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Robust growth in net interest income alongside a reduction in operating expenses.

At a board meeting on 12 May 2026, the Board of Directors and the CEO approved the condensed interim consolidated financial statements of Kvika banki hf. for the first quarter of 2026.

Highlights of performance in the first quarter (Q1 2026):

Profit before tax from continuing operations amounts to ISK 1,809 million in Q1 2026, compared to ISK 701 million in Q1 2025, increasing by ISK 1,108 million from previous year or 158%.

Post-tax profit from continuing operations of the Kvika group amounts to ISK 1,374 million in Q1 2026, compared to ISK 186 million in Q1 2025, increasing by ISK 1,188 million from previous year.

Net interest income amounts to ISK 3,266 million in Q1 2026, compared to ISK 2,917 million in Q1 2025, increasing by ISK 349 million from previous year or 12.0%.

Net interest margin was 4.5% in Q1 2026, compared to 4.4% in Q1 2025.

Net fee and commission income amounts to ISK 1,486 million in Q1 2026, compared to ISK 1,520 million in Q1 2025, decreasing by ISK 34 million from previous year or 2.3%.

Other net operating income amounts to ISK 135 million in Q1 2026, compared to ISK 12 million in Q1 2025, increasing by ISK 123 million from previous year.

Administrative expenses amount to ISK 3,014 million Q1 2026, compared to ISK 3,090 million in Q1 2025, decreasing by ISK 76 million from previous year or 2.5%.

Pre-tax return on tangible equity (RoTE) from continuing operations was 15.7% Q1 2026, compared to 7.8% in Q1 2025.

Earnings per share from continuing operations amounted to ISK 0.31 in Q1 2026, compared to ISK 0.04 in Q1 2025.

Key balance sheet figures as at 31.3.2026:

Deposits from customers amount to ISK 190 billion, compared to ISK 173 billion at year-end 2025 and increased by 9.8% during the quarter.

Loans to customers amount to ISK 217 billion, compared to ISK 208 billion at year-end 2025 and increased by 4.3% during the quarter.

Total assets amount to ISK 360 billion, compared to ISK 343 billion at year-end 2025.

Total equity of the group amount to ISK 67 billion, compared to ISK 69 billion at year-end 2025.

The capital adequacy ratio (CAR) was 26.7%, compared to 26.8% at year-end 2025, as determined on the basis of the unaudited net earnings in the quarter. Kvika's capital ratio as calculated under the Financial Undertakings Act No. 161/2002 was 26.2% at the end of March 2026.

Total liquidity coverage ratio (LCR) of the group was 291%, compared to 404% at year-end 2025.

Total assets under management amount to ISK 450 billion, compared to ISK 469 billion at year-end 2025.

The Board of Directors of Kvika has convened a shareholders’ meeting on 4 June 2026, proposing a special dividend of ISK 2.35 per share, equivalent to just over ISK 10 billion. At the Annual General Meeting on 18 March, it was noted that the Company’s capital position would remain very strong and that the Board would consider further distributions later in the year. As the proposed merger with Arion Banki will not proceed, there is now increased capacity to return capital to shareholders.

In formulating the proposal, the Board also considered the existing authorisation to repurchase up to 10% of the Company’s share capital. Accordingly, and if conditions permit, the Board also plans to repurchase shares for up to ISK 4 billion later in the year.

“The first quarter of 2026 was strong for the Bank, with continued growth in net interest income, disciplined cost control, and solid performance across key areas of the business.

Shortly after the end of the quarter, it was announced that merger discussions between Kvika and Arion had been discontinued following the outcome of preliminary discussions with the Competition Authority. Considerable and thorough work was invested in these discussions, as the parties believed that a merger could create significant value for shareholders and customers.

Kvika continues to execute on the strategy set out nearly two years ago, delivering meaningful growth that supports value creation for shareholders and other stakeholders, while progressing well towards the targets outlined at Kvika’s Investor Day 2024.

An important next step is to optimise the Bank’s capital structure. In April, Kvika issued Additional Tier 1 (AT1) capital instruments for the first time, amounting to approximately ISK 4 billion. The issuance took place in Sweden and was very well received, with pricing at 4.25% over interbank rates, significantly better than anticipated.

The proceeds from this issuance, together with the Bank’s already strong capital position, enable the Board to propose a dividend distribution of over ISK 10 billion at the shareholders’ meeting convened for early June. In addition, the strong capital position allows the Bank to target share buybacks of up to ISK 4 billion during the year, without compromising loan book growth or financial strength.

If these initiatives are completed, Kvika will have returned over ISK 40 billion to shareholders in just two years, while at the same time achieving strong growth in its operations. This optimisation of the Bank’s capital structure is also expected to have a meaningful positive impact on return on equity going forward.

The Bank will continue to build on the strong foundations established in recent years, supported by robust operations and a clear strategic direction.”

Financial Results for Q1 2026

Kvika bank has appointed Anna Rut Ágústsdóttir as the Bank’s Deputy CEO. Anna Rut will assume this role alongside her current position as Managing Director of the Bank’s Operations and Development division, thereby supporting continued leadership and the execution of the Bank’s strategic initiatives. 

Anna Rut has worked within the Kvika Group since the Bank’s establishment in 2015 and with its predecessor since 2007. She has extensive experience of the Bank’s operations and has held a wide range of roles within the Group. Before assuming the role of Managing Director of Operations and Development in 2022, she served as Head of Finance and Operations at Kvika Asset Management. Prior to that, she held several key positions, including Director at the CEO’s Office and Head of Business Management at Kvika, and spent several years working in risk and portfolio management. Anna Rut holds a BSc degree in Business Administration and an MCF degree in Corporate Finance from Reykjavik University and has completed the Icelandic Securities Trading examination.

Kvika bank has appointed Anna Rut Ágústsdóttir as the Bank’s Deputy CEO.

Anna Rut Ágústsdóttir appointed Deputy CEO of Kvika bank

Highlights of performance in the second quarter (Q3 2025)

Profit before tax amounted to ISK 1,969 million, compared to ISK 1,813 million in Q3 2024, an increase of ISK 156 million or 8.6%.

Post-tax profit from continuing operations of the Kvika group amounted to ISK 1,472 million in Q3 2025, compared to ISK 1,398 million in Q3 2024, an increase of ISK 74 million or 5.3%.

Net interest income amounted to ISK 2,953 million in Q3 2025, compared to ISK 2,429 million in Q3 2024, an increase of ISK 524 million or 21.6%.

Net interest margin was 4.0% in Q3 2025, compared to 3.7% in Q3 2024.

Net fee and commission income was ISK 1,571 million in Q3 2025, compared to ISK 1,552 million in Q3 2024, an increase of ISK 19 million or 1.2%.

Other net operating income amounted to ISK 338 million in Q3 2025, compared to ISK 474 million in Q3 2024, a decrease of ISK 136 million.

Administrative expenses amounted to ISK 2,740 million in Q3 2025, compared to ISK 2,344 million in Q3 2024, an increase of ISK 396 million or 16.9%.

Pre-tax return on tangible equity (RoTE) of continuing operations was 17.8%.

Earnings per share amounted to ISK 0.33 in Q3 2025, compared to ISK 0.30 from continuing operations in Q3 2025

Deposits from customers amounted to ISK 178 billion at the end of Q3 2025, compared to ISK 163 billion at year-end 2024 and increased by 9.2% in the period.

Loans to customers amounted to ISK 196 billion at the end of Q3 2025, compared to ISK 150 billion at year-end 2024 and increased by 30.7% in the period.

Total assets amounted to ISK 353 billion at the end of Q3 2025, compared to ISK 355 billion at year-end 2024.

Total equity of the group amounted to ISK 68 billion at the end of the period, compared to ISK 90 billion at year-end 2024.

The capital adequacy ratio (CAR) was 23.0% at the end of Q3 2025, compared to 22.8% at year-end 2024, as determined on the basis of the unaudited net earnings in the quarter. Kvika's capital ratio as calculated under the Financial Undertakings Act No. 161/2002 was 22.5% at the end of September 2025.

Total liquidity coverage ratio (LCR) of the group was 659% at the end of Q3 2025, compared to 360% at year-end 2024.

Total assets under management amounted to ISK 459 billion, compared to ISK 456 billion at year-end 2024

Highlights of the 9M 2025 Interim Financial Statements:

Profit before tax from continuing operations amounted to ISK 4,695 million in 9M 2025, compared to ISK 4,217 million in 9M 2024, an increase of 11.3%. Profit before tax from continuing operations adjusted for non-recurring items in Q1 amounted to ISK 5,583 million, an increase of 32.4%.

Post-tax profit from continuing operations of the Kvika group amounted to ISK 3,097 million in 9M 2025, compared to ISK 3,162 million in 9M 2024, a decrease of ISK 65 million or 1.2%, not adjusted for non-recurring items in Q1.

Net interest income amounted to ISK 8,831 million, compared to ISK 7,183 million in 9M 2024, an increase of 23.0% from the previous year.

Net interest margin was 4.1% in 9M 2025, compared to 3.9% in 9M 2024.

Net fee and commission income amounted to ISK 5,026 million, compared to ISK 4,536 million in 9M 2024, an increase of 10.8%.

Other net operating income was ISK 581 million, compared to ISK 800 million in the same period in 2024, a decrease of 27.4%.

Administrative expenses were ISK 8,811 million, compared to ISK 7,744 million in the same period in 2024, an increase of 13.8%.

Pre-tax return on tangible equity (RoTE) from continuing operations was 14.9% in 9M 2025. Pre-tax return on tangible equity (RoTE) from continuing operations adjusted for non-recurring items in Q1 was 17.7%

Earnings per share from continuing operations for the period amounted to ISK 0.68 in 9M 2025, compared to ISK 0.67 in 9M 2024.

Post-tax profit of assets classified as held for sale consisted solely of the operations of the subsidiary TM Insurance which was classified as an asset held for sale from 1 January until 28 February 2025 when the company was sold. The profit is summarized in the income statement and amounted to ISK 1,901 million for the period compared to ISK 1,541 in 9M 2024.

“Kvika’s performance in the third quarter reflects the continued strength of the bank’s core operations. Operating profit remained stable between quarters, supported by loan book growth, a strong interest margin, and diversified income streams. The bank’s liquidity position also remains very strong and the capital ratio high, establishing further room for growth.

Loan book growth, underpinned by a strong net interest margin, has been a key driver of results this year. We are now well on track to meet our full-year lending targets and have successfully developed the bank’s loan portfolio in line with our strategy, focusing on a well-diversified and secured lending base.

Challenging conditions in Iceland’s securities markets have negatively affected the bank’s fee income generation, particularly in Asset Management and Capital Markets, while Corporate Finance

has performed well. Kvika’s operations in the UK continue to deliver strong results in both lending and investment activities and had a record profit in the third quarter of ISK 563 million.

Inflation and a high-interest rate environment have proven more persistent than anticipated, though there are clear signs that domestic economic activity is slowing. Despite this, households and businesses generally remain in a strong position to withstand temporary headwinds, with moderate debt levels, some savings, and continued low default rates.

Although recent events, such as the suspension of operations at the aluminium smelter in Grundartangi and uncertainty following the Supreme Court’s ruling on variable-rate loans, are expected to affect short-term economic activity, we do not believe this will have a material impact on Kvika’s operations. Our liquidity and capital positions remain exceptionally strong, lending growth is on target, and our net interest margin has remained stable. Furthermore, we benefit from a degree of built-in risk diversification, as part of our loan portfolio is not directly linked to Icelandic market conditions.

The merger process with Arion Bank is progressing well, with due diligence work nearing completion and preliminary discussions with the Icelandic Competition Authority now formally underway. We expect the process to take some time, but while it continues, we remain focused on our day-to-day operations and on creating long-term value for our shareholders and customers.”

At a board meeting on 5 November 2025, the Board of Directors and the CEO approved the interim consolidated financial statements of the Kvika banki hf. for the third quarter and first nine months of 2025.

Financial Results for Q3 2025

Highlights of performance in the second quarter (Q2 2025)

Post-tax profit from continuing operations of the Kvika group amounted to ISK 1,439 million in Q2 2025, compared to ISK 777 million in Q2 2024, an increase of ISK 662 million or 85.2%.

Profit before tax amounted to ISK 2,025 million, compared to ISK 1,189 million in Q2 2024, an increase of ISK 836 million or 70.3%.

Net interest income amounted to ISK 2,962 million in Q2 2025, compared to ISK 2,428 million in Q2 2024, an increase of ISK 534 million or 22.0%.

Net interest margin was 4.0% in Q2 2025, compared to 3.8% in Q2 2024.

Net fee and commission income was ISK 1,935 million in Q2 2025, compared to ISK 1,351 million in Q2 2024, an increase of ISK 584 million or 43.2%.

Other net operating income amounted to ISK 231 million in Q2 2025, compared to ISK 217 million in Q2 2024, an increase of ISK 14 million or 6.5%.

Administrative expenses amounted to ISK 2,981 million in Q2 2025, compared to ISK 2,733 million in Q2 2024, an increase of ISK 248 million or 9.1%.

Pre-tax return on tangible equity (RoTE) of continuing operations was 18.5%.

Earnings per share amounted to ISK 0.31 in Q2 2025, compared to ISK 0.27 in Q2 2024.

Deposits from customers amounted to ISK 180 billion at the end of Q2 2025, compared to ISK 163 billion at year-end 2024 and increased by 10.3% in the period.

Loans to customers amounted to ISK 172 billion at the end of Q2 2025, compared to ISK 150 billion at year-end 2024 and increased by 14.7% in the period.

Total assets amounted to ISK 361 billion at the end of Q2 2025, compared to ISK 355 billion at year-end 2024.

Total equity of the group amounted to ISK 66 billion at the end of the period, compared to ISK 90 billion at year-end 2024.

The capital adequacy ratio (CAR) was 23.3% at the end of Q2 2025, compared to 22.8% at year-end 2024.

Total liquidity coverage ratio (LCR) of the group was 910% at the end of Q2 2025, compared to 360% at year-end 2024.

Total assets under management amounted to ISK 453 billion, compared to ISK 456 billion at year-end 2024

Highlights of the 6M 2025 Interim Financial Statements:

Post-tax profit from continuing operations of the Kvika group amounted to ISK 1,625 million in 6M 2025, compared to ISK 1,764 million in 6M 2024, a decrease of ISK 139 million or 7.9%, not adjusted for non-recurring items in Q1.

Profit before tax from continuing operations amounted to ISK 2,726 million in 6M 2025, compared to ISK 2,404 million in 6M 2024, an increase of 13.4%. Profit before tax from continuing operations adjusted for non-recurring items in Q1 amounted to ISK 3,615 million, an increase of 50.3%.

Net interest income amounted to ISK 5,879 million, compared to ISK 4,754 million in 6M 2024, an increase of 23.7% from the previous year.

Net interest margin was 4.1% in 6M 2025, compared to 3.8% in 6M 2024.

Net fee and commission income amounted to ISK 3,455 million, compared to ISK 2,984 million in 6M 2024, an increase of 15.8%.

Other net operating income was ISK 243 million, compared to ISK 326 million in the same period in 2024, a decrease of 25.5%.

Administrative expenses were ISK 6,071 million, compared to ISK 5,399 million in the same period in 2024, an increase of 12.4%.

Pre-tax return on tangible equity (RoTE) from continuing operations was 13.3% in 6M 2025. Pre-tax return on tangible equity (RoTE) from continuing operations adjusted for non-recurring items in Q1 was 17.7%

Earnings per share for the period amounted to ISK 0.77 in 6M 2025, compared to ISK 0.49 in 6M 2024.

Post-tax profit of assets classified as held for sale consisted solely of the operations of the subsidiary TM Insurance which was classified as an asset held for sale from 1 January until 28 February 2025 when the company was sold. The profit is summarized in the income statement and amounted to ISK 1,901 million for the period compared to ISK 576 in 6M 2024.

“Kvika concludes a dynamic second quarter in a very strong position. The bank delivered its highest quarterly operating profit to date, with profit before tax from banking operations exceeding ISK 2 billion for the first time. This result reflects the strength of our core operations and the initial steps taken in our strategic focus on banking and increased lending following the sale of TM.

We achieved several important milestones during the period. Kvika Corporate Finance led the highly successful sale of the government’s stake in Íslandsbanki, the bank completed its first EUR bond issuance, and a new ISK 8 billion institutional credit fund was launched within Kvika Asset Management. Kvika also introduced a new mortgage product under the Auður heima brand, which was met with strong demand and represents a meaningful addition to the Group’s product offering.

At the end of May, we received two proposals to begin merger discussions, one from Arion Banki and one from Íslandsbanki. Kvika’s board concluded that neither offer fully reflected the bank’s value and initiated a structured process to solicit improved proposals and benchmark them against our standalone plan. The outcome of that process was that Arion’s proposal was deemed most

favourable to shareholders and that a merged bank would be well positioned to create long-term value for all stakeholders.

The merger process is expected to take at least 9–12 months. We are currently focused on due diligence and preparing pre-notification discussions with the Icelandic Competition Authority, with the goal of confirming the feasibility of the transaction and identifying any potential obstacles early in the process. In the meantime, we remain fully committed to our day-to-day operations and continue to build on the strong momentum we’ve established.”

At a board meeting on 13 August 2025, the Board of Directors and the CEO approved the interim financial statements of the Kvika banki hf. for the second quarter and first six months of 2025.

Financial Results for Q2 2025

Highlights of performance in the first quarter (Q1 2025)

Post-tax profit of the group amounted to ISK 2,086 million in Q1 2025, compared to ISK 1,083 million in Q1 2024, an increase of ISK 1,003 million or 92.6% from previous year.

Pre-tax profit from continuing operations, adjusted for non-recurring items, amounted to ISK 1,590 million in Q1 2025, compared to ISK 1,215 million in Q1 2024, and increases by ISK 375 million or 31% from previous year. Unadjusted pre-tax profit for the quarter was ISK 701 million.

Net interest income amounted to ISK 2,917 million in Q1 2025, compared to ISK 2,326 million in Q1 2024, an increase of ISK 590 million or 25.4% from previous year.

Net interest margin was 4.4% in Q1 2025, compared to 3.8% in Q1 2024. Year-on-year increase is largely due to strong liquidity, improved funding terms, and a growing loan book.

Net fee and commission income was ISK 1,520 million in Q1 2025, compared to ISK 1,633 million in Q1 2024, a decrease of ISK 113 million or 6.9% from previous year.

Other net operating income amounted to ISK 12 million in Q1 2025, compared to ISK 110 million in Q1 2024, a decrease of ISK 98 million or 89.1% from previous year.

Administrative expenses amounted to ISK 3,090 million in Q1 2025, compared to ISK 2,666 million in Q1 2024, an increase of ISK 424 million or 15.9% from previous year. Adjusted for one-off items, operating expenses were ISK 2,865 million in Q1 2025.

At a board meeting on 7 May 2025, the Board of Directors and the CEO approved the condensed interim consolidated financial statements of Kvika bank for the first quarter of 2025.

12. May 2026

Financial Results for Q1 2026

22. January 2026

Anna Rut Ágústsdóttir appointed Deputy CEO of Kvika bank

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Kvika banki - Consolidated Financial Statements 2025

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Kvika banki hf.: Financial Results for Q2 2026