Interim report first quarter 2025

SEK 28,990m 17% SEK 2.33 13.08% Investment portfolio value Return on equity Earnings per share CET1 ratio

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1 Hoist Finance Hoist Finance Delårsrapport januari – mars 2025 ▪ Interim report January Mars

Key events in the first quarter

Profit before tax totalled SEK 332m, compared to SEK 279m in the same quarter last year.
Return on equity at 16.7 per cent, compared to 18.5 per cent in the same quarter last year.
Investments in new portfolios totalled SEK 961m during the quarter, resulting in a total investment portfolio of SEK 29.0bn at the end of the period. After the quarter had been closed, another SEK 1.3bn of portfolio investments have been signed.
Net interest income increased by 19 per cent compared with the same quarter last year, versus portfolio growth of 16 per cent (at constant FX).
Strong collection performance at 103 per cent across all markets, compared to 106 per cent in the same quarter last year.
Cost control remains tight with indirect costs flat year on year, despite inflationary pressures.
Continued strong capital and liquidity positions with a CET1 ratio of 13.08 per cent and a further expanded liquidity reserve at SEK 27bn at end-Q1. In February, Hoist Finance redeemed outstanding AT1 instruments of EUR 40m without issuing new AT1 instruments.
With the criteria to qualify as a Specialised Debt Restructurer (SDR)1) now clarified, Hoist Finance concludes that it meets the full criteria per Q1 2025 and is thus on track to qualify as an SDR in 2026.

Key ratios1)

SEK m	Quarter 1 2025	Quarter 1 2024	Change, %	Quarter 4 2024	Change, %	Full-year 2024
Total operating income	1,030	968	6	1,130	–9	4,392
Profit/loss before tax	332	279	19	281	18	1,300
Profit/loss for the period	260	263	–1	248	5	1,013
Return on equity, %	17	18	–1 pp	15	2 pp	17
Investment portfolio acquisitions	961	2,090	–54	1,899	–49	10,772
Basic earnings per share, SEK	2.33	2.30	1	2.56	–9	10.07
Diluted earnings per share, SEK	2.33	2.30	1	2.56	–9	10.07
SEK m	31 Mar 2025	31 Mar 2024	Change, %	31 Dec 2024	Change, %	31 Dec 2024
Gross 180-month ERC 2)	49,366	42,487	16	52,495	–6	52,495
Investment portfolio value	28,990	26,334	10	30,704	–6	30,704
CET1 ratio, %	13.08	14.31	–1.23 pp	11.48	1.60 pp	11.48

1) For further explanations, see definitions page 31–32. 2) Of which co-investments SEK 1,876 m (–).

Statement by the CEO

Developments 2025

Quarterly

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Statement by the CEO

Dear shareholders,

In the first quarter of 2025, Hoist Finance delivered a stable pre-tax profit of SEK 332 million – a significant improvement compared to the previous year. Our most important performance metric, Return On Equity, remained as stable at 16.7 per cent. We grew our portfolio significantly in 2024 and are now seeing increased cash flows as a result.

We are continuing to invest at a high pace in 2025, even though the first quarter started slowly. The investment team is however busy, and we see an equally strong pipeline of transactions as last year. After the first quarter had been closed, we have entered into agreements to acquire an additional SEK 1.3 billion of NPL-portfolios, transactions that are expected to close in the second and third quarters. The market for NPL-portfolios remains active across Europe, and banks' share of NPLs is starting to rise again, particularly in Central and Northern Europe. We reiterate our ambition of having a total investment portfolio of SEK 36 billion by end-2026.

During the first quarter of 2025, we also focused on our qualification as a Specialised Debt Restructurer1) (SDR). We believe that we meet the full criteria per the end of the first quarter of 2025 and are therefore on track to qualify for SDR status in 2026. To eliminate regulatory uncertainty, we have also decided to report our Net Stable Funding Ratio (NSFR) and Liquidity Coverage Ratio (LCR) in accordance with the SFSA's legal position on deposits taken in via digital platforms. During 2025-2026, we will build up deposit volumes on own platforms also in Europe.

During a transition period, these changes will have a negative impact on net interest income. We have previously guided that the minimum 130 per cent NSFR required to qualify as an SDR will cost us approximately SEK 70 million per year. This figure will now double in 2025, before gradually declining as we build up deposit volumes on own platforms. The benefits of qualifying as an SDR more than offset this mainly temporary cost increase by a margin.

Investment management

After a cautious start in January, market activity picked up again in February and March. We now have an equally strong pipeline of portfolios as last year, and activity is high in both the primary market (portfolios sold directly by originating banks) and the secondary market (portfolios sold by other investors or industrial players). We see no signs of new players having entered the market; instead, the same reduced number of bidders that we saw in 2024 remain active. This contributes to disciplined auction procedures and more predictable processes.

During the quarter, we invested approximately SEK 1 billion, mainly in Italy, Poland, the United Kingdom and Sweden. After the end of the quarter, we have entered into agreements for portfolio acquisitions of an additional approximately SEK 1.3 billion, including an unsecured portfolio in Portugal and a secured portfolio in Spain.

Our total investment portfolio is now at SEK 29 billion. Adjusted for exchange rate fluctuations, it has grown by 16 per cent compared with

the first quarter of 2024. However, it has declined slightly since the fourth quarter of 2024. This is mainly due to exchange rate fluctuations, as the SEK strengthened against the EUR at the end of the first quarter. Our ambition of a total investment portfolio of SEK 36 billion by the end of 2026 remains unchanged.

Credit management

Our operations continue to deliver stable results with collection performance at 103 per cent in the quarter. During 2024, a number of larger operational development projects were implemented across our markets where we, among more, have reduced the workforce by 20 per cent, and thereby increased the flexibility of our cost base. We will continue to implement smaller efficiency improvement projects on an ongoing basis as part of our daily operations.

Capital and funding

During the first quarter, we phased out savings accounts with no fixed term and instead launched new, shorter term savings accounts of three- respectively six months. HoistSpar today has 120,000 savings customers in seven markets across Europe.

During the first quarter, Hoist Finance redeemed our EUR 40 million AT1 bond without issuing new AT1 instruments, strengthening shareholder value.

1) For further explanations, see definitions page 31–32.

Statement by the CEO

Developments 2025

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Quarterly

Although we hold approximately SEK 890 million in NPLs affected by the backstop regulations at the end of the quarter, we have a strong CET1-ratio of 13.08 per cent and thus ample capital for continued growth.

Outlook

Towards the end of the first quarter, market uncertainty increased and in April, we saw significant turbulence in financial markets. It is difficult for me to predict where this will lead, but one thing is clear: Hoist Finance is in a strong position in these uncertain times. Our funding model based on retail deposits makes us less dependent on the bond markets than many of our competitors. If market interest rates rise, our lead will increase, and if interest rates fall, we will see an immediate positive impact on our results. This is precisely the stability that an institution whose purpose is to support the banking system in times of stress should demonstrate.

A strong balance sheet combined with a good supply of portfolios of NPLs across Europe and a hard-working team mean that our financial targets and growth ambitions remain unchanged, despite the uncertainty.

Finally, I would like to thank all of you who have invested in Hoist Finance, both on the equity- and on the debt side, for your trust. We will continue to work at a fast pace, both with improvements in our dayto-day operations and in strategic projects, to build an even stronger Hoist Finance for the future.

Kind regards,

Harry Vranjes

Developments during the quarter, Group

Comparative figures for developments during first quarter 2025 pertain to first quarter 2024

Operating income

Operating income totalled SEK 1,030m (968), an increase of 6 per cent. The change is mainly attributable to interest income from the larger loan portfolio and higher yield levels.

Interest income from acquired loan portfolios totalled SEK 1,201m (985) and interest expense amounted to SEK –456m (–286), with the increase attributable mainly to a growing portfolio book and higher deposit volumes to meet the criteria for SDR1) qualification. Income from interest-bearing securities at fair value, which pertain to Hoist Finance's share of co-investments recognised as SPV notes, totalled SEK 35m (–). Interest income from interest-bearing securities at fair value through other comprehensive income, which was positively impacted by the return from the expanding liquidity portfolio, totalled SEK 128 (–). Other interest income totalled SEK 12m (74). Net interest income totalled SEK 920m (773).

The collection rate was 103 per cent for the quarter and collections against projections totalled SEK 144m (273). Portfolio revaluations conducted during the period amounted to SEK –75m (–120), of which timing effects1) of SEK –74m (–166) are mainly due to collections received earlier than expected, which can fluctuate between periods.

Net result from financial transactions totalled SEK 0m (16), of which SEK –6m (–) is attributable to changes in value of interest-bearing securities at fair value, which pertain to SPV notes. The year-on-year change was driven by realized value changes on interest-bearing securities and exchange rate fluctuations. The change in fair value of the expanded liquidity portfolio was reported in other comprehensive income during the quarter. Other operating income totalled SEK 36m (6).

Operating expenses

Operating expenses totalled SEK –699m (–696). Increased portfolio acquisitions during the period affected interest income from acquired loan portfolios, as well as collection costs which totalled SEK –307m (–281), of which legal collection costs totalled SEK –114m (–128). Legal collection costs are expected to contribute positively to earnings in coming quarters. Administrative expenses decreased during the quarter to SEK –144m (–158).

Net profit for the quarter

Net profit from participations in joint ventures totalled SEK 1m (7). Income tax expense for the period totalled SEK –72m (–16), with an effective tax rate of 21.6 per cent (5.7), including non-deductible losses in shares in subsidiaries and increased provisioning for uncertain tax positions. Net profit for the quarter totalled SEK 260m (263). Return on shareholders´equity was 17 per cent during the period.

1) For further explanations, see definitions page 31–32.

Breakdown, secured/unsecured Investment portfolio

Breakdown, total carrying amount of Investment portfolio

1) Other countries are the Netherlands, Belgium, Cyprus and Portugal

SEK m	Quarter 1 2025	Quarter 1 2024
Interest income acquired loan portfolios	1,201	985
Interest income co-investment	35	–
Interest income on interest-bearing securities measured at fair value over OCI	128	–
Other interest income	12	74
Interest expense	–456	–286
Net interest income	920	773
Impairment gains and losses	69	153
of which, realised collections against active forecast	144	273
of which, portfolio revaluations	–75	–120
Fee and commission income	5	20
Net result from financial transactions	0	16
Other operating income1)	36	6
Total operating income	1,030	968
Personnel expenses	–229	–235
Collection costs	–307	–281
Other administrative expenses	–144	–158
Depreciation and amortisation	–19	–22
Total operating expenses	–699	–696
Share of profit from joint ventures	1	7
Profit before tax	332	279
Income tax expense	–72	–16
Net profit for the quarter	260	263

Profit/loss after tax, SEK m

Return on equity,%

1) This item does not correspond to an item of the same designation in the income statement, but to several corresponding items.

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Other information

Balance Sheet

Comparative figures for the balance sheet pertain to 31 December 2024 Total assets, have increased from 31 December 2024, totalled SEK 57,748m (56,934). Cash and cash equivalents and interest bearing securities and portfolio carrying increased by SEK 2,863m to SEK 27,713m (24,850), of which SEK 920m (784) consisted of co-investments, where pledgeable municipal debt securities increased by SEK 3,363m to SEK 13,200m (9,837). The book value of the portfolios decreased by SEK – 1,850m to SEK 28,070m (29,920). The decrease is largely explained by exchange rate effects, which during the quarter totalled to SEK –1,468m (993). Other assets have decreased by SEK –184m.

SEK m	31 Mar 2025	31 Dec 2024	Change, %
Cash and interest-bearing securities 1)	27,713	24,850	12
Portfolio book value	28,070	29,920	6
Value change of interest-hedged items in portfolio hedging	209	224	–7
Other assets 2)	1,756	1,940	–9
Total assets	57,748	56,934	1
Deposits from the public Debt securities issued	39,818 5,341	40,190 5,023	–1 6
Subordinated debt	2,593	1,934	34
Total interest-bearing liabilities	47,752	47,147	1
Other liabilities 2)	3,636	3,082	18
Equity	6,360	6,705	–5
Total liabilities and equity	57,748	56,934	1

1) Of which SEK 920m (784) is attributable to co-investments.

2) This item does not correspond to an item of the same designation in the balance sheet, but to several corresponding items

Total interest-bearing debt amounted to SEK 47,752m (47,147). In Sweden, deposits from the public amounted to SEK 11,225m (9,882), of which SEK 11,225m (4,280) is attributable to fixed term deposits of one to three-year duration. Deposits from the public in Germany, the Netherlands, Ireland and Austria totalled SEK 27,538m (27,951), of which SEK 27,533m (24,351) is attributable to fixed term deposits of one to five-year duration. Deposits from the public in UK, which are being phased out totalled SEK 66m (1,663), of which SEK 65m (70) is attributable to fixed term deposits of one to five-year duration. Deposits from the public in Poland totalled SEK 989m (694), of which SEK 989m (694) is attributable to fixed term deposits up to one year.

As of 31 March 2025, the outstanding bond debt totalled SEK 7,934m (6,957), of which SEK 5,341m (5,023) was comprised of senior unsecured liabilities.

Other liabilities totalled SEK 3,636m (3,082). Equity totalled SEK 6,360m (6,705).

Cash flow

Comparative figures for the cash flow pertain to the period January - Mars 2024

SEK m	31 Mar 2025	31 Mar 2024	Change, %
Cash flow from operating activities	2,278	690	>100
Cash flow from investing activities	385	–2,420	>–100
Cash flow from financing activities	1,765	1,838	–6
Cash flow for the period	4,428	138	–100

Cash flow from operating activities totalled SEK 2,278m, as compared with SEK 690m during the 2024 comparative period. Amortisation of acquired loan portfolios totalled SEK 1,114 (1,226). In addition, changes in other assets and liabilities amounted to SEK 486m (–234).

Cash flow from investing activities totalled SEK 385m (–2,420), with portfolio acquisition activity totalling SEK –738m (2,090). During the period, investments in the liquidity portfolio were made with SEK –223m (–624) and divestments corresponding to SEK 1,324m (320).

Cash flow from financing activities totalled SEK 1,765 (1,868). Net inflow from deposits from the public totalled SEK 1,205m (1,344). During the period, the inflow of debt securities issued amounted to SEK 1,442m (746) and re-purchases mounted to SEK –368m (–149).

During the period Hoist Finance redeemed outstanding AT1 instruments early which affected cash flow by SEK –446m (–), of which SEK –23m related to currency effects.

Total cash flow for the period amounted to SEK 4,428m, as compared with SEK 138m for the 2024 comparative period.

Capital adequacy

Comparative figures for capital adequacy pertain to 31 December 2024 At close of the quarter the CET1 ratio was 13.08 per cent (11.48) for the Hoist Finance consolidated situation.

CET1 capital totalled SEK 4,126m (4,313). The risk-weighted exposure amount has decreased to SEK 31,545m (37,580) since year-end.

The change in the CET1 ratio since year-end was due mainly to new calculation method for the operational risk, which increased the ratio by 1.21 per cent. Changes in FX-rates resulted in an increased ratio of 0.40 per cent. The Group's positive results for the period and repayments on existing loan portfolios contributed to an increase of 0.69 percent and 0.38 per cent, respectively. The ratio was reduced by -0.75 per cent due to the NPL backstop deduction.

All capital ratios meet regulatory requirements. Deduction for future dividends of SEK 2.00 per share has been taken from consolidated profit/loss, and expected future dividend of SEK 2.30 per share, weighted for one quarter of 2025.

Total capital amounts to SEK 6,013m (6,653) and the total capital ratio is 19.06 per cent (17.70). For Parent Company the CET1 ratio was 12.31 per cent (11.67).

Parent Company

Comparative figures for the parent company pertain to first quarter 2024 Net interest income for the Parent Company totalled SEK 445m (315) during the first quarter, due mainly to an increase in portfolio acquisitions during the year along with higher market interest rates. At the same time, increased deposit platform inflows resulted in higher interest expense as compared with the comparative period. The Parent Company received dividends totalling SEK 271m (3,466) during the quarter from subsidiaries in Spain and two of the Polish funds (Hoist I and II). Net result from financial transactions, which totalled SEK 39m (–122), was attributable primarily to realised currency derivatives. Other operating income amounted to SEK 46m (45) and pertains mainly to group-wide services.

Operating expenses, which amounted to SEK –392 (–385), are mainly attributable to costs related to loan portfolios and costs for group-wide services. Profit before credit losses totalled SEK 409m (3,319).

Impairment losses totalled SEK –110m (16) during the quarter, attributable mainly to portfolio revaluations and a higher-than-expected collection rate on loan portfolios. There was no write-down requirement for shares in subsidiaries during the period (–).

Earnings before appropriations totalled SEK 299m (1,300) and tax expense for the quarter amounted to SEK –98m (48). Net profit for the Parent Company totalled SEK 201m (1,348).

Risks and uncertainties

The first quarter of 2025 was characterised by uncertainty in the financial markets, which has affected the pricing of risk in Sweden as well as globally.

Inflation in Sweden, excluding the effect of changes in mortgage rates, was initially higher than the market had anticipated. This contributed to greater uncertainty as to whether the Riksbank would raise the policy rate earlier than the current forecast. However, final inflation figures (CPIF) for March were lower than expected.

In light of the US administration's tariff manoeuvres in early Q2, the Swedish market priced in a cut in the policy rate for 2025, driven by expectations of weaker inflation and also by the fact that the Swedish economy is relatively dependent on revenues from foreign trade.

The Swedish krona (SEK) strengthened significantly against the euro (EUR) during the quarter. It weakened somewhat in early Q2, however, most likely because the European Central Bank (ECB) has not priced in any additional interest rate cuts.

The market uncertainty has not affected Hoist Finance's capacity to acquire NPL portfolios. However, high credit market volatility, if it persists for a prolonged period, may impact the company's funding cost through the pricing of deposits as well as primary market issues.

Development of risk

Hoist Finance's overall risk profile remained stable during the quarter. Business activities involve various types of risk, primarily credit risk but also market risk, liquidity risk and operational risk.

Credit risk in the NPL portfolios is actively managed and monitored through a centralised risk management framework and a well-established investment strategy based on acquiring portfolios of granular exposures, which are also diversified across national markets, asset classes and time. Credit risk, measured as realised recoveries against forecast, remains low, with aggregate collection performance exceeding the target during the quarter.

Credit risk on bond holdings in the liquidity portfolio is deemed to remain low despite the significant increase in volume as a consequence of meeting the SDR criteria. To limit credit risk, investments are made in government, municipal and covered bonds of high credit quality. Hoist Finance continuously hedges interest rate and FX risks in the short and medium term and, accordingly, market risk is low.

Liquidity risk is also deemed to be low, with a liquidity reserve well above regulatory requirements and with good access to favourable borrowing rates via HoistSpar. Improvements to the operational risk management framework are made on a regular basis and, accordingly, operational risks are deemed to remain low.

Related-party transactions

There were no transactions with related parties during the quarter.

Group Structure

Hoist Finance AB (publ), corporate identity number 556012-8489, is the parent company in the Hoist Finance Group. Hoist Finance is a Swedish publicly traded limited liability company, headquartered in Stockholm, Sweden. Hoist Finance AB (publ) has been listed on NASDAQ Stockholm since March 2015.

Hoist Finance AB (publ) is a credit market company under the supervision of the Swedish FSA. The operating Parent Company, including its subgroup, acquires, holds and manages the Group's loan portfolios. The Group's subsidiaries and foreign branch offices also provide commission-based administration services to third parties and services within the Hoist Finance Group.

Developments 2025 Utveckling 2024

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Quarterly

Other disclosures

Recovery of value added tax

Hoist Finance has a number of cases with the Swedish Tax Agency regarding the deduction of input VAT. The Swedish parent company conducts both VAT able and VAT exempt activities, and the cases relate to the determination of the deductible portion of input VAT. The Swedish Tax Agency has, in principle, accepted the model applied for the years 2013-2015 and 2017. However, some limited issues have been under review by the Administrative Court of Appeal in Stockholm for which they ruled in favour of Hoist Finance in February 2025. For the years 2018–2020, the Swedish Tax Agency has made decisions with mainly negative outcomes (see note 8 for more information). Hoist Finance is actively working on filing reassessments for the years 2018–2023 with the Swedish Tax Agency.

Transfer pricing audits, Germany and Sweden

A tax audit in Germany regarding transfer pricing for the years 2017–2021 is ongoing. The parent company has made a provision for an uncertain tax position regarding estimated effects for the years 2017–2024. The German and Swedish tax authorities will need to agree on the allocation of profits between the jurisdictions. In addition, the transfer pricing for certain periods during 2019-2023 is and has been audited by the Swedish Tax Agency. The total provision for both the German and the Swedish uncertain tax position amounts to SEK 168m, an increase of SEK 15m since the last quarter.

Ongoing dispute

Hoist Finance has been informed about an ongoing dispute in one of its markets. Hoist Finance is not a party in the legal proceedings, but it cannot be entirely ruled out that the plaintiff may, in case of a favourable outcome for it in the ongoing proceedings, broaden its scope and file a claim against Hoist Finance. The risk of this happening, and if so, the size of such a potential claim, remains uncertain. The situation is monitored together with external counsel.

Changes in the Executive Management Team

Christian Wallentin, CFO and Deputy CEO, left Hoist Finance in March 2025. Until a replacement is in place, Magnus Söderlund, Finance Director, is acting CFO.

Subsequent events

On 15 April 2025, the Dutch Court of Appeal ruled in a VAT case concerning Hoist Finance AB's right to deduct input VAT in the Netherlands during the period 2013–2018. The ruling means that Hoist Finance will not get back the disputed EUR 3.4m that the company has already paid to the Dutch tax authorities. Hoist Finance has reported the case as a contingent liability and has not made any provision. The ruling will therefore have a negative impact on the Q2-result, while contingent liabilities will decrease.

Review

This interim report has not been reviewed by the company's auditors.

Quarterly Review

Condensed income statement

SEK m	Quarter 1 2025	Quarter 4 2024	Quarter 3 2024	Quarter 2 2024	Quarter 1 2024
Net interest income	920	997	944	852	773
Total operating income	1,030	1,130	1,087	1,207	968
Total operating expenses	–699	–855	–724	–823	–696
Net operating profit/loss	331	275	362	384	272
Profit/loss before tax	332	281	364	377	279
Net profit/loss	260	248	244	258	263

Key ratios1)

SEK m	Quarter 1 2025	Quarter 4 2024	Quarter 3 2024	Quarter 2 2024	Quarter 1 2024
Cash EBITDA	1,815	2,338	1,775	1,942	1,792
C/I ratio, %	68	75	67	69	71
Return on equity, %	17	15	16	17	18
Investment portfolio acquisitions	961	1,899	4,546	2,337	2,090
Basic earnings per share, SEK	2.33	2.56	2.53	2.68	2.30
Diluted earnings per share, SEK	2.33	2.56	2.52	2.68	2.30

SEK m	31 Mar 2025	31 Dec 2024	30 Sep 2024	30 Jun 2024	31 Mar 2024
Gross 180-month ERC	49,366	52,495	51,372	45,568	42,487
of which co-investments	1,876	1,607	740	337	–
Investment portfolio value	28,990	30,704	30,223	26,977	26,334
Total capital ratio, %	19.06	17.70	18.66	21.26	22.07
CET1 ratio, %	13.08	11.48	12.18	13.82	14.31
Number of employees (FTEs)	1,031	1,102	1,221	1,288	1,303

1) 1) For further explanations, see definitions page 31–32.

For details on items affecting comparability for previous quarters, please refer to the Financial Fact Book: hoistfinance.com/Investors/reports-and-presentations2/

Cash EBITDA, SEK m Investment portfolio acquisitions, SEK m

Statement by the CEO

Developments 2025

Quarterly

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Financial statements

Consolidated income statement

SEK m Note	Quarter 1 2025	Quarter 1 2024	Full-year 2024
Interest income acquired loan portfolios calculated using the effective interest rate method	1,201	985	4,523
Interest income interest-bearing securities, co-investment, measured at fair value	35	–	45
Interest income on interest-bearing securities measured at fair value over OCI calculated using the effective interest rate method	128	–	161
Other interest income 1)	12	74	266
Interest expense	–456	–286	–1,428
Net interest income	920	773	3,567
Impairment gains and losses 4	69	153	527
Fee and commission income	5	20	75
Net result from financial transactions	0	16	4
Derecognition gains and losses	25	–1	174
Other operating income	11	7	45
Total operating income 3	1,030	968	4,392
Personnel expenses	–229	–235	–983
Collection costs	–307	–281	–1,279
Other administrative expenses	–144	–158	–738
Depreciation and amortisation of tangible and intangible assets	–19	–22	–99
Total operating expenses 3	–699	–696	–3,099
Net operating profit/loss	331	272	1,293
Share of profit from joint ventures 3	1	7	7
Profit/loss before tax 3	332	279	1,300
Income tax expense	–72	–16	–287
Net profit/loss	260	263	1,013
Profit/loss attributable to:
Owners of Hoist Finance AB (publ)	203	202	879
Additional Tier 1 capital holders	57	61	134
Other non-controlling interest	0	–	0

Basic earnings per share, SEK	2.33	2.30	10.07
Diluted earnings per share, SEK	2.33	2.30	10.07

1) Of which interest income calculated using the effective interest method amount to SEK 12.4m (20.7) during first quarter and SEK 64.7m during full-year 2024.

Statement by the CEO

Developments 2025

Quarterly

Condensed consolidated statement of comprehensive income

SEK m	Quarter 1 2025	Quarter 1 2024	Full-year 2024
Net profit/loss for the period	260	263	1,013
OTHER COMPREHENSIVE INCOME
Items that will not be reclassified to profit or loss
Revaluation of defined benefit pension plan	–	–	–1
Total items that will not be reclassified to profit or loss	–	–	–1
Items that may be reclassified subsequently to profit or loss
Currency translation difference
Currency translation differences	–376	311	340
Tax on currency translation differences	–	–	0
Hedging of net investment in foreign operations
Valuation gains/losses	306	–306	–363
Tax on valuation gains/losses	–63	63	75
Transferred to the income statement	–	–	–2
Tax on transfers to the income statement	–	–	0
Fair value through other comprehensive income
Valuation gains/losses	39	–	–37
Tax on valuation gains/losses	–8	–	8
Total items that may be reclassified subsequently to profit or loss	–102	68	21
Other comprehensive income for the period	–102	68	20
Total comprehensive income for the period	158	332	1,033
Profit/loss attributable to:
Owners of Hoist Finance AB (publ)	101	271	899
Additional Tier 1 capital holders	57	61	134
Other non-controlling interest	–	–	0

Consolidated balance sheet

SEK m	Note	31 Mar 2025	31 Mar 2024	31 Dec 2024
ASSETS
Cash		0	0	0
Treasury bills and Treasury bonds	5	13,200	3,517	9,837
Lending to credit institutions	5	4,940	3,028	4,344
Portfolio book value	3,4	28,070	26,334	29,920
Value change of interest-hedged items in portfolio hedging		209	165	224
Interest-bearing securities, co-investment	5	920	–	784
Bonds and other securities	5	8,653	2,169	9,885
Shares and participations in joint ventures		7	12	6
Shareholdings in other companies		74	–	74
Intangible assets		204	244	216
Tangible assets		108	122	113
Seized assets		161	110	155
Other assets		797	771	972
Deferred tax assets		109	155	119
Prepayments and accrued income		296	169	285
TOTAL ASSETS		57,748	36,796	56,934
LIABILITIES AND EQUITY
Liabilities
Deposits from the public	5	39,818	22,275	40,190
Debt securities issued	5,9	5,341	5,089	5,023
Tax liabilities		344	55	224
Other liabilities		2,439	1,457	1,961
Deferred tax liabilities		117	92	117
Accrued expenses and deferred income		607	362	642
Provisions		129	94	138
Subordinated debts	9	2,593	1,250	1,934
Total liabilities		51,388	30,674	50,229
Equity
Additional Tier 1 capital holders		693	1,109	1,109
Share capital		30	30	30
Other contributed equity		2,160	2,205	2,160
Reserves		–525	–376	–423
Retained earnings including profit/loss for the period		4,002	3,154	3,829
Total equity		6,360	6,122	6,705
TOTAL LIABILITIES AND EQUITY		57,748	36,796	56,934

Statement by the CEO

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Quarterly

Consolidated statement of changes in equity

Equity attributable to shareholders of Hoist Finance AB (publ)

		Reserves
SEK m	Share capital	Other contribut ed equity	Reval uation reserve	Hedge reserve	Translation reserve	Retained earnings including profit/loss for the period	Total	Additional Tier 1 capital holders	Other non controlling interest	Total equity
Opening balance 1 Jan 2025	30	2,160	–29	–1,367	973	3,829	5,596	1,109	0	6,705
Comprehensive income for the period
Profit/loss for the period						203	203	57		260
Other comprehensive income			31	243	–376	–	–102			–102
Total comprehensive income for the period			31	243	–376	203	101	57		158
Transactions reported directly in equity
Called Additional Tier 1 capital instrument 1)						–23	–23	–423		–446
Interest paid on Additional Tier 1 capital								–57		–57
Transaction cost Tier 1 capital instrument						–9	–9	9		–
Tax effect on items reported directly in equity						2	2	–2		–
Change in non-controlling interests									0	0
Total transactions reported directly in equity						–30	–30	–473	0	–503
Closing balance 31 Mar 2025	30	2,160	2	–1,124	597	4,002	5,667	693	0	6,360

1) Called amount of EUR 40m with a FX-effect of SEK 23m.

	Equity attributable to shareholders of Hoist Finance AB (publ)
			Reserves
SEK m	Share capital	Other contributed equity	Hedge reserve	Translation reserve	Retained earnings including profit/loss for the period	Total	Additional Tier 1 capital holders	Total equity
Opening balance 1 Jan 2024 1)	30	2,275	–1,077	633	2,951	4,812	1,109	5,921
Comprehensive income for the period
Profit/loss for the period					203	203	61	264
Other comprehensive income			–243	311	–	68		68
Total comprehensive income for the period			–243	311	203	271	61	332
Transactions reported directly in equity
Interest paid on Additional Tier 1 capital							–61	–61
Repurchase of shares 2)		–70				–70		–70
Total transactions reported directly in equity		–70				–70	–61	–131
Closing balance 31 Mar 2024	30	2,205	–1,320	944	3,154	5,013	1,109	6,122

1) Opening balance has been corrected by SEK -126m, for more information see note 11.

2) See table next page.

Statement by the CEO

Consolidated statement of changes in equity

			Equity attributable to shareholders of Hoist Finance AB (publ)
			Reserves
SEK m	Share capital	Other contribut ed equity	Reval uation reserve	Hedge reserve	Translation reserve	Retained earnings including profit/loss for the period	Total	Additional Tier 1 capital holders	Other non controlling interest	Total equity
Opening balance 1 Jan 2024 1)	30	2,275	–	–1,077	633	2,951	4,812	1,109	–	5,921
Comprehensive income for the period
Profit/loss for the period						879	879	134		1,013
Other comprehensive income			–29	–290	340	–1	20			20
Total comprehensive income for the period			–29	–290	340	878	899	134		1,033
Transactions reported directly in equity
Interest paid on Additional Tier 1 capital								–134		–134
Repurchase of shares 2)		–201					–201			–201
New issuance of shares 3)	0	86					86			86
Change in non-controlling interests									0	0
Total transactions reported directly in equity	0	–115					–115	–134	0	–249
Closing balance 31 Dec 2024	30	2,160	–29	–1,367	973	3,829	5,596	1,109	0	6,705

1) Opening balance has been corrected by SEK –126m, for more information see note 11.

2) See table below. 3) For more information, see note 10.

Hoist Finance holding own shares

SEK m	Jan-Mar 2025	Jan-Mar 2024	Jan-Dec 2024
Opening balance	3,432,391	–	–
Shares purchased for capital purposes	–	1,335,022	3,432,391
Closing balance	3,432,391	1,335,022	3,432,391
Market value of own shares held, SEK m	242	71	310
Net acquisition cost of own shares de-ducted from equity, period, SEK m	–	0.0	0.1

Under the authorisation of the Annual General Meeting, Hoist Finance holds shares for capital purposes. In 2024, two repurchase programmes have been implemented. The intention is that the repurchased shares shall be redeemed by resolution at future general meetings.

Statement by the CEO

Developments 2025

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Condensed consolidated cash flow statement

SEK m	Quarter 1 2025	Quarter 1 2024	Full-year 2024
Profit/loss before tax	332	279	1,300
of which, paid-in interest	1,387	1,057	4,996
of which, interest paid	–466	–135	–1,130
Adjustment for other items not included in cash flow	346	–577	–827
Realised result from divestment of shares and participations in joint ventures	–	–	0
Income tax paid/received	–	–5	–34
Amortisations on acquired loan portfolios	1,114	1,226	5,006
Increase/decrease in other assets and liabilities	486	–234	363
Cash flow from operating activities	2,278	690	5,808
Acquired loan portfolios	–738	–2,090	–10,143
Disposed loan portfolios	43	–	1,031
Investments in bonds and other securities	–223	–624	–14,329
Divestments of bonds and other securities	1,324	320	5,526
Other cash flows from investing activities	–21	–26	–168
Cash flow from investing activities	385	–2,420	–18,083
Deposits from the public	1,205	1,344	19,028
Debt securities issued	1,442	746	4,209
Repurchase and repayment of Debt securities issued	–368	–149	–2,886
Repurchase additional Tier 1 capital	–446	–	–
Interest paid on Additional Tier 1 capital	–57	–61	–134
Repurchase of shares	–	–	–201
New share issue	–	–	86
Amortisation of lease liabilities	–11	–12	–45
Cash flow from financing activities	1,765	1,868	20,057
Cash flow for the period	4,428	138	7,782
Cash at beginning of the period	13,941	5,938	5,938
Translation difference	–417	197	221
Cash at end of the period1)	17,952	6,273	13,941

1) Cash and cash equivalents in cash flow statement

SEK m	31 Mar 2025	31 Mar 2024	31 Dec 2024
Cash	0	0	0
Treasury bills and Treasury bonds	13,200	3,517	9,837
Lending to credit institutions	4,940	3,028	4,344
Excl. lending to credit institutions in securitisation vehicles	–188	–272	–240
Total cash and cash equivalents in cash flow statement	17,952	6,273	13,941

Statement by the CEO

Parent Company

Parent Company condensed income statement

SEK m	Quarter 1 2025	Quarter 1 2024	Full-year 2024
Interest income	879	583	2,927
Interest expense	–434	–268	–1,353
Net interest income	445	315	1,574
Dividends received	271	3,466	4,974
Net result from financial transactions	39	–122	–786
Other operating income	46	45	186
Total operating income	801	3,704	5,948
General administrative expenses	–385	–376	–1,678
Depreciation and amortisation of tangible and intangible assets	–7	–9	–46
Total operating expenses	–392	–385	–1,724
Profit before credit losses	409	3,319	4,224
Impairment gains and losses on acquired loan portfolios	–110	16	–16
Amortisation of other financial fixed assets	–	–2,035	–2,941
Share of profit from joint ventures	–	–	13
Profit/loss before tax	299	1,300	1,280
Appropriations	–	–	201
Taxes	–98	48	–166
Net profit/loss	201	1,348	1,315

Parent company condensed statement of comprehensive income

SEK m	Quarter 1 2025	Quarter 1 2024	Full-year 2024
Net profit/loss	201	1,348	1,315
Items that may be reclassified subsequently to profit or loss
Translation difference, foreign operations	–2	3	0
Instruments measured at fair value through other comprehensive income	39	–	–37
Tax attributable to items that may be reclassified to profit or loss	–8	–	8
Total items that may be reclassified subsequently to profit or loss	29	3	–29
Other comprehensive income for the period	29	3	–29
Total comprehensive income for the period	230	1,351	1,285

Quarterly

Parent Company condensed balance sheet

SEK m	31 Mar 2025	31 Mar 2024	31 Dec 2024
ASSETS
Cash	0	0	0
Treasury bills and treasury bonds	13,200	3,517	9,837
Lending to credit institutions	4,242	1,769	3,597
Portfolio book value	11,718	11,358	12,637
Value change of interest-hedged items in portfolio hedging	79	45	132
Receivables, Group companies	7,916	7,542	8,252
Bonds and other securities	10,855	2,169	12,078
Shares in subsidiaries and joint ventures	7,631	8,553	7,752
Tangible and intangible fixed assets	36	74	41
Other assets	674	764	956
TOTAL ASSETS	56,486	35,791	55,356
LIABILITIES AND EQUITY
Liabilities
Deposits from the public	39,818	22,274	40,190
Debt securities issued	5,139	4,523	4,675
Other liabilities	3,020	1,224	2,362
Provisions	88	44	95
Subordinated debts	2,594	1,250	1,934
Total liabilities and provisions	50,659	29,315	49,256
Untaxed reserves	–	201	–
Equity
Restricted equity	46	47	46
Total restricted equity	46	47	46
Non-restricted equity
Additional Tier 1 capital holders	692	1,110	1,109
Non-restricted equity attributable to shareholders	5,089	5,118	4,945
Total unrestricted equity	5,781	6,228	6,054
Total equity	5,827	6,275	6,100
TOTAL LIABILITIES AND EQUITY	56,486	35,791	55,356

Notes

Note 1 Accounting principles

This interim report was prepared in accordance with IAS 34, Interim Financial Reporting, as adopted by the European Union. The accounting follows the Swedish Annual Accounts Act for Credit Institutions and Securities Companies (1995:1559) and the regulatory code issued by the Swedish Financial Supervisory Authority on Annual Reports in Credit Institutions and Securities Companies (FFFS 2008:25), including applicable amendments. The Swedish Financial Reporting Board's RFR 1, Supplementary Accounting Rules for Groups, has also been applied.

The Parent Company Hoist Finance AB (publ) prepares its interim reports in accordance with the Swedish Annual Accounts Act for Credit Institutions and Securities Companies (1995:1559) and the regulatory code issued by the Swedish Financial Supervisory Authority on Annual Reports in Credit Institutions and Securities Companies (FFFS 2008:25), including applicable amendments. The Swedish Financial Board's RFR 2, Accounting for Legal Entities, is also applied.

New and amended accounting principles 2025

No new accounting standards that came into effect in 2025 had any significant impact on the Group's financial reports or capital adequacy. In all material respects, besides the below stated changes, the Group's and Parent Company's accounting principles, bases for calculation and presentation remain unchanged from those applied in the 2024 Annual Report.

The report includes a condensed set of financial statements and is to be read in conjunction with the audited annual report for the year ended 31 December 2024.

Critical estimates and judgements

Measurement of acquired credit-impaired portfolios

Hoist Finance continuously monitors the development of the Group's loan portfolios and markets and ways in which these are impacted by macroeconomic factors.

While other macroeconomic factors such as inflation and higher interest rates have not had any material impact on Hoist Finance's estimates and assessments to date, developments are being closely monitored to evaluate whether such factors may result in a decrease of our customers' ability to amortise their debt in future, and how this may affect the valuation of our loan portfolios.

The Group applies internal rules and a formalised decision-making process for the adjustment of previously adopted cash flow forecasts in the event there are deviations in the timing of repayments.

For a description of material estimates, assumptions and assessments, see Note 19 in the 2024 Annual Report. Estimates of the loan portfolios' gross amounts recoverable are continuously updated in the ordinary course of business. See Note 4 for the impact of the quarter's portfolio revaluations.

Structured entities and investment entities

Hoist Finance conducts parts of its business through Special Purpose Vehicles (SPVs), so-called structured entities. A structured entity is an entity formed to achieve a limited and well-defined purpose and for which voting rights are not the decisive factor in determining whether control exists. When Hoist Finance assesses whether or not to consolidate structured entities, an analysis is conducted to determine whether control exists pursuant to IFRS 10.

Hoist Finance has both consolidated and unconsolidated structured entities. The notes held by Hoist Finance in unconsolidated structured entities are recognised at fair value through profit of loss and included in line item "Bonds and other securities". Interest income is recognised in line item "Interest income from interest-bearing securities at fair value". These investments are referred to as co-investments in the running text and presented along with loan portfolios as Host Finance's investment portfolio.

Hoist Finance established an investment entity ("compartment") during 2024 in Portugal, which has been incorporated into the Group. This investment entity also holds a 5 per cent minority interest. See the 2024 Annual Report for additional information.

For events after the end of the quarter, see page 8.

Developments 2025

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Note 2 Exchange rates

	Quarter 1 2025	Quarter 1 2024	Full-year 2024		Quarter 1 2025	Quarter 1 2024	Full-year 2024
1 EUR = SEK				1 PLN = SEK
Income statement (average)	11.1645	11.2797	11.4326	Income statement (average)	2.6583	2.6036	2.6553
Balance sheet (at end of the period)	10.8490	11.5250	11.4865	Balance sheet (at end of the period)	2.5930	2.6726	2.6929
1 GBP = SEK				1 RON=SEK
Income statement (average)	13.3367	13.1740	13.5184	Income statement (average)	2.2435	2.2830	2.2991
Balance sheet (at end of the period)	12.9872	13.4780	13.8475	Balance sheet (at end of the period)	2.1798	2.3173	2.3081

Note 3 Segment reporting

Operating segments

Segment reporting has been prepared based on the manner in which in each geographical market, executive management monitors operations.

The business lines' income statements follow the statutory account preparation for the Group's income statement for Total operating income, with the exception of interest expense. Interest expense is included in Net interest income in Total operating income and is allocated to the business lines based on acquired loan portfolio assets in relation to a fixed internal monthly interest rate for each portfolio. The difference between the external interest expense and internal funding cost is reported in Group items.

Total operating expenses also follow the statutory account preparation for the Group's income statement but are distributed between direct and indirect expenses. Direct expenses are expenses directly attributable to, while indirect expenses are expenses from central and support functions that are related to the business lines.

Group items pertains to revenue and indirect expenses from:

» Platforms, which is the cost of the operations within the markets themselves.
» Asset management, which is the cost of our team which actively seeks to both acquire and divest portfolios.
» Central functions, which pertain to Group items pertains to revenue and expenses for the Group's corporate financial transactions, expenses for deposits from the public, and other operating expenses

With respect to the balance sheet, only portfolio book value is monitored. Other assets and liabilities are not monitored on a segment-by-segment basis.

Income statement, Quarter 1, 2025

SEK m	Unsecured	Secured	Group items	Group
Total operating income	674	336	20	1,030
of which, interest expense	–208	–83	–165	–456
Operating expenses
Direct expenses 1)	–330	–104	–	–434
Indirect expenses 1)	–	–	–265	–265
Total operating expenses	–330	–104	–265	–699
Share of profit from joint ventures	1	–	–	1
Profit/loss before tax	345	232	–245	332
Key ratios 2)
Investment portfolio value	18,520	9,550	920	28,990
Gross Collections	1,639	636	–	2,275

1) Direct expenses are expenses directly attributable to the Business line. Indirect expenses are expenses related to support functions, including Platforms and Asset management. 2) See Definitions

Statement by the CEO

Developments 2025

Financial statements review Notes Assurance Definitions About

Note 3 Segment reporting, cont.

Income statement, Quarter 1, 2024

SEK m	Unsecured	Secured	Group items	Group
Total operating income	699	230	40	969
of which, interest expense	–167	–62	–53	–282
Operating expenses
Direct expenses 1)	–357	–76	–	–433
Indirect expenses 1)	–	–	–263	–263
Total operating expenses	–357	–76	–263	–696
Share of profit from joint ventures	7	–	–	7
Profit/loss before tax	349	154	–224	279
Key ratios 2)
Investment portfolio value	18,642	7,692	–	26,334
Gross Collections	1,603	557	–	2,160

1) Direct expenses are expenses directly attributable to the Business line. Indirect expenses are expenses related to support functions, including Platforms and Asset management. 2) See Definitions

Income statement, Full-year 2024

SEK m	Unsecured	Secured	Group items	Group
Total operating income	3,200	1,052	140	4,392
of which, interest expense	–760	–291	–377	–1,428
Operating expenses
Direct expenses 1)	–1,559	–360	–	–1,919
Indirect expenses 1)	–	–	–1,180	–1,180
Total operating expenses	–1,559	–360	–1,180	–3,099
Share of profit from joint ventures	7	–	–	7
Profit/loss before tax	1,648	692	–1,040	1,300
Key ratios 2)
Investment portfolio value	19,667	10,253	784	30,704
Gross Collections	7,033	2,327	–	9,359

1) Direct expenses are expenses directly attributable to the Business line. Indirect expenses are expenses related to support functions, including Platforms and Asset management. 2) See Definitions

Developments 2025

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Quarterly

Noter

Note 4 Portfolio book value

Net carrying amount

Acquired credit-impaired loan portfolios

SEK m	Quarter 1 2025	Quarter 1 2024	31 Dec 2024
Opening balance 1 January	29,246	23,564	23,564
Acquisitions	738	2,090	10,143
Interest income	1,180	962	4,444
Gross collections	–2,275	–2,160	–9,359
Impairment gains and losses	70	153	529
of which, realised collections against active forecast	145	273	1,144
of which, portfolio revaluations	–75	–120	–615
Disposals	–43	–	–1,031
Translation differences	–1,468	993	956
Closing balance	27,448	25,602	29,246

Acquired performing loan portfolios

SEK m	Quarter 1 2025	Quarter 1 2024	31 Dec 2024
Opening balance 1 January	674	724	724
Acquisitions	–	–	0
Interest income	20	23	79
Amortisations and interest payments	–40	–51	–170
Changes in loss allowance	–	–	0
Derecognitions	–	–1	–3
Translation differences	–32	38	44
Closing balance	622	732	674
TOTAL CLOSING BALANCE	28,070	26,334	29,920

The performing portfolios follow the ECL model in accordance with IFRS 9 for write-downs based on changes in credit risk following first recognition under the 3-step model.

The non-performing portfolios are acquired at a price significantly below the nominal receivable and are classified from day one as an acquired credit-impaired receivable. Accordingly, on day one the receivables are recognised at acquisition price with no additional ECL. Expected cash flow is continuously monitored pursuant to our revaluation policy and any new adjustments to cash flow that affect the value are booked against the accumulated reserve.

Note 5 Financial instruments

Carrying amount and fair value of financial instruments, 31 Mars 2025 1)

	Assets/liabilities recognised at fair value through other	Assets/liabilities recognised at fair value	Hedging	Amortised	Total carrying
SEK m	comprehensive income	through profit or loss	instruments	cost	amount	Fair value
Cash	–	–	–	0	0	0
Treasury bills and treasury bonds	13,200	–	–		13,200	13,200
Lending to credit institutions	–	–	–	4,940	4,940	4,940
Lending to the public	–	–	–	0	0	0
Portfolio book value	–	–	–	28,070	28,070	26,970
Bonds and other securities 2)	8,653	920	–	–	9,573	9,573
Derivatives	–	15	99	–	114	114
Other financial assets	–	–	–	740	740	740
Total	21,853	935	99	33,750	56,637	55,537
Deposits from the public	–	–	–	39,818	39,818	39,050
Derivatives	–	4	209	–	213	213
Debt securities issued	–	–	–	5,341	5,341	5,636
Subordinated debt	–	–	–	2,593	2,593	2,631
Other financial debts	–	–	–	2,736	2,736	2,736
Total	–	4	209	50,488	50,701	50,266

1) Derivatives recognised as hedging instruments is valued at fair value through income statement and other comprehensive income to the extent that the hedge is effective. 2) Where of co-investments SEK 920 m (–).

Noter Financial statements Statement by the CEO Developments 2025 Quarterly review Notes Assurance Definitions About Hoist Finance

Note 5 Financial instruments, cont.

Carrying amount and fair value of financial instruments, 31 Mars 2024 1)

SEK m	Assets/liabilities recognised at fair value through other comprehensive income	Assets/liabilities recognised at fair value through profit or loss	Hedging instruments	Amortised cost	Total carrying amount	Fair value
Cash	–	–	–	0	0	0
Treasury bills and treasury bonds	-	3,517	–	–	3,517	3,517
Lending to credit institutions	-	–	–	3,028	3,028	3,028
Lending to the public	-	–	–	0	0	0
Portfolio book value	-	–	–	26,334	26,334	26,931
Bonds and other securities 2)	-	2,169	–	–	2,169	2,169
Derivatives	-	5	78	–	83	83
Other financial assets	-	–	–	591	591	591
Total	-	5,691	78	29,953	35,722	36,319
Deposits from the public	-	–	–	22,274	22,274	21,750
Derivatives	-	27	169	–	197	197
Debt securities issued	-	–	–	5,089	5,089	5,247
Subordinated debt	-	–	–	1,250	1,250	1,193
Other financial debts	-	–	–	1,609	1,609	1,,609
Total	-	27	169	30,222	30,419	29,996

1) Derivatives recognised as hedging instruments is valued at fair value through income statement and other comprehensive income to the extent that the hedge is effective.

Carrying amount and fair value of financial instruments, 31 Dec 2024 1)

SEK m	Assets/liabilities recognised at fair value through other comprehensive income	Assets/liabilities recognised at fair value through profit or loss	Hedging instruments	Amortised cost	Total carrying amount	Fair value
Cash	–	–	–	0	0	0
Treasury bills and treasury bonds	9,837	–	–	–	9,837	9,837
Lending to credit institutions	–	–	–	4,344	4,344	4,344
Lending to the public	–	–	–	0	0	0
Portfolio book value	–	–	–	29,920	29,920	28,801
Bonds and other securities 2)	10,669	–	–,	–	10,669	10,669
Derivatives	–	35	108	–	143	143
Other financial assets	–	–	–	919	919	919
Total	20,506	35	108	35,183	55,832	54,713
Deposits from the public	–	–	–	40,190	40,190	40,190
Derivatives	–	5	324	–	329	329
Debt securities issued	–	–	–	5,023	5,023	5,158
Subordinated debt	–	–	–	1,934	1,934	1,986
Other financial debts	–	–	–	2,197	2,197	2,197
Total	–	5	324	49,344	49,673	49,860

Developments 2025

Financial statements review Notes Assurance Definitions About

Note 5 Financial instruments, cont.

Fair value measurement

Group

The Group uses observable data to the greatest possible extent when determining the fair value of an asset or liability. Fair values are categorised in different levels based on the input data used in the measurement approach, as per the following

Level 1) Quoted prices (unadjusted) on active markets for identical instruments.

Level 2) Based on directly or indirectly observable market inputs not included in Level 1. This category includes instruments valued based on quoted prices on active markets for similar instruments, quoted prices for identical or similar instruments traded on markets that are not active, or other valuation techniques in which all important input data is directly or indirectly observable in the market.

Level 3) According to inputs that are not based on observable market data. This category includes all instruments for which the valuation technique is based on data that is not observable and has a substantial impact on the valuation.

Fair value measurements, 31 Mar 2025

SEK m	Level 1	Level 2	Level 3	Total
Treasury bills and Treasury bonds	13,200	–	–	13,200
Bonds and other securities 1)	8,653	–	920	9,573
Derivatives	–	114	–	114
Total assets	21,853	114	920	22,887
Derivatives	–	213	–	213
Total liabilities	–	213	–	213

Fair value measurements, 31 Dec 2024

SEK m	Level 1	Level 2	Level 3	Total
Treasury bills and Treasury bonds	9,837	–	–	9,837
Bonds and other securities 1)	9,885	–	784	10,669
Derivatives	–	143	–	143
Total assets	20,506	143	–	20,649
Derivatives	–	329	–	329
Total liabilities	–	329	–	329

1) Where of co-investments SEK 784m (–).

Fair value measurements, 31 Mars 2024

SEK m	Level 1	Level 2	Level 3	Total
Treasury bills and Treasury bonds	3,517	–	–	3,517
Bonds and other securities 1)	2,169	–	–	2,169
Derivatives	–	83	–	83
Total assets	5,686	83	–	5,769
Derivatives	–	197	–	197
Total liabilities	–	197	–	197

Note 6 Capital adequacy

The information in this Note includes information that is required to be disclosed pursuant to FFFS 2008:25, including applicable amendments, regarding annual reports for credit institutions and FFFS 2014:12, including applicable amendments, concerning supervisory requirements and capital buffers. The information refers to the Hoist Finance AB (publ) consolidated situation.

The Company's statutory capital requirements are determined primarily by Regulation (EU) No 575/2013 of the European Parliament and of the Council and the Capital Buffers Act (SFS 2014:966).

The difference between the consolidated accounts and the consolidated situation for capital adequacy purposes is as follows. Joint ventures

are consolidated with the equity method in the consolidated accounts, whereas the proportional method is used for the consolidated situation. Securitised assets are recognised in the consolidated accounts but are removed from the accounting records for the consolidated situation.

Hoist Finance's participating interest in the securitised assets is always covered.

Internally assessed capital requirement

As per 31 Mars 2025 the internally assessed capital requirement was SEK 3,138m (SEK 3,659m per 31 december 2024), of which SEK 614m (653) was attributable to Pillar 2. For additional information regarding Pillar 2 risks, see Hoist Finance's Pillar 3 report.

SEK m		Quarter 1 2025	Quarter 4 2024	Quarter 3 2024	Quarter 2 2024	Quarter 1 2024
	Available own funds (amounts)
1	Common Equity Tier 1 (CET1) capital	4,126	4,313	4,340	4,384	4,356
2	Tier 1 capital	4,819	5,422	5,450	5,494	5,466
3	Total capital	6,013	6,653	6,651	6,745	6,716
	Risk-weighted exposure amounts
4	Total risk exposure amount	31,545	37,580	35,645	31,728	30,431
	Capital ratios (as a percentage of risk-weighted exposure amount)
5	Common Equity Tier 1 ratio (%)	13.06	11.48	12.18	13.82	14.31
6	Tier 1 ratio (%)	15.28	14.43	15.29	17.32	17.96
7	Total capital ratio (%)	19.06	17.70	18.66	21.26	22.07
	Additional own funds requirements to address risks other than the risk of excessive leverage (as a percentage of risk-weighted exposure amount)
	EU 7a Additional own funds requirements to address risks other than the risk of excessive leverage (%)	1.09	1.09	1.09	1.09	1.09
	EU 7b of which: to be made up of CET1 capital (percentage points)	0.61	0.61	0.61	0.61	0.61
	EU 7c of which: to be made up of Tier 1 capital (percentage points)	0.82	0.82	0.82	0.82	0.82
	EU 7d Total SREP own funds requirements (%)	9.09	9.09	9.09	9.09	9.09
	Combined buffer and overall capital requirement (as a percentage of risk-weighted exposure amount)
8	Capital conservation buffer (%)	2.5	2.5	2.5	2.5	2.5
	EU 8a Conservation buffer due to macro-prudential or systemic risk identified at the level of a Member State (%)	0	0	0	0	0
9	Institution specific countercyclical capital buffer (%)	0.62	0.63	0.56	0.53	0.45
	EU 9a Systemic risk buffer (%)	0	0	0	0	0
10	Global Systemically Important Institution buffer (%)	0	0	0	0	0
	EU 10a Other Systemically Important Institution buffer (%)	0	0	0	0	0
11	Combined buffer requirement (%)	3.12	3.13	3.06	3.03	2.95
	EU 11a Overall capital requirements (%)	12.21	12.22	12.15	12.12	12.04
12	CET1 available after meeting the total SREP own funds requirements (%)	3.99	2.39	3.09	4.73	5.22
	Pillar 2 Guidance (%)	0.5	0.5	0.5	0.5	0.5
	Overall capital requirements and Pillar 2 Guidance (%)	12.71	12.72	12.65	12.62	12.54
	Leverage ratio
13	Total exposure measure	56,265	56,187	46,402	38,686	35,219
14	Leverage ratio (%)	8,56	9,65	11,74	14,20	15,52
	Additional own funds requirements to address the risk of excessive leverage (as a percentage of total exposure measure)
	EU 14a Additional own funds requirements to address the risk of excessive leverage (%)	0	0	0	0	0
	EU 14bof which: to be made up of CET1 capital (percentage points)	0.00 pp	0.00 pp	0.00 pp	0.00 pp	0.00 pp
	EU 14c Total SREP leverage ratio requirements (%)		3	3	3	3

Statement by the CEO

Developments 2025

Financial statements review Notes Assurance Definitions About

Quarterly

Noter

Note 6 Capital adequacy, cont

SEK m		Quarter 1 2025	Quarter 4 2024	Quarter 3 2024	Quarter 2 2024	Quarter 1 2024
	Leverage ratio buffer and overall leverage ratio requirement (as a percentage of total exposure measure)
	EU 14e Leverage ratio buffer requirement (%)	0	0	0	0	0
	EU 14f Overall leverage ratio requirement (%)	3	3	3	3	3
	Pillar 2 Guidance (%)	2.25	2.25	2.25	2.25	2.25
	Overall leverage ratio requirement and Pillar 2 Guidance (%)	5.25	5.25	5.25	5.25	5.25
	Liquidity Coverage Ratio
15	Total high-quality liquid assets (HQLA) (Weighted value -average)	12,196	9,267	5,946	4,746	4,271
EU 16a Cash outflows – Total weighted value		3,306	3,355	3,157	2,880	2,727
	EU 16b Cash inflows – Total weighted value	5,009	4,601	3,849	3,338	5,314
16	Total net cash outflows (adjusted value)	827	839	789	720	682
17	Liquidity coverage ratio (%)	1,567	1,091	752	661	630
	Net Stable Funding Ratio
18	Total available stable funding	44,216	43,159	41,986	34,618	32,429
19	Total required stable funding	32,114	34,039	32,784	28,661	28,070
20	NSFR ratio (%)	138	127	128	121	116

On 30 September 2024, the Swedish Financial Supervisory Authority (FSA) published a legal position regarding deposits via digital deposit platforms, according to which deposits accepted via a third party are to be assigned a 20 per cent outflow rate in the calculation of the liquidity coverage ratio (LCR). In addition, in calculating the net stable funding ratio (NSFR), a factor of 50 per cent is applied for available stable funding for deposits maturing within one year, and a factor of 100 per cent for deposits maturing after one year. Hoist Finance has applied the FSA's legal position in the above-referenced calculations since fourth quarter 2024.

Note 7 Liquidity risk

This note provides information required to be disclosed under the provisions of FFFS 2010:7, including applicable amendments, regarding the management of liquidity risks in credit institutions and investment firms.

Liquidity risk is the risk of difficulties in obtaining funding, and thus not being able to meet payment obligations at maturity without a significant increase in the cost of obtaining means of payment.

Because the Group's revenues and expenses are relatively stable, liquidity risk is primarily associated with the Group's funding which is based on deposits from the public. By definition this way of funding has a risk of major outflows of deposits at short notice. The overall objective of the Group's liquidity management is to ensure that the Group maintains control over its liquidity risk situation, with sufficient funds in liquid assets or immediately saleable assets to ensure timely discharge of its payment obligations without incurring high additional costs.

Funding is mainly raised in the form of deposits from the public and through the capital markets through the issuance of senior unsecured debts, own funds instruments and equity. Deposits from the public are

Quarterly

comprised of demand deposits, which amount to <1 per cent (27) of total deposits, and fixed term deposits, corresponding to >99 per cent (73) of total deposits. About 99 per cent of deposits are fully covered by the Swedish state deposit guarantee.

Funding

	Hoist Finance consolidated situation		Hoist Finance AB (publ)
SEK m	31 Mar 2025	31 Dec 2024	31 Mar 2025	31 Dec 2024
Current account deposits	5	10,796	5	10,796
Fixed-term deposits	39,813	29,395	39,813	29,395
Debt securities issued	5,341	5,023	5,139	4,675
Convertible debt instruments	692	1,109	692	1,109
Subordinated debts	2,593	1,934	2,593	1,934
Equity	5,668	5,596	5,117	4,991
Other	3,636	3,081	3,107	2,456
Balance sheet total	57,748	56,934	56,467	55,356

Statement by the CEO

Developments 2025

Financial statements review Notes Assurance Definitions About

Noter

Note 7 Liquidity risk, cont.

The Group's Treasury Policy specifies a limit and a target level for the amount of available liquidity and its nature. Available liquidity totalled SEK 26,595m (23,811) as per 31 Mars 2025, exceeding the limit and the target level by a significant margin and is driven by preparations to long-term qualify for the NSFR level under SDR status.

Hoist Finance's liquidity reserve, presented in accordance with the Swedish Bankers' Association's template, is comprised mainly of bonds issues by the Swedish government and Swedish municipalities, as well as covered bonds. A higher liquidity reserve strengthens the company's liquidity situation, but can also entail greater risk of volatility in the market valuation of the liquidity reserve. It can also have a negative impact on net interest income, as the return on the liquidity reserve is generally lower than the company's average funding costs.

Liquidity reserve, Hoist Finance consolidated situation

SEK m	31 Mar 2025	31 Dec 2024
Cash and holdings in central banks	0	0
Deposits in other banks available overnight	4,741	4,088
Securities issued or guaranteed by sovereigns, central banks or multilateral development banks	9,207	6,105
Securities issued or guaranteed by municipalities or other public sector entities	3,994	3,733
Covered bonds	8,653	9,885
Securities issued by non-financial corporates	–	–
Securities issued by financial corporates	–	–
Other	–	–
Total	26,595	23,811

Hoist Finance has a liquidity contingency plan for managing liquidity risk. This identifies specific events that may trigger the contingency plan and require actions to be taken.

Note 8 Pledges, contingent liabilities and commitments

	Group		Parent Company
SEK m	31 Mar 2025	31 Dec 2024	31 Mar 2025	31 Dec 2024
Restricted bank balances	2	2	–	–
Loan portfolios, external loans	1,267	1,312	1,267	1,312
Acquired portfolios in the securitisation structures	1,970	2,244	–	–
Pledged assets	3,239	3,558	1,267	1,312
Contingent liabilities	208	219	208	219
Forward flow contracts	838	906	838	906
Signed but not settled acquisitions	–	–	–	–
Commitments	838	906	838	906

Pleged assets in the Group pertain to restricted bank balances and the value of portfolios pledged as collateral for issued bonds in securitisation structures Marathon SPV S.r.l. and Giove SPV S.r.l. As from third quarter 2023, the entire portfolio value is recognised as a pledged asset.

The Group's commitments consists of forward flow contracts and portfolio acquisitions that are signed but not yet settled. In forward flow contracts, a pre-determined volume (fixed or range) of NPLs is acquired at a pre-defined price during a certain time period.

A contingent liability should be reflected and disclosed when an obligation is possible but not likely. Hoist Finance has identified a few potential tax related obligations which are assessed as possible but not likely. Most of these cases involve VAT exposures, mainly relating to determining the appropriate level of input VAT deducation (SEK 72m). Another Swedish VAT case consists of a potential reverse tax obligation for 2016 of SEK 70m. There is also a transfer pricing case between Hoist Finance AB and the Swedish Tax Agency regarding distribution of profits between Polish and Swedish entities for the years 2016- 2017 with a potential obligation of SEK 43m. Hoist received a negative verdict regarding these matters from the administrative court in March 2025.

Finally, there is a corporate income tax matter that has been assessed as a contingent liability as a result of the Swedish Tax Agency denying a deduction worth SEK 23m. For all of these cases, Hoist Finance considers it more likely than not that Hoist Finance will prevail in court.

Developments 2025

Financial statements review Notes Assurance Definitions About

Note 9 Debt securities issued and Subordinated debts

SEK m	Jan-Mar 2025	Jan-Mar 2024	Full-year 2024	SEK m	Jan-Mar 2025	Jan-Mar 2024	Full-year 2024
Issued securities at beginning of year	5,023	4,649	4,649	Issued subordinated debts at beginning of year	1,934	900	900
Issued	748	446	3,009	Issued	694	300	1,200
Repurchased	–	–130	–2,532	Repurchased	–	–	–200
Matured	–368	–15	–134	Matured	–	–	–
Foreign exchange effects etc.	–62	140	31	Foreign exchange effects etc.	–35	50	34
Issued securities at end of period	5,341	5,090	5,023	Issued subordinated debts at end of period	2,593	1,250	1,934

Note 10 Hoist Finance's share

NUMBER OF SHARES OUTSTANDING	31 Mar 2025	31 Mar 2024	Full-year 2024
Issues shares at beginning of year	87,422,606	89,303,000	89,303,000
New share issue	–	–	1,551,997
Repurchased shares	–	–1,335,022	–3,432,391
Number of shares outstanding at end of period	87,422,606	87,967,978	87,422,606
Last price, SEK	70.50	53.10	90.30
Market value, SEK m	6,163	4,671	7,894

AVERAGE NUMBER OF SHARES OUTSTANDING	Quarter 1 2025	Quarter 1 2024	Full-year 2024
Average number of outstanding shares
Average number of outstanding shares before dilution, including repurchase	87,422,606	87,967,978	87,302,506
Weighted average number of shares giving rise to dilution effect following new share issue	–	–	36,938
Weighted average number of shares after dilution	87,422,606	87,967,978	87,339,444


EARNINGS, SEK m	Quarter 1 2025	Quarter 1 2024	Full-year 2024
Profit attributable to owners of Hoist Finance AB (publ)	203	202	879
Earnings used in calculation of earnings per share	203	202	879

EARNINGS PER SHARE, SEK m	Quarter 1 2025	Quarter 1 2024	Full-year 2024

Earnings per share after dilution 2.33 2.30 10.07

Developments 2025

Financial statements review Notes Assurance Definitions About

Quarterly

Note 11 Correction of error

Special purpose vehicle, SPV – accrual of variable returns to co-investors

In November a review of the accounting model used to determine the remuneration to be paid to co-investors in the Italian SPVs was carried out. The review concluded that the model for the SPV Marathon was set up incorrectly in 2019/20, resulting in an underestimation of the external co-investor's variable return and under-provisioning. The total impact on equity of the accounting error is SEK –88 million with an impact of SEK –16 million on the 2024 profit/loss.

Deferred tax

Hoist Finance has, in connection with the above review, identified that there are temporary differences between accounting and taxation

attributable to profits in SPVs that have not previously been recognised, and has therefore implemented group level recognition of deferred tax liabilities linked to untaxed surpluses in the Italian SPVs

Adjustment of comparative figures

Comparative figures have been adjusted accordingly on an annual and quarterly basis for the year 2024 and on an annualised basis for 2019–2023 in the Fact Book. The adjustments have no impact on cash flow

Income statement SEK m	Q1 2024	Corr.	Q1 2024	Q2 2024	Corr.	Q2 2024	Q3 2024	Corr.	Q3 2024
Total operating Income	972	–4	968	1,214	–7	1,207	1,092	–5	1,087
of which, interest expense	–282	–4	–286	–297	–7	–304	–355	–5	–361
Total operating expenses	–696	–	–696	–823	–	–823	–724	–	–724
Profit/loss before tax	283	–4	279	383	–7	377	369	–5	364
Tax	–10	–6	–16	–109	–9	–119	–112	–7	–119
Net profit/loss	273	–10	263	274	–16	258	257	–13	244

Balance Sheet SEK m	31 Mar 2024	Corr.	31 Mar 2024	30 Jun 2024	Corr.	30 Jun 2024	30 Sep 2024	Corr.	30 Sep 2024
Assets	36,796	–	36,796	40,264	–	40,264	47,847	–	47,847
Liabilities	30,534	140	30,674	33,838	154	33,992	41,212	166	41,378
of which debt securities issued	5,009	80	5,089	5,091	85	5,176	6,338	90	6,428
of which deferred tax	31	60	92	31	69	100	74	77	151
Equity	6,262	–140	6,122	6,426	–154	6,271	6,635	–166	6,469
of which reserves	959	–8	944	836	–6	830	828	–5	822
of which retained earnings	3,286	–132	3,154	3,537	–148	3,388	3,768	–161	3,825

Developments 2025

Financial statements review Notes Assurance Definitions About

Quarterly

Note 11 Correction of error, cont.

Balance Sheet
SEK m	OB 2024	Corr.	OB 2024
Assets	34,023	–	34,023
Liabilities	27,975	126	28,101
of which debt securities issued	4,577	72	4,649
of which deferred tax	30	–30	0
Equity	6,047	–126	5,921
of which reserves	637	–4	633
of which retained earnings	3,074	–122	2,952

As a result of the restatement of past errors as of Q4 2019, the opening balances (OB) for the comparative year have been affected. The table shows the change between the opening balances for 2024, assuming no correction had been made, and the opening balances presented as a result of the corrections

Assurance

The CEO hereby give the assurance that the interim report provide

a true and fair view of the business activities, financial position and results of operations of the Group and the Parent Company, and describes the significant risks and uncertainties to which the Parent Company and Group companies are exposed.

Stockholm 6 May 2025

Harry Vranjes Chief Executive Officer

Quarterly

Definitions – including Alternative Performance Measures

Alternative performance measures

Alternative performance measures (APMs) are financial measures of past or future earnings trends, financial position or cash flow that are not defined in the applicable accounting regulatory framework (IFRS), in the Capital Requirements Directive (CRD IV), or in the EU's Capital Requirement Regulation number 575/2013 (CRR). APMs are used by Hoist Finance, along with other financial measures, when relevant for monitoring and describing the financial situation and for providing additional useful information to users of the financial statements. These

Performance measures according to IFRS and other legislation

Average number of employees

Average number of employees during the year converted to full-time posts (FTEs). The calculation is based on the total average number of FTEs per month divided by the year's twelve months.

Basic earnings per share

Net profit for the year, adjusted for interest on capital instruments recorded in equity, divided by the weighted average number of outstanding shares.

Diluted earnings per share

Net profit for the year, adjusted for interest on capital instruments recorded in equity, divided by the weighted average number of outstanding shares after full dilution.

Return on assets (only presented yearly in accordance with FFFS 2008:25

Net result for the year as a percentage of total assets at the end of the year.

Weighted average number of shares outstanding

Weighted number of shares outstanding plus potential dilutive effect of warrants outstanding.

Alternative Performance Measures

Cash EBITDA

EBIT (operating earnings), less depreciation, revaluations and amortisation ("EBITDA") adjusted for net of collections and interest income from acquired loan portfolios.

C/I ratio

Total operating expenses in relation to Total operating income and Share of profit from joint ventures.

Direct contribution

Direct contribution is the sum of total operating income minus direct costs directly attributable to each business line.

Fee and commission income

Fees for providing debt management services to third parties.

measures are not directly comparable with similar performance measures that are presented by other companies. C/I ratio, Return on equity, and Cash EBITDA are alternative performance measures that provide information on Hoist Finance's profitability. "Estimated Remaining Collections" is Hoist Finance's estimate of the gross amount that can be collected on portfolio book value. Definitions of alternative performance measures and other key figures are presented below. The financial fact book, available on hoistfinance.com/Investors/reports-and-presentations2/, provides details on the calculation of key figures.

Gross 180-months ERC

"Estimated Remaining Collections" – the company's estimate of the gross amount that can be collected on the loan portfolios currently owned by the company. The assessment is based on estimates for each loan portfolio and extends from the following month through the coming 180 months. The estimate for each loan portfolio is based on the company's extensive experience in processing and collecting over the portfolio's entire economic life.

Internal funding

The internal funding cost is determined per portfolio applying the following monthly interest rate: (1+annual interest)^(1/12)–1.

Items affecting comparability

Items that interfere with comparison due to the irregularity of their occurrence and/or size as compared with other items. Items affecting comparability can consist of costs for restructuring, impairment of goodwill and other revenues and costs which are not recurring.

Legal collection

Legal collections relate to the cash received following the initiation of Hoist Finance's litigation process. This process assesses borrowers' solvency and follows regulatory and legal requirements.

Portfolio acquisitions

Portfolio book value during the period that consists of defaulted and non-defaulted consumer loans and SME loans.

Portfolio book value

An acquired loan portfolio consists of a number of defaulted consumer loans or debts and SME loans that arise from the same originator.

Portfolio revaluation

Changes in the portfolio value based on revised estimated remaining collections for the portfolio.

Return on equity

Net profit for the period adjusted for accrued unpaid interest on AT1 capital calculated on annualised basis, divided by equity adjusted for AT1 capital reported in equity, calculated as an average for the year based on a quarterly basis.

Statement by the CEO

Developments 2025

Quarterly

Financial statements review Notes Assurance Definitions About

Definitions – According to the EU Capital Requirements Regulation no 575/2013 (CRR)

Additional Tier 1 capital

Capital instruments and associated share premium reserves that fulfil the requirements of Regulation (EU) 575/2013 of the European Parliament and the Council and that may accordingly be included in the Tier 1 capital.

Capital requirements – Pillar 1

Minimum capital requirements for credit risk, market risk and operational risk.

Capital requirements – Pillar 2

Capital requirements beyond those stipulated in Pillar 1.

Common Equity Tier 1

Capital instruments and associated share premium reserves that fulfil the requirements of Regulation (EU) 575/2013 of the European Parliament and the Council, and other equity items that may be included in CET1 capital, less regulatory dividend deduction and deductions for items such as goodwill and deferred tax assets.

Common Equity Tier 1 ratio

Common Equity Tier 1 in relation to total risk exposure amount.

Leverage ratio

An institution's total exposure measure in relation to Tier 1 capital.

Liquidity coverage ratio (LCR)

A mandatory requirement for banks within the EU, whereby an institution must hold a sufficiently large buffer of liquid assets to be able to withstand actual and simulated cash outflows for a period of 30 days while experiencing heavy liquidity stress.

Liquidity reserve

Hoist Finance's liquidity reserve is a reserve of high-quality liquid assets which is used to carry out planned acquisitions of loan portfolios and to secure the Company's short term capacity to meet payment obligations in the event of lost or impaired access to regularly available funding sources.

Net stable funding ratio (NSFR)

Measures the amount of stable funding available to an institution to cover its stable funding requirements over a one-year period under both normal and stressed conditions.

Own funds

Sum of Tier 1 capital and Tier 2 capital.

Risk-weighted exposure amount

The risk weight of each exposure multiplied by the exposure amount.

Specialised debt restructurer (SDR)

Changes to the European Banking Authority's (EBA) rules on the minimum loss coverage for Non-Performing Loans (NPLs), known as the prudential backstop, were introduced in 2019. The backstop rules imply a CET1 capital deduction for the NPLs held on a balance sheet accord-

Quarterly

ing to a predefined calendar. In January 2025, a new banking package will enter into force to implement the final elements of the Basel III framework in the EU. The banking package includes a section on regulated specialised banks that are exempt from the backstop regulation. Banks and credit market companies that meet the full criteria can thus qualify as Specialised Debt Restructurers (SDRs).

Tier 1 capital

The sum of CET1 capital and AT1 capital.

Tier 1 capital ratio

Tier 1 capital as a percentage of the total risk exposure amount.

Tier 2 capital

Capital instruments and associated share premium reserves that the requirements of Regulation (EU) 575/2013 of the European Parliament and the Council and that may accordingly be included in the funds.

Total capital ratio

Own funds as a percentage of the total risk exposure amount.

Non-Financial Definitions

Co-investments

Co-investments consists of notes in established Special Purpose Vehicles (SPV) that Hoist Finance subscribe to, together with third parties. These SPVs in turn, own loan portfolios.

Investment portfolio

Hoist Finance's' investment portfolio consist of Portfolio book value (loan portfolios) and co-investments.

Non-performing loans (NPLs)

A loan that is deemed to cause probable credit losses including individually assessed impaired loans, portfolio assessed loans past due more than 60 days and restructured portfolio assessed loans. Hoist Finance primarily purchases loans that are credit-impaired on initial recognition.

Number of employees (FTEs)

Number of employees at the end of the period converted to full-time posts (FTEs).

SME

A company that employs fewer than 250 people and has either annual turnover of EUR 50m or less or a balance sheet total of EUR 43m or less.

Timing effect

A revaluation driven by changing the cash forecast to reflect cash already received and/or changes to when assets still expected to be collected are amortised.

Statement by the CEO

Developments 2025

Financial statements review Notes Assurance Definitions About

About Hoist Finance

Hoist Finance is an asset manager specialised in non-performing loans. For more than 25 years, we have focused on investing in and managing debt portfolios. We are a partner to international banks and financial institutions across Europe, acquiring non-performing loan portfolios. We are also a partner to consumers and SMEs in a debt situation, creating longterm sustainable repayment plans enabling them to convert non-performing debt to performing debt. We are present in 13 markets across Europe and our shares are listed on Nasdaq Stockholm. For more information, please visit hoistfinance.com.

Financial calendar

Annual General Meeting 2025	8 May 2025
Interim report Q2 2025	25 July 2025
Interim report Q3 2025	24 October 2025
Year-end report 2025	6 February 2026

Presentation

A combined presentation and teleconference will be held on 7 May, 2025 at 09.30 AM (CEST). If you wish to participate via webcast please use the link below. https://hoist-finance.events.inderes.com/q1-report-2025

If you wish to participate via teleconference, please register on the link below. After registration you will be provided a phone number and a conference ID to access the conference. You can ask questions verbally via the teleconference. https://conference.inderes.com/teleconference/?id=5004561

Additional financial information and pillar 3 disclosures are available in Hoist Finance Fact Book which is published quarterly on https://www.hoistfinance.com/investors/

Contact

Karin Tyche, Chief Investor Relations & Communications Officer Email: [email protected] Ph: +46 76 780 97 65

The interim report and investor presentation are available at www.hoistfinance.com

Hoist Finance AB (publ) (the "Company" or the "Parent") is the parent company of the Hoist Finance group of companies ("Hoist Finance"). The company is a regulated credit market company. Hence, Hoist Finance produces financial statements in accordance with the Swedish Annual Accounts Act for Credit Institutions and Securities Companies.

The information in this interim report has been published by Hoist Finance AB (publ) pursuant to the EU Market Abuse Regulation. This information was submitted for publication through the agency of the contact person set out above, on 7 May, 2025 at 07.30 AM (CEST).

Every care has been taken in the translation of this report. In the event of any discrepancy, the Swedish original will supersede the English translation

Om Hoist Finance CEO comments Quarterly Review Assurance Financial statements Notes Definitions Developments 2025 About

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Hoist Finance

3058_10-q_2025-05-07_b91e6788-7085-410f-9683-adcf6be4769b.pdf

Interim report first quarter 2025

SEK 28,990m 17% SEK 2.33 13.08% Investment portfolio value Return on equity Earnings per share CET1 ratio

Key events in the first quarter

Key ratios1)

Statement by the CEO

Dear shareholders,

Investment management

Credit management

Capital and funding

Outlook

Developments during the quarter, Group

Operating income

Operating expenses

Net profit for the quarter

Breakdown, total carrying amount of Investment portfolio

Return on equity,%

Other information

Balance Sheet

Cash flow

Capital adequacy

Parent Company

Risks and uncertainties

Development of risk

Related-party transactions

Group Structure

Other disclosures

Recovery of value added tax

Transfer pricing audits, Germany and Sweden

Ongoing dispute

Changes in the Executive Management Team

Subsequent events

Review

Quarterly Review

Condensed income statement

Key ratios1)

Cash EBITDA, SEK m Investment portfolio acquisitions, SEK m

Financial statements

Consolidated income statement

Condensed consolidated statement of comprehensive income

Consolidated balance sheet

Consolidated statement of changes in equity

Equity attributable to shareholders of Hoist Finance AB (publ)

Consolidated statement of changes in equity

Hoist Finance holding own shares

Condensed consolidated cash flow statement

1) Cash and cash equivalents in cash flow statement

Parent Company

Parent Company condensed income statement

Parent company condensed statement of comprehensive income

Parent Company condensed balance sheet

Notes

Note 1 Accounting principles

New and amended accounting principles 2025

Critical estimates and judgements

Measurement of acquired credit-impaired portfolios

Structured entities and investment entities

Note 2 Exchange rates

Note 3 Segment reporting

Operating segments

Income statement, Quarter 1, 2025

Note 3 Segment reporting, cont.

Income statement, Quarter 1, 2024

Income statement, Full-year 2024

Net carrying amount

Acquired performing loan portfolios

Note 5 Financial instruments

Carrying amount and fair value of financial instruments, 31 Mars 2025 1)

Note 5 Financial instruments, cont.

Carrying amount and fair value of financial instruments, 31 Mars 2024 1)

Carrying amount and fair value of financial instruments, 31 Dec 2024 1)

Note 5 Financial instruments, cont.

Fair value measurement

Group

Fair value measurements, 31 Mar 2025

Fair value measurements, 31 Dec 2024

Fair value measurements, 31 Mars 2024

Internally assessed capital requirement