Kvartalsrapport Q2 2026

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

Alisa Bank Plc 
 
  
 
 
 
 
 
A L I S A  B A N K  P L C 
 
Half-Year Financial Report January – June 2026

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

ALISA BANK PLC HALF-YEAR FINANCIAL REPORT JANUARY – JUNE 2026 
 
 1 
 
 
EXECUTING THE STRATEGY 
January-June 2026 in brief 
 
 Aki Gynther was appointed CEO of Alisa Bank on 17 June 2026. 
 Invoice financing invoicing volumes increased by more than 20 per cent compared to the 
corresponding period. 
 The partner network developed strongly, and the number of sales leads generated increased by 46 
per cent compared to the corresponding period. 
 The invoice financing loan portfolio increased by 43 per cent from the beginning of the year to EUR 
42.1 million (29.5). 
 The total loan portfolio increased by 7.8 per cent from the beginning of the year and amounted to EUR 
59.7 million (55.4) at the end of the review period. 
 As part of ongoing Asset and Liability Management (ALM), the deposit base was optimized during the 
year, deposits decreased to EUR 190.3 million (256.5) from the beginning of the year, while the 
average deposit margin also decreased by 0.3 percentage points. 
 Profit before non-recurring items and taxes was EUR -1.5 million (-1.4), mainly due to the ongoing 
wind-down of the retail customer business and delayed cost savings from organizational changes 
implemented at the beginning of the year. 
 During the review period, expenses decreased by 5.7 per cent compared to the corresponding period, 
despite non-recurring costs of EUR 0.3 million related to employment terminations recognised during 
the first half of the year. 
 The bank’s non-performing exposures decreased by 43 per cent from the beginning of the year to 
EUR 3.2 million (5.6), and net credit losses decreased by 87 per cent to EUR -0.3 million (-2.3) from 
the corresponding period. 
 Liquidity and capital adequacy remained strong throughout the review period. 
 
The comparability of the figures for the review period is affected in particular by the wind-down of the 
retail banking business initiated in 2025 and the sale of a significant retail loan portfolio completed in 
December 2025. 
Key impacts of the wind-down of the retail banking business: 
 
 The retail banking loan portfolio decreased by 28 per cent from the beginning of the year to EUR 6.8 
million (9.4) and by 91 per cent from a year earlier (71.7). 
 Interest income from the retail banking business decreased by 86 per cent from the corresponding 
period and amounted to EUR 0.5 million (3.9). At the same time, net credit losses from the retail 
banking business amounted to EUR -0.4 million (-1.8). 
 As a result of the wind-down of the retail banking business and the related organisational changes, 
the number of employees decreased by six. 
Group key figures (EUR 1,000) Jan-June 2026 Jan-June 2025 Jan-Dec 2025 
Net interest income 4,280 6,612 12,263 
Net fee and commission income 281 729 1,402 
Total operating expenses -6,244 -6,624 -13,697 
Realised and expected credit losses -296 -2,336 -3,309 
Profit before taxes -1,841 -1,601 -2,093 
* Profit before non-recurring items and taxes -1,510 -1,440 -3,351 
* Cost to income ratio, % 133 90 92 
Balance sheet total 236,583 349,570 305,959 
* Return on equity (ROE), % -10.8  -9.1  -5.9 
Capital adequacy ratio (TC), % 21.4 19.2 34.6 
Common Equity Tier 1 (CET1) capital ratio, % 19.7 16.7 31.1 
Number of employees at the end of the period 73 85 79 
Earnings per share (EPS), EUR -0.01 -0.01  -0.01  
* Credit losses / loan portfolio, % 1.0 3.7 5.6 
* The calculation formulas for alternative performance measures are presented in the section Alternative 
Performance Measures.

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

ALISA BANK PLC HALF-YEAR FINANCIAL REPORT JANUARY – JUNE 2026 
 
 2 
 
 
 
CEO’s review  
 
The first half of the year 2026 was twofold. In line with our strategy, we focused on serving SME 
customers, and our investment in financing SME growth was particularly reflected in our core product, 
invoice financing, where invoicing volumes increased by more than 20 per cent compared to the previous 
year. The growth in invoice financing volumes reflects both the gradual recovery of the economy and the 
increase in volumes generated through our partner network. At the same time, we continued the wind-
down of our retail banking business. 
 
Partnerships are one of our strategic cornerstones. In May, we launched a partnership with Visma 
Solutions (Netvisor), and together with our financial management partners we now reach approximately 
160,000 SMEs. Sales leads generated through partner channels increased by 46 per cent during the first 
half of the year compared to the corresponding period. 
 
Growth in invoice financing, building the foundation for the future 
 
Profit before one-off items and taxes for the first half of the year amounted to EUR -1.5 million (-1.4), while 
profit before taxes was EUR -1.8 million (-1.6). The comparability of earnings was affected in particular by 
the fact that the retail banking business still had a significant impact on both earnings and the balance 
sheet during the comparison period. 
 
Customers have responded positively to our focus on serving SME customers. Growth in invoice financing 
invoicing volumes was reflected in the balance sheet as the invoice financing loan portfolio increased by 
more than 40 per cent during the first half of the year to EUR 42.1 million (29.5). Demand for corporate 
loans was good during the first half of the year, but new lending fell short of expectations and was 
insufficient to offset scheduled repayments of the existing loan portfolio. The first half of the year was also 
impacted by the early repayment of a few larger loans, resulting in the portfolio of other corporate loans 
decreasing to EUR 9.9 million (13.9). We are developing a new financing product to better meet the needs 
of our corporate customers and thereby support profitable growth also in corporate lending. As expected, 
retail lending decreased during the first half of the year from EUR 9.4 million to EUR 6.8 million due to 
portfolio sales and the run-off of the remaining portfolio. Other items, consisting of loans granted to public 
sector entities and foreign household loans, totalled EUR 0.9 million (2.6). 
 
At the same time as we continued the wind-down of the retail banking business, we systematically reduced 
and reshaped our funding base to optimise funding costs. We were particularly successful in this during 
the first half of the year, with the average funding margin decreasing by more than 0.3 percentage points. 
Deposits amounted to EUR 190.3 million (256.5) at the end of the review period. 
 
Income for the first half of the year amounted to EUR 4.7 million (7.4). The decrease compared to the 
corresponding period was entirely attributable to the wind-down of the retail banking business. Expenses, 
on the other hand, decreased more moderately and amounted to EUR -6.2 million (-6.6). Expenses were 
increased by non-recurring costs of EUR 0.3 million related to employment terminations, as well as by the 
fact that the cost-saving effects of the organisational changes implemented at the beginning of the review 
period did not materialise as expected. 
 
During the first half of the year, we continued our efforts to improve the quality of the loan portfolio. This 
was reflected in lower net credit losses and a reduction in non-performing exposures. Net credit losses 
for the review period amounted to EUR -0.3 million (-2.3), while non-performing exposures stood at EUR 
3.2 million (5.6). The improvement was driven by both prudent customer selection and the discontinuation 
of retail lending. 
 
The Bank’s capital adequacy ratio stood at 21.4 per cent (34.6) at the end of June, compared with our 
internal target of 16 per cent.

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

ALISA BANK PLC HALF-YEAR FINANCIAL REPORT JANUARY – JUNE 2026 
 
 3 
 
 
 
Focusing on growth and scalability 
 
We continue to execute our strategy with determination. Together with our partners, we aim to be the 
preferred choice for our customers and a significant provider of growth financing for SMEs. The 
development of our invoice financing business during the first half of the year demonstrates that we are 
on the right track and that SMEs have a genuine need for services of this kind. 
 
To support the execution of our strategy, we strengthened our organisation through several appointments. 
Satu Uski was appointed Chief Information Officer and Marko Ahola was appointed Chief Risk and 
Compliance Officer. In addition, we are recruiting a Chief Growth Officer to support profitable growth. 
 
We will continue to enhance scalability and explore opportunities to expand our operations to other Nordic 
countries. In addition to the cost adjustments already implemented, we are critically reviewing both 
external and internal costs. Customer experience guides our development efforts and our ongoing review 
of the cost structure. 
 
 
Aki Gynther 
CEO 
 
 
 
Outlook for 2026 
 
In line with its strategy, Alisa focuses on financing SME growth and on expanding and developing its 
partner network. During the review period, strategy execution progressed as planned, supported by, 
among other things, the Netvisor and Nordea partnership initiatives. 
 
Invoice financing volumes and credit line utilisation rates developed positively during the review period. 
However, growth in the corporate loan portfolio fell short of expectations during the review period due to 
new lending volumes and a few significant early repayments. 
 
The organisational changes implemented at the beginning of the review period did not yet deliver the 
expected cost savings. Consequently, we must continue to develop our cost structure and improve 
operational efficiency in line with our strategy focused on corporate customers. 
 
The development of Alisa’s profitability and the strengthening of operating profit depend on growth in 
corporate financing volumes, improvements in operational efficiency and the business environment. 
 
In connection with the Financial Statements, the Company estimated that profit before non-recurring items 
and taxes for the first half of the year would be negative. As a result of business growth and structural 
changes, the Bank’s profitability is expected to improve, and profit before non-recurring items and taxes 
is expected to be positive in the second half of the year. 
The Company maintains its outlook for 2026 unchanged.

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

ALISA BANK PLC HALF-YEAR FINANCIAL REPORT JANUARY – JUNE 2026 
 
 4 
 
 
Contents 
 
EXECUTING THE STRATEGY ................................................................................................................ 1 
January-June 2026 in brief .............................................................................................................. 1 
CEO’s review ...................................................................................................................................... 2 
Outlook for 2026 ................................................................................................................................ 3 
 
ALISA BANK PLC HALF-YEAR FINANCIAL REPORT JANUARY - JUNE 2026 .................................. 5 
Key figures January – June 2026 .................................................................................................... 5 
Business environment ....................................................................................................................... 6 
Financial performance ....................................................................................................................... 6 
Balance sheet ..................................................................................................................................... 7 
Risk and capital adequacy management and risk position ............................................................. 8 
Responsibility ................................................................................................................................... 13 
Group structure ................................................................................................................................ 13 
Personnel and locations .................................................................................................................. 13 
Governance ...................................................................................................................................... 14 
Shares and shareholders ................................................................................................................ 15 
Financial targets for the strategy period ........................................................................................ 16 
Alternative Performance Measure .................................................................................................. 17 
 
HALF-YEAR FINANCIAL REPORT JANUARY – JUNE 2026.............................................................. 18 
Consolidated income statement ..................................................................................................... 18 
Consolidated statement of comprehensive income ...................................................................... 19 
Consolidated balance sheet ........................................................................................................... 20 
Consolidated statement of changes in equity ............................................................................... 21 
Consolidated cash flow statement ................................................................................................ 23 
 
NOTES ................................................................................................................................................. 24 
Note 1. Basic information and material changes during the review period ................................ 24 
Note 2. Accounting policies ........................................................................................................... 24 
Note 3. Net interest income ............................................................................................................25 
Note 4. Fee and commission income and expenses ....................................................................25 
Note 5. Realized and expected credit losses ................................................................................ 26 
Note 6. Earnings per share ............................................................................................................ 29 
Note 7. Classification, fair values and carrying amounts of financial assets and liabilities ....... 29 
Note 8. Breakdown of financial assets and liabilities according to maturity ............................... 31 
Note 9. Claims on the public and public sector entities ............................................................... 32 
Note 10. Debt securities ................................................................................................................. 32 
Note 11. Goodwill ............................................................................................................................. 32 
Note 12. Liabilities ........................................................................................................................... 33 
Note 13. Off-balance sheet commitments .................................................................................... 33 
Note 14. Related party transactions ............................................................................................... 34 
Note 15. Material events after the end of the reporting period .................................................... 34 
 
 
 
 
This English version is a translation of the original Finnish release. If there is any discrepancy between 
the versions, the Finnish version shall prevail.

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ALISA BANK PLC HALF-YEAR FINANCIAL REPORT JANUARY – JUNE 2026 
 
 5 
 
 
ALISA BANK PLC HALF-YEAR FINANCIAL REPORT 
JANUARY - JUNE 2026 
 
Key figures January – June 2026

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

ALISA BANK PLC HALF-YEAR FINANCIAL REPORT JANUARY – JUNE 2026 
 
 6 
 
 
Business environment 
 
Although signs of a gradual recovery were visible in the Finnish economy, the operating environment 
remained uncertain during the review period. 
 
According to the Bank of Finland’s forecast published in June 2026, the Finnish economy is expected to 
grow by 0.7 per cent in the current year. Economic growth is forecast to strengthen to 1.2 per cent in 2027 
and 1.4 per cent in 2028. The recovery of the economy is supported by a gradual strengthening of exports, 
investments and private consumption. However, growth continues to be weighed down by geopolitical 
uncertainty and the rise in energy prices resulting from the conflict in the Middle East. 
 
According to the Bank of Finland’s forecast, inflation is expected to average 2.4 per cent in 2026 and 1.6 
per cent in 2027. Unemployment is expected to decline only gradually as the economy recovers, while 
the general government balance is forecast to remain in deficit. 
 
At the end of the review period, the European Central Bank’s deposit facility rate stood at 2.25 per cent. 
However, the overall level of interest rates remained significantly lower than during the peak years of 
2023–2024, supporting the financing conditions of households and businesses. 
 
Demand for corporate financing in Finland remained subdued in the first part of the year, although lower 
interest rates supported companies’ investment and financing conditions. Growth in the corporate loan 
portfolio remained modest, reflecting continued economic uncertainty and companies’ caution in 
investment decision-making. The number of initiated bankruptcies remained high during the first part of 
the year, totalling 2,164 (2,063). 
 
 
Financial performance 
 
The figures for the review period were significantly affected by the sale of the retail loan portfolio 
completed in December 2025 and by measures related to the discontinuation of retail banking operations. 
As a result, the figures for the review period are not fully comparable with those for the comparison period. 
The gradual wind-down of retail banking operations has reduced the Bank’s loan portfolio and interest 
income, while changes in the business cost structure have not yet been fully reflected in the result for the 
review period. During the review period, deposit funding was adjusted in a systematic manner to optimize 
funding costs. As a result of these measures, the average funding margin decreased by more than 0.3 
percentage points. 
 
For income statement items, the comparison period is 1 January–30 June 2025. For balance sheet and 
capital adequacy items, the comparison date is 31 December 2025. 
 
In January–June, the Group’s result before non-recurring items and taxes was EUR -1.5 million (-1.4). Non-
recurring items during the review period consisted of costs related to the termination of employment 
relationships recognized in personnel expenses, amounting to EUR 0.3 million. The result for the review 
period was EUR -1.8 million (-1.6). 
 
The Group’s income for the review period, comprising net interest income, net fee and commission 
income, net income from securities and currency operations, and other operating income, was, as 
expected, lower than in the comparison period and amounted to EUR 4.7 million (7.4). Net interest income 
decreased by 35.3 per cent to EUR 4.3 million (6.6). Interest income for the review period amounted to 
EUR 6.0 million (10.8), while interest expenses totalled EUR -1.7 million (-4.2). The decline in interest 
income was primarily attributable to the discontinuation of retail banking operations. The development of 
interest expenses reflected the continued decrease in the deposit base. Fee income and expenses (net 
fee and commission income) decreased from EUR 0.7 million in the comparison period to EUR 0.3 million. 
 
Total expenses for the review period, including depreciation and amortization, amounted to EUR 6.2 
million, representing a decrease of 6 per cent compared with the comparison period (6.6). Personnel 
expenses increased slightly compared with the comparison period and amounted to EUR 3.7 million (3.6). 
The increase was mainly attributable to costs relating to the termination of employment contracts

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

ALISA BANK PLC HALF-YEAR FINANCIAL REPORT JANUARY – JUNE 2026 
 
 7 
 
 
recognized during the review period. Other administrative expenses, including office, IT, marketing, 
representation and consulting expenses, totalled EUR 2.0 million (EUR 2.2 million). Depreciation and 
amortization amounted to EUR 0.4 million (0.9), while other operating expenses amounted to EUR 0.1 
million (0.0). 
 
Realized and expected credit losses recognized in the income statement decreased significantly from the 
comparison period to EUR -0.3 million (-2.3). The change in the expected credit loss allowance improved 
profit by EUR 1.1 million (1.5). The release of the expected credit loss allowance was mainly attributable to 
the impact of write-offs recognized as credit losses. Realized credit losses decreased significantly from 
EUR 3.8 million to EUR 1.4 million. 
 
 
Balance sheet  
 
At the end of the review period, the Group’s total assets amounted to EUR 236.6 million (306.0). As a result 
of the strategic change, receivables from the public and public sector entities have decreased, and 
consequently the Group’s balance sheet has been adjusted by reducing the deposit base. Receivables 
from households amounted to EUR 6.8 million (9.4) and decreased from the comparison period due to the 
wind-down of the retail banking business. No new household loans have been granted, while existing 
loans have amortized and a portfolio of non-performing household receivables was sold during the 
reporting period. In addition, the company sold its German retail loan portfolio during the reporting period, 
resulting in a decrease in foreign receivables to EUR 0.4 million (2.1). 
 
The Group’s assets of EUR 236.6 million consisted mainly of debt securities, cash and cash equivalents, 
and loans granted to customers (claims on the public and public sector entities amounted to EUR 59.7 
million). Intangible assets of EUR 15.0 million included goodwill of EUR 13.3 million generated from business 
acquisitions and EUR 1.7 million of capitalised product development expenses and customer contracts. 
During the period, EUR 0.1 million (0.4) of product development expenses related to the development of 
digital banking services were capitalised as intangible assets. As a result of the Group's earnings 
performance falling short of its targets, the risk related to the valuation of goodwill has increased. 
 
During the reporting period, realized credit losses totalled EUR -1.6 million (-6.0). The change in the 
expected credit loss allowance, mainly attributable to realized credit losses, improved profit by EUR 1.1 
million (1.5), while recoveries of receivables previously recognized asrealized credit losses amounted to 
EUR 0.2 million (0.3). 
 
The Group’s liabilities, consisting mainly of liabilities to the public and public sector entities, decreased to 
EUR 203.7 million (271.3) during the review period. 
 
The Group’s equity amounted to EUR 32.8 million (34.7).

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

ALISA BANK PLC HALF-YEAR FINANCIAL REPORT JANUARY – JUNE 2026 
 
 8 
 
 
Risk and capital adequacy management and risk position  
 
The company’s Board of Directors has determined the level of risk that the company is willing to accept in 
order to achieve its strategic objectives. The accepted level of risk is based on a risk appetite framework, 
which also forms the basis for the key principles and rules governing risk-taking. The company’s main risk 
categories are credit risk, operational risk, market risk and liquidity risk. The objectives, principles and 
organisation of the company’s risk management are described in the annually published financial 
statements note Group risk management. 
 
The company publishes Pillar III disclosures on capital adequacy and risk management in its Capital and 
Risk Management Report. The report is published as a separate report in connection with the publication 
of the Annual Report. In connection with the Half-Year Financial Report, condensed Pillar III tabular 
disclosures are published in a separate report.  
 
Capital adequacy and capital adequacy management 
 
The objective of Alisa Bank’s capital adequacy and capital management is to secure an adequate amount 
of capital in relation to all material risks of its operations. The company constantly monitors that its capital 
is sufficient to cover all the material risks facing the company. 
 
At the end of the review period, the group’s capital structure consisted of common tier 1 capital (CET 1) 
and secondary capital (Tier 2). The group’s own funds (TC) were EUR 19.4 (21.7) million, exceeding the 
total capital requirement for own funds by EUR 6.9 million, when total capital requirement was EUR 12.5 
million. Tier 1 capital (T1) was EUR 17.8 (19.5) million was entirely common equity Tier 1 ratio (CET 1) and 
Tier 2 capital (T2) EUR 1.6 (2.2) million consisted of a debenture loan.  
 
Alisa Bank's total risk exposure amount (REA) was EUR 90.6 (62.7) million at the end of the review period. 
The total risk exposure amount increased by EUR 27.9 million. The increase was mainly due to growth in 
SME exposures subject to credit risk and growth in the Bank’s Treasury investment activities. Credit risk 
represents 82 per cent of the total risk exposure amount. The most significant capital-consuming items 
are retail exposures consisting of receivables from private and business customers, and the Treasury 
investment portfolio. Alisa Bank uses the standardised approach for calculating the Pillar 1 capital 
requirement. 
 
The Group’s total capital ratio was 21.4 per cent, exceeding Alisa Bank’s total capital requirement of 13.75 
per cent. The Common Equity Tier 1 (CET1) ratio and the Tier 1 ratio were both 19.7 per cent, exceeding 
the CET1 capital requirement of 9.27 per cent and the Tier 1 capital requirement of 11.19 per cent, 
respectively.  
 
At the end of the review period, Alisa Bank’s leverage ratio was 8.0 per cent. The minimum leverage ratio 
requirement is 3.0 per cent.

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

ALISA BANK PLC HALF-YEAR FINANCIAL REPORT JANUARY – JUNE 2026 
 
 9 
 
 
Capital and risk position   
EUR 1,000 Jun 30, 2026 Dec 31, 2025 
Common Tier 1 Capital before adjustments 32,843 34,671 
Adjustments to Common Tier 1 Capital -15,015 -15,132 
Common Tier 1 Capital in total (CET1) 17,828 19,539 
     
Additional Tier 1 Capital in total (AT1)  0 0 
     
Total Capital (T1 = CET1 + AT1)  17,828 19,539 
     
Tier 2 Capital before adjustments 6,100 6,100 
Adjustments to Tier 2 Capital -4,519 -3,914 
Tier 2 Capital in total (T2) 1,581 2,186 
   
Total Capital (T1 + T2) 19,409 21,725 
   
Total risk weighted exposure amounts     
Credit and Counterparty risk 73,940 45,892 
Market risk 593 758 
Operational risk 16,087 16,087 
Risk weighted exposures in total 90,620 62,738 
   
Common Equity Tier 1 ratio (CET 1), % 19.7% 31.1% 
Tier 1 ratio (T1), % 19.7% 31.1% 
Total Capital Ratio (TC), % 21.4% 34.6% 
 
LEVERAGE RATIO   
EUR 1,000 Jun 30, 2026 Dec 31, 2025 
Total Tier 1 Capital  17,828 19,539 
Total Exposure Amount 221,834 292,327 
Leverage ratio (LR), % 8.0% 6.7% 
 
 
The bank’s total capital requirement consists of the statutory Pillar I minimum capital requirement of 8.0 
per cent and the fixed additional capital requirement of 2.5 per cent under the Act on Credit Institutions. 
The system risk buffer requirement of 1 percentage point set by the Financial Supervisory Authority 
entered into force on 1 April 2024. On 24 April 2024, the FIN-FSA imposed on Alisa Bank Plc, based on 
the supervisory review and evaluation process, a discretionary additional own funds requirement (SREP 
requirement). The additional capital requirement is 2.25 per cent. Of this requirement, 75 per cent must be 
met with Tier 1 capital, of which 75 per cent must in turn be met with Common Equity Tier 1 capital. The 
discretionary additional capital requirement entered into force on 31 December 2024 and remains effective 
until 31 December 2027 at the latest. The table below illustrates the composition of Alisa Bank’s total capital 
requirement.

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

ALISA BANK PLC HALF-YEAR FINANCIAL REPORT JANUARY – JUNE 2026 
 
 10 
 
 
Total capital requirement June 30, 2026  
 Supplementary capital requirements  
Pillar 1 minimum capital 
requirement 
Capital 
conservation 
buffer 
Systemic risk 
buffer 
Pillar 2 (SREP) 
capital 
requirement* 
Total capital 
requirement 
Capital % M€ % M€ % M€ % M€ % M€ 
CET1 4.50 % 4.08 2.50 % 2.27 1.00 % 0.91 1.27 % 1.15 9.27 % 8.40 
AT1 1.50 % 1.36     0.42 % 0.38 1.92 % 1.74 
T2 2.00 % 1.81     0.56 % 0.51 2.56 % 2.32 
Total 8.00 % 7.25 2.50 % 2.27 1.00 % 0.91 2.25 % 2.05 13.75 % 12.46 
 
 
Credit risk 
 
The credit risk of the company’s operations mostly stems from lending to its customers. Credit risk is 
defined as the risk of loss resulting from Alisa Bank’s loan customers and other counterparties not being 
able to meet their contractual obligations, and from issued collateral not covering Alisa Bank’s receivables. 
Credit risk management and principles are described in the note Group’s risk management of Alisa Bank's 
2025 financial statements. 
 
The loan portfolio amounted to EUR 62.1 million (58.9) at the end of the review period. During the review 
period, the loan portfolio increased by 5 per cent. Growth was supported by the favourable development 
of the corporate financing portfolio. The relative credit risk position improved during the review period. 
 
Overdue loans among corporate customers decreased overall during the review period, whereas the share 
of overdue loans among private customers increased slightly. 
 
At the end of the review period, the amount of non-performing receivables was EUR 3.2 million (5.6). The 
NPL ratio, which describes non-performing receivables in relation to loans and advances, was 5.1 per cent 
(9.5) at the end of the review period. Loan receivables with a payment delay of more than 30 days but less 
than 90 days accounted for 1.3 per cent (2.0) of the entire loan portfolio. The proportion of loans having 
delayed payments of more than 90 days was 3.0 per cent (4.3).  
 
Non-performing and forborne exposures 
 June 30, 2026 Dec 31, 2025 
EUR, 1,000 Exposures 
% of total loan 
portfolio Exposures 
% of total loan 
portfolio 
Non-performing exposures delayed 
less than 90 days 1,329 2.1 % 3,072 5.2 % 
Non-performing exposures delayed 
90-180 days 161 0.3 % 352 0.6 % 
Non-performing exposures delayed 
more than 180 days 1,693 2.7 % 2,151 2.6 % 
Total non-performing loans 3,183 5.1 %   5,575 9.5 % 
Performing forborne exposures  32 0.1 % 76 0.1 %  
Non-performing forborne exposures 746 1.2 % 986 1.7 %  
Total forborne exposures 778 1.3 % 1,063 1.8 %

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

ALISA BANK PLC HALF-YEAR FINANCIAL REPORT JANUARY – JUNE 2026 
 
 11 
 
 
A non-performing loan is a loan that is in default, impaired or considered to be unlikely to paid. Non-
performing loans are classified in stage three of the IFRS 9 ECL calculation. The credit losses recorded 
during the reporting period are described in more detail in Note 5 to the Half-Year Financial Report. 
 
The company had one customer exposure exceeding 10 per cent of Tier 1 capital for capital adequacy 
purposes. The exposure relates to short-term invoice financing secured by the company’s trade 
receivables. The ten largest customer exposures represented 22.2 per cent of the total loan portfolio. 
Financing granted to companies was mainly concentrated in the manufacturing, wholesale and retail trade, 
and construction sectors. Concentration risk is monitored particularly with regard to customer exposures 
and industry sectors and is managed through established limits as part of regular management risk 
reporting. 
 
The following tables describe the geographical distribution of exposures before expected credit losses. 
The exposures of individuals in other EU countries consist primarily of the outstanding loan portfolio in 
Denmark. 
Exposure and home country  June 30, 2026 
 
 
EUR 1,000 
Amount of loan 
receivables 
More than 90 days past 
due 
Private individuals Finland  7,725 546 
Companies and entities Finland  52,949 824 
Public institutions Finland 533 0 
Private individuals other EU countries  873  484 
Companies and entities other EU countries  0 0 
Total of loan receivables 62,079 1,854 
 
Exposure and home country  Dec 31, 2025 
EUR 1,000 
Amount of loan 
receivables 
More than 90 days past 
due 
Private individuals Finland  10,600 737 
Companies and entities Finland  44,611 1,029 
Public institutions Finland 547 0 
Private individuals other EU countries  2,846 737 
Companies and entities other EU countries  253 0 
Total of loan receivables 58,856 2,503 
 
 
Market risk 
 
Market risk consists of the interest rate risk of the financial balance sheet and currency risk. The interest 
rate risk of the financial balance mainly consists of the differences between the interest rates and 
maturities of assets and liabilities. The share of fixed-rate long-term loans (more than 1 year) of the bank's 
credit portfolio is currently less than a tenth, and the share is constantly decreasing. The new lending is 
mainly in short-term fixed-rate invoice funding. The company constantly monitors the development of the 
interest rate risk through, for example, the sensitivity analysis of changes in the current value of the 
balance sheet and net interest income risk. If the interest rate were to increase by two percentage points, 
the economic value of the company’s Tier 1 own funds would increase by 0.4 per cent at the end of review 
period. If the interest rate was to decrease by two percentage points, the economic value of own funds 
would decrease by 0.5 per cent. If interest rates were to rise by 2 per cent, it would have an estimated 
annual impact on net interest income of EUR +1.3 million, which is 7.5 per cent of CET 1 capital. If interest 
rates were to fall by 2 per cent, the estimated annual impact on net interest income would be EUR -1.4 
million, representing -7.6 per cent of CET 1 capital.

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

ALISA BANK PLC HALF-YEAR FINANCIAL REPORT JANUARY – JUNE 2026 
 
 12 
 
 
 
Liquidity risk 
 
Liquidity risk can be defined as a lack of balance in incoming and outgoing cash flows. The risk may 
materialize if the company is unable to meet its payment obligations as they fall due. The company’s main 
liquidity risks arise from the maturity mismatch between borrowing and lending. 
 
The group’s liquidity was at a good level during the review period. The Group’s Liquidity Coverage ratio 
(LCR) was 1,911 per cent at the end of the reporting period, with the minimum requirement being 100 per 
cent. The liquidity buffer consisted of 100 per cent of Level 1 assets with a very high level of liquidity. The 
buffer consists of non-pledged, high-quality investments that can be sold very quickly. The Net Stable 
Funding Ratio (NSFR) was 263 per cent at the end of the reporting period, with the minimum requirement 
being 100 per cent.  
 
The table below shows the liquidity requirement as a twelve-month average, which was 961 per cent at 
the end of the review period.  
 
Liquidity and Net Stable Funding   
EUR 1,000 Jun 30, 2026 Dec 31, 2025 
Liquidity    
LCR-ratio (12-month average) % 961 % 685 % 
Total high quality liquid assets (12-month average) 167,592 216,982 
Cash outflow (12-month average)  34,545 49,839 
Cash inflow (12-month average) 19,084 18,185 
Total net cash outflow (12 months) 17,440 31,654 
   
Net Stable Funding   
Total available stable funding 206,872 264,636 
Total required stable funding 78,794 60,049 
NSFR-ratio % 262.5 % 440.7 % 
 
 
Operative risk 
 
Operational risk management is applied in all the company's business units by identifying, measuring, 
monitoring and evaluating operational risks related to those units. The operational risks realised during the 
review period were minor in relation to the own funds requirement allocated to them and were mainly 
related to system disruptions and fraudulent misuse by customers. In operational risk management, the 
company’s main objective is to ensure business continuity, compliance with regulations in the short and 
long term, and the management of reputational risk. Failure to comply with applicable laws and regulations 
may result in administrative penalties, restrictions or reputational damage. The Finnish Financial 
Supervisory Authority (FIN-FSA) has conducted an inspection concerning anti-money laundering and 
Know Your Customer requirements. The company is currently evaluating the observations from the 
inspection and their implications for the Company's processes. Operational risk management supports the 
implementation of the company’s values and strategy throughout its operations.

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

ALISA BANK PLC HALF-YEAR FINANCIAL REPORT JANUARY – JUNE 2026 
 
 13 
 
 
Responsibility  
 
Alisa Bank is a Finnish digital credit institution and an integral part of the Finnish financial system. Banking 
and financial services play a key role in supporting the economic stability of society, the reliability of the 
financial system and sustainable economic development. The Bank takes social responsibility and good 
corporate governance considerations into account as an integral part of its business management and risk 
management.  
 
The Bank adheres to high ethical and professional standards in its operations. The Bank requires its 
business units and employees to be familiar with and to comply with all applicable legislation, regulatory 
requirements, supervisory standards and the Bank’s internal policies in all markets and jurisdictions in 
which the Bank operates. The Bank publishes a statement on its corporate governance as part of its Annual 
Report and on its website.  
 
The competence, well-being and commitment of personnel are key success factors for the Bank’s 
operations. The Bank monitors employee satisfaction on a regular basis and implements development 
measures based on the findings. The Bank’s work community is founded on equality and non-
discrimination, and discrimination in any form is not tolerated. The Bank is committed to promoting equality 
and equal opportunities in all its operations.  
 
Customer satisfaction and responsible customer conduct are core principles of the Bank. The Bank aims 
to communicate with its customers in a clear, transparent and understandable manner. The Bank provides 
financing solutions primarily to small and medium-sized businesses to support their investment, working 
capital and growth needs. In its lending activities, the Bank applies the principles of responsible financing, 
taking into account the customer’s financial position, business continuity and risks related to the 
customer’s operations. Credit decisions also assess industry-specific risks and, where applicable, 
environmental and sustainability-related factors. The Bank actively engages with customers in situations 
where the customer’s financial position weakens and assesses, on a case-by-case basis, the possibilities 
for payment arrangements or other appropriate measures to support the customer’s repayment capacity. 
 
 
Group structure 
 
The Alisa Bank Group consists of the parent company Alisa Bank Plc and its wholly owned subsidiaries 
Fellow Finance Česko s.r.o and Fellow Finance Deutschland GmbH. The liquidation and dissolution 
process of Fellow Finance Deutschland GmbH is ongoing. There were no active business operations in 
the Czech Republic during the review period. 
 
 
Personnel and locations 
 
At the end of June 2026, the group employed 73 people (12/2025: 79). In Finland, 70 people (76) worked 
at the offices in Helsinki and Turku, and a total of 3 (3) people in other operating countries.

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

ALISA BANK PLC HALF-YEAR FINANCIAL REPORT JANUARY – JUNE 2026 
 
 14 
 
 
Changes in Management 
 
 On 25 February 2026, Alisa Bank announced that the Board of Directors and CEO Sampsa Laine 
had mutually agreed that Laine would step down from his position as CEO with immediate effect 
on the same day. 
 On 26 March 2026, Alisa Bank announced the appointment of Marko Ahola as Chief Risk and 
Compliance Officer (CRCO) and a member of the Executive Management Team. Ahola assumed 
his position on 1 April 2026 and reports to the CEO. 
 On 31 March 2026, Alisa Bank announced that Junno Roine, Head of Corporate Customers and a 
member of the Executive Management Team, had informed the company of his decision to leave 
his position. Arrangements regarding his responsibilities and any further decisions will be 
announced separately at a later date. The company has initiated a recruitment process to appoint 
his successor. 
 On 19 May 2026, Alisa Bank announced changes to the composition of its Executive Management 
Team by appointing Satu Uski as the Bank’s new Chief Information Officer (CIO) and a member of 
the Executive Management Team. Uski assumed her position on 1 June 2026 and reports to the 
CEO. 
 On 17 June 2026, Alisa Bank announced that the Board of Directors had appointed Aki Gynther as 
the company’s CEO. Gynther has been employed by the company since January 2026 and had 
served as Interim CFO and Acting CEO since 16 March 2026. He assumed the position of CEO with 
immediate effect. 
 
 
Governance 
 
The Annual General Meeting of Alisa Bank was held in Helsinki on March 19, 2026. The General Meeting 
approved the company’s financial statements and consolidated financial statements for the financial year 
2025 and granted discharge from liability to the members of the Board of Directors, the CEO, and the 
Deputy CEO, and approved the company’s remuneration report. No dividend was paid for the financial 
year 2025. 
 
The Annual General Meeting decided on the number of Board members (6), the election of one new 
member, and the selection of the chairman and vice-chairman of the board. 
 
At the end of the reporting period, the company’s Board of Directors consisted of the following members: 
 Olli-Petteri Lehtinen (Chairman of the Board)  
 Johanna Lamminen (Vice Chairman of the Board) 
 Karri Haaparinne 
 Tuukka Koskinen 
 Peter Ramsay 
 Marjo Tomminen  
 
The Company's Board of Directors consisted of the following members until 19 March 2026: 
 Sami Honkonen 
 Tero Weckroth 
 
 
Johanna Lamminen serves as Chair of the Audit Committee, and the members are Tuukka Koskinen and 
Marjo Tomminen. Karri Haaparinne serves as Chair of the Personnel Committee, and the members are 
Olli-Petteri Lehtinen and Peter Ramsay. 
 
Aki Gynther serves as the company’s CEO, and Katja Vähäsilta serves as acting Deputy CEO. 
 
The auditing firm KPMG Oy Ab acts as the auditor, with APA Tiia Kataja as the principal auditor. The auditor 
is paid according to a reasonable invoice approved by the company.

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

ALISA BANK PLC HALF-YEAR FINANCIAL REPORT JANUARY – JUNE 2026 
 
 15 
 
 
Shares and shareholders  
 
Shares of Alisa Bank Plc are listed on the main list of Nasdaq Helsinki under the trading symbol ALISA. The 
number of shares in the company was 150,031,563 at the end of June 2026 (150,031,563 shares at 30 
June 2025). There was no change in the number of shares during the reporting period. 
 
At the end of June, the Company's share capital amounted to EUR 18.3 million. At the end of the reporting 
period, Alisa Bank held 14,081 of its own shares, representing 0.01% of the total number of shares and 
votes. 
 
The closing price of Alisa Bank Plc share was EUR 0.13 on 30 June 2026, the last trading day of the review 
period. During January-June 2026 its lowest price was EUR 0.1295, with the highest price being EUR 
0.238. Alisa Bank’s market value was EUR 19.5 million at the end of the reporting period.  
 
  
 
Ten largest shareholders 
 
The shareholders’ holding information is based on the list of shareholders maintained by Euroclear Finland 
Ltd on 30 June 2026. 
    
Total number of 
shares 
% of all 
shares 
1. Evli Plc 15,288,303 10.23% 
2. Taaleri Plc 15,288,303 10.23% 
3. Kempinvest Oy 13,392,003 8.96% 
4. Heikki Vaiste 8,247,384 5.52% 
5. Mininvest Oy 7,428,353 4.97% 
6. Oy Scripo Ab 5,500,000 3.68% 
7. TN Ventures Oy 5,497,354 3.68% 
8. Saxo Bank A/S trustee register 5,391,664 3.61% 
9. Oy Prandium Ab 4,754,100 3.18% 
10. Veikko Laine Oy 4,624,489 3.09% 
 
0.10.120.140.160.180.20.220.24Share price (€)Alisa Bank stock price development 1 January - 30 June 2026

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

ALISA BANK PLC HALF-YEAR FINANCIAL REPORT JANUARY – JUNE 2026 
 
 16 
 
 
 
Financial targets for the strategy period 
 
Alisa Bank's board of directors has confirmed the following medium-term (2024-2027) targets for 
the company in line with its strategy: 
 
 Income growth: An average annual income growth of 20 per cent during the strategy period 
 Profitability: Over 15 per cent return on equity by the end of 2027 
 Operational efficiency: A cost-to-income ratio of less than 50 per cent by the end of 2027 
 Capital adequacy: 16% capital ratio throughout the strategy period 
 
The company's Board of Directors will reassess its strategic objectives in the autumn. 
 
 
 
Helsinki, 21 July 2026 
 
Alisa Bank Plc 
Board of Directors 
 
 
For more information:  
Aki Gynther 
CEO 
aki.gynther@alisapankki.fi  
+358 50 388 3141

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

ALISA BANK PLC HALF-YEAR FINANCIAL REPORT JANUARY – JUNE 2026 
 
 17 
 
 
 
Alternative Performance Measure 
 
In the financial reporting, alternative key figures (Alternative Performance Measures, APM) are presented, 
which describe the financial position of Alisa Bank and which are not based on the financial reporting 
regulations applied by Alisa Bank. Alternative key figures are presented as additional information for other 
financial reporting, and the guidelines of the European Securities Market Authority, ESMA, have been 
followed in their preparation. 
 
 
 
Loan portfolio 
 
 
 
 
Cost-income ratio, % 
= 
 
 
 
= 
The gross book value of the loan portfolio, 
which is calculated by subtracting the 
expected credit losses from the claims on the 
public and public sector entities on the 
balance sheet 
 
Operating expenses total 
Income total 
   
Share of impairment of receivables in the 
loan portfolio, % = Impairment of receivables (annualized) 
Loan portfolio at the end of the review period 
      
Return on equity (ROE), %  =  Profit for the year (annualized) 
Equity (average) 
 
Profit before non-recurring items and taxes =       Profit before taxes +/- non-recurring items * 
 
 
* Alisa Bank defines non-recurring income and expenses as non-recurring items. Non-recurring items 
include, among other things 
 termination and business restructuring costs 
 one-off depreciation of goodwill and assets (excl. credit losses on the loan portfolio) 
 non-recurring capital gains and losses 
 items with a profit impact from business acquisitions (excl. purchases and sales of loan 
receivables)

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

ALISA BANK PLC HALF-YEAR FINANCIAL REPORT JANUARY – JUNE 2026 
 
 18 
 
 
HALF-YEAR FINANCIAL REPORT JANUARY – JUNE 2026 
 
Consolidated income statement 
 
EUR 1,000 Note 
Jan 1-June 
30, 2026 
Jan 1-June 
30, 2025 
Jan 1-Dec 
31, 2025 
Interest income  5,969 10,790 18,853 
Interest expenses  -1,689 -4,177 -6,590 
Net interest income 3. 4,280 6,612 12,263 
        
Fee income  610 1,214 2,257 
Fee expenses  -329 -485 -855 
Net fee and commission income 4. 281 729 1,402 
        
Net income from securities and currency 
operations   -16 -6 -5 
Other operating income  153 23 1,253 
Total income  4,698 7,358 14,913 
     
Personnel expenses  -3,730 -3,551 -6,888 
Other administrative expenses  -2,031 -2,161 -4,338 
Depreciation and amortization   -405 -896 -2,392 
Other operating expenses  -78 -15 -79 
Total operating expenses  -6,244 -6,624 -13,697 
        
Realized and expected credit losses 5. -296 -2,336 -3,309 
Profit before taxes  -1,841 -1,601 -2,093 
      
Income taxes  14 -27 -12 
Result for the period  -1,827 -1,628 -2,105 
     
Result for the period attributable to      
Equity holders of parent company  -1,827 -1,628 -2,105 
     
 
The Company's net interest income decreased compared to the reference period, primarily due to the 
wind-down of the retail banking business initiated in 2025 and the related sale of a significant household 
loan portfolio completed in December 2025. Interest income from the retail banking business decreased 
by 86 per cent from the reference period and amounted to EUR 0.5 million (3.9). Interest expenses 
decreased primarily because of the reduction in the deposit base. At the same time, net credit losses from 
household customers amounted to EUR 0.4 million (1.8). Profit before taxes was particularly affected by 
the fact that the wind-down of the retail banking business is still ongoing and the organizational changes 
implemented at the beginning of the year have not yet delivered the expected cost savings.

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

ALISA BANK PLC HALF-YEAR FINANCIAL REPORT JANUARY – JUNE 2026 
 
 19 
 
 
Consolidated statement of comprehensive income 
 
 
EUR 1,000 Note 
Jan 1-June 
30, 2026 
Jan 1-June 
30, 2025 
Jan 1-Dec 
31, 2025 
Result for the period  -1,827 -1,628 -2,105 
Other comprehensive income/loss        
Items that are or may be reclassified 
subsequently to profit or loss        
Financial assets measured at fair value 
through other comprehensive income  -41 -1 28 
Other comprehensive income after taxes  -41 -1 28 
Comprehensive income, total  -1,868 -1,629 -2,077 
         
Total comprehensive income attributable to        
Equity holders of parent company  -1,868 -1,629 -2,077 
         
Earnings per share 6.       
Earnings per share (EPS), basic, EUR  -0.01 -0.01 -0.01 
Earnings per share (EPS), diluted, EUR  -0.01 -0.01 -0.01 
 
 
The comparability of the figures for the reporting period is affected in particular by the wind-down of the 
retail banking business initiated in 2025 and the sale of a significant retail loan portfolio completed in 
December 2025. The impacts of these measures are described in more detail in the Business Environment 
and Financial Performance sections of this Half-Year Report.

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

ALISA BANK PLC HALF-YEAR FINANCIAL REPORT JANUARY – JUNE 2026 
 
 20 
 
 
Consolidated balance sheet  
EUR 1,000 Note 
June 30, 
2026 
June 30, 
2025 
Dec 31, 
2025 
Assets        
Cash and equivalents   70,244 199,797 210,744 
Claims on credit institutions   6,294 5,991 7,769 
Claims on the public and public sector entities  7./8./9. 59,716 122,547 55,401 
Debt securities 10. 81,587 2,001 14,891 
Intangible assets and goodwill   15,003 16,241 15,120 
Property, plant and equipment   244 565 388 
Other assets   2,144 1,168 1,098 
Accrued income and prepayments   1,110 1,016 308 
Income tax assets  229 229 229 
Deferred tax assets   12 15 12 
Assets total   236,583 349,570 305,959 
Liabilities         
Liabilities to the public and public sector entities   8./12. 190,337 298,979 256,512 
Subordinated liabilities 12. 6,200 6,215 6,202 
Other liabilities   2,005 3,499 4,151 
Accrued expenses and deferred income   5,095 5,676 4,303 
Deferred tax liabilities  102 137 119 
Liabilities total   203,740 314,506 271,287 
Equity        
Equity attributable to equity holders of the parent        
Share capital   18,289 18,289 18,289 
Fund of invested non-restricted equity   31,985 31,985 31,985 
Translation difference*  4 4 4 
Fair value reserve  -13 -1 28 
Retained earnings*   -17,422 -15,212 -15,633 
Equity attributable to equity holders of the parent 
total  
  
32,843 35,064 34,672 
Liabilities and equity total    
236,583 349,570 305,959 
 
 
As a result of the wind-down of the retail banking business initiated in 2025 and the related sale of a 
significant household loan portfolio in December 2025, claims on the public and public sector entities 
decreased. Therefore, the Group reduced its deposit base to align its balance sheet with the lower level 
of receivables. During the reporting period, the Company invested excess liquidity in debt securities, 
resulting in an increase in debt securities compared to the reference period.

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

ALISA BANK PLC HALF-YEAR FINANCIAL REPORT JANUARY – JUNE 2026 
 
 21 
 
 
Consolidated statement of changes in equity 
 
 Equity attributable to the owners of the parent entity  
EUR 1,000 
Share 
capital 
Fair value 
reserve 
Fund of invested 
unrestricted equity 
Translation 
difference 
Retained 
earnings 
Total 
equity 
Equity on 1 January 2026 18,289 31,985 4 28 -15,633 34,672 
Result of the period  - -  - - -1,827 -1,827 
Other comprehensive income  - - - -41 -  -41 
Total comprehensive income  - - - -41 -1,827 -1,868 
Other changes*  - -  - - -1 -1 
Share-based payments  - -  - - 40 40 
Equity on 30 June 2026 18,289 31,985 4 -13 -17,422 32,843 
 
*During the reporting period, adjustments were made to the opening balances of translation differences and 
retained earnings as at 1 January 2025. Translation differences previously reported were overstated by EUR 
10 thousand and, correspondingly, retained earnings were understated by EUR 10 thousand. Comparative 
information has therefore been adjusted accordingly. The adjustment has no impact on the Group’s total 
equity, profit or cash flows. 
 
In addition, the 2025 result of Fellow Finance Deutschland GmbH was adjusted by EUR 0.5 thousand 
following the final completion of the company’s accounting records, which had an impact on retained 
earnings. 
 
 
 Equity attributable to the owners of the parent entity  
EUR 1,000   
Share 
capital 
Fair value 
reserve 
Fund of invested 
unrestricted equity 
Translation 
difference 
Retained 
earnings  
Total 
equity  
Equity on 1 January 2025   18,289 31,985 4 - -13,615 36,663 
Result of the period - - - - -1,628 -1,628 
Other comprehensive income   - - - -1 -  -1 
Total comprehensive income   - - - -1 -1,628 -1,629 
Other changes*   - - - - -4 -4 
Share-based payments   - - - - 35 35 
Equity on 30 June 2025   18,289 31,985 4 -1 -15,212 35,064 
 
 
* During the reporting period, adjustments were made to the opening balances of translation differences, 
retained earnings and total equity as at 1 January 2025. Translation differences previously reported were 
overstated by EUR 10 thousand and, correspondingly, retained earnings were understated by EUR 10 
thousand. Comparative information has therefore been adjusted accordingly. Total equity has been adjusted 
to correct a one-unit downward rounding error. The adjustment has no impact on the Group’s total equity, 
profit or cash flows. In addition, the 2024 result of Fellow Finance Deutschland GmbH changed by -4 
thousand euros after the 2024 result announcement due to the final completion of the accounting.

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

ALISA BANK PLC HALF-YEAR FINANCIAL REPORT JANUARY – JUNE 2026 
 
 22 
 
 
 Equity attributable to the owners of the parent entity  
EUR 1,000   
Share 
capital 
Fair value 
reserve 
Fund of invested 
unrestricted equity  
Translation 
difference  
Retained 
earnings  
Total 
equity  
Equity on 1 January 2025*  18,289 31,985 4 - -13,615 36,663 
Result of the year   - - - - -2,105 -2,105 
Other comprehensive income   - - - 28 -  28 
Total comprehensive income   - - - 28 -2,105 -2,077 
Other changes*   - - - - -4 -4 
Share-based payments   - - - - 91 91 
Equity on 31 December 2025   18,289 31,985 4 28 -15,633 34,672 
 
 
* During the reporting period, adjustments were made to the opening balances of translation differences, 
retained earnings and total equity as at 1 January 2025. Translation differences previously reported were 
overstated by EUR 10 thousand and, correspondingly, retained earnings were understated by EUR 10 
thousand. Comparative information has therefore been adjusted accordingly. Total equity has been adjusted 
to correct a one-unit downward rounding error. The adjustment has no impact on the Group’s total equity, 
profit or cash flows. In addition, the 2024 result of Fellow Finance Deutschland GmbH changed by -4 
thousand euros after the 2024 result announcement due to the final completion of the accounting.

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

ALISA BANK PLC HALF-YEAR FINANCIAL REPORT JANUARY – JUNE 2026 
 
 23 
 
 
Consolidated cash flow statement 
 
EUR 1,000 
1 Jan-30 June, 
2026 
1 Jan-30 June, 
2025 
1 Jan-31 Dec, 
2025 
Cash flow from operating activities    
Profit (loss) for the period -1,827 -1,628 -2,105 
Adjustments for items not included in cash flow       
Depreciation and impairment 405 896 2,392 
Credit losses 141 2,223 3,017 
Income taxes 14 -27 -12 
Other adjustments -15 209 417 
Adjustments total 545 3,301 5,815 
Income taxes paid -0  -42 -42 
Cash flows from operating activities before 
changes in operating assets and liabilities -1,282 1,632 3,668 
Increase (-) or decrease (+) in operating assets       
Claims on the public and public sector entities -4,455 18,942 85,293 
Debt securities -66,537 -2,038 -14,837 
Other assets -1,849 -894 -148 
Increase (-) or decrease (+) in operating liabilities       
Liabilities to the public and public sector entities  -66,175 -95,660 -138,127 
Other liabilities -1,386 -3,712 -4,479 
Total cash flow from operating activities -141,685 -81,731 -68,629 
Cash flow from investing activities       
Investments in tangible assets -9 - - 
Investments in intangible assets -136 -367 -572 
Proceeds from sales of tangible assets - - - 
Acquisition of subsidiaries less acquired cash - - - 
Total cash flow from investing activities -145 -367 -572 
Cash flow from financing activities       
Debt securities issued to the public - - - 
Liabilities to credit institutions - - - 
Paid directed share issue - - - 
Repayments of lease liabilities -145 -178 -348 
Total cash flow from financing activities -145 -178 -348 
Change in cash and cash equivalents -141,975 -82,275 -69,550 
Cash and cash equivalents at the beginning of 
period 218,513 288,063 288,063 
Cash and cash equivalents at the end of period 76,538 205,788 218,513 
Cash and equivalents are formed by the following 
items:    
Cash and cash equivalents 70,244 199,797 210,744 
Claims on credit institutions 6,294 5,991 7,769 
Total 76,538 205,788 218,512 
Notes for cash flow    
Interest received 5,894 12,123 21,156 
Interest paid -2,574 -1,029 -8,148 
 
During the reporting period, cash flow from operating activities amounted to EUR -141.7 million (-81.7). This 
was primarily driven by a decrease in the deposit base and the investment of liquid assets in debt securities 
during the reporting period.

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

ALISA BANK PLC HALF-YEAR FINANCIAL REPORT JANUARY – JUNE 2026 
 
 24 
 
 
NOTES 
 
Note 1. Basic information and material changes during the 
review period 
 
The Alisa Bank Group consists of the parent company Alisa Bank Plc and its wholly owned subsidiaries 
Fellow Finance Česko s.r.o and Fellow Finance Deutschland GmbH. The liquidation and dissolution 
process of Fellow Finance Deutschland GmbH is ongoing. There were no active business operations in 
the Czech Republic during the review period. 
 
Alisa Bank has been authorized by the Financial Supervisory Authority to engage in credit institution 
operations. In Germany, it has a credit intermediation authorised (Kreditvermittelungslizens).  Alisa Bank 
Plc offers its services to Denmark and Sweden across the border as enabled by its license for credit 
institution operations. The relevance of international operations to the group's financial position is minor. 
Alisa Bank Plc is listed on the main list of the Nasdaq Helsinki. Alisa Bank Plc’s head office is located at 
Bulevardi 21 A, 00180 Helsinki, Finland. 
 
 
Note 2. Accounting policies 
 
The Half-Year Financial report has been prepared in accordance with the IAS 34 Interim Financial 
Statements standard. The accounting principles are the same as in the 2025 financial statements.  
 
The figures in the tables are presented in thousands of euros, unless otherwise stated.  
 
For the financial year, no new standard changes have entered into force that would have material effects 
on Alisa Bank’s half-year financial report. On 1 January 2027, the new IFRS 18 Presentation and Disclosure 
in Financial Statements standard will enter into force, which will replace the IAS 1 standard and which will 
especially change the way the income statement is presented. Income and expenses are classified into 
operating, investment and financing categories. The other upcoming IFRS standard amendments are not 
expected to have any material impact on the financial statements. 
 
Alisa Bank has only one reportable operating segment. The reported segment covers the entire group and 
the segment figures are consistent with the figures of the Alisa Bank Group and the management's 
reporting. 
 
Preparing the Half-Year Financial report in accordance with IFRS standards requires judgment and 
estimates by the management.  The main assumptions made by the group are related to uncertainty factors 
regarding estimates in the calculation of expected credit losses and the valuation of goodwill. Due to the 
Group´s weaker-than-targeted earnings development, the risk of a goodwill impairment has increased.  
 
The half year report has not been audited.

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

ALISA BANK PLC HALF-YEAR FINANCIAL REPORT JANUARY – JUNE 2026 
 
 25 
 
 
Note 3. Net interest income 
EUR 1,000 
Jan 1-June 
30, 2026 
Jan 1-June 
30, 2025 
Jan 1-Dec 31, 
2025 
Interest income     
Receivables from credit institutions 1,401 3,277 5,220 
Claims on the public and public sector entities 4,023 7,507 13,595 
Debt securities 545 6 38 
Total interest income  5,969 10,790 18,853 
       
Interest expenses       
Liabilities to the public and public sector entities  -1,438 -3,917 -6,087 
Debt securities issued to the public -243 -241 -472 
Other interest expenses -8 -19 -32 
Interest expenses, total -1,689 -4,177 -6,590 
       
Net interest income  4,280 6,612 12,263 
 
 
Note 4. Fee and commission income and expenses 
EUR 1,000 
Jan 1-June 
30, 2026 
Jan 1-June 
30, 2025 
Jan 1-Dec 31, 
2025 
Fee and commission income    
Lending 447 1,008 1,868 
BaaS fee income 157 143 283 
Other fee and commission income 6 62 105 
Fee and commission income, total 610 1,214 2,257 
 
EUR 1,000 
Jan 1-June 
30, 2026 
Jan 1-June 
30, 2025 
Jan 1-Dec 31, 
2025 
Fee and commission expenses    
Banking fees -78 -92 -155 
Other fee and commission expenses -251 -393 -700 
Fee and commission expenses, total -329 -485 -855 
 
 
EUR 1,000 
Jan 1-June 
30, 2026 
Jan 1-June 
30, 2025 
Jan 1-Dec 31, 
2025 
Timing of revenue recognition    
At a point in time 286 326 593 
Over time 325 888 1,664 
Total 610 1,214 2,257 
 
All commission income under IFRS 15 is recognised based on when the control regarding payment 
obligations has transferred to the customer. Income from customers is recognised to the amount that 
the company expects to be entitled to in return for the services provided to the customer. 
Commissions are recognised as revenue either over time or at a point in time, depending on the nature 
of the service.

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

ALISA BANK PLC HALF-YEAR FINANCIAL REPORT JANUARY – JUNE 2026 
 
 26 
 
 
Note 5. Realized and expected credit losses 
 
EUR 1,000  
Jan 1-June 
30, 2026 
Jan 1-June 
30, 2025 
Jan 1-Dec 
31, 2025 
Realized credit losses on receivables    
Realized credit losses on loans granted during 
the financial year - -2 -41 
Realized credit losses on loans granted before 
the beginning of the financial year  -1,407 -3,800 -5,620 
Realized credit losses on receivables total -1,407 -3,802 -5,660 
Expected credit loss change 1,111 1,466 2,351 
Realized and expected credit losses total -296 -2,336 -3,309 
 
Net credit losses decreased significantly from the comparison period, and their ratio to the loan portfolio 
declined to 1.0 per cent (3.7 per cent). The expected credit loss (ECL) allowance decreased by EUR 1.1 
million during the reporting period, mainly as a result of receivables being recognised as final credit losses. 
During the reporting period, the Bank also sold a portfolio of retail loans in Germany as well as non-
performing loans, resulting in a release of EUR 0.5 million from the credit loss allowance. The sales did not 
have a material impact on profit. 
 
At the end of June, the ECL allowance included no management overlays (31 December 2025: EUR 0.5 
million). 
 
All debt securities are measured at fair value through other comprehensive income. The portfolio consists 
of commercial paper and municipal certificates. Due to the high credit quality of the issuers and the short-
term nature of the investments, expected credit losses were considered immaterial at the reporting date 
and no expected credit loss allowance was therefore recognised. 
 
During the reporting period, the Bank refined its expected credit loss (ECL) model based on an assessment 
conducted by Risk Management. The changes were made to improve the model’s ability to reflect credit 
risk and did not have a material impact on the amount of the ECL allowance or the Bank’s risk position 
during the reporting period.  
 
 
Exposure to credit risk by risk category 
 
Credit risk arises from receivables from personal and business customers and off-balance sheet 
commitments. The exposure to credit risk summary table shows the liabilities on the balance sheet that 
are exposed to credit risk and the corresponding ECL reservation by impairment stage. The off-balance 
sheet commitments and related ECL reservations are shown in Appendix 12. 
 
The following tables present the cash amount exposed to credit risks, excluding collateral or other credit 
risk mitigation measures. The information is distributed across credit risk categories in the table. The 
probability of default is the highest in risk category 0 and the lowest in risk category 5. Customers classified 
in risk category 0 are considered insolvent, as well as customers in risk categories 1 and 2 who have 
payment delays exceeding 30/60 days. Non-performing loan receivables are presented by risk category 
in stage 3.

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

ALISA BANK PLC HALF-YEAR FINANCIAL REPORT JANUARY – JUNE 2026 
 
 27 
 
 
   30 June 2026 
EUR 1,000 Stage 1 Stage 2 Stage 3 Total 
Risk class 5 8,484 66 0 8,550 
Risk class 4 19,398 320 0 19,718 
Risk class 3 16,930 197 0 17,126 
Risk class 2 9,525 201 0 9,726 
Risk class 1 1,671 86 0 1,757 
Risk class 0 1,819 200 3,183 5,202 
Loan portfolio 57,826 1,070 3,183 62,079 
ECL-reservation -365 -55 -1,944 -2,364 
Claims on the public & public sector entities 57,461 1,015 1,239 59,716 
 
 
   31 December 2025 
EUR 1,000 Stage 1 Stage 2 Stage 3 Total 
Risk class 5 7,849 178 2 8,029 
Risk class 4 20,650 543 7 21,200 
Risk class 3 13,818 593 13 14,424 
Risk class 2 5,650 288 20 5,958 
Risk class 1 3,069 363 2 3,434 
Risk class 0 1 279 5,531 5,810 
Loan portfolio 51,037  2,244 5,575 58,856 
ECL-reservation -499 -143 -2,813 -3,455 
Claims on the public & public sector entities 50,538 2,102 2,761 55,401 
 
 
Transition of loan receivables in stages 
 
The following reconciliations describe transitions and changes in expected credit losses per financial 
instrument category during the financial year. 
 
EUR 1,000 Stage 1 Stage 2 Stage 3 Total 
Loan receivables from customers 1 January 2026  51,037   2,245   5,575   58,856  
Transfers from stage 1 to stage 2  -548   600   -    52  
Transfers from stage 1 to stage 3 -948   -    310  -638  
Transfers from stage 2 to stage 1  176  -226   -   -50  
Transfers from stage 2 to stage 3  -   -741   439  -302  
Transfers from stage 3 to stage 1  4   -   -5  -1  
Transfers from stage 3 to stage 2  -    4  -5  -1  
Increases due to origination and acquisition   13,074   33   82  13,189 
Decreases due to derecognition   -3,194  -657  -2,287  -6,138  
Decreases in the allowance account due to write-offs -1,776  -187  -925  -2,888  
Loan receivables from customers 30 June 2026  57,826   1,071   3,183   62,080

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

ALISA BANK PLC HALF-YEAR FINANCIAL REPORT JANUARY – JUNE 2026 
 
 28 
 
 
EUR 1,000 Stage 1 Stage 2 Stage 3 Total 
Loan receivables from customers 1 January 2025 136,579 5,771 7,138 149,488 
Transfers from stage 1 to stage 2  -2,130  1,627  -  -503  
Transfers from stage 1 to stage 3 -3,468  -  3,027  -440  
Transfers from stage 2 to stage 1 253  -330  -  -77  
Transfers from stage 2 to stage 3 -  -470  347  -123  
Transfers from stage 3 to stage 1 34  -  -45  -11  
Transfers from stage 3 to stage 2 -  10  -12  -2  
Increases due to origination and acquisition  307,469  495  271  308,236  
Decreases due to derecognition  -383,872  -2,456  -1,393  -387,722  
Decreases in the allowance account due to write-offs -3,828  -2,401  -3,760  -9,989  
Loan receivables from customers 31 December 2025 51,037 2,245 5,575 58,856 
 
Reconciliation of expected credit losses 
 
The following tables describe transitions and changes in expected credit losses during the financial year. 
The tables present the reconciliation between the opening and closing balances of the loss allowance. 
 
EUR 1,000 Stage 1 Stage 2 Stage 3 Total 
ECL- reservation 1 January 2026  499 143 2,813 3,455 
Transfers from stage 1 to stage 2  -10 22 0 12 
Transfers from stage 1 to stage 3 -14 0 145 131 
Transfers from stage 2 to stage 1 4 -10 0 -6 
Transfers from stage 2 to stage 3 0 -47 98 52 
Transfers from stage 3 to stage 1 0 1 -3 -3 
Transfers from stage 3 to stage 2 0 0 -3 -3 
Increases due to origination and acquisition  59 1 42 102 
Changes in credit risk -32 -3 -83 -118 
Decreases due to derecognition  -127 -43 -304 -474 
Decreases in the allowance account due to write-offs -15 -9 -761 -785 
ECL-reservation 30 June 2026 365 55 1,944 2,364 
 
  
 
EUR 1,000 Stage 1 Stage 2  Stage 3 Total 
ECL-reservation 1 January 2025  1,053 514 4,209 5,776
Transfers from stage 1 to stage 2  -65 150 0 84
Transfers from stage 1 to stage 3 -28 0 1,040 1,012
Transfers from stage 2 to stage 1 4 -13 0 -9
Transfers from stage 2 to stage 3 0 -46 216 169
Transfers from stage 3 to stage 1 1 0 -23 -22
Transfers from stage 3 to stage 2 0 0 -7 -7
Increases due to origination and acquisition  642 5 16 663
Changes in credit risk 1 -1 299 299
Decreases due to derecognition  -1,048 -154 -433 -1,635
Decreases in the allowance account due to write-offs -59 -313 -2,504 -2,876
ECL-reservation 31 December 2025 499 143 2,813 3,455

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

ALISA BANK PLC HALF-YEAR FINANCIAL REPORT JANUARY – JUNE 2026 
 
 29 
 
 
Note 6. Earnings per share 
 Jan 1-June 
30, 2026 
Jan 1-June 
30, 2025 
Jan 1-Dec 31, 
2025 
Profit attributable to the shareholders of the 
parent, EUR 1,000 -1,827 -1,628 -2,105 
Weighted average number of shares 150,031,563 150,031,563 150,031,563 
Share and option rights for share-based 
incentive programmes 1,333,158 3,151,119 1,476,676 
     
Earnings per share, basic, EUR  -0.01 -0.01 -0.01  
Earnings per share, diluted, EUR -0.01 -0.01 -0.01  
 
 
Note 7. Classification, fair values and carrying amounts of 
financial assets and liabilities 
    
        
EUR 1,000 June 30, 2026 
Assets  
Amortised 
cost  
Fair value 
through OCI Total  
Measured at 
 fair value  
Value 
hierarchies 
Cash and equivalents 70,244 -  70,244 70,244 1 
Claims on credit institutions 6,294 -  6,294 6,294 1 
Claims on the public and public 
sector entities 59,716 -  59,716 60,938 2 
Debt securities - 35,192 35,192 35,192 1 
Debt securities - 46,395 46,395 46,395 2 
Total 136,254  81,587 217,840 219,063  
Liabilities 
Amortised 
cost 
Fair value 
through OCI Total 
Measured at
 fair value 
Value 
hierarchies 
Liabilities to the public and public 
sector entities  190,337 - 190,337 190,288 2 
Subordinated liabilities 6,200 - 6,200 5,986 2 
Total 196,537  - 196,537 196,273

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

ALISA BANK PLC HALF-YEAR FINANCIAL REPORT JANUARY – JUNE 2026 
 
 30 
 
 
EUR 1,000 December 31, 2025 
Assets  
Amortised 
cost  
Fair value 
through OCI Total  
Measured at 
 fair value  
Value 
hierarchies 
Cash and equivalents 210,744 -  210,744 210,744 1 
Claims on credit institutions 7,769 -  7,769 7,769 1 
Claims on the public and public 
sector entities 
55,401 -  55,401 57,446 2 
Debt securities - 4,920 4,920 4,920 1 
Debt securities  - 9,971 9,971 9,971 2 
Total 273,914 14,891 288,805 290,850   
Liabilities 
Amortised 
cost 
Fair value 
through OCI Total 
Measured at
 fair value 
Value 
hierarchies 
Liabilities to the public and public 
sector entities  256,512 - 256,512 256,599 2 
Subordinated liabilities 6,202 - 6,202 6,013 2 
Total 262,713 - 262,713 262,612   
 
 
The company has classified fair values on the basis of the fair value hierarchy as follows: 
 
Level 1: The fair values of financial instruments (such as publicly quoted derivatives and shares) traded on 
the active market are based on market prices quoted at the end of the reporting period. The quoted market 
price of financial assets is the current bid price, and the quoted market price of financial liabilities is the 
ask price.  
 
Level 2: For financial instruments not traded on the active market, the fair value is determined using the 
measurement method. These methods use as much observable market information as possible and rely 
as little as possible on company-specific assessments. If all the significant input data required to determine 
the fair value of an instrument are observable, the instrument is classified as level 2.  
 
Level 3: If one or several pieces of significant input data are not based on observable market data, the 
instrument is classified as level 3.  
 
 
Valuation of the fair value of financial instruments 
 
For cash and cash equivalents and claims on credit institutions, the fair value corresponds to the nominal 
value. Claims on the public and public sector entities include granted loans, for which the fair value is 
determined by discounting the expected future contract-based cash flows at the market interest rates at 
the reporting date, less expected credit losses. 
 
The fair value of deposits included in liabilities to the public and public sector entities is determined by 
discounting the future cash flows at the market interest rates at the reporting date. For subordinated 
liabilities, the discount rate reflects the margin corresponding to the instrument’s priority position.

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

ALISA BANK PLC HALF-YEAR FINANCIAL REPORT JANUARY – JUNE 2026 
 
 31 
 
 
Note 8. Breakdown of financial assets and liabilities 
according to maturity  
 
The table below shows the contractual payments of the company's financial assets and liabilities and off-
balance sheet commitments. The cash flows include capital and contractual interest. 
 
 
June 30, 2026    
EUR 1,000 
under 3 
months 
3-12 
months 
1-5 
years 
5-10 
years 
over 10 
years Total 
Assets       
Cash and equivalents 70,244 -  -  -  -  70,244 
Claims on credit institutions 6,924 -  -  -  -  6,924 
Claims on the public and public   sector entities 45,154 3,788 8,644 1,647 483 59,716 
Debt securities 15,945 65,642 - - - 81,587 
       
Liabilities       
Liabilities to the public and public sector entities 165,763 20,091 4,483 - - 190,337 
Lease liabilities 84 177 -  -  - 261 
Subordinated liabilities 100 -  6,100  -  - 6,200 
Off-balance sheet commitments 653 -   -  -  - 653 
 
 
 
December 31, 2025    
EUR 1,000 
under 3 
months 
3-12 
months 
1-5 
years 
5-10 
years 
over 10 
years Total 
Assets       Cash and equivalents 210,744 -  -  -  -  210,744 
Claims on credit institutions 7,769 -  -  -  -  7,769 
Claims on the public and public   sector entities 33,539 7,535 11,517 2,216 594 55,401 
Debt securities 9,971 4,920 - - - 14,891 
             
Liabilities             
Liabilities to the public and public sector entities 230,699 18,630 7,183 -  -  256,512 
Lease liabilities 80 223 112 -  -  415 
Subordinated liabilities -  102 6,100 -  -  6,202 
Off-balance sheet commitments 3,751 -  -  -  -  3,751

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

ALISA BANK PLC HALF-YEAR FINANCIAL REPORT JANUARY – JUNE 2026 
 
 32 
 
 
Note 9. Claims on the public and public sector entities 
 
EUR 1,000  June 30, 2026 Dec 31, 2025 
Enterprises and public sector entities 52,015 43,343 
of which invoice financing 42,080 29,478 
of which loans 9,935 13,865 
Public sector entities 533 547 
Households 6,771 9,417 
Foreigners 397 2,094 
Claims on the public and public sector entities total 59,716 55,401 
 
Receivables from households decreased compared to the reference period due to the wind-down of the 
retail banking business. No new household loans have been originated, while existing loans have 
amortized and non-performing household receivables were sold during the reporting period. In addition, 
the company sold its German household loan portfolio during the reporting period, which contributed to 
the decline in foreign receivables compared to the reference period. 
 
 
Note 10. Debt securities 
 
EUR 1,000  June 30, 2026 Dec 31, 2025 
Fair value through OCI   
Debt securities 81,587 14,891 
Debt securities, total 81,587 14,891 
 
During the reporting period, the Company invested liquid funds in short-term commercial paper and 
municipal certificates. 
 
 
Note 11. Goodwill 
 
EUR 1,000  June 30, 2026 Dec 31, 2025 
Goodwill 13,282 13,282 
Total 13,282 13,282 
 
 
Goodwill impairment test 
The amount of goodwill at the end of the reporting period was EUR 13.3 million (13.3) for the Alisa Bank 
group. An impairment test is performed annually, or whenever there are indications of impairment, for a 
cash-generating unit to which goodwill has been assigned. In goodwill impairment testing, the book value 
of the cash-generating unit is compared to the recoverable amount of the business in question.  
The financial performance during the reporting period was considered an indication of potential 
impairment, and therefore the company performed an impairment test on goodwill. 
The forecast period of the recoverable cash flow is five years in total. The forecasts are based on two-
year financial forecasts approved by the bank’s board. In determining cash flows after this, 10 per cent 
growth assumptions have been used (5%), corresponding to half of the annual growth target set in the 
strategy, and a growth assumption of 3 per cent (2%) has been applied to expenses, exceeding the 
European Central Bank’s long-term inflation target. The increased revenue expectations are based on

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

ALISA BANK PLC HALF-YEAR FINANCIAL REPORT JANUARY – JUNE 2026 
 
 33 
 
 
growth in invoice financing volumes, alongside more moderate growth in the corporate finance business. 
These growth expectations are supported by the operating model developed in recent years and strong 
partnerships, with the development achieved during the reporting period providing support for the growth 
assumptions used in the forecasts. Cash flows that extend beyond the five-year forecast period have been 
determined using the terminal value method. The terminal value growth assumption is 2 per cent, which 
corresponds to the European Central Bank’s long-term inflation target. The cash flows are discounted to 
the present at a discount rate that reflects the group’s cost of capital before taxes. The cash flows are 
discounted to the present with a discount rate that reflects the capital cost of the cash generating unit 
before taxes. The discount rate on 30 June 2026 was 8.8 per cent (8.8). The discount rate takes into 
account the risk-free rate, country and industry risk, as well as the bank’s share price volatility and size. 
The test results show that the recoverable amount exceeds the carrying value by EUR 1.6 million, and 
therefore, Alisa Bank has no need to impair goodwill. The sensitivity analysis was performed to assess the 
impact of key assumptions on the outcome of the impairment test. The key assumptions included business 
growth, cost development, credit loss development, and the discount rate. Of these, business growth, cost 
development, and the ratio of credit losses to the loan portfolio proved to be the most sensitive variables. 
Based on the sensitivity analysis, an impairment of goodwill would be required if the growth assumption 
were to decrease by 0.5 percentage points, costs were to increase by 1.0 percentage point, or the ratio of 
credit losses to the loan portfolio were to increase by 0.5 percentage points. The annual relative share of 
credit losses used in the cash flow forecasts, as a percentage of the loan portfolio, is on average 2.3 per 
cent. 
 
Note 12. Liabilities 
 
EUR 1,000 
 
Liabilities to the public and public sector entities  June 30, 2026 Dec 31, 2025 
Deposits 190,337 256,512 
Liabilities to the public and public sector entities total 190,337 256,512 
   
Subordinated liabilities June 30, 2026 Dec 31, 2025 
Debentures 6,200 6,202 
Subordinated liabilities total 6,200 6,202 
 
The debenture loan is an instrument with a lower priority than Alisa Bank's other commitments, which 
belongs to the secondary capital referred to in the capital adequacy regulations applicable to Alisa Bank. 
The loan term of the debenture loan is five years and it matures on October 17, 2027. The fixed annual 
interest rate of the debenture loan is 8 per cent. 
 
 
Note 13. Off-balance sheet commitments 
  
EUR 1,000 June 30, 2026 Dec 31, 2025 
Unused credit facilities 653 3,751 
Total 653 3,751 
 
Off-balance sheet commitments are overdraft facilities granted to customers that have not been 
withdrawn. The expected credit loss on off-balance sheet items is EUR 12 thousand (EUR 83 thousand).

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

ALISA BANK PLC HALF-YEAR FINANCIAL REPORT JANUARY – JUNE 2026 
 
 34 
 
 
Note 14. Related party transactions  
 
Related party refers to key persons in a leading position in Alisa Bank and their family members, 
subsidiaries and companies in which a key person in a leading position has control or joint control. The 
key persons are the members of the board, the CEO and the CEO's deputy, and the rest of the management 
team.  
During the reporting period, business transactions with related parties, board and executive team 
members, mainly consisted of Alisa Bank’s deposit liabilities and related interest. Transactions with related 
parties are presented in the table below. 
 
EUR 1,000 June 30, 2026 Dec 31, 2025 
Receivables 95 93 
Liabilities 40 186 
Expenses 0 4 
Total 135 283 
 
The receivables consist of share subscription loans granted to related parties. 
 
During the reporting period, members of the Executive Management Team were paid a total of EUR 0.3 
million in salaries and compensation related to the termination of employment. 
 
 
Note 15. Material events after the end of the reporting 
period  
 
There are no known events after the end of the reporting period that would require the presentation of 
additional information or that would significantly affect the company's financial position.

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

ALISA BANK PLC HALF-YEAR FINANCIAL REPORT JANUARY – JUNE 2026 
 
 35 
 
 
 
 
 
 
 
 
Alisa Bank Plc 
Bulevardi 21 A 
00180 Helsinki 
 
Tel. +358 20 380 101 
 
alisabank.com 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  www.linkedin.com/company/alisa-pankki/