Aktia Bank Plc's Interim Report January-March 2026: Continued positive development in international sales, but the result was weighed down by changes in market values in the life insurance business

Aktia Bank Plc

Stock Exchange Release

30 April 2026 at 8.00 a.m.

HELSINKI, April 30, 2026 /PRNewswire/ --

The quarter in short   

• Net income from life insurance: EUR 1.1 (6.5) million, 84% lower than last year due to a lower net investment result caused by geopolitical tensions leading to rising long-term interest rates, increased credit spreads and falling share prices.
• Net commission income: Increased by 5% to EUR 32.3 (30.8) million, thanks to positive development in asset management.
• Net interest income: EUR 32.0 (35.2) million, decreased as expected and was 9% lower than last year due to lower interest rates in the loan book.
• Comparable operating expenses: EUR 44.5 (41.9) million, 6% higher than last year due to somewhat higher IT expenses, depreciations and other operating expenses. Comparable personnel costs remained at the previous year's level.
• Credit losses: Decreased by 41% to EUR 1.7 (2.9) million.
• Comparable operating profit: EUR 18.7 (28.7) million, 35% lower than last year, mainly due to negative market value changes in the investment portfolio of the life insurance business.
• Assets under management: Remained at the same level as at year-end thanks to net subscriptions of EUR 257 million, despite lower market values.

Outlook 2026

Aktia's comparable operating profit for 2026 is expected to remain approximately at the same level as the comparable operating profit for 2025, EUR 106.0 million.

The outlook is based on the following assumptions:

• The asset management and life insurance business is expected to develop positively.    
  • Commission income from funds, asset management and securities brokerage is expected to be somewhat higher than in 2025. However, any potential market uncertainty may have a negative impact on the net commission income.
  • In the life insurance business, the investment contract and insurance service results are expected to be higher than in 2025. However, the total life insurance business result is affected by actuarial assumptions that are updated regularly and by changes in market values, which is typical for the sector.
• The banking business result is expected to be lower than in 2025. Net interest income from the banking business is expected to decrease due to the low level of market interest rates, while the net commission income is expected to be somewhat higher.
• The operating expenses are expected to increase, considering the continued investments in IT and the development of the general cost level.
• Credit losses are expected to be significantly lower than in 2025, primarily due to the implementation of the new ECL model. However, the uncertainty in the Finnish real estate sector may affect the development of impairments and expected credit losses.

Anssi Huhta, CEO:

During the first quarter of 2026, we once again experienced significant market volatility as a result of geopolitical developments and, for example, rising inflation expectations. For Aktia, the change in market values affected especially the investment portfolio of the life insurance business, which weighed down the net income from life insurance and thus the Group's result for the first quarter. Despite the volatility and the continued challenging economic situation in Finland, we focus on disciplined execution of our strategy and implementation of our strategic choices.

The comparable operating profit for the quarter was EUR 18.7 million, which is 35% lower than last year. The difference is largely explained by the decline in the life insurance business' investment operations, driven by changes in market values. The underlying business remained stable and developed according to our expectations. The net interest income decreased as expected due to the lower interest rates in the loan book and amounted to EUR 32.0 million, which was 9% lower than last year. However, the development of net interest income is expected to level off later this year. Net commission income was strengthened by the good development in the asset management business and amounted to EUR 32.3 million, which was 5% higher than last year.

Step by step towards growth

Within the Life & Wealth operations, we continued to focus on sales and distribution with increased strength and activity. We are developing a hybrid model to optimise the use of both our own sales force and partners. In the Aktia Yrittäjäturva subsidiary, efforts to substantially increase the number of insurance agents are progressing well, and within international sales in asset management, we announced several new significant partnerships in Europe. I am particularly pleased with the development in our existing international sales, which also contributed to the Group's solid net subscriptions of EUR 257 million for the quarter. The good sales performance ensured that assets under management remained at the same level as at year-end, despite market volatility. I see the robust demand for our expertise as the strongest possible evidence that it is the right choice to increase activity internationally. We intend to further strengthen our presence in the DACH region.

Within Banking, activity and demand among small and medium-sized companies remained strong particularly for our leasing, hire purchase and factoring services, as well as for our M&A financing. In addition to other special offers to celebrate Aktia's 200th anniversary, we also launched a housing loan campaign which led to an increase in the number of meetings with potential Premium customers by approximately 250%. In the current economic climate, it is important to keep your eye on the ball and remember that proactivity and active dialogue with customers are the fundamental prerequisites for long-term success.

Sustainable success with people at the centre

Sustainability is an essential part of our efforts to secure the long-term interests of our customers and Aktia, with people – both customers and employees – at the heart of Aktia's new sustainability strategy. The focus at the beginning of the year has been on employee development, training and well-being.

The employee Net Promoter Score (eNPS) survey result in the first quarter was +34, which is an increase compared to the previous +28 (Q4/2025). Our ambitious target is +40, so I am pleased with this result, which shows that we are on the right track.

After the end of the period, on 22 April, we announced organisational changes and appointments to the Executive Committee. These changes support Aktia's strategy, which focuses on growth and places our customers at the heart of everything we do. Going forward, all of Aktia's business operations – and thus customer responsibility – will be represented in the Group's Executive Committee. It is a pleasure to welcome Karin Rekola, newly appointed EVP, Private Customers, and Ilari Abdeen, incoming EVP, Corporate Customers, to Aktia's Executive Committee.

200 years of future

For Aktia, this year marks a major anniversary. 200 years have passed since the first account was opened in Helsinki Savings Bank, where our earliest roots lie. It is also 35 years since a number of savings banks decided to merge and become Aktia. On behalf of Aktia and all Aktia employees, I would like to thank you for the congratulations and best wishes we have received.

A 200-year history reflects our ability to keep pace with the times, to develop and change while valuing history as an asset, and to carry out our mission through all circumstances. Now – as always – we are looking forward.

Key Figures

1. Alternative performance measures
2. Earnings per share (EPS) has been changed so that the result includes interest expenses (net of tax) on Additional Tier 1 (AT1) capital instruments. The impact was marginally negative. For further information, see Note 1.
3. At the end of the period
   *The change is calculated in percentage points

Briefing for analysts, investors and media

Aktia's results briefing for analysts, investors and media will be held in English on Thursday 30 April 2026 at 10.30 a.m. Aktia's CEO Anssi Huhta and CFO Sakari Järvelä will present the results.

The briefing can be viewed live as a webcast or as a recording after the event at https://aktia.events.inderes.com/q1-2026. Questions can be submitted in writing during the live webcast.

Aktia Bank Plc
For more information:
Oscar Taimitarha, Director, Investor Relations, Tel. +358 40 562 2315, Email ir (at) aktia.fi
Distribution:
Nasdaq Helsinki Ltd
Mass media
www.aktia.com

Aktia, celebrating its 200th anniversary this year, is a growing Finnish financial group. Since 1826, our mission has been to safeguard and increase the wealth and well-being of our customers and society as a whole. Our operations are based on strong values, long-term commitment, and trust. We provide expert, personal support to our customers across Finland, helping them develop their finances and build prosperity across generations. Our award-winning asset management business also sells investment funds internationally.

Our strong business model is based on complementary wealth management, life insurance, and banking services. We employ approximately 850 people around Finland. Aktia's gross assets under management (AuM) on 31 March 2026 amounted to EUR 16.6 billion and the balance sheet total was EUR 12.0 billion. Aktia's share is listed on Nasdaq Helsinki Ltd (AKTIA). Read more about Aktia: aktia.com.

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