Ringkjøbing Landbobank A/S Page 0
I N T E R I M R E P O R T F O R T H E
F I R S T Q U A R T E R O F 2 0 2 6
Ringkjøbing Landbobank A/S Page 1
Contents
Page
2 Interim report – highlights
2 Key figures and ratios
3 Core earnings
4 Quarterly overviews
6 Management’s review
15 Management statement
16 Statements of income and comprehensive income
17 Balance sheet
19 Statement of changes in equity
20 Statement of capital
21 Notes
33 Key figures
34 The Danish FSA’s official key figures/ratios etc. for Danish banks
Disclaimer:
This document is a translation of an original document in Danish. The original Danish text shall be the
governing text for all purposes and in case of any discrepancy the Danish wording shall be applicable.
Ringkjøbing Landbobank A/S Page 2
Interim report highlights
• The net profit is DKK 585 million, equivalent to a 22% p.a. return on tangible equity (ROTE)
• Earnings per share increase by 6% compared to the fourth quarter of 2025 to DKK 24.3 for the first quarter
of 2026
• Core income is DKK 1,049 million, marginally lower than in the same period in 2025 but a 3% increase
compared to the fourth quarter of 2025
• Costs increase by 3% compared to the first quarter of 2025, and the cost/income ratio is 25.5%
• Continued strong credit quality means that impairment charges of DKK 16 million were carried to income in
the quarter
• Highly satisfactory increase in customer numbers and growth of 14% p.a. in loans and 10% p.a. in deposits
• The ongoing DKK 500 million share buyback programme is expected to be completed in early May, after
which it has been decided to initiate a new DKK 400 million programme
• The expectations for net profit for 2026 are maintained in the range DKK 2.0 - 2.4 billion
Key figures for the bank (DKK million)
Q1 2026
Q1 2025
2025
2024
2023
2022
Total core income
1,049
1,056
4,089
4,068
3,828
2,862
Total expenses and depreciation
267
259
1,080
1,044
963
891
Core earnings before impairment charges for loans
782
797
3,009
3,024
2,865
1,971
Impairment charges for loans etc.
+16
+24
+41
+3
-1
-2
Core earnings
798
821
3,050
3,027
2,864
1,969
Result for the portfolio etc.
-18
-6
+26
+62
-7
-69
Amortisation and write-downs on intangible assets
5
5
20
20
20
20
Tax
190
194
743
768
682
385
Net profit
585
616
2,313
2,301
2,155
1,495
Equity
11,403
11,009
11,568
11,034
10,451
9,295
Deposits including pooled schemes
62,786
56,926
61,338
56,652
52,626
48,700
Loans
64,575
56,444
62,553
55,837
50,881
48,342
Balance sheet total
89,382
79,381
86,309
78,633
73,520
68,980
Guarantees
8,816
7,543
8,710
7,198
6,465
7,570
Financial ratios for the bank (percent)
Profit before tax/average equity
27.0
29.4
27.0
28.6
28.7
20.9
Net profit/average equity
20.4
22.3
20.5
21.4
21.8
16.6
Net profit/average tangible equity (ROTE)
22.3
24.5
22.4
23.6
24.4
18.8
Cost/income ratio
25.5
24.5
26.4
25.7
25.2
31.1
Common equity tier 1 capital ratio
16.0
15.0
16.4
16.6
18.9
17.4
Total capital ratio
21.0
18.2
21.7
19.8
23.0
21.6
MREL capital ratio
31.3
28.5
30.9
28.8
28.9
28.9
Key figures per DKK 1 share (DKK)
Core earnings
33.2
32.6
125.3
118.8
107.1
71.5
Profit before tax
32.2
32.2
125.5
120.5
106.1
68.2
Net profit
24.3
24.5
95.0
90.3
80.6
54.3
Book value
474.0
437.4
475.1
433.1
391.0
337.3
Share price, end of period
1,539.0
1,227.0
1,538.0
1,204.0
991.5
948.0
Key figures and ratios
Ringkjøbing Landbobank A/S Page 3
Core earnings
Note
no.
Q1
2026
DKK 1,000
Q1
2025
DKK 1,000
Full year
2025
DKK 1,000
Net interest income
639,916
638,064
2,543,445
3
Net fee and commission income
312,555
291,695
1,119,947
Income from sector shares etc.
61,475
90,271
292,444
3
Foreign exchange income
35,499
35,300
131,600
Other operating income
36
327
1,298
Total core income
1,049,481
1,055,657
4,088,734
5,6
Staff and administration expenses
263,760
254,817
1,064,284
Depreciation and write-downs on tangible assets
3,661
3,807
15,085
Other operating expenses
0
0
408
Total expenses etc.
267,421
258,624
1,079,777
Core earnings before impairment charges for loans
782,060
797,033
3,008,957
7
Impairment charges for loans and other receivables etc.
+15,513
+24,253
+41,357
Core earnings
797,573
821,286
3,050,314
Result for the portfolio etc.
-17,467
-6,443
+25,630
Amortisation and write-downs on intangible assets
4,877
4,877
19,509
Profit before tax
775,229
809,966
3,056,435
8
Tax
189,942
194,418
743,024
Net profit
585,287
615,548
2,313,411
Ringkjøbing Landbobank A/S Page 4
Quarterly overviews
The following pages contain quarterly overviews including core earnings, net profit, balance sheet items and contingent liabilities, and statement of capital.
Core earnings
(DKK million)
Q1
2026
Q4
2025
Q3
2025
Q2
2025
Q1
2025
Q4
2024
Q3
2024
Q2
2024
Q1
2024
Q4
2023
Q3
2023
Q2
2023
Q1
2023
Q4
2022
Q3
2022
Q2
2022
Q1
2022
Net interest income
640
629
633
643
638
656
678
677
691
717
686
652
561
511
410
390
366
Net fee and commission income
313
291
264
273
292
264
256
249
259
245
233
231
227
224
239
237
248
Income from sector shares etc.
61
59
58
86
90
58
58
61
67
60
47
45
41
46
38
41
44
Foreign exchange income
35
37
27
32
36
23
20
21
23
20
18
19
20
17
18
16
15
Other operating income
0
0
1
0
0
0
4
3
0
1
5
0
0
1
0
0
1
Total core income
1,049
1,016
983
1,034
1,056
1,001
1,016
1,011
1,040
1,043
989
947
849
799
705
684
674
Staff and administration expenses
264
288
250
271
255
275
237
255
241
248
231
238
222
229
214
221
207
Depreciation and write-downs, tangible
assets
3
4
3
4
4
5
14
3
3
5
3
3
3
5
3
4
1
Other operating expenses
0
1
0
0
0
3
2
3
3
2
3
3
2
2
2
1
2
Total expenses etc.
267
293
253
275
259
283
253
261
247
255
237
244
227
236
219
226
210
Core earnings before impairment charges
782
723
730
759
797
718
763
750
793
788
752
703
622
563
486
458
464
Impairment charges for loans etc.
+16
+6
+11
0
+24
+1
+1
+1
0
0
0
0
-1
0
0
-1
-1
Core earnings
798
729
741
759
821
719
764
751
793
788
752
703
621
563
486
457
463
Result for the portfolio etc.
-18
+21
+9
+2
-6
+6
+26
+7
+23
+29
-8
-7
-21
+11
-61
-10
-9
Amortisation and write-downs, intangible
assets
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
Profit before tax
775
745
745
756
810
720
785
753
811
812
739
691
595
569
420
442
449
Tax
190
185
183
181
194
189
196
188
195
198
178
166
140
110
91
94
90
Net profit
585
560
562
575
616
531
589
565
616
614
561
525
455
459
329
348
359
Ringkjøbing Landbobank A/S Page 5
Quarterly overviews
Balance sheet items and contingent liabilities
(DKK million)
End of
Q1
2026
End of
Q4
2025
End of
Q3
2025
End of
Q2
2025
End of
Q1
2025
End of
Q4
2024
End of
Q3
2024
End of
Q2
2024
End of
Q1
2024
End of
Q4
2023
End of
Q3
2023
End of
Q2
2023
End of
Q1
2023
End of
Q4
2022
End of
Q3
2022
End of
Q2
2022
End of
Q1
2022
Loans
64,575
62,553
57,910
57,306
56,444
55,837
53,887
52,535
51,417
50,881
49,590
49,996
48,842
48,342
48,052
46,681
43,352
Deposits including
pooled schemes
62,786
61,338
59,371
58,323
56,926
56,652
54,238
53,818
52,824
52,626
52,216
50,799
48,786
48,700
47,637
46,144
42,599
Equity
11,403
11,568
11,394
11,210
11,009
11,034
10,825
10,593
10,460
10,451
10,042
9,647
9,310
9,295
9,009
8,864
8,671
Balance sheet total
89,382
86,309
82,274
81,065
79,381
78,633
75,531
75,616
73,438
73,520
73,254
71,012
69,649
68,980
67,463
65,226
60,157
Contingent liabilities
8,816
8,710
8,535
8,093
7,543
7,198
6,941
7,090
6,533
6,465
6,780
7,216
6,993
7,570
8,998
11,244
12,432
Statement of capital
(DKK million)
Common equity tier 1
9,693
9,593
9,052
8,684
8,298
9,134
8,113
7,917
7,610
9,225
8,391
8,408
7,951
8,154
7,532
7,720
7,471
Tier 1 capital
9,693
9,593
9,052
8,684
8,298
9,134
8,113
7,917
7,610
9,225
8,391
8,408
7,951
8,154
7,532
7,720
7,471
Total capital
12,738
12,651
11,744
10,385
10,062
10,888
9,783
9,849
9,533
11,188
10,314
9,847
9,894
10,107
9,499
9,730
9,476
MREL subordinated
capital
18,100
17,505
16,558
15,171
15,391
15,295
13,606
13,670
12,932
-
-
-
-
-
-
-
-
MREL capital
19,009
18,031
17,068
15,699
15,779
15,892
14,202
14,231
13,454
14,097
13,202
13,113
13,411
13,533
12,937
13,183
12,445
Total risk exposure
60,641
58,383
56,739
57,297
55,396
55,123
52,150
50,968
49,648
48,733
47,706
47,627
47,043
46,855
47,326
46,940
44,880
(Percent)
Common equity tier 1
16.0
16.4
16.0
15.2
15.0
16.6
15.6
15.5
15.3
18.9
17.6
17.7
16.9
17.4
15.9
16.4
16.6
Tier 1 capital
16.0
16.4
16.0
15.2
15.0
16.6
15.6
15.5
15.3
18.9
17.6
17.7
16.9
17.4
15.9
16.4
16.6
Total capital
21.0
21.7
20.7
18.1
18.2
19.8
18.8
19.3
19.2
23.0
21.6
20.7
21.0
21.6
20.1
20.7
21.1
MREL subordinated
capital
29.8
30.0
29.2
26.5
27.8
27.7
26.1
26.8
26.0
-
-
-
-
-
-
-
-
MREL capital
31.3
30.9
30.1
27.4
28.5
28.8
27.2
28.0
27.1
28.9
27.7
27.5
28.5
28.9
27.3
28.1
27.7
Ringkjøbing Landbobank A/S Page 6
Core earnings
Core income
Interest
Net interest income was DKK 640 million in the first
quarter of 2026, compared to DKK 638 million in the first
quarter of 2025 and DKK 629 million in the fourth quarter
of 2025.
Net interest income
(DKK million)
Q1
2026
Q1
2025
2025
Net interest income
640
638
2,543
At the beginning of the year the bank expected that, in the
course of 2026, net interest income per day would exceed
the level it had reached in the fourth quarter of 2025.
We are thus pleased to see that the net interest income
reversed in the first quarter of 2026 after eight quarters of
declining trend. The increase in income was 4% per
interest-bearing day relative to the fourth quarter of 2025
and marginally higher than in the first quarter of 2025.
The increasing loan and deposit figures are the main
explanations for the development, but we note at the
same time that competition remains keen in lending
margins.
Loans increased by 3.2% and deposits by 2.4% in the first
quarter of 2026 and, in the past year, the loan portfolio
increased by 14.4% and deposits by 10.3%.
The increase of approximately DKK 2 billion net in lending
in the quarter was broadly based on growth in business
customers, Private Banking and other niches. At the
same time there was a decrease in home loans to
personal customers as the bank sold off home loans for
approximately DKK 1.4 billion at the end of March 2026,
while new loans in the quarter amounted to
approximately DKK 800 million.
Fee, commission and foreign exchange income
Overall, fee, commission and foreign exchange income
amounted to DKK 348 million in the first three months of
2026, compared to DKK 327 million in the same period in
2025, equivalent to an increase of 6%.
Net fee, commission and foreign exchange income
(DKK million)
Q1
2026
Q1
2025
2025
Securities trading
63
55
196
Asset management and custody
accounts
68
66
261
Payment handling
39
39
154
Loan fees
23
21
87
Guarantee and mortgage credit
commission etc.
71
72
287
Pension and insurance commission
36
27
99
Other fees and commission
13
12
36
Foreign exchange income
35
35
132
Total
348
327
1,252
focus on Private Banking and other asset management.
Total income from these three items amounted to DKK
167 million in the first quarter of 2026, compared to DKK
156 million in 2025, an increase of 7%.
Assets in custody accounts
etc.
(DKK million)
31 Mar.
2026
31 Mar.
2025
31 Dec.
2025
Custody account holdings
89,928
87,539
95,128
Deposits in pooled schemes
7,583
7,005
7,741
Letpension/PFA Pension
7,314
6,027
7,185
Total
104,825
100,571
110,054
the first quarter of 2026, which is unchanged compared
to 2025.
quarter of the year compared to DKK 21 million in 2025.
The activity level in the real estate market thus remained
high in 2026.
quarter of 2026, compared to DKK 72 million the year
before.
the increase in income from this source from DKK 27
million in the first quarter of 2025 to DKK 36 million in
2026, an increase of 32%.
Sector shares and other operating income
Total earnings from banking sector shares amounted to
DKK 61 million in the first three months of the year,
compared to DKK 90 million in 2025. The earnings derive
BankInvest.
The 2025 earnings included a once-only income item of
BankInvest shares, because a general revaluation of
these shares was carried out in 2025.
Sector shares and other operating income
(DKK million)
Q1
2026
Q1
2025
2025
Sector shares
61
90
293
Other operating income
0
0
1
Core income
Total core income in the first quarter decreased
marginally from DKK 1,056 million in 2025 to DKK 1,049
million in 2026.
Ringkjøbing Landbobank A/S Page 7
Expenses, depreciation and write-downs
Total expenses including depreciation and write-downs
on tangible assets amounted to DKK 267 million in the
first quarter of 2026, compared to a total of DKK 259
million in the first quarter of 2025, an increase of 3.4%.
Expenses, depreciation and write-downs
(DKK million)
Q1
2026
Q1
2025
2025
Staff and management expenses
162
153
636
IT and other administration expenses
102
102
428
Depreciation and write-downs,
tangible assets
3
4
15
Other operating expenses
0
0
1
Total
267
259
1,080
The cost increase of DKK 8 million net reflects higher
staff costs.
An increase of approximately 4% in total expenses is still
expected for the full year 2026, compared to 2025.
The cost/income ratio was 25.5% in the first three
months of the year, compared to 24.5% in the same
period in 2025.
A low cost/income ratio combined with good credit
This combination provides a high free cash flow and a
robust earnings buffer.
Impairment charges for loans etc.
impairment charges in the first quarter of 2026 was
satisfactory and better than expected. The bank thus
realised net income of DKK 16 million in the quarter. This
result follows a period of 16 consecutive quarters in
which the expenditure for losses and impairment charges
was around zero or better.
Impairment charges for loans etc.
(DKK million)
Q1
2026
Q1
2025
2025
Impairment charges for loans etc.
+16
+24
+41
decreased from DKK 2,373 million at the end of 2025 to
DKK 2,363 million at the end of the first quarter of 2026.
The result realised in the first quarter of 2026 is
considered particularly satisfactory in the light of the
increased geopolitical risks that have materialised,
including the escalation of the conflict between Iran and
the USA. Despite this, the bank saw a positive
development in a number of specific exposures to
businesses, which enabled reversal of previous write-
downs.
At the same time, the bank remains very aware of the
generally higher risks, which now include significantly
increased uncertainty about the future level of inflation
and consequently interest rate level. These
circumstances may have a material adverse effect on
both the international and the national economy.
Ringkjøbing Landbobank A/S Page 8
The bank has therefore maintained its total management
estimates at DKK 1,042 million, unchanged compared to
the end of 2025. In the underlying composition of the
management estimates, the estimates related to model-
based uncertainties were reduced, whereas estimates
linked to geopolitical risks were increased.
Loans with suspended interest amounted to DKK 141
million at the end of the first quarter of 2026 compared to
DKK 132 million at the end of 2025.
Core earnings
Core earnings for the first quarter of 2026 totalled DKK
decrease of 3%.
Core earnings
(DKK million)
Q1
2026
Q1
2025
2025
Total core income
1,049
1,056
4,089
Total expenses and depreciation
267
259
1,080
Core earnings before impairment
charges
782
797
3,009
Impairment charges for loans etc.
+16
+24
+41
Core earnings
798
821
3,050
Earnings per share
they develop.
Core earnings per DKK 1 share were DKK 33.2 for the first
quarter of 2026 compared to DKK 32.6 in the first quarter
of 2025, DKK 30.0 in the fourth quarter of 2025 and DKK
125.3 in the full year 2025.
Net profit, also per DKK 1 share, was DKK 24.3 for the
first quarter of 2026 compared to DKK 24.5 in the first
quarter of 2025, DKK 23.0 in the fourth quarter of 2025
and DKK 95.0 in the full year 2025.
Result for the portfolio etc.
The result for the portfolio etc. including portfolio funding
costs was negative by DKK 18 million net for the first
quarter of the year, compared to a negative result of DKK
6 million net in the first quarter of 2025.
Result for the portfolio etc.
(DKK million)
Q1
2026
Q1
2025
2025
Result for the portfolio etc.
-18
-6
+26
The negative result for the portfolio in the first quarter of
bond portfolio, primarily during March 2026.
Ringkjøbing Landbobank A/S Page 9
Amortisation and write-downs on intangible assets
The bank treats amortisation and write-downs on
intangible assets as a special item, since expensing them
enhances the quality of equity and helps to reduce the
deduction when computing total capital.
Amortisation and write-downs on intangible assets
amounted to DKK 5 million in the first quarter of 2026,
unchanged relative to 2025.
Amortisation and write-downs on intangible assets
(DKK million)
Q1
2026
Q1
2025
2025
Amortisation and write-downs
on intangible assets
5
5
20
Profit before and after tax
The profit before tax was DKK 775 million, equivalent to a
27.0% p.a. return on average equity.
The profit after tax was DKK 585 million, equivalent to a
20.4% p.a. return on average equity and return on tangible
equity (ROTE) of 22.3% p.a.
The effective tax rate was 24.5% in the first three months
of the year, compared to 24.0% in 2025.
Core earnings – alternative performance measure
The bank uses the alternative performance measure
performance for both external and internal financial
reporting because they are deemed to better reflect the
actual banking operations.
Overall, core earnings contain the same items as the
but the calculation method and degree of specification
are different.
adjusted for temporary fluctuations following from the
(the securities portfolio less sector shares etc.), and the
profit before tax is divided into two main elements: core
earnings and result for the portfolio.
The result for the trading portfolio is composed of value
adjustments for the portfolio plus the actual return in the
form of interest and dividends from the portfolio and less
the calculated funding costs for the portfolio.
Core earnings are shown on page 3 and comments
provided on the preceding pages.
Ringkjøbing Landbobank A/S Page 10
The income statement
Net interest income
Net interest income totalled DKK 632 million in the first
quarter of 2026 compared to DKK 637 million in 2025.
Net interest income
(DKK million)
Q1 2026
Q1 2025
2025
Interest income
825
857
3,297
Interest expenses
193
220
773
Total net interest income
632
637
2,524
The development reflects continued pressure on the
interest margin caused by keen competition in the market
for loans.
As shown on pages 6 and 12, the bank was able to
increase its business volume in the quarter, easing some
of the pressure on its interest margin.
Dividends from shares etc.
Dividend income from shares etc. totalled DKK 33 million
in the first quarter of the year compared to DKK 6 million
in 2025.
Dividends from shares etc.
(DKK million)
Q1 2026
Q1 2025
2025
Dividends from shares etc.
33
6
228
Dividends derive primarily from sector shares.
Fee and commission income and fee and commission
expenses
Net fee and commission income totalled DKK 313 million
in the first quarter of 2026 compared to DKK 292 million
in 2025, an increase of 7%.
Net fee and commission income
(DKK million)
Q1 2026
Q1 2025
2025
Fee and commission income
345
318
1,230
Fee and commission expenses
-32
-26
-110
Total net fee and commission
income
313
292
1,120
Please see the comments below and note 3 to the
income statement for a breakdown of net fee and
commission income.
in the first quarter of 2026, with an increase of DKK 11
million from DKK 121 million in the first quarter of 2025
to DKK 132 million in 2026.
the quarter, unchanged compared to 2025.
in the first quarter of 2025 to DKK 23 million in 2026,
which shows a continued high level of activity in the real
estate market.
quarter from DKK 72 million in 2025 to DKK 71 million
in 2026.
first quarter of 2026 was DKK 36 million net compared to
DKK 27 million net from this source in 2025. The increase
is driven by the continued increase in customer numbers
on pension advisory
services.
was marginally higher by DKK 1 million compared to
2025.
Value adjustments
The value adjustments in the first quarter of 2026
resulted in income totalling DKK 55 million compared to
income totalling DKK 114 million in 2025.
This development breaks down as follows:
Value adjustments
(DKK million)
Q1 2026
Q1 2025
2025
Other loans and receivables
-2
-4
-10
Bonds
-17
-13
11
Shares etc.
30
93
101
Foreign exchange
35
35
132
Derivative financial instruments
-7
-7
5
Issued bonds etc.
14
10
1
Tier 2 capital
2
0
1
Total value adjustments
55
114
241
portfolio of shares and foreign exchange income in
particular contributed to the positive value adjustments
for the quarter.
Staff and administration expenses
Total staff and administration expenses increased by
3.5% in the first quarter of 2026, from DKK 255 million in
2025 to DKK 264 million in 2026.
Staff and administration expenses
(DKK million)
Q1 2026
Q1 2025
2025
Staff and management expenses
162
153
636
Other administration expenses
102
102
428
Total staff and administration
expenses
264
255
1,064
Expenses for staff and management totalled DKK 162
million in the first quarter of 2026 compared to DKK 153
million in 2025, an increase of 6%. The average number of
full-time employees (FTEs) increased from 674 in the first
quarter of 2025 to 685 in the first quarter of 2026.
Other administration expenses totalled DKK 102 million in
the first three months of 2026, the same as in the first
quarter of 2025.
Ringkjøbing Landbobank A/S Page 11
Amortisation, depreciation and write-downs on
intangible and tangible assets
Amortisation, depreciation and write-downs totalled DKK
9 million in the first quarter of 2026, unchanged
compared to 2025.
Amortisation, depreciation and write-downs on intangible and
tangible assets
(DKK million)
Q1 2026
Q1 2025
2025
Intangible assets
5
5
20
Tangible assets
4
4
15
Total amortisation, depreciation
and write-downs on intangible
and tangible assets
9
9
35
Impairment charges for loans and other receivables etc.
The item represented income of DKK 16 million in the
first quarter of 2026, while income in the first quarter of
2025 was DKK 24 million. The development in the item in
the first three months of the year was satisfactory and
better than expected.
Impairment charges for loans and other receivables etc.
(DKK million)
Q1 2026
Q1 2025
2025
Impairment charges for loans and
other receivables etc.
+16
+24
+41
The bank still assesses the quality of its loan portfolio as
good.
For further details on the development in impairment
charges for loans etc., see pages 7 and 8 of the
management's review and notes 11 and 26 to this interim
report.
Ringkjøbing Landbobank A/S Page 12
Balance sheet etc.
Balance sheet items and contingent liabilities
million at the end of March 2026, compared to DKK
79,381 million at the same time the year before.
Loans in the period March 2025 to March 2026 increased
from DKK 56,444 million to DKK 64,575 million, an
increase of 14.4%. In the first three months of the year
loans increased by DKK 2.0 billion, equivalent to 3.2%.
Deposits including pooled schemes increased by 10.3%,
from DKK 56,926 million at the end of March 2025 to DKK
62,786 million at the end of March 2026. In the first three
months of the year deposits increased by DKK 1.4 billion,
equivalent to 2.4%.
amounted to DKK 8,816 million at the end of March 2026,
compared to DKK 7,543 million at the end of March 2025
and DKK 8,710 million at the end of December 2025.
Credit intermediation
In addition to the traditional bank loans shown on the
balance sheet, the bank also arranges mortgage loans on
behalf of both Totalkredit and DLR Kredit.
compared to March 2025 and by 3.4% in the first three
months of the year.
The development is shown in the following summary:
Total credit intermediation
(DKK million)
31 Mar.
2026
31 Mar.
2025
31 Dec.
2025
Loans etc.
64,575
56,444
62,553
Mortgage credit Totalkredit
53,469
49,511
51,356
Mortgage credit DLR Kredit
and others
9,785
9,263
9,753
Total
127,829
115,218
123,662
Securities and market risk
The bank measures its portfolio of securities at fair value.
the end of March 2026, with DKK 99 million in listed
shares and investment fund certificates and DKK 1,457
million in sector shares etc., mainly in the companies BI
Holding, DLR Kredit and PRAS.
The bond portfolio amounted to DKK 7,413 million on 31
March 2026, of which the majority consisted of AAA-
rated Danish mortgage credit bonds.
The total interest rate risk impact on profit of a one
percentage point change in interest level was
March 2026.
rate risk, listed shares etc. and foreign currency remains
at a moderate level, and this policy will continue.
Liquidity
-term funding
liabilities totalled DKK 2.1 billion, comprising debt to
credit institutions and issued bonds with term to maturity
less than 12 months. This was balanced by short-term
liquidity management deposits at Danmarks
Nationalbank (the central bank of Denmark), receivables
from credit institutions with term to maturity less than 12
months and listed securities totalling DKK 13.7 billion.
This means the total excess cover was DKK 11.6 billion.
In the first three months of the year, the bank entered into
agreements on new issues of non-preferred senior capital
and preferred senior capital equivalent to a total of DKK
In terms of liquidity, the bank must comply with the
statutory requirement of at least 100% for both the
liquidity ratios LCR and NSFR.
NSFR 116%. The bank thus met the statutory requirement
for both ratios by a good margin.
Capital structure
The bank operates with four different capital targets. The
capital targets specify that the common equity tier 1
capital ratio must be at least 13.5%, the total capital ratio
at least 17.0%, the MREL subordination ratio for covering
the subordination requirement plus the capital buffers at
least 25.5% and the MREL capital ratio for covering the
MREL requirement plus the capital buffers at least 26.0%.
11,568 million. The profit for the period must be added to
own shares bought must be subtracted. After this, equity
at the end of March 2026 was DKK 11,403 million.
When the common equity tier 1 is computed at the end of
the quarter, ongoing earnings contribute 86%. In addition,
a new DKK 400 million share buyback programme which
is part of the profit distribution for 2026 was deducted
from the common equity tier 1 at the end of March 2026.
were 21.0% and 16.0% respectively at the end of March
2026.
Capital ratios
31 Mar.
2026
31 Mar.
2025
31 Dec.
2025
Common equity tier 1 capital ratio
16.0
15.0
16.4
Tier 1 capital ratio
16.0
15.0
16.4
Total capital ratio
21.0
18.2
21.7
MREL subordination ratio
29.8
27.8
30.0
MREL capital ratio
31.3
28.5
30.9
Ringkjøbing Landbobank A/S Page 13
Adjusted for the part of the share buyback programmes
tier 1 capital ratio would have been as shown in the table
at the bottom of the page.
In December 2025, the bank received an updated MREL
requirement of 19.1% from the Danish FSA, applicable
from the beginning of 2026. The Danish FSA at the same
time notified the bank of a subordination requirement of
23.3%.
The subordination requirement must be met, as a
minimum, with non-preferred senior capital, while the
difference between the MREL requirement plus the
combined capital buffer requirements and the
subordination requirement can be met with preferred
senior capital.
Both the MREL requirement and the subordination
requirement must always be met.
To meet the MREL requirement, the bank has issued non-
preferred senior capital over time. At the end of March
2026, non-preferred senior capital equivalent to a total of
DKK 5.4 billion and preferred senior capital equivalent to
a total of DKK 2.7 billion had been issued. The preferred
senior capital complies with the eligibility provisions and
can be used to cover the difference between the MREL
requirement plus the combined capital buffer
requirements and the subordination requirement.
In the first quarter of the year, the bank entered into
agreements on new issues of non-preferred senior capital
equivalent to a total of DKK 1.6 billion and preferred
senior capital equivalent to a total of DKK 0.9 billion.
For further information on capital, please see page 20.
The bank expect to need refinancing of non-
preferred senior capital and tier 2 capital in the rest of
2026.
Solvency requirement, total requirement for total capital
and excess cover
The individual solvency requirement at the end of March
2026 was calculated as 9.0%.
the quarter, calculated as an exposure-weighted average
of the specific buffer rates in the home countries of the
customers to whom the bank is exposed. The capital
conservation buffer of 2.5% and a sector-specific
systemic buffer of 0.9% for exposures to real property
companies at the end of March 2026 should be added to
this.
thus 14.7% at the end of the first quarter of 2026,
equivalent to DKK 8.9 billion. Compared with the actual
total capital of DKK 12.7 billion, the capital buffer at the
end of March 2026 was thus DKK 3.8 billion, equivalent to
6.3 percentage points.
For further information, see the summary below.
Individual solvency requirement, total capital requirement and
excess cover
(%)
31 Mar.
2026
31 Mar.
2025
31 Dec.
2025
Individual solvency requirement
9.0
8.9
8.9
Capital conservation buffer
2.5
2.5
2.5
Countercyclical buffer
2.3
2.1
2.3
Sector-specific systemic buffer
0.9
0.9
0.9
total capital
14.7
14.4
14.6
Excess cover (pp) relative to
individual solvency requirement
12.0
9.3
12.8
Excess cover (pp) relative to
total requirement for total
capital
6.3
3.8
7.1
Share buyback programmes and capital reduction
again renewed its previous authorisation of the board of
directors to permit the bank, in accordance with the
applicable law, to acquire its own shares to a total
pital.
The general meeting further decided to cancel the
1,108,147 of the bank's own shares that were bought
during 2025 and in early 2026. The capital reduction is
expected to be finalised as soon as possible.
Adjusted tier 1 capital ratio
31 Mar.
2026
31 Mar.
2025
31 Dec.
2025
31 Dec.
2024
31 Dec.
2023
31 Dec.
2022
31 Dec.
2021
Common equity tier 1 capital ratio
16.0
15.0
16.4
16.6
18.9
17.4
17.6
Remaining share buyback programme
0.9
2.4
1.1
1.1
0.1
0.1
0.2
Deduction for expected distributions
0.1
0.5
-
-
-
-
-
Adjusted common equity tier 1 capital ratio
17.0
17.9
17.5
17.7
19.0
17.5
17.8
Ringkjøbing Landbobank A/S Page 14
The share buyback programme totalling DKK 500 million
already in progress is proceeding as planned and is
expected to be completed in early May, after which a new
DKK 400 million share buyback programme decided as
part of the profit distribution for 2026 will be initiated and
run until early August.
On 31 March 2026, a total of 236,600 shares had been
bought back under the programme, which the overview
below shows.
thus DKK 24,046,950 in nom. DKK 1 shares: see below.
Share capital/
Number of
shares
Beginning of 2026
25,391,697
Expected finalisation of capital reduction
-1,108,147
Number of shares after the capital reduction
24,283,550
Bought under the DKK 500 million share
buyback programme by the end of March 2026
-236,600
Actual number of shares on 31 March 2026
24,046,950
The Supervisory Diamond
Diamond. The Supervisory Diamond contains four
different benchmarks and associated limit values which
Danish banks are expected to observe.
The Supervisory Diamond benchmarks and limit values
Benchmark
Limit
value
31 Mar.
2026
31 Mar.
2025
31 Dec.
2025
Liquidity benchmark
>100%
157.3%
160.8%
171.6%
Large exposures
<175%
109.9%
136.2%
100.5%
Growth in loans
<20%
13.6%
10.1%
12.0%
Real property exposure
<25%
19.6%
18.7%
19.5%
As shown above, the bank met all four current limit values
by a good margin.
Financial rating and ESG rating
The bank is rated by the international credit rating agency
informed the bank that a periodic review had been
outlook remains unchanged for both the long-term bank
deposits and the long-term issuer rating.
rates the bank in the environmental, social and
the second-
reaffirmed on 23 March 2026 following updating of
Image survey
In March 2026, Voxmeter published its annual image
survey. The survey, which calculates a VoxBrand score
based on 24 image-related parameters, is by far the
biggest in Denmark and based on more than 60,000
respondents.
The Ringkjøbing Landbobank brand again takes first
place.
Expected results for 2026
On 21 January 2026, the bank announced its initial
expectations for 2026, which were net profit in the range
DKK 2.0 - 2.4 billion.
On the basis of the profit for the first quarter of 2026, the
bank maintains its previously announced expectations for
2026.
Accounting policies
The accounting policies are unchanged relative to those
in the submitted and audited 2025 annual report.
Ringkjøbing Landbobank A/S Page 15
Management statement
The board of directors and the general management have today discussed and approved the interim report of Ringkjøbing
Landbobank A/S for the period 1 January to 31 March 2026.
The interim report is drawn up in accordance with statutory requirements, including the provisions of the Danish Financial
Business Act and other Danish disclosure requirements for listed financial companies. We consider the chosen accounting
policies to be appropriate and the estimates made responsible, so that the interim report provides a true and fair view of the
od 1
January to 3
uncertainties which can affect the bank.
t
procedures corresponding to those required for a review and have thereby checked that the conditions for ongoing
recognition of the profit for the period in the common equity tier 1 capital have been met.
Ringkøbing, 29 April 2026
General management:
John Fisker
CEO
Claus Andersen
General Manager
Jørn Nielsen
General Manager
Carl Pedersen
General Manager
Board of directors:
Martin Krogh Pedersen
Chair
Jacob Møller
Deputy Chair
Morten Jensen
Deputy Chair
Jon Steingrim Johnsen
Anne Kaptain
Karsten Madsen
Lone Rejkjær Söllmann
Lene Weldum
Lisa Munkholm
Employee representative
Nanna G. Snogdal
Employee representative
Martin Wilche
Employee representative
Finn Aaen
Employee representative
Ringkjøbing Landbobank A/S Page 16
Statements of income and comprehensive income
Note
no.
Q1
2026
DKK 1,000
Q1
2025
DKK 1,000
Full year
2025
DKK 1,000
1
Interest income
824,519
858,161
3,296,641
2
Interest expenses
192,785
220,962
772,388
Net interest income
631,734
637,199
2,524,253
Dividends from shares etc.
33,116
6,431
227,712
3
Fee and commission income
344,473
318,251
1,229,924
3
Fee and commission expenses
31,918
26,556
109,977
Net interest and fee income
977,405
935,325
3,871,912
4
Value adjustments
+54,573
+113,562
+241,210
Other operating income
36
327
1,298
5,6
Staff and administration expenses
263,760
254,817
1,064,284
Amortisation, depreciation and write-downs on intangible and
tangible assets
8,538
8,684
34,594
Other operating expenses
0
0
408
7,11
Impairment charges for loans and other receivables etc.
+15,513
+24,253
+41,357
Results from investments in associated companies and
subsidiaries
0
0
-56
Profit before tax
775,229
809,966
3,056,435
8
Tax
189,942
194,418
743,024
Net profit
585,287
615,548
2,313,411
Other comprehensive income
0
0
0
Total comprehensive income for the period
585,287
615,548
2,313,411
Ringkjøbing Landbobank A/S Page 17
Balance sheet
Note
no.
31 March
2026
DKK 1,000
31 March
2025
DKK 1,000
31 December
2025
DKK 1,000
Assets
Cash in hand and demand deposits with central banks
4,618,791
5,287,006
5,163,919
9
Receivables from credit institutions and central banks
1,592,747
422,549
255,961
10,11,12
Total loans and other receivables at amortised cost
64,574,855
56,443,558
62,553,036
13
Bonds at fair value
7,413,045
6,193,114
7,082,864
14
Shares etc.
1,555,585
1,542,640
1,549,919
Investments in associated companies
470
465
470
Investments in subsidiaries
12,019
12,080
12,019
15
Assets linked to pooled schemes
7,583,022
7,004,631
7,740,568
16
Intangible assets
968,266
987,775
973,143
Total land and buildings
210,380
209,300
212,510
Investment properties
829
829
829
Domicile properties
187,571
189,332
187,945
Domicile properties (leasing)
21,980
19,139
23,736
Other tangible assets
16,863
16,740
16,098
Current tax assets
0
523,454
69,345
Deferred tax assets
4,770
11,924
3,377
Temporary assets
100
100
100
Other assets
811,013
705,791
654,672
Prepayments
19,917
19,527
20,718
Total assets
89,381,843
79,380,654
86,308,719
Ringkjøbing Landbobank A/S Page 18
Balance sheet
Note
no.
31 March
2026
DKK 1,000
31 March
2025
DKK 1,000
31 December
2025
DKK 1,000
Liabilities and equity
17
Debt to credit institutions and central banks
2,287,574
2,298,601
2,658,167
Total deposits and other debt
62,786,072
56,926,406
61,337,515
18
Deposits and other debt
55,203,050
49,921,775
53,596,947
15
Deposits in pooled schemes
7,583,022
7,004,631
7,740,568
19
Issued bonds at amortised cost
8,189,560
6,496,136
6,780,930
Preferred senior capital
2,915,401
1,247,761
2,004,493
Non-preferred senior capital
5,274,159
5,248,375
4,776,437
Current tax liabilities
32,133
0
0
Other liabilities
1,543,528
806,013
813,589
Deferred income
38
167
64
Total debt
74,838,905
66,527,323
71,590,265
11
Provisions for losses on guarantees
55,013
24,657
56,160
11
Other provisions for liabilities
39,137
23,457
36,235
Total provisions for liabilities
94,150
48,114
92,395
Tier 2 capital
3,045,447
1,796,163
3,058,101
20
Total subordinated debt
3,045,447
1,796,163
3,058,101
21
Share capital
25,392
26,707
25,392
Net revaluation reserve under the equity method
416
472
416
Retained earnings
11,377,533
10,981,875
11,235,450
Proposed dividend etc.
-
-
306,700
Total shareholders’ equity
11,403,341
11,009,054
11,567,958
Total liabilities and equity
89,381,843
79,380,654
86,308,719
22
Own shares
23
Contingent liabilities etc.
24
Assets provided as security
Credit risk
25
Loans and guarantees in percent, by sector and industry
26
Loans, guarantees and unutilised credit facilities and credit undertakings by credit quality and IFRS 9 stages
(before impairment and provisions), and impairment charges by stages
27
Miscellaneous information
Ringkjøbing Landbobank A/S Page 19
Statement of changes in equity
DKK 1,000
Share
capital
Net revaluation
reserve under the
equity method
Retained
earnings
Proposed
dividend
etc.
Total
shareholders’
equity
At 31 March 2026:
Shareholders’ equity at the end of the previous
financial year
25,392
416
11,235,450
306,700
11,567,958
Comprehensive income
Net profit for the period
585,287
585,287
Total comprehensive income
0
0
585,287
0
585,287
Transactions with shareholders
Dividend etc. paid
-306,700
-306,700
Dividend received on own shares
14,686
14,686
Purchase of own shares
-839,427
-839,427
Sale of own shares
368,599
368,599
Other equity transactions (employee shares)
12,938
12,938
Total transactions with shareholders
0
0
-443,204
-306,700
-749,904
Shareholders’ equity on the balance sheet date
25,392
416
11,377,533
0
11,403,341
At 31 March 2025:
Shareholders’ equity at the end of the previous
financial year
26,707
472
10,711,317
295,774
11,034,270
Comprehensive income
Net profit for the period
615,548
615,548
Total comprehensive income
0
0
615,548
0
615,548
Transactions with shareholders
Dividend etc. paid
-295,774
-295,774
Dividend received on own shares
16,145
16,145
Purchase of own shares
-719,755
-719,755
Sale of own shares
346,172
346,172
Other equity transactions (employee shares)
12,448
12,450
Total transactions with shareholders
0
0
-344,990
-295,774
-640,764
Shareholders’ equity on the balance sheet date
26,707
472
10,981,875
0
11,009,054
At 31 December 2025:
Shareholders’ equity at the end of the previous
financial year
26,707
472
10,711,317
295,774
11,034,270
Comprehensive income
Net profit for the year
-56
2,006,767
306,700
2,313,411
Total comprehensive income
0
-56
2,006,767
306,700
2,313,411
Transactions with shareholders
Reduction of share capital
-1,315
1,315
0
Dividend etc. paid
-295,774
-295,774
Dividend received on own shares
16,145
16,145
Purchase of own shares
-2,957,790
-2,957,790
Sale of own shares
1,421,104
1,421,104
Other equity transactions (employee shares)
36,592
36,592
Total transactions with shareholders
-1,315
0
-1,482,634
-295,774
-1,779,723
Shareholders’ equity on the balance sheet date
25,392
416
11,235,450
306,700
11,567,958
Ringkjøbing Landbobank A/S Page 20
Statement of capital
31 March
2026
DKK 1,000
31 March
2025
DKK 1,000
31 December
2025
DKK 1,000
Credit risk
54,948,976
50,028,921
52,537,855
Market risk
1,104,234
1,168,273
1,256,911
Operational risk
4,587,849
4,198,979
4,587,849
Total risk exposure
60,641,059
55,396,173
58,382,615
11,403,341
11,009,054
11,567,958
Proposed dividend etc.
-
-
-306,700
Deduction for expected distributions
-81,940
-264,686
-
Deduction for insufficient coverage of non-performing exposures
-60,688
-44,031
-34,232
Deduction for the sum of equity investments etc. above 10%
0
-105,581
0
Deduction for prudent valuation
-17,235
-15,203
-16,815
Deduction for intangible assets
-968,266
-987,775
-973,143
Deferred tax on intangible assets
7,024
10,848
7,980
Deferred tax on tangible assets etc.
-11,794
-22,772
-11,357
Deduction of amount of share buyback programme
-2,400,000
-3,025,000
-2,000,000
Actual utilisation of amount of share buyback programme
1,857,410
1,790,682
1,399,565
Deduction for trading limit for own shares
-15,000
-15,000
-15,000
Deduction for indirect ownership of own shares
-20,246
-32,119
-25,530
Common equity tier 1
9,692,606
8,298,417
9,592,726
Tier 1 capital
9,692,606
8,298,417
9,592,726
Tier 2 capital
3,045,447
1,796,163
3,058,101
Deduction for the sum of equity investments etc. above 10%
0
-33,038
0
Total capital
12,738,053
10,061,542
12,650,827
Non-preferred senior capital
5,361,539
5,329,230
4,854,644
MREL subordinated capital
18,099,592
15,390,772
17,505,471
Recognised contractual senior capital
909,616
387,928
525,444
MREL capital
19,009,208
15,778,700
18,030,915
Common equity tier 1 capital ratio (%)
16.0
15.0
16.4
Tier 1 capital ratio (%)
16.0
15.0
16.4
Total capital ratio (%)
21.0
18.2
21.7
MREL subordination ratio (%)
29.8
27.8
30.0
MREL capital ratio (%)
31.3
28.5
30.9
Pillar I capital requirements
4,851,285
4,431,694
4,670,609
Subordination requirement (%) fixed by the Danish FSA incl. buffers
23.3
23.7
23.7
Excess cover (pp) relative to subordination requirement incl. buffers
6.5
4.1
6.3
MREL requirement (%) fixed by the Danish FSA
19.1
18.9
18.9
Excess cover (pp) relative to MREL requirement
12.2
9.6
12.0
MREL requirement (%) fixed by the Danish FSA including buffers
24.8
24.4
24.6
Excess cover (pp) relative to MREL requirement including buffers
6.5
4.1
6.3
Individual solvency requirement (%)
9.0
8.9
8.9
Capital conservation buffer (%)
2.5
2.5
2.5
Countercyclical buffer (%)
2.3
2.1
2.3
Sector-specific systemic buffer (%)
0.9
0.9
0.9
14.7
14.4
14.6
Excess cover (pp) relative to individual solvency requirement
12.0
9.3
12.8
Excess cover (pp) relative to total requirement for total capital
6.3
3.8
7.1
Ringkjøbing Landbobank A/S Page 21
Notes
Note
no.
Q1
2026
DKK 1,000
Q1
2025
DKK 1,000
Full year
2025
DKK 1,000
1
Interest income
Receivables from credit institutions and central banks
17,401
33,831
102,340
Loans and other receivables
746,983
777,426
2,977,645
Loans interest on the impaired part of loans
-11,147
-12,806
-48,904
Bonds
50,264
52,220
210,996
Total derivative financial instruments
21,018
7,490
50,679
of which currency contracts net
17,269
537
34,202
of which interest-rate contracts net
3,749
6,953
16,477
Other interest income
0
0
3,885
Total interest income
824,519
858,161
3,296,641
of which interest income from collateralised repurchase agreements/
91
0
0
2
Interest expenses
Debt to credit institutions and central banks
10,648
7,939
35,099
Deposits and other debt
85,997
132,417
414,173
Issued bonds
66,954
59,254
222,885
Subordinated debt
28,780
20,941
91,488
Other interest expenses
406
411
8,743
Total interest expenses
192,785
220,962
772,388
3
Gross fee and commission income
Securities trading
67,951
58,852
209,972
Asset management and custody accounts
74,086
70,728
280,473
Payment handling
55,220
52,289
209,652
Loan fees
25,906
23,256
99,353
Guarantee commission and mortgage credit commission etc.
70,791
72,487
287,293
Pension and insurance commission
35,870
27,125
99,328
Other fees and commission
14,649
13,514
43,853
Total gross fee and commission income
344,473
318,251
1,229,924
Net fee and commission income
Securities trading
63,064
54,975
195,895
Asset management and custody accounts
68,554
65,834
260,717
Payment handling
38,556
38,660
153,404
Loan fees
22,912
20,827
86,944
Guarantee commission and mortgage credit commission etc.
70,791
72,487
287,293
Pension and insurance commission
35,870
27,125
99,328
Other fees and commission
12,808
11,787
36,366
Total net fee and commission income
312,555
291,695
1,119,947
Foreign exchange income
35,499
35,300
131,600
Total net fee, commission and foreign exchange income
348,054
326,995
1,251,547
Ringkjøbing Landbobank A/S Page 22
Notes
Note
no.
Q1
2026
DKK 1,000
Q1
2025
DKK 1,000
Full year
2025
DKK 1,000
4
Value adjustments
Other loans and receivables
-2,572
-4,223
-10,478
Bonds
-17,249
-13,328
11,418
Shares etc.
30,271
92,903
101,101
Foreign exchange
35,499
35,300
131,600
Total derivative financial instruments
-7,259
-7,417
4,969
of which currency contracts
-15,464
-11,267
-3,853
of which interest-rate contracts
8,204
3,851
9,540
of which share contracts
1
-1
-718
Assets linked to pooled schemes
-255,860
-185,946
252,427
Deposits in pooled schemes
255,860
185,946
-252,427
Issued bonds etc.
14,052
10,327
1,536
Tier 2 capital
1,831
0
1,064
Total value adjustments
54,573
113,562
241,210
The part of value adjustments relating to the fair value hedging accounts
below is distributed as follows:
Other loans and receivables
-5,065
-4,136
-10,750
Bonds
-2,279
-449
-3,833
Currency contracts
-15,509
-11,943
-5,508
Interest-rate contracts
6,970
6,201
17,491
Issued bonds etc.
14,052
10,327
1,536
Tier 2 capital
1,831
0
1,064
Total effect of hedging on profit
0
0
0
5
Staff and administration expenses
Total payments and fees to general management, board of directors and
6,840
6,257
31,986
General management
6,836
6,249
25,190
Board of directors
0
0
5,706
4
8
1,090
Total staff expenses
155,089
146,595
604,324
Salaries
120,243
113,114
465,946
Pensions
13,341
12,893
51,820
Social security expenses
667
1,252
79,613
Costs depending on number of staff
20,838
19,336
6,945
Other administration expenses
101,831
101,965
427,974
Total staff and administration expenses
263,760
254,817
1,064,284
6
Number of full-time employees
Average number of employees during the period converted into full-time
equivalents (FTE)
685
674
683
Number of full-time employees at the end of the period
685
674
688
7
Impairment charges for loans and other receivables etc.
Net changes in impairment charges for loans and other receivables etc.
and provisions for losses on guarantees and unutilised credit facilities
+10,435
+8,003
+1,586
Actual realised net losses
-6,069
+3,444
-9,133
Interest on the impaired part of loans
+11,147
+12,806
+48,904
Total impairment charges for loans and other receivables etc.
+15,513
+24,253
+41,357
Ringkjøbing Landbobank A/S Page 23
Notes
Note
no.
Q1
2026
DKK 1,000
Q1
2025
DKK 1,000
Full year
2025
DKK 1,000
8
Tax
Tax calculated on income for the year
191,336
186,849
727,312
Adjustment of deferred tax
1,781
7,569
16,235
Adjustment of tax calculated for previous years
-3,175
0
-523
Total tax
189,942
194,418
743,024
Effective tax rate (%):
Tax rate currently paid by the bank
22.0
22.0
22.0
Factor increase (extra tax imposed on financial undertakings)
4.0
4.0
4.0
Non-taxable income and non-deductible costs*
-1.1
-2.0
-1.7
Adjustment regarding previous years etc.
-0.4
0.0
0.0
Total effective tax rate
24.5
24.0
24.3
* Primarily value adjustment of and dividends from sector shares.
31 March
2026
31 March
2025
31 December
2025
DKK 1,000
DKK 1,000
DKK 1,000
9
Receivables from credit institutions and central banks
On demand
1,592,747
422,549
255,961
Total receivables from credit institutions and central banks
1,592,747
422,549
255,961
10
Loans and other receivables at amortised cost
On demand
10,722,042
10,254,298
10,786,201
Up to and including 3 months
2,947,455
3,459,048
2,489,647
More than 3 months and up to and including 1 year
11,948,887
9,962,011
11,622,286
More than 1 year and up to and including 5 years
18,541,415
15,357,863
17,082,455
More than 5 years
20,415,056
17,410,338
20,572,447
Total loans and other receivables at amortised cost
64,574,855
56,443,558
62,553,036
of which collateralised repurchase agreements/reverse repo transactions
467,467
0
0
Ringkjøbing Landbobank A/S Page 24
Notes
Note
no.
11
Impairment charges for loans and other receivables and provisions for losses on guarantees,
unutilised credit facilities and loan undertakings
Impairment charges and provisions – by stages
Stage 1
Stage 2
Stage 3
Total
DKK 1,000
DKK 1,000
DKK 1,000
DKK 1,000
At 31 March 2026
Loans and other receivables at amortised cost
523,166
1,128,262
616,948
2,268,376
Guarantees
21,086
13,651
20,276
55,013
Unutilised credit facilities and loan undertakings
27,339
11,798
0
39,137
Total impairment charges and provisions by stages
571,591
1,153,711
637,224
2,362,526
of which management estimates
398,954
491,056
151,759
1,041,769
At 31 March 2025
Loans and other receivables at amortised cost
473,445
1,111,648
733,337
2,318,430
Guarantees
6,248
7,495
10,914
24,657
Unutilised credit facilities and loan undertakings
12,020
11,437
0
23,457
Total impairment charges and provisions by stages
491,713
1,130,580
744,251
2,366,544
of which management estimates
313,296
480,995
196,102
990,393
At 31 December 2025
Loans and other receivables at amortised cost
493,514
1,079,488
707,564
2,280,566
Guarantees
20,804
14,318
21,038
56,160
Unutilised credit facilities and loan undertakings
24,273
11,962
0
36,235
Total impairment charges and provisions by stages
538,591
1,105,768
728,602
2,372,961
of which management estimates
373,772
468,230
199,568
1,041,570
31 March
2026
31 March
2025
31 December
2025
DKK 1,000
DKK 1,000
DKK 1,000
The above includes the following stage 3 impairment charges and provisions
taken over from Nordjyske Bank:
Cumulative stage 3 impairment charges and provisions at the end of the
previous financial year
59,680
73,637
73,637
Change during the period
-666
-1,011
-13,957
Total stage 3 impairment charges and provisions taken over
59,014
72,626
59,680
Ringkjøbing Landbobank A/S Page 25
Notes
Note
no.
11
Impairment charges for loans and other receivables and provisions for losses on guarantees,
unutilised credit facilities and loan undertakings – continued
Impairment charges and provisions
Impairment
charges etc.
taken to
income
statement
Stage 1
Stage 2
Stage 3
Total
DKK 1,000
DKK 1,000
DKK 1,000
DKK 1,000
DKK 1,000
At 31 March 2026
Impairment charges and provisions at the end
of the previous financial year
538,591
1,105,768
728,602
2,372,961
-
Impairment charges and provisions for new
exposures during the period, including new
accounts for existing customers
70,652
19,897
27,146
117,695
117,695
Reversed impairment charges and provisions
for repaid accounts
-44,244
-39,948
-25,553
-109,745
-109,745
Migration of impairment charges and
provisions at beginning of period to stage 1
88,241
-87,658
-583
0
-
Migration of impairment charges and
provisions at beginning of period to stage 2
-11,601
53,774
-42,173
0
-
Migration of impairment charges and
provisions at beginning of period to stage 3
-24
-9,321
9,345
0
-
Impairment charges and provisions during the
year resulting from credit risk change
-70,024
111,199
-53,009
-11,834
-11,834
Previously written down, now definitively lost
-
-
-6,551
-6,551
-
Lost, not previously written down
-
-
-
-
1,779
Received on claims previously written off
-
-
-
-
-2,261
Interest on the impaired part of loans
-
-
-
-
-11,147
Total impairment charges and provisions
571,591
1,153,711
637,224
2,362,526
-15,513
of which regarding credit institutions etc.
1,310
0
0
1,310
433
At 31 March 2025
Impairment charges and provisions at the end
of the previous financial year
463,388
1,177,521
733,637
2,374,546
-
Impairment charges and provisions for new
exposures during the period, including new
accounts for existing customers
42,331
61,609
32,935
136,875
136,875
Reversed impairment charges and provisions
for repaid accounts
-40,192
-109,927
-34,716
-184,835
-184,835
Migration of impairment charges and
provisions at beginning of period to stage 1
115,193
-110,999
-4,194
0
-
Migration of impairment charges and
provisions at beginning of period to stage 2
-8,488
23,964
-15,476
0
-
Migration of impairment charges and
provisions at beginning of period to stage 3
-102
-12,961
13,063
0
-
Impairment charges and provisions during the
year resulting from credit risk change
-80,417
101,373
22,630
43,586
43,586
Previously written down, now definitively lost
-
-
-3,628
-3,628
-
Lost, not previously written down
-
-
-
-
1,003
Received on claims previously written off
-
-
-
-
-8,076
Interest on the impaired part of loans
-
-
-
-
-12,806
Total impairment charges and provisions
491,713
1,350,580
744,251
2,366,544
-24,253
of which regarding credit institutions etc.
1,413
0
0
1,413
548
Ringkjøbing Landbobank A/S Page 26
Notes
Note
no.
11
Impairment charges for loans and other receivables and provisions for losses on guarantees,
unutilised credit facilities and loan undertakings – continued
Impairment charges and provisions – continued
Impairment
charges etc.
taken to
income
statement
Stage 1
Stage 2
Stage 3
Total
DKK 1,000
DKK 1,000
DKK 1,000
DKK 1,000
DKK 1,000
At 31 December 2025
Impairment charges and provisions at the end
of the previous financial year
463,388
1,177,521
733,637
2,374,546
-
Impairment charges and provisions for new
exposures during the period, including new
accounts for existing customers
209,052
147,059
139,028
495,139
495,139
Reversed impairment charges and provisions
for repaid accounts
-118,567
-312,915
-93,607
-525,089
-525,089
Migration of impairment charges and
provisions at beginning of period to stage 1
262,590
-253,259
-9,331
0
0
Migration of impairment charges and
provisions at beginning of period to stage 2
-24,023
80,288
-56,265
0
0
Migration of impairment charges and
provisions at beginning of period to stage 3
-902
-39,706
40,608
0
0
Impairment charges and provisions during the
year resulting from credit risk change
-252,947
306,780
17,632
71,465
71,465
Previously written down, now definitively lost
-
-
-43,100
-43,100
-
Lost, not previously written down
-
-
-
-
10,715
Received on claims previously written off
-
-
-
-
-44,683
Interest on the impaired part of loans
-
-
-
-
-48,904
Total impairment charges and provisions
538,591
1,105,768
728,602
2,372,961
-41,357
of which regarding credit institutions etc.
877
0
0
877
304
31 March
2026
DKK 1,000
31 March
2025
DKK 1,000
31 December
2025
DKK 1,000
12
Suspended interest
Loans and other receivables with suspended interest on the balance sheet
date
140,886
184,879
132,070
13
Bonds at fair value
Mortgage credit bonds
5,373,886
4,343,826
5,047,253
Other bonds
2,039,159
1,849,288
2,035,611
Total bonds at fair value
7,413,045
6,193,114
7,082,864
Bonds at fair value by rating classes
Percent
Percent
Percent
Aaa/AAA
71
70
70
Aa3/AA-
2
-
-
A1/A+
7
0
2
A2/A
0
5
0
A3/A-
1
1
1
Baa1/BBB+
1
1
0
Baa2/BBB
1
2
1
Baa3/BBB-
0
-
1
Ba1/BB+
0
0
-
Not rated
17
21
25
Total
100
100
100
has
more than one rating, the lowest is used.
Ringkjøbing Landbobank A/S Page 27
Notes
Note
no.
31 March
2026
DKK 1,000
31 March
2025
DKK 1,000
31 December
2025
DKK 1,000
14
Shares etc.
Listed on the stock exchange
94,671
64,816
93,566
Investment fund certificates
4,659
2,965
1,553
Unlisted shares at fair value
9,822
8,965
8,628
Sector shares at fair value
1,446,433
1,465,874
1,446,172
Total shares etc.
1,555,585
1,542,640
1,549,919
15
Assets linked to pooled schemes
Cash deposits
29,815
21,598
46,667
Bonds:
Other bonds
1,383,507
1,525,009
1,370,300
Total bonds
1,383,507
1,525,009
1,370,300
Shares:
Other shares
509,963
374,978
526,238
Investment fund certificates
5,675,677
5,009,021
5,797,363
Total shares
6,185,640
5,473,999
6,323,601
Other items
-15,940
-15,975
0
Total assets linked to pooled schemes
7,583,022
7,004,631
7,740,568
16
Intangible assets
Goodwill
Cost at the end of the previous financial year
923,255
923,255
923,255
Total cost on the balance sheet date
923,255
923,255
923,255
Total goodwill on the balance sheet date
923,255
923,255
923,255
Customer relationships
Cost at the end of the previous financial year
195,088
195,088
195,088
Total cost on the balance sheet date
195,088
195,088
195,088
Amortisation at the end of the previous financial year
145,200
125,691
125,691
Amortisation for the period
4,877
4,877
19,509
Total amortisation on the balance sheet date
150,077
130,568
145,200
Total customer relationships on the balance sheet date
45,011
64,520
49,888
Total intangible assets on the balance sheet date
968,266
987,775
973,143
17
Debt to credit institutions and central banks
On demand
10,342
872,629
946,761
Up to and including 3 months
1,120,943
7,037
1,066
More than 3 months and up to and including 1 year
748,192
766,730
1,120,343
More than 1 year and up to and including 5 years
119,881
333,218
294,125
More than 5 years
288,216
318,987
295,872
Total debt to credit institutions and central banks
2,287,574
2,298,601
2,658,167
Ringkjøbing Landbobank A/S Page 28
Notes
Note
no.
31 March
2026
DKK 1,000
31 March
2025
DKK 1,000
31 December
2025
DKK 1,000
18
Deposits and other debt
On demand*
39,521,323
35,455,109
39,530,804
Deposits and other debt with notice:
Up to and including 3 months
6,554,394
5,592,315
5,283,875
More than 3 months and up to and including 1 year
4,070,889
3,883,978
3,913,089
More than 1 year and up to and including 5 years
1,918,018
1,528,431
1,718,650
More than 5 years
3,138,426
3,461,942
3,150,529
Total deposits and other debt
55,203,050
49,921,775
53,596,947
of which deposits covered by the Guarantee Fund
51.8%
53.8%
53.7%
Distributed as follows:
On demand
39,031,778
35,403,459
40,165,920
With notice
4,002,751
5,311,007
4,414,869
Time deposits
5,212,322
3,701,454
3,535,742
Long-term deposit agreements
2,579,087
2,305,521
2,224,422
Special types of deposits*
4,377,112
3,200,334
3,255,994
Total deposits and other debt
55,203,050
49,921,775
53,596,947
19
Issued bonds at amortised cost
Up to and including 3 months
224,559
0
0
More than 3 months and up to and including 1 year
0
149,345
223,596
More than 1 year and up to and including 5 years
7,093,858
5,368,249
5,870,315
More than 5 years
871,143
978,542
687,019
Total issued bonds at amortised cost
8,189,560
6,496,136
6,780,930
Distributed as follows:
Preferred senior capital
2,928,900
1,262,065
2,012,939
Adjustment to amortised cost and fair value adjustment
-13,499
-14,304
-8,446
Total preferred senior capital
2,915,401
1,247,761
2,004,493
Non-preferred senior capital
5,362,879
5,331,020
4,856,097
Adjustment to amortised cost and fair value adjustment
-88,720
-82,645
-79,660
Total non-preferred senior capital
5,274,159
5,248,375
4,776,437
Total issued bonds at amortised cost
8,189,560
6,496,136
6,780,930
20
Subordinated debt
Tier 2 capital:
Floating-rate loan, principal of DKK 300 million,
maturity date 13 June 2030
-
300,000
-
Floating-rate loan, principal of DKK 500 million,
maturity date 12 January 2032
500,000
500,000
500,000
Floating-rate loan, principal of DKK 500 million,
maturity date 1 September 2033
500,000
500,000
500,000
Floating-rate loan, principal of DKK 500 million,
maturity date 22 January 2035
500,000
500,000
500,000
Floating-rate loan, principal of SEK 350 million,
maturity date 1 April 2035
238,966
-
241,657
Floating-rate loan, principal of SEK 660 million,
maturity date 8 July 2035
450,622
-
455,697
Floating-rate loan, principal of EUR 70 million,
maturity date 4 February 2036
523,106
-
522,827
Floating-rate loan, principal of SEK 500 million,
maturity date 4 February 2036
341,380
-
345,225
Adjustment to amortised cost and fair value adjustment
-8,627
-3,837
-7,305
Total subordinated debt
3,045,447
1,796,163
3,058,101
Ringkjøbing Landbobank A/S Page 29
Notes
Note
no.
31 March
2026
DKK 1,000
31 March
2025
DKK 1,000
31 December
2025
DKK 1,000
21
Share capital
Number of DKK 1 shares
Beginning of period
25,391,697
26,706,739
26,706,739
Cancelled during the period
0
0
-1,315,042
End of period
25,391,697
26,706,739
25,391,697
of which reserved for subsequent cancellation
1,333,247
1,535,542
1,043,977
Total share capital
25,392
26,707
25,392
22
Own shares
Own shares included in the balance sheet at
0
0
0
Market value
2,051,867
1,884,110
1,605,590
Number of own shares:
Beginning of period
1,043,977
1,231,237
1,231,237
Purchased during the period
528,629
603,432
2,056,087
Sold during the period
-239,359
-299,127
-928,305
Cancelled during the period
0
0
-1,315,042
End of period
1,333,247
1,535,542
1,043,977
of which reserved for subsequent cancellation
1,333,247
1,535,542
1,043,977
Nominal value of holding of own shares, end of period
1,333
1,536
1,044
5.3
5.7
4.1
23
Contingent liabilities etc.
Contingent liabilities
Financial guarantees
5,024,844
3,693,941
4,502,057
Guarantees against losses on mortgage credit loans
1,181,249
1,282,607
1,223,403
Registration and refinancing guarantees
2,082,060
1,921,131
2,451,479
Sector guarantees
94,676
108,764
94,676
Other contingent liabilities
433,355
536,466
438,557
Total contingent liabilities
8,816,184
7,542,909
8,710,172
Other contractual obligations
Irrevocable credit undertakings etc.
154,772
146,394
168,838
Total other contractual obligations
154,772
146,394
168,838
24
Assets provided as security
First-mortgage loans are provided for renewable energy projects. The
loans are funded directly by KfW Bankengruppe, to which security in the
associated loans has been provided. Each reduction of the first-mortgage
loans is deducted directly from the funding at KfW Bankengruppe.
The balance sheet item is
408,995
679,817
591,064
Pledged to Danmarks Nationalbank as collateral for clearing etc.:
Balance in current account with Danmarks Nationalbank
0
35,531
0
Collateral under CSA agreements etc.
26,146
78,875
76,245
Ringkjøbing Landbobank A/S Page 30
Notes
Note
no.
25
Loans and guarantees by sector and industry
31 March
2026
*31 March
2025
31 December
2025
DKK million
%
DKK million
%
DKK million
%
Public authorities
7.3
0.0
9.3
0.0
10.0
0.0
Business customers:
Agriculture, hunting and forestry
Cattle farming etc.
522.0
0.7
516.6
0.8
502.2
0.7
Pig farming etc.
685.3
0.9
654.6
1.0
695.9
1.0
Crop farming
2,972.9
4.1
2,613.2
4.1
2,985.9
4.2
Other agriculture, hunting and forestry
1,102.0
1.5
731.0
1.1
906.7
1.3
Fisheries
645.8
0.9
776.0
1.2
645.4
0.9
Industry and raw materials extraction
3,225.5
4.4
2,949.8
4.6
3,227.1
4.5
Energy supply
Renewable energy
4,802.4
6.5
4,531.4
7.1
4,855.4
6.8
Other energy supply
416.8
0.6
352.2
0.6
261.8
0.4
Building and construction
1,098.9
1.5
1,030.9
1.6
1,131.5
1.6
Trade
2,789.5
3.8
2,298.9
3.6
2,522.2
3.5
Transport, hotels and restaurants
1,295.5
1.8
1,070.1
1.7
1,266.2
1.8
Information and communication
457.3
0.6
292.1
0.5
489.7
0.7
Finance and insurance
10,358.9
14.1
9,127.5
14.3
9,089.9
12.8
Real property
Real property financing without prior creditors
11,426.5
15.6
8,713.6
13.6
10,962.2
15.4
Other real property financing
2,955.1
4.0
3,224.2
5.0
2,892.1
4.1
Other business customers
3,882.1
5.3
3,173.2
5.0
3,865.8
5.4
Total business customers
48,636.5
66.3
42,055.3
65.8
46,300.0
65.1
37,485.0
51.1
32,952.1
51.5
35,761.8
50.2
Private individuals
24,692.2
33.7
21,897.2
34.2
24,897.0
34.9
Total
73,336.0
100.0
63,961.8
100.0
71,207.0
100.0
* The comparative figures at 31 March 2025 have been changed because the new industry codes entering into force at the
beginning of 2025 resulted in incorrect updating of a number of manually allocated industry codes, which placed the customers in
question in incorrect industry categories.
Ringkjøbing Landbobank A/S Page 31
Notes
Note
no.
26
Loans, guarantees and unutilised credit facilities and credit undertakings by credit quality and IFRS 9
stages (before impairment and provisions), and impairment charges by stages
Stage 1
Stage 2
Stage 3
Credit-
impaired on
initial
recognition
Total
Total
DKK 1,000
DKK 1,000
DKK 1,000
DKK 1,000
DKK 1,000
%
At 31 March 2026
Credit quality*
High
80,622,317
188,865
0
0
80,811,182
78.4
Medium
13,066,814
2,212,429
0
0
15,279,243
14.8
Low
1,146,893
4,850,931
0
0
5,997,824
5.8
Credit-impaired
-
-
920,304
82,948
1,003,252
1.0
Total
94,836,024
7,252,225
920,304
82,948
103,091,501
100.0
Percent
92.0
7.0
0.9
0.1
100.0
of which loans
59,781,327
6,135,718
846,340
79,845
66,843,230
Percent
89.4
9.2
1.3
0.1
100.0
Impairment charges etc.
Individual
812,784
34.4
Model-calculated
507,973
21.5
Management estimates
1,041,769
44.1
Total
571,591
1,153,711
578,210
59,014
2,362,526
100.0
At 31 March 2025
Credit quality*
High
68,756,401
89,082
0
0
68,845,483
76.5
Medium
11,688,458
2,254,312
0
0
13,942,770
15.5
Low
1,534,579
4,481,145
0
0
6,015,724
6.7
Credit-impaired
-
-
1,071,844
121,374
1,193,218
1.3
Total
81,979,438
6,824,539
1,071,844
121,374
89,997,195
100.0
Percent
91.1
7.6
1.2
0.1
100.0
of which loans
52,017,411
5,734,128
894,102
116,346
58,761,987
Percent
88.5
9.8
1.5
0.2
100.0
Impairment charges etc.
Individual
849,472
35.9
Model-calculated
526,679
22.3
Management estimates
990,393
41.8
Total
491,713
1,130,580
671,625
72,626
2,366,544
100.0
At 31 December 2025
Credit quality*
High
77,717,595
80,542
0
0
77,798,137
78.7
Medium
11,655,883
2,298,948
0
0
13,954,831
14.1
Low
1,286,632
4,744,823
0
0
6,031,455
6.1
Credit-impaired
-
-
1,021,184
88,501
1,109,685
1.1
Total
90,660,110
7,124,313
1,021,184
88,501
98,894,108
100.0
Percent
91.7
7.2
1.0
0.1
100.0
of which loans
57,864,896
5,942,063
941,787
84,856
64,833,602
Percent
89.2
9.2
1.4
0.1
100.0
Impairment charges etc.
Individual
834,198
35.2
Model-calculated
497,193
21.0
Management estimates
1,041,570
43.8
Total
538,591
1,105,768
668,922
59,680
2,372,961
100.0
Ringkjøbing Landbobank A/S Page 32
Notes
Note
no.
26
Loans, guarantees and unutilised credit facilities and credit undertakings by credit quality and IFRS 9
stages (before impairment and provisions), and impairment charges by stages (continued)
rule,
high credit quality can be viewed as FSA rating classes 3 and 2a, medium credit quality as the best part of FSA rating class 2b,
while low credit quality covers the rest of FSA rating classes 2b and 2c as well as the customers with objective evidence of
impairment where losses are not expected in the most probable scenario. Credit-impaired exposures are those where losses are
expected in the most probable scenario and which are thus placed in either stage 3 or credit-impaired on initial recognition.
27
Miscellaneous information
ng
Landbobank up to and including 2017, pro forma for 2018 (as if the merger had taken effect on 1 January 2018) and for the
merged bank from 2019.
31 March
2026
31 March
2025
31 December
2025
Basis of calculation, number of shares
24,058,450
25,171,197
24,347,720
Ringkjøbing Landbobank A/S Page 33
Key figures
Q1
2026
Q1
2025
Full year
2025
Summary of income statement (DKK million)
Net interest income
632
638
2,524
Dividends from shares etc.
33
6
228
Net fee and commission income
313
292
1,120
Net interest and fee income
978
936
3,872
Value adjustments
+55
+114
+241
Other operating income
0
0
1
Staff and administration expenses
264
255
1,064
Amortisation, depreciation and write-downs on intangible and tangible assets
9
9
35
Other operating expenses
0
0
0
Impairment charges for loans and receivables etc.
+15
+24
+41
Profit before tax
775
810
3,056
Tax
190
194
743
Net profit
585
616
2,313
31 March
2026
31 March
2025
31 December
2025
Balance sheet key figures (DKK million)
Loans and other receivables at amortised cost
64,575
56,444
62,553
Deposits and other debt including pooled schemes
62,786
56,926
61,338
Subordinated debt
3,045
1,796
3,058
Equity
11,403
11,009
11,568
Balance sheet total
89,382
79,381
86,309
Ringkjøbing Landbobank A/S Page 34
31 March
2026
31 March
2025
31 December
2025
Capital ratios:
Tier 1 capital ratio
%
16.0
15.0
16.4
Total capital ratio
%
21.0
18.2
21.7
MREL subordination ratio
%
29.8
27.8
30.0
MREL capital ratio
%
31.3
28.5
30.9
Earnings:
Return on equity before tax
%
6.7
7.3
27.0
Return on equity after tax
%
5.1
5.6
20.5
Return on tangible equity after tax (ROTE)
%
5.6
6.1
22.4
Income/cost ratio
DKK
4.02
4.39
3.89
Cost/income ratio
%
25.5
24.5
26.4
Return on assets
%
0.7
0.8
2.7
Market risk:
Interest rate risk
%
0.6
0.5
0.6
Foreign exchange position
%
0.2
2.5
2.8
Foreign exchange risk
%
0.1
0.1
0.1
Liquidity risk:
Liquidity Coverage Ratio (LCR)
%
183.1
184.1
180.3
Net Stable Funding Ratio (NSFR)
%
116.0
118.8
114.4
Loans and impairments thereon relative to deposits
%
106.5
103.2
105.7
Credit risk:
5.7
5.1
5.4
Growth in loans
%
2.5
1.1
12.0
Total large exposures (<175%)
%
109.9
136.2
100.5
Cumulative impairment ratio
%
3.1
3.6
3.2
Impairment ratio
%
-0.02
-0.04
-0.06
Proportion of receivables at reduced interest
%
0.2
0.3
0.2
Share return:
Earnings per share
1/3
DKK
2,363
2,431
9,286
Book value per share
1/2
DKK
47,398
43,737
47,511
Dividend per share
1
DKK
0
0
1,200
Market price relative to earnings per share
1/3
65.1
50.5
16.6
Market price relative to book value per share
1/2
3.2
2.8
3.2
1
Calculated on the basis of a denomination of DKK 100 per share.
2
Calculated on the basis of number of shares in circulation at the end of the period.
3
Calculated on the basis of the average number of shares. The average number of shares is calculated as a simple average of the shares at
the beginning and the end of the period.