Siauliu Bankas

Investor Presentation • Apr 28, 2025

Šiaulių Bankas Q1`25 Financial Results

April 29, 2025

- Quarterly performance is in line with the bank's budget expectations we are reiterating the full-year 2025 guidance

• Loan portfolio grew by 2% QoQ, reflecting slower growth attributable to seasonality factors ▪ Net fee and commission (NFC) income showed strong growth, up 17% YoY
• Strong asset quality demonstrates our commitment to rigorous underwriting, as evidenced by the lowest non-performing loan (NPL) ratio in five years
• Successfully issued €300M senior preferred notes with a high book oversubscription
• Šiaulių Bankas paid dividends of €0.061 per share the highest dividend in its history
• Share buybacks will resume shortly, providing timely support for dividend reinvestment
• Continued expansion of equity research coverage with two additional initiations launched
• Appointed John Michael Denhof as a new independent member of the Supervisory Council, further strengthening corporate governance
• Rebranding to Artea Bank on May 5th our new ticker will be ROE1L

Key Financial and Strategic Highlights

Loan Book €3.5bn

Adj. Net Profit €19.4m

Adj. RoE 13.6%

Cost of Risk 0.22%

Net Profit €17.7m

RoE 12.4%

CET1 Ratio 18.0%

BVPS €0.85

Q1 2025

Šiaulių Bankas Rebrands as Artea

Artea, our new brand, reinforces our dedication to the Lithuanian people, their needs, and their goals, aiming to become the top choice for residents and businesses

New brand was unanimously approved by the General Meeting of Shareholders on 31 March 2025

The bank aims to significantly grow the number of both private and corporate customers and become one of the leaders in customer experience and one of the most loved brands in the Lithuanian financial sector

Official new brand launch date is 5th of May

From 5th of May we are becoming Artea Bank, find out more here

3

Shareholder Returns

4

• In October 2024, Šiaulių Bankas updated its dividend policy, raising the payout ratio to a minimum of 50% of the previous year's net earnings
• The Ordinary General Meeting of Shareholders approved the allocation of Šiaulių bankas AB's profit
• On April 25th, Šiaulių Bankas paid out dividends of €0.061 per share
• The bank still has a remaining unused buyback limit of 2.65 million shares under the European Central Banks (ECB) approval granted on August 15th, 2024
• On April 9th, 2025, the bank submitted a request to the ECB seeking approval to repurchase an additional 4.5 million of its own shares

Record High Dividend Paid Buybacks Set to Resume

Proven Track Record of Solid Shareholder Returns Capital Management Framework

0

Macroeconomic Overview

Section I

Lithuania's Economy Proved to be Resilient in the Times of Turmoil

Sound Fundamentals, Dynamic Recent Performance, Low Credit Risks, Nearshoring Competitiveness and Favorable Growth Outlook

Lithuania's Exports Stay Resilient Despite Market Weaknesses Strong Export Diversification with Rising High-Value Services

Fiscal Prudence and Low Public Debt Ensure Stability Low Private Debt and Banking Sector Resilience

Lithuania`s Foreign Trade Relations With the U.S. Are Not Close

Source: State Data Agency, Bank of Lithuania 7

27.2

LT-origin export to US share in 2024, %

Export structure of goods of Lithuanian origin to the U.S. in 2024, %

Simulated Tariff-war Effects on EU Economy Pale Against Recent Crises

Source: Bruegel based on Eurostat structural business statistics (SBS) and the OECD trade in value added database (TiVA). Note: calculated by multiplying for each industry the value added embedded in exports to the US as a share of total value added at the national level by the share of employment in an industry in each region. A higher value indicates a greater vulnerability to US tariffs. Excludes pharmaceutical goods, which are at the time of writing mostly not subject to tariffs.

LT origin exports structure by partner in 2024, %

• An overall GDP drop of about 0.3 percentage points is unlikely to push the EU economy into a recession as the EU was expected to grow by 1.5 percent in 2025 before the tariffs.
• The exposure of the EU economy to trade with the US is relatively limited. While 21% of extra-EU exports go to the US, the EU value added embedded in them represented only about 2.9% of EU GDP.
• This effect is small compared to other recent shocks (eg COVID-19: -5.6%; the energy crisis caused by Russia's invasion of Ukraine: -2.4%).
• According to Bruegel estimations, Lithuania stands out among the least vulnerable countries.
• Most of Lithuania's major exports partners are also relatively resilient to the US tariffs.

Bruegel: EU Can Manage Trump Tariffs; China Trade Fears Overstated

Recent Trends and Macroeconomic Outlook

• Lithuania's economy began 2025 on a high note. Higher-frequency data suggests that, despite external headwinds, the country's economic growth has remained broad-based and is likely to maintain momentum.
• The manufacturing (excluding mineral products) output grew by 8.6% in 2025Q1. Engineering and food processing industries proved its resilience while cyclical and energy-intensive industries rebounded.
• Investment is expected to accelerate due to the cyclical recovery, projected increases in EU structural and RRF funding, and both EU and local fiscal expansion in line with the pledge to raise defence spending to 5–6% of GDP.
• The household consumption pillar remains robust, supported by strong consumer confidence, positive migration trends, a resilient labour market (with employment reaching 1.5 million – a historic record, and the average unemployment rate standing at 6.6% at the beginning of 2025), and rising purchasing power.
• Overall economic activity is being stimulated by decreasing interest rates and accelerating credit growth. In February, the MFI credit portfolio to households increased by 10.7% year-on-year, while credit to non-financial corporations rose by 16% - significantly faster than a year ago.
• Official simulation results from the Ministry of the Economy and Innovation and the Bank of Lithuania indicate that the impact of the tariff war on Lithuania's economic performance would be limited, reducing the country's GDP by 0.65– 1.35% over the next four years.

GDP to Grow 2.9% in 2025, Though Political Risks Persist

Lithuania's macroeconomic forecasts, %

• Escalation of tariff wars
• Reverse in migration
• Tax system reform
• Surging labour costs pressuring labourintensive industries

UPSIDE RISKS DOWNSIDE RISKS

• Pension reform and short-term consumption boom
• Sharp increase in defence spending
• End of the Ukraine-russia war
• Stronger-than-expected appetite for LT exports

Q1`25 Financial Results

Section II

Financial Performance Highlights

Notes:

(1) Includes Asset Management and Modernization Funds AuM

(2) ROE calculated taking annualized YTD result divided by trailing 4 quarters equity

(3) Adjustments exclude costs related to the core banking system upgrade, rebranding, the new office building, windfall taxes, as these are considered non-recurring

▪ Net interest income growth slowed early in the year - 13% QoQ due to declining rates and weaker loan originations, but we expect asset yields to stabilize by the end of 2Q25 and funding costs drop sharply towards the end of 2Q25

• Net fees & commission income (NFCI) increased by 17% compared to the previous year continued strong performance in the renovation segment and robust asset management business performance
• NFCI now accounts for 16% of total revenue, increasing our business diversification and resilience
• Achieved a strong net profit figure of EUR 17.7 million
  • o Excluding one-off items, the profit would have been EUR 19.4 million and RoE 13.6%
  • o ROE expanded +1.6pp QoQ
• Loan portfolio growth resumed with +2% QoQ

Income Statement
In €m | Q125	Q424 | %∆ QoQ | Q125	Q1`24	%∆ YoY
Net Interest Income	34.4	39.2	(12%)	34.4	39.6	(13%)
Net Fee & Commission Income	7.6	8.1	(6%)	7.6	6.5	17%
Other	6.4	9.5	(33%)	6.4	11.4	(44%)
Total Revenue	48.3	56.7	(15%)	48.3	57.4	(16%)
Salaries and Related Expenses	(14.0)	(14.1)	(1%)	(14.0)	(11.3)	24%
Other Operating Expenses	(9.9)	(20.7)	(52%)	(9.9)	(16.1)	(40%)
Total Operating Expenses	(23.8)	(34.8)	(32%)	(23.8)	(27.4)	(13%)
Operating Profit	24.5	21.9	12%	24.5	30.0	(18%)
Impairment Losses	(2.2)	(4.0)	(44%)	(2.2)	(2.2)	1%
Income Tax Expense	(4.6)	(2.8)	66%	(4.6)	(5.4)	(14%)
Net Profit	17.7	15.2	17%	17.7	22.5	(21%)
Return on Equity2	12.4%	10.8%	+1.6pp	12.4%	17.6%	(5.2pp)
Adjusted Net Profit3	19.4	17.2	13%	19.4	22.9	(15%)
Adjusted Return on Equity3	13.6%	12.2%	+1.4pp	13.6%	17.9%	(4.3pp)

Select Balance Sheet Metrics
In €m | Mar25	Dec24 | %∆ QoQ | Mar25	Mar`24	%∆ YoY
Total Loans	3,511	3,435	2%	3,511	3,045	15%
Total Assets	5,286	4,923	7%	5,286	4,923	7%
Total Deposits	3,606	3,561	1%	3,606	3,261	11%
Total Equity	561	585	(4%)	561	533	5%
Assets under Management1	1,957	1,977	(1%)	1,957	1,667	17%
Assets under Custody	1,964	1,936	1%	1,964	1,785	10%
BVPS	0.85	0.89	(4%)	0.85	0.81	5%

Net Interest Income

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• Net interest income growth slowed due to ongoing rate declines and seasonally muted loan originations early in the year
• Cost of funding is decreasing, with a sharper decline expected in 2Q25
• NIM should stabilize by the end of 2Q25

Key Highlights Net Interest Margin (NIM) Dynamics Net Interest Income YoY (€`m)

Net Interest Income QoQ (€`m)

Loan Portfolio

▪ Loan book +15% YoY with main growth areas being corporate and mortgage segments

• New loans origination was seasonally slow in the beginning of 2025 but we have seen significant pick-up during March and expect further improvement in growth
• We see continued decline in asset yields on the back of interest rate decline

Key Highlights Loan Yields

Loan Book (Q125) Loan Book Development YoY (Q125)

Net Fee & Commission Income

• Net fees & commission income (NFCI) increased by 17% compared to the previous year
• Continued strong performance in the renovation segment, robust asset management business and strong capital markets performance drove fee income growth
• NFCI now accounts for 16% of total revenue, increasing our business diversification and resilience

Key Highlights Net Fee & Commission Income YoY (€`m)

Total Revenue Split (Q1`25)

Operating Expenses(1)

Key Highlights Operating Expenses Development YoY (€`m)

Notes:

(1) Operating expenses analysis on this page excludes expenses related to insurance activities

(2) Adjusted Cost-to-income ratio exclude costs related to the core banking system upgrade, rebranding, the new office building, windfall taxes, as these are considered non-recurring

-

• (3) Cost to income calculated excluding unit linked contracts impact

Asset Quality

• Non-performing loan (NPL) ratio reached its lowest level in the past five years
• The NPL ratio declined to 2.0% in 1Q25, driven largely by the closure of non-performing loans during the quarter, which also enhanced overall NPL coverage
• Cost of risk continues to remain below target of 0.5%

Key Highlights Stage 2 and Stage 3 Dynamics

Loan Impairment Losses Development (€`m) and Cost of Risk (%)

| | | Q123 | Q223 | Q323 | Q423 | 2023 | Q124 | Q224 | Q324 | Q424 | 2024 | Q1`25 |
|------------------------|-----------------------------------------------|-------|-------|-------|---------|--------|---------|-------|---------|---------|---------|---------|
| | Impact of Parameters
and Model Adjustment | (0.5) | 1.1 | 0.7 | (7.1) | (5.8) | (2.6) | 1.8 | 3.3 | (6.4) | (3.9) | 0.5 |
| Loan impairment Losses | New Lending, Impact of Individual Assessments | (2.0) | (3.6) | (4.1) | 0.2 | (9.5) | (0.1) | (3.4) | (6.3) | 2.4 | (7.4) | (2.4) |
| | Total | (2.5) | (2.4) | (3.4) | (6.9) | (15.3) | (2.7) | (1.6) | (3.0) | (4.0) | (11.3) | (1.9) |
| | | | | | | | | | | | | |
| Cost of Risk | Corporate | 0.46% | 0.27% | 0.10% | 0.15% | 0.24% | (0.31)% | 0.08% | 0.48% | 0.55% | 0.22% | (0.21%) |
| | Consumer | 1.48% | 1.10% | 2.18% | 6.54% | 2.97% | 3.08% | 2.09% | 1.79% | 0.95% | 1.94% | 0.39% |
| | Mortgage | 0.09% | 0.08% | 0.60% | (0.42%) | 0.08% | 0.14% | 0.06% | (0.08%) | (0.20%) | (0.03%) | 0.69% |
| | Total
CoR | 0.38% | 0.35% | 0.48% | 0.95% | 0.54% | 0.37% | 0.20% | 0.36% | 0.47% | 0.35% | 0.22% |
| | | | | | | | | | | | | |

Funding

17

• Cost of funding is decreasing, with a sharper decline expected in 2Q25
• Successfully issued €300 million in senior preferred notes with 3.3x oversubscription and a strong investor base - pricing 20 bps tighter than our inaugural senior preferred bond
• Total deposits +1% QoQ

Key Highlights Funding Portfolio Breakdown (Q1`25) Cost of Funding

Funding Portfolio Development (€`m)

Deposit Portfolio Structure

Capital Ratios and Requirements

Key Highlights

Risk Weighted Assets (RWA)

• Capital position remains robust and supportive of future growth and capital distributions
• As planned, during the quarter the bank redeemed a subordinated bond issue of €20 million
• The capital structure will be supported by a new €30 million subordinated bond issue in late 2025

Sufficient Capital to Support Growth Going Forward

Reiterating The Outlook

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Notes: (1) Calculated excluding Unit linked contracts income

(2) Adjustments exclude costs related to the core banking system upgrade, rebranding, the new office building, as these are considered non-recurring

		2025	2026	2027	2028-29
Growth	Loan Book	€4.1bn	€4.6bn	€5.3bn	CAGR: ~8%
	Deposits	€3.9bn	€4.4bn	€4.8bn	CAGR: ~10%
	Total Operating Income1	€222m	€256m	€288m	CAGR: ~10%
	NFCI	€30m	€33m	€37m	CAGR: ~25%
Efficiency	C/I Ratio	59.7%	54.4%	48.2%	Below 45%
	Adj. C/I Ratio2	51.3%	48.3%	46.8%
Profitability	RoE	11.1%	13.5%	16.0%	Above 17%
	Adj. RoE2	13.7%	15.4%	16.5%
	Net Profit	€65m	€86m	€112m
	Adj. Net Profit2	€80m	€98m	€115m	CAGR: ~15%
Shareholder Returns	Dividend Policy	Minimum 50% Pay-out

17% Long-term ROE Target

20% Total Shareholder Return

50% Minimum Dividend Pay-out

COMMITMENT TO SHAREHOLDER VALUE

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Q2'25 Investor Relations Calendar

May 5, 2025	Vilnius	New brand launch
May 22, 2025	Tallinn	Investor Toomase Investment Club
May 26-29, 2025	Warsaw	The Finest CEElection Equity Investor Conference
June 2, 2025	Vilnius	Nasdaq Retail Investor Event
June 3, 2025	Online	Morgan Stanley Virtual Fixed Income Conference
June 3-4, 2025	London	Frontier Investor Days (WOOD & CO)
June 6-7, 2025	Riga	Investor Festival (Latvia)
June 10-12, 2025	Berlin	Goldman Sachs 29th European Financials Conference

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0.2

0.4 0.6

0.8 1

1.2 1.4

1.6

Expanding Broker Coverage Highlights Strong Upside Potential

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• equity research coverage in the CEE region:
  • Signet Bank, a leading investment bank in Latvia, has initiated coverage of Šiaulių Bankas with a target price of €1.27
  • IPOPEMA, a leading Polish brokerage, has initiatied coverage with a Buy rating and a target price of €1.20
• Our ongoing expansion of broker coverage reflects our commitment to strengthening and diversifying connections with the investor community
• The current analyst consensus target price of €1.13 implies a potential upside of 33%

Key Highlights

Business Segment Results

Section III

Corporate Clients Segment Development

▪ The corporate loan book expanded by 15% YoY

• The volume of new business finance contracts in Q1 2025 was €0.2 billion, the same as a year before
• Since the beginning of the year, the business loan portfolio grew by 2% (€33 million) to almost €2.1 billion
• The bank continues to diversify growth across strategic sectors such as manufacturing, retail and renewable energy

Key Highlights Corporate Loans¹

(Q125) (€m) Corporate Loans by Sectors 1 (Q1`25)

Deposits from Corporate Customers (Q125) (€m) Corporate Book by Client Type (Q1`25)

Current Accounts Term Deposits

Private Clients Segment Development

24

• In Q1 2025, the volume of new mortgage contracts increased by 90% to €76 million compared to the same period last year
• Mortgage portfolio has grown by +19% YoY (€154 million) to almost €1 billion
• Consumer portfolio has grown by +15% YoY (€45 million) to €354 million
• We are pro-actively managing branch portfolio - 2 branches closed during the quarter

Key Highlights Private Loans (Q125) (€m) New Mortgage Agreements (Q125) (€m)

Private Client Deposits (Q125) (€m) New Consumer Financing Agreements (Q125) (€m)

Current Accounts Term Deposits

Investment Clients Segment Development

25

• At the end of Q1 2025, the AUM remained above €1.4 billion
• The performance of the managed pension funds continues to rank among the best compared to competitors, both since the beginning of the year and over longer 3- and 5 year periods
• Thanks to the applied Index Plus investment strategy where part of the funds is allocated to private debt, real estate, and other private assets the funds experience lower volatility during turbulent periods, while maintaining high returns
• The life insurance business arm continued its steady growth in RuM during Q1 and reached €1.7 billion, with an increase of €172 million compared to last year

Key Highlights Life Insurance (€`m)

Asset Management (€`m)

-1000

1000

3000

5000

7000

9000

11000

13000

15000

17000

-1.0

1.0 3.0

5.0 7.0 9.0 11.0 13.0 15.0

Life Insurance Asset under Management (AuM) (€`m)

Investment Clients Segment Development

26

Key Highlights Bonds Originated by the Bank in Primary Market (Q125) (€m)

Assets Under Custody (Q125) (€m)

• In Q1 2025, the value of bonds issued on behalf of corporate clients amounted to €64 million
• The bank worked with multiple well known local companies during the quarter helping them to access capital markets

Appendix

Key Investment Highlights

A Profitably Growing Lithuanian Banking Franchise with New Strategic Expansion Initiatives

Organisational Structure and Reporting Segments

• Daily banking Comprehensive financial solutions including current accounts, payments, and card services
• Mortgages tailored mortgage solutions
• Consumer lending (SB Lizingas) consumer financing
• Private auto leasing financing solutions for private car
• Distribution of savings, investment and protection
• Omnichannel reach with the largest branch network in

• Asset management business among the strongest in the Baltic region with best risk and return profile of pension funds in LTU
• Life insurance business comprehensive life insurance and protection solutions
• DCM franchise dominant position in Lithuania`s debt capital markets
• Trading and brokerage platform convenient online platform for retail investors and tailored brokerage services for corporates and HNWI, including FX, derivative and repo trading

€2.2bn Deposits
>512k # of clients

	€1.4bn Assets	€1.7bn RUM
	€16m Gross Revenue	€64m Bonds Issued

Income Statement

In €'000
Interest income	54,978	59,541	(8%)
Other similar income	6,015	5,940	1%
Interest expense	(26,582)	(25,901)	3%
Net interest income	34,412	39,580	(13%)
Fee and commission income	9,752	8,710	12%
Fee and commission expense	(2,191)	(2,227)	(2%)
Net fee and commission income	7,561	6,483	17%
Net gain from trading activities	(1,549)	7,187	(122%)
Revenue related to insurance activities	3,913	3,998	(2%)
Other operating income	3,990	180	2117
Total revenue	48,327	57,428	(16%)
Salaries and related expenses	(13,966)	(11,289)	24%
Depreciation and amortization expenses	(2,355)	(1,802)	31%
Expenses related to insurance activities	1,317	(7,571)	(117%)
Other operating expenses	(8,828)	(6,755)	31
Total operating expenses	(23,833)	(27,417)	(1
Operating profit before impairment losses	24,494	30,011	(18%)
Allowance for impairment losses	(2,217)	(2,193)	1%
Profit before income tax	22,278	27,818	(20%)
Income tax expense	(4,595)	(5,353)	(14%)

| | Q125 | Q124 | %∆ YoY |
|-------------------------------------------|----------|----------|-----------|
| In
€'000 | | | |
| Interest income | 54,978 | 59,541 | (8%) |
| Other similar income | 6,015 | 5,940 | 1% |
| Interest expense | (26,582) | (25,901) | 3% |
| Net interest income | 34,412 | 39,580 | (13%) |
| Fee and commission income | 9,752 | 8,710 | 12% |
| Fee and commission expense | (2,191) | (2,227) | (2%) |
| Net fee and commission income | 7,561 | 6,483 | 17% |
| Net gain from trading activities | (1,549) | 7,187 | (122%) |
| Revenue related to insurance activities | 3,913 | 3,998 | (2%) |
| Other operating income | 3,990 | 180 | 2117
% |
| Total revenue | 48,327 | 57,428 | (16%) |
| Salaries and related expenses | (13,966) | (11,289) | 24% |
| Depreciation and amortization expenses | (2,355) | (1,802) | 31% |
| Expenses related to insurance activities | 1,317 | (7,571) | (117%) |
| Other operating expenses | (8,828) | (6,755) | 31
% |
| Total operating expenses | (23,833) | (27,417) | (1
3%) |
| Operating profit before impairment losses | 24,494 | 30,011 | (18%) |
| Allowance for impairment losses | (2,217) | (2,193) | 1% |
| Profit before income tax | 22,278 | 27,818 | (20%) |
| Income tax expense | (4,595) | (5,353) | (14%) |
| Net profit | 17,683 | 22,465 | (21%) |

| | Mar25 | Mar24 | %∆ YoY |
|-----------------------------------------------|-----------|-----------|--------|
| In
€'000
ASSETS | | | |
| Cash and cash equivalents | 702,241 | 675,561 | 4% |
| Securities in the trading book | 225,202 | 221,928 | 1% |
| Due from other banks | 2,615 | 2,629 | (1%) |
| Derivative financial instruments | 476 | 660 | (28%) |
| Loans to customers | 3,184,284 | 2,759,453 | 15% |
| Finance lease receivables | 326,275 | 285,407 | 14% |
| Investment securities at fair value | 46,092 | 75,434 | (39%) |
| Investment securities at amortized cost | 709,448 | 809,977 | (12%) |
| Investments in subsidiaries and associates | 270 | 200 | 35% |
| Intangible assets | 42,244 | 44,835 | (6%) |
| Property, plant and equipment | 14,014 | 15,310 | (8%) |
| Other assets | 32,594 | 31,563 | 3% |
| Total assets | 5,285,755 | 4,922,957 | 7% |
| LIABILITIES | | | |
| Due to other banks and financial institutions | 68,869 | 560,177 | (88%) |
| Derivative financial instruments | 1,517 | 167 | 808% |
| Due to customers | 3,592,837 | 3,250,051 | 11% |
| Debt securities in issue | 754,709 | 280,910 | 169% |
| Liabilities related to insurance activities | 191,337 | 185,172 | 3% |
| Other liabilities | 95,712 | 84,839 | 13% |
| Current income tax liabilities | 269 | 11,461 | (98%) |
| Deferred income tax liabilities | 6,328 | 6,113 | 4% |
| Special and lending funds | 12,785 | 10,731 | 19% |
| Total liabilities | 4,724,363 | 4,389,621 | 8% |
| EQUITY | | | |
| Share capital | 192,269 | 192,269 | 0% |
| Share premium | 25,534 | 25,534 | 0% |
| Treasury shares (
-
) | (10,165) | (2,400) | 324% |
| Reserve capital | 756 | 756 | 0% |
| Statutory reserve | 76,516 | 61,004 | 25% |
| Reserve for acquisition of own shares | 20,000 | 20,000 | 0% |
| Financial assets revaluation reserve | (2,865) | (4,767) | (40%) |
| Other equity | 1,480 | 1,697 | (13%) |
| Retained earnings | 257,867 | 239,243 | 8% |
| Total equity | 561,392 | 533,336 | 5% |
| Total liabilities and equity | 5,285,755 | 4,922,957 | 7% |

Statement of Financial Position

Life Insurance Income Reconciliation

Net Interest Income
In €'m	Q125 | Q124	%∆
Interest income	54.7	59.2	(8%)
Interest income (unit-linked contracts)	0.3	0.4	(29%)
Other similar income	6.0	5.9	1%
Interest expense	(26.6)	(25.9)	3%
Net Interest Income	34.4	39.6	(13%)
Other income
In €'m	Q125 | Q124	%∆
Net gain from trading activities	2.1	1.9	7%
Net gain from trading activities (unit-linked contracts)	(3.6)	5.2	(169%)
Revenue related to insurance activities	3.9	4.0	(2%)
Other income	4.0	0.2	NA
Total other income	6.4	11.4	(44%)
Other operating expense
In €'m	Q125 | Q124	%∆
Expenses related to insurance activities	(2.0)	(1.9)	5%
Expenses related to insurance activities (unit-linked contracts)	3.4	(5.6)	(160%)
Other operating expenses	(8.8)	(6.8)	31%
Depreciation and amortization expenses	(2.4)	(1.8)	31%
Other Operating Expenses	(9.9)	(16.1)	(39%)

Life insurance net revenue	€2.0m
Expenses related to insurance activities	€(2.0m)
Life insurance revenues (excl. unit linked impact)	€4.0m
Expenses related to insurance activities (unit-linked contracts)	€3.4m
Life insurance revenues	€0.6m
Revenue related to insurance activities Net gain from trading activities (unit-linked contacts) Interest income (unit-linked contacts)	€3.9m €(3.6m) €0.3m

While investment returns and expenses on unit-linked contracts are passed through to policyholders, insurance companies under IFRS 17 are required to recognise this income and expenses on gross basis in its financial statements (net impact is zero)

Robust Loan Portfolio

Low LTV Ratios Remains Relatively Stable Loan Book Collateralization

2%

3%

4%

5%

6%

7%

8%

9%

10%

| | 1Q24 | 2Q24 | 3Q24 | 4Q24 | 1Q`25 |
|------------------------------------------------------|-------|-------|-------|-------|-------|
| Loan volume covered by collateral | 86% | 86% | 86% | 87% | 87% |
| Of
which: LTV from
0 to 30 | 14% | 14% | 14% | 15% | 16% |
| Of
which: LTV from
30 to 70 | 51% | 50% | 49% | 50% | 51% |
| Of which: LTV more than 70 | 21% | 22% | 23% | 21% | 20% |
| Mortgage loans covered by collateral | 100% | 100% | 100% | 100% | 100% |
| Of
which: LTV from
0 to 30 | 11% | 10% | 13% | 13% | 13% |
| Of
which: LTV from
30 to 70 | 51% | 50% | 50% | 49% | 52% |
| Of which: LTV more than 70 | 38% | 40% | 37% | 38% | 35% |
| Loans not covered by collateral (excluding consumer) | 14% | 14% | 14% | 13% | 13% |
| | | | | | |

Notes: (1) Top Loans excluding loans to government as % of total loan book

Conservative and Diversified CRE portfolio

CRE: Underlying Property Types CRE: High Geographic Diversification

CRE Portfolio Defined by Low LTV Ratios (Q125) Low NPL Levels Across CRE Loans (Q125)

Top 20 Corporate Real Estate Client Breakdown by Asset Class (Q125) CRE Split by Region (Q125)

Loan Portfolio Segments Performance

Notes: (1) Includes Financial Institutions (previously allocated to Other segment). (2) Excluding renovation financing

10%
10%
10%
10%
9%
9%
9%

6%

12%
11%
10%
9%
8%
7%

Corporate Lending – Portfolio¹ Mortgage – Portfolio Consumer Financing – Portfolio

Corporate Lending – New Agreements Signed1/2 Mortgage – New Agreements Signed Consumer Financing – New Agreements Signed

Sticky Local Deposits

(1) Out Of Top 10 Depositors 31% is public sector, 69% Corporate Clients

Share of Insured Deposits Top 10 Depositors¹ Term Deposits with Auto-Rollover (Mar-25)

Term Deposits by Maturity (€`m) (Mar-25) Deposits by Client Type (Mar-24) Deposits by Client Location (Mar-24)

61% 62% 63% 64% 65% 66% 67% Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25

% of Total Deposits

% of Total Deposits

Solid Liquidity Position

Securities Portfolio (Q125) Securities Portfolio (Q125)

Liquid Assets (€m) Strong Liquidity Position (Q125)

By Security Type, Bank-only By Accounting Method, Bank-only

Šiaulių Bankas Market Share in Lithuania

Notes: (1) Market share statistics as of September 2024 Source: Bank of Lithuania (BoL) and Lithuanian Banking Association (LBA)

Loan Portfolio Market(1) Corporate Lending

(1)

Mortgage(1) Consumer Financing (1)

Group Shareholder Structure

39

Shareholder Structure (Mar`25) Number of Shareholders

Listed Baltic asset management group established in 1991 and currently managing around €1bn AUM
Family office investing surplus capital of Girteka (Europe`s leading asset-based road transportation company with >€2bn yearly turnover)
Multilateral developmental investment bank with >€70bn AUM using investment as a tool to build market economies
Business accelerator and investor that, among other companies, kickstarted cybersecurity powerhouse Nord Security and Surfshark, web intelligence collection platform Oxylabs, Cyber Care, and more. Implied valuation post latest funding of >€3bn

Debt Securities in Issue

Type	ISIN Code	Volume of Issue	Interest rate	Maturity	Issue date	Currency
Senior Preferred	XS3025213102	300,000,000	4.60%	Jun 25, 2030	Mar 25, 2025	EUR
AT1	XS2922133363	50,000,000	8,75%	Oct 17, 2029	Oct 17, 2024	EUR
Senior Preferred	XS2887816564	300,000,000	4.85%	Dec 5, 2028	Sep 5, 2024	EUR
Subordinated	LT0000409013	25,000,000	7.70%	May 22, 2034	May 22, 2024	EUR
Subordinated	LT0000407751	50,000,000	10.75%	Jun 22, 2033	Jun 12, 2023	EUR
Subordinated	LT0000404287	20,000,000	6.15%	Dec 23, 2029	Dec 20, 2019	EUR

Management Board

Vytautas Sinius ▪ Chief Executive Officer of Šiaulių Bankas ▪ Chairman of the Management Board of Šiaulių Bankas	Šiaulių Bankas: 12 years Financial Industry: 25 years	Daiva Šorienė ▪ Head of Corporate Clients ▪ Deputy Chief Executive Officer of Šiaulių Bankas	Šiaulių Bankas: 25 years Financial Industry: 30 years
Donatas Savickas ▪ Chief Financial Officer of Šiaulių Bankas ▪ Deputy Chief Executive Officer of Šiaulių Bankas	Šiaulių Bankas: 25 years Financial Industry: 25 years	Mindaugas Rudys ▪ Head of Service Development Division at Šiaulių Bankas	Šiaulių Bankas: 13 years Financial Industry: 23 years
Laura Križinauskienė ▪ Head of Private Clients ▪ Former CEO of INVL Asset Management	Šiaulių Bankas: 1 year Financial Industry: 20 years	Algimantas Gaulia • Chief Risk Officer	Šiaulių Bankas: 11 years Financial Industry: 22 years
Tomas Varenbergas ▪ Head of Investment Clients ▪ Chairman of the Board of SB Asset Management	Šiaulių Bankas: 8 years Financial Industry:

▪ Chairman of the Board of SB Draudimas

Board of Directors (Supervisory Council)

Valdas Vitkauskas

• Chairman of the Supervisory Council of Šiaulių Bankas since August 2022
• Member of the Supervisory Council of Šiaulių Bankas since June 2022
• Previously Senior Banker at EBRD

Gintaras Kateiva

• Chairman of the Board at Litagra
• Member of the Supervisory Council of Šiaulių Bankas since 2008

Susan Gail Buyske

• Non-executive Director of Advans SICAR, Non-executive Director and Chair of Risk Committee of First Ukrainian International Bank
• Member the Supervisory Council of Šiaulių Bankas since July 2020

Tomas Okmanas

• Co-founder and CEO of Tesonet and Nord Security
• Investor, advisor and board member in multiple technology companies
• Member of the Supervisory Council of Šiaulių Bankas since February 2022

Darius Šulnis

• Chief Executive Officer of Invalda INVL
• Board member at Litagra
• Member of the Supervisory Council of Šiaulių Bankas since May 2016

Mindaugas Raila

• Chairman at Willgrow, Girteka Logistics and SIRIN Development
• Member of the Supervisory Council of Šiaulių Bankas since January 2022

Monika Nachyła

• Partner at Abris Capital responsible for IR, communication, and ESG
• Over 25 years of international C-suite experience in banking and finance
• Member of the Supervisory Council of Šiaulių Bankas since June 2024

John Michael Denhof (upon permission of the ECB is received)

• Director at Subtle Insights strategic consulting services
• Over 27 years of international C-suite experience in banking and finance
• Former CEO of OTP Bank Slovenia with 25 years of experience at Citigroup

General

The material in this presentation has been prepared by AB Šiaulių Bankas (Šiaulių Bankas) and solely for use at this presentation. The information provided in this presentation pertaining to Šiaulių Bankas, its business assets, strategy and operations is for general informational purposes only. No part of this presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with any contract or commitment or investment decision whatsoever. The sole purpose of this presentation is to provide background information. The information contained in this presentation is intended only for the persons to whom it is provided. The information contained in this presentation supersedes any prior presentation or conversation concerning Šiaulių Bankas. Any information, representations or statements not contained herein shall not be relied upon for any purpose. Neither Šiaulių Bankas nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this presentation by you or any of your representatives or for omissions from the information in this presentation. Šiaulių Bankas makes no representation nor gives any warranty as to the results to be obtained from any investment, strategy or transaction. Please note that investors must consider the possible risks and circumstances beyond the control of Šiaulių Bankas that may affect the decline in the value of their investments. The document should not be treated as a recommendation, offer or invitation to invest in the securities of Šiaulių Bankas. Investments in securities of Šiaulių Bankas are associated with investment risk. Past results only show the changes in the value of the securities over a past period and do not guarantee future performance. The value of the securities can both rise and fall.

Confidentiality

This presentation is confidential and is intended, among other things, to present a general outline of Šiaulių Bankas. The contents are not to be reproduced or distributed in any manner, including to the public or press. Each person who has received a copy of this presentation (whether or not such person purchases any securities) is deemed to have agreed not to reproduce or distribute this presentation, in whole or in part, without the prior written consent of Šiaulių Bankas, other than to legal, tax, financial and other advisors on a need-to-know basis.

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