LHV Group — Earnings Release 2026

May 12, 2026

LHV Group results in April 2026

LHV Group results in April 2026

AS LHV Group's April financial results reflected improved performance across all
subsidiaries. LHV Group earned a consolidated net profit of EUR 8.7 million in
April, with return on equity attributable to shareholders of 14.3%. Among the
subsidiaries, AS LHV Pank earned EUR 7.4 million, LHV Bank Ltd EUR 0.7 million,
AS LHV Varahaldus EUR 0.2 million and AS LHV Kindlustus EUR 0.2 million in net
profit.

As of the end of April, LHV Group's consolidated loan portfolio amounted to EUR
5.60 billion, growing by EUR 15.3 million during the month. Deposits amounted to
EUR 7.88 billion, growing by EUR 81 million during the month. Assets under
management amounted to EUR 1.78 billion, growing by EUR 59 million during the
month. The number of payments related to financial intermediaries reached 8.7
million in April. The loan portfolio is EUR 19 million behind the financial plan
as of the end of April. Deposits exceed the financial plan by EUR 252 million
and assets under management exceed the financial plan by EUR 37 million.

The cumulative net profit of LHV Group reached EUR 28.4 million by the end of
April, exceeding the financial plan by EUR 0.7 million. In year-on-year terms,
net profit was 29% lower, mainly reflecting lower income and a higher cost base.
Cumulative net income reached EUR 98.0 million, EUR 1.0 million below the
financial plan and EUR 8.0 million or 8% lower in year-on-year terms. Operating
expenses reached EUR 59.2 million over the first four months, EUR 1.5 million
above the financial plan, driven by one-off costs related to personnel changes.
In year-on-year terms, expenses have grown by EUR 8.2 million or 16%, mainly
reflecting higher personnel costs and IT investments. In April, operating
expenses normalised and came in below the financial plan. Loan impairments
amounted to EUR 2.3 million over the first four months, EUR 2.6 million below
the financial plan, reflecting the strong quality of the loan portfolio. LHV
Group is well capitalised and all capital targets are met with sufficient
buffers.

LHV Pank

LHV Pank's net profit in April reached EUR 7.4 million, supported by continued
growth in retail loans, stabilising net interest income and cost base as well as
low impairment charges on the back of strong loan portfolio quality. The number
of LHV Pank's customers grew by 2,939 in April, reaching nearly 503,000, of whom
232,000 are actively using LHV Pank for everyday payments.

The loan portfolio grew by EUR 7 million in April, reaching EUR 4.71 billion.
Retail loans grew by EUR 15 million, while corporate loans decreased by EUR 8
million. Additional provisions of EUR 1.4 million were made, however, the
overall loan portfolio quality remains strong.

LHV Pank's deposits amounted to EUR 6.55 billion as of the end of April, growing
by EUR 9 million during the month. The focus continues to shift towards retail
customer deposits and reducing the share of higher-priced platform and term
deposits.

The cumulative net profit of LHV Pank reached EUR 27.6 million by the end of
April, EUR 1.9 million below the financial plan. Cumulative net income reached
EUR 72.4 million, EUR 4.2 million below the financial plan. Excluding intra-
group interest rate swaps effect, LHV Pank's net profit is EUR 1.2 million above
and net income are EUR 1 million below the financial plan. As of the end of
April, deposits exceed the financial plan by EUR 90 million, while the loan
portfolio is EUR 22 million below the financial plan.

LHV Bank

LHV Bank, which operates in the United Kingdom, earned a net profit of EUR 0.7
million in April, supported by lower costs and a positive impairment release
driven by improving credit quality. The number of retail customers grew by
2,583 in April, reaching 9,730.

LHV Bank's loan portfolio amounted to EUR 883 million as of the end of April,
growing by EUR 8 million during the month. Loan pipeline of offers outstanding
amounted to EUR 162 million. Deposits grew by EUR 16 million in April, reaching
EUR 1.44 billion. Within that, retail direct deposits grew by EUR 103 million.

The April result was supported by improving credit quality, which resulted in a
EUR 423 thousand positive impairment release (mainly reflecting watchlist
improvements and refinements to Stage 3 ECL methodology). Fee and commission
income came in below plan in April due to lower payment volumes both in the
United Kingdom and in Estonia. Operating expenses remained well controlled,
normalising after a higher March. Preparations for the launch of consumer loans
and the ISA product continued in April. Following a successful agentic AI proof-
of-concept, the bank has entered into a long-term partnership to roll out AI-
based customer support for retail customers in the near future.

The cumulative net profit of LHV Bank reached EUR 2.0 million by the end of
April, broadly in line with the financial plan. The loan portfolio was EUR 1
million below the financial plan as of the end of April, while deposits exceeded
the plan by EUR 176 million. The higher deposit volume primarily reflects growth
in direct retail deposits.

LHV Varahaldus

LHV Varahaldus earned a net profit of EUR 0.2 million in April, supported by
growth in assets under management and financial income.

Financial markets recovered strongly in April. The larger funds of LHV
Varahaldus, Julge and Ettevõtlik, rose by 2.2% and 1.0% respectively in April.
The Tasakaalukas and Rahulik funds returned 0.4% and 0.3% respectively. LHV
Pension Fund Index rose by 9.9% in April.

Assets under management amounted to EUR 1.78 billion as of the end of April,
growing by EUR 59 million during the month. The number of active II pillar
customers making regular monthly contributions reached nearly 105,100 as of the
end of April.

The cumulative net loss of LHV Varahaldus reached EUR 0.4 million by the end of
April, reflecting the income tax of EUR 1.1 million on the dividend distribution
made in March. Despite this, net profit exceeds the financial plan by EUR 0.1
million. Assets under management exceed the financial plan by EUR 37 million.

LHV Kindlustus

LHV Kindlustus earned a net profit of EUR 0.2 million in April, supported by a
lower claims frequency and claims volume month-on-month.

Gross written premiums reached EUR 4.5 million in April, growing by EUR 0.9
million during the month. As of the end of April, the number of active insurance
contracts stood at 318,000 and the number of customers reached 240,000. The
gross loss ratio decreased to 64.8% in April (March: 73.9%) and the net loss
ratio to 71.6% (March: 78.7%).

The cumulative net loss of LHV Kindlustus reached EUR 0.4 million by the end of
April, EUR 1.4 million below the financial plan, reflecting a higher-than-
expected volume of claims in the first months of the year. Cumulative gross
written premiums reached EUR 19.2 million, exceeding the financial plan by EUR
0.4 million.

AS LHV Group's reports are available at: https://investor.lhv.ee/en/reports.

LHV Group is the largest domestic financial group and capital provider in
Estonia. LHV Group's main subsidiaries are LHV Pank, LHV Varahaldus, LHV
Kindlustus and LHV Bank Limited. The Group employs nearly 1,200 people. As of
the end of April, LHV's banking services are used by more than 500,000
customers, LHV-managed II pillar pension funds have over 105,000 active
customers and LHV Kindlustus provides insurance protection to 240,000 customers.
LHV Bank, a subsidiary of LHV Group, holds a UK banking licence and offers
banking services to international financial technology companies, loans to small
and medium-sized enterprises and retail banking services.

Investor Relations

Sten Hans Jakobsoo
Head of Investor Relations and Corporate Development
E-mail: [email protected] (mailto:[email protected])

Media and Communications

Paul Pihlak
Head of Communications
E-mail: [email protected] (mailto:[email protected])