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Resurs Holding
Interim / Quarterly Report • Jul 18, 2025
3104_ir_2025-07-18_81600a49-14d7-4780-9a87-0030c1741ad7.pdf
Interim / Quarterly Report
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Resurs Holding Interim report
January–June 2025
Resurs Holding Interim Report January–June 2025
1 April – 30 June 2025, compared with the same period last year
- Lending to the public decreased 2% to SEK 38,999 million (39,733).
- Operating income increased 4% and amounted to SEK 934 million (899).
- C/I before credit losses was 49.9% (49.4%, excluding items affecting comparability 43.8%).
- The credit loss ratio improved to 2.9% (4.0%).
- Operating profit increased to SEK 184 million (59, excluding items affecting comparability 109).
- Earnings per share increased to SEK 0.64 (0.11, excluding items affecting comparability 0.36).
- The total capital ratio increased and amounted to 17.9% (16.0%).
- The Common Equity Tier ratio increased and amounted to 15.5% (13.6%).
1 January – 30 June 2025, compared with the same period last year
- Lending to the public decreased 2% to SEK 38,999 million (39,733).
- The period was impacted by items affecting comparability of SEK 326 million, due to identified impairment of capitalised IT development.
- Operating income increased 4% and amounted to SEK 1,851 million (1,780).
- C/I before credit losses was 67.2% (47.8%) and excluding items affecting comparability 49.6% (43.7%).
- The credit loss ratio improved to 3.2% (4.3%).
- Operating profit decreased to SEK -15 million (77), and excluding items affecting comparability the operating profit increased and amounted to SEK 312 million (149).
- Earnings per share decreased to SEK -0.03 (0.16), and excluding items affecting comparability earnings per share were SEK 1.05 (0.52).
- The total capital ratio increased and amounted to 17.9% (16.0%).
- The Common Equity Tier ratio increased and amounted to 15.5% (13.6%).
Significant events
No significant events have occurred during or after the end of the quarter.
This report is a translation of the Swedish financial report. In case of differences between the English and the Swedish translation, the Swedish text shall prevail.
* Certain performance measures provided in this report have not been prepared in accordance with IFRS or the capital adequacy rules, meaning that they are alternative performance measures. Calculations and reconciliation of these performance measures against information in the financial statements are provided on the website under "Financial reports." Definitions of performance measures are provided on the website under "Financial data." In this section, changes and comparative figures refer to the same period in the preceding year. This applies to all other sections of text in this interim report, profit/loss items and cash flow that are compared with the same period in the preceding year.
Resurs in brief
The Resurs Holding Group (Resurs), which operates through its subsidiary Resurs Bank AB, is the leader in retail finance in the Nordic region, offering payment solutions and consumer loans in the Nordic market. At the end of the second quarter of 2025, the Group had 756 employees and a loan portfolio of SEK 39,0 billion.
Resurs helps companies and private individuals with lending, saving and payments. With more than 40 years of experience in the retail sector, Resurs makes shopping online and in stores easy and secure. Resurs has built a customer base of slightly more than 6 million people in Sweden, Norway, Denmark and Finland while focusing on the customer experience.
PAYMENT SOLUTIONS
The Payment Solutions business segment comprises the business lines Retail Finance, Cards and SME finance. Within retail finance, Resurs is a leading omni-partner for finance, payment and loyalty solutions in the Nordic region. Cards includes both the Resurs credit and payment cards, and cards that enable retail finance partners to promote their own brands. The SME finance area primarily focuses on commercial loans, inventory finance, invoice factoring and invoice discounting for small and mid-sized companies. Lending amounted to SEK 16.9 billion (15.7) at the end of the second quarter of 2025.
CONSUMER LOANS
The Consumer Loans business segment offers unsecured consumer loans. A consumer loan is normally used to finance larger purchases and investments. Consumer Loans also helps consumers to consolidate their loans, in order to reduce their monthly payments or interest expense. Lending in Consumer Loans amounted to SEK 22.1 billion (24.0) at the end of the second quarter of 2025.
LISTED ON NASDAQ STOCKHOLM MID CAP
Resurs is listed on Nasdaq Stockholm. It was granted a banking licence in 2001 and is supervised by Finansinspektionen.
Lower growth but improved profitability
Lower growth and full focus on the transformation journey
Global turbulence in the shape of geopolitical tension and economic uncertainty has continued during the quarter and has led to a certain degree of caution among consumers. We see that some industries are more affected than others, which has meant that some of our retail finance partners have had slower pace of sales rate than expected. We are continuing to monitor developments closely to ensure stability and security for our customers and partners.
Our ongoing transformation journey continued to dominate the second quarter and involves targeted investments to strengthen our long-term competitiveness and improve profitability. The quarter included the successful completion of the first stage of our IT journey to the cloud, which is an important aspect of the long-term modernisation of our IT infrastructure and the cost-efficient growth of our business.
We are continuing to develop the next generation of corporate products and during the quarter we launched a new inventory financing product in our SME finance business line, which is part of Payment Solutions. The product is designed to support corporate customers that require flexible financing, backed by inventory assets. The electric car company Carla is the first customer in this area. The corporate platform is built on our new cloud-based and modern banking system, which creates the prerequisites for automatic and efficient flows both for us and for our customers.
Higher profit compared with both last year and the preceding quarter
Lending totalled SEK 39.0 billion, down 2 per cent year-on-year and was stable compared with Q1 2025. Growth in Payment Solutions was healthy compared with last year, amounting to 8 per cent, while Consumer Loans intentionally reduced 8 per cent. For Payment Solutions the lending growth compared with Q1 2025 was 1.5 per cent. This was a lower rate of increase than previously, primarily due to some Retail Finance partners posting lower growth than in previous years, which was likely a result of the prevailing macroeconomic uncertainty.
During the quarter, we went live with our extended partnership with Mio, signed an agreement with one of Finland's leading furniture chains, Masku, and signed agreements with a number of other retailers, including Babyworld in Sweden.
In Consumer Loans, new lending increased compared with the first quarter of 2025, mainly as a result of successful marketing initiatives in own channels in Sweden. In the second half of the year, this marketing campaign will be rolled out across the Nordic region.
Income rose 4 per cent year-on-year and the revenue margin (NBI) strengthened as a result of improved net interest income attributable to well-balanced price adjustments and some seasonal effect. Costs, excluding items affecting comparability, increased compared with both last year and the preceding quarter. To realise our long-term strategy while strengthening competitiveness and enhancing the company's operational efficiency, we will continue to make significant and strategically targeted investments.
Credit losses in the second quarter of 2025 continued to improve both year-on-year and quarter-on-quarter due to improvements in customers' payment patterns and normal seasonality where Q2 and Q3 are normally lower than Q1 and Q4. Our assessment is that the austerity measures we implemented at the start of 2024 continue to serve us well.
Overall, the operating profit amounted to SEK 184 million and increased by 44 per cent compared with the first quarter and 68 per cent compared with the year-earlier quarter, (excluding items affecting comparability in the comparing periods). We have a strong financial position where the Total Capital Ratio as of the 30 June amounted to 17.9 per cent, which is well above both regulatory requirements and targets.
Continuing to future-proof Resurs in an unstable world
We are closely monitoring the macroeconomic development, where mainly a certain degree of caution among consumers and weaker sales in certain industries has impacted our growth in the second quarter.
At the end of the second quarter Group Management was strengthened with Jens Saltin, new Chief Commercial Officer, with broad commercial background from Klarna and the fintech company Steven. Together with my management team and all competent employees, we are fully focused on implementing the multi-year transformation of Resurs that began in 2024.
Magnus Fredin
CEO Resurs Holding
RESURS HOLDING PERFORMANCE MEASURES, SEKm unless otherwise specified
| Income statement | Apr-Jun 2025 | Jan-Mar 2025 | ∆ | Apr-Jun 2024 | ∆ |
|---|---|---|---|---|---|
| Net interest income | 787 | 770 | 2% | 733 | 7% |
| Net commission | 118 | 113 | 5% | 118 | 0% |
| Operating income | 934 | 917 | 2% | 899 | 4% |
| Operating expenses | -466 | -778 | -40% | -444 | 5% |
| Credit losses | -284 | -338 | -16% | -396 | -28% |
| Operating profit | 184 | -199 | 193% | 59 | 210% |
| Net profit for the period | 144 | -117 | 223% | 39 | 269% |
| Income statement excl. items affecting comparability | Apr-Jun 2025 | Jan-Mar 2025 | ∆ | Apr-Jun 2024 | ∆ |
| Net interest income | 787 | 770 | 2% | 733 | 7% |
| Net commission | 118 | 113 | 5% | 118 | 0% |
| Operating income | 934 | 917 | 2% | 899 | 4% |
| Operating expenses | -466 | -451 | 3% | -394 | 18% |
| Credit losses | -284 | -338 | -16% | -396 | -28% |
| Operating profit | 184 | 128 | 44% | 109 | 68% |
| Net profit for the period | 144 | 99 | 46% | 89 | 62% |
| Balance sheet | 30 Jun 2025 | 31 Mar 2025 | ∆ | 30 Jun 2024 | ∆ |
| Lending to the public | 38,999 | 38,842 | 0% | 39,733 | -2% |
| Performance measures | Apr-Jun 2025 | Jan-Mar 2025 | Apr-Jun 2024 | ||
| NBI margin, % | 9.6 | 9.3 | 9.1 | ||
| Credit loss ratio, % | 2.9 | 3.4 | 4.0 | ||
| Risk-adjusted NBI margin, % | 6.7 | 5.9 | 5.1 | ||
| C/I, % | 49.9 | 84.8 | 49.4 | ||
| Return on equity (ROE), % | 7,5 | -6.1 | 2.0 | ||
| Return on equity, excl. intangible assets (RoTE), % | 9.8 | -8.2 | 2.8 | ||
| Earnings per share, SEK | 0.64 | -0.67 | 0.11 | ||
| Common Equity Tier 1 ratio, % | 15.5 | 15.1 | 13.6 | ||
| Tier 1 ratio, % | 17.3 | 16.9 | 15.2 | ||
| Total capital ratio, % | 17.9 | 17.5 | 16.0 | ||
| Average number of full-time employees | 736 | 701 | 651 |
Performance measures, excl. items affecting
| comparability | Apr-Jun 2025 | Jan-Mar 2025 | Apr-Jun 2024 |
|---|---|---|---|
| NBI margin, % | 9.6 | 9.3 | 9.1 |
| Credit loss ratio, % | 2.9 | 3.4 | 4.0 |
| Risk-adjusted NBI margin, % | 6.7 | 5.9 | 5.1 |
| C/I, % | 49.9 | 49.2 | 43.8 |
| Return on equity (ROE), % | 7.5 | 4.9 | 4.5 |
| Return on equity, excl. intangible assets (ROTE), % | 9.8 | 6.7 | 6.2 |
| Earnings per share, SEK | 0.64 | 0.41 | 0.36 |
Performance measures have been adjusted in accordance with the note on items affecting comparability.
RESURS HOLDING PERFORMANCE MEASURES, SEKm unless otherwise specified
| Income statement | Jan-Jun 2025 | Jan-Jun 2024 | ∆ | Jan-Dec 2024 |
|---|---|---|---|---|
| Net interest income | 1,556 | 1,454 | 7% | 2,932 |
| Net commission | 231 | 226 | 2% | 464 |
| Operating income | 1,851 | 1,780 | 4% | 3,563 |
| Operating expenses | -1,244 | -850 | 46% | -1,731 |
| Credit losses | -622 | -853 | -27% | -1,570 |
| Operating profit | -15 | 77 | -119% | 261 |
| Net profit for the period | 27 | 54 | -51% | 200 |
| Income statement, excl. items affecting comparability | Jan-Jun 2025 | Jan-Jun 2024 | ∆ | Jan-Dec 2024 |
| Net interest income | 1,556 | 1,454 | 7% | 2,932 |
| Net commission | 231 | 226 | 2% | 464 |
| Operating income | 1,851 | 1,780 | 4% | 3,583 |
| Operating expenses | -917 | -777 | 18% | -1,574 |
| Credit losses | -622 | -853 | -27% | -1,570 |
| Operating profit | 312 | 149 | 108% | 439 |
| Net profit for the period | 243 | 127 | 91% | 358 |
| Balance sheet | 30 Jun 2025 | 30 Jun 2024 | ∆ | 31 Dec 2024 |
| Lending to the public | 38,999 | 39,733 | -2% | 39,903 |
| Performance measures | Jan-Jun 2025 | Jan-Jun 2024 | Jan-Dec 2024 | |
| NBI margin, % | 9.4 | 9.1 | 9.0 | |
| Credit loss ratio, % | 3.2 | 4.3 | 4.0 | |
| Risk-adjusted NBI margin, % | 6.2 | 4.7 | 5.1 | |
| C/I, % | 67.2 | 47.8 | 48.6 | |
| Return on equity (ROE), % | 0.7 | 1.4 | 2.6 | |
| Return on equity, excl. intangible assets (ROTE), % | 0.9 | 2.0 | 3.6 | |
| Earnings per share, SEK | -0.03 | 0.16 | 0.69 | |
| Common Equity Tier 1 ratio, % | 15.5 | 13.6 | 13.9 | |
| Tier 1 ratio, % | 17.3 | 15.2 | 15.6 | |
| Total capital ratio, % | 17.9 | 16.0 | 16.3 | |
| Average number of full-time employees | 719 | 651 | 673 | |
| Performance measures, excl. items affecting comparability |
Jan-Jun 2025 | Jan-Jun 2024 | Jan-Dec 2024 | |
| NBI margin, % | 9.4 | 9.1 | 9.1 | |
| Credit loss ratio, % | 3.2 | 4.3 | 4.0 | |
| Risk-adjusted NBI margin, % | 6.2 | 4.7 | 5.1 | |
| C/I, % | 49.6 | 43.7 | 43.9 | |
| Return on equity (ROE), % | 6.3 | 3.2 | 4.4 | |
| Return on equity, excl. intangible assets (ROTE), % | 8.4 | 4.3 | 6.1 |
Performance measures have been adjusted in accordance with the note on items affecting comparability.
Earnings per share, SEK 1.05 0.52 1.48
ITEMS AFFECTING COMPARABILITY
Items affecting comparability are defined as income and expenses that are not expected to occur regularly.
2025
In the first quarter of 2025, Resurs identified an impairment requirement of SEK 326 million for capitalised IT investments. This need of impairment was a consequence of the ongoing implementation of the new strategic direction and the rapid development in society.
2024
In total for the full-year 2024, items affecting comparability amounted to SEK 178 million.
Items affecting comparability amounted to SEK 39 million for the fourth quarter. The item "Net income from financial transactions" includes a cost affecting comparability of SEK 21 million comprising a revaluation of a minor holding of shares resulting in a negative effect of SEK 13 million and change of control costs related to the MTN programme due to the change in Resurs's ownership structure of SEK 8 million. The item "IT costs" was impacted by a cost of SEK 18 million for a provision of non-deductible VAT.
Items affecting comparability amounted to SEK 66 million for the third quarter and referred to advisory costs in connection with the public offer.
In June, the Administrative Court of Appeal upheld Finansinspektionen's appeal of the Administrative Court's judgement, with SEK 50 million in costs being charged to the second quarter.
General administrative expenses were impacted by an item affecting comparability of SEK 23 million in the first quarter, which was related to measures to improve cost efficiency by centralising the Nordic offices to operations in Sweden.
GROUP RESULT, APRIL-JUNE 2025*
OPERATING INCOME
The Group's operating income increased 4 per cent to SEK 934 million (899) as a result of improved net interest income attributable to well-balanced price adjustments and some seasonal effect. Net interest income increased 7 per cent to SEK 787 million (733), interest income amounted to SEK 1 097 million (1,180) and interest expense to SEK 310 million (446).
Fee & commission income amounted to SEK 134 million (140) and fee & commission expenses to SEK 15 million (21), resulting in total net commission of SEK 118 million (118). Net income from financial transactions was SEK -14 million (2). Other operating income, mainly comprising remuneration from lending operations, amounted to SEK 43 million (46). The NBI margin increased to 9,6 per cent (9.1 per cent).
COSTS AND CREDIT LOSSES
Costs amounted to SEK 466 million (444, excluding items affecting comparability 394). Viewed in relation to the operations' income, the cost level was 49.9 per cent (49.4 per cent, excluding items affecting comparability 43.8 per cent).
*) See page 2
The costs increased, particular in the Engineering as a result of investments to realise our long-term strategy.
Credit losses in the second quarter of 2025 improved both year-on-year and quarter-on-quarter due to improvements in customers' payment patterns and normal seasonality where Q2 and Q3 are normally lower than Q1 and Q4. Our assessment is that the austerity measures we implemented at the start of 2024 have served us well. Credit losses totalled SEK 284 million (396). The credit loss ratio was 2.9 per cent (4.0 per cent), and the credit loss ratio in the preceding quarter was 3.4 per cent.
PROFIT
The operating profit for the second quarter amounted to SEK 184 million (59, excluding items affecting comparability 109). Tax-cost for the quarter amounted to SEK 40 million (20). Profit after tax for the quarter amounted to SEK 144 million (39, excluding items affecting comparability 89) for the second quarter.
GROUP RESULT, JANUARY–JUNE 2025*
OPERATING INCOME
The Group's operating income increased 4 per cent to SEK 1,851 million (1,780). Net interest income increased 7 per cent to SEK 1,556 million (1,454), interest income amounted to SEK 2,234 million (2,343) and interest expense to SEK 678 million (889).
Fee & commission income amounted to SEK 263 million (268) and fee & commission expenses to SEK 32 million (42), resulting in total net commission of SEK 231 million (226). Net income from financial transactions was SEK -29 million (-4). Other operating income, mainly comprising remuneration from lending operations, amounted to SEK 93 million (104). The NBI margin increased to 9.4 per cent (9.1 per cent).
COSTS AND CREDIT LOSSES
Costs amounted to SEK 1,244 million (850), and excluding items affecting comparability to SEK 917 million (777). Viewed in relation to the operations' income, the cost level was 67.2 per cent (47.8 per cent), and excluding items affecting comparability was 49.6 per cent (43.7 per cent).
Credit losses in the first half year of 2025 improved both yearon-year due to improvements in customers' payment patterns. Our assessment is that the austerity measures we implemented at the start of 2024 have served us well. Credit losses totalled SEK 622 million (853). The credit loss ratio was 3.2 per cent (4.3 per cent).
PROFIT
The reported operating profit for the first half year amounted to SEK -15 million (77). Excluding items affecting comparability, operating profit amounted to SEK 312 million (149). Cost for tax for the first half year amounted to SEK 42 million (-23). Profit after tax for the first half year amounted to SEK 27 million (54) and profit excluding items affecting comparability amounted to SEK 243 million (127).
Financial position on 30 June 2025*
Comparative figures in this section refer to 31 December 2024 except for cash flow, where the comparative figure refers to the corresponding period last year.
The Group's financial position is strong and on 30 June 2025, the capital base amounted to SEK 6,191 million (5,873) in the consolidated situation, comprising the Parent Company, Resurs Holding and the Resurs Bank Group. The total capital ratio was 17.9 per cent (16.3 per cent) and the Common Equity Tier 1 ratio was 15.5 per cent (13.9 per cent).
The regulatory capital requirement on 30 June 2025 amounted to 9.8 per cent for the Common Equity Tier 1 ratio and 14.1 per cent for the total capital ratio.
Lending to the public on 30 June 2025 amounted to SEK 38,999 million (39,903), decreased 2 per cent. The specification of lending on 30 June 2025 was as follows: Sweden 59 per cent, Norway 10 per cent, Finland 18 per cent and Denmark 13 per cent.
In addition to capital from shareholders and bond investors, the operations are financed by deposits from the public. The Group is working on various sources of financing in order to have diversified and cost-effective financing in place at any given time.
On 30 June 2025, deposits from the public totalled SEK 35,376 million (39,771) and decreases, in particular, as a result of a controlled termination of the deposit cooperation with Avanza. The bank has deposits in SEK, NOK and EUR. Financing through issued securities totalled SEK 5,675 million (4,993). Liquidity remained healthy and the liquidity coverage ratio (LCR) was 352 per cent (478 per cent) in the consolidated situation. The minimum statutory LCR is 100 per cent.
Cash and balances at central banks on 30 June 2025 amounted to SEK 2,905 million (4,763). Lending to credit institutions on 30 June 2025 amounted to SEK 2,318 million (2,862). Holdings of treasury and other bills eligible for refinancing, as well as bonds and other interest-bearing securities, totalled SEK 3,526 million (3,626). The Group has a high level of liquidity for meeting its future commitments.
Intangible assets amounted to SEK 1,732 million (2,121) and primarily comprised the goodwill that arose in the acquisition of Finaref and Danaktiv in 2014, and yA Bank in 2015. The decrease compared with the comparative figure is related to the impairment of capitalised IT-investments made in Q1 2025.
Cash flow from operating activities amounted to SEK -3,065 million (1,095) for the period. Cash flow from deposits amounted to SEK -4,357 million (1,304) and the net change in investment assets totalled SEK 56 million (196). Cash flow from investing activities for the period totalled SEK -5 million (-60). Cash flow from financing activities totalled SEK 646 million (-1,398).
*) See page 2
Capital position, consolidated situation
0%
3%
6%
9%
12%
15%
18%
Renewed and expanded partnerships
SECOND QUARTER 2025, APRIL–JUNE
Lending to the public increased 8 per cent year-on-year and 1.5 per cent compared with Q1 2025. The growth compared with last year derived from existing retail finance partnerships, but also from several new partnerships both in Retail Finance and SME Finance. Lending growth was lower compared with Q1 2025 primarily due to some Retail Finance partners posting lower growth than in previous years. This was likely a result of the prevailing macroeconomic uncertainty. We are monitoring macroeconomic developments closely to ensure stability and security for our customers and partners.
We took a new step forward with Mio with an extended contract following our long collaboration, and we have now gone live with new payment methods that are tailored to Mio's business and will contribute to continued growth and higher customer satisfaction. Financing solutions for the leading retailers of the Nordic region is our core area and we are convinced that our offering is strong. It is therefore with particular pride that we are now launching an offering with great flexibility for Mio.
New partnerships in Retail Finance. One of Finland's largest furniture chains, Masku, has chosen Resurs as its financing partner for its 45 nationwide stores. The partnership demonstrates our deep understanding of the needs and prerequisites of major retailers.
We have also entered into an agreement with Jimm's PC Store Oy, a well-established Finnish online retailer with a focus on gaming and IT products. Together with Jimm's PC, we are continuing to prove our strength in generating higher order values and in the electronics industry.
Following a successful multi-year collaboration with BabySam in Denmark, this agreement is now being expanded to include their Swedish operation, Babyworld, and its nine stores and online shopping. Another partnership that is being expanded and extended is with Svenska Eljouren and Rörjour 247 (that operates under the name IPIS). We have also entered into a partnership with Offerta, including new payment methods.
Stable performance in credit cards. We can report a stable lending trend in the second quarter with continued good profitability, primarily driven by the Swedish market. During the quarter, improvements were made to the customer experience when applying for and activating a credit card and new marketing messages have been developed.
In SME Finance, the new inventory financing product was launched during the quarter, and we welcomed Carla, the Swedish online shopping company specialised in electric cars, as the first customer.
FINANCIAL PERFORMANCE
APRIL–JUNE 2025
Lending to the public on 30 June 2025 increased 8 per cent to SEK 16,885 million (15,674) year-on-year. Compared with the preceding quarter, lending Increased 1.5 per cent. The fact that growth was lower is mainly explained by that some Retail Finance partners have had lower growth than in previous years. Operating income for the quarter rose 12 per cent to SEK 407 million (364). The NBI margin was 9.7 per cent (9.5 per cent).
The credit loss ratio improved year-on-year to 2.2 per cent (3.1 per cent). The improvement was mainly a result of the lower interest rate situation in society which is reflected in improved credit quality of the loan portfolio. Credit losses improved versus last quarter, which apart from above also is explained by normal seasonality with Q2 and Q3 normally lower than Q1 and Q4.
JANUARY–JUNE 2025
Lending to the public on 30 June 2025 increased 8 per cent to SEK 16,885 million (15,674). The operating income for the first half year rose 11 per cent to SEK 800 million (722). The NBI margin was 9.7 per cent (9.6 per cent). The credit loss ratio improved to 2.4 per cent (3.2 per cent).
PAYMENT SOLUTIONS – PERFORMANCE MEASURES
SEKM UNLESS OTHERWISE SPECIFIED
| Apr-Jun | Jan-Mar | Apr-Jun | Jan-Dec | |||
|---|---|---|---|---|---|---|
| Income statement | 2025 | 2025 | ∆ | 2024 | ∆ | 2024 |
| Operating income | 407 | 393 | 4% | 364 | 12% | 1,484 |
| Credit losses | -91 | -106 | -14% | -120 | -24% | -270 |
| 30 Jun | 31 Mar | 30 Jun | 31 Dec | |||
| Balance sheet | 2025 | 2025 | ∆ | 2024 | ∆ | 2024 |
| Lending to the public | 16,885 | 16,637 | 1% | 15,674 | 8% | 16,933 |
| Performance measures, % | Apr-Jun 2025 |
Jan-Mar 2025 |
Apr-Jun 2024 |
Jan-Dec 2024 |
|---|---|---|---|---|
| NBI margin, % | 9.7 | 9.4 | 9.5 | 9.4 |
| NIM, % | 6.7 | 6.4 | 6.0 | 6.1 |
| Credit loss ratio, % | 2.2 | 2.5 | 3.1 | 1.7 |
| Risk-adjusted NBI margin, % | 7.5 | 6.8 | 6.3 | 7.7 |
| Performance measures excl. items affecting comparability, % |
Apr-Jun 2025 |
Jan-Mar 2025 |
Apr-Jun 2024 |
Jan-Dec 2024 |
| NBI margin, % | 9.7 | 9.4 | 9.5 | 9.5 |
| NIM, % | 6.7 | 6.4 | 6.1 | 6.1 |
| Credit loss ratio, % | 2.2 | 2.5 | 3.1 | 1.7 |
| Risk-adjusted NBI margin, % | 7.5 | 6.8 | 6.3 | 7.8 |
Payment Solution lending by country, SEK billion net
ör
Stable lending versus Q1 and improved profitability
SECOND QUARTER 2025, APRIL–JUNE
The lending trend was stable compared with the preceding quarter with increased lending in Sweden and a decline in lending in Finland, Norway and Denmark. This trend was largely driven by a continued focus to reduce credit risk in the portfolio and improve the risk-adjusted margin. New lending increased compared with the first quarter of 2025, mainly as a result of successful marketing initiatives in own channels in Sweden. In the second half of the year, this marketing campaign will be rolled out across the Nordic region.
The risk-adjusted margin increased quarter-on-quarter and year-on-year as a result of an active strategy of focusing on profitability over volume.
FINANCIAL PERFORMANCE
APRIL–JUNE 2025
Lending to the public as of 30 June 2025 amounted to SEK 22,114 million (24,058), down 8 per cent compared to the same period last year. Lending to the public was stable versus Q1 2025.
Operating income for the quarter was in line compared to the same period last year and amounted to SEK 528 million (535). Compared to the previous quarter, the increase was 1 per cent and is explained by well-balanced price adjustments as well as normal seasonality. The NBI margin improved to 9.5 per cent (8.8 per cent).
Credit losses for the quarter improved year-on-year to 3.5 per cent (4.5 per cent). Credit losses amounted to 4.1 per cent compared to last quarter. The improvement was driven by improved credit quality in the loan portfolio, partly as a result of the stricter credit lending and partly by the lower interest rate situation in society. Credit losses improved also versus last quarter where we see normal seasonality with Q2 and Q3 normally lower than Q1 and Q4.
JANUARY–JUNE 2025
Resurs Holding Interim Report January–March 2024 11
Lending to the public as of 30 June 2025 amounted to SEK 22,114 million (24,058). Operating income for the first half year amounted to SEK 1,052 million (1,058). The NBI margin improved year-on-year to 9.3 per cent (8.5 per cent). Credit losses for the first half year improved to 3.8 per cent (5.1 per cent).
CONSUMER LOANS – PERFORMANCE MEASURES SEKM UNLESS OTHERWISE SPECIFIED
| Income statement | Apr-Jun 2025 |
Jan-Mar 2025 |
∆ | Apr-Jun 2024 |
∆ | Jan-Dec 2024 |
|---|---|---|---|---|---|---|
| Operating income | 528 | 524 | 1% | 535 | -1% | 2,079 |
| Credit losses | -193 | -232 | -17% | -276 | -30% | -1,300 |
| Balance sheet | 30 Jun 2025 |
31 Mar 2025 |
∆ | 30 Jun 2024 |
∆ | 31 Dec 2024 |
| Lending to the public | 22,114 | 22,205 | 0% | 24,058 | -8% | 22,970 |
| Performance measures, % | Apr-Jun 2025 |
Jan-Mar 2025 |
Apr-Jun 2024 |
Jan-Dec 2024 |
||
| NBI margin, % | 9.5 | 9.3 | 8.8 | 8.8 | ||
| NIM, % | 9.1 | 8.9 | 8.3 | 8.4 | ||
| Credit loss ratio, % | 3.5 | 4.1 | 4.5 | 5.5 | ||
| Risk-adjusted NBI margin, % | 6.0 | 5.2 | 4.3 | 3.3 | ||
| Performance measures excluding items affecting comparability, % |
Apr-Jun 2025 |
Jan-Mar 2025 |
Apr-Jun 2024 |
Jan-Dec 2024 |
||
| NBI margin, % | 9.5 | 9.3 | 8.8 | 8.8 | ||
| NIM, % | 9.1 | 8.9 | 8.3 | 8.4 | ||
| Credit loss ratio, % | 3.5 | 4.1 | 4.5 | 5.5 | ||
| Risk-adjusted NBI margin, % | 6.0 | 5.2 | 4.3 | 3.3 |
Consumer Loans lending by country, SEK billion net
0,0 2,0 4,0 6,0 8,0 10,0 12,0 14,0
Significant events
Resurs Holding AB (publ) held its Annual General Meeting the 27th of May. The Annual General Meeting resolved in accordance with all proposals of the Board and Ronneby UK Ltd.
Resurs' new strategy has led to a need for impairment of accumulated IT investments, impacting the first quarter of the year. At the same time Resurs presented revised financial targets.
The ongoing implementation of the strategic direction, presented in 2024, has led to an impairment of IT investments of 326 MSEK in Q1 2025. The impairment did not affect the company's liquidity and had a slightly positive effect on Resurs capital base.
Mio extended its partnership with Resurs
The leading home furnishings chain Mio extended its longterm agreement with Resurs for financing solutions in physical stores and online. Resurs thereby further strengthens its position as a leading financing solution partner in the Nordic region.
NCR assigned Resurs Bank's credit rating to BBB- with a stable outlook
Following its annual review in mid-March, the credit rating institute Nordic Credit Rating, NCR, has assigned Resurs Bank's credit rating at BBB- (stable outlook). The adjustment from the previous BBB (negative outlook) has been made as a result of the higher level of credit losses.
Summary from Resurs Holding's Extraordinary General Meeting the 11th of March 2025
The General Meeting resolved that the Board of Directors shall consist of eight (8) members and to replace the current Board members Mikael Wintzell and Ola Laurin through election of Håkan Berg and Johanna Clason as new Board members alongside the other current Board members. The Board of Directors is thereafter composed of Lennart Jacobsen, Martin Bengtsson, Fredrik Carlsson, Gustaf Martin-Löf, Peter Rutland, Martin Iacoponi, Håkan Berg and Johanna Clason with Lennart Jacobsen as the Chairman.
Resurs Holding's subsidiary Resurs Bank issued senior unsecured bonds
In line with Resurs's strategy of long-term diversified financing, Resurs Holding's subsidiary Resurs Bank issued beginning of March senior unsecured bonds of SEK 500 million and NOK 200 million.
After the end of the period
There were no significant events after the end of the period.
Other information
Risk and capital management
The Group's ability to manage risks and conduct effective capital planning is fundamental to its profitability. The business faces various forms of risk including business risks/strategic risks, credit risks, market risks, liquidity risks and operational risks. The Board has established operational policies with the aim of balancing the Group's risk taking, and to limit and control risks. All policies are updated as necessary and revised at least once annually. The Board and CEO are ultimately responsible for risk management. A more detailed description of the bank's risks, liquidity and capital management is presented in the most recent annual report.
Information on operations
Resurs Holding AB is a financial holding company. Operating activities are conducted in the wholly owned subsidiary Resurs Bank AB and its subsidiaries. Operations are primarily consumer-oriented and are licensed by Finansinspektionen. Resurs Bank AB conducts banking operations in the Nordic countries. Operations in Finland are conducted through branch office Resurs Bank AB Suomen sivuliike (Helsinki), in Denmark through branch office Resurs Bank filial af Resurs Bank (Brøndby) and in Norway through branch office Resurs Bank AB NUF (Oslo). Consumer lending is subdivided into retail finance loans, consumer loans, credit card with MasterCard function. Retail finance loans are offered to finance both traditional in-store purchases and online purchases. Lending to corporates includes corporate loans, inventory financing, invoice factoring and invoice discounting. In addition, Resurs offers deposits in the Nordic region as well as deposits via cross-border operations in Germany, the Netherlands, Spain and Ireland.
EMPLOYEES
There were 756 full-time employees at the Group on 30 June 2025. As of 31 March 2025, there were 718 full-time employees and the increase is primarily due to increase in employees in Engineering, Product & Credit but also summer workers. Compared with the second quarter of 2024, the number of full-time employees increased from 665. This was primarily due to an increase in employees in Engineering and Product & Credit.
756
employees
Resurs Holding Interim Report January–March 2024 14
The share
Resurs Holding's share is listed on Nasdaq Stockholm, Mid Cap. The final price paid for the Resurs share at the end of the period was SEK 25.50.
The ten largest shareholders with direct ownership on 30 June 20251)
Share capital
| Ronneby UK Limited | 88.04% |
|---|---|
| Avanza Pension | 1.78% |
| Agenta Investment Management | 1.01% |
| Agenta Advisors AB | 1.01% |
| Nordnet Pensionsförsäkring | 0.44% |
| MP Pensjon PK | 0.40% |
| Vidarstiftelsen | 0.24% |
| Bygg-Göta-bolagen | 0.18% |
| Hallskär AB | 0.14% |
| Movestic Livförsäkring AB | 0.13% |
| Total | 93.36% |
1) Information on indirect holdings through companies, etc. may not be available in certain cases.
| Financial targets – performance measures | Mid-term target | Outcome Jan-Jun 2025 |
||
|---|---|---|---|---|
| Share of net profit distributed to shareholders | Up to 50%* | N/A | ||
| Margin to regulatory requirement for 1) Common Equity Tier 1 ratio and 2) total capital ratio |
between 150-300 points | 1) 575 points 2) 384 points |
*) subject to the bank's outlook, capital planning and expected investments in organic and inorganic growth opportunities
The Board's assurance
This interim report has not been audited.
The Board of Directors and the CEO certify that this interim report provides a fair review of the Group's and the Parent Company's operations, financial position and results and describes the significant risks and uncertainties faced by the Parent Company and Group companies.
Helsingborg, 17 July 2025
Magnus Fredin
Magnus Fredin, CEO
Board of Directors,
Lennart Jacobsen
Lennart Jacobsen Chairman of the Board
Martin Bengtsson Håkan Berg Fredrik Carlsson
Board member Board member Board member
Board member Board member Board member
Peter Rutland
Peter Rutland Board member
Martin Bengtsson Håkan Berg Fredrik Carlsson
Johanna Clason Martin Iacoponi Gustaf Martin-Löf
Johanna Clason Martin Iacoponi Gustaf Martin-Löf
Summary financial statements - Group
Condensed Income statement
| Apr-Jun | Jan-Mar | Apr-Jun | Jan-Jun | Jan-Jun | Jan-Dec | ||
|---|---|---|---|---|---|---|---|
| SEK thousand | Note | 2025 | 2025 | 2024 | 2025 | 2024 | 2024 |
| Interest income | G5 | 1,097,116 | 1,136,848 | 1,179,684 | 2,233,964 | 2,343,243 | 4,675,157 |
| Interest expense | G5 | -310,410 | -367,161 | -446,309 | -677,571 | -888,906 | -1,743,422 |
| Net interest | 786,706 | 769,687 | 733,375 | 1,556,393 | 1,454,337 | 2,931,735 | |
| Fee & commission income | 133,719 | 129,646 | 139,714 | 263,365 | 268,245 | 543,350 | |
| Fee & commission expense | -15,350 | -16,828 | -21,317 | -32,178 | -42,084 | -78,978 | |
| Net provision | 118,369 | 112,818 | 118,397 | 231,187 | 226,161 | 464,372 | |
| Net income/expense from financial transactions | -14,354 | -15,082 | 1,508 | -29,436 | -4,434 | -46,490 | |
| Other operating income | G6 | 43,292 | 49,284 | 45,979 | 92,576 | 103,760 | 212,930 |
| Total operating income | 934,013 | 916,707 | 899,259 | 1,850,720 | 1,779,824 | 3,562,547 | |
| General administrative expenses | G7, G9 | -414,564 | -398,476 | -406,056 | -813,040 | -767,208 | -1,574,166 |
| Depreciation, amortisation and impairment of intangible and tangible fixed assets |
G9 | -24,074 | -355,184 | -21,622 | -379,258 | -43,344 | -85,064 |
| Other operating expenses | -27,300 | -24,024 | -16,185 | -51,324 | -39,434 | -71,905 | |
| Total expenses before credit losses | -465,938 | -777,684 | -443,863 | -1,243,622 | -849,986 | -1,731,135 | |
| Earnings before credit losses | 468,075 | 139,023 | 455,396 | 607,098 | 929,838 | 1,831,412 | |
| Credit losses, net | -283,980 | -337,963 | -396,095 | -621,943 | -852,969 | -1,570,442 | |
| Total credit losses | G8 | -283,980 | -337,963 | -396,095 | -621,943 | -852,969 | -1,570,442 |
| Operating profit/loss | 184,095 | -198,940 | 59,301 | -14,845 | 76,869 | 260,970 | |
| Income tax expense | -39,802 | 81,524 | -20,162 | 41,722 | -22,570 | -60,587 | |
| Net profit for the period | 144,293 | -117,416 | 39,139 | 26,877 | 54,299 | 200,383 | |
| Net profit attributable to the parent company's shareholders: | |||||||
| Portion attributable to Resurs Holding AB shareholders | 128,645 | -133,206 | 22,676 | -4,561 | 21,297 | 127,751 | |
| Portion attributable to the holders of Additional Tier 1 instruments | 15,648 | 15,790 | 16,463 | 31,438 | 33,002 | 72,632 | |
| Net profit for the period | 144,293 | -117,416 | 39,139 | 26,877 | 54,299 | 200,383 | |
| Basic and diluted earnings per share, SEK | G15 | 0.64 | -0.67 | 0.11 | -0.02 | 0.11 | 1.14 |
Statement of comprehensive income
| SEK thousand | Apr-Jun | Jan-Mar | Apr-Jun | Jan-Jun | Jan-Jun | Jan-Dec |
|---|---|---|---|---|---|---|
| 2025 | 2025 | 2024 | 2025 | 2024 | 2024 | |
| Net profit for the period | 144,293 | -117,416 | 39,139 | 26,877 | 54,299 | 200,383 |
| Other comprehensive income that will be classified to profit/loss | ||||||
| Translation differences for the period, foreign operations | -9,579 | -11,734 | 9,132 | -20,953 | 5,211 | -11,285 |
| Comprehensive income for the period | 134,714 | -129,150 | 48,271 | 5,924 | 59,510 | 189,098 |
| Portion attributable to Resurs Holding AB shareholders | 119,066 | -144,940 | 31,808 | -25,514 | 26,508 | 116,466 |
| Portion attributable to additional Tier 1 capital holders | 15,648 | 15,790 | 16,463 | 31,438 | 33,002 | 72,632 |
| Comprehensive income for the period | 134,714 | -129,150 | 48,271 | 5,924 | 59,510 | 189,098 |
Statement of financial position
| SEK thousand | Note | 30 Jun | 31 Dec | 30 Jun |
|---|---|---|---|---|
| 2025 | 2024 | 2024 | ||
| Assets | ||||
| Cash and balances at central banks | 2,905,488 | 4,762,556 | 1,496,715 | |
| Treasury and other bills eligible for refinancing | 1,853,796 | 1,750,650 | 1,656,367 | |
| Lending to credit institutions | 2,318,025 | 2,861,551 | 4,172,554 | |
| Lending to the public | G9, G10 | 38,999,132 | 39,903,160 | 39,732,713 |
| Bonds and other interest-bearing securities | 1,672,198 | 1,875,265 | 1,688,785 | |
| Shares and participating interests | 4,521 | 4,547 | 12,159 | |
| Intangible fixed assets | 1,731,579 | 2,120,749 | 2,127,155 | |
| Tangible assets | 87,682 | 96,098 | 81,042 | |
| Other assets | 593,037 | 595,434 | 633,459 | |
| Prepaid expenses and accrued income | 176,439 | 175,656 | 207,174 | |
| TOTAL ASSETS | 50,341,897 | 54,145,666 | 51,808,123 | |
| Liabilities, provisions and equity | ||||
| Liabilities and provisions | ||||
| Liabilities to credit institutions | 28,650 | 9,300 | 4,800 | |
| Deposits and borrowing from the public | 35,375,739 | 39,771,446 | 37,494,667 | |
| Other liabilities | 484,330 | 810,305 | 822,379 | |
| Accrued expenses and deferred income | 745,826 | 504,694 | 908,671 | |
| Other provisions | G11 | 15,493 | 14,782 | 24,279 |
| Issued securities | 5,675,225 | 4,993,094 | 4,598,346 | |
| Subordinated debt | 299,436 | 299,332 | 299,226 | |
| Total liabilities and provisions | 42,624,699 | 46,402,953 | 44,152,368 | |
| Equity | ||||
| Share capital | 1,000 | 1,000 | 1,000 | |
| Other paid-in capital | 2,086,615 | 2,086,615 | 2,086,615 | |
| Hedge accounting reserve | -35,600 | -35,600 | -35,600 | |
| Translation reserve | 7,911 | 28,864 | 45,360 | |
| Additional Tier 1 instruments | 600,000 | 600,000 | 600,000 | |
| Retained earnings incl. profit for the period | 5,057,272 | 5,061,834 | 4,958,380 | |
| Total equity | 7,717,198 | 7,742,713 | 7,655,755 | |
| TOTAL LIABILITIES, PROVISIONS AND EQUITY | 50,341,897 | 54,145,666 | 51,808,123 |
See Note G12 for information on pledged assets, contingent liabilities and commitments.
| Statement of changes in equity | |||||||
|---|---|---|---|---|---|---|---|
| SEK thousand | Share capital |
Other paid-in capital |
Hedge account ing reserve |
Translation reserve |
Additional Tier 1 instruments |
Retained earnings incl. profit for the |
Total equity |
| Initial equity at 1 January 2024 | 1,000 | 2,086,615 | -35,600 | 40,149 | 600,000 | year 4,938,101 |
7,630,265 |
| Cost additional Tier 1 instruments | -33,002 | -33,002 | |||||
| Net profit for the period | 54,299 | 54,299 | |||||
| Other comprehensive income for the period | 5,211 | 5,211 | |||||
| Owner transactions | |||||||
| Share-based payments | -1,018 | -1,018 | |||||
| Equity at 30 June 2024 | 1,000 | 2,086,615 | -35,600 | 45,360 | 600,000 | 4,958,380 | 7,655,755 |
| Initial equity at 1 January 2024 | 1,000 | 2,086,615 | -35,600 | 40,149 | 600,000 | 4,938,101 | 7,630,265 |
| Transaction costs, issue of Tier 1 capital Interest cost additional Tier 1 instruments |
-3,000 -72,632 |
-3,000 -72,632 |
|||||
| Net profit for the year | 200,383 | 200,383 | |||||
| Other comprehensive income for the year | -11,285 | -11,285 | |||||
| Owner transactions | |||||||
| Share-based payments | -1,018 | -1,018 | |||||
| Equity at 31 December 2024 | 1,000 | 2,086,615 | -35,600 | 28,864 | 600,000 | 5,061,834 | 7,742,713 |
| Initial equity at 1 January 2025 | 1,000 | 2,086,615 | -35,600 | 28,864 | 600,000 | 5,061,834 | 7,742,713 |
| Interest cost additional Tier 1 instruments | -31,438 | -31,438 | |||||
| Net profit for the period | 26,876 | 26,876 | |||||
| Other comprehensive income for the period | -20,953 | -20,953 | |||||
| Equity at 30 June 2025 | 1,000 | 2,086,615 | -35,600 | 7,911 | 600,000 | 5,057,272 | 7,717,198 |
All equity is attributable to Parent Company shareholders.
Cash flow statement (indirect method)
| 30 Jun | 31 Dec | 30 Jun | |
|---|---|---|---|
| SEK thousand | 2025 | 2024 | 2024 |
| Operating activities | |||
| Operating profit | -14,845 | 260,970 | 76,869 |
| - of which, interest received | 2,226,422 | 4,670,305 | 2,316,530 |
| - of which, interest paid | -478,972 | -1,748,983 | -550,743 |
| Adjustments for non-cash items in operating profit | 1,154,626 | 1,595,632 | 1,193,561 |
| Tax paid | -128,362 | -124,000 | -211,581 |
| Cash flow from operating activities before changes in operating assets and liabilities | 1,011,419 | 1,732,602 | 1,058,849 |
| Changes in operating assets and liabilities | |||
| Lending to the public | -212,908 | -2,294,188 | -1,410,490 |
| Other assets | 538,717 | -348,556 | -232,809 |
| Liabilities to credit institutions | 19,350 | 6,200 | 1,700 |
| Deposits and borrowing from the public | -4,357,249 | 3,629,141 | 1,303,548 |
| Acquisition of investment assets 1) | -456,043 | -4,313,205 | -3,612,197 |
| Divestment of investment assets 1) | 511,913 | 4,260,394 | 3,808,528 |
| Other liabilities | -119,879 | 80,375 | 177,580 |
| Cash flow from operating activities | -3,064,680 | 2,752,763 | 1,094,709 |
| Investing activities | |||
| Acquisition of intangible and tangible fixed assets | -7,758 | -117,115 | -60,679 |
| Divestment of intangible and tangible fixed assets | 2,706 | 1,184 | 645 |
| Cash flow from investing activities | -5,052 | -115,931 | -60,034 |
| Financing activities | |||
| Transaction costs, issue of Tier 1 capital | - | -3,000 | - |
| Interest cost additional Tier 1 instruments | -31,438 | -72,632 | -33,002 |
| Payment relating to amortisation of leasing debts | -9,787 | -26,957 | -14,750 |
| New issued securities | 687,347 | 1,338,973 | - |
| Matured issued securities | - | -1,982,365 | -1,050,000 |
| Matured subordinated debt | - | -300,000 | -300,000 |
| Cash flow from financing activities, continuing operations | 646,122 | -1,045,981 | -1,397,752 |
| Cash flow for the period | -2,423,610 | 1,590,851 | -363,077 |
| Cash & cash equivalents at beginning of the year 2) | 7,624,107 | 6,057,539 | 6,057,539 |
| Exchange rate differences | 23,016 | -24,283 | -25,193 |
| Cash & cash equivalents at end of the period 2) | 5,223,513 | 7,624,107 | 5,669,269 |
| Adjustment for non-cash items in operating profit | |||
| Credit losses | 621,943 | 1,570,442 | 852,969 |
| Depreciation, amortisation and impairment of intangible and tangible fixed assets | 379,258 | 85,064 | 43,344 |
| Profit/loss tangible assets | 66 | -343 | -215 |
| Impairment of shares | - | 12,526 | - |
| Valuation fair value investment assets 1) | 6,226 | 310 | 191 |
| Change in provisions | 912 | -7,104 | 2,481 |
| Adjustment to interest paid/received | 169,450 | -19,245 | 299,422 |
| Currency effects | -22,813 | -33,608 | -4,311 |
| Share-based payments | -859 | -12,526 | - |
| Change in fair value of shares and participating interest | - | -1,018 | -1,018 |
| Other items that do not affect liquidity | 443 | 1,134 | 698 |
| Sum non-cash items in operating profit | 1,154,626 | 1,595,632 | 1,193,561 |
1) Investment assets are comprised of bonds and other interest-bearing securities, treasury and other bills eligible for refinancing, shares and participating interest.
2) Liquid assets are comprised of lending to credit institutions and cash and balances at central banks.
| SEK thousand | 1 Jan 2025 | Cash flow | Non cash flow items | 30 Jun 2025 | |
|---|---|---|---|---|---|
| Accrued acquisition | Exchange rate | ||||
| costs | differences | ||||
| Issued securities | 4,993,094 | 687,347 | 339 | -5,555 | 5,675,225 |
| Subordinated debt | 299,332 | - | 104 | - | 299,436 |
| Total | 6,907,433 | 687,347 | 443 | -5,555 | 5,974,661 |
Notes to the condensed financial statements
G1. Accounting principles
The Group's interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and with applicable provisions of the Swedish Annual Accounts Act for Credit Institutions and Securities Companies and the Swedish Financial Supervisory Authority's regulations and general guidelines on Annual Reports in Credit Institutions and Securities Companies (FFFS 2008:25), as well as the Swedish Financial Reporting Board's recommendation RFR 1, Supplementary Accounting Rules for Corporate Groups.
For detailed accounting principles for the Group, see the Annual report for 2024.
The regulatory consolidation (known as "consolidated situation") comprises the Resurs Bank AB Group and its Parent Company Resurs Holding AB.
The interim information on pages 5-35 comprises an integrated component of this financial report.
No new IFRS or IFRIC interpretations, effective as from 1 January 2025, have had any material impact on the Group.
The Parent Company has prepared its interim report in accordance with the requirements in the Annual Accounts Act (AAA) and the Swedish Financial Reporting Board's recommendation RFR 2, Accounting for Legal Entities. The same accounting and valuation principles were applied as in the latest Annual report.
G2. Financing - Consolidated situation
A core component of financing efforts is maintaining a well-diversified financing structure with access to several sources of financing. Access to a number of sources of financing means that it is possible to use the most appropriate source of financing at any particular time.
The main type of financing remains deposits from the public. This type of financing is offered to customers in several countries. Deposits, which are analysed on a regular basis, totalled SEK 35,376 million (39,772). The lending to the public/deposits from the public ratio for the consolidated situation is 110 per cent (100 per cent).
Resurs Bank has a funding programme for issuing bonds, the programme amounts to SEK 10,000 million (10,000). Resurs Bank has acted both on the Swedish and Norwegian markets. At 30 June 2025 the program has five outstanding bonds at a nominal amount of SEK 1,600 million (1,100) and NOK 400 million (200). Of the five bonds, four are senior unsecured bonds and one is a subordinated loan (T2) of SEK 300 million (300).
Resurs Holding has issued two Additional Tier 1 Capital instruments of a nominal SEK 600 million (600).
Liquidity - Consolidated situation
Liquidity risk includes the risk of not being able to meet liquidity commitments without significantly higher costs. The consolidated situation, must maintain a liquidity reserve and have access to an unutilised liquidity margin in the event of irregular or unexpected liquidity flows.
The Group's liquidity risk is managed through policies that specify limits, responsibilities and monitoring and include a contingency plan. The purpose of the contingency plan is to make preparations for various courses of actions if the liquidity situation trend unfavorably. The contingency plan includes, among other things, risk indicators and action plans. The Group's liquidity risk is controlled and audited by independent functions.
Liquidity comprises both a liquidity reserve and another liquidity portfolio that is monitored on a daily basis. The main liquidity risk is deemed to arise in the event of multiple depositors simultaneously withdraw their deposited funds. An internal model is used to set minimum requirements for the amount of the liquidity reserve, calculated based on deposit volumes, the proportion covered by deposit insurance and also takes into account the future maturities of issued securities. The Board has stipulated that the liquidity reserve may never fall below SEK 1,500 million. Apart from the liquidity reserve, there is an intraday liquidity requirement of at least 4 per cent of deposits from the public, a minimum SEK 1,000 million. There are also other liquidity requirements regulating and controlling the business.
Resurs Bank has an official credit rating from the rating company Nordic Credit Rating (NCR). Access to Nordic Credit Ratings analyses can be found on the website www.nordiccreditrating.com.
Resurs Bank has completed a securitisation of loan receivables, a form of structured financing, referred to as Asset Backed Securities (ABS). This takes place by transferring loan receivables to Resurs Bank's wholly owned subsidiaries Resurs Consumer Loans 1 Limited. This financing has been arranged with J.P. Morgan Chase Bank. Resurs Bank has for a rolling period of 18 months (revolving period), the right to continue sale of certain additional loan receivables to Resurs Consumer Loans. At June 30 a total of approximately SEK 4.9 billion in loan receivables had been transferred to Resurs Consumer Loans. Resurs Bank and Resurs Consumer Loans have provided security for the assets that form part of the securitisation. At the balance sheet date, the external financing amounted to SEK 4.0 billion (4.0) of the ABS financing.
The minimum requirement for the structural liquidity measure Net Stable Funding Ratio (NSFR) is that the ratio must amount to at least 100%. The requirement states that there should be sufficient stable funding over a oneyear horizon under normal and stressed conditions. For the consolidated situation the ratio on balance sheet day is 110% (108%).
The liquidity reserve, totalling SEK 2,604 million (2,632), is in accordance with Swedish Financial Supervisory Authority regulations on liquidity risk management (FFFS 2010:7) and applicable amendments thereto for the consolidated situation. Accordingly, assets are segregated, unutilised and of high quality. The liquidity reserve largely comprises assets with the highest credit quality rating.
In addition to the liquidity reserve, the consolidated situation has other liquid assets primarily comprised of cash at central banks or balances with other banks. These assets are of high credit quality and total SEK 5,425 million (7,806) for the consolidated situation. Accordingly, total liquidity amounted to SEK 8,029 million (10,438) corresponds to 23 per cent (26 per cent) of deposits from the public. The Group also has unutilised credit facilities of NOK 50 million (50).
Liquidity Coverage Ratio (LCR) for the consolidated situation is reported to the authorities on a monthly basis. The LCR shows the ratio between high qualitative assets and net outflow during a 30-day stressed period. A ratio of 100 per cent means the assets managed the stress test scenario and is also the authority's limit. As of June 30 2025 the ratio for the consolidated situation is 352 per cent (478 per cent). For the period January to June 2025, the average LCR measures to 420 per cent for the consolidated situation.
All valuations of interest-bearing securities were made at market values that take into account accrued interest.
Summary of liquidity – Consolidated situation
| 30 Jun | 31 Dec | 30 Jun |
|---|---|---|
| 2025 | 2024 | 2024 |
| 491,536 | 424,361 | 438,808 |
| 1,168,535 | 1,130,565 | 1,021,278 |
| - | 20,000 | 55,000 |
| 943,567 | 1,056,750 | 794,125 |
| 2,603,638 | 2,631,676 | 2,309,211 |
| 2,905,488 | 4,762,556 | 1,496,715 |
| 201,817 | 202,193 | 202,947 |
| 2,318,059 | 2,841,551 | 4,117,554 |
| 5,425,364 | 7,806,300 | 5,817,216 |
| 8,029,002 | 10,437,976 | 8,126,427 |
| 47,095 | 48,485 | 49,840 |
Stress tests are carried out on a regular basis to ensure that there is liquidity in place for circumstances that deviate from normal conditions. One recurring stress test is significant outflows of deposits from the public.
In evaluating liquid assets for LCR reporting, the following assessment of liquid asset quality is made before each value judgement in accordance with the EU Commission's delegated regulation (EU) 575/2013.
Liquid assets according to LCR
| 30/06/2025 | |||||
|---|---|---|---|---|---|
| SEK thousand | Total | SEK | EUR | DKK | NOK |
| Level 1 assets | |||||
| Cash and balances with central banks | 2,834,007 | 2,674,048 | 95,226 | - | 64,733 |
| Securities or guaranteed by sovereigns, central banks, MDBs and international org. | 379,206 | - | 349,003 | 30,203 | - |
| Securities issued by municipalities | 1,322,748 | 1,027,676 | 209,951 | - | 85,121 |
| Extremely high quality covered bonds | 929,595 | 485,710 | 400,016 | - | 43,869 |
| Level 2 assets | |||||
| Securities issued by municipalities | 47,603 | - | - | - | 47,603 |
| High quality covered bonds | 13,972 | 13,972 | - | - | - |
| Total liquid assets | 5,527,131 | 4,201,406 | 1,054,196 | 30,203 | 241,326 |
| 31/12/2024 | |||||
| SEK thousand | Total | SEK | EUR | DKK | NOK |
| Level 1 assets | |||||
| Cash and balances with central banks | 4,690,187 | 4,525,406 | 99,423 | - | 65,358 |
| Securities or guaranteed by sovereigns, central banks, MDBs and international org. | 424,361 | - | 393,585 | 30,776 | - |
| Securities issued by municipalities | 1,104,495 | 830,439 | 186,510 | - | 87,546 |
| Extremely high quality covered bonds | 982,717 | 504,398 | 432,923 | - | 45,396 |
| Level 2 assets | |||||
| Securities or guaranteed by municipalities | 48,997 | - | - | - | 48,997 |
| High quality covered bonds | 74,033 | 74,033 | - | - | - |
| Total liquid assets | 7,324,790 | 5,934,276 | 1,112,441 | 30,776 | 247,297 |
| 30/06/2024 | |||||
| SEK thousand | Total | SEK | EUR | DKK | NOK |
| Level 1 assets | |||||
| Cash and balances with central banks | 1,426,675 | 1,260,982 | 99,853 | - | 65,840 |
| Securities or guaranteed by sovereigns, central banks, MDBs and international org. | 438,808 | - | 408,499 | 30,309 | - |
| Securities issued by municipalities | 1,224,224 | 960,343 | 78,201 | - | 185,680 |
| Extremely high quality covered bonds | 720,102 | 306,244 | 366,921 | - | 46,937 |
| Level 2 assets | |||||
| High quality covered bonds | 74,023 | 74,023 | - | - | - |
| Total liquid assets | 3,883,832 | 2,601,592 | 953,474 | 30,309 | 298,457 |
| Additional information on the Group's management of liquidity risks is available in the Group's 2024 Annual report. |
| SEK thousand | 30 Jun | 31 Dec | 30 Jun |
|---|---|---|---|
| 2025 | 2024 | 2024 | |
| Total liquid assets | 5,527,131 | 7,324,790 | 3,883,832 |
| Net liquidity outflow | 1,548,424 | 1,514,011 | 1,128,557 |
| LCR measure | 352% | 478% | 339% |
G3. Capital adequacy - Consolidated situation
Capital requirements are calculated in accordance with European Parliament and Council Regulation EU 575/2013 (CRR) and Directive 2013/36 EU (CRD IV). The Directive was incorporated via the Swedish Capital Buffers Act (2014:966), and the Swedish Financial Supervisory Authority's (SFSA) regulations regarding prudential requirements and capital buffers (FFFS 2014:12). The capital requirement calculation below comprises the statutory minimum capital requirement for credit risk, credit valuation adjustment risk, market risk and operational risk.
In 2023, the Swedish Financial Supervisory Authority carried out a Supervisory Review and Evaluation Process (SREP) regarding specific own funds requirements and Pillar 2 guidance. They decided that the consolidated situation should meet a specific own funds requirement for credit risk, interest risk and other market risks, of 1.87 per cent of the total risk-weighted exposure amount. The consolidated situation should meet a Pillar 2 guidance on leverage ratio of 0.5 per cent of the total exposure amount regarding leverage ratio.
The combined buffer requirement for Resurs comprises a capital conservation buffer and a countercyclical capital buffer. The capital conservation buffer requirement amounts to 2.5 per cent of the risk weighted assets. The countercyclical capital buffer requirement is weighted according to geographical requirements and amounts to 1.7 per cent. At June 30, 2025 Sweden has counter-cyclical buffer requirements of 2 per cent, Norway 2.5 per cent and Denmark 2.5 per cent. Finland's countercyclical buffer requirement remains unchanged at 0 per cent.
The consolidated situation calculates the capital requirement for credit risk, credit rating adjustment risk, market risk and operational risk.
Credit risk is calculated by applying the standardised method under which the asset items of the consolidated situation are weighted and divided between 17 different exposure classes. The total risk-weighted exposure amount is multiplied by 8 per cent to obtain the minimum capital requirement for credit risk.
The capital requirement for operational risk is calculated by the alternative standardised approach. With this approach, the capital requirement for operational risks is calculated as 12 or 15 per cent of an income indicator (meaning average operating income for the past three years categorised as Retail banking and Commercial banking). The counterparty risk is calculated using the simplified standardised method. External rating companies are used to calculate the consolidated situation's capital base requirement for bonds and other interest-bearing securities.
In December 2019, December 2023 and September 2024, Resurs Holding AB issued Additional Tier 1 Capital of a nominal SEK 300 million each. The notes have a perpetual tenor with a first call option after five years and a temporary write-down mechanism. The Tier 1 capital injection issued in September 2024 is intended to replace existing Tier 1 capital instrument issued in December 2019, which was redeemed early, in December 2024.
Capital base
| SEK thousand | 30 Jun | 31 Dec | 30 Jun |
|---|---|---|---|
| 2025 | 2024 | 2024 | |
| Common Equity Tier 1 capital | |||
| Equity | |||
| Equity, Group | 7,117,198 | 7,142,713 | 7,055,755 |
| Additional Tier 1 instruments classified as equity | 600,000 | 600,000 | 600,000 |
| Equity according to balance sheet | 7,717,198 | 7,742,713 | 7,655,755 |
| Proposed dividend | - | - | - |
| Foreseeable dividend | - | - | - |
| Additional/deducted equity in the consolidated situation | 5 | 15 | 22 |
| Equity, consolidated situation | 7,717,203 | 7,742,728 | 7,655,777 |
| Less: | |||
| Insufficient coverage regarding non performing loans | -13,909 | -13,536 | -15,732 |
| Items related to securitisation positions | -4,065 | -4,552 | -4,933 |
| Additional value adjustments | -3,545 | -3,645 | -3,367 |
| Intangible fixed assets | -1,731,579 | -2,097,011 | -2,092,696 |
| Additional Tier 1 instruments classified as equity | -600,000 | -600,000 | -600,000 |
| Shares in subsidiaries | -3,368 | -4,242 | -1,039 |
| Total Common Equity Tier 1 capital | 5,360,737 | 5,019,742 | 4,938,010 |
| Tier 1 capital | |||
| Common Equity Tier 1 capital | 5,360,737 | 5,019,742 | 4,938,010 |
| Additional Tier 1 instruments | 600,000 | 600,000 | 600,000 |
| Total Tier 1 capital | 5,960,737 | 5,619,742 | 5,538,010 |
| Tier 2 capital | |||
| Dated subordinated loans | 230,582 | 252,323 | 262,317 |
| Total Tier 2 capital | 230,582 | 252,323 | 262,317 |
| Total capital base | 6,191,319 | 5,872,065 | 5,800,327 |
Specification of risk-weighted exposure amount and capital requirements
| SEK thousand | 30 Jun 2025 | 31 Dec 2024 | 30 Jun 2024 | |||
|---|---|---|---|---|---|---|
| Risk-weighted exposure amount |
Capital require ment 1) |
Risk weighted |
Capital require |
Risk-weighted exposure |
Capital require ment 1) |
|
| exposure | ment 1) | amount | ||||
| Exposures to state or local self-government bodies and authorities | 9,439 | 755 | amount 9,713 |
777 | - | - |
| Exposures to institutions | 535,116 | 42,809 | 647,312 | 51,785 | 908,874 | 72,710 |
| Exposures to corporates | 481,951 | 38,556 | 373,382 | 29,871 | 728,336 | 58,267 |
| Retail exposures | 25,810,592 | 2,064,847 | 26,944,650 | 2,155,572 | 27,236,956 | 2,178,956 |
| Exposures secured by mortgages in real estate | - | - | - | - | - | - |
| Exposures in default | 3,247,960 | 259,837 | 3,096,116 | 247,689 | 2,713,069 | 217,045 |
| Exposures in the form of covered bonds | 93,964 | 7,517 | 105,112 | 8,409 | 79,018 | 6,321 |
| Items representing securitisation positions' | 726,827 | 58,146 | 817,722 | 65,418 | 891,989 | 71,359 |
| Equity exposures | 1,242 | 99 | 1,268 | 101 | 12,072 | 966 |
| Other items | 1,044,301 | 83,544 | 1,186,446 | 94,915 | 1,105,186 | 88,416 |
| Total credit risks | 31,951,393 | 2,556,111 | 33,181,721 | 2,654,537 | 33,675,500 | 2,694,040 |
| Credit valuation adjustment risk | 71,511 | 5,721 | 58,157 | 4,653 | 55,036 | 4,403 |
| Market risk | ||||||
| Currency risk | - | - | - | - | - | - |
| Operational risk (standard methods) | 2,470,123 | 197,610 | 2,848,724 | 227,898 | 2,626,672 | 210,134 |
| Total risk weighted exposure and total capital requirement | 34,493,027 | 2,759,442 | 36,088,602 | 2,887,088 | 36,357,208 | 2,908,577 |
| Total Tier 2 capital requirement | 645,020 | 674,857 | 679,880 | |||
| Capital buffers | ||||||
| Capital conservation buffer | 862,326 | 902,215 | 908,930 | |||
| Countercyclical capital buffer | 599,062 | 626,800 | 635,037 | |||
| Total capital requirement Capital buffers | 1,461,388 | 1,529,015 | 1,543,967 | |||
| Total capital requirement | 4,865,850 | 5,090,960 | 5,132,424 |
1) Capital requirement information is provided for exposure classes that have exposures.
Regulatory capital requirements
| 30 Jun 2025 | 31 Dec 2024 | 30 Jun 2024 | ||||
|---|---|---|---|---|---|---|
| Amount | Share of risk weighted exposure amount |
Amount | Share of risk weighted exposure |
Amount | Share of risk weighted exposure amount |
|
| Common Equity Tier 1 capital pursuant to Article 92 CRR (Pillar 1) | 1,552,186 | 4.50 | 1,623,987 | amount 4.5 |
1,636,074 | 4.5 |
| Other Common Equity Tier 1 capital requirements (Pillar 2) | 362,824 | 1.05 | 379,607 | 1.1 | 382,432 | 1.1 |
| Combined buffer requirement | 1,461,387 | 4.24 | 1,529,015 | 4.2 | 1,543,967 | 4.3 |
| Total Common Equity Tier 1 capital requirements | 3,376,397 | 9.8 | 3,532,609 | 9.8 | 3,562,473 | 9.8 |
| Common Equity Tier 1 capital | 5,360,737 | 15.5 | 5,019,742 | 13.9 | 4,938,010 | 13.6 |
| Tier 1 capital requirements under Article 92 CRR (Pillar 1) | 2,069,582 | 6.00 | 2,165,316 | 6.0 | 2,181,432 | 6.0 |
| Other Tier 1 capital requirements (Pillar 2) | 483,765 | 1.40 | 506,143 | 1.4 | 509,910 | 1.4 |
| Combined buffer requirement | 1,461,387 | 4.24 | 1,529,015 | 4.2 | 1,543,967 | 4.3 |
| Total Tier 1 capital requirements | 4,014,734 | 11.6 | 4,200,474 | 11.6 | 4,235,309 | 11.7 |
| Tier 1 capital | 5,960,737 | 17.3 | 5,619,742 | 15.6 | 5,538,010 | 15.2 |
| Capital requirements under Article 92 CRR (Pillar 1) | 2,759,442 | 8.00 | 2,887,088 | 8.0 | 2,908,577 | 8.0 |
| Other capital requirements (Pillar 2) | 645,020 | 1.87 | 674,857 | 1.9 | 679,880 | 1.9 |
| Combined buffer requirement | 1,461,387 | 4.24 | 1,529,015 | 4.2 | 1,543,967 | 4.3 |
| Total capital requirement | 4,865,849 | 14.1 | 5,090,960 | 14.1 | 5,132,424 | 14.1 |
| Total capital base | 6,191,319 | 17.9 | 5,872,065 | 16.3 | 5,800,327 | 16.0 |
Capital ratio and capital buffers
| 30 Jun | 31 Dec | 30 Jun | |
|---|---|---|---|
| 2025 | 2024 | 2024 | |
| Common Equity Tier 1 ratio, % | 15.5 | 13.9 | 13.6 |
| Tier 1 ratio, % | 17.3 | 15.6 | 15.2 |
| Total capital ratio, % | 17.9 | 16.3 | 16.0 |
| Institution specific buffer requirements,% | 4.2 | 4.2 | 4.2 |
| - of which, capital conservation buffer requirement, % | 2.5 | 2.5 | 2.5 |
| - of which, countercyclical buffer requirement, % | 1.7 | 1.7 | 1.7 |
| Common Equity Tier 1 capital available for use as buffer after meeting the total own funds requirements, % | 8.1 | 6.4 | 6.1 |
Leverage ratio
The leverage ratio is a non-risk-sensitive capital requirement defined in Regulation (EU) no 575/2013 of the European Parliament and of the Council. The ratio states the amount of equity in relation to the bank's total assets including items that are not recognised in the balance sheet and is calculated by the Tier 1 capital as a percentage of the total exposure measure.
In addition to legal requirements of 3 per cent according to CRR II, Resurs should also hold an additional 0,5 per cent in leverage ratio according to a decision made by the Financial Supervisory Authority after their conducted review and evaluation.
| 30 Jun | 31 Dec | 30 Jun | |
|---|---|---|---|
| SEK thousand | 2025 | 2024 | 2024 |
| Tier 1 capital | 5,960,737 | 5,619,742 | 5,538,010 |
| Leverage ratio exposure | 51,057,181 | 54,475,597 | 52,040,528 |
| Leverage ratio, % | 11.7 | 10.3 | 10.6 |
| Leverage ratio requirement Pillar 1, % | 3.0 | 3.0 | 3.0 |
| Pillar 2 guidance, % | 0.5 | 0.5 | 0.5 |
| Total leverage ratio requirement including Pillar 2 guidance, % | 3.5 | 3.5 | 3.5 |
G4. Segment reporting
The CEO of Resurs Holding AB is the chief operating decision maker for the Group. Management has established segments based on the information that is dealt with by the Board of Directors and used as supporting information for allocating resources and evaluating results. The CEO assesses the performance of Payment Solutions and Consumer
Segment reporting is based on the same principles as those used for the consolidated financial statements. Assets monitored by the CEO refer to lending to the public.
During Q4 2024 the updated LGD model, which is part of Resurs credit reservation model, has resulted in an increase in credit losses of SEK 219 million in Consumer Loans and a decrease of SEK 188 million in Payment Solutions.
The CEO evaluates segment development based on net operating income less credit losses, net.
Apr-Jun 2025
Loans.
| SEK thousand | Payment | Consumer | Total |
|---|---|---|---|
| Solutions | Loans | Group | |
| Interest income | 416,188 | 680,928 | 1,097,116 |
| Interest expense | -135,472 | -174,938 | -310,410 |
| Fee & commission income | 109,106 | 24,613 | 133,719 |
| Fee & commission expense | -15,350 | - | -15,350 |
| Net income/expense from financial transactions | -6,138 | -8,216 | -14,354 |
| Other operating income | 37,919 | 5,373 | 43,292 |
| Total operating income | 406,253 | 527,760 | 934,013 |
| Credit losses, net | -90,991 | -192,989 | -283,980 |
| Operating income less credit losses | 315,262 | 334,771 | 650,033 |
| General administrative expenses | -414,564 | ||
| Depreciation, amortisation and impairment of intangible and tangible fixed assets | -24,074 | ||
| Other operating expenses | -27,300 | ||
| Total expenses 1) | -465,938 | ||
Operating profit/loss 184,095
Jan-Mar 2025
| SEK thousand | Payment | Consumer | Total |
|---|---|---|---|
| Solutions | Loans | Group | |
| Interest income | 426,003 | 710,845 | 1,136,848 |
| Interest expense | -156,948 | -210,213 | -367,161 |
| Fee & commission income | 105,587 | 24,059 | 129,646 |
| Fee & commission expense | -16,828 | - | -16,828 |
| Net income/expense from financial transactions | -6,594 | -8,488 | -15,082 |
| Other operating income | 41,397 | 7,887 | 49,284 |
| Total operating income | 392,617 | 524,090 | 916,707 |
| Credit losses, net | -106,226 | -231,737 | -337,963 |
| Operating income less credit losses | 286,391 | 292,353 | 578,744 |
| General administrative expenses | -398,476 | ||
| Depreciation, amortisation and impairment of intangible and tangible fixed assets | -355,184 | ||
| Other operating expenses | -24,024 | ||
| Total expenses 1) | -777,684 | ||
| Operating profit/loss | -198,940 |
Segment reporting
| Apr-Jun 2024 | |||
|---|---|---|---|
| SEK thousand | Payment | Consumer | Total |
| Solutions | Loans | Group | |
| Interest income | 401,050 | 778,634 | 1,179,684 |
| Interest expense | -171,192 | -275,117 | -446,309 |
| Fee & commission income | 111,324 | 28,390 | 139,714 |
| Fee & commission expense | -21,317 | - | -21,317 |
| Net income/expense from financial transactions | 532 | 976 | 1,508 |
| Other operating income | 43,444 | 2,535 | 45,979 |
| Total operating income | 363,841 | 535,418 | 899,259 |
| Credit losses, net | -120,406 | -275,689 | -396,095 |
| Operating income less credit losses | 243,435 | 259,729 | 503,164 |
| General administrative expenses | -406,056 | ||
| Depreciation, amortisation and impairment of intangible and tangible fixed assets | -21,622 | ||
| Other operating expenses | -16,185 | ||
| Total expenses 1) | -443,863 | ||
| Operating profit/loss | 59,301 | ||
| SEK thousand | Payment | Consumer | Total |
|---|---|---|---|
| Solutions | Loans | Group | |
| Interest income | 842,191 | 1,391,773 | 2,233,964 |
| Interest expense | -292,420 | -385,151 | -677,571 |
| Fee & commission income | 214,693 | 48,672 | 263,365 |
| Fee & commission expense | -32,178 | - | -32,178 |
| Net income/expense from financial transactions | -12,732 | -16,704 | -29,436 |
| Other operating income | 79,316 | 13,260 | 92,576 |
| Total operating income | 1,850,720 | ||
| Credit losses, net | -197,217 | -424,726 | -621,943 |
| Operating income less credit losses | 1,228,777 | ||
| General administrative expenses | -813,040 | ||
| Depreciation, amortisation and impairment of intangible and tangible fixed assets | -379,258 | ||
| Other operating expenses | -51,324 | ||
| Total expenses 1) | -1,243,622 | ||
| Operating profit/loss | -14,845 |
Jan-Jun 2024
Jan-Jun 2025
| SEK thousand | Payment | Consumer | Total |
|---|---|---|---|
| Solutions | Loans | Group | |
| Interest income | 792,580 | 1,550,663 | 2,343,243 |
| Interest expense | -335,713 | -553,193 | -888,906 |
| Fee & commission income | 215,186 | 53,059 | 268,245 |
| Fee & commission expense | -42,084 | - | -42,084 |
| Net income/expense from financial transactions | -1,556 | -2,878 | -4,434 |
| Other operating income | 93,723 | 10,037 | 103,760 |
| Total operating income | 722,136 | 1,057,688 | 1,779,824 |
| Credit losses, net | -241,111 | -611,858 | -852,969 |
| Operating income less credit losses | 481,025 | 445,830 | 926,855 |
| General administrative expenses | -767,208 | ||
| Depreciation, amortisation and impairment of intangible and tangible fixed assets | -43,344 | ||
| Other operating expenses | -39,434 | ||
| Total expenses 1) | -849,986 |
Operating profit/loss 76,869
Segment reporting
| Jan-Dec 2024 | |||
|---|---|---|---|
| SEK thousand | Payment | Consumer | Total |
| Solutions | Loans | Group | |
| Interest income | 1,636,459 | 3,038,698 | 4,675,157 |
| Interest expense | -679,752 | -1,063,670 | -1,743,422 |
| Fee & commission income | 438,790 | 104,560 | 543,350 |
| Fee & commission expense | -78,978 | - | -78,978 |
| Net income/expense from financial transactions | -18,509 | -27,981 | -46,490 |
| Other operating income | 186,085 | 26,845 | 212,930 |
| Total operating income | 1,484,095 | 2,078,452 | 3,562,547 |
| Credit losses, net | -270,229 | -1,300,213 | -1,570,442 |
| Operating income less credit losses | 1,213,866 | 778,239 | 1,992,105 |
| General administrative expenses | -1,574,166 | ||
| Depreciation, amortisation and impairment of intangible and tangible fixed assets | -85,064 | ||
| Other operating expenses | -71,905 | ||
| Total expenses 1) | -1,731,135 | ||
| Operating profit/loss | 260,970 | ||
| 1) Operating costs are not followed up per segment. |
Lending to the public
| SEK thousand | Consumer | Total Group | |
|---|---|---|---|
| Solutions | Loans | ||
| 30 Jun 2025 | 16,885,002 | 22,114,130 | 38,999,132 |
| 31 Dec 2024 | 16,932,854 | 22,970,306 | 39,903,160 |
| 30 Jun 2024 | 15,674,307 | 24,058,406 | 39,732,713 |
G5. Net interest income/expense
| SEK thousand | Apr-Jun | Jan-Mar | Apr-Jun | Jan-Jun | Jan-Jun | Jan-Dec |
|---|---|---|---|---|---|---|
| 2025 | 2025 | 2024 | 2025 | 2024 | 2024 | |
| Interest income | ||||||
| Lending to credit institutions | 25,979 | 42,195 | 37,786 | 68,174 | 83,963 | 174,967 |
| Lending to the public | 1,045,933 | 1,070,208 | 1,109,523 | 2,116,141 | 2,198,735 | 4,384,280 |
| Interest-bearing securities | 25,204 | 24,445 | 32,375 | 49,649 | 60,545 | 115,910 |
| Total interest income | 1,097,116 | 1,136,848 | 1,179,684 | 2,233,964 | 2,343,243 | 4,675,157 |
| Interest expense | ||||||
| Liabilities to credit institutions | -129 | -50 | -441 | -179 | -454 | -844 |
| Deposits and borrowing from the public | -244,948 | -308,861 | -369,180 | -553,809 | -724,564 | -1,453,328 |
| Issued securities | -59,092 | -51,931 | -69,469 | -111,023 | -144,455 | -255,268 |
| Subordinated debt | -5,748 | -5,816 | -7,007 | -11,564 | -19,000 | -32,226 |
| Other liabilities | -493 | -503 | -212 | -996 | -433 | -1,756 |
| Total interest expense | -310,410 | -367,161 | -446,309 | -677,571 | -888,906 | -1,743,422 |
| Net interest income/expense | 786,706 | 769,687 | 733,375 | 1,556,393 | 1,454,337 | 2,931,735 |
G6. Other operating income
| SEK thousand | Apr-Jun | Jan-Mar | Apr-Jun | Jan-Jun | Jan-Jun | Jan-Dec |
|---|---|---|---|---|---|---|
| 2025 | 2025 | 2024 | 2025 | 2024 | 2024 | |
| Other income, lending to the public | 38,523 | 44,901 | 43,976 | 83,424 | 91,986 | 180,451 |
| Other operating income | 4,769 | 4,383 | 2,003 | 9,152 | 11,774 | 32,479 |
| Total operating income | 43,292 | 49,284 | 45,979 | 92,576 | 103,760 | 212,930 |
G7. General administrative expenses
| SEK thousand | Apr-Jun | Jan-Mar | Apr-Jun | Jan-Jun | Jan-Jun | Jan-Dec |
|---|---|---|---|---|---|---|
| 2025 | 2025 | 2024 | 2025 | 2024 | 2024 | |
| Personnel expenses 1) | -209,455 | -189,875 | -174,506 | -399,330 | -353,420 | -681,029 |
| Postage, communication and notification expenses | -49,506 | -53,179 | -45,996 | -102,685 | -94,425 | -194,503 |
| IT expenses | -93,842 | -96,932 | -81,227 | -190,774 | -160,763 | -323,554 |
| Cost of premises | -8,255 | -6,407 | -6,209 | -14,662 | -11,983 | -30,216 |
| Consultant expenses | -19,837 | -22,734 | -16,909 | -42,571 | -33,483 | -173,140 |
| Other | -33,669 | -29,349 | -81,209 | -63,018 | -113,134 | -171,724 |
| Total general administrative expenses | -414,564 | -398,476 | -406,056 | -813,040 | -767,208 | -1,574,166 |
1) From 1 January 2021, salaries and salary-related costs for development of software for internal use for employees that are directed related to projects has been capitalised. As of 30 June 2025, capitalised salaries and salaryrelated costs amounted to SEK 0 million (11.9) which resulted in lower personnel expenses for the January-June period 2025 in the corresponding amount.
G8. Credit losses, net
| Apr-Jun | Jan-Mar | Apr-Jun | Jan-Jun | Jan-Jun | Jan-Dec | |
|---|---|---|---|---|---|---|
| SEK thousand | 2025 | 2025 | 2024 | 2025 | 2024 | 2024 |
| Provision of credit reserves | ||||||
| Stage 1 | -43,264 | -33,706 | 4,149 | -76,970 | -6,173 | -35,163 |
| Stage 2 | 40,110 | -34,200 | -27,500 | 5,910 | -81,780 | -119,519 |
| Stage 3 | -200,082 | -149,511 | -272,571 | -349,593 | -552,566 | -1,061,259 |
| Total | -203,236 | -217,417 | -295,922 | -420,653 | -640,519 | -1,215,941 |
| Provision of credit reserves off balance (unutilised limit) | ||||||
| Stage 1 | 7,300 | -8,223 | -3,216 | -923 | -1,325 | 8,689 |
| Stage 2 | -283 | 289 | -690 | 6 | -1,201 | -1,439 |
| Stage 3 | - | - | - | - | - | - |
| Total | 7,017 | -7,934 | -3,906 | -917 | -2,526 | 7,250 |
| Write-offs of stated credit losses | -88,226 | -113,249 | -100,275 | -201,475 | -214,280 | -366,886 |
| Recoveries of previously confirmed credit losses | 465 | 637 | 4,008 | 1,102 | 4,356 | 5,135 |
| Total | -87,761 | -112,612 | -96,267 | -200,373 | -209,924 | -361,751 |
| Credit losses, net | -283,980 | -337,963 | -396,095 | -621,943 | -852,969 | -1,570,442 |
| of which lending to the public | -290,997 | -330,029 | -392,189 | -621,026 | -850,443 | -1,577,692 |
G9. Items affecting comparability
Items affecting comparability are defined as income and expenses that are not expected to occur regularly.
2025
Impairment of capitalised IT investments of SEK 326 2024
Expenses related to consultancy costs due to the public offer from the stock market amounted to SEK 66 million during Q3 2024.
In June, the Administrative Court of appeal approved Finansinspektionen's appeal against the Administrative court's, which increased costs by SEK 50 million during the quarter.
During Q4 2024 the item "Net income from financial transactions"
General administration costs were affected by an item affecting comparability of SEK 23 million during Q1 2024, which stems from the efficiency initiative process that began during the first quarter.
revaluation of shares of SEK 13 million and change of control costs due to the change in Resurs's ownership structure of SEK 8 million. The item "IT costs" was impacted by a cost of SEK 18 million for a provision of nondeductible VAT.
includes a cost affecting comparability of SEK 21 million comprising a
| Apr-Jun | Jan-Mar | Apr-Jun | Jan-Jun | Jan-Jun | Jan-Dec | |
|---|---|---|---|---|---|---|
| SEK thousand | 2025 | 2025 | 2024 | 2025 | 2024 - -72,630 -22,630 - - - -50,000 |
2024 |
| Net income/expense from financial transactions | - | - | - | - | -20,507 | |
| General administrative expenses | - | - | -50,000 | - | -157,535 | |
| of which Personnel expenses | - | - | - | - | -22,630 | |
| of which Consultant expenses | - | - | - | - | -84,905 | |
| - related to impairment of intangible fixed assets | - | - | - | - | -66,400 | |
| - related to exemption from VAT | - | - | - | - | -18,505 | |
| of which Other, the Financial Supervisory Authority's administrative fine | - | - | -50,000 | - | 50,000 | |
| Depreciation, amortisation and impairment of intangible and tangible fixed asset | ||||||
| Earnings before credit losses | - | -326,499 | - | -326,499 | - | - |
| - | -326,499 | -50,000 | -326,499 | -72,630 | -178,042 | |
| Operating profit/loss | - | -326,499 | -50,000 | -326,499 | -72,630 | -178,042 |
| Income tax expense | - | 110,561 | - | 110,561 | - | 19,948 |
| Net profit for the period | 0 | -215,938 | -50,000 | -215,938 | -72,630 | -158,094 |
G10. Lending to the public
| SEK thousand | 30 Jun | 31 Dec | 30 Jun |
|---|---|---|---|
| 2025 | 2024 42,283,548 42,988,519 995,841 836,770 43,279,389 43,825,289 33,631,296 33,355,318 2,976,773 4,334,040 6,671,320 6,135,931 43,279,389 43,825,289 -343,164 -303,912 -527,642 -591,938 -3,409,451 -3,026,279 -4,280,257 -3,922,129 33,288,132 33,051,406 2,449,131 3,742,102 3,261,869 3,109,652 38,999,132 39,903,160 30 Jun 31 Dec 2025 2024 22,863,982 22,926,641 5,034,087 5,311,719 4,036,110 4,486,996 7,064,953 7,177,804 38,999,132 39,903,160 |
2024 | |
| Retail sector | 42,314,315 | ||
| Corporate sector | 755,059 | ||
| Total lending to the public, gross | 43,069,374 | ||
| Stage 1 | 33,349,256 | ||
| Stage 2 | 4,521,249 | ||
| Stage 3 | 5,198,869 | ||
| Total lending to the public, gross | 43,069,374 | ||
| Less provision for expected credit losses | |||
| Stage 1 | -274,152 | ||
| Stage 2 | -552,076 | ||
| Stage 3 | -2,510,433 | ||
| Total expected credit losses | -3,336,661 | ||
| Stage 1 | 33,075,104 | ||
| Stage 2 | 3,969,173 | ||
| Stage 3 | 2,688,436 | ||
| Total lending to the public, net | 39,732,713 | ||
| 30 Jun | |||
| Geographic distribution of net lending to the public | 2024 | ||
| Sweden | 22,476,915 | ||
| Denmark | 5,166,664 | ||
| Norway | 4,812,690 | ||
| Finland | 7,276,444 | ||
| Total net lending to the public | 39,732,713 |
G11. Other provisions
| 30 Jun | 31 Dec | 30 Jun | |
|---|---|---|---|
| SEK thousand | 2025 | 2024 | 2024 |
| Reporting value at the beginning of the year | 14,782 | 21,442 | 21,442 |
| Provision made/utilised during the period | 2,605 | -7,321 | 2,528 |
| Exchange rate differences | -1,894 | 661 | 309 |
| Total | 15,493 | 14,782 | 24,279 |
| Provision of credit reserves, unutilised limit, stage 1 | 14,307 | 26,548 | 24,087 |
| Provision of credit reserves, unutilised limit, stage 2 | -172 | 641 | -537 |
| Other provisions | 1,358 | -12,407 | 729 |
| Reported value at the end of the period | 15,493 | 14,782 | 24,279 |
G12. Pledged assets, contingent liabilities and commitments
| 31 Dec | 30 Jun | ||
|---|---|---|---|
| SEK thousand | 2025 | 2024 | 2024 |
| Collateral pledged for own liabilities | |||
| Lending to credit institutions | 199,896 | 212,289 | 197,516 |
| Lending to the public | 4,918,734 | 4,941,130 | 3,713,243 |
| Restricted bank deposits 1) | 72,397 | 73,984 | 71,696 |
| Total collateral pledged for own liabilities | 5,191,027 | 5,227,403 | 3,982,455 |
| Contingent liabilities | - | - | - |
| Other commitments | |||
| Unutilised credit facilities granted | 21,512,976 | 21,080,448 | 20,167,767 |
| Total other commitments | 21,512,976 | 21,080,448 | 20,167,767 |
1) As of 30 June 2025, SEK 71,482 thousand (72,369) refers mainly to a reserve requirement account at Finland's Bank.
G13. Related-party transactions
Resurs Holding AB, corporate identity number 556898-2291, is owned at 30 June 2025 to 88,04 per cent by Ronneby UK Limited. Of the remaining Transaction revenue in the table below refer to invoiced management services.
owners, no single owner holds 20 per cent or more.
In addition to the below related transactions, transactions and compensation to management are also counted. This also includes a warrant program that runs from
2022-2025 to group management and other key personnel.
Normal business transactions were conducted between the Resurs Group and these related companies and are presented below. The Parent Company only conducted transactions with Group companies.
The other related parties consist of the NPL companies related to the securities exposures that took place in 2023.
Related-party transactions, significant influence
| SEK Thousand | Apr-Jun | Jan-Mar | Apr-Jun | Jan-Jun | Jan-Jun | Jan-Dec |
|---|---|---|---|---|---|---|
| 2025 | 2025 | 2024 | 2025 | 2024 | 2024 | |
| Interest costs, deposits and borrowing from the public | -136 | -193 | -68 | -330 | -141 | -343 |
| 30 Jun | 31 Dec | 30 Jun | ||||
| SEK thousand | 2025 | 2024 | 2024 | |||
| Deposits and borrowing from the public | -62,817 | -51,257 | -20,312 | |||
Related-party transactions, other
| SEK Thousand | Apr-Jun | Jan-Mar | Apr-Jun | Jan-Jun | Jan-Jun | Jan-Dec |
|---|---|---|---|---|---|---|
| 2025 | 2025 | 2024 | 2025 | 2024 | 2024 | |
| Transactions revenue | 221 | 225 | 228 | 446 | 302 | 754 |
| Interest incomes, deposits and borrowing from the public | 7,416 | 7,478 | 9,347 | 14,894 | 14,115 | 30,761 |
| SEK thousand | 30 Jun | 31 Dec | 30 Jun | |||
| 2025 | 2024 | 2024 | ||||
| Bonds | 731,620 | 823,094 | 897,815 | |||
| Transactions with key persons | |||
|---|---|---|---|
| ------------------------------- | -- | -- | -- |
| SEK thousand | Apr-Jun | Jan-Mar | Apr-Jun | Jan-Jun | Jan-Jun | Jan-Dec |
|---|---|---|---|---|---|---|
| 2025 | 2025 | 2024 | 2025 | 2024 | 2024 | |
| Interest expense – deposits and borrowing from the public | -43 | -41 | -78 | -84 | -152 | -278 |
| 30 Jun | 31 Dec | 30 Jun | ||||
| SEK thousand | 2025 | 2024 | 2024 | |||
| Lending to the public | 19 | 24 | 50 | |||
| Deposits and borrowing from the public | -20,254 | -22,033 | -23,731 |
G14. Financial instruments
| 30 Jun 2025 | 31 Dec 2024 | 30 Jun 2024 | ||||
|---|---|---|---|---|---|---|
| SEK thousand | Carrying amount | Fair | Carrying | Fair | Carrying | Fair |
| value | amount | value | amount | value | ||
| Assets | ||||||
| Financial assets | ||||||
| Cash and balances at central banks | 2,905,488 | 2,905,488 | 4,762,556 | 4,762,556 | 1,496,715 | 1,496,715 |
| Treasury and other bills eligible for refinancing | 1,853,796 | 1,853,796 | 1,750,650 | 1,750,650 | 1,656,367 | 1,656,367 |
| Lending to credit institutions | 2,318,025 | 2,318,025 | 2,861,551 | 2,861,551 | 4,172,554 | 4,172,554 |
| Lending to the public | 38,999,132 | 38,999,132 | 39,903,160 | 39,903,160 | 39,732,713 | 40,267,928 |
| Bonds and other interest-bearing securities | 1,672,198 | 1,635,477 | 1,875,265 | 1,859,645 | 1,688,785 | 1,688,785 |
| Shares and participating interests | 1,243 | 1,243 | 1,269 | 1,269 | 12,084 | 12,084 |
| Derivatives | 22,115 | 22,115 | 22,610 | 22,610 | 14,722 | 14,722 |
| Other assets | 95,227 | 95,227 | 113,522 | 113,522 | 79,340 | 79,340 |
| Accrued income | 94,273 | 94,273 | 59,249 | 59,249 | 91,041 | 91,041 |
| Total financial assets | 47,961,497 | 47,924,776 | 51,349,832 | 51,334,212 | 48,944,321 | 49,479,536 |
| Shares in subsidiaries | 3,278 | 3,278 | 75 | |||
| Intangible fixed assets | 1,731,579 | 2,120,749 | 2,127,155 | |||
| Tangible assets | 87,682 | 96,098 | 81,042 | |||
| Other non-financial assets | 557,861 | 575,709 | 655,530 | |||
| Total assets | 50,341,897 | 54,145,666 | 51,808,123 |
| SEK thousand | 30 Jun 2025 | 31 Dec 2024 | 30 Jun 2024 | |||
|---|---|---|---|---|---|---|
| Carrying amount | Fair | Carrying | Fair | Carrying | Fair | |
| value | amount | value | amount | value | ||
| Liabilities | ||||||
| Financial liabilities | ||||||
| Liabilities to credit institutions | 28,650 | 28,650 | 9,300 | 9,300 | 4,800 | 4,800 |
| Deposits and borrowing from the public | 35,375,739 | 35,389,943 | 39,771,446 | 39,794,485 | 37,494,667 | 37,498,292 |
| Derivatives | 12,292 | 12,292 | 18,055 | 18,055 | 49,479 | 49,479 |
| Other liabilities | 357,152 | 357,153 | 425,858 | 425,858 | 568,927 | 568,927 |
| Accrued expenses | 698,859 | 698,859 | 465,884 | 465,884 | 868,852 | 868,852 |
| Issued securities | 5,675,225 | 5,601,505 | 4,993,094 | 4,867,647 | 4,598,346 | 4,503,371 |
| Subordinated debt | 299,436 | 300,261 | 299,332 | 294,750 | 299,226 | 289,500 |
| Total financial liabilities | 42,447,353 | 42,388,663 | 45,982,969 | 45,875,979 | 43,884,297 | 43,783,221 |
| Provisions | 15,493 | 14,782 | 24,279 | |||
| Other non-financial liabilities | 161,853 | 405,202 | 243,792 | |||
| Equity | 7,717,198 | 7,742,713 | 7,655,755 | |||
| Total equity and liabilities | 50,341,897 | 54,145,666 | 51,808,123 |
For current receivables, current liabilities and variable-rate deposits, the carrying amount reflects the fair value.
Financial assets and liabilities at fair value
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 |
|---|---|---|---|---|---|---|---|---|
| - | ||||||||
| - | ||||||||
| - | 1,243 | - | - | 1,269 | - | - | 12,084 | |
| - | 22,115 | - | - | 22,610 | - | - | 14,722 | - |
| 3,525,994 | 22,115 | 1,243 | 3,625,915 | 22,610 | 1,269 | 3,345,152 | 14,722 | 12,084 |
| - | -12,292 | - | - | 18,055 | - | - | -49,479 | - |
| 0 | -12,292 | 0 | 0 | 18,055 | 0 | 0 | -49,479 | 0 |
| Financial assets at fair value through | 1,853,796 1,672,198 |
30 Jun 2025 - - |
- - |
1,750,650 1,875,265 |
31 Dec 2024 - - |
- - |
1,656,367 1,688,785 |
30 Jun 2024 - - |
Financial instruments
Changes in level 3
| SEK thousand | 30 Jun | 31 Dec | 30 Jun |
|---|---|---|---|
| 2025 | 2024 | 2024 | |
| Shares and participating interests | |||
| Opening balance | 1,269 | 11,926 | 11,926 |
| New share issue | - | 1,736 | - |
| Change in fair value of shares and participating interest | - | -12,526 | - |
| Exchange-rate fluctuations | -26 | 133 | 158 |
| Closing balance | 1,243 | 1,269 | 12,084 |
Determination of fair value of financial instruments
Level 3
Inputs for the asset or liability that are not based on observable market data (i.e., unobservable inputs). Listed prices (unadjusted) on active markets for identical assets or liabilities.
Level 2
Level 1
Inputs that are observable for the asset or liability other than listed prices included in Level 1, either directly (i.e., as price quotations) or indirectly (i.e., derived from price quotations).
Financial instruments measured at fair value for disclosure purposes
The carrying amount of variable rate deposits and borrowing from the public is deemed to reflect fair value.
For fixed rate deposits and borrowing from the public, fair value is calculated based on current market rates, with the initial credit spread for deposits kept constant. Fair value has been classified as level 2.
Fair value of subordinated debt is calculated based on valuation at the listing marketplace. Fair value has been classified as level 1.
For issued securities (ABS), fair value is calculated by assuming that duration ends at the close of the revolving period. Fair value has been classified as level 3.
The fair value of the portion of lending that has been sent to debt recovery and purchased nonperforming consumer loans is calculated by discounting calculated cash flows at the estimated market interest rate instead of at the original effective interest rate. Fair value has been classified as level 2.
The carrying amount of current receivables and liabilities and variable rate loans is deemed to reflect fair value.
Fair value of issued securities (MTN) is calculated based on the listing marketplace. Fair value has been classified as level 1.
Transfer between levels
There has not been any transfer of financial instruments between the levels.
Financial assets and liabilities that are offset or subject to netting
agreements
Derivative agreement has been made under the ISDA agreement. The amounts are not offset in the statement of financial position. Most of the derivatives at 30 June 2024 were covered by the ISDA Credit Support Annex, which means that collateral is obtained and provided in the form of bank deposits between the parties.
Assets for the derivative agreements total to SEK 22 million (23), while liabilities total SEK 12 million (18). Collateral corresponding to SEK 11 million (20) and SEK 29 million (9) was received. The net effect on loans to credit institutions total SEK 11 million (20) and liabilities to credit institutions total SEK 29 million (9).
G15. Earnings per share
Basic earnings per share, before dilution, is calculated by dividing the profit attributable to Parent Company shareholders by the weighted average number of ordinary shares outstanding during the period.
During January - June 2025, there were a total of 200.000.000 shares with a quotient value of SEK 0.005 (0.005). There is no dilution effect as of 30 June 2025.
| Apr-Jun | Jan-Mar | Apr-Jun | Jan-Jun | Jan-Jun | Jan-Dec | |
|---|---|---|---|---|---|---|
| 2025 | 2025 | 2024 | 2025 | 2024 | 2024 | |
| Net profit for the period, SEK thousand | 144,293 | -117,416 | 39,139 | 26,877 | 54,299 | 200,383 |
| Portion attributable to Resurs Holding AB shareholders | 128,645 | -133,206 | 22,676 | -4,561 | 21,297 | 127,751 |
| Portion attributable to additional Tier 1 capital holders | 15,648 | 15,790 | 16,463 | 31,438 | 33,002 | 72,632 |
| Profit for the period | 144,293 | -117,416 | 39,139 | 26,877 | 54,299 | 200,383 |
| Average number of outstanding shares during the period | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 |
| Earnings per share, SEK | 0.64 | -0.67 | 0.11 | -0.02 | 0.11 | 0.64 |
Summary financial statements - Parent company
Income statement
| SEK thousand | Apr-Jun | Jan-Mar | Apr-Jun | Jan-Jun | Jan-Jun | Jan-Dec |
|---|---|---|---|---|---|---|
| 2025 | 2025 | 2024 | 2025 | 2024 | 2024 | |
| Net sales | 4,126 | 4,567 | 3,980 | 8,693 | 10,990 | 47,701 |
| Total operating income | 4,126 | 4,567 | 3,980 | 8,693 | 10,990 | 47,701 |
| Personnel expenses | -5,129 | -5,174 | -4,822 | -10,303 | -10,366 | -20,017 |
| Other external expenses | -5,283 | -3,477 | -4,343 | -8,760 | -11,658 | -116,423 |
| Total operating expenses | -10,412 | -8,651 | -9,165 | -19,063 | -22,024 | -136,440 |
| Operating profit | -6,286 | -4,084 | -5,185 | -10,370 | -11,034 | -88,739 |
| Earnings from participations in Group companies | - | - | - | -874 | - | - |
| Other interest income and similar profit/loss items | 102 | 242 | 1,026 | 344 | 1,643 | 1,569 |
| Interest expense and similar profit/loss items | -1,455 | -1,462 | -53 | -2,917 | -81 | -514 |
| Total profit/loss from financial items | -1,353 | -1,220 | 973 | -3,447 | 1,562 | 1,055 |
| Profit/loss after financial items | -7,639 | -5,304 | -4,212 | -13,817 | -9,472 | -87,684 |
| Tax on profit for the period | 2,330 | 895 | 850 | 3,225 | 1,933 | 18,076 |
| Net profit for the period | -5,309 | -4,409 | -3,362 | -10,592 | -7,539 | -69,608 |
| Portion attributable to Resurs Holding AB shareholders | -20,957 | -20,199 | -30,728 | -42,030 | -40,541 | -142,240 |
| Portion attributable to additional Tier 1 capital holders | 15,648 | 15,790 | 27,366 | 31,438 | 33,002 | 72,632 |
| Profit/loss for the period | -5,309 | -4,409 | -3,362 | -10,592 | -7,539 | -69,608 |
Statement of comprehensive income
| SEK thousand | Apr-Jun | Jan-Mar | Apr-Jun | Jan-Jun | Jan-Jun | Jan-Dec |
|---|---|---|---|---|---|---|
| 2025 | 2025 | 2024 | 2025 | 2024 | 2024 | |
| Net profit for the year | -5,309 | -4,409 | -3,362 | -10,592 | -7,539 | -69,608 |
| Comprehensive income for the period | -5,309 | -4,409 | -3,362 | -10,592 | -7,539 | -69,608 |
| Portion attributable to Resurs Holding AB shareholders | -20,957 | -20,199 | -30,728 | -42,030 | -40,541 | -142,240 |
| Portion attributable to additional Tier 1 capital holders | 15,648 | 15,790 | 27,366 | 31,438 | 33,002 | 72,632 |
| Comprehensive income for the period | -5,309 | -4,409 | -3,362 | -10,592 | -7,539 | -69,608 |
| Balance sheet | |||
|---|---|---|---|
| SEK thousand | 30 Jun 2025 |
31 Dec 2024 |
30 Jun 2024 |
| Assets | |||
| Financial assets | |||
| Participations in Group companies | 2,421,780 | 2,422,654 | 2,422,654 |
| Total non-current assets | 2,421,780 | 2,422,654 | 2,422,654 |
| Current assets | |||
| Current receivables | |||
| Receivables from Group companies | 1,710 | 8,220 | 2,549 |
| Current tax assets | 18,954 | 9,902 | 42,689 |
| Other current receivables | - | 301 | 818 |
| Prepaid expenses and accrued income | 750 | 1,148 | 4,521 |
| Total current receivables | 21,414 | 19,571 | 50,577 |
| Long-term receivables | |||
| Deferred tax asset | 42,944 | 42,944 | - |
| Total long-term receivables | 42,944 | 42,944 | 0 |
| Cash and bank balances | 71,191 | 139,431 | 49,619 |
| Total current assets | 135,549 | 201,946 | 100,196 |
| TOTAL ASSETS | 2,557,329 | 2,624,600 | 2,522,850 |
| Equity and liabilities | |||
| Equity | |||
| Restricted equity | |||
| Share capital | 1,000 | 1,000 | 1,000 |
| Non-restricted equity | |||
| Share premium reserve | 1,782,352 | 1,782,352 | 1,782,352 |
| Additional Tier 1 instruments | 600,000 | 600,000 | 600,000 |
| Profit or loss brought forward | -6,655 | 94,391 | 137,021 |
| Net profit for the period | -10,592 | -69,608 | -7,539 |
| Total non-restricted equity | 2,365,105 | 2,407,135 | 2,511,834 |
| Total equity | 2,366,105 | 2,408,135 | 2,512,834 |
| Current liabilities | |||
| Trade payables | 158 | 29,051 | 2,158 |
| Liabilities to Group companies | 397 | 397 | - |
| Other current liabilities | 182,148 | 180,852 | 1,129 |
| Accrued expenses and deferred income | 8,521 | 6,165 | 6,729 |
| Total current liabilities | 191,224 | 216,465 | 10,016 |
TOTAL EQUITY AND LIABILITIES 2,557,329 2,624,600 2,522,850
Statement of changes in equity
| SEK thousand | Share capital | Share premium | Additional | Retained | Profit/loss for | Total equity |
|---|---|---|---|---|---|---|
| reserve | Tier 1 | earnings | the year | |||
| instruments | ||||||
| Initial equity at 1 January 2024 | 1,000 | 1,782,352 | 600,000 | 10,825 | 159,198 | 2,553,375 |
| Interest cost additional Tier 1 instruments | -33,002 | -33,002 | ||||
| Appropriation of profits according to resolution by Annual General Meeting | 159,198 | -159,198 | 0 | |||
| Net profit for the year | -7,539 | -7,539 | ||||
| Equity at 30 June 2024 | 1,000 | 1,782,352 | 600,000 | 137,021 | -7,539 | 2,512,834 |
| Initial equity at 1 January 2024 | 1,000 | 1,782,352 | 600,000 | 10,825 | 159,198 | 2,553,375 |
| Transaction costs, issue of Tier 1 capital | -3,000 | -3,000 | ||||
| Interest cost additional Tier 1 instruments | -72,632 | -72,632 | ||||
| Appropriation of profits according to resolution by Annual General Meeting | 159,198 | -159,198 | 0 | |||
| Net profit for the year | -69,608 | -69,608 | ||||
| Equity at 31 December 2024 | 1,000 | 1,782,352 | 600,000 | 94,391 | -69,608 | 2,408,135 |
| Initial equity at 1 January 2025 | 1,000 | 1,782,352 | 600,000 | 94,391 | -69,608 | 2,408,135 |
| Transaction costs, issue of Tier 1 capital | -31,438 | -31,438 | ||||
| Appropriation of profits according to resolution by Annual General Meeting | -69,608 | 69,608 | 0 | |||
| Net profit for the year | -10,592 | -10,592 | ||||
| Equity at 30 June 2025 | 1,000 | 1,782,352 | 600,000 | -6,655 | -10,592 | 2,366,105 |
Pledged assets, contingent liabilities and commitments
Resurs Holding AB has no pledged assets. According to the Board's assessment, the company has no contingent liabilities.
For additional information, please contact:
Sofie Tarring Lindell, CFO and interim CEO, [email protected]; +46 73 644 33 95 Magnus Fredin, CEO, [email protected]; +46 73 644 33 62
Resurs Holding AB
Björkavägen 111, Väla Norra Box 222 09 260 36 Ödåkra-Väla Sweden
Phone: +46 771-11 22 33 E-mail: [email protected] www.resursholding.se