Danske Andelskassers (DAB) investor relations material

Executive summary

• Result before tax for H1 2026 was DKK 105.0 million, down 30% year-over-year, reflecting heavy strategic investments aligned with the 2030 growth plan.

• Business volume increased by 14.6% to DKK 64.0 billion, and loans grew by 29.6% to DKK 10.6 billion compared to H1 2025.

• The bank expanded its advisory centers and staff, focusing on organic growth and strengthening its presence in key markets.

• Net profit after tax was DKK 98.1 million, down from DKK 140.9 million in H1 2025.

Financial highlights

• Net interest income was DKK 237.3 million, slightly down from DKK 242.0 million year-over-year.

• Net fee and commission income rose 6.6% to DKK 150.8 million, driven by higher business activity and loan growth.

• Operating expenses increased to DKK 311.2 million, up 9% year-over-year, mainly due to new hires and IT investments.

• Cost/income ratio worsened due to upfront investments, but management considers the result satisfactory.

• Capital ratio was 24.2% at June 30, 2026, down from 31.1% a year earlier, reflecting loan growth and redemption of hybrid capital.

Outlook and guidance

• Full-year 2026 guidance maintained: pre-tax profit expected at DKK 210–260 million, and core earnings at DKK 150–180 million.

• Management expects investment-driven cost increases to moderate, with business growth supporting future profitability.

• Guidance is subject to uncertainties from strategic execution, market volatility, and credit losses.