TF Bank

Quarterly Report • Oct 14, 2025

PERIOD IN BRIEF

JANUARY - SEPTEMBER 2025

COMPARED TO JANUARY - SEPTEMBER 2024 (unless otherwise stated)

• Loans to the public amounted to SEK 22,797 million, compared to September 2024 the increase in local currencies was 20 % $^{\rm 1}$
• Operating profit increased by 24 % to SEK 613.8 million
• Earnings per share increased by 25 % to SEK 7.09
• Adjusted earnings per share increased by 26 % to SEK 7.13
• Cost/income ratio improved to 36.7 % (38.7)
• Return on equity amounted to 22.7 % (23.3)
• Adjusted return on equity amounted to 22.8 % (23.3)
• Total capital ratio increased to 17.4 % (16.7) since year-end

SIGNIFICANT EVENTS

JANUARY - SEPTEMBER 2025

• The credit card business had an organic underlying loan book growth of 41 % over the past year and economies of scale in the business model have contributed to a significantly improved operating profit of 77 % compared to 2024.
• In the Ecommerce Solutions segment, collaborations have been initiated with Brandsdal Group and Bagaren & Kocken. These partnerships are expected to generate an annual transaction volume of approximately SEK 2,700 million.
• On 19 September, the Company announced an intention to change the name of TF Bank AB and its subsidiaries. Avarda Bank AB is proposed as the new corporate name.

AFTER THE END OF THE REPORTING PERIOD

On 13 October, the Company issued a notice to convene an Extraordinary General Meeting to be held on 17 November to resolve on the name change to Avarda Bank AB.

LOAN PORTFOLIO

SEK 22.8 BILLION +20 % 1

30 SEPTEMBER 2025 COMPARED TO 30 SEPTEMBER 2024

JULY - SEPTEMBER 2025

COMPARED TO JULY - SEPTEMBER 2024 (unless otherwise stated)

• Loans to the public amounted to SEK 22,797 million, compared to September 2024 the increase in local currencies was 20 % 1
• Operating profit increased by 21 % to SEK 230.9 million
• Earnings per share increased by 24 % to SEK 2.70
• Cost/income ratio improved to 35.4 % (36.7)
• Return on equity amounted to 25.0 % (25.5)

During autumn, the Board of Directors proposed that the corporate name be changed to Avarda Bank AB, which marks the next step in our strategic transformation. The name change reflects the development from a Nordic niche bank to a pan-European credit and payment platform.

OPERATING PROFIT

SEK 614 MILLION +24 %

JAN-SEP 2025 COMPARED TO JAN-SEP 2024

TOTAL CAPITAL RATIO

17.4 % +0.7 PERCENTAGE-

30 SEPTEMBER 2025 COMPARED TO 31 DECEMBER 2024

ADJUSTED RETURN ON EQUITY

22.8 % -0.5 PERCENTAGE-POINTS

JAN-SEP 2025 COMPARED TO JAN-SEP 2024

^<sup>1 Development of the loan portfolio in local currencies excluding past due receivables in Stage 3. See separate section with definitions and reconciliation tables, page 45-46.

THIS IS TF BANK

BACKGROUND

We are a fast-growing digital credit and payment platform operating in 14 European countries. Through our proprietary IT infrastructure, we develop simple and flexible payment and financing solutions for millions of customers. Since our founding in 1987, we have consistently combined growth with profitability, and following the stock market listing in 2016, this development has continued with a strong focus on scalability and automation. The Company is listed on Nasdaq Stockholm.

Lending and/or deposit activities are conducted in the Nordics, the Baltics, Poland, Germany, Austria, Spain, Ireland, the Netherlands and Italy through subsidiary, branch, or cross-border banking with the support of the Swedish banking license. The business is divided into three segments: Credit Cards, Ecommerce Solutions and Consumer Lending. The target group for all services is creditworthy individuals and the loan amounts are relatively small with short repayment terms.

SHARE OF THE BANK'S LOAN PORTFOLIO

In the Credit Cards segment, TF Bank offers credit cards to creditworthy individuals. Within this segment the Bank operates across five countries in Europe.

Credit Cards Ecommerce Solutions Consumer Lending

In the Ecommerce Solutions segment, TF Bank offers digital payment solutions, primarily in e-commerce, to creditworthy individuals. Within this segment the Bank operates across nine countries in Europe.

In the Consumer Lending segment, TF Bank offers unsecured consumer loans to creditworthy individuals. Within this segment the Bank operates across eleven countries in Europe.

FINANCIAL CALENDER

20 January 2026 Year-end report 2025

20 March 2026 Annual report 2025 is published

14 April 2026 Interim report January-March 2026

This is information which TF Bank is required to disclose under the EU Market Abuse Regulation. The information was provided for publication on 14 October 2025 at 07:00 CET.

THE GROUP'S KEY FIGURES

THE GROUP'S KEY FIGURES

SEK thousand	Jul-Sep 2025	Jul-Sep 2024	Δ	Jan-Sep 2025	Jan-Sep 2024	Δ	Jan-Dec 2024
Income statement
Operating income	747,571	625,207	20%	2,106,170	1,781,548	18%	2,438,516
Operating expenses	-264,400	-229,303	15%	-773,330	-689,262	12%	-934,005
Net loan losses	-252,312	-204,604	23%	-719,033	-595,343	21%	-819,606
Operating profit	230,859	191,300	21%	613,807	496,943	24%	684,905
Profit for the period	180,787	147,666	22%	477,599	387,795	23%	632,349
Earnings per share, SEK	2.70	2.17	24%	7.09	5.66	25%	9.33
Balance sheet
Loans to the public	22,796,663	20,279,451	12%	22,796,663	20,279,451	12%	20,265,458
Deposits from the public	23,422,894	21,641,149	8%	23,422,894	21,641,149	8%	21,197,981
New lending	9,533,834	7,207,665	32%	25,439,538	19,270,496	32%	27,149,250
Key figures
Operating income margin, %	13.4	12.6		13.0	12.5		12.8
Net loan loss ratio, %	4.5	4.1		4.5	4.2		4.3
Cost/Income ratio, %	35.4	36.7		36.7	38.7		38.3
Return on equity, %	25.0	25.5		22.7	23.3		27.2
Return on loans to the public, %	3.1	2.8		2.8	2.6		3.2
CET1 capital ratio, %	14.3	12.2		14.3	12.2		13.3
Tier 1 capital ratio, %	15.6	13.7		15.6	13.7		14.7
Total capital ratio, %	17.4	15.7		17.4	15.7		16.7
Employees (FTE)	483	418	16%	466	413	13%	417
ADJUSTED KEY FIGURES
Income statement
Profit for the period	180,787	147,666	22%	477,599	387,795	23%	632,349
Items affecting comparability 1	-	-		2,251	-		-103,084
Tax on items affecting comparability	-	-		-	-		-12,378
Provision for tax surcharge	-	-		-	-		11,723
Adjusted profit for the period	180,787	147,666	22%	479,850	387,795	24%	528,610
Adjusted profit for the period attribut able to the shareholders of the Parent company	174,472	140,463	24%	460,634	365,596	26%	499,481
Adjusted earnings per share, SEK	2.70	2.17	24%	7.13	5.66	26%	7.73
Key figures
Adjusted return on equity, %	25.0	25.5		22.8	23.3		22.5
Adjusted return on loans to the public, %	3.1	2.8		2.9	2.6		2.6

EXCHANGE RATES

SEK	Jul-Sep 2025	Jul-Sep 2024	Jan-Sep 2025	Jan-Sep 2024	Jan-Dec 2024
EUR Income statement (average)	11.12	11.45	11.10	11.41	11.43
EUR Balance sheet (end of reporting period)	11.06	11.30	11.06	11.30	11.49
NOK Income statement (average)	0.94	0.97	0.95	0.99	0.98
NOK Balance sheet (end of reporting period)	0.94	0.96	0.94	0.96	0.97
PLN Income statement (average)	2.61	2.67	2.62	2.65	2.66
PLN Balance sheet (end of reporting period)	2.59	2.64	2.59	2.64	2.69

¹ Adjustments for items affecting comparability are related to transactions according to the Share Purchase Agreement with Alektum Holding AB and Erik Selin Fastigheter AB regarding the divestment of 80,1 percent of the shares in the former subsidiary Rediem Capital AB on 20 December 2024. See separate section with definitions and reconciliation tables, page 45-46.

CEO'S COMMENTS

During the third quarter, TF Bank's new lending increased by 32 % compared to the same period in 2024. The credit card business in Germany continues to be the main driver of the Bank's organic growth. The Bank's operating profit increased by 21 % compared to the third quarter of 2024 and the quarter's return on equity amounted to 25 %.

Since its IPO in 2016, the Bank has undergone a significant transformation, expanding both its geographical reach and product offering. Today, we are a pan-European credit and payment platform with operations in 14 countries and three business areas: Credit Cards, Ecommerce Solutions and Consumer Lending. During autumn, the Board of Directors proposed that the corporate name be changed to Avarda Bank AB, which marks the next step in our strategic transformation. The name change reflects the development from a Nordic niche bank to a pan-European credit and payment platform and is conditional upon a resolution at an extraordinary general meeting and necessary regulatory approvals.

Growth in Credit Cards remains strong and in local currencies the loan portfolio increased by 41 % over the past year. The credit card portfolio in Germany is the main driver of growth and the number of active credit cards in the country amounted to approximately 379,000. Income is growing faster than costs in the segment and operating profit amounted to SEK 296 million during the interim period – an increase of 77 % compared to the previous year. We continue to see strong potential for further scalability in Germany and across other European markets.

Ecommerce Solutions operates under the Avarda brand, which since 2015 has established a strong market position in digital payment and checkout solutions across the Nordic region. The segment has demonstrated good profitability, and during the year, new agreements were signed with several major retailers. We are now seeing strong growth in transaction volume – an increase of 51 % compared to the third quarter last year. We expect the increased transaction volume to contribute to increased income in the coming quarters.

In Consumer Lending, the loan portfolio has increased by 7 % in local currencies over the past year. Growth has been achieved with a focus on controlled risk levels and selective expansion. The TF Bank brand will remain in use for this segment, despite the Group's rebranding to Avarda Bank. In 2025, the Nordic operations will also be consolidated into a new subsidiary, TF Bank Nordic.

Despite caution and uncertainty in consumer behaviour, particularly in the German economy, the Bank continues to perform strongly. Growth remains profitable, credit quality is stable, and we are on track to meet the financial targets set earlier this year. At the same time, the Bank's capital ratios remain well above regulatory capital requirements across all three levels. Following the Swedish Financial Supervisory Authority's decision earlier this year upon a Pillar 2 guidance of 0 % of the risk exposure amount, we now have greater visibility in our future capital planning. This creates a stable foundation and provides room for continued business development.

Joakim Jansson President and CEO

RESULTS AND FINANCIAL POSITION

GROUP JANUARY - SEPTEMBER 2025

COMPARED TO JANUARY - SEPTEMBER 2024 (unless otherwise stated)

Operating profit

Operating profit increased by 24 % to SEK 613.8 million (496.9). Higher operating income from the growing loan portfolio has contributed to the increased operating profit. Adjusted earnings per share increased by 26 % to SEK 7.13 (5.66) and the adjusted return on equity amounted to 22.8 % (23.3).

Operating income

The operating income increased by 18 % to SEK 2,106 million (1,782). The increase is related to the growing loan portfolio and geographically it was primarily Germany that had higher operating income. The operating income comprises 92 % of net interest income and 8 % of net fee and commission income. The operating income margin has improved to 13.0 % (12.5).

Interest income

Interest income increased by 12 % to SEK 2,542 million (2,264), which is primarily due to a growing loan portfolio.

Interest expense

The interest expenses decreased by 2 % to SEK 599.7 million (614.2) despite increased deposit balances. This is mainly explained by lower interest rates on newly received deposits.

Net fee and commission income

Net fee and commission income increased by 23 % to SEK 161.4 million (130.9). The increase is mainly attributable to higher insurance premiums in the Credit Cards segment, but also higher transaction volumes in the Ecommerce Solutions segment. During the interim period, 42 % of TF Bank's fee and commission income originated from insurance premiums, 30 % from collection fees and 28 % from other commission income.

Operating expenses

The operating expenses increased by 12 % to SEK 773.3 million (689.3). The increase is mainly explained by higher sales-related expenses due to an increase in new lending and more employees. However, the C/I ratio improved to 36.7 % (38.7), mainly due to continued economies of scale in the Credit Cards segment.

Loan losses

The net loan losses increased by 21 % to SEK 719.0 million (595.3) which is explained by a higher loan loss level in the growing loan portfolio in the Credit Cards segment relative to other segments. The net loan loss ratio amounted to 4.5 % (4.2).

Tax expense

The tax expenses increased by 23 % to SEK 134.0 million (109.1). The increase in the tax expenses is related to a higher operating profit.

OPERATING INCOME (SEK million) OPERATING PROFIT (SEK million)

GROUP JANUARY - SEPTEMBER 2025

COMPARED TO 31 DECEMBER 2024 (unless otherwise stated)

Loans to the public

The loan portfolio amounted to SEK 22,797 million (20,279), an increase in local currencies of 20 % 1 compared to September 2024. Negative currency effects impacted the loan portfolio growth by 2 %. New lending increased by 32 % to SEK 25,440 million (19,270) compared to the first nine months of the year 2024. The increase is mainly attributable to record volumes in the Credit Cards segment.

TF Bank's loan portfolio is well-diversified with relatively small exposures in several different geographic markets. At the end of the interim period, the exposure towards the three largest countries was Germany at 41 %, Norway 20 % and Finland 12 %.

Deposits from the public

Deposits from the public amounted to SEK 23,423 million (21,641), an increase of 10 % in local currencies compared to September 2024. Negative currency effects have impacted the deposit balance by 2 %. At the end of the interim period, deposits were geographically distributed between Germany 70 %, the Netherlands 22 % and other countries 8 %.

The increased deposit balance over the past year is mainly attributable to the Netherlands and relates to savings accounts with both fixed and variable interest rates. At the end of the interim period, accounts with a fixed term comprised of 49 % (70) of TF Bank's total deposits.

Cash and cash equivalents

Cash and cash equivalents increased to SEK 4,263 million (4,259) during the interim period. The increase is partly attributable to cash flows from operating activities. At the end of the interim period, the available liquidity reserve amounted to 17 % (19) ² of deposits from the public.

Capital adequacy

The capital ratios have improved during the interim period and at the end of the third quarter the CET1 capital ratio was 14.3 % (13.3), the Tier 1 capital ratio was 15.6 % (14.7) and the total capital ratio was 17.4 % (16.7). The increase is mainly related to the fact that the risk exposure amount has been affected by a stronger Swedish krona at the beginning of the year.

The Swedish FSA has carried out a review and evaluation of TF Bank AB and decided upon special capital requirements and Pillar 2 Guidance. The Bank's previous internally calculated capital requirements have been confirmed, and on 19 March, the Swedish FSA decided upon a Pillar 2 Guidance of 0 % of the total risk exposure amount. At the end of third quarter, TF Bank's statutory Common Equity Tier 1 capital requirement was 8.9 %, the Tier 1 capital requirement was 10.6 % and the total capital requirement was 12.9 %.

LOANS TO THE PUBLIC (SEK million) TOTAL CAPITAL RATIO (%)

¹ Loan portfolio growth in local currencies excluding past due receivables in Stage 3.

² Excluding restricted cash and cash equivalents that are not available the next day.

GROUP JULY - SEPTEMBER 2025

COMPARED TO JULY - SEPTEMBER 2024 (unless otherwise stated)

Opertaing profit

Operating profit increased by 21 % to SEK 230.9 million (191.3). Higher operating income from the growing loan portfolio has positively impacted the operating profit. Earnings per share increased by 24 % to SEK 2.70 (2,17). Return on equity amounted to 25.0 % (25.5).

Operating income

The operating income increased by 20 % to SEK 747.6 million (625.2). The increase is primarily related to the growing loan portfolio within the Credit Cards segment. The operating income margin has improved to 13.4 % (12.6) compared to the third quarter 2024, which is attributable to the Credit Cards and Ecommerce Solutions segments.

Operating expenses

The operating expenses increased by 15 % to SEK 264.4 million (229.3). The quarterly expenses were partly affected by increased new lending volumes resulting in higher sales-related expenses and increased personnel costs. However, the C/I ratio improved to 35.4 % (36.7).

Loan losses

The net loan losses increased by 23 % to SEK 252.3 million (204.6) and the net loan loss ratio amounted to 4.5 % (4.1). The quarterly net loan loss ratio was partly impacted by the increased share of the loan portfolio attributable to the Credit Cards segment.

Loans to the public

The loan portfolio amounted to SEK 22,797 million (20,279), an increase in local currencies of 20 % 1 compared to September 2024. Negative currency effects impacted the loan portfolio growth by 2 %. The main driver during the quarter was growth in the German credit card portfolio. New lending increased by 32 % to SEK 9,534 million (7,208).

OPERATING INCOME (SEK million) OPERATING PROFIT (SEK million)

¹ Loan portfolio growth in local currencies excluding past due receivables in Stage 3.

CREDIT CARDS

JANUARY - SEPTEMBER 2025

COMPARED TO JANUARY - SEPTEMBER 2024 (unless otherwise stated)

In the Credit Cards segment, TF Bank offers credit cards to creditworthy individuals in Germany, Norway, Austria, Spain and Italy. The credit card offering has been available in the Bank since 2015 in the Norwegian market, with Germany being launched in 2018 and Austria in 2022. Lending operations in Spain and Italy have been established during 2024. The credit card is compatible with both Google Pay and Apple Pay in all markets.

At the end of the quarter, the number of active German credit cards amounted to approximately 379,000, which is the fastest growing market in the segment. The number of active credit cards at the end of the third quarter was approximately 34,000 in Norway, 24,000 in Austria and 4,000 combined in the newly established markets of Spain and Italy.

296.2 SEK million

10,949 SEK million

Operating profit

Loan portfolio

The loan portfolio

The loan portfolio amounted to SEK 10,949 million (8,220), an increase in local currencies of 41 % ¹ compared to September 2024. Negative currency effects impacted the loan portfolio growth by 3 %. The new lending increased by 42 % to SEK 16,665 million (11,750). The increase is mainly related to the operations in Germany.

The loan portfolio in Germany increased by 37 % to EUR 834 million (610) over the past year. The growth is mainly generated by an increased number of active credit cards. The loan portfolio in Norway increased by 1 % to NOK 958 million (952) over the past year. The loan portfolio in Austria increased by 57 % to EUR 57 million (36) during the same period. The volumes have increased due to a higher number of issued cards. The loan portfolios in the new markets of Spain and Italy combined amounted to EUR 3 million (0).

Results

The operating profit has increased by 77 % to SEK 296.2 million (167.7). Higher income from the growing loan portfolio and economies of scale in the business model contributed to the considerable improvement in the profit.

The operating income increased by 45 % to SEK 1,102 million (760.2). The increase is mainly related to the high growth in Germany. The operating income margin improved to 15.1 % (14.5), mainly as a result of higher insurance premiums and slightly lower financing costs.

The operating expenses increased by 26 % to SEK 341.8 million (270.8) and the expenses have been affected by a greater focus on direct marketing. However, the C/I ratio improved to 31.0 % (35.6) due to economies of scale in the business model.

The net loan losses increased by 44 % to SEK 463.9 million (321.7). The increase was primarily affected by provisions for expected loan losses related to the growing loan portfolio in Germany. The net loan loss ratio amounted to 6.4 % (6.1).

For further information about the loan portfolio and results of this segment, see note 3 Operating segments.

SHARE OF THE BANK'S OPERATING INCOME

¹ Loan portfolio growth in local currencies excluding past due receivables in Stage 3.

ECOMMERCE SOLUTIONS

JANUARY - SEPTEMBER 2025

COMPARED TO JANUARY - SEPTEMBER 2024 (unless otherwise stated)

In the Ecommerce Solutions segment, TF Bank offers digital payment solutions primarily within e-commerce to creditworthy individuals. These solutions are offered under the Avarda brand in the Nordic region. The Bank is discontinuing its lending operations in Poland and the Baltics. At the end of the third quarter, the Nordic loan portfolio comprised 95 % of the segment and the remaining markets comprised 5 % combined.

Avarda as a brand was established in 2015, focusing on digital payment solutions in the Nordics. The goal is to offer payment solution for online retailers who wish to build and strengthen their own brand throughout the entire purchasing journey, from checkout to payment. The payment solutions are offered for e-commerce and retail in the Nordic region. The Bank sees continued development opportunities in its operations in the Nordic region and has initiated a small-scale launch of credit offerings in Germany at the end of the fourth quarter of 2024.

72.6 SEK million

2,537 SEK million

Operating profit

Loan portfolio

The loan portfolio

The loan portfolio amounted to SEK 2,537 million (2,623) compared to September 2024 the loan portfolio was unchanged 1 . Negative currency effects impacted the loan portfolio growth by 1 %. New lending increased by 14 % to SEK 4,562 million (4,011). The increase is mainly attributable to partnerships with new major retailers.

Compared to September 2024, the loan portfolio in the Nordics increased by 5 % in local currencies and amounted to SEK 2,372 million (2,319). The Swedish loan portfolio increased by 17 % to SEK 1,040 million (887) following strong sales development during the past year. In Finland, the loan portfolio decreased by 12 % to EUR 86 million (98). In Norway the loan portfolio increased by 20 % to NOK 398 million (332). In Denmark, the loan portfolio decreased to DKK 2 million (3)

The loan portfolio in the Baltics decreased by 70 % to EUR 4 million (12) and in Poland, the loan portfolio decreased by 44 % to PLN 34 million (62). The decreasing portfolios are explained by the operations being discontinued.

OPERATING PROFIT (SEK MILLION)

Results

The operating profit decreased by 2 % to SEK 72.6 million (74.3). The increase is mainly related to a decreased loan portfolio.

The operating income decreased by 3 % to SEK 364.6 million (374.6) mainly related to declining lending balances in the Baltics and Poland. However, the operating income margin improved to 18.4 % (17.7) primarily due to the Nordic operations, which carry stronger margins, accounting for a larger share of the segment, but is also attributable to slightly lower financing costs.

The operating expenses increased by 3 % and amounted to SEK 222.6 million (215.7). The C/I ratio amounted to 61.1 % (57.6) as a result of slightly lower operating income.

The net loan losses decreased by 18 % to SEK 69.4 million (84.5) as a result of improved credit quality. The net loan loss ratio improved to 3.5 % (4.0).

For further information about the loan portfolio and results of this segment, see note 3 Operating segments.

SHARE OF THE BANK'S OPERATING INCOME

¹ Loan portfolio growth in local currencies excluding past due receivables in Stage 3.

CONSUMER LENDING

JANUARY - SEPTEMBER 2025

COMPARED TO JANUARY - SEPTEMBER 2024 (unless otherwise stated)

In the Consumer Lending segment, TF Bank offers unsecured consumer loans to creditworthy individuals. The product offering differs between the various markets and is adjusted according to the specific conditions in each country. At the end of the third quarter, the average loan amount per customer was approximately SEK 74 thousand.  

The Nordic loan portfolio comprises 63 % of the segment. The Nordic markets for consumer loans are characterised by credit information that is easy to access, a high share of credit intermediaries, and a well-functioning system for collection of unpaid debts.  

The loan portfolio outside of the Nordics accounts for 37 % of the segment, the majority is in the Baltics. The Baltic countries have fast-growing credit markets with several established Nordic companies operating locally. Lending operations were launched in Germany during the second quarter of 2025.

The Bank has paused new lending Spain since the second half of 2023.

245.0 SEK million

9,310 SEK million

Operating profit

Loan portfolio

The loan portfolio

The loan portfolio amounted to SEK 9,310 million (9,436), an increase in local currencies of 7 % ¹ compared to September 2024. Negative currency effects have impacted the loan portfolio's growth of 2 %. New lending has increased by 20 % to SEK 4,212 million (3,509).

The Nordic loan portfolio amounted to SEK 5,779 million (6,218) a decrease of 5 % in local currencies compared to September 2024. The loan portfolio in Norway decreased by 2 % and amounted to NOK 3,453 million (3,528). The loan portfolio in Finland decreased by 15 % to EUR 165 million (193). The Swedish loan portfolio decreased by 40 % to SEK 258 million (431). The loan portfolio in Denmark increased by 103 % to DKK 296 million (146) following a strong sales growth during the year.

The loan portfolio in the Baltics increased by 9 % to EUR 295 million (270) over the past year. The growth is stable in all Baltic countries, with the greatest increase in Latvia. The Polish loan portfolio decreased to PLN 15 million (20) and the loan portfolio in Spain amounted to EUR 5 million (10). The German portfolio amounted to EUR 4 million (-).

Jan-Sep 2024 Jan-Sep 2025

Results

The operating profit decreased by 4 % to SEK 245.0 million (254.9), which is attributable to increased operating expenses in the Nordics and a slightly lower net interest income.

The operating income decreased by 1 % to SEK 639.7 million (646.8) in line with the decreasing loan portfolio. The operating income margin remained unchanged and amounted to 9.3 % (9.3).

The operating expenses increased by 3 % to SEK 208.9 million (202.7), which is partly explained by increased costs in the Nordics in connection with the establishment of the subsidiary TF Bank Nordic AB. The C/I ratio amounted to 32.7 % (31.3).

The net loan losses have decreased by 2 % to SEK 185.8 million (189.1) and the net loan loss ratio amounted to 2.7 % (2.7).

For further information about the loan portfolio and results of this segment, see note 3 Operating segments.

SHARE OF THE BANK'S OPERATING INCOME

¹ Loan portfolio growth in local currencies excluding past due receivables in Stage 3.

OTHER INFORMATION

The share

TF Bank was listed at Nasdaq Stockholm in the Mid Cap segment on 14 June 2016. The share trades under the ticker name TFBANK and the ISIN code is SE0025666969. At the end of the third quarter 2025, the share price closed at SEK 181.00, an increase of 49 % during the interim period. During the first nine months, approximately 10.9 million shares in TF Bank were traded on Nasdaq Stockholm, totalling approximately SEK 1,482 million in value.

Institutions following TF Bank

ABG Sundal Collier, DNB Carnegie and SEB are following the Company. All institutions have issued a buy recommendation for the TF Bank share.

Financial targets

The 13 April 2025 the Board of TF Bank has adopted the following financial targets:

Growth

TF Bank's aim is to achieve a loan portfolio of SEK 35 billion by second half of 2027.

Profitability

TF Bank's aim is to maintain a return on equity well above 20 %.

Capital structure

TF Bank's aim is that all capital ratios should exceed the regulatory requirement (including Pillar 2 and buffer requirements) by at least 2.5 percentage points.

Dividend policy

TF Bank's dividend policy is to distribute surplus capital in relation to capital targets and the Bank's capital planning.

Geopolitical and macroeconomic uncertainty

TF Bank is affected by external changes linked to geopolitics and macroeconomics. The geopolitical situation remains uncertain in parts of Europe, while the macroeconomic situation is partly affected by trade barriers. It cannot be excluded that TF Bank's operations, new lending or loan losses may be adversely affected by geopolitical and macroeconomic events in the future.

Presentation for investors, analysts, and media

A live conference call will be held on Tuesday 14 October 2025 at 08.15 CET, where CEO Joakim Jansson and CFO Mikael Meomuttel will present the interim report. It will be possible to ask questions after the presentation. The presentation material is written in English while the conference call will be held in Swedish.

To participate and ask questions call +46 (0)8 5050 0829 and enter the meeting code 872 3618 5593. For international investors, there is a possibility to ask questions in English during the Q&A session. A recording of the conference call and the presentation material will be available on the Bank's website, www.tfbankgroup.com.

Significant events, January - September 2025

On 27 January, a directed share issue of 50,000 shares related to the share programme 2021 was carried out. The total number of shares thereafter amounts to 21,550,000 and the share capital to SEK 107,750,000.

In February, management changes were announced, effective from 1 March. Claudia Wiese, formerly Head of Card Product and Operations, assumed the role as Chief Operating Officer (COO) succeeding Espen Johannesen, who was appointed CEO of the subsidiary TF Bank Nordic AB. Concurrently, Rasmus Rolén was appointed Chief Commercial Officer (CCO) and Executive Director.

On 19 March, the Swedish FSA announced the results of its review and evaluation of TF Bank. The Bank's previously internally calculated capital requirements have been confirmed and the Swedish FSA decided upon a Pillar 2 Guidance of 0 % of the total risk-weighted exposure amount and 0.5 % of the total leverage ratio-based requirement.

TF Bank's Board of Directors has decided on new financial targets. By the second half of 2027 the Bank will achieve a loan portfolio of SEK 35 billion while maintaining high profitability.

In the Ecommerce Solutions segment, collaborations have been initiated with Brandsdal Group and Bagaren & Kocken. These partnerships are expected to generate an annual transaction volume of approximately SEK 2,700 million.

At the Annual General Meeting on 17 June, it was resolved to distribute an extraordinary dividend of SEK 5.00 per share to shareholders. John Brehmer was re-elected as Chairman of the Board, and all other board members were also re-elected. The meeting further resolved to carry out a share split, whereby each existing share will be divided into three new shares (3:1 share split). The record date for the split was set to 21 July 2025.

During June the subsidiary TFBN Services Ltd applied to the supervisory authority in the United Kingdom to establish operations in the country.

The credit card business had an organic underlying loan book growth of 41 % over the past year and economies of scale in the business model have contributed to a significantly improved operating profit of 77 % compared to 2024.

The liquidity enhancement agreement has been terminated since the current trade and liquidity in the share is good and there is no longer a benefit of having a liquidity enhancement agreement. The liquidity enhancement agreement ceased at the end of August.

On 19 September, the Company announced an intention to change the name of TF Bank AB and its subsidiaries. Avarda Bank AB (publ) is proposed as the new corporate name.

After the end of the reporting period

On 13 October, the Company issued a notice to convene an Extraordinary General Meeting to be held on 17 November to resolve on the name change to Avarda Bank AB.

Risks and uncertainties

Different types of risks arise in the Group's business operations. The risks can be actualised in different ways within the business. The following main risk categories have been identified:

• Credit risks (including those attributable to the credit portfolio, credit-related concentration risks and counterparty risks)
• Market risks (interest rate, and currency exchange risks)
• Liquidity risks
• Operational risks (including process risks, IT and systemic risks and external risks)
• Other business risks (including business risks, cyclical risks and reputational risks)

Credit risks, liquidity risks and operational risks are the most significant risks according to TF Bank's assessment. In order to limit and control risk-taking in the business, the Board of Directors, which is ultimately responsible for internal controls, has established policies and instructions for lending and other activities.

The banking operations are subject to extensive regulations concerning capital adequacy and liquidity requirements, which are primarily governed by the regulatory package that comprises Capital Requirements Directive (CRD) and Capital Requirements Regulation (CRR), which jointly implement the Basel agreement within the European Union (collectively known as the "Basel regulatory framework"). The Basel regulatory framework includes certain capital requirements that are intended to be adjustable over time and that are dependent on such factors as the presence of cyclical and structural systemic risks. The Bank must fulfil the specified capital and liquidity requirements and have capital and access to liquidity at any given times. TF Bank monitors changes related to capital and liquidity requirements and takes these into consideration regarding the financial targets.

More information regarding the Bank's credit risks and capital adequacy can be found in notes 2 and 9 and on page 46 in the interim report. For a more detailed description of financial risks and the use of financial instruments, as well as capital adequacy, see notes K3 and K33 of the Annual report 2024.

Sustainability

TF Bank works actively to conduct a responsible business where the intention is to have as limited negative impact on the environment and people as possible. Environmental resources are used responsibly and carefully throughout the Bank's operations. TF Bank conducts operations in an environmentally sustainable manner by, for example, improving efficiency and investing in sustainable

products and services. The business model is as digital and automated as possible, making the Bank accessible while limiting the environmental impact. More detailed information about the Group's sustainability work can be found in TF Bank's Sustainability Report for 2024, which is published on the Group's website, www.tfbankgroup.com.

From the financial year 2025, TF Bank will be subject to the new EU Sustainability Reporting Directive, CSRD, with the first reporting due in 2026. This means the Bank will report in accordance with the European Sustainability Reporting Standards (ESRS). The directive introduces increased requirements for more comprehensive disclosures and information related to sustainability compared to previous regulations. On 25 February 2025, the European Commission presented the so-called Omnibus Package, which includes relief for wave 2 and wave 3 companies regarding the new sustainability directives. The "stop-the-clock" directive was approved by the EU Parliament on 3 April, 2025. This proposal means that TF Bank will report under CSRD for the 2027 financial year, with the first report due in 2028. However, the Bank continues to work on CSRD implementation and is awaiting further details on the exact reliefs regarding the reporting requirements.

Accounting policies

The interim report has been prepared in accordance with International Accounting Standards (IAS) 34 Interim Financial Reporting. The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU). In addition, amendments to the Swedish Annual Accounts Act for Credit Institutions and Securities Companies (1995:1559), RFR 1 Supplementary Accounting Rules for Groups issued by the Swedish Financial Reporting Board, and the Swedish Financial Supervisory Authority's regulations (FFFS 2008:25) have also been applied.

The Parent company's financial statements have been prepared in accordance with the Swedish Annual Accounts Act for Credit Institutions and Securities Companies (1995:1559), RFR 2 Accounting for Legal Entities issued by the Swedish Financial Reporting Board, and the Swedish FSA's regulations (FFFS 2008:25).

The Bank's accounting principles, valuation methods, and presentation remain substantially unchanged compared to the annual report 2024. The interim information on pages 3-46 is an integral part of this financial report.

TF BANK IN BRIEF

14

Geographical markets 2024

30 %

Compound annual growth rate in the loan portfolio 2016-2024

22 %

Compound annual growth rate in the operating profit 2016-2024

55 %

Share of loan portfolio compiled of the segments Credit Cards and Ecommerce Solutions 2024

TF Bank's strategy is based on driving profitable growth through a diversified geographical presence in selected European markets. To meet the increasing demand and maximise customer value, the Bank is continuously working to improve efficiency and strengthen its competitiveness, while accelerating the development of Credit Cards and Ecommerce Solutions.

Loans to the public Operating profit

INCOME STATEMENT - CONSOLIDATED

SEK thousand	Note	Jul-Sep 2025	Jul-Sep 2024	Jan-Sep 2025	Jan-Sep 2024	Jan-Dec 2024
	3
Operating income
Interest income		890,806	791,878	2,542,376	2,264,396	3,101,203
Interest expense		-198,888	-212,158	-599,654	-614,222	-845,447
Net interest income		691,918	579,720	1,942,722	1,650,174	2,255,756
Fee and commission income		112,310	92,746	324,555	260,422	362,750
Fee and commission expense		-56,694	-48,366	-163,181	-129,474	-179,437
Net fee and commission income		55,616	44,380	161,374	130,948	183,313
Net results from financial transactions		37	1,107	2,074	426	-553
Total operating income		747,571	625,207	2,106,170	1,781,548	2,438,516
Operating expenses
General administrative expenses		-229,613	-200,869	-672,892	-603,753	-821,371
Depreciation and amortisation of tangible and intangible assets		-17,232	-16,797	-51,362	-50,238	-68,402
Other operating expenses		-17,555	-11,637	-49,076	-35,271	-44,232
Total operating expenses		-264,400	-229,303	-773,330	-689,262	-934,005
Profit before loan losses		483,171	395,904	1,332,840	1,092,286	1,504,511
Net loan losses	4	-252,312	-204,604	-719,033	-595,343	-819,606
Operating profit		230,859	191,300	613,807	496,943	684,905
Items affecting comparability		-	-	-2,251	-	103,084
Income tax for the period		-50,072	-43,634	-133,957	-109,148	-155,640
Profit for the period		180,787	147,666	477,599	387,795	632,349
Attributable to:
Shareholders of the Parent company		174,472	140,463	458,383	365,596	603,220
Additional Tier 1 capital holders		6,315	7,203	19,216	22,199	29,129
Basic earnings per share (SEK)		2.70	2.17	7.09	5.66	9.33
Diluted earnings per share (SEK)		2.70	2.17	7.09	5.66	9.33

STATEMENT OF OTHER COMPREHENSIVE INCOME - CONSOLIDATED

SEK thousand	Jul-Sep 2025	Jul-Sep 2024	Jan-Sep 2025	Jan-Sep 2024	Jan-Dec 2024
Profit for the period	180,787	147,666	477,599	387,795	632,349
Other comprehensive income
Items that may subsequently be reclassified to the income statement
Gross exchange rate differences	-1,696	-2,851	-3,025	-3,151	222
Tax on exchange rate differences in the period	-	-	-	-	-
Other comprehensive income for the period	-1,696	-2,851	-3,025	-3,151	222
Total comprehensive income for the period	179,091	144,815	474,574	384,644	632,571
Attributable to:
Shareholders of the Parent company	172,776	137,612	455,358	362,445	603,442
Additional Tier 1 capital holders	6,315	7,203	19,216	22,199	29,129

BALANCE SHEET - CONSOLIDATED

SEK thousand Note	30 Sep 2025	31 Dec 2024
2,5,6
ASSETS
Cash and balances with central banks	17,858	18,563
Treasury bills eligible for refinancing	2,532,604	1,792,652
Loans to credit institutions	1,712,247	2,447,869
Loans to the public 3,7	22,796,663	20,265,458
Shares	117,307	117,309
Goodwill	20,011	20,011
Intangible assets	88,674	97,572
Tangible assets	68,954	71,370
Other assets	150,242	145,196
Current tax assets	3,194	-
Deferred tax assets	95,183	7,659
Prepaid expenses and accrued income	173,085	85,946
TOTAL ASSETS	27,776,022	25,069,605
LIABILITIES AND EQUITY
Liabilities
Deposits and borrowings from the public 8	23,422,894	21,197,981
Other liabilities	349,894	232,528
Current tax liabilities	23,788	63,175
Accrued expenses and prepaid income	509,832	436,552
Deferred tax liabilities	-	19,606
Provisions	-	1,574
Subordinated liabilities 11	346,534	345,509
Total liabilities	24,652,942	22,296,925
Equity
Restricted equity
Share capital	107,750	107,500
Total restricted equity	107,750	107,500
Non-restricted equity
Foreign currency reserve	-831	2,194
Retained earnings including the profit for the period	2,766,161	2,412,986
Total non-restricted equity	2,765,330	2,415,180
Total equity attributable to the shareholders of the Parent company	2,873,080	2,522,680
Tier 1 capital instrument	250,000	250,000
Total equity attributable to the owners of the Parent company	3,123,080	2,772,680
TOTAL LIABILITIES AND EQUITY	27,776,022	25,069,605

STATEMENT OF CHANGES IN EQUITY - CONSOLIDATED

	Restricted equity		Non-restricted equity
SEK thousand	Share capital 1	Foreign currency reserve	Retained earnings including the year's results	Tier 1 capital instrument 2	Total equity
Equity as at 1 Jan 2024	107,500	1,972	1,801,442	250,000	2,160,914
Profit for the year	-	-	632,349	-	632,349
Other comprehensive income for the year	-	222	-	-	222
Total comprehensive income for the year	-	222	632,349	-	632,571
Transactions with owners of the Parent company
Contributions from and value transfers to owners of the Parent company
Interest Tier 1 capital instrument	-	-	-29,129	-	-29,129
Total contributions from and value transfers to owners of the Parent company	-	-	-29,129	-	-29,129
Other equity transactions
Share based renumeration	-	-	8,324	-	8,324
Total other equity transactions	-	-	8,324	-	8,324
Equity as at 31 Dec 2024	107,500	2,194	2,412,986	250,000	2,772,680
Equity as at 1 Jan 2025	107,500	2,194	2,412,986	250,000	2,772,680
Profit for the period	-	-	477,599	-	477,599
Other comprehensive income for the period	-	-3,025	-	-	-3,025
Total comprehensive income for the period	-	-3,025	477,599	-	474,574
Transactions with owners of the Parent company
Contributions from and value transfers to owners of the Parent company
Dividend to shareholders	-	-	-107,750	-	-107,750
Interest Tier 1 capital instrument	-	-	-19,216	-	-19,216
Total contributions from and value transfers to owners of the Parent company	-	-	-126,966	-	-126,966
Other equity transactions
Directed share issue	250	-	-250	-	-
Share based renumeration	-	-	2,792	-	2,792
Total other equity transactions	250	-	2,542	-	2,792
Equity as at 30 Sep 2025	107,750	-831	2,766,161	250,000	3,123,080

¹ Share capital comprises of 64,650,000 shares of SEK 5 each.

² Perpetual bonds, SEK 100 million with interest terms STIBOR 3 months +6.75% and first possible redemption 7 June 2023, and SEK 100 million with interest terms STIBOR +6.25% and first possible redemption 1 December 2026.

CASH FLOW STATEMENT - CONSOLIDATED

Operating activities
Operating profit	613,807	496,943	684,905
Adjustment for items not included in cash flow
Depreciation and amortisation of tangible and intangible assets	51,362	50,238	68,402
Accrued interest income and expense	2,529	140,937	134,635
Other non-cash items	1,717	-1,321	5,973
Paid income tax	-176,538	-143,533	-187,972
Cash flows from operations before changes in working capital	492,877	543,264	705,943
Increase/decrease in loans to the public	-2,531,205	-2,408,818	-2,394,825
Increase/decrease in other short-term receivables	-30,259	-45,893	-271,355
Increase/decrease in deposits and borrowings from the public	2,224,913	988,152	544,984
Increase/decrease in other short-term liabilities	166,554	-74,111	-134,524
Cash flow from operating activities	322,880	-997,406	-1,549,777
Investing activities
Investments in tangible assets	-4,961	-15,712	-30,999
Investments in intangible assets	-27,075	-41,292	-53,264
Paid interest on lease debt	-925	-978	-1,443
Amortisation of lease debt	-13,221	-11,190	-15,514
Divestment of shares in subsidiaries	-2,251	-	105,700
Cash flow from investing activities	-48,433	-69,172	4,480
Financing activities
Redemption of Tier 2 capital instrument	-	-100,000	-100,000
Issue of Tier 2 capital instrument	-	100,000	100,000
Interest on Tier 1 capital instrument	-19,216	-22,199	-29,129
Dividend to shareholders	-107,750	-	-
Cash flow from financing activities	-126,966	-22,199	-29,129
Cash flow for the period	147,481	-1,088,777	-1,574,426
Cash and cash equivalents at the beginning of period	4,259,084	5,744,117	5,744,117
Exchange rate difference in cash and cash equivalents	-143,856	43,350	89,393
Cash and cash equivalents at the end of period	4,262,709	4,698,690	4,259,084
Cash flow from operating activities includes interest expenses paid and interest payments received
Interest expenses paid	-596,742	-474,842	-713,452
Interest payments received	2,447,716	2,138,367	2,935,092
Components of cash and cash equivalents
Cash and balances with central banks	17,858	18,238	18,563
Treasury bills eligible for refinancing	2,532,604	2,719,640	1,792,652
Loans to credit institutions	1,712,247	1,960,812	2,447,869

NOTES

NOTE 1 General information

TF Bank AB, org.nr. 556158-1041, is a bank limited company with its registered office in Borås, Sweden, which has a license to conduct banking operations. The Bank conducts lending and/or deposit activities to private individuals in Sweden, Finland, Norway, Denmark, Estonia, Latvia, Lithuania, Poland, Germany, Austria, Spain, Ireland, the Netherlands and Italy by subsidiary, branch or cross-border banking with the support of the Swedish banking license.

COMPANY STRUCTURE

Company	Reg.nr
Parent company
TF Bank AB	556158-1041
Branches
TF Bank AB, branch Finland	2594352-3
TF Bank AB, branch Poland	PL9571076774
TF Bank AB, branch Estonia	14304235
TF Bank AB, branch Norway	923 194 592
TF Bank AB, branch Latvia	50203334311
TF Bank AB, branch Lithuania	306989111
TF Bank AB, branch Spain	W0298854A
Subsidiaries
TF Bank Nordic AB	559476-6379
TFB Service GmbH	HRB 208869 B
TFBN Services Ltd	15924773
TFB Holding Ltd	C 112948
TFB Service UAB	304785170
Yieldloop AB	559526-1859
Avarda AS	931 481 169

Goldcup 37337 AB 559530-1945

OWNERSHIP OF TF BANK AB AS AT 30 SEPTEMBER 2025

Shareholder	%
TFB Holding AB	29.54
Tiberon AB	15.00
Erik Selin Fastigheter AB	12.51
Proventus Aktiebolag	5.41
Carnegie Fonder AB	4.97
Nordnet Pensionsförsäkring AB	4.82
Maud Umberg Weil	3.89
Goldman Sachs International	2.33
Försäkringsbolaget Avanza Pension	1.36
Anders Klein	1.07
Other shareholders	19.10
Total	100.00

Source: Euroclear

All subsidiaries are 100% owned.

The term "Bank/Group" refers to TF Bank AB together with its branches and subsidiaries.

NOTE 2 Credit risk

Financial risks

Through its operations, TF Bank is exposed to a variety of financial risks: credit risk, market risk (including currency risk and interest rate risk) and liquidity risk, but also operational risk and other operating risks such as business risks, economic risks, and reputational risks. TF Bank has designed an operating structure to ensure good risk management. The overall risk policy constitutes the Board of Directors and the management's fundamental policy documents regarding risk management which aims to minimise any potential adverse effects on the Bank's financial results. The Board establishes written policies with regards to both the overall risk management and for the specific areas.

Credit risk is the risk that a counterparty causes the Bank a financial loss by not fulfilling its contractual obligations to the Bank. The area includes credit risks attributable to the loan portfolio, credit-related concentration risks and counterparty risks. Credit risk arises primarily through lending to the public and is the most significant risk in the Bank. Credit risks may even arise through placement of liquidity and derivative instruments. Credit risk is monitored closely by the responsible functions. The Board of Directors has ultimate responsibility and has established the framework for the Bank's lending activities in a specific credit policy. A credit committee continuously monitors the development of the risk level in each loan portfolio and decides on and implements changes to TF Bank's lending activities within the established policy, as well as proposing amendments to this policy to the Board of Directors. The development is reported at each regular Board meeting.

The Bank's credit approval process maintains high standards regarding ethics, quality and control. The proportion of past due receivables in Stage 3 is affected by the fact that past due receivables are continuously sold on the markets where the price level is such that the Board deems it favourable for the Bank's development and risk profile. The majority of the past due receivables in Stage 3 left the Group when the Bank divested 80.1 percent of the shares in the subsidiary Rediem Capital on 20 December, 2024. The Bank's loans to the public consist primarily of unsecured consumer loans. As a result, TF Bank does not list credit risk exposures in a separate table as there are limited assets pledged as security.

Credit risk may even arise through placement of liquidity and derivative instruments with a positive value. By setting limits for the maximum exposure to each counterparty, the credit risk of liquidity placement becomes limited. According to the Bank's financial policy, the maximum amount of Tier 1 capital that may be placed with the Bank's permitted counterparties is 15 %, with the exception of larger institutions for which the permitted amount is 85 % of Tier 1 capital. Treasury bills, government bonds and balances with central banks, as well as exposure to subsidiaries, are exempted from both limits.

NOTE 3 Operating segments

The CEO has ultimate responsibility for the decisions taken by the Bank. Management has defined the operating segments based on the information determined by the CEO and used as a basis for decisions on the allocation of resources and evaluation of results. Management evaluates the operating segments' performance based on operating profit.

CREDIT CARDS

Income statement, SEK thousand	Jul-Sep 2025	Jul-Sep 2024	Jan-Sep 2025	Jan-Sep 2024	Jan-Dec 2024
Net interest income	403,361	286,240	1,086,414	769,022	1,085,019
Net fee and commission income	6,577	-425	14,516	-8,938	-5,060
Net results from financial transactions	16	354	925	136	-177
Total operating income	409,954	286,169	1,101,855	760,220	1,079,782
General administrative expenses	-97,718	-83,227	-285,832	-230,300	-321,120
Depreciation and amortisation of tangible and intangible assets	-6,001	-4,594	-16,966	-13,981	-19,194
Other operating expenses	-14,465	-9,499	-39,023	-26,558	-32,964
Total operating expenses	-118,184	-97,320	-341,821	-270,839	-373,278
Profit before loan losses	291,770	188,849	760,034	489,381	706,504
Net loan losses	-172,055	-118,670	-463,872	-321,715	-463,475
Operating profit	119,715	70,179	296,162	167,666	243,029

Balance sheet, SEK thousand	30 Sep 2025	30 Sep 2024	31 Dec 2024
Loans to the public
Household sector	10,773,703	8,219,904	8,297,766
Corporate sector 1	175,722	-	152,709
Total loans to the public	10,949,425	8,219,904	8,450,475
Household sector
Stage 1, net	10,215,129	7,490,713	8,062,411
Stage 2, net	208,533	185,015	232,897
Stage 3, net 2	350,041	544,176	2,458
Total household sector	10,773,703	8,219,904	8,297,766

Key figures 3	Jul-Sep 2025	Jul-Sep 2024	Jan-Sep 2025	Jan-Sep 2024	Jan-Dec 2024
Operating income margin, %	15.8	14.7	15.1	14.5	15.1
Net loan loss ratio, %	6.6	6.1	6.4	6.1	6.5
Cost/Income ratio, %	28.8	34.0	31.0	35.6	34.6
Return on loans to the public, %	3.6	2.8	3.1	2.4	2.5
New lending, SEK thousand	6,414,486	4,588,810	16,665,286	11,750,247	16,435,047
Number of active credit cards	440,509	332,350	440,509	332,350	359,792

¹ Lending to the corporate sector consists of loans in Stage 1 to counterparty regarding sale of past due receivables.

² The Bank regularly sells past due receivables in markets where the Board of Directors considers the price level to be favourable for the Bank's performance and risk profile.

³ See separate section with definitions and reconciliation tables, page 45-46.

Note 3 cont.

ECOMMERCE SOLUTIONS

Income statement, SEK thousand	Jul-Sep 2025	Jul-Sep 2024	Jan-Sep 2025	Jan-Sep 2024	Jan-Dec 2024
Net interest income	85,621	93,194	263,760	282,835	372,426
Net fee and commission income	33,416	29,154	100,617	91,668	123,976
Net results from financial transactions	5	188	246	73	-94
Total operating income	119,042	122,536	364,623	374,576	496,308
General administrative expenses	-63,836	-58,457	-195,541	-186,800	-246,845
Depreciation and amortisation of tangible and intangible assets	-8,379	-8,922	-25,153	-26,306	-35,672
Other operating expenses	-268	-423	-1,919	-2,594	-3,495
Total operating expenses	-72,483	-67,802	-222,613	-215,700	-286,012
Profit before loan losses	46,559	54,734	142,010	158,876	210,296
Net loan losses	-20,810	-25,884	-69,383	-84,533	-102,968
Operating profit	25,749	28,850	72,627	74,343	107,328

Balance sheet, SEK thousand	30 Sep 2025	30 Sep 2024	31 Dec 2024
Loans to the public
Household sector	2,496,713	2,613,609	2,687,816
Corporate sector 1	40,270	9,632	53,820
Total loans to the public	2,536,983	2,623,241	2,741,636
Household sector
Stage 1, net	2,183,267	2,272,989	2,538,800
Stage 2, net	162,007	150,174	134,291
Stage 3, net 2	151,439	190,446	14,725
Total household sector	2,496,713	2,613,609	2,687,816

Key figures 3	Jul-Sep 2025	Jul-Sep 2024	Jan-Sep 2025	Jan-Sep 2024	Jan-Dec 2024
Operating income margin, %	18.8	18.3	18.4	17.7	17.3
Net loan loss ratio, %	3.3	3.9	3.5	4.0	3.6
Cost/Income ratio, %	60.9	55.3	61.1	57.6	57.6
Return on loans to the public, %	3.1	3.3	2.8	2.6	2.7
New lending, SEK thousand	1,668,253	1,349,332	4,561,979	4,010,908	5,994,495
Transaction volume, SEK thousand	4,565,189	3,021,743	11,323,844	9,206,400	13,363,621

¹ Lending to the corporate sector consists of loans in Stage 1 to counterparty regarding sale of past due receivables and loans in Stage 1 to a foreign partner within the segment.

² The Bank regularly sells past due receivables in markets where the Board of Directors considers the price level to be favourable for the Bank's performance and risk profile.

³ See separate section with definitions and reconciliation tables, page 45-46.

Note 3 cont.

CONSUMER LENDING

Income statement, SEK thousand	Jul-Sep 2025	Jul-Sep 2024	Jan-Sep 2025	Jan-Sep 2024	Jan-Dec 2024
Net interest income	202,936	200,286	592,548	598,317	798,311
Net fee and commission income	15,623	15,651	46,241	48,218	64,397
Net results from financial transactions	16	565	903	217	-282
Total operating income	218,575	216,502	639,692	646,752	862,426
General administrative expenses	-68,059	-59,185	-191,519	-186,653	-253,406
Depreciation and amortisation of tangible and intangible assets	-2,852	-3,281	-9,243	-9,951	-13,536
Other operating expenses	-2,822	-1,715	-8,134	-6,119	-7,773
Total operating expenses	-73,733	-64,181	-208,896	-202,723	-274,715
Profit before loan losses	144,842	152,321	430,796	444,029	587,711
Net loan losses	-59,447	-60,050	-185,778	-189,095	-253,163
Operating profit	85,395	92,271	245,018	254,934	334,548

Balance sheet, SEK thousand	30 Sep 2025	30 Sep 2024	31 Dec 2024
Loans to the public
Household sector	9,102,769	9,322,446	8,793,889
Corporate sector 1	207,486	113,860	279,459
Total loans to the public	9,310,255	9,436,306	9,073,348
Household sector
Stage 1, net	8,504,484	8,279,378	8,288,633
Stage 2, net	426,268	334,253	444,127
Stage 3, net 2	172,017	708,815	61,129
Total household sector	9,102,769	9,322,446	8,793,889

Key figures 3	Jul-Sep 2025	Jul-Sep 2024	Jan-Sep 2025	Jan-Sep 2024	Jan-Dec 2024
Operating income margin, %	9.4	9.2	9.3	9.3	9.5
Net loan loss ratio, %	2.6	2.6	2.7	2.7	2.8
Cost/Income ratio, %	33.7	29.6	32.7	31.3	31.9
Return on loans to the public, %	2.8	3.0	2.7	2.7	2.7
New lending, SEK thousand	1,451,095	1,269,523	4,212,273	3,509,341	4,719,708

¹ Lending to the corporate sector consists of loans in Stage 1 to counterparties regarding the sale of past due receivables.

² The Bank regularly sells past due receivables in markets where the Board of Directors considers the price level to be favourable for the Bank's performance and risk profile.

³ See separate section with definitions and reconciliation tables, page 45-46.

Note 3 cont.

RECONCILIATION AGAINST FINANCIAL INFORMATION

Income statement, SEK thousand	Jul-Sep 2025	Jul-Sep 2024	Jan-Sep 2025	Jan-Sep 2024	Jan-Dec 2024
Operating income
Credit Cards	409,954	286,169	1,101,855	760,220	1,079,782
Ecommerce Solutions	119,042	122,536	364,623	374,576	496,308
Consumer Lending	218,575	216,502	639,692	646,752	862,426
Total operating income	747,571	625,207	2,106,170	1,781,548	2,438,516
Operating profit
Credit Cards	119,715	70,179	296,162	167,666	243,029
Ecommerce Solutions	25,749	28,850	72,627	74,343	107,328
Consumer Lending	85,395	92,271	245,018	254,934	334,548
Total operating profit	230,859	191,300	613,807	496,943	684,905

Balance sheet, SEK thousand	30 Jun 2025	30 Jun 2024	31 Dec 2024
Loans to the public
Credit Cards	10,949,425	8,219,904	8,450,475
Ecommerce Solutions	2,536,983	2,623,241	2,741,636
Consumer Lending	9,310,255	9,436,306	9,073,348
Total loans to the public	22,796,663	20,279,451	20,265,458

NOTE 4 Net loan losses

SEK thousand	Jul-Sep 2025	Jul-Sep 2024	Jan-Sep 2025	Jan-Sep 2024	Jan-Dec 2024
Change in provision for sold past due receivables	-16,617	-31,305	-89,170	-98,036	-1,019,868
Realised loan losses	-9,223	-16,982	-20,901	-44,728	-52,885
Recovered from previous realised loan losses	170	171	361	369	392
Change in provision for expected loan losses, Stage 1-3	-226,642	-156,488	-609,323	-452,948	252,755
Net loan losses	-252,312	-204,604	-719,033	-595,343	-819,606

Loan losses are attributable to Loans to the public and classified as amortised cost.

NOTE 5 Classification of financial assets and liabilities

30 Sep 2025 SEK thousand	Financial instru- ments at fair value through profit or loss Compulsory	Fair value through other com- prehensive income	Amortised cost	Derivatives used for hedge accounting	Non- financial assets and liabilities	Total
Assets
Cash and balances with central banks	-	-	17,858	-	-	17,858
Treasury bills eligible for refinancing	-	-	2,532,604	-	-	2,532,604
Loans to credit institutions	-	-	1,712,247	-	-	1,712,247
Loans to the public	-	-	22,796,663	-	-	22,796,663
Shares	117,307	-	-	-	-	117,307
Derivatives	957	-	-	-	-	957
Other assets	-	-	-	-	598,386	598,386
Total assets	118,264	-	27,059,372	-	598,386	27,776,022
Liabilities
Deposits and borrowings from the public	-	-	23,422,894	-	-	23,422,894
Subordinated liabilities	-	-	346,534	-	-	346,534
Derivatives	88,375	-	-	129	-	88,504
Other liabilities	-	-	-	-	795,010	795,010
Total liabilities	88,375	-	23,769,428	129	795,010	24,652,942

31 Dec 2024 SEK thousand	Financial instru- ments at fair value through profit or loss Compulsory	Fair value through other com- prehensive income	Amortised cost	Derivatives used for hedge accounting	Non- financial assets and liabilities	Total
Assets
Cash and balances with central banks	-	-	18,563	-	-	18,563
Treasury bills eligible for refinancing	-	-	1,792,652	-	-	1,792,652
Loans to credit institutions	-	-	2,447,869	-	-	2,447,869
Loans to the public	-	-	20,265,458	-	-	20,265,458
Shares	117,309	-	-	-	-	117,309
Derivatives	59,435	-	-	786	-	60,221
Other assets	-	-	-	-	367,533	367,533
Total assets	176,744	-	24,524,542	786	367,533	25,069,605
Liabilities
Deposits and borrowings from the public	-	-	21,197,981	-	-	21,197,981
Subordinated liabilities	-	-	345,509	-	-	345,509
Derivatives	21,954	-	-	-	-	21,954
Other liabilities	-	-	-	-	731,481	731,481
Total liabilities	21,954	-	21,543,490	-	731,481	22,296,925

NOTE 6 Financial assets and liabilities measured at fair value

Fair value

For financial instruments measured at fair value in the balance sheet, disclosures are required on fair value measurement by level according to the fair value hierarchy below:

• Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1).
• Other observable inputs for assets or liabilities are quoted market prices included in Level 1, either directly, i.e. in the form of quoted prices, or indirectly, i.e. derived from quoted prices (Level 2).
• Data for assets or liabilities which are not based on observable market data (non-observable inputs) (Level 3).

The Bank also provides information regarding the fair value of certain assets for information purposes.

30 Sep 2025 SEK thousand	Level 1	Level 2	Level 3	Total
Assets
Cash and balances with central banks	-	-	17,858	17,858
Treasury bills eligible for refinancing	2,531,719	-	-	2,531,719
Loans to credit institutions	-	-	1,712,247	1,712,247
Loans to the public	-	-	31,626,118	31,626,118
Shares	-	117,307	-	117,307
Derivatives	-	957	-	957
Total assets	2,531,719	118,264	33,356,223	36,006,206
Liabilities
Deposits and borrowings from the public	-	-	23,422,894	23,422,894
Subordinated liabilities	-	346,534	-	346,534
Derivatives	-	88,504	-	88,504
Total liabilities	-	435,038	23,422,894	23,857,932

31 Dec 2024 SEK thousand	Level 1	Level 2	Level 3	Total
Assets
Cash and balances with central banks	-	-	18,563	18,563
Treasury bills eligible for refinancing	1,785,666	-	-	1,785,666
Loans to credit institutions	-	-	2,447,869	2,447,869
Loans to the public	-	-	25,597,265	25,597,265
Shares	-	117,309	-	117,309
Derivatives	-	60,221	-	60,221
Total assets	1,785,666	177,530	28,063,697	30,026,893
Liabilities
Deposits and borrowings from the public	-	-	21,197,981	21,197,981
Subordinated liabilities	-	345,509	-	345,509
Derivatives	-	21,954	-	21,954
Total liabilities	-	367,463	21,197,981	21,565,444

Note 6 cont.

The fair value of financial instruments not traded in an active market (e.g. OTC derivatives) is determined using various valuation techniques. These valuation techniques use observable market data where available and rely as little as possible on entity specific estimates. An instrument is classified as Level 2 if all significant inputs required to value an instrument are observable.

Specific valuation techniques used to measure financial instruments include:

• Quoted market prices or dealer quotes for similar instruments.
• Fair value of currency swap contracts is determined using exchange rates at the balance sheet date.

An instrument is classified as Level 3 in cases where one or more of the significant inputs are not based on observable market data.

For lending to the public, the market value has been calculated as the difference between the market capitalisation of TF Bank shares on the balance sheet date and the shareholders' equity adjusted for other surplus and deficit values of assets and liabilities in the balance sheet.

30 Sep 2025 SEK thousand	Carrying amount	Fair value	Fair value gain (+)/Fair value loss (-)
Assets
Cash and balances with central banks	17,858	17,858	-
Treasury bills eligible for refinancing	2,532,604	2,531,719	-885
Loans to credit institutions	1,712,247	1,712,247	-
Loans to the public	22,796,663	31,626,118	8,829,455
Shares	117,307	117,307	-
Derivatives	957	957	-
Total assets	27,177,636	36,006,206	8,828,570
Liabilities
Deposits from the public	23,422,894	23,422,894	-
Subordinated liabilities	346,534	346,534	-
Derivatives	88,504	88,504	-
Total liabilities	23,857,932	23,857,932	-

31 Dec 2024 SEK thousand	Carrying amount	Fair value	Fair value gain (+)/Fair value loss (-)
Assets
Cash and balances with central banks	18,563	18,563	-
Treasury bills eligible for refinancing	1,792,652	1,785,666	-6,986
Loans to credit institutions	2,447,869	2,447,869	-
Loans to the public	20,265,458	25,597,265	5,331,807
Shares	117,309	117,309	-
Derivatives	60,221	60,221	-
Total assets	24,702,072	30,026,893	5,324,821
Liabilities
Deposits from the public	21,197,981	21,197,981	-
Subordinated liabilities	345,509	345,509	-
Derivatives	21,954	21,954	-
Total liabilities	21,565,444	21,565,444	-

NOTE 7 Loans to the public

SEK thousand	30 Sep 2025	31 Dec 2024
Loans to the household sector	22,373,185	19,779,471
Loans to the corporate sector 1	423,478	485,987
Total loans to the public	22,796,663	20,265,458
Loans to the household sector, gross
Stage 1, gross	21,331,432	19,258,023
Stage 2, gross	1,032,377	1,037,063
Stage 3, gross 2	1,392,296	282,577
Total loans to the household sector, gross	23,756,105	20,577,663
Provisions for expected loan losses, household sector
Stage 1	-428,552	-368,179
Stage 2	-235,569	-225,748
Stage 3 2	-718,799	-204,265
Total provisions for expected loan losses, household sector	-1,382,920	-798,192
Loans to the household sector, net
Stage 1, net	20,902,880	18,889,844
Stage 2, net	796,808	811,315
Stage 3, net 2	673,497	78,312
Total loans to the household sector, net	22,373,185	19,779,471
Loans to the corporate sector
Loans, net	423,478	485,987
Total loans to the corporate sector, net	423,478	485,987
Geographic distribution of net loans
Germany	9,275,199	7,030,609
Norway	4,534,635	4,229,526
Finland	2,780,891	3,142,408
Sweden	1,605,579	1,736,303
Latvia	1,229,686	1,131,108
Lithuania	1,094,486	1,044,378
Estonia	977,548	968,250
Austria	634,582	433,274
Denmark	440,845	230,049
Poland	128,416	197,074
Spain	84,763	118,867
Italy	10,033	3,612

¹ Lending to the corporate sector consists of loans in Stage 1 to counterparties regarding sale of past due receivables and a loan in Stage 1 to a foreign partner within the segment Ecommerce Solutions.

² The Bank regularly sells past due receivables in markets where the Board of Directors considers the price level to be favourable for the Bank's performance and risk profile.

Note 7 cont.

CHANGE IN PROVISION FOR NET LOAN LOSSES

SEK thousand	30 Sep 2025	31 Dec 2024
Opening balance	-798,192	-1,054,707
Change in provision for sold loans	-89,170	-1,019,868
Reversal of provision for sold loans	89,170	1,019,868
Change in provision for expected loan losses in Stage 1	-73,537	-69,534
Change in provision for expected loan losses in Stage 2	-17,370	-76,073
Change in provision for expected loan losses in Stage 3	-521,967	385,223
Exchange rate differences	28,146	16,899
Closing balance	-1,382,920	-798,192

NOTE 8 Deposits and borrowings from the public

SEK thousand	30 Sep 2025	31 Dec 2024
Germany	16,430,587	16,825,163
Netherlands	5,052,647	2,781,360
Spain	822,963	309,363
Ireland	513,006	614,673
Finland	307,820	334,850
Sweden	169,902	151,702
Norway	125,969	180,870
Total deposits and borrowings from the public	23,422,894	21,197,981

Deposits from the public only occur in the household sector and 99 % (98) is covered by a deposit guarantee scheme. Deposits in Finland are payable on demand. Other countries' deposits are payable on demand and on maturity. Deposits with maturity amounts to 49 % (70) of total deposits from the public.

CHANGES IN DEPOSITS AND BORROWINGS FROM THE PUBLIC

SEK thousand	30 Sep 2025	31 Dec 2024
Opening balance	21,197,981	20,652,997
Change	3,127,935	-161,118
Exchange rate differences	-903,022	706,102
Closing balance	23,422,894	21,197,981

Background

Information about the Bank's capital adequacy in this document includes information in accordance with Chapter 6, Sections 3-4 of the Swedish Financial Supervisory Authority's (Swedish FSA) regulations and general guidelines (FFFS 2008:25) on the annual accounts of credit institutions and investment firms and related information contained in Article 433b of Regulation (EU) No 575/2013 and Chapter 8, Section 1 of the Swedish FSA's regulations and general guidelines on regulatory requirements and capital buffers (FFFS 2014:12). TF Bank AB is the responsible institution and is under the supervision of the Swedish FSA. As a result, the Bank is subject to the rules governing credit institutions in Sweden. TF Bank AB is a listed company and as such, the stock exchange rules are also applicable. TF Bank is classified as a small and non-complex institution in accordance with article 4.1.145 of Regulation (EU) No 575/2013. The Bank's statutory capital requirements are governed by the Swedish Act on Special Supervision of Credit Institutions and Investment Firms Act (2014:968), Regulation (EU) No 575/2013, the Act on Capital Buffers (2014:966) and the Swedish FSA's regulations and general recommendations on regulatory requirements and capital buffers (FFFS 2014:12).

Own funds

TF Bank's own funds consists of equity attributable to the shareholders and issued bonds. Shareholders' equity after regulatory adjustments constitutes common equity Tier 1 capital. Issued bonds constitute Additional Tier 1 capital or Tier 2 capital. The bonds are subordinated to the Bank's other creditors and bonds that constitute Additional Tier 1 capital can under certain conditions be converted into share capital. The Swedish FSA approved TF Bank's application to include the interim profit in the capital base on 21 February 2025.

Risk exposure amount

TF Bank's risk exposure amount mainly consists of credit risk and operational risk. The risk exposure amount for credit risk is calculated according to the standardised method and the Bank's exposures are weighted based on various percentages specified in Regulation (EU) No. 575/2013. The risk exposure amount for operational risk is calculated using the alternative standardised method in accordance with paragraph 4, Article 314, Regulation (EU) No. 575/2013.

Capital requirements and Pillar 2 Guidance

The regulatory capital requirement in Pillar 1 means that total own funds must amount to at least 8 % of the risk-weighted exposure amount for credit risk, credit valuation adjustment risk, market risk, and operational risk. After that, additional capital requirements are added for the risks that are not covered via Pillar 1, which include, for example, concentration risk, currency risk, and interest rate risk. The capital requirements for these risks are covered via Pillar 2. In addition to this, additional capital is allocated for a capital conservation buffer of 2.5 % of the risk-weighted exposure amount as well as an institution-specific countercyclical capital buffer that is weighted based on geographical exposures. As of 30 September 2025, TF Bank's countercyclical buffer requirement of 1.2 % is related to 2.5 % for exposures in Norway and Denmark, 2.0 % for exposures in Sweden, 1.5 % for exposures in Estonia, 1.0 % for exposures in Latvia, Lithuania and Poland, and 0.75 % for exposures in Germany. The Swedish FSA completed a review and evaluation of TF Bank AB in 2025 and decided on specific capital base requirements and Pillar 2 Guidance. The Bank's previously internally assessed capital base requirements are confirmed, and on 19 March, the Swedish FSA decided on Pillar 2 Guidance of 0 % of the total risk-weighted exposure amount and 0.5 % of the total exposure amount for gross solidity.

Internally assessed capital requirement

At least annually, TF Bank carries out a process to assess whether the Bank's capital and liquidity forecast during the coming three-year period is sufficient to manage the risks to which the Bank is, or may become, exposed. The process is carried out in accordance with Article 73 of the EU directive EU/2013/36 and is called the internal capital and liquidity assessment process (ICAAP).

THE GROUP'S CAPITAL SITUATION 1

SEK thousand	30 Sep 2025	31 Dec 2024
Common Equity Tier 1 capital (CET1)	2,816,734	2,354,631
Tier 1 capital instruments	250,000	250,000
Tier 2 capital instruments	346,534	345,509
Own funds	3,413,268	2,950,140
Risk exposure amount	19,646,746	17,700,941
- of which: credit risk	18,453,177	16,493,873
- of which: credit valuation adjustment risk	65,461	78,960
- of which: operational risk	1,128,108	1,128,108
Capital ratios
CET1 capital ratio, %	14.3	13.3
Tier 1 capital ratio, %	15.6	14.7
Total capital ratio, %	17.4	16.7

¹ In accordance with (EU) 2021/637 TF Bank discloses the information about capital adequacy and other information as per the template "EU KM1" on page 47.

Note 9 cont.

THE GROUP'S CAPITAL REQUIREMENTS AND PILLAR 2 GUIDANCE

	30 Sep 2025		31 Dec 2024
SEK thousand	Amount	Percent 1	Amount	Percent 1
Capital requirement under Pillar 1
CET1 capital	884,104	4.5	796,542	4.5
Tier 1 capital	1,178,805	6.0	1,062,056	6.0
Total capital	1,571,740	8.0	1,416,075	8.0
Capital requirement under Pillar 2
CET1 capital	135,931	0.7	124,854	0.7
Tier 1 capital	181,241	0.9	166,472	0.9
Total capital	241,655	1.2	221,962	1.3
- of which, concentration risk	186,644	0.9	166,989	0.9
- of which, currency risk	55,011	0.3	54,973	0.3
Total capital requirement under Pillar 1 and Pillar 2
CET1 capital	1,020,035	5.2	921,396	5.2
Tier 1 capital	1,360,046	6.9	1,228,528	6.9
Total capital	1,813,395	9.2	1,638,037	9.3
Institution-specific buffer requirement
Total buffer requirement	728,895	3.7	646,085	3.7
- of which, capital conservation buffer	491,169	2.5	442,524	2.5
- of which, countercyclical buffer	237,726	1.2	203,561	1.2
Total capital requirement including buffer requirement
CET1 capital	1,748,929	8.9	1,567,480	8.9
Tier 1 capital	2,088,941	10.6	1,874,612	10.6
Total capital	2,542,289	12.9	2,284,122	12.9
Pillar 2 Guidance
CET1 capital	0	0.0	E/T	E/T
Total need for capital including Pillar 2 Guidance
CET1 capital	1,748,929	8.9	1,567,480	8.9
Tier 1 capital	2,088,941	10.6	1,874,612	10.6
Total capital	2,542,289	12.9	2,284,122	12.9

¹ Capital requirements expressed as a percentage of the risk exposure amount.

Note 9 cont.

GROUP'S OWN FUNDS

SEK thousand	30 Sep 2025	31 Dec 2024
CET1 capital
Share capital	107,750	107,500
Other reserves	-831	2,194
Retained earnings including net profit for the period reviewed by the auditor	2,766,161	2,412,986
CET1 capital before regulatory adjustments	2,873,080	2,522,680
Regulatory adjustments to CET1 capital:
- Deduction of foreseeable costs and dividends 1	-	-107,500
- Intangible assets 2	-24,679	-35,101
- Goodwill	-20,011	-20,011
- Insufficient coverage for non-performing exposures 3	-11,656	-5,437
Total CET1 capital	2,816,734	2,354,631
Tier 1 capital instruments
Perpetual subordinated loan	250,000	250,000
Tier 2 capital instruments
Fixed term subordinated loans	346,534	345,509
Own funds	3,413,268	2,950,140

THE GROUP'S SPECIFICATION OF RISK EXPOSURE AMOUNT AND CAPITAL REQUIREMENT

	30 Sep 2025		31 Dec 2024
	Risk	Capital	Risk	Capital
	exposure	requirement	exposure	requirement
SEK thousand	amount	8 %	amount	8 %
Credit risk under the standardised approach
Corporate exposures	439,703	35,176	485,987	38,879
Household exposures	16,238,601	1,299,088	14,745,870	1,179,670
Exposures secured by mortgages on immovable property	6,333	507	13,999	1,120
Exposures in default	673,828	53,906	78,313	6,265
Exposures to institutions	383,185	30,655	571,818	45,745
Equity exposures	293,123	23,450	293,126	23,450
Other items	418,404	33,472	304,760	24,381
Total	18,453,177	1,476,254	16,493,873	1,319,510
Credit valuation adjustment
Simplified approach	65,461	5,237	78,960	6,317
Total	65,461	5,237	78,960	6,317
Market risk
Foreign exchange rate risk	-	-	-	-
Total	-	-	-	-
Operational risk
Alternative Standardised Approach	1,128,108	90,249	1,128,108	90,249
Total	1,128,108	90,249	1,128,108	90,249
Total risk exposure amount and total capital requirement	19,646,746	1,571,740	17,700,941	1,416,075

¹ Deduction of dividends have been made in accordance with the Board of Directors' proposal to the Annual General Meeting and the dividend policy for interim results.

² Deduction according to Commission Delegated Regulation (EU) 2020/2176.

³ Deduction according to Regulation (EU) No 2019/630.

NOTE 10 Liquidity coverage

Background

Information about the Bank's liquidity coverage in this document includes information in accordance with Chapter 5, Section 9 of the Swedish FSA's regulations and general guidelines (FFFS 2010:7) on publication of information on liquidity risk. Information on regulatory liquidity requirements in this document refers to information set out in Part Six of Regulation (EU) No 575/2013.

Liquidity reserve

In accordance with FFFS 2010:7, a responsible institution is required to keep a separate reserve of high-quality liquid assets that can be used to secure short-term solvency in the event of the loss or deterioration of access to normally available funding sources. TF Bank's available liquidity reserve consists of treasury bills, government bonds, cash at central banks and loans to credit institutions. Only amounts that are available the following day are counted in the available liquidity reserve.

Sources of financing

TF Bank's main source of financing is deposits from the public. Deposits are only from the household sector and 99 % (98) is covered by a government deposit guarantee scheme. The other sources of financing are subordinated debt, additional Tier 1 capital instruments and equity attributable to the shareholders.

THE GROUP'S LIQUIDITITY POSITION

SEK thousand	30 Sep 2025	31 Dec 2024
Liquidity reserve 1
Treasury bills eligible for refinancing - EU-commission 2	1,101,566	858,318
Treasury bills and government securities eligible for refinancing - Norway 2	604,110	527,901
Treasury bills eligible for refinancing - Netherlands 2	440,626	-
Treasury bills eligible for refinancing - Finland 2	275,392	-
Treasury bills eligible for refinancing - Sweden 2	110,910	406,433
Total liquidity reserve	2,532,604	1,792,652
Other available liquidity reserve
Cash and balances with central banks 3	6,038	6,338
Loans to credit institutions 3	1,380,213	2,254,307
Total other available liquidity reserve	1,386,251	2,260,645
Total available liquidity reserve	3,918,855	4,053,297
Sources of financing
Deposits from the public	23,422,894	21,197,981
Subordinated liabilities	346,534	345,509
Tier 1 capital instrument	250,000	250,000
Equity attributable to shareholders	2,873,080	2,522,680
Total sources of financing	26,892,508	24,316,170
Key figures
Available liquidity reserve / Deposits from the public	17	19
Liquidity coverage ratio, %	172	406
Net stable funding ratio, %	113	109

REGULATORY LIQUIDITY REQUIREMENTS

	30 Sep 2025	31 Dec 2024
Key figures
Liquidity coverage ratio, %	100	100
Net stable funding ratio, %	100	100

¹ According to definition in FFFS 2010:7.

² Remaining term are up to 12 month.

³ Excluding restricted cash and cash equivalents that are not available the next day.

NOTE 11 Subordinated liabilities

Total	346,534	345,509
Fixed-term subordinated liabilities	346,534	345,509
SEK thousand	30 Sep 2025	31 Dec 2024

Subordinated loans are subordinated to other liabilities. The table below shows the terms for each bond. The prospectus are available on the Bank's website, www.tfbankgroup.com.

Issuing date	Nominal amount (SEK thousand)	Interest rate terms	Maturity date
14 December 2020	100,000	STIBOR 3 months +5.50%	14 December 2030
28 February 2023	150,000	STIBOR 3 months +6.50%	28 February 2033
18 September 2024	100,000	STIBOR 3 months +4,00%	18 September 2034

NOTE 12 Pledged assets, contingent liabilities and commitments

SEK thousand	30 Sep 2025	31 Dec 2024
Pledged assets
Restricted bank deposits 1	11,820	12,225
Total	11,820	12,225

SEK thousand	30 Sep 2025	31 Dec 2024
Commitments
Unutilised credit limits	12,948,351	10,050,350
Total	12,948,351	10,050,350

According to the Board's assessment, TF Bank AB has no contingent liabilities.

¹ Restricted bank deposits refers to minimum reserve requirements at central banks in Finland and Poland.

NOTE 13 Transactions with related parties

Transactions between Group companies refer to invoicing of services rendered in subsidiaries and interest income linked to intra-group loans to subsidiaries. Transactions with other related parties in the table below refer to transactions between TF Bank and companies that largely have the same owner as TF Bank's largest owner TFB Holding AB, corporate identity number 556705-2997, or where TF Bank AB owns a minor stake. All transactions are priced according to the market.

SEK thousand	Jul-Sep 2025	Jul-Sep 2024	Jan-Sep 2025	Jan-Sep 2024	Jan-Dec 2024
The following transactions have been made between companies within the Group:
General administrative expenses	-1,583	-4,806	-5,099	-14,238	-17,377
Total	-1,583	-4,806	-5,099	-14,238	-17,377
The following transactions have been made with other related parties:
Interest income (transaction costs)	-7,864	-8,518	-26,161	-28,466	-36,177
Fee and commission income	473	608	1,571	1,857	2,287
General administrative expenses	-417	-423	-1,339	-1,360	-1,729
Net loan losses	-	-	-23,552	-	-3,503
Total	-7,808	-8,333	-49,481	-27,969	-39,122
Acquisition of assets and liabilities from other related parties:
Ecommerce Solutions	100,044	102,444	353,016	349,340	465,019
Total	100,044	102,444	353,016	349,340	465,019
Sale of assets and liabilities to other related parties:
Non-performing loans	-	-	87,559	-	20,368
Total	-	-	87,559	-	20,368

SEK thousand	30 Sep 2025	31 Dec 2024
Assets and liabilities at the end of the period as a result of transactions with other related parties:
Loans to credit institutions	-	54,959
Other assets	5	496
Other liabilities	3,235	1,807

PARENT COMPANY

General information

TF Bank AB, org.nr. 556158-1041, is a bank limited company with its registered office in Borås, Sweden, which has a license to conduct banking operations. The Bank conducts lending and/or deposit activities to private individuals in Sweden, Finland, Norway, Denmark, Estonia, Latvia, Lithuania, Poland, Germany, Austria, Spain, Ireland, the Netherlands and Italy by subsidiary, branch or cross-border banking with the support of the Swedish banking license.

JANUARY - SEPTEMBER 2025

COMPARED TO JANUARY - SEPTEMBER 2024 (unless otherwise stated)

Operating profit

Operating profit increased by 39 % to SEK 620.4 million (446.1). The result has been positively affected by the fact that the operations within Ecommerce Solutions in the Nordics have been conducted under the Parent company throughout the interim period.

Operating income

The operating income decreased by 17 % to SEK 2,102 million (2,534). The decrease is mainly explained by the receival of a larger dividend during the first half of 2024.

Operating expenses

The operating expenses increased by 49 % to SEK 762.5 million (512.2). The increase is partly explained by the growing loan portfolio, but also by the operations in Ecommerce Solutions in the Nordic region having been conducted under the Parent company throughout the interim period.

Loan losses

The net loan losses increased by 36 % to SEK 718.9 million (528.0). The increase is partly explained by the growing loan portfolio, but also by the operations in Ecommerce Solutions in the Nordic region having been conducted under the Parent company throughout the interim period.

Tax expense

The tax expenses increased to SEK 133.9 million (98.3). The increased tax expense is attributable to a higher operating profit.

JANUARY - SEPTEMBER 2025

COMPARED TO 31 DECEMBER 2024 (unless otherwise stated)

Loans to the public

Loans to the public increased by 12 % and amounted to SEK 22,788 million (20,265) largely owing to growth in the German loan portfolio.

Deposits from the public

Deposits from the public increased by 10 % to SEK 23,321 million (21,198).

Loans to credit institutions

Loans to credit institutions amounted to SEK 1,691 million (2,443) at the end of the interim period. Lending consists mainly of accounts without a fixed term with several different Nordic banks.

Liabilities to credit institutions

Liabilities to credit institutions amounted to SEK 229 million (-) at the end of the interim period. The liabilities consist of a credit facility to the subsidiary TF Bank Nordic AB.

Shares in subsidiaries

Shares in subsidiaries amounted to SEK 284 million (1) at the end of the interim period and have been affected by new share issues in the subsidiaries TF Bank Nordic AB and TFBN Services Ltd.

Capital adequacy

The capital ratios have increased during the year and at the end of the interim period the Parent company's total capital ratio was 17.3 % (16.7), the Tier 1 capital ratio was 15.5 % (14.8) and the Common Equity Tier 1 capital ratio was 14.3 % (13.4).

INCOME STATEMENT - PARENT COMPANY

SEK thousand	Jul-Sep 2025	Jul-Sep 2024	Jan-Sep 2025	Jan-Sep 2024	Jan-Dec 2024
Operating income
Interest income	890,457	734,023	2,541,933	2,049,434	2,859,916
Interest expense	-198,974	-210,584	-600,831	-614,464	-804,374
Net interest income	691,483	523,439	1,941,102	1,434,970	2,055,542
Fee and commission income	112,310	73,176	324,555	179,174	281,456
Fee and commission expense	-56,694	-48,014	-163,181	-127,721	-177,684
Net fee and commission income	55,616	25,162	161,374	51,453	103,772
Received dividend	-	-	-	1,048,000	1,451,500
Net results from financial transactions	-49	645	-673	-181	41,885
Other operating income	-	-	-	-	169,524
Total operating income	747,050	549,246	2,101,803	2,534,242	3,822,223
Operating expenses
General administrative expenses	-227,291	-161,550	-671,461	-459,528	-669,710
Depreciation and amortisation of tangible and intangible assets	-14,012	-8,177	-41,949	-19,614	-34,671
Other operating expenses	-17,555	-11,404	-49,076	-33,008	-41,939
Total operating expenses	-258,858	-181,131	-762,486	-512,150	-746,320
Profit before loan losses	488,192	368,115	1,339,317	2,022,092	3,075,903
Net loan losses	-252,194	-190,900	-718,915	-528,008	-832,359
Impairment of financial fixed assets	-	-	-	-1,048,000	-1,451,500
Operating profit	235,998	177,215	620,402	446,084	792,044
Income tax for the period	-50,156	-39,936	-133,921	-98,269	-137,729
Profit for the period	185,842	137,279	486,481	347,815	654,315

STATEMENT OF OTHER COMPREHENSIVE INCOME - PARENT COMPANY

SEK thousand	Jul-Sep 2025	Jul-Sep 2024	Jan-Sep 2025	Jan-Sep 2024	Jan-Dec 2024
Profit for the period	185,842	137,279	486,481	347,815	654,315
Other comprehensive income
Items that may subsequently be reclassified to the income statement
Gross exchange rate differences	-1,135	-2,449	-1,795	-2,851	50
Tax on exchange rate differences in the period	-	-	-	-	-
Other comprehensive income for the period	-1,135	-2,449	-1,795	-2,851	50
Total comprehensive income for the period	184,707	134,830	484,686	344,964	654,365

BALANCE SHEET - PARENT COMPANY

SEK thousand	30 Sep 2025	31 Dec 2024
ASSETS
Cash and balances with central banks	17,858	18,563
Treasury bills eligible for refinancing	2,432,685	1,792,652
Loans to credit institutions	1,690,568	2,442,923
Loans to the public	22,788,420	20,265,458
Shares	117,307	117,309
Shares in subsidiaries	284,337	1,244
Goodwill	22,035	26,593
Intangible assets	88,674	97,572
Tangible assets	7,772	5,784
Other assets	150,979	145,736
Deferred tax assets	89,918	2,395
Prepaid expenses and accrued income	164,386	85,668
TOTAL ASSETS	27,854,939	25,001,897
LIABILITIES AND EQUITY
Liabilities
Debt to credit institutions	228,980	-
Deposits and borrowings from the public	23,320,630	21,197,981
Other liabilities	289,123	163,030
Current tax liabilities	22,738	61,917
Accrued expenses and prepaid income	-	19,606
Deferred tax liabilities	507,049	432,908
Provisions	-	1,574
Subordinated liabilities	346,534	345,509
Total liabilities	24,715,054	22,222,525
Equity
Restricted equity
Share capital	107,750	107,500
Statutory reserve	1,000	1,000
Development costs fund	88,674	97,572
Total restricted equity	197,424	206,072
Non-restricted equity
Tier 1 capital instrument	250,000	250,000
Foreign currency reserve	-3,023	-1,227
Retained earnings	2,209,003	1,670,212
Profit for the period	486,481	654,315
Total non-restricted equity	2,942,461	2,573,300
Total equity	3,139,885	2,779,372
TOTAL LIABILITIES AND EQUITY	27,854,939	25,001,897

NOTE 14 Capital adequacy

THE PARENT COMPANY'S CAPITAL SITUATION

SEK thousand	30 Sep 2025	31 Dec 2024
Common Equity Tier 1 capital (CET1)	2,831,517	2,354,741
Tier 1 capital instruments	250,000	250,000
Tier 2 capital instruments	346,534	345,509
Own funds	3,428,051	2,950,250
Risk exposure amount	19,850,057	17,635,872
- of which: credit risk	18,656,488	16,428,804
- of which: credit valuation adjustment risk	65,461	78,960
- of which: operational risk	1,128,108	1,128,108
Capital ratios
CET1 capital ratio, %	14.3	13.4
Tier 1 capital ratio, %	15.5	14.8
Total capital ratio, %	17.3	16.7

THE PARENT COMPANY'S CAPITAL REQUIREMENTS AND PILLAR 2 GUIDANCE

	30 Sep 2025		31 Dec 2024
SEK thousand	Amount	Percent 1	Amount	Percent 1
Capital requirement under Pillar 1
CET1 capital	893,253	4.5	793,614	4.5
Tier 1 capital	1,191,003	6.0	1,058,152	6.0
Total capital	1,588,005	8.0	1,410,870	8.0
Capital requirement under Pillar 2
CET1 capital	137,337	0.7	124,247	0.7
Tier 1 capital	183,116	0.9	165,662	0.9
Total capital	244,155	1.2	220,883	1.3
- of which, concentration risk	188,576	1.0	166,377	0.9
- of which, market risk	55,579	0.3	54,506	0.3
Total capital requirement under Pillar 1 and Pillar 2
CET1 capital	1,030,590	5.2	917,861	5.2
Tier 1 capital	1,374,120	6.9	1,223,815	6.9
Total capital	1,832,160	9.2	1,631,753	9.3
Institution-specific buffer requirement
Total buffer requirement	738,422	3.7	643,710	3.7
- of which, capital conservation buffer	496,251	2.5	440,897	2.5
- of which, countercyclical buffer	242,171	1.2	202,813	1.2
Total capital requirement including buffer requirement
CET1 capital	1,769,012	8.9	1,561,571	8.9
Tier 1 capital	2,112,542	10.6	1,867,524	10.6
Total capital	2,570,582	12.9	2,275,463	12.9
Pillar 2 Guidance
CET1 capital	0	0.0	E/T	E/T
Total need for capital including Pillar 2 Guidance
CET1 capital	1,769,012	8.9	1,561,571	8.9
Tier 1 capital	2,112,542	10.6	1,867,524	10.6
Total capital	2,570,582	12.9	2,275,463	12.9

¹ Capital requirements expressed as a percentage of the risk exposure amount.

Note 14 cont.

THE PARENT COMPANY'S OWN FUNDS

SEK thousand	30 Sep 2025	31 Dec 2024
CET1 capital
Share capital	107,750	107,500
Other reserves	86,651	97,345
Retained earnings including net profit for the period reviewed by the auditor	2,695,484	2,324,527
CET1 capital before regulatory adjustments	2,889,885	2,529,372
Adjustments to CET1 capital:
- Deduction of foreseeable costs and dividends 1	-	-107,500
- Intangible assets 2	-24,679	-35,101
- Goodwill	-22,035	-26,593
- Insufficient coverage for non-performing exposures 3	-11,654	-5,437
Total CET1 capital	2,831,517	2,354,741
Tier 1 capital instruments
Perpetual subordinated loan	250,000	250,000
Tier 2 capital instruments
Fixed term subordinated loans	346,534	345,509
Own funds	3,428,051	2,950,250

THE PARENT COMPANY'S SPECIFICATION OF RISK EXPOSURE AMOUNT AND CAPITAL REQUIREMENT

	30 Sep 2025		31 Dec 2024
	Risk	Capital	Risk	Capital
	exposure	requirement	exposure	requirement
SEK thousand	amount	8 %	amount	8 %
Credit risk under the standardised approach
Corporate exposures	439,703	35,176	485,987	38,879
Household exposures	16,232,560	1,298,605	14,745,870	1,179,670
Exposures secured by mortgages on immovable property	6,333	507	13,999	1,120
Exposures in default	673,640	53,891	78,313	6,265
Exposures to institutions	377,532	30,203	570,829	45,666
Equity exposures	577,423	46,194	294,370	23,550
Other items	349,297	27,944	239,436	19,155
Total	18,656,488	1,492,519	16,428,804	1,314,304
Credit valuation adjustment
Simplified approach	65,461	5,237	78,960	6,317
Total	65,461	5,237	78,960	6,317
Market risk
Foreign exchange rate risk	-	-	-	-
Total	-	-	-	-
Operational risk
Alternative Standardised Approach	1,128,108	90,249	1,128,108	90,249
Total	1,128,108	90,249	1,128,108	90,249
Total risk exposure amount and total capital requirement	19,850,057	1,588,005	17,635,872	1,410,870

¹ Deduction of dividends have been made in accordance with the Board of Directors' proposal to the Annual General Meeting and the dividend policy for interim results.

² Deduction according to Commission Delegated Regulation (EU) 2020/2176.

³ Deduction according to Regulation (EU) No 2019/630.

NOTE 15 Liquidity coverage

THE PARENT COMPANY'S LIQUIDITITY POSITION

SEK thousand	30 Sep 2025	31 Dec 2024
Liquidity reserve 1
Treasury bills eligible for refinancing - EU-commission 2	1,101,566	858,318
Treasury bills and government securities eligible for refinancing - Norway 2	604,110	527,901
Treasury bills eligible for refinancing - Netherlands 2	440,626	-
Treasury bills eligible for refinancing - Finland 2	275,392	-
Treasury bills eligible for refinancing - Sweden 2	10,991	406,433
Total liquidity reserve	2,432,685	1,792,652
Other available liquidity reserve
Cash and balances with central banks 3	6,038	6,338
Loans to credit institutions 3	1,351,837	2,249,324
Total other available liquidity reserve	1,357,875	2,255,662
Total available liquidity reserve	3,790,560	4,048,314
Sources of financing
Deposits from the public	23,320,630	21,197,981
Subordinated liabilities	346,534	345,509
Tier 1 capital instrument	250,000	250,000
Equity attributable to shareholders	2,889,885	2,529,372
Total sources of financing	26,807,049	24,322,862
Key figures
Available liquidity reserve / Deposits from the public	16	19
Liquidity coverage ratio, %	162	406
Net stable funding ratio, %	112	109

REGULATORY LIQUIDITY REQUIREMENTS

	30 Sep 2025	31 Dec 2024
Key figures
Liquidity coverage ratio, %	100	100
Net stable funding ratio, %	100	100

¹ According to definition in FFFS 2010:7.

² Remaining term are up to 12 month.

³ Excluding restricted cash and cash equivalents that are not available the next day.

ASSURANCE BY THE BOARD OF DIRECTORS AND THE CEO

The Board of Directors and the CEO certify that the interim report gives a true and fair overview of the development of the operations, financial position and result of the Parent company and the Group and describes the material risks and uncertainties that the Parent company and the Group faces.

Borås, 13 October 2025

John Brehmer Chairman

Niklas Johansson Michael Lindengren

Sara Mindus Fredrik Oweson Arti Zeighami

Joakim Jansson President and CEO

REPORT OF REVIEW OF INTERIM FINANCIAL INFORMATION

Introduction

We have conducted a limited review of the condensed interim financial information (interim report) for TF Bank AB (publ), as of September 30, 2025, and the nine-month period ending on that date. The board of directors and the managing director are responsible for preparing and presenting this interim report in accordance with IAS 34 and the Annual Accounts Act for Credit Institutions and Securities Companies. Our responsibility is to express a conclusion on this interim report based on our limited review.

The focus and scope of the limited review

We have conducted our limited review in accordance with the International Standard on Review Engagements ISRE 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity." A limited review consists of making inquiries, primarily of persons responsible for financial and accounting matters, performing analytical procedures, and other review procedures. A limited review has a different focus and a significantly smaller scope compared to the focus and scope of an audit conducted in accordance with ISA and generally accepted auditing standards. The review procedures taken in a limited review do not enable us to obtain the assurance that we would become aware of all significant matters that might have been identified in an audit. Therefore, the conclusion expressed based on a limited review does not have the assurance that a conclusion expressed based on an audit has.

Conclusion

Based on our limited review, nothing has come to our attention that causes us to believe that the interim report is not, in all material respects, prepared for the group in accordance with IAS 34 and the Annual Accounts Act for Credit Institutions and Securities Companies and for the parent company in accordance with the Annual Accounts Act for Credit Institutions and Securities Companies.

Stockholm 13 October 2025 PricewaterhouseCoopers AB

Frida Main Authorised Public Accountant

This is a translation of the Swedish language original. In the event of any differences between this translation and the Swedish language original, the latter shall prevail.

DEFINITIONS

TF Bank uses Alternative Performance Measures that are not defined in the applicable financial reporting framework (IFRS). The Alternative Performance Measures are used to increase understanding of the Bank's financial performance among readers of the financial statements. Alternative Performance Measures may be calculated in different ways and do not need to be comparable with similar key ratios used by other companies. TF Bank definitions of the Alternative Performance Measures are shown below.

ADJUSTED EARNINGS PER SHARE

Adjusted earnings for the period attributable to the Parent company shareholders divided by the average number of outstanding shares.

ADJUSTED RETURN ON EQUITY

Adjusted earnings for the period attributable to Parent company shareholders divided by average equity attributable to Parent company shareholders.

ADJUSTED RETURN ON LOANS TO THE PUBLIC

Adjusted earnings for the period attributable to Parent company shareholders divided by average loans to the public.

CET1 CAPITAL RATIO

CET1 capital as a percentage of total risk exposure amount.

COST/INCOME (C/I) RATIO

Operating expenses divided by operating income.

EARNINGS PER SHARE

Net profit for the period attributable to the shareholders of the Parent company divided by the average number of outstanding shares.

EMPLOYEES (FTE)

Average number of full-time employees, including employees on parental leave.

LIQUIDITY COVERAGE RATIO

Total net liquidity outflows divided by total high-quality liquid assets.

NET LOAN LOSS RATIO

Net loan losses for the period divided by average loans to the public.

NEW LENDING

New loans (the cash flow) in the period, the amounts have been reduced by returns.

NUMBER OF ACTIVE CREDIT CARDS

All issued cards at the last day of the period with balance above zero or transaction in last twelve months prior to reporting date.

OPERATING INCOME MARGIN

Total operating income for the period divided by average loans to the public.

RETURN ON EQUITY

Net profit for the period attributable to the shareholders of the Parent company as a percentage of equity attributable to the shareholders of the Parent company.

RETURN ON LOANS TO THE PUBLIC

Net profit for the period attributable to the shareholders of the Parent company divided by average loans to the public. For the segments, net profit is calculated using a standard deduction for interest on Tier 1 capital instruments and a standard tax rate.

STABLE NET FUNDING RATIO

Total available stable funding divided by total stable funding requirements.

TIER 1 CAPITAL RATIO

Tier 1 capital, i.e. CET1 capital and Additional Tier 1 capital, as a percentage of total risk exposure amount.

TOTAL CAPITAL RATIO

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

TRANSACTION VOLUME

The sum of all purchases that go through TF Bank's payment solutions.

CONTACTS

Investor Relations Mikael Meomuttel Phone: +46 (0)70 626 95 33 ir@tfbank.se

TF Bank AB (publ) Box 947, 501 10 Borås

www.tfbankgroup.com

RECONCILIATION TABLES

KEY FIGURES 1

SEK thousand	Jul-Sep 2025	Jul-Sep 2024	Jan-Sep 2025	Jan-Sep 2024	Jan-Dec 2024
Income statement
Earnings per share, SEK	2.70	2.17	7.09	5.66	9.33
Net profit for the period attributable to the shareholders of the Parent company	174,472	140,463	458,383	365,596	603,220
Average number of outstanding shares, thousands	64,650	64,650	64,633	64,633	64,638
Key figures 2
Operating income margin, %	13.4	12.6	13.0	12.5	12.8
Total operating income, annualised	2,990,284	2,500,828	2,808,227	2,375,397	2,438,516
Average loans to the public	22,233,588	19,851,225	21,531,061	19,075,042	19,068,046
Net loan loss ratio, %	4.5	4.1	4.5	4.2	4.3
Net loan losses, annualised	1,009,248	818,416	958,711	793,791	819,606
Average loans to the public	22,233,588	19,851,225	21,531,061	19,075,042	19,068,046
Cost/Income ratio, %	35.4	36.7	36.7	38.7	38.3
Total operating expenses	264,400	229,303	773,330	689,262	934,005
Total operating income	747,571	625,207	2,106,170	1,781,548	2,438,516
Return on equity, %	25.0	25.5	22.7	23.3	27.2
Net profit for the period attributable to the shareholders of the Parent company, annualised	697,888	561,852	611,177	487,461	603,220
Average equity attributable to the shareholders of the Parent company	2,786,210	2,204,553	2,697,880	2,092,137	2,216,797
Return on loans to the public, %	3.1	2.8	2.8	2.6	3.2
Net profit for the period attributable to the shareholders of the Parent company, annualised	697,888	561,852	611,177	487,461	603,220
Average loans to the public	22,233,588	19,851,225	21,531,061	19,075,042	19,068,046
Adjusted income statement 3
Adjusted earnings per share, SEK	2.70	2.17	7.13	5.66	7.73
Adjusted profit for the period attributable to the share holders of the Parent company	174,472	140,463	460,634	365,596	499,481
Average number of outstanding shares, thousands	64,650	64,650	64,633	64,633	64,638
Adjusted key figures 3
Adjusted return on equity, %	25.0	25.5	22.8	23.3	22.5
Adjusted profit for the period attributable to the share holders of the Parent company, annualised	697,888	561,852	614,179	487,461	499,481
Average equity attributable to the shareholder's of the Parent company	2,786,210	2,204,553	2,697,880	2,092,137	2,216,797
Adjusted return on loans to the public, %	3.1	2.8	2.9	2.6	2.6
Adjusted profit for the period attributable to the share holders of the Parent company, annualised	697,888	561,852	614,179	487,461	499,481
Average loans to the public	22,233,588	19,851,225	21,531,061	19,075,042	19,068,046

¹ The annualised figure has been calculated by multiplying the quarterly figure by four and the figure for the interim period by 12/9. The average has been calculated as opening balance plus closing balance, divided by two.

² Calculation of capital ratios is shown in Note 9.

³ Adjustments for items affecting comparability are related to transactions according to the Share Purchase Agreement with Alektum Holding AB and Erik Selin Fastigheter AB regarding the divestment of 80,1 percent of the shares in the former subsidiary Rediem Capital AB on 20 December 2024.

REGULATORY KEY METRICS

TEMPLATE "EU KM1 – KEY METRICS TEMPLATE" IS DISCLOSED BELOW AS PER THE TECHNICAL STANDARDS IN THE COMMISSION IMPLEMENTING REGULATION 2021/637.

	SEK thousand	30 Sep 2025	31 Dec 2024
	Available own funds
1	Common Equity Tier 1 capital (CET1)	2,816,734	2,354,631
2	Tier 1 capital	3,066,734	2,604,631
3	Total capital	3,413,268	2,950,140
	Risk-weighted exposure amount
4	Total risk exposure amount	19,646,746	17,700,941
	Capital ratios (% of risk-weighted exposure amount)
5	Common Equity Tier 1 ratio, %	14.3	13.3
6	Tier 1 ratio, %	15.6	14.7
7	Total capital ratio, %	17.4	16.7
	Additional own funds requirements to address risks other than the risk of excessive leverage (% of risk-weighted exposure amount)
EU 7a	Additional own funds requirements to address risks other than the risk of excessive leverage, %	1.2	1.3
EU 7b	- of which, to be made up of CET1 capital, %	0.7	0.7
EU 7c	- of which, to be made up of Tier 1 capital, %	0.9	0.9
EU 7d	Total SREP own funds requirements, %	9.2	9.3
	Combined buffer and overall capital requirement (% of risk-weighted exposure amount)
8	Capital conservation buffer, %	2.5	2.5
EU 8a	Conservation buffer due to macro-prudential or systemic risk identified at the level of a Member State, %	N/A	N/A
9	Institution specific countercyclical capital buffer, %	1.2	1.2
EU 9a	Systemic risk buffer, %	N/A	N/A
10	Global Systemically Important Institution buffer, %	N/A	N/A
	EU 10a Other Systemically Important Institution buffer, %	N/A	N/A
11	Combined buffer requirement, %	3.7	3.7
	EU 11a Overall capital requirements, %	12.9	12.9
12	CET1 available after meeting the total SREP own funds requirements, %	8.1	8.1
	Leverage ratio
13	Total exposure measure	29,228,886	26,262,931
14	Leverage ratio, %	10.5	9.9
	Additional own funds requirements to address risks of excessive leverage (% of leverage ratio total exposure amount)
	EU 14a Additional own funds requirements to address the risk of excessive leverage, %	N/A	N/A
	EU 14b - of which, to be made up of CET1 capital, %	N/A	N/A
	EU 14c Total SREP leverage ratio requirements, %	3.0	3.0
	Leverage ratio buffer and overall leverage ratio requirement (% of total exposure measure)
	EU 14d Total SREP leverage ratio requirements, %	N/A	N/A
	EU 14e Overall leverage ratio requirements, %	3.0	3.0
	Liquidity coverage ratio
15	Total high-quality liquid assets (Weighted value – average)	2,538,643	1,798,991
	EU 16a Cash outflows – Total weighted value	2,922,389	1,771,891
	EU 16b Cash inflows – Total weighted value	1,446,874	1,328,918
16	Total net cash outflows (adjusted value)	1,475,515	442,973
17	Liquidity coverage ratio, %	172	406
	Net stable funding ratio
18	Total available stable funding	19,774,107	17,626,638
19	Total required stable funding	17,568,935	16,206,901
20	Net stable funding ratio, %	113	109

GEOGRAPHICAL PRESENCE

SHARE OF LOAN PORTFOLIO BY QUARTER

TF Bank AB (publ) PO Box 947, 501 10 Borås, Sweden Tel: +46 33 722 35 00