LHV Group — Board/Management Information 2025

Jun 9, 2025

LHV Group Elects Mihkel Torim as New CEO

LHV Group Elects Mihkel Torim as New CEO

The Supervisory Board of AS LHV Group has elected Mihkel Torim as Chairman of
the Management Board and CEO of LHV Group. He currently serves as Head of
Investment Banking at LHV Bank. Torim will assume the role on 22 July 2025,
succeeding Madis Toomsalu, who announced his intention to step down earlier this
year after serving as CEO since 2016.

Mihkel Torim is a seasoned leader in capital markets and investment banking,
with over 20 years of experience across financial institutions in the Baltics
and Northern Europe. He joined LHV in early 2023 to lead the bank's investment
banking operations. Prior to that, he held senior positions at Swedbank,
including as Head of Baltic Investment Banking and Manager of the Finnish
investment banking unit.

As Chairman of the LHV Group's Management Board, Torim has also been elected to
the Supervisory Board of AS LHV Pank as of 22 July. Whether the new board member
meets the eligibility requirements will also be approved bv the ECB. Conjointly,
he is expected to join the Supervisory Boards of the Group's other key
subsidiaries: LHV Kindlustus, and LHV Varahaldus, as well as the Board of
Directors of LHV Bank Ltd.

Torim holds a bachelor's degree in finance from Audentes University and has
completed various professional development programs. He currently serves on the
Management Board of Fortima OÜ. While he does not presently hold shares in LHV
Group, he has been granted options to subscribe for a total of 199,575 shares
issued in 2023 and 2024.

Rain Lõhmus, Chairman of the Supervisory Board of LHV Group, commented:
"Mihkel has proven himself through dedication and results. His high agency and
commitment to continuous learning make him well-suited to steer LHV into its
next stage of development. His investment banking background gives him a sharp
understanding of where and how value is created. As LHV prepares for significant
technological transformation, these qualities are essential.
I would also like to thank Madis Toomsalu, who has been instrumental in shaping
LHV into the strong financial group it is today."

Mihkel Torim commented:
"I take on this new challenge knowing that LHV is very well managed. Together,
our team is well-positioned to deliver on LHV's vision to become the most
trusted and forward-thinking financial group. My priority will be set on growing
the value of the company. We are committed to innovation, operational
excellence, and long-term growth -underpinned by a vigilant, client-first
culture."

Besides Mihkel Torim, the Management Board of LHV Group also includes Meelis
Paakspuu, Kadri Haldre and Jüri Heero.

LHV Group is the largest domestic financial group and capital provider in
Estonia. LHV Group's key subsidiaries are LHV Pank, LHV Varahaldus, LHV
Kindlustus, and LHV Bank Limited. The Group employs over 1,150 people. As at the
end of April, LHV's banking services are being used by 468,000 clients, the
pension funds managed by LHV have 113,000 active clients, and LHV Kindlustus
protects a total of 176,000 clients. LHV Bank Limited, a subsidiary of the
Group, holds a banking licence in the United Kingdom and provides banking
services to international financial technology companies, as well as loans to
small and medium-sized enterprises.

Priit Rum
Communications Manager
Phone: +372 502 0786
Email: [email protected] (mailto:[email protected])