholders 124,1 66,9 218,4 199,1 224,8
Comprehensive profit for the period attributable to AT-1 instrument 
holders - - - 1,2 1,2
Group

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

Enity Holding Financial reports 
16 Enity Holding AB (publ) Interim report January - September 2025  
Balance sheet, condensed 
 
 
 
30 Sep 30 Sep 31 Dec
MSEK Note 2025 2024 2024
Assets
Cash and balances at central banks 1 503,2 1 763,9 604,7
Government debt securities 547,6 769,1 668,8
Lending to credit institutions 1 472,1 1 541,1 2 568,4
Lending to the public 4 30 514,3 28 008,5 28 832,4
Value change of interest-hedged items in portfolio hedging 47,2 86,8 -4,4
Derivatives 70,1 115,1 102,0
Bonds and other interest-bearing securities 5 711,1 672,7 680,0
Shares and participations 1,1 12,5 1,1
Shares and participations in associates 72,8 144,0 144,6
Goodwill 2 799,2 2 666,9 2 668,7
Intangible fixed assets 510,7 499,3 493,4
Tangible assets 76,3 57,8 69,1
Other assets 42,3 20,6 166,1
Prepaid expenses and accrued income 103,3 94,1 79,5
Tax assets 70,2 117,4 92,2
Deferred tax assets - 33,8 4,4
Total assets 38 541,4 36 603,6 37 170,8
Liabilities and provisions
Deposits from the public 24 143,0 22 107,1 23 202,9
Debt securities in issue 8 093,6 8 460,5 7 933,5
Derivatives 75,7 141,5 77,0
Other liabilities 167,0 139,7 149,5
Prepaid income and accrued expenses 130,6 90,5 88,1
Provisions 13,8 22,0 32,3
Current tax liability 84,1 49,9 65,6
Deferred tax liabilities 80,8 76,1 75,5
Total liabilities and provisions 32 788,6 31 087,3 31 624,3
Equity
Share capital 0,5 0,4 0,4
Share premium reserve 190,7 190,7 190,7
Statutory reserve 26,0 26,0 26,0
Translation reserve -75,9 -71,3 -54,9
AT1 capital instruments 250,0 - -
Other contributed capital 1 075,3 1 074,0 1 074,0
Retained earnings 4 286,1 4 296,5 4 310,4
Total equity 5 752,8 5 516,3 5 546,6
Total equity and liabilities 38 541,4 36 603,6 37 170,8
The result for the comparative period attributable to non-controlling interests amounted to SEK 1.2 million
Group

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

Enity Holding Financial reports 
17 Enity Holding AB (publ) Interim report January - September 2025  
 Statement of changes in equity, 
condensed 
 
  
MSEK
Share 
capital 
Share 
premiu
m 
reserve 
Reserve 
fund 
Translatio
n reserve 
Additional 
Tier 1 
Capital 
Instrument
s 
Other 
contributed 
capital  
Retained 
earnings Total 
Non-
controllin
g interest Total equity 
Opening balance 1 Jan  2024 0,4 190,7 26,0 -30,2 - 1 074,0 4 054,8 5 315,7 60,4 5 376,1
Repayment other primary capital 
instruments -60,4 -60,4 
Profit/loss for the period 255,6 255,6  255,6 
Other comprehensive income    
Translation differences of foreign 
operations -30,8 -30,8  -30,8 
Tax due to translation differences 
of foreign operations 11,3 11,3  11,3 
Net investment hedge (before tax) -6,7 -6,7  -6,7 
Tax due to net investment hedge 1,4 1,4  1,4 
Closing balance 31 Dec  2024 0,4 190,7 26,0 -55,0 - 1 074,0 4 310,4 5 546,5 - 5 546,5
Opening balance 1 Jan  2024 0,4 190,7 26,0 -30,2 - 1 074,0 4 054,8 5 315,7 60,4 5 376,1
Repayment other primary capital 
instruments -60,4 -60,4 
Profit/loss for the period 241,7 241,7 241,7 
Other comprehensive income
Translation differences of foreign 
operations -37,0 -37,0 -37,0 
Tax due to translation differences 
of foreign operations 1,8 1,8 1,8 
Net investments of foreign 
operations (before tax) -8,6 -8,6 -8,6 
Tax due to net investment hedge 2,4 2,4 2,4 
Closing balance 30 Sept 2024 0,4 190,7 26,0 -71,6 - 1 074,0 4 296,5 5 516,0 - 5 516,0
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) -5,9 -5,9 5,9-             
Share-based payments 1,3 1,3 1,3              
Bonus issue 0,1 -0,1 - -            
Profit/loss for the period 239,2 239,2 239,2          
Other comprehensive income - -            
Translation differences of 
foreign operations -20,8 -20,8 20,8-          
Tax due to translation 
differences of foreign operations 3,4 3,4 3,4             
Net investment hedge (before 
tax) -16,4 -16,4 16,4-           
Tax due to net investment hedge 12,9 12,9 12,9           
Closing balance 30 Sep 2025 0,5 190,7 26,0 -75,9 250,0 1 075,3 4 286,1 5 752,8 - 5 752,8
Group

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

Enity Holding Financial reports 
18 Enity Holding AB (publ) Interim report January - September 2025  
Group 
Cashflow statement, condensed 
  
 
 
Jan-Sep Jan-Sep Jan-Dec
MSEK Note 2025 2024 2024
Operating activities 
Operating profit 327,6 310,1 393,6
Adjustments for items not included in cash flow
Depreciation and amortisation 76,4 74,4 97,9
Unrealised changes in value -18,9 -10,8 9,5
Credit losses excluding recoveries 61,9 33,2 51,6
Accrued interest - - 0,6
Other 62,2 -43,1 -60,8
Total non-cash items 181,5 53,7 98,9
Tax paid -33,6 -104,9 -94,0
Cash flow from operations 475,5 258,9 398,6
Cash flow from changes to operating capital
Increase (-)/decrease (+) of lending to the public -2 228,3 -2 356,0 -2 917,9
Increase (-)/decrease (+) of short term receivables 159,3 82,4 -45,3
Increase (-)/decrease (+) in bonds and other interest-bearing securities 581,9 466,7 -21,0
Increase (-)/decrease (+) government debt securities -512,2 -214,9 375,0
Increase (+)/decrease (-) of deposits from the public 1 355,3 1 882,8 2 813,5
Increase (+)/decrease (-) of short term liabilities 38,1 -239,5 -328,9
Cash flow from operating activities -130,4 -119,6 274,0
Investing activities
Acquisition of business, after deduction for cash and cash equivalents -77,5 - -
Investments in other intangible assets -33,0 -42,5 -53,5
Investments in tangible assets -0,4 -1,9 -3,6
Sale of subsidiary - 31,4 53,4
Cash flow from investing activities -110,9 -13,0 -3,7
Financing activities
Increase (+)/decrease (-) in bonds and other interest-bearing securities 161,5 936,1 410,1
Repayment of AT1 capital - -59,9 -59,9
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) -5,9 - -
Dividend to shareholders -250 - -
Amortisation leasing -18,8 -14,7 -26,7
Cash flow from financing activities 129,3 861,6 323,5
Cash flow for the period -112,0 729,0 593,8
Cash and cash equivalents at the beginning of the period 3 173,0 2 558,5 2 558,5
Exchange difference in cash and cash equivalents -85,8 17,6 20,7
Cash and cash equivalents at the end of the period 2 975,3 3 305,0 3 173,0
of which cash and balances at central banks 1 503,2 1 763,9 604,7
of which lending to credit institutions 1 472,1 1 541,1 2 568,4
Cash flow includes interest receipts of 1 449,6 1 550,5 2 716,8
Cash flow includes interest payments of -519,5 -518,4 -1 277,2

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

Enity Holding Financial reports 
19 Enity Holding AB (publ) Interim report January - September 2025  
Parent 
Income statement, condensed 
 
 
Statement of comprehensive income, 
condensed 
 
 
 
  
Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec
MSEK 2025 2024 2025 2024 2024
Operating income
Interest income calculated using the effective interest method 0,0 0,0 -0,1 - 0,3
Net interest income 0,0 0,0 -0,1 0,0 0,3
Net gains/losses on financial transactions -0,1 -0,0 -0,4 -0,0 -0,0
Total operating income -0,1 0,0 -0,5 0,0 0,3
Operating costs
General administration expenses -4,7 -0,8 -91,4 -1,1 -1,1
Total operating expenses -4,7 -0,8 -91,4 -1,1 -1,1
Profit before credit losses -4,8 -0,8 -91,9 -1,1 -0,8
Operating profit -4,8 -0,8 -91,9 -0,3 -0,8
Group contribution received - - 100,0 - -
Income tax 0,0 - 0,0 - 3,5
Profit/loss for the period -4,8 -0,8 8,1 2,4 2,7
Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec
MSEK 2025 2024 2025 2024 2024
Profit/loss for the period -4,8 -0,8 8,1 2,4 2,7
Comprehensive income for the period -4,8 -0,8 8,1 2,4 2,7
Comprehensive profit for the period attributable to shareholders -4,8 -0,8 8,1 2,4 2,7
Parent

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

Enity Holding Financial reports 
20 Enity Holding AB (publ) Interim report January - September 2025  
Balance sheet, condensed 
 
 
  
30 Sep 30 Sep 31 Dec
MSEK Note 2025 2024 2024
Assets
Lending to credit institutions 5,4 8,5 8,6
Shares and participations in group companies 5 052,2 5 050,9 5 050,9
Shares and participations in associates 48,7 48,7 48,7
Prepaid expenses and accrued income 2,2 0,2 0,1
Tax assets 0,0 0,3 0,3
Total assets 5 108,5 5 108,5 5 108,6
Liabilities
Other liabilities 0,7 0,0 -
Prepaid income and accrued expenses 3,2 0,3 0,0
Total liabilities 4,0 0,3 0,0
Equity
Share capital 0,5 0,4 0,4
Statutory reserve 26,0 26,0 26,0
Share premium reserve 190,7 190,7 190,7
AT1 capital instruments 250,0 - -
Retained earnings 4 637,3 4 891,1 4 891,4
Total equity 5 104,5 5 108,2 5 108,5
Total equity and liabilities 5 108,5 5 108,5 5 108,6
Parent

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

Enity Holding Financial reports 
21 Enity Holding AB (publ) Interim report January - September 2025  
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. 
  
MSEK Share capital Reserve fund  
Share premium 
reserve 
Additional Tier 
1 Capital 
Instruments 
Retained 
earnings Total equity 
Opening balance 1 Jan  2024 0,4 26,0 190,7 4 888,7 5 105,9
Profit/loss for the period 2,7 2,7
Closing balance 31 Dec  2024 0,4 26,0 190,7 4 891,4 5 108,6
Opening balance 1 Jan  2024 0,4 26,0  190,7 4 888,7 5 105,9 
Profit/loss for the period 2,4 2,4
Closing balance 30 Sept 2024 0,4 26,0 190,7 - 4 891,1 5 108,2
      
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
Dividend additional tier 1 capital instrument (AT1) -5,9 -5,9
Dividends to shareholders -250,0 -250,0
Share-based payments 1,3 1,3
Bonus issue 0,1 -0,1 -0,1
Profit/loss for the period 8,1 8,1
Closing balance 30 Sept 2025 0,5 26,0 190,7 250,0 4 637,3 5 104,5
Restricted equtiy Non-restricted equity
Parent

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

Enity Holding Financial reports 
22 Enity Holding AB (publ) Interim report January - September 2025  
Parent 
Cashflow statement, condensed 
 
  
  
Jan-Sep Jan-Sep Jan-Dec
MSEK Note 2025 2024 2024
Operating activities 
Operating profit -91,9 -1,1 -0,8
Total non-cash items 0,5 - -
Tax paid 0,3 -0,0 -0,0
Cash flow from operations -91,1 -1,1 -0,8
Cash flow from changes to operating capital
Increase (-)/decrease (+) of short term receivables -2,6 -0,1 -0,1
Increase (+)/decrease (-) of short term liabilities 3,9 0,2 -
Cash flow from operating activities -89,7 -1,0 -0,9
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) -5,9 - -
Dividend to shareholders -250,0 - -
Cash flow from financing activities 86,6 - -
Cash flow for the period -3,1 -1,0 -0,9
Cash and cash equivalents at the beginning of the period 8,6 9,5 9,5
Exchange difference in cash and cash equivalents -
Cash and cash equivalents at the end of the period 5,5 8,5 8,6
of which cash and balances at central banks - - -
of which lending to credit institutions 5,5 8,5 8,6
Cash flow includes interest receipts of
Cash flow includes interest payments of 0,1 0,1 0,3

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

Enity Holding Note 
23 Enity Holding AB (publ) Interim report January - September 2025  
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 2024 Annual Report are applied 
in this report. This report has been reviewed by the 
company’s auditor. 
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 is to be applied from 1 January 2027 but has not 
yet been adopted by the EU. The new standard replaces 
IAS 1 and primarily introduces new requirements for the 
structure of the income statement and disclosures about 
certain performance measures. Early application is 
permitted, but the Group does not plan to apply the 
standard early. The impact on the Group’s financial 
statements is currently being evaluated. 
Amendments to classification and measurement of 
financial instruments (IFRS 9 and IFRS 7)  
The amendments primarily relate to guidance for assessing 
contractual cash flows in financial assets that include 
terms dependent on future events and related disclosure 
requirements and are to be applied from 1 January 2026. 
The amendments are not expected to have any material 
impact on the Group’s financial statements. 
Share-based payments (IFRS 2)  
On 5 June 2025, the general meeting resolved to 
implement a long-term incentive programme (LTIP), 
effective from 1 July 2025. The programme is 
performance-based and entails the allocation of shares to 
employees upon fulfilment of predefined financial and 
operational targets during the programme period. It is 
designed to provide long-term incentives for senior 
leaders (including executive management) and other key 
employees of the Group to deliver sustainable shareholder 
value. Participants are not entitled to dividends or voting 
rights during the vesting period. If a participant leaves the 
Group during this period, all rights lapse. 
The programme falls under IFRS 2 – Share-based 
Payments and is equity-settled. Expenses are recognised 
in the income statement over the vesting period, with a 
corresponding increase in equity. Measurement is 
performed at grant date based on the fair value of the 
awarded shares or options, adjusted only for the expected 
number of awards to vest, based on performance 
outcomes and employee turnover. 
The vesting period runs from 1 July 2025 to 30 June 2027, 
with costs expensed on a straight-line basis subject to the 
fulfilment of performance conditions. Assessments of 
performance target achievement and expected employee 
retention are updated continuously and impact the 
recognised expense. During the ongoing vesting period, 
options have not yet vested and cannot be exercised. No 
options lapsed during the reporting period. 
The total recognised share-based payment expense under 
personnel costs amounted to 1 MSEK (July–September 
2025), 1 MSEK (January–September 2025), and 0 MSEK 
for the corresponding periods in the prior year. 
The exercise period for share subscriptions runs from 1 
July 2027 to 31 December 2027. The total accounting cost 
of the programme is estimated at 11 MSEK over two years, 
plus employer social security contributions of 
approximately 4 MSEK, based on an assumed 14% share 
price increase during the period. This reflects the fair value 
at grant date and the expected vesting period in 
accordance with IFRS 2.

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

Enity Holding Note 
24 Enity Holding AB (publ) Interim report January - September 2025  
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 chief operating decision maker is the Chief Executive 
Officer. The Heads of Operations in Sweden, Norway and 
Finland report to the Nordic Chief Commercial Officer, who 
in turn reports to the Chief Executive Officer. Each Head of 
Operations is responsible for the respective mortgage 
segment and manages their operations based on clear 
targets regarding the development of new lending, loan 
book, income and costs as well as related KPIs. In addition, 
the operations are managed towards improved quality and 
cost efficiency through increased efficiency in various 
processes. 
Operations in Norway and Finland are conducted through 
the respective branch. Bank2’s operations, which were a 
separate company until the merger in April 2024, are 
included in the Norwegian segment.  
The Other segment includes Group-wide costs not 
attributable to segments (e.g., hedging, currency effects, 
and listing-related costs for the period), the results and 
financial position of Enity-owned loan brokers, run-off 
portfolios from Bank2, and certain Group-level IFRS 
adjustments. 
 
 
 
Balance sheet 30 Sept 2025
MSEK
Mortgages
Sweden
Mortgages
Norway
Mortgages
Finland Other Eliminations Total
Lending to credit institutions 258,5 672,7 525,5 15,3 - 1 472,1
Lending to the public 12 569,3 16 189,8 1 716,1 39,1 - 30 514,3
Deposits from the public 7 774,3 13 676,5 2 692,2 - - 24 143,0
Group
Balance sheet 30 Sept 2024
MSEK
Mortgages
Sweden
Mortgages
Norway
Mortgages
Finland Other Eliminations Total
Lending to credit institutions 221,9 412,1 907,1 0,0 - 1 541,1
Lending to the public 11 947,9 14 832,8 1 094,2 133,7 - 28 008,5
Deposits from the public 7 792,2 11 924,9 2 390,0 - - 22 107,1
Group
Balance sheet 31 Dec 2024
MSEK
Mortgages
Sweden
Mortgages
Norway
Mortgages
Finland Other Eliminations Total
Lending to credit institutions 194,9 535,2 1 838,2 0,0 - 2 568,4
Lending to the public 12 005,9 15 396,6 1 309,6 120,2 - 28 832,4
Deposits from the public 7 559,4 11 977,7 3 665,7 - - 23 202,9
Group

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

Enity Holding Note 
25 Enity Holding AB (publ) Interim report January - September 2025  
 
 
 
Income statement Jan-Sept 2025
MSEK
Mortgages
Sweden
Mortgages
Norway
Mortgages
Finland Other Eliminations Total
Interest income 811,4 1 090,6 125,2 18,4 -166,8 1 878,9
of which interest income from lending to the public 624,0 1 007,1 93,0 6,1 - 1 730,2
of which interest income within group 143,3 0,2 10,9 12,4 -166,8 0,0
Interest expense -418,8 -639,3 -74,3 -3,8 169,0 -967,2
of which interest expense from deposits from the public -182,3 -475,2 -74,3 - - -731,8
of which interest expense from inssued bonds -179,7 -19,5 - - - -199,1
of which interest expense within group -10,9 -155,5 0,0 -0,3 166,8 0,0
Net interest income 392,6 451,3 50,9 14,7 2,2 911,7
Total operating income 401,6 457,4 51,7 34,6 16,4 961,8
Total operating expenses -177,3 -181,2 -51,4 -170,1 - -580,0
Profit before credit losses 224,3 276,2 0,3 -135,5 16,4 381,8
Credit losses, net -0,1 -41,0 -6,8 -6,2 - -54,2
Operating profit 224,2 235,2 -6,5 -141,7 16,4 327,6
Items affecting comparability 2,0 11,6 - 130,7 - 144,3
Adjusted operating profit 226,2 246,8 -6,5 -11,0 16,4 472,0
Group
Income statement Jan-Sept 2024
MSEK
Mortgages
Sweden
Mortgages
Norway
Mortgages
Finland Other Eliminations Total
Interest income 875,2 973,9 84,9 9,9 -102,0 1 841,8
of which interest income from lending to the public 615,9 875,3 69,7 9,9 - 1 570,7
of which interest income within group 98,5 - 3,5 - -102,0 -0,0
Interest expense -501,0 -567,6 -52,6 -0,8 102,0 -1 019,9
of which interest expense from deposits from the public -205,8 -460,9 -46,6 - - -713,3
of which interest expense from inssued bonds -278,2 -18,4 - - - -296,6
of which interest expense within group -3,5 -92,5 -6,0 - 102,0 0,0
Net interest income 374,2 406,3 32,3 9,1 0,0 821,8
Total operating income 382,6 410,0 33,6 3,8 8,6 838,6
Total operating expenses -217,1 -224,3 -49,6 -13,4 - -504,3
Profit before credit losses 165,5 185,8 -16,0 -9,6 8,6 334,2
Credit losses, net -20,6 2,2 -3,3 -2,4 - -24,1
Operating profit 144,9 187,9 -19,3 -12,0 8,6 310,1
Items affecting comparability 38,8 23,2 -1,1 9,8 - 70,7
Adjusted operating profit 183,7 211,1 -20,4 -2,2 8,6 380,9
Group
Income statement Jan-Dec 2024
MSEK
Mortgages
Sweden
Mortgages
Norway
Mortgages
Finland Other Eliminations Total
Interest income 1 172,6 1 320,1 121,2 12,2 -157,5 2 468,5
of which interest income from lending to the public 824,2 1 193,1 99,3 12,2 - 2 128,7
of which interest income within group 151,5 - 5,9 - -157,5 0,0
Interest expense -666,6 -769,8 -73,7 -1,1 157,5 -1 353,8
of which interest expense from deposits from the public -284,6 -605,8 -67,7 - - -958,1
of which interest expense from inssued bonds -355,2 -25,1 - - - -380,2
of which interest expense within group -5,9 -145,5 -6,0 - 157,5 -0,0
Net interest income 505,9 550,3 47,4 11,0 - 1 114,7
Total operating income 511,4 554,0 48,5 7,1 9,4 1 130,3
Total operating expenses -303,2 -313,7 -68,0 -10,8 - -695,6
Profit before credit losses 208,2 240,3 -19,5 -3,7 9,4 434,7
Credit losses, net -19,4 -13,4 -3,4 -4,8 - -41,0
Operating profit 188,9 226,9 -23,0 -8,5 9,4 393,7
Items affecting comparability 52,4 48,8 -0,3 12,8 - 113,7
Adjusted operating profit 241,3 275,7 -23,3 4,3 9,4 507,4
Group

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

Enity Holding Note 
26 Enity Holding AB (publ) Interim report January - September 2025  
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. 
Quarter July – September 
During the third quarter of 2025, credit quality in the 
portfolio remained stable with expected credit loss (ECL) 
provisions developing on a low and stable trajectory, in line 
with expectations. No significant specific items or expert-
assessed adjustments were recognised during the quarter. 
Credit losses amounted to 11 MSEK during the quarter. This 
reflects the underlying portfolio performance and stable 
risk parameters. The distribution of ECL provisions across 
countries remained broadly unchanged compared with the 
previous quarter, with the updated model implemented in 
the second quarter continuing to provide consistent and 
reliable results. 
Period January – September 
Credit losses amounted to 54 MSEK for the period January 
to September 2025. The year-to-date outcome primarily 
reflects specific, non-recurring events recognised in the 
first quarter, including an adjustment of provisions in the 
Group’s run-off portfolio and identified and resolved 
losses with the migration of Bank2’s loan portfolio. 
Excluding the specified first-quarter effects, credit losses 
have so far developed in line with expectations and reflect 
a stable risk profile across the portfolio. The updated ECL 
model introduced in the second quarter continues to 
demonstrate good responsiveness to the portfolio and 
market developments, ensuring that reserve levels remain 
well aligned with the Group’s risk appetite and current 
credit environment. Write-offs remain at low levels, further 
confirming the strong credit quality and stability of the 
portfolio. 
  
MSEK Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec
2025 2024 2025 2024 2024
Stage 1 - net impairment -5,3 -1,0 -5,7 -2,9 4,8
Stage 2 - net impairment 7,4 3,5 -1,0 3,8 19,3
Stage 3 - impairment / recoveries for the year -10,9 -9,9 -32,7 -20,4 -67,6
Write-offs
Actual losses during the year -14,9 -4,3 -53,4 -33,0 -47,9
Release of allowances in Stage 3 9,0 3,9 30,9 20,2 39,8
Recoveries from previous write-offs 3,3 2,3 7,7 8,2 10,6
Total write-offs -2,6 1,9 -14,8 -4,5 2,5
Total credit losses, net -11,5 -5,6 -54,2 -24,1 -41,0
Group

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

Enity Holding Note 
27 Enity Holding AB (publ) Interim report January - September 2025  
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. 
  
 
 
 
MSEK 30 Sep 2025 30 Sep 2024 31 Dec 2024
Measured at amortised cost
Mortgages Sweden 10 640,2 10 345,9 10 344,2
Mortgages Norway 16 189,8 14 832,8 15 396,6
Mortgages Finland 1 716,1 1 094,2 1 309,6
Corporate/ factoring/ unsecured loans 39,1 133,7 120,2
Measured at fair value
Mortgages Sweden 1 929,1 1 602,0 1 661,8
Total lending to the public 30 514,3 28 008,5 28 832,4
Group
30 sept 2025
Net carrying 
amount 
MSEK Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Total
Mortgages Sweden 9 641,6 552,7 492,0 10 686,3 -7,2 -9,4 -29,5 -46,1 10 640,2
Mortgages Norway 13 058,9 1 779,7 1 418,5 16 257,1 -5,8 -14,5 -47,0 -67,3 16 189,8
Mortgages Finland 1 474,7 118,1 136,8 1 729,7 -0,8 -1,7 -11,1 -13,6 1 716,1
Corporate loans - 63,5 6,7 70,2 - -34,4 -1,0 -35,4 34,9
Unsecured loans 0,7 1,4 6,0 8,1 -0,1 -0,1 -3,7 -3,9 4,2
Total 24 175,9 2 515,5 2 060,0 28 751,4 -13,9 -60,1 -92,2 -166,2 28 585,2
Group
ProvisionsReported value gross
30 sept 2024
Net carrying 
amount 
MSEK Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Total
Mortgages Sweden 8 768,7 1 203,2 439,4 10 411,2 -6,4 -26,3 -32,7 -65,4 10 345,9
Mortgages Norway 12 036,6 1 939,5 909,2 14 885,3 -4,5 -23,6 -24,4 -52,5 14 832,8
Mortgages Finland 920,9 82,2 98,9 1 102,0 -0,3 -2,1 -5,4 -7,8 1 094,2
Corporate loans - 141,1 15,5 156,6 - -26,4 -1,0 -27,5 129,1
Unsecured loans 0,4 2,0 6,0 8,4 -0,0 -0,1 -3,7 -3,9 4,6
Total 21 726,6 3 367,9 1 469,0 26 563,5 -11,2 -78,6 -67,2 -157,0 26 406,5
Group
Reported value gross Provisions
31 Dec 2024
Net carrying 
amount
MSEK Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Total
Mortgages Sweden 8 670,9 1 314,7 417,8 10 403,4 -6,6 -19,9 -32,7 -59,2 10 344,2
Mortgages Norway 12 155,5 2 317,6 983,2 15 456,3 -5,5 -29,6 -24,5 -59,6 15 396,7
Mortgages Finland 1 125,9 94,6 97,1 1 317,6 -0,4 -1,8 -5,8 -8,0 1 309,6
Corporate loans - 132,1 13,6 145,7 - -29,0 -1,0 -30,0 115,7
Unsecured loans 0,7 1,8 6,0 8,5 -0,1 -0,2 -3,7 -4,0 4,5
Total 21 953,0 3 860,8 1 517,7 27 331,5 -12,6 -80,5 -67,7 -160,8 27 170,7
Reported value gross Provisions
Group

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

Enity Holding Note 
28 Enity Holding AB (publ) Interim report January - September 2025  
 
 
 
MSEK 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 30 Sep 2025 24 175,4 2 516,0 2 060,0 28 751,4
Provisions 1 Jan 2025 -12,6 -80,5 -67,7 -160,8
New financial assets -4,6 -4,2 -1,2 -9,9
Change in PD/LGD/EAD 1,1 -2,3 -19,0 -20,1
Change due to expert credit judgement - -10,0 -0,1 -10,1
Transfers between stages -0,4 22,2 -26,5 -4,8
-Transfer from stage 1 to 2 1,5 -10,5 - -9,0
-Transfer from stage 1 to 3 0,4 - -8,2 -7,7
-Transfer from stage 2 to 1 -2,0 14,4 - 12,4
-Transfer from stage 2 to 3 - 19,5 -24,7 -5,2
-Transfer from stage 3 to 1 -0,3 - 3,1 2,8
-Transfer from stage 3 to 2 - -1,3 3,2 1,9
Changes in exchange rates 0,2 1,7 1,4 3,3
Removed financial assets 2,5 12,9 20,8 36,2
Provisions 30 Sep 2025 -13,9 -60,1 -92,2 -166,2
Opening balance 1 Jan 2025 21 939,8 3 780,8 1 450,0 27 170,6
Net carrying amount 30 Sep 2025 24 161,5 2 455,9 1 967,8 28 585,2
Group
MSEK Stage 1 Stage 2 Stage 3 Total
Reported value gross 1 Jan 2024 20 423,0 3 553,2 1 019,7 24 995,9
Reported value gross 30 Sep 2024 21 728,9 3 367,5 1 467,0 26 563,5
Provisions 1 Jan 2024 -8,0 -64,2 -31,8 -104,0
New financial assets -5,0 -27,3 -42,3 -74,6
Change in PD/LGD/EAD - 0,3 1,7 2,0
Change due to expert credit judgement - -4,8 - -4,8
Transfers between stages 1,2 - -31,3 -30,2
-Transfer from stage 1 to 2 1,3 -18,4 - -17,1
-Transfer from stage 1 to 3 0,6 - -12,8 -12,3
-Transfer from stage 2 to 1 -0,6 7,0 - 6,4
-Transfer from stage 2 to 3 - 13,4 -25,0 -11,6
-Transfer from stage 3 to 1 -0,1 - 0,9 0,8
-Transfer from stage 3 to 2 - -2,0 5,5 3,5
Changes in exchange rates -0,9 2,7 1,0 2,9
Removed financial assets 1,5 14,8 35,4 51,8
Provisions 30 Sep 2024 -11,1 -78,7 -67,3 -157,0
Opening balance 1 Jan 2024 20 415,0 3 489,4 987,9 24 892,3
Net carrying amount 30 Sep 2024 21 717,8 3 288,9 1 399,8 26 406,5
Group

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

Enity Holding Note 
29 Enity Holding AB (publ) Interim report January - September 2025  
  
MSEK Stage 1 Stage 2 Stage 3 Total
Reported value gross 1 Jan 2024 20 423,0 3 553,2 1 019,7 24 995,9
Reported value gross 31 Dec 2024 21 952,9 3 860,8 1 517,7 27 331,4
Provisions 1 Jan 2024 -8,0 -64,2 -31,8 -104,0
New financial assets -15,4 -31,8 -45,2 -92,4
Change in PD/LGD/EAD -0,3 -4,2 1,2 -3,3
Change due to expert credit judgement - 10,0 - 10,0
Transfers between stages 8,9 -14,4 -31,9 -37,4
-Transfer from stage 1 to 2 8,9 -31,6 - -22,7
-Transfer from stage 1 to 3 0,6 - -15,9 -15,3
-Transfer from stage 2 to 1 -0,5 6,8 - 6,3
-Transfer from stage 2 to 3 - 13,2 -23,1 -9,9
-Transfer from stage 3 to 1 -0,1 - 1,5 1,4
-Transfer from stage 3 to 2 - -2,8 5,7 2,9
Changes in exchange rates 0,2 2,9 0,3 3,4
Removed financial assets 2,0 21,1 39,8 62,8
Provisions 31 Dec 2024 -12,6 -80,5 -67,7 -160,8
Opening balance 1 Jan 2024 20 415,0 3 489,4 987,9 24 892,3
Redovisat värde 31 dec 2024 21 940,4 3 780,3 1 450,0 27 170,6
Koncernen

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

Enity Holding Note 
30 Enity Holding AB (publ) Interim report January - September 2025  
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 30 Sept 2025 Measured at fair 
value through 
profit or loss
of which hedge 
accounting Amortised cost
Non-financial 
assets and 
liabilities
Total carrying 
amount
MSEK
Assets
Cash at central banks - - 1 503,2 - 1 503,2
Lending to credit institutions - - 1 472,1 - 1 472,1
Lending to public 1 929,1 - 28 585,2 - 30 514,3
Value change of interest-hedged items in portfolio 
hedging - - 47,2 - 47,2
Derivatives 70,1 29,5 - - 70,1
Bonds 711,1 - - - 711,1
Treasury bills 547,6 - - - 547,6
Shares and participations 1,1 - - - 1,1
Shares in associated companies - - 72,8 72,8
Goodwill - - 2 799,2 2 799,2
Other assets - - 42,3 - 42,3
Prepaid expenses - - 76,5 26,8 103,3
Other non financial assets - - - 657,2 657,2
Total assets 3 259,0 29,5 31 726,4 3 555,9 38 541,4
Liabilities and provisions
Deposits from public - - 24 143,0 - 24 143,0
Issued bonds - - 8 093,6 - 8 093,6
Derivatives 75,7 73,1 - - 75,7
Other liabilities - - 150,0 17,0 167,0
Accrued expenses - - 130,6 - 130,6
Provisions - - - 13,8 13,8
Non financial liabilities - - - 164,9 164,9
Total Liabilities and provisions 75,7 73,1 32 517,2 195,7 32 788,6
Group

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

Enity Holding Note 
31 Enity Holding AB (publ) Interim report January - September 2025  
 
Assets and liabilities 30 Sept 2024 Measured at fair 
value through 
profit or loss
of which hedge 
accounting Amortised cost
Non-financial 
assets and 
liabilities
Total carrying 
amount
MSEK
Assets
Cash at central banks - - 1 763,9 - 1 763,9
Lending to credit institutions - - 1 541,1 - 1 541,1
Lending to public 1 602,0 - 26 406,5 - 28 008,5
Value change of interest-hedged items in portfolio 
hedging - - 86,8 - 86,8
Derivatives 101,1 54,4 14,0 - 115,1
Bonds 672,7 - - - 672,7
Treasury bills 769,1 - - - 769,1
Shares and participations 12,5 - - - 12,5
Shares in associated companies - - 144,0 144,0
Goodwill - - - 2 666,9 2 666,9
Other assets - - 20,6 - 20,6
Prepaid expenses - - 69,8 24,2 94,0
Other non financial assets - - - 708,3 708,3
Total assets 3 157,4 54,4 29 902,7 3 543,4 36 603,5
Liabilities and provisions
Deposits from public - - 22 107,1 - 22 107,1
Issued bonds - - 8 460,5 - 8 460,5
Derivatives 141,5 138,5 - - 141,5
Other liabilities - - 120,6 19,1 139,7
Accrued expenses - - 90,5 - 90,5
Provisions - - - 22,0 22,0
Non financial liabilities - - - 126,0 126,0
Total Liabilities and provisions 141,5 138,5 30 778,7 167,1 31 087,3
Group

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

Enity Holding Note 
32 Enity Holding AB (publ) Interim report January - September 2025  
 
 
Measured at fair value through profit or loss by level 
 
Assets and liabilities 31 dec 2024 Measured at fair 
value through 
profit or loss
of which hedge 
accounting Amortised cost
Non-financial 
assets and 
liabilities
Total carrying 
amount
MSEK
Assets
Cash at central banks - - 604,7 - 604,7
Lending to credit institutions - - 2 568,4 - 2 568,4
Lending to public 1 661,8 - 27 170,6 - 28 832,4
Value change of interest-hedged items in portfolio 
hedging - - -4,4 - -4,4
Derivatives 102,0 70,3 - - 102,0
Bonds 680,0 - - - 680,0
Treasury bills 668,8 - - - 668,8
Shares and participations 1,1 - - - 1,1
Shares in associated companies - - 144,6 144,6
Goodwill - - - 2 668,7 2 668,7
Other assets - - 166,1 - 166,1
Prepaid expenses - - 58,3 21,3 79,5
Other non financial assets - - - 658,9 658,9
Total assets 3 113,6 70,3 30 563,6 3 493,5 37 170,8
Liabilities and provisions
Deposits from public - - 23 202,9 - 23 202,9
Issued bonds - - 7 933,5 - 7 933,5
Derivatives 77,0 65,1 - - 77,0
Other liabilities - - 132,5 17,0 149,5
Accrued expenses - - 88,1 - 88,1
Provisions - - - 32,3 32,3
Non financial liabilities - - - 141,1 141,1
Total Liabilities and provisions 77,0 65,1 31 356,9 190,4 31 624,3
Group
MSEK 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 - - 1 929,1 1 929,1 - - 1 602,0 1 602,0 - - 1 6 61,8 1 661,8
Shares and 
participations - - 1,1 1,1 - - 12,5 12,5 - - 1,1 1, 1
Derivatives - 70,1 - 70,1 - 101,1 - 101,1 - 102,0 - 10 2,0
Bonds and other 
interest-bearing 
securities 1 258,7 - - 1 258,7 1 441,8 - - 1 441,8 1 348,8 - - 1 3 48,8
Total 1 258,7 70,1 1 930,2 3 259,0 1 441,8 101,1 1 614,6 3 157,4 1 348,8 102,0 1  662,9 3 113,6
Liabilities
Derivatives - 75,7 - 75,7 - 141,5 - 141,5 - 77,0 - 7 7,0
Total - 75,7 - 75,7 - 141,5 - 141,5 - 77,0 - 77, 0
2024-12-31
Group
2025-09-30 2024-09-30

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

Enity Holding Note 
33 Enity Holding AB (publ) Interim report January - September 2025  
 
Changes in lending to the public measured at fair value in level 3 
 
 
 
 
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 by changing 
assumptions of unobservable inputs in the valuation model. 
The sensitivity analysis is conducted in two parts: a parallel 
shift of the yield curve by 1 percentage point and a 
decrease in the house price index by 10 percentage points. 
 
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 31 029 
MSEK (28 613 MSEK). 
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-Sep 2025
MSEK
Opening 
balance New loans Settled loans 
Interest income, 
unrealised 
Gain/loss on 
revaluations Total 
Lending to the public 1 661,8 372,8 -190,8 85,5 -0,2 1 929,1
Group
Jan-Sep 2024
MSEK Opening 
balance New loans Settled loans
Interest income, 
unrealised
Gain/loss on 
revaluations Total
Lending to the public 1 312,8 288,8 -86,9 86,3 1,0 1 602,0
Group
Jan-dec 2024
MSEK Opening 
balance New loans Settled loans
Interest income, 
unrealised
Gain/loss on 
revaluations Total
Lending to the public 1 312,8 380,6 -147,6 115,4 0,6 1 661,8
Group
Changing assumptions 202509 202409 202412
+1 percentage -3,9 -0,8 -5,0
-1 percentage -0,7 -0,2 0,5
-10 percentage point -5,0 -1,4 -6,0
+10 percentage point -0,7 -0,2 -0,5

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

Enity Holding Note 
34 Enity Holding AB (publ) Interim report January - September 2025  
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. 
Changes in CRR and CRD 
On 1 January 2025, the updated capital adequacy rules in 
the form of CRR3 entered into force. The Bank’s exposures 
mainly consist of loans secured by residential property, 
which have received changed risk weights in relation to 
loan-to-value. The introduction of CRR3 on 1 January 2025 
strengthened the Common Equity Tier 1 capital ratio by 0.8 
percentage points. 
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 (Pillar 2 Requirement “P2R”) and the 
combined buffer requirement. Below is an overview of the 
methods used to calculate the risk-based capital 
requirement. 
Pillar 1 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. 
Pillar 2 requirement: 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. 
Approval to exclude structural foreign-exchange 
positions when calculating foreign-exchange risk 
The Swedish Financial Supervisory Authority has granted 
Enity permission to exclude certain structural foreign 
exchange positions in NOK when calculating foreign 
exchange risk. The permission came into effect from 1 July 
2025. The decision has led to a reduction of Risk Exposure 
Amount by approximately 500 MSEK.  
In consideration of the future acquisition, an add-on to the 
Risk Exposure Amount of 350 MSEK has been made 
according to article 3 in CRR. See Note 8.

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

Enity Holding Note 
35 Enity Holding AB (publ) Interim report January - September 2025  
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 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
MSEK 30 Sep 2025 30 Sep 2024 31 Dec 2024
Pillar I capital requirement 1 223,8 1 132,8 1 186,3
Pillar II capital requirement 183,6 169,9 177,9
Combined buffer 1 080,3 948,1 985,8
Pillar II guidance - - -
Total capital requirements 2 487,7 2 250,8 2 350,0
Consolidated situation
Capital requirements and Pillar II guidance
% RWA 30 Sep 2025 30 Sep 2024 31 Dec 2024
Pillar I capital requirement 8,0% 8,0% 8,0%
Pillar II capital requirement 1,2% 1,2% 1,2%
Combined buffer 7,1% 6,7% 6,7%
Pillar II guidance - - -
Total capital requirements 16,3% 15,9% 15,8%
Consolidated situation
Leverage ratio and Pillar II guidance
MSEK 30 Sep 2025 30 Sep 2024 31 Dec 2024
Minimum capital requirement 1 082,0 1 034,0 1 045,0
Pillar II capital requirement - - -
Pillar II guidance 54,1 51,7 52,2
Total leverage ratio and Pillar II guidance 1 136,1 1 085,7 1 097,2
Consolidated situation
Leverage ratio and Pillar II guidance
% 30 Sep 2025 30 Sep 2024 31 Dec 2024
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 =====

Enity Holding Note 
36 Enity Holding AB (publ) Interim report January - September 2025  
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.   
2025-09-30 2024-09-30 2024-12-31
1 Common Equity Tier 1 (CET1) capital 2 303,3 2 311,5 2 472,7
2 Tier 1 capital 2 553,3 2 311,5 2 472,7
3 Total capital 2 837,7 2 608,5 2 766,9
4 Total risk exposure amount 15 297,7 14 157,1 14 828,3
5 Common Equity Tier 1 ratio (%) 15,1% 16,3% 16,7%
6 Tier 1 ratio (%) 16,7% 16,3% 16,7%
7 Total capital ratio (%) 18,6% 18,4% 18,7%
EU 7a Additional own funds requirements to address risks other than the risk of
excessive leverage (%) 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%
EU 7c of which: to be made up of Tier 1 capital (percentage points) 0,9% 0,9% 0,9%
EU 7d Total SREP own funds requirements (%) 9,2% 9,2% 9,2%
8 Capital conservation buffer (%) 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%
EU 9a Systemic risk buffer (%) 2,4% 2,0% 2,0%
10 Global Systemically Important Institution buffer (%) - - -
EU 10a Other Systemically Important Institution buffer (%) - - -
11 Combined buffer requirement (%) 7,1% 6,7% 6,7%
EU 11a Overall capital requirements (%) 16,3% 15,9% 15,9%
12 CET1 available after meeting the total SREP own funds requirements (%) 9,4% 9,2% 9,5%
13 Total exposure measure 36 067,9 34 466,9 34 832,6
14 Leverage ratio (%) 7,1% 6,7% 7,1%
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%
EU 14d Leverage ratio buffer requirement (%) - - -
EU 14e Overall leverage ratio requirement (%) 3,0% 3,0% 3,0%
15 Total high-quality liquid assets (HQLA) (Weighted value -average) 2 725,6 3 154,7 1 897,1
EU 16a Cash outflows - Total weighted value 3 657,9 1 665,8 1 310,1
EU 16b Cash inflows - Total weighted value 3 203,3 1 906,4 2 464,4
16 Total net cash outflows (adjusted value) 914,5 416,5 327,5
17 Liquidity coverage ratio (%) 298,0% 757,5% 579,2%
18 Total available stable funding 28 265,0 29 081,0 28 760,8
19 Total required stable funding 23 260,7 20 705,3 21 240,9
20 NSFR ratio (%) 121,5% 140,5% 135,4%
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
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

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

Enity Holding Note 
37 Enity Holding AB (publ) Interim report January - September 2025  
Note 7. Related party transactions 
Company name Org 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 49,6% 
Uno Finans Oy* 33098331 Helsinki 49,6% 
 
*Loan broker services 
**In liquidation 
***Dormant 
   
 
 
*The wholly owned subsidiary, Bluestep Mortgage Securities No.4 DAC, was liquidated on 3 March 2025. 
Other assets 
Other assets refer to a loan to Eiendomsfinans AS issued 
on market terms. 
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 
In Q2 2025, Enity Bank AB (publ) acquired the remaining 
51% of Eiendomsfinans AS from Butterfly Holdco Pte. Ltd. 
for 83 MSEK on market terms. The transaction is classified 
as a related-party transaction. Following the listing of Enity 
Holding AB (publ) on 13 June 2025, Butterfly Holdco Pte. 
Ltd. retained a 39% ownership and remains a related party. 
Transactions with key management personnel 
During the period, no material transactions were 
conducted with key management personnel that are 
classified as related-party transactions under the 
applicable regulations for listed companies.
  
Assets and liabilities
MSEK 30 Sep 2025 30 Sep 2024 31 Dec 2024
Other assets
Associates - 15,0 15,4
Total - 15,0 15,4
Group
Income and expenses
MSEK 30 Sep 2025 30 Sep 2024 31 Dec 2024
General administration expenses
Associates 37,9 31,9 44,2
Total 37,9 31,9 44,2
Koncernen

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

Enity Holding Note 
38 Enity Holding AB (publ) Interim report January - September 2025  
Note 8. Pledged assets, contingent 
liabilities and commitments 
 
 
Lending to credit institutions 
Reserved funds refer to the cash reserve requirement at 
the Bank of Finland. 
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 Riksbank 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 future acquisitions 
The company has entered a binding commitment to 
acquire the remaining shares in Uno Finans AS, where the 
company currently holds 49,6%. The acquisition will be 
conducted during the first quarter of 2026, in 
accordance with the shareholders’ agreement. The 
estimated minimum amount for the transaction amounts 
to 50,4% of the agreed value according to the 
shareholders’ agreement, which corresponds to 
approximately 68 MNOK (64 MSEK). The final purchase 
consideration is subject to terms and conditions as 
defined in 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. As of 30 
September 2025, a retention liability of 27 MSEK was 
recorded. The remaining commitment is estimated to 
impact earnings by 12 MSEK in Q4 2025 and 11 MSEK in 
Q1 2026, including related social security costs. 
  
MSEK 30 Sep 2025 30 Sep 2024 31 Dec 2024
Pledged assets and comparable securities for own liabilities
Lending to credit institutions 29,7 17,4 22,7
Lending to the public 6 266,0 5 824,0 5 772,0
Government debt securities - 20,0 20,0
Commitments
Granted loans but not paid out 332,5 495,6 262,4
Acquisitions 64,2 68,8 68,8
Commitments to employees 22,8 - -
Group

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

Enity Holding Noter 
 
39 Enity Holding AB (publ) Interim report January - September 2025  
Note 9. Earnings per share 
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, 
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 0.99% 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. 
 
 
 
  
Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec
Earnings per share 2025 2024 2025 2024 2024
Average number of shares 50 000 000 50 000 000 50 000 000 50 000 000 50 000 000
Weighted average number of shares outstanding 50 000 000 50 000 000 25 826 110 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 25 826 110 50 000 000 50 000 000
Diluted number per share 50 185 396 50 000 000 26 011 515 50 000 000 50 000 000
Profit for the year, mkr 113,0 101,1 239,2 241,7 255,6
Profit attributable to shareholders of  Enity Holding AB 107,0 101,1 233,3 241,7 254,4
Profit attributable to AT1-instrument holders 5,9 - 5,9 1,2 1,2
Earnings per share, kr
Earnings per share before dilution, kr 2,26 2,02 9,03 4,83 5,11
Earnings per share after dilution, kr 2,13 2,02 8,97 4,83 5,11

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

Enity Holding Noter 
 
40 Enity Holding AB (publ) Interim report January - September 2025  
Note 10. Business combinations 
Eiendomsfinans AS is a Norwegian mortgage broker in 
which Enity Bank Group AB (publ) owned approximately 
49% of the shares and votes. On 5 May 2025, the Board of 
Enity Bank resolved to acquire the remaining approximately 
51% of the shares and votes in Eiendomsfinans AS and its 
subsidiary Eiendomsfinans Drift AS from Enity Holding’s 
parent company, Butterfly HoldCo Pte. Ltd, for a total 
purchase consideration of 161 MSEK (including previously 
held interests of approximately 49%). The acquisition was 
completed on 6 May 2025 and Eiendomsfinans AS is now 
a wholly owned subsidiary of Enity Bank Group AB (publ). 
The acquisition of the remaining shares in Eiendomsfinans 
AS was conducted 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. Enity has 
remeasured its previous interest in Eiendomsfinans AS to 
fair value and recognised –4.5 MSEK as a loss in the 
income statement during the 2
nd quarter of 2025. 
Acquisition costs amount to approximately 0,4 MSEK. 
Revenue and profit attributable to the acquired 
company 
From the acquisition date up to and including 30 
September, Eiendomsfinans AS contributed external 
commission income of 17 MSEK and a net income of 2 
MSEK. 
Goodwill 
In connection with the purchase price allocation, excess 
value of 157 MSEK have been identified relating to 
Eiendomsfinans AS and classified as goodwill. Goodwill is 
assessed to have an indefinite useful life and is considered 
to relate to future synergies. Brands and customer 
relationships are assessed to have a useful life of 5 years. 
Deferred tax is recognised on brands and customer 
relationships. 
Effect on the Group’s cash flow 
Cash consideration of 83 MSEK was paid on the 
acquisition date and acquired cash amounted to 3 MSEK. 
The effect on the Group’s cash flow thus amounts to 81 
MSEK.  
 
 
 
 
 
 
Acquisition Analysis MSEK
Intangible Assets 2,1
Property, Plant and Equipment 3,2
Accounts Receivable and Other Receivables 36,7
Cash and Cash Equivalents 2,6
Accounts Payable and Other Liabilities -40,0
Net Identifiable Assets and Liabilities 4,6
Purchase Consideration 16 1,3
Excess Value 156,6
Allocation of Excess Value
Goodwill 129,8
Customer Relationships 14,0
Trademarks 20,5
Deferred Tax -7,7
Total Excess Value 156,6

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

Enity Holding Noter 
 
41 Enity Holding AB (publ) Interim report January - September 2025  
Signature of the Chief Executive 
Officer and the Board 
This interim report has 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 5th of November 2025 
 
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 =====

Enity Holding Definitions of alternative performance measures 
42 Enity Holding AB (publ) Interim report January - September 2025  
Definitions of alternative 
performance measures  
  
 
Adjusted C/I ratio (%) 
Adjusted total operating expenses in relation 
to adjusted total operating income. Total 
opera 
ting 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. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec
C/I ratio (%) 2025 2024 2025 2024 2024
Total operating expenses 174,1 142,9 580,0 504,3 696,6
Operating income 323,2 284,4 961,8 838,5 1 130,3
C/I ratio 53,9% 50,3% 60,3% 60,1% 61,6%
Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec
Adjusted C/I ratio (%) 2025 2024 2025 2024 2024
Total operating expenses 174,1 142,9 580,0 504,3 696,6
(-) Items affecting 
comparability -20,7 -1,3 -121,3 -63,0 -49,3
Acquisition, integration 
and divestment - - - - -47,4
Strategic overview - - - - -1,9
(-) Amortisation of 
surplus values from 
acquisitions
-5,1 -0,3 -12,4 -7,4 -11,4
(-) Impairment - - -4,5 - -
(-) Restructuring 0,0 - -6,1 - -53,1
Adjusted total operating 
expenses 148,3 141,4 435,6 433,8 682,1
Operating income 323,2         284,4        961,8        838,5        1 130,3      
Adjusted C/I ratio (%) 45,9% 49,7% 45,3% 51,7% 51,5%
Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec
Net interest margin (%) 2025 2024 2025 2024 2024
Net interest income 308,2 276,8 911,7 821,8 1 114,0
Annualised net interest 
income 1 233,0 1 107,3 1 215,6 1 095,8 1 114,0
(÷) Average lending to 
the public 30 073,4 27 986,4 29 673,3 27 106,8 27 518,7
Net interest margin (%) 4,1% 4,0% 4,1% 4,0% 4,1%
Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec
Average lending to the 
public 2025 2024 2025 2024 2024
Lending to the public - 
Opening balance 29 632,6 27 964,4 28 832,4 26 205,1 26 205,1
Lending to the public - 
Closing balance 30 514,3 28 008,5 30 514,3 28 008,5 28 832,4
Average lending to the 
public 30 073,4 27 986,4 29 673,3 27 106,8 27 518,7

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

Enity Holding Definitions of alternative performance measures 
43 Enity Holding AB (publ) Interim report January - September 2025  
 
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. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec
Return on tangible 
equity (RoTE) % 2025 2024 2025 2024 2024
Operating profit 137,6 135,9 327,6 310,1 393,6
(-) Tax -24,6 -34,8 -88,4 -68,5 -138,1
Profit/loss for the period 113,0 101,1 239,2 241,7 255,5
Annualised profit for the 
period 452,0 404,3 319,0 322,2 255,2
Average tangible equity 2 421,8 2 415,8 2 421,8 2 415,8 2 431,6
Return on tangible 
equity (RoTE) % 18,7% 16,7% 13,2% 13,3% 10,5%
Adjusted RoTE (%)
Operating profit 137,6 135,9 327,6 310,1 393,6
(+) Items affecting 
comparability 20,7 1,3 121,3 63,0 49,3
Acquisition, integration 
and divestment - - - - 47,4
Strategic overview - - - - 1,9
(+) Amortisation of 
surplus values from 
acquisitions
5,1 0,3 12,4 7,4 11,4
(+) Impairment - - 4,5 - -
(+) Restructuring -0,0 - 6,1 - 53,1
(-) Tax -33,7 -28,3 -97,2 -78,4 -104,5
Adjusted operating 
profit less tax 129,7 109,1 374,7 302,2 402,9
Annualised adjusted 
operating profit less tax 518,9 436,4 499,7 402,9 402,9
(÷) Average tangible 
equity 2 421,8 2 415,8 2 421,8 2 415,8 2 431,6
Adjusted RoTE (%) 21,4% 18,1% 20,6% 16,7% 16,6%
Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec
Adjusted operating 
profit 2025 2024 2025 2024 2024
Operating profit 137,6 135,9 327,6 310,1 393,6
(+) Items affecting 
comparability 20,7 1,3 121,3 63,0 49,3
Acquisition, integration 
and divestment - - - - 47,4
Strategic overview - - - - 1,9
(+) Amortisation of 
surplus values from 
acquisitions
5,1 0,3 12,4 7,4 11,4
(+) Impairment - - 4,5 - -
(+) Restructuring -0,0 - 6,1 - 53,1
Adjusted operating 
profit 163,4 137,4 472,0 380,6 507,4

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

Enity Holding Definitions of alternative performance measures 
44 Enity Holding AB (publ) Interim report January - September 2025  
 
 
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 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. 
 
 
 
 
 
Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec
Adjusted operating 
profit less tax 2025 2024 2025 2024 2024
Operating profit 137,6 135,9 327,6 310,1 393,6
(+) Items affecting 
comparability 20,7 1,3 121,3 63,0 49,3
Acquisition, integration 
and divestment - - - - 47,4
Strategic overview - - - - 1,9
(+) Amortisation of 
surplus values from 
acquisitions
5,1 0,3 12,4 7,4 11,4
(+) Impairment - - 4,5 - -
(+) Restructuring -0,0 - 6,1 - 53,1
Adjusted operating 
profit 163,4 137,4 472,0 380,6 507,4
(-) Tax -33,7 -28,3 -97,2 -78,4 -104,5
Adjusted operating 
profit less tax 129,7 109,1 374,7 302,2 402,9
Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec
Credit losses LTM % 2025 2024 2025 2024 2024
Credit losses, net (LTM) 71,0 46,8 71,0 46,8 40,9
Lending to the public at 
amortised cost - 2023-
09-30
19 755,7 19 755,7 19 755,7 19 755,7 -
Lending to the public at 
amortised cost - 2024-
09-30
26 406,5 26 406,5 26 406,5 26 406,5 -
Lending to the public at 
amortised cost - 2024-12-
31
27 170,6 27 170,6 27 170,6 27 170,6 26 031,5
Lending to the public at 
amortised cost - 2025-
09-30
28 585,2 28 585,2 28 585,2 28 585,2 -
(÷) Average lending to 
the public at amortised 
cost (LTM)
27 495,8 23 081,1 27 495,8 23 081,1 26 031,5
Credit losses LTM % 0,26% 0,20% 0,26% 0,20% 0,16%
Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec
Total capital ratio 2025 2024 2025 2024 2024
CET1 2 303,3 2 311,5 2 303,3 2 311,5 2 472,7
(+) AT1 250,0 - 250,0 - -
(+) T2 284,4 297,0 284,4 297,0 294,2
Total own funds 2 837,7 2 608,5 2 837,7 2 608,5 2 766,9
(÷) Risk exposure 
amount 15 297,7 14 157,1 15 297,7 14 157,1 14 828,3
Total capital ratio 18,6% 18,4% 18,6% 18,4% 18,7%

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

Financial calendar 
Year-end report, Q4 2025, 5th of February 2026 
 
Annual Report and Sustainability report 2025, 27th of March 2026 
 
Interim report, Q1 2026, 30th of April 2026 
 
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 163 
SE-104 35 Stockholm 
 
Enity Holding 2025 
Org. No 556668-9575 
Registered office: Stockholm 
www.enity.com