Coop Pank — Earnings Release 2026

Apr 22, 2026

Coop Pank unaudited financial results for Q1 2026

Coop Pank unaudited financial results for Q1 2026

By the end of Q1 2026, Coop Pank had 231,000 customers, increased by 4,000
customers in the quarter (+1,9%) and by 18,500 in the year (+9%). The bank had
110,000 active customers, increasing by 1,800 (+1,6%) in the quarter and by
8,000 (+8%) in the year.

In Q1 2026, volume of deposits in Coop Pank increased by 73 million euros (+4%),
reaching total of 2.12 billion euros. Deposits from private clients increased by
17.5 million euros: demand deposits increased by 1.9 million euros and term
deposits increased by 15.6 million euros. Deposits from domestic business
customers increased by 25.0 million euros: demand deposits increased by 29.9
million euros and term deposits decreased by 4,9 million euros. Deposits raised
from platforms increased by 30.2 million euros. Compared to Q1 2025, volume of
Coop Pank's deposits has increased by 213 million euros (+11%). In Q1 2026, the
bank's financing cost was 2.1%, at the same time last year the financing cost
was 2.8%.
In Q1 2026, net loan portfolio of Coop Pank increased by 37 million euros (+2%),
reaching 2.15 billion euros. Over the quarter, the strongest growth was shown in
the business loans portfolio, which increased by 23 million euros (+2%). Home
loans increased by 17 million euros (+2%), leasing portfolio decreased by 2
million euros (-1%) and consumer finance portfolio remained at the same level.
Compared to Q1 2025, total loan portfolio of Coop Pank has grown by 333 million
euros (+18%).

In Q1 2026, overdue loan portfolio of Coop Pank was at the level of 1.9%. A year
ago, overdue loan portfolio was at the level of 2.1%. Impairment costs of
financial assets in Q1 2026 were 0.4 million euros, which is 0.6 million euros
less than in previous quarter and 0.15 million euros more than in Q1 2025.

Net income of Coop Pank in Q1 2026 was 20.8 million euros, decreasing by 1% in
the quarterly comparison and increasing by 8% in the annual comparison.
Operating expenses reached 10.9 million euros in Q1, decreasing by 4% in the
quarterly comparison and increasing by 15% in the annual comparison.

In Q1 2026, net profit of Coop Pank was 8.3 million euros, which is 15% more
than in the previous quarter and 5% more than a year ago. In Q1 2026, cost to
income ratio of the bank was 53% and return on equity was 13.9%.

As of 31 March 2026, Coop Pank has 32.2 thousand shareholders.

Arko Kurtmann, Chairman of the Management Board of Coop Pank, comments the
results:

"It is pleasing to note that we have increased our profit for the fourth
consecutive quarter. This confirms that we are moving in the right direction and
that our business model remains robust, notwithstanding a volatile economic
environment.

Interest rates, which had remained stable over the past nine months, have begun
to rise once again. Despite this, demand for financing remains strong. Steady
demand for home loans reflects a recovery in consumer confidence, while car
sales, which had been subdued for over a year, showed an uptick towards the end
of the first quarter, accompanied by growing demand for leasing. Corporate
investment activity, supported by bank lending, was primarily directed towards
manufacturing and residential real estate development.

At the beginning of the quarter, the Bank established its strategic objectives
through to 2030. Over the next five years, we aim to double net profit, increase
our loan portfolio market share to 10%, and deliver a return on equity of at
least 15% to our investors. In addition, we have resolved to develop our
investment products offering. In early April, Sander Pikkel assumed the role of
Head of Investment Services, and under his leadership we will define a more
detailed action plan. The appointment of Alvar Pihlapuu, the Bank's Chief
Information Officer, to the Management Board underlines the importance we place
on strengthening our digital and technological capabilities.

The public bond offering conducted in March was oversubscribed by 5.7 times.
Such strong demand reflects investor confidence in Coop Bank and belief in the
sustainability of our growth. The bond issuance has strengthened our capital
base, providing a solid foundation for further expansion of business volumes.

An improvement in the Estonian economy is anticipated in the near term, and we
are well positioned to support this growth. We have built sufficient capital
buffers to finance both corporate and retail clients in the execution of their
plans. During the quarter, the Bank's loan volumes increased by EUR37 million,
while the quality of the loan portfolio remained strong.

In cooperation with the Coop retail network, we also made significant progress
in developing our loyalty programme. The enhanced programme offers improved
benefits to approximately 758,000 Coop customer card holders, and we launched
the Coop Plus credit card, combining everyday retail advantages with flexible
financing options.

The growth in Coop Bank's business volumes, the high quality of the loan
portfolio, and disciplined cost management resulted in a strong net profit of
EUR8.3 million for the first quarter. The Bank's cost-to-income ratio stood at
53% and return on equity was 13.9%."

Income statement, in th. of euros Q1 2026 Q4 2025 Q1 2025

Net interest income 19 544 19 038 17 930

Net fee and commission income 1 085 1 123 1 155

Net other income 187 797 225

Total net income 20 816 20 958 19 310

Payroll expenses -6 396 -6 438 -5 578

Marketing expenses -446 -675 -358

Rental and office expenses, depr. of tangible assets -885 -823 -807

IT expenses and depr. of intangible assets -1 942 -1 995 -1 613

Other operating expenses -1 295 -1 490 -1 162

Total operating expenses -10 964 -11 422 -9 519

Net profit before impairment losses 9 852 9 537 9 792

Impairment costs on financial assets -376 -1 041 -226

Net profit before income tax 9 477 8 495 9 565

Income tax expenses -1 171 -1 305 -1 652

Net profit for the period 8 305 7 190 7 913

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Earnings per share, eur 0,08 0,07 0,08

Diluted earnings per share, eur 0,08 0,07 0,08

Statement of financial position, in th.
of euros 31.03.2026 31.12.2025 31.03.2025

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Cash and cash equivalents 450 950 488 717 564 441

Debt securities 96 173 63 023 49 536

Loans to customers 2 151 502 2 114 091 1 818 109

Other assets 34 326 37 163 34 711

Total assets 2 732 951 2 702 994 2 466 796

Customer deposits and loans received 2 154 538 2 124 520 1 914 527

Debt securities issued 246 589 255 203        250 250

Other liabilities 21 407 25 580 19 096

Subordinated debt 68 370 63 148 63 363

Total liabilities 2 490 905 2 468 451 2 247 236

Equity 242 046 234 543 219 561

Total liabilities and equity 2 732 951 2 702 994 2 466 796

The reports of Coop Pank are available at: https://www.cooppank.ee/aruandlus

Coop Pank will host a webinar to present its financial results for the first
quarter of 2026 on 22 April 2026 at 9:30 a.m. The webinar can be followed at the
following link: https://youtube.com/live/mohkdCfj1Ew.

During the webinar, participants will have the opportunity to submit questions
via the Slido platform: https://app.sli.do/event/s3XN21fkhD83PAgQEKWLQd
(https://www.globenewswire.com/Tracker?data=b8W8wvz5XOfp5gjLdLtgqygfQadqBuL7D76R
bRnlbiTI2V9oQH-BLaNy301mpxJMoPd9QW4ZjwJAD-jfcjhhiekiMk04yMMiJzMwubLwlKGXq6Ckn-
uLLKSzCZkbZ3XL-LD5ZJtv-try5l8RnqzZmS4LmIIgHdxDkgcKisSvxis=).

The webinar will be recorded and subsequently made available on Coop Pank's
website (http://www.cooppank.ee) and on its YouTube channel
(https://www.youtube.com/@cooppank).

Coop Pank, based on Estonian capital, is one of the five universal banks
operating in Estonia. The bank has 231,000 daily banking clients. Coop Pank aims
to put the synergy generated by the interaction of retail business and banking
to good use and to bring everyday banking services closer to people's homes. The
strategic shareholder of the bank is the domestic retail chain Coop Eesti,
comprising of 320 stores.

Additional information:

Paavo Truu
CFO
Phone: +372 516 0231
E-mail: [email protected]