Addiko Bank (ADKO) investor relations material

Executive summary

• Net profit for Q1 2026 was €10.1m, down 30% year-over-year due to lower market interest rates, higher costs, and one-off effects, but up 16% sequentially from Q4 2025; EPS at €0.52 and ROATE at 4.7%.

• Operating result declined 20.6% YoY to €20.1m, impacted by higher administrative expenses, seasonality, and net negative one-offs.

• Consumer lending drove growth, with new business up 12% YoY and the consumer loan book expanding 9% YoY; SME lending faced challenges, with new business down 5% YoY but some growth in the medium SME segment.

• Two voluntary takeover offers were announced: NLB at €29/share and RBI, with offers ranging from €23.05 to €26.5/share, both with 75% minimum acceptance thresholds.

• Dividend remains suspended due to unresolved shareholder structure and regulatory concerns.

Financial highlights

• Net banking income remained stable at €77.0m (+0.1% YoY), with net interest income up 0.4% YoY to €59.0m, supported by higher loan volumes and sovereign bond contributions.

• Net fee and commission income was €18.18m, down 0.9% YoY due to lower transaction and card fees.

• General administrative expenses rose 6.1% YoY to €51.4m, mainly due to wage increases, inflation adjustments, and a €0.8m non-recurring share-based compensation effect.

• Cost/income ratio increased to 66.7% (1Q25: 63.0%), reflecting higher costs and lower interest rates.

• Cost of risk on net loans at 0.2% (€6.2m), up from €4.6m in 1Q25.

Outlook and guidance

• 2026 outlook remains unchanged: loan book growth >6% CAGR (2025–2027), NIM >3.6%, NPE ratio <3%, OPEX <€205m, LDR ramping up to <80%, ROATE ~4.5%.

• Macro environment in CSEE remains stable, but global uncertainties and regulatory constraints persist, especially due to geopolitical tensions.

• Dividend remains suspended until shareholder structure is clarified.

• Guidance does not include costs or impacts from takeover offers.

• Management monitoring SME segment and geopolitical risks; further updates expected after takeover offer clarifications.