FULLTEXT DEL 1 AV 1
Kvartalsrapport Q3 2025
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© Enity Holding 2025
2025
Enity Holding AB (publ)
Interim report
January - September
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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
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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.
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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
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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
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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).
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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
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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.
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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