Skagi (SKAGI) investor relations material

Executive summary

• 9M profit after tax rose to ISK 1,207.019m from ISK 337.016m; insurance performance strengthened while Financial Services remained loss-making.

• Core operations generated ISK 2.6bn PBT in 9M, exceeding the full-year target; restructuring and refinancing are expected to reduce annual operating and finance costs by up to ISK 610m when fully implemented.

• At 30 September 2026, assets were ISK 83,489m and equity was ISK 23,125m.

Financial highlights

• Q3 net operating income rose 8% YoY to ISK 2,017m; PBT increased 16% to ISK 1,224m and profit after tax increased 13% to ISK 812m.

• 9M net operating income rose 26% to ISK 4,590m; PBT increased 103% to ISK 1,928m and profit after tax rose to ISK 1,207.019m from ISK 337.016m.

• 9M core revenue grew 6% to ISK 27,478m; reported revenue was ISK 25,516m in insurance and ISK 1,961m in Financial Services.

• 9M net financial income improved ISK 647m YoY to -ISK 835m; investment income increased ISK 568m to ISK 999m. Operating expenses were ISK 2,481.782m versus ISK 2,541.775m.

Outlook and guidance

• 2026 targets include ROE above 15%, core operations PBT above ISK 2,400m, insurance revenue growth above 7%, and a combined ratio below 91.5% within a 90%–93% outlook range.

• 9M core operations PBT of ISK 2.6bn exceeded the full-year target; the combined ratio is expected at the favorable end of the outlook range.

• Full-year Financial Services revenue guidance is ISK 2,700m–3,200m; performance is under target and expected at the lower end of the range. Insurance investment-asset return guidance is 9.5%.

• Up to ISK 610m of annual operating and finance cost savings are expected when restructuring and refinancing measures are fully implemented; proposed changes require shareholder and regulatory approvals.