Danske Andelskassers (DAB) investor relations material

Executive summary

• Result before tax for Q1 2026 was DKK 24.3 million, down 69.5% year-over-year, mainly due to strategic investments and higher costs.

• Business volume grew by 9.8% to DKK 59.7 billion, with loan growth of 22.4% and deposit growth of 9.1% compared to Q1 2025.

• Strategic focus on expanding advisory centers and strengthening presence in major cities, with new centers opened in Kolding and planned in Højbjerg.

• Capital ratio remains strong at 25.7%, providing a robust foundation for continued strategic execution.

Financial highlights

• Net interest income fell 5.2% to DKK 115.4 million, impacted by lower central bank rates.

• Net fee and commission income increased by 8.0% to DKK 77.6 million, driven by higher business activity and loan growth.

• Operating expenses rose 10.3% to DKK 160.0 million, reflecting investments in staff and advisory centers.

• Loan impairments increased to DKK 9.4 million from net reversals of DKK 8.3 million last year, reflecting higher risk provisions.

• Return on equity before tax was 3.3% p.a., down from 10.8% p.a. in Q1 2025.

Outlook and guidance

• Full-year 2026 pre-tax profit guidance raised to DKK 210–260 million, up from DKK 160–210 million, due to a one-off gain from the sale of BEC Financial Technologies.

• Core earnings guidance maintained at DKK 150–180 million.

• 2026 expected to remain an investment year with lower earnings due to ongoing strategic initiatives.