Triodos Bank (TRIO) investor relations material

Executive summary

• H1 2026 returned to profitability with net profit of EUR 29.9m, versus EUR 17.0m in H1 2025; annualized ROE rose to 5.0% from 2.7%.

• Income increased, operating expenses declined and capital ratios remained strong.

• Fit for Impact entered implementation; the German wind-down remained on schedule, with completion targeted by end-2027.

• Ranked first in Dutch and Belgian sustainability benchmarks.

Financial highlights

• Total income rose 4% to EUR 228.4m; net interest income increased 6% to EUR 174.8m, supported by a 6 bps improvement in net interest margin to 1.98%.

• Fee and commission income was EUR 54.7m, ~24% of total income and within the 20%-30% mid-term target.

• Operating expenses fell 3% to EUR 182.1m, mainly as prior-year settlement costs did not recur; structural expenses increased EUR 3.7m to EUR 179.5m.

• Impairment charges were EUR 5.4m, versus EUR 66.1m in H2 2025; charges included the final EUR 2m negative result on the German fiber-optic portfolio sale.

Outlook and guidance

• 2026 outlook unchanged: income expected to rise and operating expenses to decline versus 2025; H2 net interest income depends on market rates and liability pricing.

• Fit for Impact targets EUR 25m-EUR 30m in annual savings by end-2028, with first efficiency benefits expected in H2 2026.

• Mid-term targets remain a 70%-75% cost-income ratio and 5%-7% ROE by 2028; fee income target remains 20%-30% of total income.

• External staff levels and related costs are expected to decline in 2027; H1 included elevated external capacity, mainly for KYC and operational resilience.