Ringkjøbing Landbobank A/S Page 0
Financial review
A N N U A L R E P O R T 2 0 2 5
Ringkjøbing Landbobank A/S Page 1
Contents
Page
2 Letter to shareholders
3 Annual report highlights
3 Key figures and ratios
4 Management's review financial statements
5 Core earnings
6 Quarterly overviews
8 Correlation between profit before tax and core earnings
9 Financial review
22 Capital structure
25 Risk
27 Corporate governance etc.
36 Tax report
38
39 Board of directors
50 General management
52 Company information
52 Shareholders
53 Company announcements
54 Financial calendar
55 Management's review sustainability statement
56 General information
72 Environmental information
88 Social information
99 Governance information
106 Appendices to the sustainability statement
119
122 Financial statements
123 Management statement
124
125
129 Statements of income and comprehensive income
129 Proposed distribution of profit
130 Balance sheet
132 Statement of changes in equity
133 Statement of capital
134 Overview of notes
135 Notes
183 Five-year key figures
185 Five-year key ratios
187
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
Letter to shareholders
We will remember 2025 as the year when the world order as we knew it and within which we had worked was
challenged
preparedness. The year was nevertheless good for the Danish economy and a new record year for Ringkjøbing
Landbobank. Net profit for the year increased to DKK 2,313 million, which generated a return on equity of more
than 20%.
At the beginning of the year, we expected a lower profit than for 2024 and a consolidation of earnings per share.
interest margin. However, a large increase in new customers and a high level of activity combined with strong
credit quality secured a small increase in profit. We also bought back shares from the market in 2025. Earnings
per share thus increased by just over 5%.
Our strong image and high level of customer satisfaction again resulted in a significant increase in customer
organic growth strategy. The bank maintained a high credit quality in its loan portfolio and overall reversed
impairment charges while also increasing its management estimates.
In the last three years we have prepared for an expected designation as an SIFI a systemically important
financial institution. Our costs had been rising at around 8% p.a. but this rate was reduced to 3% in 2025. This
secured a continued low cost/income ratio of only 26%, which confirms the strength of our business model.
paid resulted in a positive return of 29% in 2025. We propose increasing the dividend to DKK 12 per share and
continuing with share buyback progra
our chosen focus areas. We continue to invest in employee skills development and in our ambitious programme
for digitalisation. This enables us to combine the strengths of personal advice with a strong digital offer and
efficient execution. We have achieved our growth targets and held many personal meetings with customers.
lining bureaucracy continues.
We would like to thank our highly skilled employees who have made an extraordinary effort again this year. We
are also pleased that employee wellbeing has achieved its highest-ever score in our surveys. This is the
foundation for our continued growth.
We look forward to 2026 and see many opportunities for continuing to develop and grow the bank. Our
concepts are eliciting great interest, and we expect to win market share. Our principal tasks will be to serve our
existing customers and continue the increase in new customer relationships. Based on our strong position, we
have the ambition and strength to support our customers.
We expect net profit for 2026 to be in the range DKK 2,000 - 2,400 million.
Finally, we would like to thank our customers and you, our shareholders, for the strong support which the bank
enjoys.
John Bull Fisker
CEO
Ringkjøbing Landbobank A/S Page 3
Annual report highlights
• Net profit for the year is DKK 2,313 million, equivalent to a 22.4% p.a. return on tangible equity (ROTE)
• Earnings per share (EPS) increase by 5% to DKK 95.0 for 2025 compared to DKK 90.3 for 2024
• Core income is DKK 4,089 million and, with an increase of 1%, marginally higher than in 2024
• Costs increase by 3%, and the cost/income ratio is 26.4%
• Continued strong credit quality means that impairment charges of DKK 6 million were carried to income in the fourth
quarter and impairment charges in 2025 thus represent income totalling DKK 41 million
• Highly satisfactory increase in customer numbers and growth of 12% in loans and 8% in deposits
• Expectations for net profit for 2026 in the range DKK 2.0 - 2.4 billion
2025
2024
2023
2022
2021
Key figures for the bank (DKK million)
Total core income
4,089
4,068
3,828
2,862
2,433
Total expenses and depreciation
1,080
1,044
963
891
817
Core earnings before impairment charges for loans
3,009
3,024
2,865
1,971
1,616
Impairment charges for loans etc.
+41
+3
-1
-2
-68
Core earnings
3,050
3,027
2,864
1,969
1,548
Result for the portfolio etc.
+26
+62
-7
-69
+7
Special costs
20
20
20
20
17
Profit before tax
3,056
3,069
2,837
1,880
1,538
Net profit for the year
2,313
2,301
2,155
1,495
1,229
Equity
11,568
11,034
10,451
9,295
8,723
Deposits including pooled schemes
61,338
56,652
52,626
48,700
43,740
Loans
62,553
55,837
50,881
48,342
41,179
Balance sheet total
86,309
78,633
73,520
68,980
60,357
Guarantees
8,710
7,198
6,465
7,570
10,270
Financial ratios for the bank (percent)
Profit before tax/average equity
27.0
28.6
28.7
20.9
18.2
Net profit for the year/average equity
20.5
21.4
21.8
16.6
14.6
Net profit for the year/average tangible equity (ROTE)
22.4
23.6
24.4
18.8
16.6
Cost/income ratio
26.4
25.7
25.2
31.1
33.6
Common equity tier 1 capital ratio
16.4
16.6
18.9
17.4
17.6
Total capital ratio
21.7
19.8
23.0
21.6
22.3
MREL capital ratio
30.9
28.8
28.9
28.9
27.8
Key figures per DKK 1 share (DKK)
Core earnings
125.3
118.8
107.1
71.5
54.4
Profit before tax
125.5
120.5
106.1
68.2
54.1
Net profit for the year
95.0
90.3
80.6
54.3
43.2
Book value
475.1
433.1
391.0
337.3
306.8
Price, end of year
1,538.0
1,204.0
991.5
948.0
878.0
Dividend
12.0
11.0
10.0
7.0
7.0
Key figures and ratios
Ringkjøbing Landbobank A/S Page 4
Core earnings
Management's review financial statements
Page
5 Core earnings
6 Quarterly overviews
8 Correlation between profit before tax and core earnings
9 Financial review
22 Capital structure
25 Risk
27 Corporate governance etc.
36 Tax report
36
39 Board of directors
50 General management
52 Company information
52 Shareholders
53 Company announcements
54 Financial calendar
Ringkjøbing Landbobank A/S Page 5
Core earnings
Explana-
tion no.
2025
DKK 1,000
2024
DKK 1,000
1
Net interest income
2,543,445
2,701,744
2
Net fee and commission income excluding securities trading
1,119,947
1,026,839
3
Income from sector shares etc.
292,444
244,406
5
Foreign exchange income
131,600
87,213
Other operating income
1,298
7,305
Total core income
4,088,734
4,067,507
Staff and administration expenses
1,064,284
1,008,206
Depreciation and write-downs on tangible assets
15,085
24,970
Other operating expenses
408
10,618
4
Total expenses etc.
1,079,777
1,043,794
Core earnings before impairment charges for loans
3,008,957
3,023,713
Impairment charges for loans and other receivables etc.
+41,357
+2,801
5
Core earnings
3,050,314
3,026,514
Result for the portfolio etc.
+25,630
+62,128
Amortisation and write-downs on intangible assets
19,509
19,509
5
Profit before tax
3,056,435
3,069,133
Tax
743,024
768,287
Net profit for the year
2,313,411
2,300,846
Ringkjøbing Landbobank A/S Page 6
Quarterly overviews
The following pages contain quarterly overviews comprising core earnings, balance sheet items and contingent liabilities, and statement of capital.
Core earnings
(DKK million)
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
Q4
2021
Q3
2021
Q2
2021
Q1
2021
Net interest income
629
633
643
638
656
678
677
691
717
686
652
561
511
410
390
366
355
336
327
325
Net fee and commission income
291
264
273
292
264
256
249
259
245
233
231
227
224
239
237
248
234
204
195
215
Income from sector shares etc.
59
58
86
90
58
58
61
67
60
47
45
41
46
38
41
44
47
49
43
40
Foreign exchange income
37
27
32
36
23
20
21
23
20
18
19
20
17
18
16
15
15
14
13
16
Other operating income
0
1
0
0
0
4
3
0
1
5
0
0
1
0
0
1
0
0
1
4
Total core income
1,016
983
1,034
1,056
1,001
1,016
1,011
1,040
1,043
989
947
849
799
705
684
674
651
603
579
600
Staff and administration expenses
288
250
271
255
275
237
255
241
248
231
238
222
229
214
221
207
206
191
195
198
Depreciation and write-downs, tangible
assets
4
3
4
4
5
14
3
3
5
3
3
3
5
3
4
1
9
3
4
3
Other operating expenses
1
0
0
0
3
2
3
3
2
3
3
2
2
2
1
2
2
2
2
2
Total expenses etc.
293
253
275
259
283
253
261
247
255
237
244
227
236
219
226
210
217
196
201
203
Core earnings before impairment charges
723
730
759
797
718
763
750
793
788
752
703
622
563
486
458
464
434
407
378
397
Impairment charges for loans and other
receivables etc.
+6
+11
0
+24
+1
+1
+1
0
0
0
0
-1
0
0
-1
-1
-7
-13
-19
-29
Core earnings
729
741
759
821
719
764
751
793
788
752
703
621
563
486
457
463
427
394
359
368
Result for the portfolio etc.
+21
+9
+2
-6
+6
+26
+7
+23
+29
-8
-7
-21
+11
-61
-10
-9
+11
-1
+7
-10
Amortisation and write-downs, intangible
assets
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
4
4
4
Profit before tax
745
745
756
810
720
785
753
811
812
739
691
595
569
420
442
449
433
389
362
354
Tax
185
183
181
194
189
196
188
195
198
178
166
140
110
91
94
90
79
87
71
72
Net profit for the year
560
562
575
616
531
589
565
616
614
561
525
455
459
329
348
359
354
302
291
282
Ringkjøbing Landbobank A/S Page 7
Quarterly overviews
Balance sheet items and contingent liabilities
(DKK million)
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
End of
Q4
2021
End of
Q3
2021
End of
Q2
2021
End of
Q1
2021
Loans
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
41,179
38,849
37,268
37,210
Deposits incl. pooled schemes
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
43,740
41,475
41,376
41,766
Equity
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
8,723
8,563
8,333
8,132
Balance sheet total
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
60,357
57,562
57,123
56,845
Contingent liabilities
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
10,270
10,886
11,811
10,370
Statement of capital
Common equity tier 1 (CET1)
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
7,632
7,255
7,274
7,122
Tier 1 capital
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
7,632
7,255
7,274
7,122
Total capital
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
9,635
8,743
8,763
8,614
MREL subordinated capital
17,505
16,558
15,171
15,391
15,295
13,606
13,670
12,932
-
-
-
-
-
-
-
-
-
-
-
-
MREL capital
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
12,033
11,167
11,596
10,837
Total risk exposure
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
43,285
41,729
41,063
42,271
(Percent)
CET1 capital ratio
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
17.6
17.4
17.7
16.8
Tier 1 capital ratio
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
17.6
17.4
17.7
16.8
Total capital ratio
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
22.3
21.0
21.3
20.4
MREL subordination ratio
30.0
29.2
26.5
27.8
27.7
26.1
26.8
26.0
-
-
-
-
-
-
-
-
-
-
-
-
MREL capital ratio
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
27.8
26.8
28.2
25.6
Ringkjøbing Landbobank A/S Page 8
Correlation between profit before tax and
core earnings
Explanation
no.
2025
DKK 1,000
2024
DKK 1,000
1
Net interest income
Net interest income income statement
2,524,253
2,692,000
Funding income own portfolio
230,188
306,384
Bond yields
-210,996
-296,640
Net interest income core earnings
2,543,445
2,701,744
2
Net fee and commission income
Fee and commission income income statement
1,229,924
1,133,604
Fee and commission expenses income statement
-109,977
-106,765
Net fee and commission income core earnings
1,119,947
1,026,839
3
Income from sector shares etc.
Value adjustment of sector shares etc.
+67,638
+128,782
Dividends from sector shares etc.
224,806
115,624
Income from sector shares etc. core earnings
292,444
244,406
4
Total expenses etc.
Staff and administration expenses income statement
1,064,284
1,008,206
Amortisation, depreciation and write-downs on intangible and tangible assets,
net income statement
34,594
44,479
Other operating expenses income statement
408
10,618
Amortisation and write-downs on intangible assets, net core earnings
-19,509
-19,509
Total expenses etc. core earnings
1,079,777
1,043,794
5
Profit before tax and core earnings
Profit before tax
3,056,435
3,069,133
Value adjustments income statement
241,210
+284,706
Results from investments in associated companies and subsidiaries
-56
-3
Value adjustment of sector shares etc.
-67,638
-128,782
Foreign exchange income core earnings
-131,600
-87,213
Funding expenses own portfolio
-230,188
-306,384
Bond yields
210,996
296,640
Dividends not sector shares
2,906
3,164
Result for the portfolio core earnings (minus)
25,630
62,128
Special costs core earnings (plus)
19,509
19,509
Core earnings
3,050,314
3,026,514
Ringkjøbing Landbobank A/S Page 9
Financial review
At the beginning of the year, we were expecting 2025 to
be a year of consolidation for earnings per share. We
predicted a small decrease in net profit for the year,
which would be balanced by share buybacks and a
reduction in issued shares.
We are therefore very pleased with 2025, which delivered
an increase in net profit for the year and a 5% increase in
earnings per share after tax taking us to a positive
starting point for 2026.
Core earnings
Interest
Net interest income was DKK 2,543 million in 2025
compared to DKK 2,702 million in 2024, a decrease of 6%.
Net interest income
(DKK million)
2025
2024
2023
2022
2021
Net interest income
2,543
2,702
2,616
1,677
1,343
The declining interest rate in 2024 continued in 2025 and
the money market rates did not stabilise until the end of
the year.
The declining interest rate level combined with continued
keen competition for loans put pressure on the interest
margin during 2025, and the increase in business volume,
of which a significant part occurred in the fourth quarter,
was not sufficient to compensate for the effect of the
interest rate fall and market competition.
2025. The total increase for the year was distributed as
follows: 1.1% in the first quarter, 1.5% in the second
quarter, 1.1% in the third quarter and 8.3% in the fourth
quarter.
Approximately 40% of the growth in loans for the year
relates to personal customers, with home loans
accounting for approximately three-quarters. Business
and housing loans also contributed approximately 40%,
and the remaining approximately 20% are attributable to
the private banking branches. Loan growth was thus
broadly based, and both retail and niches developed
positively during 2025.
- by 8.3%.
The increase in deposits relates mainly to retail.
Based on the stabilised interest rate level and the growth
delivered in the fourth quarter, the bank expects average
net interest income per day to increase in 2026 compared
to the fourth quarter average in 2025.
Fee, commission and foreign exchange income
Fee, commission and foreign exchange income
amounted to DKK 1,252 million in 2025, equivalent to a
12% increase compared to 2024, when the figure was
DKK 1,114 million.
The bank considers this development satisfactory.
Net fee, commission and foreign exchange income
(DKK million)
2025
2024
2023
2022
2021
Securities trading
196
189
159
164
171
Asset management and custody
accounts
261
239
218
207
182
Payment handling
154
132
126
104
84
Loan fees
87
72
79
115
81
Guarantee and mortgage credit
commission etc.
287
276
248
257
245
Pension and insurance commission
99
86
77
72
61
Other fees and commission
36
33
29
29
24
Foreign exchange income
132
87
77
66
58
Total
1,252
1,114
1,013
1,014
906
focus on both private banking and other asset
management.
Total income from these three items increased from DKK
515 million in 2024 to DKK 589 million in 2025, an
increase of 14%. The increase should be seen in the
context of an increase of just 3% in the custody account
holdings including deposits in pooled schemes, in 2025.
The increase in income highlights that the level of activity
was higher and that the customers made greater use of
the advisory products and setup they were offered by the
bank in 2025.
Assets in custody accounts etc.
(DKK million)
End of
2025
End of
2024
End of
2023
End of
2022
End of
2021
Custody account
holdings
95,128
93,026
87,165
79,740
74,589
Deposits in pooled
schemes
7,741
7,126
5,845
4,973
5,538
Letpension/PFA Pension
7,185
5,998
4,666
3,669
3,408
Total
110,054
106,150
97,676
88,382
83,535
million in 2025 compared to DKK 132 million in 2024. The
increase relates to the continued increase in new
customers and a higher level of activity.
compared to DKK 72 million in 2024. Since there was no
refinancing boom in 2025, the increase was attributable
to a high level of trading activity on the real property
market in 2025.
compared to DKK 276 million the year before, an increase
of 4%. At the same time, the portfolio of arranged
Totalkredit mortgage loans increased by 6% in 2025. The
-to-
value ratio (the relationship between customer mortgage
Ringkjøbing Landbobank A/S Page 10
Financial review
income is linked to the loan-to-value ratio, its income
from mortgage credit provision is negatively affected by
the declining loan-to-value ratio.
2024 to DKK 99 million in 2025, an increase of 16%.
DKK 36 million in 2025, compared to DKK 33 million in
2024.
Sector shares and other operating income
In 2025, total earnings from banking sector shares
amounted to DKK 293 million compared to DKK 244
million in 2024. The earnings derive primarily from the
The 2025 earnings include a one-off payment of a total
BankInvest shares. The one-off payment reflects a
general revaluation of the BankInvest shares carried out
in 2025 following a guideline issued by the Danish FSA,
which specifies that true and fair values must be used
when redistributing shares in co-owned asset
management companies. The remainder of the earnings
from sector shares during the year are attributable to the
earnings in the sector companies.
Sector shares and other operating income
(DKK million)
2025
2024
2023
2022
2021
Sector shares
293
244
193
169
179
Other operating income
1
7
6
2
5
Other operating income in 2025 was DKK 1 million,
compared to DKK 7 million in 2024.
Core income
Total core income increased by 1%, from DKK 4,068
million in 2024 to DKK 4,089 million in 2025. Given the
interest rate development in 2025, the bank considers the
increase satisfactory.
Expenses, depreciation and write-downs
Total expenses including depreciation and write-downs
on tangible assets amounted to DKK 1,080 million in
2025, compared to DKK 1,044 million in 2024, an increase
of 3%.
Two factors helped to contain the rise in total costs: the
bank had no significant payments to make to the
Resolution Fund in 2025; and paid no major one-off
expenses for IT equipment in 2025, whereas both of
these items had to be paid in 2024.
The increase in expenses for the year relates to higher
staff costs of DKK 33 million and higher IT expenses and
other administration costs of DKK 23 million. At the same
time, depreciation and write-downs on tangible assets
and other operating expenses decreased by a total of
DKK 20 million.
Expenses, depreciation and write-downs
(DKK million)
2025
2024
2023
2022
2021
Staff and administration expenses
1,064
1,008
939
871
790
Depreciation and write-downs,
tangible assets
15
25
14
13
19
Other operating expenses
1
11
10
7
8
Total
1,080
1,044
963
891
817
Ringkjøbing Landbobank A/S Page 11
Financial review
The annual rates of increase in expenses in financial
years 2023 and 2024 were between 8% and 9%. In
years, focus was also on expanding the organisation to
prepare the bank for a possible future designation as an
SIFI.
The cost/income ratio was 26.4% in 2025, compared to
25.7% in 2024. The cost/income ratio is considered
satisfactory.
A low cost/income ratio combined with good credit
This combination provides a high free cash flow and a
strong revenue shield.
Impairment charges for loans etc.
charges in 2025 was satisfactory and better than
expected.
The item showed income of DKK 6 million in the fourth
quarter of 2025. The bank has thus realised net losses
and net impairment charges of around zero or better in
fifteen quarters in a row. The income for the full year
totalled DKK 41 million.
Impairment charges for loans
etc.
(DKK million)
2025
2024
2023
2022
2021
Impairment charges for loans etc.
+41
+3
-1
-2
-68
largely unchanged and amounted to DKK 2,373 million at
the end of 2025, compared to DKK 2,375 million at the
end of 2024. This reflects that actual losses were at a
relatively low level in the last 12 months and that the
bank was able to carry to income a larger than normal
amount of previously written-off exposures.
Management estimates amounted to DKK 1,042 million
of the total account for impairment charges at the end of
2025, which is an increase of DKK 62 million compared to
the end of 2024. The increase relates in part to
geopolitical circumstances. Individual impairment
charges in stage 3 amounted to DKK 529 million at the
end of 2025 compared to DKK 554 million at the end of
2024.
The bank still assesses the quality of its loan portfolio as
good. Lending to personal customers is supported by a
continued strong labour market and a reasonable interest
rate level, circumstances which have also contributed to
a strong real property market. However, the bank is aware
of the risks which may be associated with the marked
housing price increases in parts of Denmark.
The bank saw a continued positive development in
agriculture in 2025 and expects generally good results for
the year. However, the bank observes decreasing prices
paid to both pig and dairy farmers and therefore expects
their earnings to decline in 2026. The individual
impairment charges relating to agriculture have been
decreasing over a number of years. However, the bank
has maintained a management estimate that takes into
account both the lower prices paid to farmers and the
potential effects of the Green Tripartite Agreement.
Ringkjøbing Landbobank A/S Page 12
Financial review
The bank has a considerable exposure to financing of
real property, which accounted for 19.5% of loans at the
end of 2025. The vast majority of this financing relates to
properties without prior debt. The bank assesses that the
credit quality of the real property portfolio is generally
high.
For loans to other business customers the bank
continues to monitor the global risk picture closely
including the increased geopolitical tension and the
tariffs introduced between the USA and the EU. However,
considerable trade with the USA is very limited.
The geopolitical situation increases the risk of a general
economic setback, which could potentially affect both
business and personal customers. The bank has
therefore allocated amounts under the management
estimate to counter these risks.
Loans with suspended interest amounted to DKK 132
million at the end of 2025 compared to DKK 183 million
at the end of 2024.
Core earnings
Core earnings in 2025 were DKK 3,050 million compared
1%.
Core earnings
(DKK million)
2025
2024
2023
2022
2021
Core income
4,089
4,068
3,828
2,862
2,433
Total expenses and depreciation
1,080
1,044
963
891
817
Core earnings before impairment
charges
3,009
3,024
2,865
1,971
1,616
Impairment charges for loans etc.
+41
+3
-1
-2
-68
Core earnings
3,050
3,027
2,864
1,969
1,548
Earnings per share
they develop.
Core earnings per DKK 1 share were DKK 125.3 in 2025
compared to DKK 118.8 in 2024, and net profit, also per
DKK 1 share, was DKK 95.0 in 2025 compared to DKK
90.3 in 2024. The latter is equivalent to an increase of 5%.
buyback programmes had a positive effect on the key
figures.
Ringkjøbing Landbobank A/S Page 13
Financial review
Result for the portfolio etc.
The result for the portfolio etc. including portfolio funding
costs was positive by DKK 26 million net for 2025. In
2024 the result for the portfolio etc. was positive by DKK
62 million net.
Result for the portfolio etc.
(DKK million)
2025
2024
2023
2022
2021
Result for the portfolio etc.
+26
+62
-7
-69
+7
The positive result for the portfolio in 2025 relates partly
-term
mortgage credit bonds in the second half of 2025 and
(limited) holding of shares in the last quarter of the year.
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
20 million in 2025, unchanged relative to 2024.
Amortisation and write-downs on intangible assets
(DKK million)
2025
2024
2023
2022
2021
Amortisation and write-downs on
intangible assets
20
20
20
20
17
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.
The statement of core earnings is shown on page 5 and
comments are provided on the preceding pages. A
Comments on core earnings for the
fourth quarter of 2025
Core income
Core income amounted to DKK 1,016 million in the fourth
quarter of 2025, which is an increase of DKK 33 million
compared to core income in the third quarter of 2025,
when the figure was DKK 983 million.
This development reflects a decrease of DKK 4 million in
net interest income compared to the third quarter of
2025, whereas other income increased by DKK 37 million
in the quarter.
Expenses
Expenses in the quarter were DKK 293 million compared
to DKK 283 million in the fourth quarter of 2024.
The cost increase primarily reflects higher staff costs and
higher administration expenses.
Impairment charges for loans
With the strong credit quality, impairment charges in the
quarter followed the pattern from earlier in the year and
DKK 6 million was thus reversed in the fourth quarter of
2025.
Result for the portfolio
The result for the portfolio was positive by DKK 21 million
in the quarter, attributable in part to a positive share price
adjustment.
Loans
The increase in lending is broadly based and relates to
both niches and retail.
Ringkjøbing Landbobank A/S Page 14
Financial review
The income statement
Net interest income
Net interest income in 2025 was DKK 2,524 million
compared to DKK 2,692 million in 2024.
Net interest income
(DKK million)
2025
2024
2023
2022
2021
Interest income
3,297
3,784
3,326
1,866
1,460
Interest expenses
773
1,092
786
185
103
Total net interest income
2,524
2,692
2,540
1,681
1,357
The development reflects partly the decrease in interest
rate level in 2025 and partly continued pressure on the
interest margin caused by competition for loans.
However, the bank was able to compensate for a part of
this development by increasing both loans and deposits
12.0% in 2025. A large part of the growth in loans was not
realised until the fourth quarter of 2025.
The growth in loans relates to both niches and retail and
is described on pages 9 and 16.
2025, which is described on pages 9 and 16.
The bank is highly satisfied with the growth in both loans
and deposits.
Dividends from shares etc.
Dividend income from shares etc. was DKK 228 million in
2025 compared to DKK 119 million in 2024.
Dividends from shares etc.
(DKK million)
2025
2024
2023
2022
2021
Dividends from shares etc.
228
119
90
100
77
The vast majority of dividends received during the year
came from sector shareholdings in BI Holding
(BankInvest) and DLR Kredit.
Fee and commission income and fee and commission
expenses
Net fee and commission income was DKK 1,120 million in
2025 compared to DKK 1,027 million in 2024, an increase
of 9%.
Net fee and commission income
(DKK million)
2025
2024
2023
2022
2021
Fee and commission income
1,230
1,134
1,029
1,039
939
Fee and commission expenses
110
107
93
92
91
Total net fee and commission
income
1,120
1,027
936
947
848
Please see the following comments and note 4 for a
specification.
in 2025 compared to 2024. This development is
attributable to larger custody account holdings, but a
e of
the advisory products and advisory setup that the bank
offers also had a positive effect on these items. Total net
income from the two items thus increased by DKK 29
million, from DKK 428 million in 2024 to DKK 457 million
in 2025.
to DKK 154 million, compared to DKK 132 million in 2024,
an increase of 16%. The increase relates to the continued
increase in new customers and a higher level of activity.
2025 compared to the previous year, which is attributable
to a higher level of trading activity in the year.
from
DKK 276 million in 2024 to DKK 287 million in 2025. The
development is attributable to increasing volumes but at
-to-value ratio
decreased during 2025 (the relationship between
customer mortgage debt and real property value). As the
-to-value ratio, its
income from mortgage credit provision is negatively
affected by the declining loan-to-value ratio.
amounted to DKK 99 million in 2025, compared to DKK 86
continued focus on this area.
was marginally higher by DKK 3 million compared to
2024.
Value adjustments
Value adjustments in 2025 resulted in income of DKK 241
million compared to income of DKK 285 million in 2024.
This development breaks down as follows:
Value adjustments
(DKK million)
2025
2024
2023
2022
2021
Other loans and receivables
-10
4
9
-29
-4
Bonds
11
77
107
-166
-16
Shares etc.
101
141
110
65
106
Investment properties
0
6
0
0
0
Foreign exchange
132
87
77
66
58
Total derivative financial
instruments
5
11
18
-80
-19
Debt to credit institutions
0
-8
-10
18
0
Issued bonds etc.
1
-33
-54
189
34
Tier 2 capital
1
0
-4
10
4
Total value adjustments
241
285
253
73
163
Ringkjøbing Landbobank A/S Page 15
Financial review
shares and foreign exchange income in particular
contributed to the positive value adjustments for the year.
Other operating income
Other operating income amounted to DKK 1 million in
2025, compared to DKK 7 million in 2024.
Staff and administration expenses
Total staff and administration expenses increased by 6%
in 2025, from DKK 1,008 million in 2024 to DKK 1,064
million in 2025.
Staff and administration expenses
(DKK million)
2025
2024
2023
2022
2021
Staff and management expenses
636
603
557
526
473
Other administration expenses
428
405
382
345
317
Total staff and administration
expenses
1,064
1,008
939
871
790
Expenses for staff and management totalled DKK 636
million in 2025 compared to DKK 603 million in 2024, an
increase of 5%. The average number of full-time
employees (FTEs) increased from 664 in 2024 to 683 in
2025.
Other administration expenses totalled DKK 428 million in
2025 compared to DKK 405 million in 2024, an increase
of 6%.
Amortisation, depreciation and write-downs on
intangible and tangible assets
Amortisation, depreciation and write-downs were DKK 35
million in 2025 compared to a total of DKK 44 million in
2024.
Amortisation, depreciation and write-downs on intangible and
tangible assets
(DKK million)
2025
2024
2023
2022
2021
Intangible assets
20
20
20
20
17
Tangible assets
15
24
13
13
19
Total amortisation, depreciation and
write-downs on intangible and
tangible assets
35
44
33
33
36
employees in 2024, whereas there was no such expense
in 2025.
Other operating expenses
2025, compared to DKK 11 million in 2024.
The reason for the decrease is that the bank did not pay
any significant contributions to the Resolution Fund in
2025 because the Fund has now reached its target level.
Impairment charges for loans and other receivables etc.
The item represented income of DKK 3 million in 2024,
while income in 2025 was DKK 41 million.
The development in this item was thus satisfactory and
better than expected at the beginning of the year. The
reason is that the quality of the loan portfolio is still
considered good.
Impairment charges for loans and other receivables etc.
(DKK million)
2025
2024
2023
2022
2021
Impairment charges for loans and
other receivables etc.
+41
+3
-6
-12
-79
For further details on the development in impairment
charges for loans etc., see page 11 of the financial review
and notes 11 and 15 to the financial statements.
Tax
The total tax expense for the year was DKK 743 million,
and the effective tax rate was 24.3% compared to a tax
rate of 25.0% for 2024.
Profit before and after tax and follow-up on the financial
expectations for 2025
The profit before tax was DKK 3,056 million, equivalent to
a 27.0% p.a. return on average equity.
The net profit for the year was DKK 2,313 million,
equivalent to a 20.5% p.a. return on average equity.
Earnings per share measured on the net profit for the year
increased from DKK 90.3 per share in 2024 to DKK 95.0 in
2025, an increase of 5%.
On 22 January 2025, the bank announced its
expectations for 2025, which were net profit for the year
in the range DKK 1,800 - 2,200 million.
On 5 February 2025, the bank commented on those
expectations for 2025, maintaining them as announced
on 22 January 2025.
On 6 August 2025, the bank upwardly adjusted its
expectations for 2025 to net profit for the year in the
range DKK 2,000 - 2,350 million. The upward adjustment
was based on continued good credit quality and a loss
and impairment level that had developed better than
income for the full year was expected to be on a par with
the income in 2024.
With net profit of DKK 2,313 million, this is realised within
the upper part of the upwardly adjusted expectation for
net profit announced on 6 August 2025.
Ringkjøbing Landbobank A/S Page 16
Financial review
The balance sheet
Balance sheet items and contingent liabilities
million at the end of 2025, compared to DKK 78,633
million the year before.
Loans increased by 12.0% in 2025 from DKK 55,837
million at the end of 2024 to DKK 62,553 million at the
end of 2025.
The increase in loans for the year was distributed as
follows: 1.1% in the first quarter, 1.5% in the second
quarter, 1.1% in the third quarter and 8.3% in the fourth
quarter. The increase in loans is explained on page 9.
The plan is to secure external funding of home loans in
the first quarter of 2026, which, seen in isolation, will
result in a reduction in loans and move the income to
fees.
Deposits including pooled schemes increased by 8.3% in
2025 from DKK 56,652 million at the end of 2024 to DKK
61,338 million at the end of 2025.
The increase in deposits for the year was distributed as
follows: 0.5% in the first quarter, 2.5% in the second
quarter, 1.8% in the third quarter and 3.5% in the fourth
quarter of 2025.
Equity increased from DKK 11,034 million at the end of
2024 to DKK 11,568 million at the end of 2025.
the end of the year amounted to DKK 8,710 million,
compared to DKK 7,198 million at the end of 2024. The
increase is related to the high level of activity in the
housing market, which resulted in an increase in the
guarantees.
Credit intermediation
In addition to the traditional bank loans shown on its
balance sheet, the bank also arranges mortgage loans on
behalf of both Totalkredit and DLR Kredit.
With an increase of 8.8% compared to the end of 2024,
continued to be positive in 2025.
The development in the credit intermediation is shown in
the following summary:
Total credit intermediation
(DKK million)
31 Dec.
2025
31 Dec.
2024
31 Dec.
2023
31 Dec.
2022
31 Dec.
2021
Loans etc.
62,553
55,837
50,881
48,342
41,179
Mortgage credit
Totalkredit
51,356
48,554
46,766
45,248
43,849
Mortgage credit DLR
Kredit and others
9,753
9,321
9,551
10,256
10,172
Total
123,662
113,712
107,198
103,846
95,200
Other matters
Securities and market risk
the end of 2025, with DKK 95 million in listed shares and
investment fund certificates and DKK 1,455 million in
sector shares etc., mainly in the companies DLR Kredit, BI
Holding (BankInvest) and PRAS.
The bond portfolio amounted to DKK 7,083 million, 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
December 2025, the equivalent of DKK 58 million.
rate risk, listed shares etc. and foreign currency remains
at or below a moderate level, and this policy will continue.
Please see notes 40 - 43 for further information.
Liquidity
-term funding
liabilities total DKK 2.3 billion, comprising debt to credit
institutions and issued bonds with term to maturity less
than 12 months.
This is balanced by short-term liquidity management
deposits at the central bank, Danmarks Nationalbank,
receivables from credit institutions with term to maturity
of less than 12 months and securities at fair value
totalling DKK 12.6 billion, which means the total excess
cover is DKK 10.3 billion.
equity exceeded its loans by DKK 2.6 billion on 31
December 2025 and these two items therefore more than
fully finance the loan portfolio.
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 114%. The bank thus met the statutory requirement
for both ratios by a good margin.
Liquidity ratio
Limit
value
2025
2024
2023
2022
2021
Liquidity Coverage
Ratio (LCR)
>100%
180.3%
179.1%
254.2%
187.9%
175.8%
Net Stable Funding
Ratio (NSFR)
>100%
114.4%
118.9%
122.7%
118.9%
116.2%
Ringkjøbing Landbobank A/S Page 17
Financial review
The bank issued senior non-preferred capital equivalent
to DKK 1.5 billion in January 2026 and plans to fund
home loans for up to DKK 1.5 billion during the first
quarter of 2026 to optimise the balance sheet, thus
enabling continued growth.
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
which shows that the bank meets all four current limit
values by a good margin.
Benchmark
Limit
value
2025
2024
2023
2022
2021
Liquidity benchmark
>100%
171.6%
153.9%
224.9%
143.4%
161.1%
Large exposures
<175%
100.5%
125.2%
116.9%
118.0%
109.8%
Growth in loans
<20%
12.0%
10.1%
5.0%
17.5%
13.5%
Real property exposure
<25%
19.5%
18.2%
21.1%
20.0%
18.4%
Financial rating and ESG rating
The bank is rated by the international credit rating agency
.
The most important ratings at the end of 2025 were as
follows:
Rating
Assigned rating
Long-term Bank Deposits
Aa3
Long-term Issuer Rating
Aa3
Short-term Bank Deposits
P-1
Short-term Issuer Rating
P-1
Outlook
Stable
In the environmental, social and governance (ESG) area,
largest, most used ESG rating agencies.
the second-
Ringkjøbing Landbobank A/S Page 18
Financial review
and the volume in circulation is 100%. The Ringkjøbing
Landbobank share is part of both the Danish Large Cap
index on OMX Copenhagen and the Stoxx Europe 600
index.
The return on the share in 2025 was 29% including the
dividend of DKK 11.0 distributed in 2025.
The share price was 1,204 at the beginning of 2025 and
1,538 at the end of the year, and the market capitalisation
totalled DKK 39.1 billion at the end of the year.
Including dividends up to and including the 2025 financial
year and given the share price on 31 December 2025, the
shares at the beginning of 2001 is 20%.
As indicated in the chart at the bottom of the page, the
Banks Performance Index in the same period.
Ringkjøbing Landbobank A/S Page 19
Financial review
Organisation etc.
We have spent the last year implementing a major
General manager Carl Pedersen has announced that he
wishes to retire at the end of 2026.
Mette Søgaard Andersen is employed as director of the
business and private banking areas from 1 February
2026.
Chief investment officer Sten Erlandsen retires at the end
of March 2026. Replacing Sten Erlandsen, Michael
Andersen joined as chief asset management officer at
the beginning of 2025 and Mads Stouby as new chief
investment officer at the beginning of 2026.
In addition, Joachim Borg Hjalager took over the position
of risk manager from the beginning of April 2025. He
replaced Jakob Jermiin Nielsen, who was appointed chief
financial officer on the same date. Finally, Mikkel Thorn
Jensen took over as marketing manager after Klaus
Gamst in 2025.
have thus changed, and the bank is consequently well
prepared for continued growth and a possible
designation as an SIFI within a few years.
carried out or planned in 2025 with a view to positioning
the bank for continued growth.
built domicile providing a good setting for the branch and
its continued development.
office complex in Ringkøbing was decided in 2025 to
create room for an additional approximately 50
employees from 2026-2027. During 2025, the bank also
entered into a lease on new premises in Aarhus for
development.
In addition, the bank established a business customer
department in its Copenhagen branch in the SEB building
on Bernstorffsgade in 2025. This initiative is expected to
contribute growth. The new department supplements the
private banking department at the same address, which
the bank took over in 2022 following the partnership
agreement with SEB a partnership which is going well.
Possible future designation as SIFI
In the last few years, the bank has gradually come closer
to the threshold for SIFI designation and has therefore
structured the bank and allocated costs and resources to
getting ready in terms of organisation and capital for
a possible future SIFI status.
Danish FSA inspections
Using a risk-based approach, the Danish FSA carried out
an ordinary inspection of the bank in the fourth quarter of
2024. A large number of areas were reviewed during the
inspection, and the bank received two orders for the
board of directors in the inspection report in 2025. Both
orders were complied with by the end of 2025.
In its review of the selected exposures, the FSA generally
The bank is thus pleased that its strong credit quality was
confirmed by the FSA.
In April 2025, the FSA conducted an anti-money
customers. The FSA examination found that, like other
be abused for money laundering or financing of terrorism
is high.
The examination did not give rise to any supervisory
reactions by the FSA. The bank is very satisfied with the
result of the examination.
Bank of the Year and employee wellbeing
In May 2025, for the tenth year in a row, Ringkjøbing
Landbobank was awarded the accolade of Financial
Institution of the Year among large and medium-sized
banks. As in previous years, the award was made by
FinansWatch in collaboration with the audit and
consultancy firm EY. Financial Institution of the Year is
based on financial ratios for return on equity, income
growth, solvency and efficiency.
The award of Financial Institution of the Year is a tribute
to the great effort made by the employees for the benefit
of the customers they serve.
The basis for operating a good bank with happy
customers is happy, highly skilled employees. We are
thus also very pleased that employee satisfaction with
the bank is high.
As in previous years, the annual survey of employee
wellbeing and satisfaction was conducted during the
second quarter of the year. Compared to the 2024 survey,
which showed employee wellbeing and satisfaction at
their highest levels since these surveys began, the 2025
survey showed a further marginal improvement.
Both the employee wellbeing and satisfaction levels and
the marginal improvement are very positive. High
employee wellbeing and satisfaction help us to maintain
Ringkjøbing Landbobank A/S Page 20
Financial review
strategy inspires us to work every single day to create
value for both existing and new customers in their
relations with the bank.
Infrastructure partners
Consolidations in the sector call for continued focus on
having infrastructure partnerships in place for the bank to
maintain a low cost level.
The bank is pleased to note that Bankdata managed to
keep its role as IT provider to AL Sydbank, thereby
securing Bankdata bigger volumes. Ringkjøbing
strong IT platform.
The increasing volumes secured by Bankdata mean that
Ringkjøbing Landbobank expects to obtain an
approximately 17% reduction in unit costs partly
starting in 2027 and fully phased in in 2028. The lower
unit costs can both result in cost reductions for the bank
strengths.
A new five-year collaboration agreement was entered into
in 2025 between Letpension and PFA Pension. Under the
agreement, PFA will develop a new advisory platform
benefiting both the customers and the customer advisers
of banks distributing Letpension products. Ownership of
Pension. The new collaboration agreement will secure the
Letpension banks better pay as providers.
investments, BankInvest, has experienced increased
support, based among other things on solid returns from
commendable track record of returns to the investors and
the fact that the owners of BankInvest receive very
satisfactory payments since BankInvest owns the entire
value chain.
ESG/sustainability
The bank has continued its focus on ESG in 2025. This is
natural for a financial institution wanting to play an
important role in society.
Sustainability Reporting Directive (CSRD) for the 2025
financial year, and this annual report therefore contains a
comprehensive sustainability statement from page 55.
Expected results and plans for 2026
The net profit for 2025 was DKK 2,313 million.
With the organic growth objective as the point of
years 2024-
customers and further increasing customer numbers. The
board of directors will start working on a strategy update
for the coming years in 2026.
Based on the current strategy and the market conditions
expected at the beginning of the year, the bank has the
following expectations for 2026:
• Interest income: The bank expects continued
pressure on the interest margin, including because of
continued competition in the sector. The bank also
budgets for continued growth in loans. The bank
expects that average net interest income per day will
increase during 2026 compared to the average net
interest income per day realised in the fourth quarter
of 2025. In summary, based on the above, the bank
expects total net interest income to be higher
compared to the income level realised in 2025.
• Other income: The activity level was increasing during
2025. The bank forecasts other income to be higher
than in 2025. This is despite the fact that part of the
2025 income was attributable to a reassessment of
the value of the BankInvest shares and thus a one-off
income item only.
• Expenses: An increase of approximately 4% in total
expenses is forecast compared to 2025.
• Impairment charges: The bank forecasts impairment
charges on a par with the average realised losses in
the last ten years, equivalent to approximately 0.1%.
On the basis of the above, the bank maintains the
previously announced expectations for 2026 for net profit
for the year in the range DKK 2.0 - 2.4 billion.
We are looking at a 2026 with continued geopolitical and
consequently macroeconomic uncertainty, like 2025.
Uncertainty therefore surrounds the expected profit for
2026.
Principal activity
related activities permitted under financial law.
In accordance with the business model, the bank focuses
on operating as a full-service relationship bank for
personal and business customers in West, Central and
North Jutland, Copenhagen and Aarhus and as a niche
bank in selected segments.
section from page 61.
Ringkjøbing Landbobank A/S Page 21
Financial review
Uncertainty of recognition and measurement
The recognition and measurement of certain assets and
liabilities are uncertain because they require estimates of
how future events will affect the value of the assets and
liabilities on the balance sheet date.
Estimates of importance to the financial reporting are
mainly used in the following areas:
• Calculation of expected losses on loans and other
credit exposures (impairment charges)
• Assessment of collateral security
• Fair value of unlisted financial instruments
• Valuation of intangible assets including goodwill
The estimates are based on assumptions which the
obviously are not certain.
position, and the control environment for the estimates
made is satisfactory.
Events after the reporting period
No events after 31 December 2025 are judged to have an
impact on the annual report for 2025.
Ringkjøbing Landbobank A/S Page 22
Capital structure
Share buyback programmes, capital
reduction and profit distribution
to initiate a share buyback programme totalling DKK 500
million in relation to the profit distribution for 2024, and in
April 2025, the board of directors decided to initiate a
share buyback programme totalling DKK 1,000 million
when the former programme had been completed.
Both share buyback programmes were completed under
the Safe Harbour rules for the purpose of cancelling the
bought shares at a future general meeting.
The annual general meeting held in March 2025 decided
to cancel the 1,315,042 of the bank's own shares bought
in 2024 and early 2025. The capital reduction was
finalised in May 2025.
It is proposed to the annual general meeting to be held on
4 March 2026 that the 1,108,147 shares bought back in
the period from 28 January 2025 and up to and including
30 January 2026 be finally cancelled in association with a
capital reduction, thus reducing the number of shares in
the bank from 25,391,697 to 24,283,550.
DKK 24,343,720 in nom. DKK 1 shares, see below.
Share
capital/Number
of shares
Beginning of 2025
26,706,739
Capital reduction, cancellation of shares, May 2025
-1,315,042
Share capital at end of 2025
25,391,697
Share buyback programmes bought in 2025
-1,047,977
Actual share capital at end of 2025
24,343,720
Share buyback programme bought in 2026
-60,170
Actual share capital following a capital reduction in 2026
24,283,550
In the second half of 2025, the bank completed an
application process at the FSA regarding distribution of
announced the launch of a new share buyback
programme for DKK 500 million as part of the ordinary
allocation of profit for the 2025 financial year.
The share buyback programme started on 2 February
2026 and will run until 8 May 2026. The amount of the
capital at the end of 2025.
A full implementation of the above DKK 500 million share
buyback programme will be subject to the annual general
meeting in March 2026 again authorising the board of
years.
It is therefore proposed to the general meeting that the
years, to permit the bank to acquire its own shares, in
accordance with current legislation, until the next annual
general meeting, to a total nominal value of ten percent
(10%) of the share capital, such that the shares can be
acquired at current market price plus or minus ten
percent (+/- 10%) at the time of acquisition.
Finally, the board of directors proposes to the annual
general meeting that a dividend of DKK 12 per share be
paid for the 2025 financial year, equivalent to a total of
DKK 305 million. A dividend of DKK 11 per share was paid
for the 2024 financial year.
the distribution policy. Under the updated policy, from the
2026 financial year, the board of directors of Ringkjøbing
Landbobank aims to distribute an annual basic dividend
of 40% of the net profit for the year. Distribution can be
effected as a combination of dividend and share
buybacks. The aim is also to distribute stable dividends
over time. In addition, the bank can make extraordinary
distributions in the form of share buybacks. Distribution
can be made when the board of directors has made an
expectations. These assessments will be made each
quarter.
Capital objectives
be such as will ensure sufficient capital for future growth
and for hedging against any fluctuations in the risks
assumed by the bank.
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 at least 25.5% and the
MREL capital ratio for covering the MREL requirement at
least 26.0%, including the capital buffers.
All capital targets must be met at the end of the year. The
capital ratios may fluctuate during the year.
Ringkjøbing Landbobank A/S Page 23
Capital structure
Current capital structure and the
subordination and MREL requirements
11,034 million. The profit for the year must be added to
own shares bought must be subtracted. After this, equity
at the end of 2025 was DKK 11,568 million.
During 2025, the bank issued tier 2 capital equivalent to a
total of DKK 1,565 million.
Tier 2 issues in 2025
Date
Currency
Amount,
million
Maturity,
years
Interest
rate
Margin
Margin
swapped
to 3M
Cibor
1 April
SEK
350
10.00
3M Stibor
170
150
8 July
SEK
660
10.00
3M Stibor
170
150
24 Sep.
EUR
70
10.33
3M Euribor
160
-
5 Nov.
SEK
500
10.25
3M Stibor
165
134
During 2025, the bank redeemed tier 2 capital of DKK 300
million, and at the end of 2025 tier 2 capital of DKK 3,065
million in total had thus been issued.
The bank also issued senior non-preferred capital
totalling DKK 781 million and senior preferred capital
totalling DKK 1,415 million in 2025.
At the end of 2025, senior non-preferred capital totalling
DKK 4,856 million and senior preferred capital totalling
DKK 2,013 million had thus been issued. The senior
preferred 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, see
below.
The bank's capital ratios as at the end of December 2021-
2025 were as follows:
Capital ratio
2025
2024
2023
2022
2021
Common equity tier 1 capital
ratio
16.4
16.6
18.9
17.4
17.6
Tier 1 capital ratio
16.4
16.6
18.9
17.4
17.6
Total capital ratio
21.7
19.8
23.0
21.6
22.3
MREL subordination ratio
30.0
27.7
-
-
-
MREL capital ratio
30.9
28.8
28.9
28.9
27.8
Adjusted for the part of the share buyback programme
not yet used at the end of 2025 and deduction for the new
tier 1 capital ratio at the end of the year would have been
as shown in the table:
Adjusted tier 1 capital
ratio
2025
2024
2023
2022
2021
Common equity tier 1 capital
ratio
16.4
16.6
18.9
17.4
17.6
Remaining share buyback
programme etc.
1.1
1.1
0.1
0.1
0.2
Adjusted common equity tier
1 capital ratio
17.5
17.7
19.0
17.5
17.8
In January 2026, the bank issued senior non-preferred
capital equivalent to a total of DKK 1,539 million. At
present, the bank does not expect to need further capital
issues for the rest of 2026.
The MREL requirement and subordination requirement for
2025 were 18.9% and 23.7% respectively.
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.
MREL capital ratio 30.9% at the end of 2025, which thus
met both requirements.
The excess cover at the end of 2025 was thus 6.3
percentage points relative to the subordination
requirement, 12.0 percentage points relative to the MREL
requirement and 6.3 percentage points relative to the
MREL requirement including buffers.
In December 2025, the bank received an updated MREL
requirement of 19.1% and an updated subordination
requirement of 23.3% from the Danish FSA both
applicable from the beginning of 2026.
Leverage ratio
The CRR II regulation contains a leverage ratio
requirement, defined as tier 1 capital as a percentage of
total exposure, of at least 3%.
compared to 10.5% at the end of 2024.
Individual solvency requirement and
capital buffers
Ringkjøbing Landbobank focuses on its internally
calculated individual solvency requirement, defined as
risk exposure amount.
Adequate total capital is assessed and calculated, on the
basis of an internal calculation model, as the amount
and future risks.
The bank calculates the individual solvency requirement
using the 8+ model. The model is based on 8 percentage
points, plus any supplements calculated for customers
with financial problems, and others. The 8+ model thus
Ringkjøbing Landbobank A/S Page 24
Capital structure
does not give the bank credit for its earning capacity and
robust business model.
the end of 2025 was calculated at 8.9%, which is identical
to the end of 2024.
2.3%, 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 the sector-specific
systemic buffer of 0.9% for exposures to real property
companies should be added to this.
thus 14.6% at the end of the year.
In October 2025, the Systemic Risk Council
recommended a review and possible easing of the
sector-specific systemic buffer for exposures to real
property companies, based on the general improvement
in the Danish economy since 2023, when the Risk Council
first recommended activating the systemic buffer.
The Minister for Industry, Business and Financial Affairs
announced on 6 January 2026 that the matter of changes
to the systemic buffer is complex and involves a range of
aspects requiring careful consideration. The Government
therefore requested additional time to deal with the Risk
Compared with the actual total capital of DKK 12.7 billion,
the capital buffer at the end of 2025 was thus DKK 4.1
billion, equivalent to 7.1 percentage points.
For further information, see the summary below.
Individual solvency requirement, total capital requirement and
excess cover
(%)
2025
2024
2023
2022
2021
Individual solvency requirement
8.9
8.9
9.0
9.3
9.3
Capital conservation buffer
2.5
2.5
2.5
2.5
2.5
Countercyclical buffer
2.3
2.3
2.5
2.0
0.0
Sector-specific systemic buffer
0.9
0.7
-
-
-
total capital
14.6
14.4
14.0
13.8
11.8
Excess cover (pp) relative to
individual solvency requirement
12.8
10.9
14.0
12.3
13.0
Excess cover (pp) relative to total
requirement for total capital
7.1
5.4
9.0
7.8
10.5
The computed adequate total capital is regularly
assessed and reported to the Danish FSA.
For further information on the calculation of Ringkjøbing
www.landbobanken.dk/solvency.
Capital adequacy rules
The bank used the methods below for the calculation of
its total risk exposure amount at the end of 2025 as
provided by the CRD rules:
Calculation of capital adequacy methods used
Credit risk outside the trading portfolio
Standardised Approach
Counterparty risk
Mark-to-Market Method
Credit risk reducing, financial collateral
Reduced basic approach
Market risk
Standardised Approach
Operational risk
Business Indicator Approach
As is evident from the above, the bank uses the
standardised approach for calculation of its credit risk
and thereby the total risk exposure amount. This
approach uses fixed risk weightings.
The method means that the bank does not apply the
same down-weighting of risks as those banks which
apply one of the advanced methods.
On the other hand, the bank does not experience
increasing risk weightings in periods of recession and
does not have to use output floors under CRR III.
Relative to the advanced methods, use of the
standardised approach means significantly greater
robustness in the calculated capital ratios and less
volatility in the total risk exposure amount.
The bank is also subject to the provisions on a backstop
for non-performing exposures (NPEs). The rules mean
that NPEs must be fully deducted from common equity
tier 1 within a period of at most ten years. Deduction
must be in the form of either write-downs of the exposure
or deduction from tier 1 capital. The deduction from
common equity tier 1 at the end of 2025 was DKK 34
million.
Parts of the CRR III rules entered into force at the
beginning of 2025. The regulation contains changed
weighting principles for exposures to real property and
new rules on calculating risk-weighted items in relation to
operational risks. The bank reported in accordance with
the new rules for the first time at the end of March 2025.
The overall effect of the new rules is a more or less
unchanged level of risk-weighted items. The allocation to
operational risks is generally reduced. The allocation
related to credit risks has increased.
Ringkjøbing Landbobank A/S Page 25
Risks
Risk-taking and management
Risk-taking is a natural part of banking.
exposures to credit risks, market risks and liquidity risks.
There are also various non-financial risks, including
money laundering, financing of terrorism, violation of
financial sanctions, ICT (information and communication
technologies) risks and other operational risks.
ESG-related risks are included as an integral part of the
individual risk areas.
The notes to the annual report contain details on the
individual risk areas. The management's review and the
sustainability statement also describe ESG-related risks.
-taking is only to take
risks within a moderate risk profile which it has the
expertise to manage.
The absolutely biggest risk area for the bank, and
consequently the special business-related risk linked to
policy sets the framework for credit risk.
Overall, the bank wants to assume moderate credit risks
based on a balanced relationship between risk and return.
Over a multi-year period, the bank wants to operate with
losses which are lower relative to losses in the Danish
financial sector. The result of this historically is credit
losses at a low level as shown in the table on the next
page.
-taking is established by
the board of directors, which has adopted a policy for
risk profile.
The general management is responsible for the day-to-
are managed and checked in accordance with the
framework and guidelines established by the board of
directors.
Ongoing risk management and monitoring is based on
three lines of defence with a clear assignment of
responsibilities between the risk-taking functions (first
line of defence), compliance and risk management
functions responsible for risk monitoring and checking
function (third line of defence).
The various types of risk are described in more detail in
notes 38 - 46 of this annual report.
The sustainability statement on pages 55 - 121 contains
additional information on risk management, governance
and other matters.
In addition, Danish banks are required by law to disclose
information on risk.
Some of the required risk information is given in this
website: www.landbobanken.dk/risk-information
Ringkjøbing Landbobank A/S Page 26
Risks
Actual net losses
(DKK 1,000)
Actual net
losses after
interest
Loans and other
receivables with
suspended interest
Impairment
charges for
loans etc.
Total loans and
guarantees etc.*
Percentage
loss before
interest**
Percentage
loss after
interest**
Year
Actual net
loss
1987
-6,696
304
10,544
75,000
1,358,464
-0.49%
0.02%
1988
-14,205
-5,205
4,522
93,900
1,408,830
-1.01%
-0.37%
1989
-18,302
-5,302
13,107
117,270
1,468,206
-1.25%
-0.36%
1990
-15,867
-1,867
47,182
147,800
1,555,647
-1.02%
-0.12%
1991
-11,429
3,571
47,626
170,000
1,805,506
-0.63%
0.20%
1992
-32,928
-14,928
43,325
177,900
1,933,081
-1.70%
-0.77%
1993
-27,875
-6,875
30,964
208,700
1,893,098
-1.47%
-0.36%
1994
-14,554
4,446
33,889
223,500
1,938,572
-0.75%
0.23%
1995
-10,806
10,194
27,292
238,800
2,058,561
-0.52%
0.50%
1996
-19,802
-1,802
18,404
233,400
2,588,028
-0.77%
-0.07%
1997
-31,412
-12,412
39,846
236,600
3,261,429
-0.96%
-0.38%
1998
-2,914
18,086
4,905
263,600
3,752,602
-0.08%
0.48%
1999
-442
21,558
18,595
290,450
5,148,190
-0.01%
0.42%
2000
-405
27,595
12,843
316,750
5,377,749
-0.01%
0.51%
2001
-8,038
20,962
14,222
331,950
6,113,523
-0.13%
0.34%
2002
-8,470
20,530
26,290
382,850
7,655,112
-0.11%
0.27%
2003
-22,741
2,259
23,412
394,850
8,497,124
-0.27%
0.03%
2004
-14,554
9,446
18,875
404,855
11,523,143
-0.13%
0.08%
2005
-22,908
192
35,796
357,000
15,522,264
-0.15%
0.00%
2006
-13,531
7,028
20,578
295,000
17,858,787
-0.08%
0.04%
2007
-15,264
4,888
13,190
289,097
19,227,573
-0.08%
0.03%
2008
-34,789
-10,237
22,110
356,083
16,475,975
-0.21%
-0.06%
2009
-73,767
-47,658
62,649
467,025
14,890,027
-0.50%
-0.32%
2010
-69,428
-40,207
66,237
565,035
14,758,234
-0.47%
-0.27%
2011
-78,813
-43,073
61,419
649,856
14,448,638
-0.55%
-0.30%
2012
-90,022
-48,337
113,312
758,363
14,849,602
-0.61%
-0.33%
2013
-69,030
-25,117
85,258
853,421
16,604,640
-0.42%
-0.15%
2014
-53,427
-9,206
58,244
931,398
18,073,200
-0.30%
-0.05%
2015
-87,250
-48,815
74,220
942,950
20,194,063
-0.43%
-0.24%
2016
-86,666
-54,200
59,904
937,128
20,878,475
-0.42%
-0.26%
2017
-45,769
-16,414
24,995
931,035
23,465,775
-0.20%
-0.07%
2018
-251,451
-200,376
209,642
2,040,407
43,220,158
-0.58%
-0.46%
2019
-187,787
-118,934
212,195
2,031,645
47,161,735
-0.40%
-0.25%
2020
-120,051
-60,373
264,721
2,204,620
48,257,615
-0.25%
-0.13%
2021
-49,541
71
97,757
2,283,320
53,680,913
-0.09%
0.00%
2022
-42,658
6,401
81,176
2,302,171
58,213,791
-0.07%
0.01%
2023
-36,968
26,626
119,789
2,334,589
59,474,627
-0.06%
0.04%
2024
-14,883
42,758
182,799
2,374,546
65,374,056
-0.02%
0.07%
2025
-9,133
39,771
132,070
2,372,961
73,580,009
-0.01%
0.05%
39-year average (1987-2025)
-0.44%
-0.05%
10-year average (2016-2025)
-0.21%
-0.10%
*/** Please see note 49 on page 182 for a definition.
Explanation: The percentage losses are computed as the actual net losses for the year, before and after interest on the impaired part of
loans, as a percentage of total loans, guarantees, impairments for loans and provisions for guarantees. A minus in front of a percentage
loss indicates a loss, while a positive percentage loss means that the interest on the impaired part of loans was greater than the actual
net losses for the year. All the above figures are computed exclusive of amounts concerning reverse repo transactions and the national
The 10-year average and the 39-year average are calculated as simple averages.
impairment policies for losses were harmonised. In 2018 this resulted in full and partial impairment losses on exposures taken over from
Nordjyske Bank. This harmonisation continued to a lesser extent in 2019 and partly in 2020.
Ringkjøbing Landbobank A/S Page 27
Corporate governance etc.
Statement on corporate governance
Goal
Ringkjøbing Landbobank has set goals for corporate
stakeholders, namely its customers, shareholders,
employees, and the local areas where the bank operates.
As a responsible financial institution, the bank also
focuses on sustainability.
achieve the best possible long-term returns for its
owners, the shareholders, and to achieve an annual return
on equity among the top one-third of the Danish financial
sector, via rational operation of the bank and sound credit
policy.
in West, Central and North Jutland, of which it is an
develop that section of its customer portfolio which is
situated in these areas.
The bank also seeks to serve both personal and business
customers from its branches in Copenhagen and Aarhus.
Finally, it seeks to serve selected customer groups
throughout Denmark via its niche concepts and private
banking branches, offering a high level of expertise and
competitive products.
In general, the bank will meet the expectations of a full-
service bank for personal and business customers via its
strengths in both capital and consultancy.
It is also a goal for Ringkjøbing Landbobank to be a good
and attractive employer. In line with the business model
and the chosen strategy, the bank wishes to create an
interesting and challenging workplace which can both
retain and develop competent employees and continually
attract new employees.
In the context of corporate governance, the bank also
focuses on ESG aspects and sustainability and, in the
transition plan for climate and the environment, has set
targets for carbon emissions from its loan and
operations.
The reader is referred to the sustainability statement
from page 73 of this annual report.
those areas where it is rooted historically. This takes
place through support for local sporting and cultural life.
Codes of management etc.
As a listed financial institution and member of Finance
Denmark, the bank is covered by a number of codes of
practice.
Being listed on the Nasdaq Copenhagen, the bank is
covered by the Recommendations on Corporate
Governance issued by the Committee on Corporate
Governance, and as a member of Finance Denmark, by
the Corporate Governance Code of the Danish Bankers
Association.
The Recommendations on Corporate Governance
Corporate governance in Ringkjøbing Landbobank
concerns the objectives, general principles and structures
governing the bank and the interplay between the
stakeholders: customers, shareholders and employees,
and relations with the local areas in which it has
branches.
the Recommendations on Corporate Governance issued
and gives an account of them in its annual reports.
different recommendations again for the 2025 financial
year in the main areas:
1)
investors and other stakeholders;
2) The duties and responsibilities of the board of
directors;
3) The composition, organisation and evaluation of the
board of directors;
4) Remuneration of the management; and
5) Risk management.
The recommendations supplement Danish law,
particularly the Danish Companies Act, the Danish
Financial Statements Act, EU corporate law rules and the
OECD Principles of Corporate Governance.
of directors and general management have assessed the
of corporate governance, and the general management
and board of directors have chosen to comply with
almost all of the recommendations in this area. Where
nt has
Ringkjøbing Landbobank A/S Page 28
Corporate governance etc.
explained why not, and which approach the bank has
chosen instead. This is also considered to constitute
compliance with the recommendations.
By doing so, the bank thus complies with all 40
recommendations.
In 2013, the then Danish Bankers Association (now
Finance Denmark) published a corporate governance
code.
The recommendations in the Corporate Governance Code
companies actively consider a number of managerial
matters and to achieve greater openness concerning the
frameworks for management of the individual member
companies.
companies of Finance Denmark must specify how they
view the Corporate Governance Code in connection with
the presentation of the annual report.
of directors and general management also specified how
Code.
Denmark's Corporate Governance Code, and the bank
complies with all 12 recommendations.
Active ownership
Section 101a of the Danish Financial Business Act
contains a provision on active ownership policy. Under
that provision, an active ownership policy must be
prepared or an explanation given for why a policy has not
been prepared.
assess that a policy is not necessary since the bank only
has a very modest holding of listed shares.
In the role of asset manager, the bank has not explicitly
agreed with its customers that it must exercise active
ownership, for example by exercising the voting rights
pertaining to investments in listed shares.
management organs and their functions
the general management regularly satisfy themselves
connection with the financial reporting process are
functioning properly.
The financial reporting process, including the
implemented controls and risk management for the
process, is designed to ensure that the annual report is
presented in accordance with statutory requirements and
is free of material misstatement attributable to fraud or
error.
The financial reporting process is further organised so
its annual report in cooperation with the general
management and other relevant departments and
employees.
An additional general rule for the financial reporting
department and other relevant departments and
employees continuously monitor compliance with
relevant legislation and other regulations and provisions
on both financial reporting and sustainability reporting in
connection with the financial reporting process and
The internal controls and risk management systems in
connection with the financial reporting process are also
structured with the following main elements, which
ensure:
• that the accounts department is in charge of the
overall financial reporting process, including the
financial statements, while the ESG steering group
has overall responsibility for the sustainability
reporting;
• that the accounts department coordinates and
obtains relevant information from other departments
for use in the preparation of the financial accounts
and also reviews and quality-assures the information
obtained, ensuring that documentation etc. is
prepared for each item;
• that the ESG steering group coordinates and obtains
relevant information from other departments for use
in the preparation of the sustainability statement and
also reviews and quality-assures the information
obtained, ensuring that documentation etc. is
prepared for each item in the sustainability statement;
• that the management's review covering the financial
management and executive secretariat, while the
management's review covering the sustainability
management and ESG steering group;
•
independent auditor and the internal audit function
with information and data in connection with the audit
of the financial statements (the ESG steering group
Ringkjøbing Landbobank A/S Page 29
Corporate governance etc.
and the internal audit function with information and
data in connection with the independent sustainability
sustainability statement);
• that the general management and relevant employees
in the bank review the draft annual report;
•
board review the draft annual report;
•
committee and the general management hold
report.
The above also applies to the presentation of interim
reports with the consequent changes and adaptations
arising because these reports are not audited and parts
of the reporting are only required annually.
The complete statement on management and corporate
governance contains descriptions of recognition and
measurement, the control environment, risk assessment,
management organs and their functions, etc.
Complete statement on management and
corporate governance
The statutory complete statement on management and
corporate governance in Ringkjøbing Landbobank is
www.landbobanken.dk/cg
Diversity in the board of directors
The bank has a policy for diversity on the board of
directors. The board of directors and its nomination
committee assessed the policy in November 2025 and
found that a few adjustments were needed.
composition should embrace diverse competences and
backgrounds, including diversity in professional identity,
work experience, gender, age etc.
The policy further lays down that recruitment of
candidates to serve as board members must focus on
ensuring that the candidates possess competences,
backgrounds, knowledge and resources that are different
from the current board members and collectively match
etc.
There were no changes in the board of directors in 2025.
Compliance with the adopted policy on diversity on the
board of directors was assessed by the board of
directors and its nomination committee during the annual
evaluation process and the conclusion was that the
policy is complied with.
In addition to the focus on diversity on the board of
directors, the policy criteria are also considered when
candidates are recruited to serve as members of the
mbers of the
members of the shareholders' committee.
On the date of closing the accounts, six of the eight board
while two board members (one with managerial
experience from another financial undertaking and one
with IT skills) were not elected from the membership of
The under-represented gender
The bank is subject to the Danish Gender Balance Act,
and the following sections are the statutory complete
statement on the under-represented gender in
accordance with Section 156 of the Executive Order on
Financial Reports for Credit Institutions and Investment
Firms etc.
The board of directors board members elected by the
shareholders' committee
An equal gender distribution as defined by the Danish
Business Authority was achieved among the then nine
board members elected by the shareholders' committee
in 2023, when 33.3% were of the under-represented
gender.
With three board members of the under-represented
gender among eight board members (equivalent to
37.5%) at the end of 2025, the gender distribution
remained equal. On the basis of the equal gender
distribution and the provisions of the Gender Balance Act,
a target figure is no longer set for the under-represented
gender for board members elected by the shareholders'
committee.
The board of directors board members elected by the
employees
Under the Gender Balance Act, a target must also be set
for the board members elected by the employees unless
equal distribution has been achieved. With two female
and two male employee representatives, equal gender
distribution has been achieved.
Ringkjøbing Landbobank A/S Page 30
Corporate governance etc.
Other management levels
are members of the general management (reported to the
Danish Business Authority), employees placed at the
same management level, in organisational terms, as the
general management, and employees with staff
responsibilities reporting directly to the general
management or to employees placed at the same level, in
organisational terms, as the general management.
The bank has a target figure and a policy aimed at
increasing the percentage of the under-represented
perceive that equal career and management
opportunities are open to them, irrespective of gender.
The policy adopted to increase the percentage of the
under-
management levels also aims at creating a basis for a
more equal gender distribution at these management
-term aim to create
ent wants to
follow up on developments with respect to gender
distribution at other management levels and to adjust the
effort continually in relation to the target.
In 2022, the board of directors and its nomination
committee set a target figure of at least 25% for the
under-
management levels to be met by 2025.
The bank met the 25% target at the end of 2024. The
the beginning of 2025, to be met by the end of 2030.
In 2023, the bank launched various initiatives to increase
the percentage of the under-represented gender at the
recruitment initiatives and initiatives aimed at motivating
employees of the under-represented gender to pursue
different managerial roles, thus becoming eligible
initiatives were also used and followed up in 2025, and
additional initiatives were launched in 2025.
The implemented initiatives have improved the key figure
for the under-represented gender from 25.4% at the end
of 2024 to 27.5% at the end of 2025.
31 Dec.
2025
31 Dec.
2024
31 Dec.
2023
31 Dec.
2022
31 Dec.
2021
Board of directors (supreme management
body)
Board members elected by the
shareholders' committee
Total
8
8
9
8
8
Under-represented gender in %
37.5
37.5
33.3
25.0
12.5
Target in %
Not relevant
1
Not relevant
1
Not relevant
1
30.0
-
Year target must be met
Not relevant
1
Not relevant
1
Not relevant
1
2023
-
Board of directors (supreme management
body)
Board members elected by the employees
Total
4
4
Under-represented gender in %
50.0
50.0
Target in %
Not relevant
1
Not relevant
1
Year target must be met
Not relevant
1
Not relevant
1
The general management
Total
4
4
4
4
4
Under-represented gender in %
0.0
0.0
0.0
0.0
0.0
Other management levels incl. general
management
Number of members (FTEs)
58.0
59.0
55.8
56.8
55.9
Under-represented gender in %
27.5
25.4
22.9
20.7
19.4
Target in %
30.0
25.0
2
25.0
25.0
-
Year target must be met
2030
Not relevant
2
2025
2025
-
1
No target set as equal gender distribution has been achieved.
2
The target of 25% was met at the end of 2024 – updated target of 30% to be met by the end of 2030 was set by the board of directors in January 2025.
Ringkjøbing Landbobank A/S Page 31
Corporate governance etc.
Sound corporate culture
sound corporate culture containing a set of principles for
supplemented by the framework and guidelines set out in
relevant policies.
The policy for a sound corporate culture was most
recently updated in December 2025 and is available on
www.landbobanken.dk/policies
policy and the code of conduct. Through this report and
otherwise, the board of directors gains insight into
matters relating to the policy and code of conduct.
the annual general meeting on behalf of the board must
cover the implementation of the corporate culture policy
and compliance with it. The sustainability statement from
page 100 provides further details.
Working environment and workplace
accident prevention
etc. the employees are informed of the current guidelines
and procedures including how to handle threatening
behaviour from customers or other external parties.
carries out the statutory workplace risk assessment
(APV) every three years to map the working environment.
Identifying focus areas and preparing an action plan to
improve the working environment in these areas are part
of the assessment, which contributes to minimising the
risk of workplace accidents.
There were two workplace accidents in the bank in 2025.
Both were slip and trip accidents.
Anti-money laundering, counter-terrorist
financing and sanctions
recommendations made in the report issued in November
2019 by the Anti-Money Laundering Task Force, which
was appointed by Finance Denmark. The 25
recommendations for anti-money laundering and counter-
terrorist financing measures are aimed at various
stakeholders including authorities, the banking sector in
general and the individual banks.
anti-money laundering and counter-terrorist financing
efforts, see the sustainability statement from page 104.
Data ethics
ethical principles and conduct in relation to data. The
board of directors made a few changes to the policy in
November 2025.
Section 158 of the Executive Order on Financial Reports
for Credit Institutions and Investment Firms etc. requires
undertakings which have a data ethics policy to
on data ethics.
The statement must contain information on the
which is available on the bank's website at:
www.landbobanken.dk/dataethics
Product approval and product
management
The bank has policies for product approval and product
management to ensure that customers are offered
suitable investment products and investment services,
retail banking products etc.
If new investment products and services or retail banking
services are introduced which may result in significant
responsibility for approving them.
investment products and services are structured so that
of retail banking products are handled by the person(s)
development and support department. In a cycle,
compliance function for review. New products and
s compliance
function, risk management function and general
management. The compliance and risk management
functions can always request that risks be submitted to
the board of directors for consideration.
Ringkjøbing Landbobank A/S Page 32
Corporate governance etc.
At least annually, the compliance function reports to the
services and retail banking products, including target
group compliance, based on internal reporting received
from the middle office function and the business
development and support department and on the
Complaints handling
In the event of disagreement between a customer and the
best resolved through dialogue between the customer
and the adviser, possibly with the involvement of the
If agreement is not reached, the customer always has the
function.
The complaints function is independent of the
departments serving customers and handles complaints
received and sends answers to the customer.
The complaints function reports annually to both the
which gives them full insight into the scope and type of
complaints.
Ringkjøbing Landbobank A/S Page 33
Corporate governance etc.
Communication with stakeholders
The bank places great emphasis on communication with
its stakeholders.
It has always been a priority for the bank that its advisers
must be available to its customers. This will remain a top
priority going forward. The bank also gives high priority to
having a mobile/web banking platform and a website
which are accessible, easy to understand and can be
used in the bank's communication with its customers.
In addition, the bank has prepared an investor relations
policy dealing with the bank's information to, and
communication with, investors and other stakeholders. A
code of conduct and other relevant policies have also
been prepared which include the general framework and
guidelines for the bank's interaction with its stakeholders.
Investor relations policy
The bank's investor relations policy includes statements
that the bank must strive for openness and constructive
dialogue with its shareholders, investors and other
stakeholders.
The bank's goal is thus to give
• the stock exchanges on which the bank has listed
issues,
• existing and potential shareholders and investors,
• share analysts and securities brokers, and
• other stakeholders
quick information which gives a true and fair view of both
price-related and other significant matters.
November 2025 and found that various minor
adjustments were needed.
The investor relations policy is available at the bank's
website at: www.landbobanken.dk/policies
Policy on conditions for employees and
code of conduct
The board of directors has adopted a policy on conditions
for employees, which provides the overall framework and
guidelines in a range of areas on how the bank wants to
treat its employees. The policy is available on the bank's
website at www.landbobanken.dk/policies
The board of directors has also adopted a code of
conduct which establishes the framework and guidelines
for its employees (including the board of directors and
general management) concerning the conduct expected
of them towards stakeholders such as customers,
suppliers and authorities on a range of subjects. The
its business partners and their actions.
The overall object of the code of conduct is to assist
employees in their daily decisions and conduct.
The code is general and not exhaustive but provides
examples of unacceptable behaviour.
The board of directors reviewed and updated the code of
conduct in December 2025 and approved various
adjustments. The code of conduct is available on the
bank's website at: www.landbobanken.dk/policies
The policy on conditions for employees and the code of
conduct are supplemented by other relevant policies etc.
for employees and code of conduct, see the sustainability
statement from page 89 and page 100 respectively.
Responsible purchasing policy
framework and guidelines for its suppliers and other
partners.
In order to achieve responsible supply, the policy
introduces various environmental, social and ethical
standards. The bank thus wants its suppliers and other
partners to show the same responsibility as the bank. It is
also crucial to the bank that its suppliers and other
partners comply at least with applicable national law.
The policy is available on the bank's website at
www.landbobanken.dk/policies.
purchasing policy, see the sustainability statement on
page 102.
Ringkjøbing Landbobank A/S Page 34
Corporate governance etc.
Remuneration
Remuneration policy
March 2025.
remuneration committee assessed the need for changes
to the remuneration policy. The board and committee
assessed that one non-significant change was needed.
management is paid remuneration which is both in line
performance for the bank.
It also still specifies that the remuneration paid to the
board of directors and the general management should
be a fixed amount without any form of incentive
component. The remuneration of the board of directors
must be submitted annually to the general meeting for
approval.
It still applies that other major risk-takers and employees
in control functions may be paid variable salary
components in cash within the financial framework for
payment of personal allowances under a current
workplace agreement, below the cap on variable salary
components and subject to the other provisions of the
remuneration policy. Severance may also be paid unless
it is deemed to be variable salary in the terms of the
applicable law.
In addition, the remuneration policy contains provisions
including variable salary paid to them.
The remuneration policy also complies with the
remuneration policy requirements of the Danish
Companies Act applicable to public limited companies
with shares admitted to trading on a regulated market.
The current remuneration policy is available on the bank's
website at: www.landbobanken.dk/policies
Remuneration report and remuneration
details
Pursuant to the Danish Companies Act, a remuneration
report has also been prepared on the remuneration paid
to the board of directors and the general management for
the 2025 financial year.
The remuneration report will be submitted for a
March 2026.
The remuneration report contains a statement by the
In addition, a document with details of remuneration etc.
is prepared pursuant to the executive order on wage
policies and remuneration in financial institutions etc.,
Article 450 of the CRR and section 80c of the Danish
Financial Business Act.
The remuneration policy and the remuneration details
document are available at the bank's website at:
www.landbobanken.dk/policies
Ringkjøbing Landbobank A/S Page 35
Corporate governance etc.
Information on listed companies
In accordance with Section 153 of the Executive Order on
Financial Reports for Credit Institutions and Investment
Firms etc., the bank advises as follows:
25,391,697 represented by 25,391,697 nom. DKK 1
shares.
The bank has only one share class, and the entire share
capital, and thus all shares, are listed on the Nasdaq
negotiability.
The following shareholder has notified voting rights for
capital on 31 December 2025:
• Nordflint Capital Partners Fondsmæglerselskab A/S,
Copenhagen, Denmark, held voting rights for and
December 2025.
Nordflint Capital Partners Fondsmæglerselskab A/S,
Copenhagen, Denmark notified the bank on 19 January
2026 that at 14 January 2026 Nordflint Capital Partners
Fondsmæglerselskab A/S no longer held voting rights for
are capital.
With respect to the exercising of voting rights, each nom.
DKK 1 share carries one vote when the share is recorded
shareholder has reported and documented their right.
However, a shareholder may cast no more than 3,000
votes.
-year
cordance with rules in
force.
only valid if the resolution is adopted by at least two-
thirds of votes cast and two-thirds of the voting capital
represented at the general meeting.
On the date of closing the accounts, the board of
directors is authorised as follows, pursuant to the articles
of association, to issue shares:
The general meeting has decided to authorise the board
of directors to increase the share capital in one or more
rounds by up to nom. DKK 5,078,339 with right of pre-
increase must be fully paid up in cash and may be below
the market price. This authorisation applies until 4 March
2030 (Article 2a of the articles of association).
The general meeting has decided to authorise the board
of directors to increase the share capital in one or more
rounds by up to nom. DKK 2,539,169 without right of pre-
increase may be by cash payment or contribution of an
existing company or specific asset values corresponding
to the value of the shares issued. The capital increase
must be fully paid up at the market price ascertained by
the board of directors. This authorisation applies until 4
March 2030 (Article 2b of the articles of association).
The board of directors may use the authorisations under
Articles 2a and 2b to increase the share capital by a
maximum of nom. DKK 5,078,339 in total (Article 2c of
the articles of association).
The board of directors has the following powers with
shares:
authorised the board of directors, before the next annual
general meeting and in accordance with applicable law,
to permit the bank to acquire its own shares to a total
are capital, and the
shares can be acquired at the current market price plus or
minus 10%.
The authorisation was most recently renewed at the
This authority was used in several rounds during 2025 to
initiate two share buyback programmes:
• a DKK 500 million share buyback programme for
execution in the period 28 January to 28 May 2025;
• a DKK 1,000 million share buyback programme for
execution in the period 2 June 2025 to 30 January
2026.
A total of 1,108,147 shares have been bought under the
share buyback programmes. Cancellation of the shares
meeting in March 2026.
In conclusion, it is advised that the bank has accepted
agreements. For reasons of competition, no further
details etc. are given.
Ringkjøbing Landbobank A/S Page 36
Tax report
Tax policy etc.
its own tax matters and its actions relating to its
bank's website at www.landbobanken.dk/policies
The bank wants to have a transparent tax policy to ensure
openness and responsibility in relation to tax. The bank
must thus be able to explain and justify tax-related
length principle in relation to the ban
This includes transactions to which the bank contributes
in its collaboration with customers.
The bank will comply with Danish tax laws and pay to the
Danish authorities the direct and indirect taxes that the
Danish Parliament and other authorities have decided to
levy on banking activities and income, but the bank has
not determined any actual objectives for this. Through its
tax payments etc., the bank generally supports Denmark
as a welfare state and thus UN Sustainable Development
Goals 3, 4, 8, 10 and 16.
The bank will use the tax incentives offered under Danish
law if it has a real possibility of doing so. The possibility
of tax depreciation of operating equipment etc. is the
-related
incentive. The bank also wishes to support the other
statutory tax incentives which are open to Danish
customers, including pension schemes and stocks &
shares savings accounts.
In accordance with applicable good practice rules for
financial undertakings, the bank advises its customers on
tax matters that are relevant to the products and services
it offers. The advice must be of a general, guiding nature,
and it is a condition that the bank must receive all
relevant information in a form also presentable to the tax
authorities. Customers who request specific advice are
referred to external advisers.
The bank wants no part in any form of tax evasion by
itself or its customers or in any transactions designed
solely to avoid paying tax, and the bank therefore
provides no advice or assistance in these respects.
The bank has no entities (in the form of subsidiaries
and/or branches) in other countries/tax jurisdictions,
including tax havens, and as a company registered in
Denmark the bank consequently pays corporation tax
etc. in Denmark only. The bank thus transfers no assets
to low-
not reported on a country-by-country basis in this annual
report. As a result of this, the bank uses banking services
from Denmark only and offers no offshore banking
services.
The bank continually works with and engages in dialogue
with the tax authorities including in connection with the
In addition, the bank is a member of the two interest
organisations, Finance Denmark and the Association of
Local Banks, Savings Banks and Cooperative Banks, both
of which provide comments on behalf of the sector to
legislators and authorities regarding relevant tax matters.
for implementation and compliance with the policy and
taking action if the policy is not complied with.
On recommendation by the general management, it is the
policy is reviewed and possibly updated on an ongoing
basis and at least once a year.
Ringkjøbing Landbobank A/S Page 37
Tax report
Total tax contribution
The bank has calculated its corporate tax for 2025 at DKK
727 million. The bank thus contributes to society as one
taxpayers (no. 10 in
the 2024 income year).
The bank also fulfils a major social task by reporting tax
details regarding its customers and employees.
From the 2023 income year, the financial sector
including Ringkjøbing Landbobank has been charged
an extra tax, which in fact is a corporate tax increase, to
finance early retirement from the labour market. The
extra corporate tax levy payable by Ringkjøbing
Landbobank for 2025 will be DKK 112 million more than
companies with the same profit in other industries have
to pay.
Total tax contribution
(DKK million)
2025
2024
2023
2022
2021
Direct or indirect taxes paid or calculated etc. (Denmark only)
Corporate tax
615
651
593
397
302
Extra corporate tax
112
117
86
0
0
Payroll tax
73
72
66
58
57
Non-deductible value added
tax (VAT)
51
53
45
50
45
Property tax
1
1
1
1
2
Subtotal
852
894
791
506
406
Taxes etc. charged (Denmark only)
Tax deducted from income
at source and labour market
contribution
175
164
155
144
138
Withholding tax on
dividends paid by the bank
shareholders
58
55
38
38
37
Withholding tax on pension
schemes etc. customers
Value added tax (VAT) for
services sold by the bank
93
90
67
60
48
Registration fees
Subtotal
326
309
260
242
223
Total
1,178
1,203
1,051
748
629
Ringkjøbing Landbobank A/S Page 38
Name
Position
Home town
Born
Kristian Skannerup,
Manufacturer
Tim
14.06.1959
Allan Østergaard Sørensen,
Attorney-at-law (High Court)
Ringkøbing
26.06.1982
Rasmus Alstrup
Farmer
Videbæk
08.08.1985
Anette Ørbæk Andersen
Manager
Skjern
04.03.1963
Mette Bundgaard
Police superintendent
No
03.11.1966
Per Lykkegaard Christensen
Farmer
Hjallerup
12.12.1959
Dennis Christian Conradsen
CEO
Frederikshavn
26.06.1984
Claus Dalgaard
Manager
Ringkøbing
28.04.1962
Ole Kirkegård Erlandsen
Butcher
Snejbjerg
19.12.1962
Thomas Sindberg Hansen
Grocer
Kloster
12.12.1978
Tonny Hansen
Former college principal
Ringkøbing
27.05.1958
Poul Johnsen Høj
Fishing boat skipper
Hvide Sande
10.11.1964
Kim Jacobsen
Manager
Aalborg
25.09.1969
Erik Jensen
Manager
Skjern
07.09.1965
Morten Jensen*
Attorney-at-law (Supreme Court)
Dronninglund
31.10.1961
Anne Kaptain*
Chief legal and HR officer
Sæby
14.03.1980
Rikke Ahnfelt Kjær
CFO
Gistrup
25.02.1980
Kasper Lykke Kjeldsen
Timber merchant
Højbjerg
27.02.1981
Lotte Littau Kjærgaard
Manager
Holstebro
10.10.1969
Carl Erik Kristensen
Manager
Hvide Sande
23.10.1979
Karsten Madsen*
Attorney-at-law (Supreme Court)
Sæby
26.07.1961
Niels Erik Burgdorf Madsen
Manager
Ølgod
25.10.1959
Mattias Manstrup
Managing partner and commercial
estate agent
Aabybro
17.06.1978
Jacob Møller*
CEO
Ringkøbing
02.08.1969
Bjarne Bjørnkjær Nielsen
Manager
Skjern
11.03.1973
Tommy Rahbek Nielsen
President
Foersum
06.12.1970
Bente Skjørbæk Olesen
Shop owner
Vemb
16.02.1971
Martin Krogh Pedersen*
CEO
Ringkøbing
07.06.1967
Poul Kjær Poulsgaard
Farmer
Madum
21.02.1974
Birgitte Rom
Sales manager
Gjellerup
08.06.1972
Karsten Sandal
Manager
Ølstrup
25.06.1969
Pia Stevnhøj Sommer
Sales director
Lind
23.02.1979
Lone Rejkjær Söllmann*
Finance manager
Tarm
26.01.1968
Egon Sørensen
Insurance broker
Spjald
16.06.1965
Jørgen Kolle Sørensen
Sales representative and branch
manager
Hvide Sande
17.09.1970
Peer Buch Sørensen
Draper
Frederikshavn
20.05.1967
Lise Kvist Thomsen
Manager
Virum
24.05.1984
Sten Uggerhøj
Car dealer
Frederikshavn
06.07.1959
Lasse Svoldgaard Vesterby
CEO
Ringkøbing
25.04.1978
Dorte Zacho
Self-employed business consultant
Aulum
02.05.1972
Christina Ørskov
Manager
Gærum
10.09.1969
John Christian Aasted
Manager
Aalborg
12.02.1961
* Member of the board of directors
Ringkjøbing Landbobank A/S Page 39
Board of directors
Martin Krogh Pedersen
CEO
Ringkøbing
Born on 7 June 1967
Chair of the board of directors
Board committees:
Remuneration committee, committee chair
Nomination committee, committee chair
Audit committee, committee member
Risk committee, committee chair
Seniority:
Member of the board of directors since 27
April 2011
End of current term of office:
2027
Independence assessment:
Not independent
Professional competences:
Has particular competencies, knowledge and
experience within the areas of business
model, credit risks, market risks, liquidity
risks, other risks/areas including risks of
money laundering, financing of terrorism and
other financial crime and the areas of GDPR,
good practice and compliance, within
budgets, accounting and auditing, capital
structure including capital adequacy and
solvency requirements, and within insurance
risks, and has general managerial experience
including business conduct.
Other managerial activities member of the
management of:
• KP Group Holding ApS and two wholly
owned Danish subsidiaries
• MHKP Holding ApS and two wholly
owned Danish subsidiaries
• The supplementary pension fund for
employees of Ringkjøbing Landbobank
In addition, a member of the advisory board
of:
• Capidea
Jacob Møller
CEO
Ringkøbing
Born on 2 August 1969
Deputy chair of the board of directors
Board committees:
Remuneration committee, committee
member
Nomination committee, committee
member
Audit committee, committee chair
Risk committee, committee member
Seniority:
Member of the board of directors since 26
April 2017
End of current term of office:
2027
Independence assessment:
Independent
Professional competences:
Has particular competencies, knowledge and
experience within the areas of business
model, other risks/areas including risks of
money laundering, financing of terrorism and
other financial crime and the areas of GDPR,
good practice and compliance, within
budgets, accounting and auditing, capital
structure including capital adequacy and
solvency requirement, within insurance risks,
general managerial experience including
business conduct, legal insight including in
relation to financial legislation, and ESG
aspects and reporting, and within sections of
credit risk and market risk areas.
Other managerial activities member of the
management of:
• Iron Fonden and a wholly owned Danish
Danish subsidiaries (wholly owned)
• Landia A/S and three wholly owned
foreign subsidiaries
Ringkjøbing Landbobank A/S Page 40
Board of directors
Morten Jensen
Attorney-at-law (Supreme Court)
Dronninglund
Born on 31 October 1961
Deputy chair of the board of directors
Board committees:
Remuneration committee, committee
member
Nomination committee, committee
member
Audit committee, committee member
Risk committee, committee member
Seniority:
Member of the board of directors since 7
June 2018
End of current term of office:
2026
Independence assessment:
Independent
Professional competences:
Has particular competencies, knowledge
and experience within the areas of credit
risks, operational risks, risks of
outsourcing, other risks/areas including
risks of money laundering, financing of
terrorism and other financial crime and the
areas of GDPR, good practice and
compliance, within budgets, accounting
and auditing, risk management including
interdisciplinary risk management, general
managerial experience including business
conduct, and legal insight including in
relation to financial legislation, and ESG
aspects and reporting, and within sections
of the business model and liquidity risk
areas.
Other managerial activities member of the
management of:
• Advokatfirmaet Børge Nielsen
• AEC-Fonden
• Andersen & Aaquist A/S
• ANS-Fundación Fonden
• Christine og Poul Goos Fond for Fri
Forskning
• Dan Østergård ApS and two wholly
owned Danish subsidiaries
• DCH A/S and one wholly owned Danish
subsidiary
• Dronninglund El-teknik A/S
• Ejendomsselskabet Gasværksvej A/S
and two wholly owned Danish
subsidiaries
• Ejendomsselskabet Svinkløv Badehotel
A/S
• Ergonomic Solutions International Ltd.
and two wholly owned Danish
subsidiaries
• Fonden for Dronninglund Kunstcenter
• Havnens Fiskebod A/S
• Holbækvej 83 ApS
• Lundagergaard Holding ApS and one
wholly owned Danish subsidiary
• Mesterbyg Klokkerholm A/S
• Micodan Holding A/S and three wholly
owned Danish subsidiaries and one
wholly owned foreign subsidiary
• Mølholmparken A/S
• P. J. Skovværktøj, Nørresundby ApS
• PL Holding Aalborg A/S
• PM Energi A/S
• RengøringsCompagniets Fond
• Saga Shipping A/S
• Sølund Ejendomsinvest Holding A/S
• Vibeke Emborg Holding ApS and a part-
owned Danish subsidiary
Ringkjøbing Landbobank A/S Page 41
Board of directors
Jon Steingrim Johnsen
CEO
Humlebæk
Born on 17 April 1968
Board committees:
Nomination committee, committee
member
Risk committee, committee member
Seniority:
Member of the board of directors since 22
February 2017
End of current term of office:
2026
Independence assessment:
Independent
Professional competences:
Has particular competencies, knowledge
and experience within the areas of
business model, market risks, liquidity
risks, operational risks, IT risks/IT security,
risks of outsourcing, other risks/areas
including risks of money laundering,
financing of terrorism and other financial
crime and the areas of GDPR, good
practice and compliance, within budgets,
accounting and auditing, capital structure
including capital adequacy and solvency
requirement, and within insurance risks
and risk management including
interdisciplinary risk management, has
general managerial experience including
business conduct, managerial experience
from other financial undertakings, legal
insight including in relation to financial
legislation, and has experience in ESG
aspects and reporting, and within sections
of the credit risk area.
Other managerial activities member of the
management of:
• Pensionskassen for Farmakonomer
• Pensionskassen for Socialrådgivere,
Socialpædagoger og Kontorpersonale
• Pensionskassen for Sundhedsfaglige
• Pensionskassen for Sygeplejersker og
Lægesekretærer
• PKA+ Pension Forsikringsselskab A/S
• The following operational Danish group
undertakings which are wholly or partly
owned by the above four pension funds
either individually or co-owned by
several of them:
o AIP Management P/S
o Forca A/S
o IIP Denmark GP ApS
o IIP Denmark P/S
o Institutional Holding P/S
o Komplementarselskabet PKA
Ejendomme ApS
o Pensionskassernes
Administration A/S
o PKA Ejendomme P/S
o PKA Ophelia Holding GP ApS
In addition, a member of the governing
bodies of the following interest
organisations:
• Erhvervslivets Tænketank
• Dansk Sygeplejehistorisk Fond
• Forsikring & Pension
• Institutional Investors Group on Climate
Change (IIGCC)
Anne Kaptain
Chief HR and Legal Officer
Sæby
Born on 14 March 1980
Board committees:
Nomination committee, committee
member
Risk committee, committee member
Seniority:
Member of the board of directors since 2
March 2022
End of current term of office:
2026
Independence assessment:
Independent
Professional competences:
Has particular competencies, knowledge and
experience within the areas of operational
risks, other risks/areas including risks of
money laundering, financing of terrorism and
other financial crime and the areas of GDPR,
good practice and compliance, within
insurance risks, general managerial
experience including business conduct, and
legal insight including in relation to financial
legislation, and within sections of the
business model and credit risk areas.
Other managerial activities member of the
management of:
• Kaptain Invest ApS
Ringkjøbing Landbobank A/S Page 42
Board of directors
Karsten Madsen
Attorney-at-law
Sæby
Born on 26 July 1961
Board committees:
Nomination committee, committee
member
Risk committee, committee member
Seniority:
Member of the board of directors since 28
February 2024
End of current term of office:
2026
Independence assessment:
Independent
Professional competences:
Has particular competencies, knowledge and
experience within the areas of business
model, credit risk, operational risks, IT
risks/IT security, other risks/areas including
risks of money laundering, financing of
terrorism and other financial crime and the
areas of GDPR, good practice and
compliance, within budgets, accounting and
auditing and within insurance risks and risk
management including interdisciplinary risk
management, has general managerial
experience including business conduct, legal
insight including in relation to financial
legislation, and has experience with ESG
aspects and reporting, and within sections of
the market risk area.
Other managerial activities member of the
management of:
• Bakkevej Advokatanpartsselskab
• Chrisfish Danmark A/S
• Destination Nord FMBA
• Fonden Arena Nord
• KC Holding, Dybvad ApS and an affiliated
(not wholly owned) Danish company
• Trigon Holding A/S and a wholly owned
Danish subsidiary and three other
affiliated (not wholly owned) Danish
companies
In addition, a member of the governing
bodies of the following associations:
• Board attorneys, the Association of
Danish Law Firms
• Frederikshavn Handelsskole
• KRIFA associate board member (not
registered)
Lone Rejkjær Söllmann
Finance manager
Tarm
Born on 26 January 1968
Board committees:
Remuneration committee, committee
member
Nomination committee, committee
member
Risk committee, committee member
Seniority:
Member of the board of directors since 26
April 2017
End of current term of office:
2027
Independence assessment:
Independent
Professional competences:
Has particular competencies, knowledge and
experience within the areas of budgets,
accounting and auditing and within sections
of the business model and credit risk areas.
Other managerial activities member of the
management of:
• Tama ApS
Ringkjøbing Landbobank A/S Page 43
Board of directors
Lene Weldum
Former manager
Fredericia
Born on 31 May 1960
Board committees:
Nomination committee, committee
member
Risk committee, committee member
Seniority:
Member of the board of directors since 1
March 2023
End of current term of office:
2027
Independence assessment:
Independent
Professional competences:
Has particular competencies, knowledge and
experience within the areas of operational
risks, IT risks/IT security, risks of outsourcing
and other financial crime and the areas of
GDPR, good practice and compliance and
insurance risks, and has general managerial
experience including business conduct, and
managerial experience from other financial
undertakings, and within sections of the
business model area.
Other managerial activities member of the
management of:
• BI Management A/S
• Investeringsforeningen BankInvest
• Investeringsforeningen BankInvest
Engros
• Kapitalforeningen BankInvest Select
Lisa Munkholm
Personal customer adviser
Karup
Born on 27 November 1980
Elected by the employees
Board committees:
Remuneration committee, committee
member
Risk committee, committee member
Seniority:
Member of the board of directors since 1
March 2023
End of current term of office:
2027
Independence assessment:
Not independent
Professional competences:
Has particular competencies, knowledge and
experience within sections of the business
model and credit risk areas.
Other managerial activities member of the
management of:
• IBA Erhvervsakademi Kolding S/I
• The supplementary pension fund for
employees of Ringkjøbing Landbobank
In addition, a member of the governing body
of the following interest organisations:
• Financial Services Union Denmark
• Financial Services Union Denmark,
District West (chair)
Nanna G. Snogdal
Team leader
Tim
Born on 13 August 1988
Elected by the employees
Board committees:
Risk committee, committee member
Seniority:
Member of the board of directors since 1
March 2023
End of current term of office:
2027
Independence assessment:
Not independent
Professional competences:
Has particular competencies, knowledge and
experience within the areas of business
model and credit risk.
No other managerial activities
Ringkjøbing Landbobank A/S Page 44
Board of directors
Martin Wilche
Personal customer adviser
Frederikshavn
Born on 3 April 1988
Elected by the employees
Board committees:
Risk committee, committee member
Seniority:
Member of the board of directors since 1
March 2023
End of current term of office:
2027
Independence assessment:
Not independent
Professional competences:
Has particular competencies, knowledge and
experience within the area of business model
and within sections of the credit risk area.
No other managerial activities
Finn Aaen
Business customer adviser
Aalborg
Born on 22 April 1970
Elected by the employees
Board committees:
Risk committee, committee member
Seniority:
Member of the board of directors since 7
June 2018
End of current term of office:
2027
Independence assessment:
Not independent
Professional competences:
Has particular competencies, knowledge and
experience within sections of the business
model and credit risk areas.
No other managerial activities
The board members’ other managerial activities are stated as at the date of closing the accounts.
Ringkjøbing Landbobank A/S Page 45
Board of directors
Board committees
The board of directors has organised itself by appointing four different board committees comprising a remuneration
committee, a nomination committee, an audit committee and a risk committee. The bank thus complies with sections 77c,
80a and 80b of the Financial Business Act and with section 31 of the Act on Approved Auditors and Audit Firms. Information
on the individual board committees is provided below.
Remuneration committee
objective, members and how it is constituted, tasks, meetings, authority and resources, reporting and minutes of meetings,
publication, evaluation and self-assessment, as well as changes to its brief.
The remuneration committee is, as a minimum, responsible for the following tasks:
• Negotiation with the general management on remuneration of the general management. Full information must be
provided to the board of directors, and the final agreement is entered into on behalf of the full board of directors (as
needed)
•
undertaking any tasks and obligations following from the legislation, including:
▪ Advising the board of directors on the development of the remuneration policy, assisting the board with its
monitoring of compliance with it, assessing whether the remuneration policy needs to be updated and, if necessary,
proposing changes to the policy, including:
• Drafting the remuneration policy for approval by the board of directors before recommendation for approval by
the general meeting
•
remuneration policy etc. for approval by the board of directors, including ensuring that compliance with the
policy is monitored
• Monitoring remuneration of the management of the part of the organisation in charge of monitoring the limits
of risk-taking, and the management of the part of the organisation otherwise in charge of monitoring and
auditing, including the management of the compliance function and the chief internal auditor
▪
adequate
▪
the management of capital and liquidity in relation to the remuneration structure
▪
-term interests
▪ Ensuring that independent control functions and other relevant functions are included to the extent necessary for
the performance of such tasks and, if necessary, seeking external advice
•
long-term interests, including those of shareholders, other investors and the public
• Other remuneration-related tasks, including supporting the board of directors in its task of identifying major risk takers
•
housing
In addition, the Recommendations on Corporate Governance require the remuneration committee to undertake at least the
following preparatory tasks:
• Prior to approval by the shareholders' committee, the remuneration committee must submit proposals for remuneration
of members of the bank's board of directors and shareholders' committee to the board and the shareholders'
committee, ensure that the remuneration is in accordance with the bank's remuneration policy and recommend a
remuneration policy applying to the bank in general
• Assist with preparing the annual remuneration report for approval by the board of directors before recommendation for
a consultative vote by the general meeting
Ringkjøbing Landbobank A/S Page 46
Board of directors
Pursuant to section 77c(6) of the Financial Business Act, at least one member of the committee must be elected by the
employees. The bank complies with this provision since Lisa Munkholm, who was elected to the board of directors by the
employees, is a member of the committee, see below.
The following are members of the remuneration committee:
• Martin Krogh Pedersen, committee chair
• Morten Jensen
• Jacob Møller
• Lone Rejkjær Söllmann
• Lisa Munkholm
Nomination committee
objective, members and how the committee is constituted, tasks, meetings, authority and resources, reporting and minutes
of meeting, publication, evaluation and self-assessment, as well as changes to the brief.
The nomination committee is, as a minimum, responsible for the following tasks:
• Proposing candidates for election to the board of directors, including preparing a description of the functions and
qualifications required for the specific position on the board and stating the time the board member must expect to
allocate to the work
• Regularly and at least once a year preparing proposals and recommendations to the board of directors in connection
with election and re-
• Setting a target percentage of the under-represented gender for board members elected by the shareholders' committee
unless there is an equal distribution of women and men among the board members elected by the shareholders'
committee
• Setting a target percentage of the under-represented gender at other management levels unless there is an equal
distribution of women and men at the other management levels
• Preparing a policy for increasing the percentage of the under-represented gender at other management levels unless
there is an equal distribution of women and men at the other management levels
• Preparing a policy for diversity on the board of directors encouraging sufficient diversity in qualifications and
competences among the board members
•
its tasks and reporting and making recommendations to the full board of directors for any changes
• Regularly and at least once a year assessing whether the full board of directors has the required combination of
knowledge, professional skills, diversity and experience, and whether the individual member meets the requirements of
sections 64 and 64a of the Danish Financial Business Act, and reporting and making recommendations to the full board
of directors for any changes
• Regularly and at least once a year assessing whether the members of the audit committee possess the required
knowledge, professional skills and experience and whether the audit committee collectively possess the skills relevant
for the financial sector and whether the skills are sufficient to ensure that the audit committee can perform its tasks
pursuant to section 31(1) of the Danish Act on Approved Auditors and Audit Firms
• -making is not dominated by any one individual or small group of
individuals in a manner detrimental to the interests of the bank as a whole
In addition, the Recommendations on Corporate Governance require the nomination committee to undertake at least the
following preparatory tasks:
• Annually ensuring that the board members update and supplement their knowledge of relevant matters, and that the
• Annually discussing which competences the board of directors should possess, collectively and individually, to perform
its duties in the best possible manner and discussing the composition and diversity of the board of directors and
presenting the conclusions of the discussions to the board of directors
Ringkjøbing Landbobank A/S Page 47
Board of directors
• Describing the required qualifications for a given position on the board of directors and the general management, the
estimated time input required for the position and the competences, knowledge and experience that are or should be
represented in the two management bodies The description of the qualifications for a given position on the general
management may be made on an ad hoc basis
•
preparing recommendations to the board of directors for any changes
• In cooperation with the chair of the board and the chair of the committee, handling the annual evaluation of the board of
reporting on it to the board of directors
• Handling the recruitment of new members to the board of directors and the general management and proposing
candidates for the board of directors' approval
• Ensuring that a succession plan for the general management is in place
•
•
Finally, Finance Denmark's Corporate Governance Code requires the nomination committee to undertake at least the
following preparatory tasks:
• Ensuring that the bank uses a well-described, structured process when recruiting candidates for the board of directors
and possibly brings in external expertise.
The following are members of the nomination committee:
• Martin Krogh Pedersen, committee chair
• Morten Jensen
• Jon Steingrim Johnsen
• Anne Kaptain
• Karsten Madsen
• Jacob Møller
• Lone Rejkjær Söllmann
• Lene Weldum
Audit committee
constituted and its objective, members, meetings, authority etc., tasks, reporting and self-assessment.
The audit committee is, as a minimum, responsible for the following tasks:
• Informing the board of directors of the result of the statutory audit, including the financial reporting process
• Monitoring the financial reporting process and making recommendations or proposals for the purpose of ensuring
integrity, including in relation to the financial statements and the sustainability statement
•
respect to the financial reporting of the bank without violating its independence
• Monitoring the statutory auditing of the financial statements etc.
• -24c of the Act on Approved Auditors and
Audit Firms and to Article 6 of Regulation (EU) no. 537/2014 of the European Parliament and of the Council of 16 April
2014 on specific requirements regarding statutory audit of public-
of services other than audit, pursuant to Article 5 of the Regulation
• Being in charge of the procedure for selecting and recommending an auditor for election, pursuant to Article 16 of
Regulation (EU) no. 537/2014 of the European Parliament and of the Council of 16 April 2014 on specific requirements
regarding statutory audit of public-interest entities
and ex
that he possesses the qualifications required pursuant to the Danish Act on Approved Auditors and Audit Firms.
Ringkjøbing Landbobank A/S Page 48
Board of directors
The following are members of the audit committee:
• Jacob Møller, committee chair
• Morten Jensen
• Martin Krogh Pedersen
Risk committee
members and how the committee is constituted, tasks, its meetings, authority and resources, reporting and minutes of
meetings, publication, evaluation and self-assessment, as well as changes to its brief.
The risk committee is, as a minimum, responsible for the following tasks:
•
•
•
model and risk profile, including whether the earnings on such products and services reflect the associated risks, and
preparing proposals for remedies if the products or services and the associated earnings are not in accordance with the
•
capital, liquidity and the probability and time of payment of remuneration (at present, no forms of incentive components
are used)
•
consideration at the actual board meeting or simultaneously if discussed and considered at a combined committee and
board meeting
• Conducting a review of the quarterly credit reports
The following are members of the risk committee:
• Martin Krogh Pedersen, committee chair
• Morten Jensen
• Jon Steingrim Johnsen
• Anne Kaptain
• Karsten Madsen
• Jacob Møller
• Lone Rejkjær Söllmann
• Lene Weldum
• Lisa Munkholm
• Nanna G. Snogdal
• Martin Wilche
• Finn Aaen
may take place simultaneously.
Ringkjøbing Landbobank A/S Page 49
Board of directors
Board of directors competencies
ies required for the overall management
ies concerning:
• Business model and relevant related matters
• Credit risks and relevant related matters
• Market risks and relevant related matters
• Liquidity risks and relevant related matters
• Operational risks and relevant related matters
• IT risks/IT security and relevant related matters
• Risks of outsourcing
• Other risks and areas including risks of money laundering, terrorist financing, other financial crime, and the areas of
GDPR, good practice and compliance
• Budgets, accounting and auditing
• Capital structure including capital adequacy and solvency requirement
• Insurance risks
• Risk management including interdisciplinary risk management
• General managerial experience including business conduct
• Managerial experience from other financial undertakings
• Legal insight in relevant legislation and legal issues including in relation to financial legislation
• ESG aspects and reporting
See also pages 39 - 44 for the competencies of the individual board members.
Holdings of Ringkjøbing Landbobank shares by members of the board of directors
Reference is made to note 35 for information on holdings of Ringkjøbing Landbobank shares by members of the board of
directors.
Ringkjøbing Landbobank A/S Page 50
General management
John Bull Fisker
Born on 3 December 1964
CEO
Seniority:
Employed by the bank on 1 January 1995
Member of the general management since 1 May 1999
CEO since 1 May 2012
On the board of directors of the following companies etc.
• Chair of BI Holding A/S, Copenhagen
• Chair of BI Asset Management Fondsmæglerselskab A/S, Copenhagen
• Chair of Foreningen Bankdata, Fredericia
• Chair of Letpension Forsikringsformidling A/S, Copenhagen
• Deputy chair of BI Management A/S, Copenhagen
• Board member of PRAS A/S, Copenhagen
• Board member of the supplementary pension fund for employees of Ringkjøbing
Landbobank, Ringkøbing
Claus Andersen
Born on 19 April 1966
General manager
Seniority:
Employed by the bank on 7 June 2018
Member of the general management since 7 June 2018
On the board of directors of the following companies etc.
• Chair of Sæbygård Skov A/S, Ringkøbing
• Board member of Bokis A/S, Copenhagen
• Board member of DLR Kredit A/S, Copenhagen
• Board member of the Association of Local Banks, Savings Banks and Cooperative Banks
in Denmark, Copenhagen
Ringkjøbing Landbobank A/S Page 51
General management
Jørn Nielsen
Born on 9 November 1972
General manager
Seniority:
Employed by the bank on 1 August 1991
Member of the general management since 1 September 2015
No other managerial activities
Carl Pedersen
Born on 28 December 1962
General manager
Seniority:
Employed by the bank on 7 June 2018
Member of the general management since 7 June 2018
On the board of directors of the following companies etc.
• Board member of Vækst-Invest Nordjylland A/S, Aalborg
The board members’ other managerial activities are stated as at the date of closing the accounts.
Holdings of Ringkjøbing Landbobank shares by the general management
Reference is made to note 35 for information on holdings of Ringkjøbing Landbobank shares by members of the general
management.
Ringkjøbing Landbobank A/S Page 52
Company information
Ringkjøbing Landbobank Aktieselskab
Torvet 1
6950 Ringkøbing, Denmark
Founded: 1886
Phone: +45 9732 1166
Telefax: +45 7624 4913
Email: post@landbobanken.dk
Website: www.landbobanken.dk
CVR no.: 37536814
Sort code: 7670
SWIFT/BIC: RINGDK22
LEI code: 2138002M5U5K4OUMVV62
ISIN: DK0060854669
Share capital
Ownership
On 31 December 2025, Ringkjøbing Landbobank had registered shares of DKK 24,951,213 of the total share capital of DKK
25,391,697, equivalent to 98.3% of the total share capital.
The number of registered shareholders on 31 December 2025 totalled 47,597.
Major shareholder
share capital at 31 December 2025:
• Nordflint Capital Partners Fondsmæglerselskab A/S, Copenhagen, Denmark held voting rights for and managed 5.31%
The company notified the bank on 19 January 2026 that at 14 January
Distribution of shares
End of
2025
End of
2024
End of
2023
End of
2022
End of
2021
Danish institutional shareholders
See below
17%
17%
17%
16%
Other Danish shareholders
36%
36%
37%
38%
Foreign institutional shareholders
42%
42%
41%
42%
Other foreign shareholders
5%
5%
5%
4%
100%
100%
100%
100%
The geographical distribution of shareholders in recent years has been just over 50% owned by Danish shareholders and just
under 50% owned by foreign shareholders.
The distribution between institutional shareholders and other shareholders has been just under 60% owned by institutional
shareholders, while other shareholders have owned just over 40%.
With the introduction of omnibus accounts, it is no longer possible to make a concrete statement.
Shareholders
Ringkjøbing Landbobank A/S Page 53
Company announcements
06.01.2025
Share buyback programme week 01
13.01.2025
Share buyback programme week 02
20.01.2025
Share buyback programme week 03
22.01.2025
Expectations for 2025
27.01.2025
Share buyback programme week 4
28.01.2025
Conclusion of share buyback programme
28.01.2025
Initiation of share buyback programme
03.02.2025
Share buyback programme week 05
05.02.2025
05.02.2025
Annual general meeting of Ringkjøbing Landbobank
10.02.2025
Share buyback programme week 06
17.02.2025
Share buyback programme week 07
24.02.2025
Share buyback programme week 08
03.03.2025
Share buyback programme week 09
05.03.2025
Minutes of the annual general meeting held on 5 March 2025
07.03.2025
Articles of association of Ringkjøbing Landbobank
10.03.2025
Share buyback programme week 10
17.03.2025
Share buyback programme week 11
24.03.2025
Share buyback programme week 12
26.03.2025
Ringkjøbing Landbobank issues tier 2 capital
31.03.2025
Share buyback programme week 13
07.04.2025
Share buyback programme week 14
14.04.2025
Share buyback programme week 15
22.04.2025
Share buyback programme week 16
28.04.2025
Share buyback programme week 17
30.04.2025
New share buyback programme
30.04.2025
30.04.2025
Early redemption of tier 2 capital
05.05.2025
Share buyback programme week 18
05.05.2025
Implementation of capital reduction
05.05.2025
Articles of association of Ringkjøbing Landbobank
06.05.2025
Announcement concerning large shareholders under the Danish Capital Markets Act
12.05.2025
Share buyback programme week 19
19.05.2025
Share buyback programme week 20
26.05.2024
Share buyback programme week 21
02.06.2025
Share buyback programme conclusion
02.06.2025
Initiation of share buyback programme
10.06.2025
Share buyback programme week 23
16.06.2025
Share buyback programme week 24
23.06.2025
Share buyback programme week 25
30.06.2025
Share buyback programme week 26
30.06.2025
Ringkjøbing Landbobank issues tier 2 capital
07.07.2025
Share buyback programme week 27
14.07.2025
Share buyback programme week 28
21.07.2025
Share buyback programme week 29
28.07.2025
Share buyback programme week 30
Ringkjøbing Landbobank A/S Page 54
Company announcements
04.08.2025
Share buyback programme week 31
06.08.2025
Upward adjustment of expectations for 2025
06.08.2025
11.08.2025
Share buyback programme week 32
18.08.2025
Share buyback programme week 33
25.08.2025
Share buyback programme week 34
01.09.2025
Share buyback programme week 35
08.09.2025
Share buyback programme week 36
15.09.2025
Share buyback programme week 37
16.09.2025
Ringkjøbing Landbobank issues tier 2 capital
22.09.2025
Share buyback programme week 38
25.09.2025
Financial calendar 2026 for Ringkjøbing Landbobank
29.09.2025
Share buyback programme week 39
06.10.2025
Share buyback programme week 40
13.10.2025
Share buyback programme week 41
20.10.2025
Share buyback programme week 42
22.10.2025
-3rd quarters 2025
27.10.2025
Share buyback programme week 43
28.10.2025
Ringkjøbing Landbobank issues tier 2 capital
03.11.2025
Share buyback programme week 44
10.11.2025
Share buyback programme week 45
17.11.2025
Share buyback programme week 46
24.11.2025
Share buyback programme week 47
01.12.2025
Share buyback programme week 48
08.12.2025
Share buyback programme week 49
15.12.2025
Share buyback programme week 50
22.12.2025
Share buyback programme week 51
29.12.2025
Share buyback programme week 52
Notices regarding reportable transactions in Ringkjøbing Landbobank shares are not included in the summary above.
All announcements from the bank to Nasdaq Copenhagen and others can be seen on the bank´s website:
www.landbobanken.dk/en/ir-english/reportsaccounts/companyannouncements
The financial calendar for the upcoming publications etc. in 2026 is as follows:
04.03.2026
Annual general meeting
29.04.2026
Interim report, 1st quarter 2026
05.08.2026
Interim report, 1st half 2026
21.10.2026
Interim report, 1st-3rd quarters 2026
Financial calendar
Ringkjøbing Landbobank A/S Page 55
Company announcements
Management's review sustainability statement
Page
56 General information
57 Basis for preparation
58 Governance
61 Strategy and business model
70 Double materiality assessment process
72 Environmental information
72 Climate change
87 Taxonomy report
88 Social information
88 Own workforce
97 Entity-specific disclosures
99 Governance information
99 Business conduct
104 Entity-specific disclosures
106 Appendices to the sustainability statement
106 A ESG key figures in accordance with Danish industry standards
109 B Disclosures that derive from other EU legislation
115 C Definitions and data quality of CO
2
e emissions etc.
119
Ringkjøbing Landbobank A/S Page 56
General information
prepared in accordance with the EU Corporate
Sustainability Reporting Directive (CSRD) for the second
year in a row. The CSRD has been implemented in Danish
law, including via section 160(1) of the Executive Order
on Financial Reports for Credit Institutions and
Investment Firms etc.
The CSRD contains a number of mandatory European
Sustainability Reporting Standards (ESRS) specifying in
detail the sustainability information to disclose and how
to present it.
The bank has used an exemption clause for 2025, which
reporting.
In the introductory part of the sustainability statement,
the bank presents general information on the preparation
-related
strategy, business model, governance, value chain and
stakeholders. This follows from the reporting standards
in ESRS 2. In the subsequent sections of the
sustainability statement, the bank presents detailed
disclosures regarding environmental, social and
governance matters prepared in accordance with ESRS
E1, S1 and G1.
The table below provides an overview of the ESRS 2
disclosure requirements with references to the relevant
pages in the annual report where the bank reports on
them.
Ringkjøbing Landbobank has joined the UN Global
Compact and supports the Ten Principles of responsible
business operation in the areas of human rights, labour,
environment and anti-corruption. The bank reports
separately on this work and on compliance with the Ten
website for this reporting (Communication on Progress).
Ringkjøbing Landbobank also supports the 17 UN
Sustainable Development Goals.
For further sustainability information, please see the
at www.landbobanken.dk/en/ir-
english/thebank/esgen. The bank publishes and
continually updates an "ESG Fact Book." Some of the
www.landbobanken.dk/policies
Overview of general disclosure requirements
ESRS 2
Disclosure requirement
Page no.
BP-1
General basis for preparation of sustainability statements
57
BP-2
Disclosures in relation to specific circumstances
57
GOV-1
The role of the administrative, management and supervisory bodies
58 - 60
GOV-2
administrative, management and supervisory bodies
59 - 60
GOV-3
Integration of sustainability-related performance in incentive schemes
60
GOV-4
Statement on due diligence
60
GOV-5
Risk management and internal controls over sustainability reporting
61
SBM-1
Strategy, business model and value chain
61 - 63
SBM-2
Interests and views of stakeholders
63 - 64
SBM-3
Material impacts, risks and opportunities and their interaction with strategy and business
model
65 - 69
IRO-1
E2-E5.IRO-1
Description of the process to identify and assess material impacts, risks and opportunities
70 - 71
IRO-2
71
For an overview of other disclosure requirements for the bank, see the separate lists of contents: environmental information on page 72, social information on
page 88 and governance information on page 99.
Ringkjøbing Landbobank A/S Page 57
General information
Basis for preparation
(BP-1)
The sustainability statement is aligned with the financial
year and covers the reporting period 1 January to 31
December 2025.
In accordance with the CSRD, the sustainability statement
only includes ESG information assessed to be material,
based on the double materiality principle. See the
from page 65 for further details.
To ensure holistic reporting, the sustainability statement
significant business relationships in its value chain. The
hain comprises
the products and services offered to customers, including
loans, investments and asset management. The
sustainability statement generally only covers on-balance
sheet items. The downstream activities also include
deposits and payment transactions provision, particularly
in relation to the risks of money laundering and
corruption.
The sustainability statement has been prepared on a
consolidated basis for Ringkjøbing Landbobank A/S.
not included on a consolidated basis in the financial
statements. Sæbygård Skov A/S is engaged in forestry
change.
The bank has not taken the option of omitting
information relating to intellectual property, knowhow or
results of innovation.
The bank supports the 15 ESG key figures defined by
Nasdaq Copenhagen, CFA Society Denmark and FSR
Danish Auditors. These key figures are integrated and
reported under the relevant CSRD disclosure
requirements because they add important information.
Appendix A from page 106 provides an overview of
definitions with references to the relevant pages. They
are generally accepted reporting standards for Danish
undertakings and support comparability across sectors.
Comparative figures for 2023 and prior years (except
figures required by law) are not covered by the
sustainability statement. This is indicated in the tables as
Specific circumstances
(BP-2)
Ringkjøbing Landbobank generally uses exact
calculations of ESG indicators. If indicators are
estimated, this is described in connection with the
relevant disclosure requirement, primarily in relation to
climate and environmental matters.
Climate-related data are still of highly uncertain quality,
2. As
company-specific data become available and calculation
methods develop, the quality of data will improve
gradually. This may result in changes in future
sustainability statements and adjustments of figures
computed in previous statements.
sustainability statements will be stated in connection
with the relevant disclosure requirement.
In accordance with ESRS 1 Appendix C, the bank has
made use of the CSRD phase-in for all disclosure
requirements for ESRS S4 Consumers and end-users,
even though two subtopics are assessed to be material.
These subtopics cover information-related impacts on
consumers and end-users in relation to privacy and
access to (quality) information.
As for information-related impacts on consumers and
end-users, in accordance with its strategy and business
model, the bank seeks to be a customer-focused
relationship bank. The bank endeavours to live out its
values of competence, responsiveness and proper
behaviour towards its customers, society and other
stakeholders.
Like the rest of the sector, the bank allocates
considerable resources to data security, compliance with
GDPR (General Data Protection Regulation), anti-money
ethics and data security policies and procedures, privacy
policy and code of conduct establish the framework for
quantitative targets in the area.
The bank has appointed a Data Protection Officer and a
GDPR officer to manage information-related impacts and
risks. Various channels are also avaiable to customers
and employees if they want to make a complaint or
request an investigation. The bank registers, addresses
and reports any GDPR and data security breaches in
accordance with the applicable rules.
Ringkjøbing Landbobank A/S Page 58
General information
Governance
Composition of the management
(GOV-1)
The board of directors is responsible for the overall and
strategic management of the bank and supervises the
general management. The board of directors has 12
members, of whom eight are elected by the shareholders'
committee and four by the employees in accordance with
applicable law. The board of directors has a chair and
two deputy chairs.
As shown in the table below, the weighted gender
distribution of the full board of directors was 41.7%
women and 58.3% men in 2025. In addition, 58.3% of
board members were independent while 41.7% were non-
independent.
At the end of 2025, the gender distribution of the board
members elected by the shareholders' committee was
three women and five men, which means that 37.5% were
of the under-represented gender, unchanged since the
end of 2024. The bank thus continues to comply with the
distribution. The gender distribution of the board
members elected by the employees is two women and
two men.
Skills, experience and integrity are required to obtain the
members to master the tasks of the board and thus
contribute fully to its work.
In addition, all new board members must participate in a
basic course for board members of financial
undertakings.
It is thus of great value to the bank that board members
serve several terms and that there is a good balance
between new and more experienced board members.
committed to their work, and the meeting attendance
ratio for the last five years has remained high. The
attendance ratio was 98.0% in 2025 and has remained
constant, at above 95%, throughout the period 2021-2025,
as the table below shows.
The general management is responsible for the day-to-
day management of the bank and consists of four
managers, one of whom is the CEO. The gender
distribution of the general management was 100% men
and 0% women at the end of 2025, which is unchanged
compared to previous years.
We also refer to the full statement regarding the under-
competences from page 29 and page 39 respectively.
Diversity and seniority of the board of directors and board meeting attendance
2025
2024
2023
2022
2021
Share of the under-represented gender (gender diversity) full
board of directors, weighted annual average, %
41.7
41.1
36.4
23.6
16.7
Share of independent board members full board of directors,
weighted annual average, %
58.3
58.9
63.6
66.7
66.7
Key figures in accordance with industry standards etc.
Share of the under-represented gender (gender diversity) board
members elected by the shareholders' committee, end of year, %
1
37.5
37.5
33.3
25.0
12.5
Average seniority of board members elected by the shareholders'
committee, end of year, number of years
2
7.1
6.1
6.2
5.8
5.3
Board meeting attendance full board of directors, %
1
98.0
98.9
97.1
95.4
98.0
(1) This key figure follows industry standards in Denmark, see Appendix A from page 106, and is not part of the CSRD reporting standards.
(2) This key figure is based on the end-of-year seniority of all board members elected by the shareholders' committee. The key figure is not part of the CSRD
reporting standards.
Ringkjøbing Landbobank A/S Page 59
General information
reporting is organised
(GOV-1 and GOV-2)
The responsibility for handling sustainability matters and
material impacts, risks and opportunities (IROs) is
integrated into existing processes. The bank seeks to
maintain a simple, flat organisation which supports
agility, including in the ESG area.
and management responsibility for sustainability matters,
including environment and climate, social and
governance matters, and for reporting on them. At board
meetings, the board of directors is informed of and
addresses material sustainability-related matters
affecting and influenced by the bank.
The board of directors thus supervises and decides on
implementation and execution of environmental, social
and governance actions and matters in the bank,
including material IROs and the determination and
achievement of ESG targets. Supervision is exercised
through internal reporting where relevant and annually
through review and approval of the sustainability
committee will have addressed it.
The general management is responsible for the day-to-
day management and handling of environmental, social
and governance actions and matters in the bank,
general management reviews and approves the
pr
audit committee and the board of directors.
In addition, the ESG steering group and relevant
with information on relevant, material sustainability
matters which both influence and are affected by the
integrate material sustainability matters, including IROs,
in their decision-making and implementation of the
objectives. These matters thus help to shape structures
and decision-making processes in accordance with
applicable guidelines and policies. They also influence
the implementation and handling of daily operations. The
board of directors and general management have
addressed all material IROs during the reporting period.
The bank has established two internal ESG groups: an
ESG coordination group and an ESG steering group.
The ESG coordination group functions as a committee
responsible for supervision of ESG matters and
implementation and development of ESG actions in the
bank. The coordination group provides ongoing reporting
ment.
The ESG steering group is responsible for identifying
sustainability-related IROs and preparing the
sustainability statement. The steering group is in ongoing
dialogue with relevant internal departments of the bank
and external partners regarding communication and
collection of relevant information and data. The steering
committee and the general management about material
sustainability matters, including IROs, on an ongoing
basis. It also informs them of progress, processes and
actions in connection with the sustainability reporting.
sustainability reporting.
How sustainability reporting is organised
Skills and expertise
and collective professional skills, including in ESG
matters, and board members must ensure that they
remain fit and proper. The purpose is to ensure that the
board of directors collectively possesses the skills
considered necessary to run the bank, including a diverse
and backgrounds. The assessment and evaluation must
also support adjustment of the
completed board training in the ESG area in 2024. All of
Ringkjøbing Landbobank A/S Page 60
General information
2025 in relation to the implementation of DORA,
comprising IT management and cyber risk.
We refer to page 49 for a detailed description of the
professional skills. The competences of individual board
members are given from page 39.
Employees working on sustainability matters are
assessed on an ongoing basis to check that they possess
the necessary ESG competences and skills. If a shortage
of competences and skills is identified, supplementary
training will be offered or external expertise called in.
Any incentive schemes
(GOV-3 and E1.GOV-3)
The latest remuneration policy approved by the general
meeting states that the board of directors and the general
management must be paid fixed remuneration which is in
line with the market and reflects their performance for the
bank. No incentive or variable pay such as share-based
pay or share options is awarded to the board of directors
or general management.
strategy of organic growth and long-term interests and
therefore does not encourage excessive risk-taking.
Remuneration is not linked to short-term goals or
operating results. The remuneration policy thus
contributes to sustainability. The bank does not use
sustainability-related incentive schemes.
Please see page 34 for information about
remuneration policy.
Due diligence process
(GOV-4)
Information on the due diligence process for the
sustainability statement is given in the table below.
Due diligence process
Core elements of the due diligence process
Page no.
Impacts on people and/or environment
Embedding due diligence in governance, strategy and
business model
ESRS 2 GOV-2: Pages 59 - 60
ESRS 2 GOV-3: Page 60
ESRS 2 SBM-3: Page 65 - 69
- E1.SBM-3: Pages 73 - 74
- S1.SBM-3: Pages 89
People and environment
People and environment
People and environment
Environment
People
Dialogue with affected stakeholders in all key steps
of the due diligence process
ESRS 2 GOV-2: Pages 59 - 60
ESRS 2 SBM-2: Page 63 - 64
ESRS 2 IRO-1: Pages 70 - 71
- E1.IRO-1: Page 70 - 71
- E2.IRO-1: Pages 70 - 71
- E3.IRO-1: Pages 70 - 71
- E4.IRO-1: Pages 70 - 71
- E5.IRO-1: Pages 70 - 71
ESRS 2 MDR-P
- E1-2: Page 74
- S1-1: Pages 89 - 90
- G1-1: Pages 100 - 102
People and environment
People and environment
People and environment
Environment
Environment
Environment
Environment
Environment
Environment
People
People
Identification and assessment of adverse impacts
ESRS 2 IRO-1: Pages 70 - 71
- E1.IRO-1: Page 70 - 71
- E2.IRO-1: Pages 70 - 71
- E3.IRO-1: Pages 70 - 71
- E4.IRO-1: Pages 70 - 71
- E5.IRO-1: Pages 70 - 71
ESRS 2 SBM-3: Page 65 - 69
- E1.SBM-3: Pages 73 - 74
- S1.SBM-3: Pages 89
People and environment
Environment
Environment
Environment
Environment
Environment
People and environment
Environment
People
Taking actions to address those adverse impacts
ESRS 2 MDR-A
- E1-3: Pages 75 - 81
- S1-4: Pages 92 - 93
- G1-4: Pages 102 - 103
Environment
People
People
Tracking the effectiveness of these efforts and
communicating
ESRS 2 MDR-T
- E1-4: Pages 75 - 81
- S1-5: Pages 92 - 93
Environment
People
Ringkjøbing Landbobank A/S Page 61
General information
Risk management and internal controls
(GOV-5)
The risk management and internal controls on the
controls and risk management relating to its financial
reporting.
The material risks associated with the sustainability
reporting comprise operational risks such as
incompleteness and errors in the reporting and the risk of
non-compliance with current statutory requirements.
The reporting on each disclosure requirement is compiled
by relevant bank employees with responsibility for the
and finance departments in particular or by external
partners.
Each disclosure requirement is then assessed by one or
more members of the ESG steering group to ensure
correct and adequate sustainability reporting. The ESG
steering group is responsible for preparing the overall
sustainability statement and the underlying double
materiality assessment.
The bank uses an internal IT tool for preparing the double
materiality assessment and sustainability statement and
for supporting documentation and internal controls
regarding all reportable datapoints. The ESG steering
group reports on an ongoing basis to
directors and general management on the outcomes of
risk assessments and internal controls etc. This process
risks in relation to the sustainability reporting.
the associated
double materiality assessment were reviewed and
its sustainability auditor, who also gave ongoing
and disclosure requirements. This was done before the
report on the sustainability statement.
process, please see pages 28 - 29. We also refer to the
statement from page 119.
Strategy and business model
(SBM-1)
Ringkjøbing Landbobank wants to be a responsible and
value-creating bank that shows social responsibility. The
local position.
The bank wants to pursue its organic growth strategy and
to develop the functions that are material in the
relationship with customers (in the downstream value
chain). The bank wants to supplement this approach with
strategic partnerships in selected areas (in the upstream
value chain), to offer its customers only the best
solutions.
Ringkjøbing Landbobank also wants to contribute to
society by integrating sustainable development and
social responsibility in its products and services. This
also means that the bank will advise and help customers
with sustainability matters while continuing the work of
developing its own business activities to become more
sustainable:
• E – Environment: The bank views constructive
dialogue and competitive financing solutions as core
elements of fostering and maintaining the green
transition.
• S – Social: The bank gives high priority to good
working conditions and wellbeing for its employees
and seeks to contribute to ensuring the conditions
for a good and healthy life in the local communities
where the bank is represented.
Ringkjøbing Landbobank A/S Page 62
General information
• G – Governance: The bank seeks to live out its values
of competence, responsiveness and proper
behaviour towards all stakeholders.
The foundation for the above is a sound bank with a low
cost/income ratio combined with good credit quality,
which also gives the bank a considerable free cashflow
and a strong revenue shield. This lends support to the
eflected, for
example, in a credit rating (Long-Term Bank Deposit
Rating and Long-Term Issuer Rating) of Aa3 from
stakeholders.
model and competitiveness are also based on its
intangible key resources, which comprise the non-
physical assets that add value to the bank. They include
cation and
specialised knowledge and skills that ensure customers
receive competent service. These skills also support the
key resources include the long-standing customer
relationships that contrib
also benefit the customers.
Products, markets and customers
(SBM-1)
The bank offers its customers various financial products
and services. The products are various types of loans,
credits and guarantees, deposit products etc. Investment
products, insurance and pension products and a range of
financial services including asset and investment
management and payment handling are also offered.
Under its business model, the bank focuses on the retail
segment in West, Central and North Jutland, on selected
business customers Denmark-wide and on specific
niches where it has built up special expertise and
knowledge. These niches are a private banking concept,
renewable energy financing, selected wholesale loans,
including real property financing, financing of medical
practices, etc.
as stated on page 157
guarantee portfolio was granted to customers in
Denmark.
The bank has more than 200,000 customers. According
to a Voxmeter survey, the Ringkjøbing Landbobank brand
has the best reputation in the sector for the sixth
consecutive year. The survey includes a parameter for
customer satisfaction. The good reputation also sustains
ratio has been stable at more than 90% since 2020.
Ringkjøbing Landbobank was quick to spot the business
opportunities in financing renewable energy production.
The first wind turbines financed by the bank were
installed in 1995, and wind power financing has been an
important business area ever since. Over the last 10
years, the bank has expanded this niche with financing of
solar power and biogas plants and most recently battery
parks.
Loans and guarantees for renewable energy
2025
2024
2023
2022
2021
Share of renewable
energy
1
6.8%
6.9%
5.3%
7.5%
6.5%
(1) Computed at end of year as the share of the bank’s total net loans
and guarantees. Renewable energy comprises wind turbines, solar power
and biogas plants.
in which it is not active. These excluded sectors are:
fossil energy production comprising coal mining and non-
conventional oil extraction; nuclear energy production;
production of cluster weapons, land mines, chemical
weapons, biological weapons and nuclear weapons not
covered by the Treaty on the Non-Proliferation of Nuclear
Weapons, tobacco production etc.
The bank expects a continued big future need for
financing the green transition of society to renewable
energy sources. The agricultural sector and other
production entities are also assessed to increasingly
need financing of their transition to more sustainable
ways of producing.
With a view to offering loans to green investments etc.,
the bank has forged strong business relationships with
Danish, Scandinavian and European partners including
the European Investment Bank (EIB), the European
Investment Fund (EIF), the Export and Investment Fund of
Denmark (EIFO), the Nordic Investment Bank (NIB), and
the German Kreditanstalt für Wiederaufbau (KfW). These
relationships ensure access to competitive funding etc.
and contribute significantly to sustainable projects that
support the
sustainable.
Sustainability forms an integral part of the banks advice
to personal customers, in which the bank places
emphasis on energy efficiency improvements etc., for
example by using an energy calculator that can suggest
such improvements. Customers are also offered the
possibility of a grant from Totalkredit for both an energy
consultant and replacement of oil- or gas-fired burners
with a heat pump. The bank is willing to provide loans for
Ringkjøbing Landbobank A/S Page 63
General information
their homes and purchases of electric cars.
In the area of investments, Ringkjøbing Landbobank
works primarily with BankInvest. On 31 December 2025,
Ringkjøbing Landbobank owned 19% of BankInvest,
which had a total of DKK 196 billion under management
at the end of 2025. In addition, Ringkjøbing Landbobank
has a policy similar to BankInvest for integration of
sustainability risks, which means investments in a range
of sectors are excluded.
In the area of pensions, the bank works with Letpension,
which brokers pension and insurance solutions for PFA
Pension. This collaboration with Letpension enables the
pension savings in investments with special emphasis on
sustainability.
adopted a transition plan for climate and the environment
supporting its ambition of reaching climate neutrality by
2050. The bank regards progress on targets for the
reduction of CO
2
e-emissions as one of the biggest
challenges in the coming years. The reason for this is
uncertainty about framework conditions and the
development in society in terms of the targets set
nationally combined with possible uncertainty about the
profitability of investment projects intended to further the
5 for further details.
The bank has also defined targets and actions to support
, pages 29 - 30.
Stakeholders
(SBM-2 and S1.SBM-2)
employees, society and shareholders/investors. It is
interests and views on sustainability reporting.
steering group which ensures ongoing stakeholder input
The bank engages with affected stakeholders as well as
users of sustainability reporting. This includes internal
and external stakeholders and takes place mainly in the
sustainability topics.
In 2025, the bank also held a dialogue with LOPI, the
Association of Local Banks, Savings Banks and
Cooperative Banks in Denmark as a partner for updating
assessment and sustainability reporting.
The interests and views of several stakeholder groups are
discovered indirectly by involving internal stakeholders,
management departments. The four internal departments
were selected for their professional expertise and
of material sustainability topics were discussed and
reassessed in the ongoing dialogue with the internal
stakeholders. In a few cases, published surveys were also
used.
Image, customer numbers and retention
2025
2024
2023
2022
2021
image analysis
1
1
1
1
1
1
Number of customers at end of year
212,481
209,814
209,609
207,240
206,239
Customer retention ratio
2
91.0%
90.8%
92.3%
91.5%
91.1%
(1) Voxmeter’s analysis is based on 39,000 interviews across the 20 biggest banks. For smaller banks, additional interviews are conducted so that the results are
based on at least 500 interviews for each bank. All respondents are recruited by phone. The analysis is published twice a year, in February and September, but
includes data collected for a full year. Every time a new analysis is published, the oldest half of responses is replaced by new ones, meaning that results are
always based on 50% responses included in the previous analysis and 50% responses obtained since the collection of responses for the previous analysis was
completed.
(2) This key figure follows industry standards in Denmark, see Appendix A from page 106, and is not part of the CSRD reporting standards.
Ringkjøbing Landbobank A/S Page 64
General information
The general management and board of directors were
also engaged in preparing and updating the double
materiality assessment. Employee engagement was
effected through the members of the board of directors
elected by the employees. In addition, the general
management and board of directors were informed of the
The external stakeholder engagement was instrumental
in the banks decision to report on the topic S1 Own
workforce as early as 2024, and the bank still does not
make use of the phase-in option.
In 2025, external stakeholder engagement contributed in
Since publishing its first sustainability statement in
accordance with the CSRD, the bank has also received
feedback for improvement of the sustainability statement
and insights from industry analyses.
Stakeholder engagement
Stakeholder
Engagement
Topics
Customers
Personal and business
customers
• Indirectly through meetings with various customer-
facing functions in the bank
• Published customer surveys
• Dialogue with general management
• Understanding the value chain
• Views on the selection of
sustainability topics
Employees
Employees and management
• Meetings with the HR department
• Internal employee surveys
• Dialogue with general management
• Employee representatives on the board of directors
• Views on the selection of
sustainability topics
Society
Local community
Authorities
Organisations
• Meetings with business partners, including suppliers
and industry associations
• Indirectly through meetings with departments in the
bank
• Dialogue with general management
• Understanding the value chain
• Views on the selection of
sustainability topics
Shareholders and investors
Including analysts
• Meetings with shareholders and investors
• Meetings with analysts
• Questionnaires
• Benchmark surveys
• Dialogue with general management
•
• Views on the selection of
sustainability topics
Other stakeholders
Suppliers
Consumers and end-users
Nature
• Meetings with selected collaboration partners
• Indirectly through meetings with departments in the
bank
• Dialogue with general management
• Understanding the value chain
• Views on the selection of
sustainability topics
Ringkjøbing Landbobank A/S Page 65
General information
Outcome of the double materiality
assessment
(SBM-3)
As the basis for the sustainability statement, the bank
carried out a double materiality assessment in
accordance with the CSRD (ESRS 1 and 2) and guidelines
from the European Financial Reporting Advisory Group
(EFRAG).
The double materiality principle requires the bank to
report only on matters that are material from at least one
of the following perspectives:
• Impact materiality:
positive or negative impacts on people and the
environment
• Financial materiality: Sustainability topics may
financial position, results etc.
Both the impact materiality and the financial materiality
assessments define a sustainability topic achieving a
impact, risk and/or opportunity (IRO) for the bank.
Since making its first double materiality assessment for
2024, the bank has reassessed selected IROs including
the associated parameters. The reassessment is based
and partly on the knowledge it has obtained through
industry analyses and other relevant sources.
In its double materiality assessment for 2025, the bank
has identified material IROs within four topical areas
(ESRS E1, S1, S4 and G1) and two entity-specific areas for
the bank (data and IT security and anti-money
laundering), see the figure below.
The bank has identified 15 material IROs, which are
described under environmental information, social
information and governance information. Two of the
material IROs relate to S4, for which the bank makes use
of phase-in rules.
Material impacts, risks and opportunities in the area of sustainability in Ringkjøbing Landbobank
Ringkjøbing Landbobank A/S Page 66
General information
The following pages provide a schematic overview of the
areas/sustainability topics. The relevant subtopics to
which the identified IROs are linked are stated for each
value chain is also specified. The time horizon and main
policies and actions are also stated.
Climate change (ESRS E1)
Subtopic
Description
Value chain
Type
Policies and actions
Additional information
Climate change
mitigation and
energy
Financing of
sustainable assets
Loans for sustainable
assets and activities
that can support the
green transition and
help reduce CO
2
e
emissions, e.g.
renewable energy and
energy efficiency in
production and
buildings.
Downstream
Positive
actual
impact in
the short,
medium
and long
term
Opportunity
for the bank
- Corporate social
responsibility and
sustainability policy
- Transition plan for
climate and the
environment
- Credit policy
The bank has set
targets for CO
2
e
reduction in the loan
portfolio and views
financing of
sustainable assets as
an important business
area with considerable
earnings potential.
Climate change
mitigation
Indirect CO
2
e
emissions from the
Financing of climate-
stressing assets and
investment products
with significant climate
impact
Downstream
Negative
actual
impact in
the short,
medium
and long
term
Transition
risk for the
bank
- Corporate social
responsibility and
sustainability policy
- Transition plan for
climate and the
environment
- Credit policy
- Policy for integration
of sustainability risks
The bank has set CO
2
e
reduction targets and
wants to help its
customers in the
transition to
sustainable production.
Certain sectors are
excluded from the loan
portfolio.
BankInvest focuses on
reducing CO
2
e
emissions in their
portfolios. The same
goes for investments
which the bank makes
on behalf of customers.
portfolio is limited, thus
resulting in low CO₂e
emissions.
Own workforce (ESRS S1)
Subtopic
Description
Value chain
Type
Policies and actions
Additional information
Working
conditions
Adequate wages for
Wages are of
significance to the
ability to attract and
retain employees with
the right skills and
qualifications.
Insufficient wages can
affect the possibilities
of this.
Own
operations
Negative
actual
impact in
the short
and
medium
term
- Standard collective
agreement
- Workplace
agreement
- Remuneration policy
- Policy on conditions
for employees
- Code of conduct
The bank has entered
into a local workplace
agreement, including an
agreement on wages,
which covers all
employees in the bank.
In addition, an annual
job appraisal review
with pay negotiation is
held with all employees.
Ringkjøbing Landbobank A/S Page 67
General information
Working
conditions
Collective agreements
employees
Working hours and
other working
conditions are of
significance to
the workplace and their
conditions of life. They
also influence the
and retain employees
with the right skills and
qualifications. Good
working conditions may
influence the
opportunities in this
regard.
Own
operations
Negative
potential
impact in
the short
and
medium
term
- Standard collective
agreement
- Workplace
agreement
- Remuneration policy
- Policy on conditions
for employees
- Code of conduct
The bank wants to
ensure good working
conditions, health and
continued wellbeing for
its employees.
The bank follows the
standard agreement,
which covers all
employees.
All employees are also
covered by healthcare
and dental insurance.
The bank also has a
stress policy, smoking
policy and alcohol
policy and the
employees have the
opportunity to join a
scheme for seniors.
Equal treatment
and oppor-
tunities for all
Equal treatment of the
Equal treatment and
opportunities for all is a
right and any
impairment of this right
can affect the
of life.
Own
operations
Negative
potential
impact in
the short
and
medium
term
- Policy on conditions
for employees
- Policy for the under-
represented gender
- Code of conduct
- Employee handbook
- Standard collective
agreement
- Workplace
agreement
- Remuneration policy
The bank wants to
ensure diversity and
equal opportunities for
all employees
regardless of gender
etc., including equal pay
for the same work,
responsibility,
performance etc.
Equal treatment
and oppor-
tunities for all
Training and skills
development of the
It is a focus area for the
bank that its employees
have a high level of
business areas.
Employee training is
therefore a material
integral part of the
strategy.
Own
operations
Positive
actual
impact in
the short
and
medium
term
- Policy on conditions
for employees
- Code of conduct
- Employee handbook
- Standard collective
agreement
- Workplace
agreement
The bank wants to
provide equal access to
relevant training for all
employees.
Employee training is a
very high priority and is
provided continually.
Ringkjøbing Landbobank A/S Page 68
General information
Consumers and end-users (ESRS S4)
Subtopic
Description
Value chain
Type
Policies and actions
Additional information
Information-
related impacts
for consumers
and/or end-
users
Privacy protection for
The data protection
rules apply to all of the
and any violation of
them may breach
privacy.
Downstream
Negative
potential
impact in
the short,
medium
and long
term
- Privacy policy
- Data ethics policy
- IT security policy
- Policy for stable IT
operation and IT
preparedness
- Policy on the
management of IT
services from third
parties
- Code of conduct
The bank gives high
priority in all respects
to protecting the data
and privacy of its
employees and all other
stakeholders, including
customers.
Information-
related impacts
for consumers
and/or end-
users
Access to (quality)
information
Non-respect of access
rights to information
and unintended data
leaks can have
significant
consequences for the
individual customer.
Downstream
Negative
potential
impact in
the short,
medium
and long
term
- Privacy policy
- Data ethics policy
- IT security policy
- Policy for stable IT
operation and IT
preparedness
- Policy on the
management of IT
services from third
parties
As a customer-focused
relationship bank,
Ringkjøbing
Landbobank seeks to
protect customer
information and act
competently,
responsively and
properly towards
customers, society and
other stakeholders as
part of its strategy and
business model.
Business conduct (ESRS G1)
Subtopic
Description
Value chain
Type
Policies and actions
Additional information
Corporate
culture
Corporate culture and
business conduct in
the bank including
any breaches
The bank lives out its
values of competence,
responsiveness and
proper behaviour
through its corporate
culture and business
conduct. Conduct
which does not live up
to these values can
affect others and the
bank.
Own
operations
Negative
potential
impact in
the short
and
medium
term
- Policy for a sound
corporate culture
- Policy on conditions
for employees
- Code of conduct
On the basis of a code
of conduct and policies,
the bank seeks to
ensure a sound culture
and conduct
throughout the
organisation.
Protection of
whistleblowers
Insufficient protection
of whistleblowers
whistleblower scheme
protects any
whistleblowers against
retaliation. Breaches of
this will significantly
impact the
whistleblower.
Own
operations
Negative
actual
impact in
the short,
medium
and long
term
- Whistleblower policy
The objective of the
policy is to ensure that
its whistleblower
scheme is administered
in accordance with
applicable law, which
cannot be derogated
from to the
disadvantage of the
Ringkjøbing Landbobank A/S Page 69
General information
Corruption and
bribery
Prevention and
detection of corruption
and bribery
The bank uses policies,
procedures, training
and systems to prevent
and detect corruption
and bribery.
Any incidents can
affect others, society
and the bank.
Own
operations
Negative
potential
impact in
the short
and
medium
term
- Anti-corruption and
anti-bribery policy
- Employee handbook
The bank has zero
tolerance of corruption
and bribery.
Entity-specific disclosures
Subtopic
Description
Value chain
Type
Policies and actions
Additional information
Data and IT
security
Insufficient data and IT
security in the bank
Technical and
organisational
measures ensure
correct data processing
and storage, thus
securing data against
threats.
Insufficient
management of IT risks
in the bank (by its
employees) can have a
negative impact on
people and society.
Own
operations
Risk for the
bank
- Privacy policy
- Data ethics policy
- IT security policy
- Policy for stable IT
operation and IT
preparedness
- Policy on the
management of IT
services from third
parties
Data and IT security
breaches, e.g. fraud
and identity theft, are
possible and can have
major consequences
for the people affected,
and major financial
consequences for the
bank.
Anti-money
laundering
solutions for money
laundering and
financing of terrorism
Without necessary
measures, the bank
risks becoming
involved in money
laundering and terrorist
financing.
Downstream
Risk for the
bank
- Anti-money
laundering principles
- Policy on risk
management in the
area of anti-money
laundering
Money laundering and
terrorist financing are
deeply damaging to
society.
Lack of focus and
failure to comply with
applicable rules can
have very serious
consequences for the
bank, including
reputational risk and
increased costs of legal
proceedings and fines.
Ringkjøbing Landbobank A/S Page 70
General information
Double materiality assessment
process
(IRO-1, E1.IRO-1, E2-E5.IRO-1 and G1.IRO-1)
It is central to the double materiality assessment that
impacts, risks and opportunities in the area of
sustainability are analysed in terms of their likelihood and
severity/scope.
Impact materiality
people and the environment is analysed based on a
combination of the parameters scale, scope and
irremediable character. Scale expresses the size of the
impact on climate, environment, people etc. Scope is
assessed on factors such as the number of people, e.g.
operations. For negative impacts, the analysis includes
whether they are irremediable or can be remedied and
restored.
All three parameters scale, scope and irremediable
character (for negative impacts only) are assessed and
given a score from 1 (very low) to 5 (very high). The
severity of the impact is then calculated as a simple
average of the parameters. If one of the parameters is
given a score of 5 (very high), the same score will be
given to severity in the assessment.
A distinction is made between actual impacts, which are
observed today, and potential future impacts.
The materiality of an actual impact is determined based
on severity, while the materiality of a potential impact is
calculated based on a combination of severity and the
probability of occurrence within a short, medium or long
time horizon.
In the case of a potential negative human rights impact,
greater weight is attached to severity than to probability
of occurrence.
Financial materiality
The financial materiality of risks and opportunities
relating to a sustainability matter is assessed based on a
combination of probability of occurrence and the
potential financial magnitude for the bank, which is
quantified as far as possible, for example in terms of
effect on profit. A score from 1 (very low) to 5 (very high)
is also used here.
How the double materiality assessment was carried out
The double materiality assessment was carried out in the
following five steps:
1. Initially, assumptions regarding threshold values and
the methodology for the assessment of likelihood and
severity/scope were determined.
Ringkjøbing Landbobank A/S Page 71
General information
2. Next, the sustainability subtopics were screened for
relevance
with a possible connection that required further
assessment were included in the further analysis.
3. The possible impacts on people and environment
were then assessed. This included risks and
opportunities for the bank of the relevant
sustainability subtopics from the screening. The bank
thus identified material IROs based on the double
materiality principle.
4. Internal and external stakeholders were engaged on
an ongoing basis, primarily in relation to the selection
of material sustainability topics and IROs. Stakeholder
engagement comprised employees in the bank,
product providers, collaboration partners,
shareholders and investors, as well as analysts.
5. Finally, the ESG steering group, the general
board carried out validation and control of the double
reviewed the double materiality assessment.
In relation to climate change, steps 2 and 3 involved
including CO
2
e emissions from its own operations and
from the loan portfolio and investments made on behalf
of customers as part of asset management etc.
Qualitative screening of a gross listing of potential
transition risks was also carried out, which includes
various climate-related circumstances. This was done for
-
page 73.
In steps 2 and 3, various possible IROs were both
screened and assessed in relation to pollution, water and
marine resources, biodiversity and ecosystems, resource
use and circular economy. The bank did not identify any
material actual and/or potential IROs in its own
operations or upstream and downstream value chain. The
bank has not identified any dependencies on biodiversity
and ecosystems-related physical, transition and systemic
again in 2025 to validate, update and further develop the
to ensure accurate
and true sustainability reporting.
The process and outcome of the double materiality
committee and the board.
The bank has integrated both risks and opportunities in
sustainability matters into its other management
processes. Risk-taking and risk-handling are a central
ine with traditional
risk types. For example, the material identified risks are
risks and its capital assessment process, which includes
an assessment of whether the identified risks are within
the b
necessary processes to manage them. Further to the
double materiality assessment, material opportunities are
followed up with the relevant people responsible for
individual areas, which means that the bank actively
addresses whether and how the opportunities can be put
into practice.
Disclosure requirements in the
sustainability statement
(IRO-2)
As a result of the double materiality assessment, the
bank reports on the topical disclosure requirements
within climate change (ESRS E1), own workforce (ESRS
S1) and governance (ESRS G1) in addition to the general
disclosure requirements (ESRS 2). The bank also
assesses that data and IT security and anti-money
laundering (entity-specific) are material. The description
of data and IT security is included under social
information, while disclosures on anti-money laundering
are included under governance information.
The stated sustainability topics are material to the bank
because each is linked to one or more IROs with a
assessment, the bank focused on the likelihood and
severity/scope of IROs assessed befor
mitigating actions and measures, i.e. the inherent ESG
risks.
The introduction to each sustainability topic provides an
references to the relevant pages in the sustainability
statement for 2025. Appendix B from page 109 also
shows a table of CSRD information/datapoints deriving
from EU legislation other than the CSRD.
Ringkjøbing Landbobank A/S Page 72
Environmental information
Climate change
(ESRS E1)
Ringkjøbing Landbobank seeks to minimise its
environmental impact and its environment-related risks
along the value chain.
CO
2
e emissions are
attributable to its core activities, which comprise the loan
portfolio and investments made as asset management
on behalf of customers. These activities are thus the
ons also impact the environment, but
responsibility work is therefore about responsibility for its
own operations and further development of the loan
portfolio to climate-friendly and renewable energy and
solutions. The bank views constructive dialogue and
competitive financing as the path to the green transition.
The bank supports the intentions of the Paris Agreement
and its implementation in the EU and on this basis has
set objectives for the reduction of CO
2
equivalents (i.e.
CO
2
e emissions corresponding to all greenhouse gases
comprised in the GHG Protocol).
In the double materiality assessment, the bank identified
climate change mitigation and energy consumption as
material sustainability topics for 2025. The table below
provides an overview of the ESRS E1 disclosure
requirements with references to the relevant pages in the
Overview of disclosure requirements for climate change
ESRS E1
Disclosure requirement
Page no.
E1.GOV-3
Integration of sustainability-related performance in incentive schemes
60
E1-1
Transition plan for climate change mitigation
73
E1.SBM-3
Material impacts, risks and opportunities and their interaction with strategy and business
model
73 - 74
E1.IRO-1
Description of the processes to identify and assess material climate-related impacts, risks
and opportunities
70 - 71
E1-2
Policies related to climate change mitigation and adaptation
74
E1-3
Action and resources in relation to climate policies
75 - 81
E1-4
Targets related to climate change mitigation and adaptation
75 - 81
E1-5
Energy consumption and mix
82 - 83
E1-6
Gross Scope 1, 2, 3 and Total GHG emissions
84 - 86
E1-7
GHG removals and GHG mitigation projects financed through carbon credits
84
E1-8
Internal carbon pricing
84
E1-9
Anticipated financial effects from material physical and transition risks and potential climate-
related opportunities
-
“-” The bank uses the phase-in provision regarding the ESRS E1-9 disclosure requirement for the financial effects, in accordance with ESRS 1 Appendix C.
Ringkjøbing Landbobank A/S Page 73
Environmental information
Transition plan
(E1-1)
responsibility and sustainability policy, the bank wants to
reduce its own negative impact on the environment
through a continuous focus on reduction of resource
consumption and energy optimisation and through its
The corporate social responsibility and sustainability
policy is implemented via a separate transition plan for
climate and the environment. Both the policy and the
ebsite.
initiatives for reducing CO
2
e emissions towards 2030 and
for achieving climate neutrality by 2050.
The indirect CO
2
e
and investment activities (scope 3) account for the vast
2
e emissions and are
therefore focus areas in the transition plan. In 2023, the
bank set the sub-targets of reducing CO
2
e emissions by
45% per DKK million lent and by 50% per DKK million
invested in the period 2020-2030.
These targets took into account reductions already
achieved at society level. At EU level, CO
2
e emissions
were reduced by 32% in the period 1990-2020. To achieve
emissions in the EU must therefore be reduced by a
further 34% in the period 2020-2030. Against this
CO
2
e reductions are
consistent with both the European Climate Law and the
Paris Agreement.
In setting the targets, it was essential that the bank can
continue its organic growth strategy and increase its
market share. The quantitative targets set for 2030 are
therefore intensity-based.
For the period until 2030, the bank has implemented and
planned a range of initiatives in the work towards the
CO
2
e targets. They include continuous skills development
customers and other stakeholders, implementation of
ESG scoring in connection with credit assessments and
investment decisions, and development of new ESG tools
and product solutions.
The bank will evaluate the initiatives on an ongoing basis
and implement any necessary additional initiatives
and/or adjust initiatives already initiated in the work
towards reducing CO
2
e emissions, including setting five-
year sub-targets from 2030 until the 2050 target.
In 2025, the bank updated and set the target of reducing
CO
2
and 2, location-based) by 20% in the period 2025-2030.
No embedded CO
2
e emissions of significance are judged
to exist. The bank has implemented and planned various
initiatives to reduce emissions from its own operations.
section from page 75
climate-related targets, actions and initiatives and a
Climate-related impacts, risks and
opportunities
(E1.SBM-3)
strong customer focus, sound credit principles and
efficient business processes. The business model is
fundamentally robust in relation to climate change and is
generally judged to be resilient in different climate
scenarios.
-
related IROs focuses on the entire value chain.
The upstream value chain essentially comprises the
estimate of climate impacts are based largely on
can basically be calculated
based on three processes: building operation, electricity
identified by going through its biggest expense items.
The bank estimates the climate impact by adding up the
actual physical activity in each area and multiplying by a
number of standards for emissions for example from
travelling by car.
The downstream value chains primary elements are the
industries and sub-industries, each of which are
homogeneous compared to the total loan portfolio. The
as identified
by multiplying the loans in each industry by the emission
intensity from E-
which was obtained for each industry based on emission
data and loan data for each sector. Company-specific
emission data were used for a few lending activities.
Emission data for asset management investments and
from emission data obtained directly from companies
and from external providers of company-specific
emission data.
Ringkjøbing Landbobank A/S Page 74
Environmental information
Reservation is made for the data in the area, primarily on
scope 3 emissions, which are still of highly uncertain
quality, see Appendix C from page 115. The reason for
this is that data for loans are model-based, while data for
investments are obtained directly from some companies
and from MSCI. In some cases, data have been scaled
up. As real data become available and calculation
methods develop, the reporting of CO
2
e emissions is
expected to improve gradually. This means that
previously reported figures could be adjusted in the
coming years as a result of improved data quality and
5.
The identified IROs regarding climate change are shown
5.
The bank worked on the identification of material
transition risks in 2025. In the double materiality
assessment, the bank identified one material transition
risk in relation to the indirect CO
2
e emissions from its
core business. It is judged, however, that the bank is able
to transition its business on an ongoing basis and within
a short time horizon if climate-related conditions call for
financing of other types of assets.
The bank generally views agriculture as the most
transition-exposed industry in the loan portfolio at
present. Thus, loans to agriculture in particular account
considerable efforts within agriculture are judged to be
required to achieve climate-neutral economy for this part
assets also requires a considerable effort to achieve
climate neutrality.
The bank has initially quantified this risk and allocated
management estimates for impairment charges to take
account of the current uncertainty about the framework
conditions announced under the Green Tripartite
Agreement.
3, the
bank has set its climate targets in support of the
European Climate Law. The bank's climate targets also
support the aim of the Paris Agreement, which is to keep
the global temperature rise below 2 degrees and to
pursue efforts to limit the increase to 1.5 degrees above
pre-
analysis is based on the above climate scenario, although
the link between the climate scenario and the effect on
due to lack of data for CO
2
e
borrowers. The bank monitors developments and
financial sector analyses in this area.
The time horizon and rate of change are decisive to the
thus have been repaid over a 10-year horizon, and the
bank is generally judged to be robust in the face of
changes occurring gradually over a period of 10 years or
more. The changes in the physical climate are therefore
not judged to pose any direct, major risk. Climate change
can reach the financial system faster, however. Asset
values, e.g. of real property, may thus decrease due to
future expectations, and regulatory change can affect the
values of security provided.
Climate change policies
(E1-2)
-related impacts, risks and
opportunities originates from its corporate social
responsibility and sustainability policy and transition plan
for climate and the environmental.
The fundamental objective is to mitigate climate change
by reducing CO
2
e emissions. Important elements in this
are to improve energy efficiency, increase renewable
energy deployment and support new technologies, in the
For the loan portfolio, the bank primarily implements
environment and climate-related initiatives through its
credit policy. The bank does so in relation to CO
2
e
reductions and adaptation to physical risks in connection
with credit assessment and valuations.
For asset management and investments in its own
portfolio, the bank uses its policy for integration of
sustainability risks, which sets out the framework for
screening of investments, exercise of active ownership
via BankInvest and any exclusion of companies from
investment portfolios.
that the above policies etc. are implemented and
complied with. The board of directors is responsible for
reviewing and possibly updating the policies etc. on an
ongoing basis and at least once a year.
Ringkjøbing Landbobank A/S Page 75
Environmental information
Climate change targets and actions
(E1-3 and E1-4)
• Contribute to financing of the green transition,
including granting loans for renewable energy
production and for the promotion of the transition of
manufacturing to a more climate-friendly future;
• Engage in dialogue with customers about choices of
climate-friendly financing solutions;
•
including energy-efficient home renovations and
purchases of electric cars;
• Market, advise on and, through BankInvest, develop
sustainable investment products;
•
environment as far as possible, including by buying
electricity generated from renewable sources;
•
In 2023, the bank set its own targets for reduction of
CO
2
e emission intensity of its loan and investment
mitigation efforts. The bank has been working towards
reducing CO
2
e emissions from its own operations for
several years and in 2025 updated and set targets to
achieve this.
Assuming an annual 5% increase in business volume in
the period 2026-2030, all else being equal, the targets
2
e emissions in absolute
figures will have increased by 10% by 2030 compared to
2020. The projection is highly uncertain, since the growth
in business volume could be larger or smaller, and the
data quality for CO
2
e emissions is also uncertain.
Internal stakeholders were involved in determining the
the EU climate targets and the Paris Agreement. They
have not been verified by external parties. Given the
the bank judges that
it is not possible to set actual sector-specific targets.
2
e emissions (index 2020 = 100)
(1) In 2020, the bank had total emissions of approx. 530,000 tonnes of CO
2
e in scope 1, 2 and 3, including a CO
2
e intensity of 10.32 tonnes per DKK million lent
and 9.66 tonnes per DKK million invested.
(2) With annual growth of 5% in both financed loans and investments in the period 2026-2030 and given the growth realised for 2020-2025, the total growth in
business volume will contribute emissions of approx. 339,000 tonnes of CO
2
e, equivalent to an increase of 64% by 2030 compared to 2020. It is assumed that
the CO
2
e intensity for the growth in business volume meets the target for 2030.
(3) The bank’s target of reducing the CO
2
e intensity of financed loans by 45% in 2020-2030 to 5.68 tonnes of CO
2
e per DKK million lent will contribute a
decrease of approx. 189,000 tonnes of CO
2
e by 2030, equivalent to -36% based on the 2020 loan portfolio.
(4) The bank’s target of reducing the CO
2
e intensity of investments by 50% in 2020-2030 to 4.83 tonnes of CO
2
e per DKK million invested will contribute a
decrease of approx. 93,000 tonnes of CO
2
e by 2030, equivalent to -18% based on the 2020 investment portfolio.
(5) The target for the bank’s scope 1 and 2 emissions is a reduction to 289 tonnes of CO
2
e by 2030.
Ringkjøbing Landbobank A/S Page 76
Environmental information
Targets and actions for financed loans
With 2020 as the base year, the bank wants to reduce the
CO
2
e emission intensity from its loan portfolio by 45% per
DKK million lent by the end of 2030. The bank wants to be
CO
2
e-neutral by the end of 2050.
To calculate CO
2
e emissions from loans, the bank uses
the common principles and methods developed by the
financial sector in Denmark. For personal customers, on-
balance sheet loans for housing purposes and car
purchases are included in the calculation. Loans for
which a purpose cannot be determined are not included.
For business customers, total loans broken down by
industry are included. The computation is broadly based
on average calculations and therefore highly uncertain.
The data quality will improve as company-specific data
become available. We refer to Appendix C from page 115
for a description of methodology, assumptions and data
quality.
personal and business customers increased by 1.5% to
372,284 tonnes of CO
2
e. The reason for the increase is
58,073 million in 2025. This is equivalent to an intensity
of 6.41 tonnes of CO
2
e per DKK million lent at the end of
2025 compared to 7.09 tonnes at the end of 2024.
2
e
intensity decreased, mainly because lower emissions
were recorded in several industries in the business
communities. Loans to business and agricultural
emissions from loans in 2025, with an average CO
2
e
intensity of 8.06 tonnes per DKK million lent. Loans to
agriculture contributed with an intensity of 25.39 tonnes
of CO
2
e per DKK million lent, while the average intensity
for business excluding agriculture was 5.57 tonnes of
CO
2
e.
For personal customers, emissions at the end of 2025
were calculated at 21,657 tonnes of CO
2
e, equivalent to
intensity of 1.49 tonnes of CO
2
e per DKK million lent,
compared to 1.73 tonnes of CO
2
e at the end of 2024.
2
e targets for financed loans
1
End of
2025
End of
2024
End of
2023
End of
2022
End of
2021
Base
year
2020
Change
2026-
2030
Target
2030
Target
2050
On-balance sheet loans, DKK million
Personal customers
2
14,566
12,485
11,533
11,280
10,071
8,444
- Housing
13,346
11,308
10,451
10,250
9,040
7,433
- Cars
1,220
1,177
1,082
1,030
1,031
1,011
Business customers
3
43,507
39,275
35,578
33,425
28,138
24,842
Total loans
58,073
51,760
47,111
44,705
38,209
33,286
Emissions, tonnes of CO
2
e
Personal customers
21,657
21,548
21,532
22,871
25,168
24,633
- Housing
8,016
8,225
7,610
8,259
7,280
6,055
- Cars
13,641
13,323
13,922
14,612
17,888
18,578
Business customers
3
350,627
345,205
371,326
349,997
357,344
318,868
CO
2
e emission
372,284
366,753
392,858
372,868
382,512
343,501
+48,394
420,678
4
0
Intensity, tonnes of CO
2
e per DKK million lent
Personal customers
1.49
1.73
1.87
2.03
2.50
2.92
- Housing
0.60
0.73
0.73
0.81
0.81
0.81
- Cars
11.18
11.32
12.87
14.18
17.34
18.38
Business customers
3
8.06
8.79
10.44
10.47
12.70
12.84
CO
2
e intensity
6.41
7.09
8.34
8.34
10.01
10.32
-0.73
5.68
0.00
Total change since 2020
-38%
-31%
-19%
-19%
-3%
-
-7 pp
-45%
-100%
(1) CO
2
e emissions from financed loans are included in the downstream value chain as part of scope 3 emissions. There was no review of 2020-2023.
(2) In addition, the bank has provided loans to personal customers for which a purpose cannot be determined. These loans are not included in the statement (DKK
4,480 million in 2025, DKK 4,077 million in 2024, DKK 3,770 million in 2023, DKK 3,637 million in 2022, DKK 2,970 million in 2021 and DKK 2,955 million in 2020).
(3) Business customers include agriculture.
(4) Projection based on an assumed annual growth of 5% in loans in the period 2026-2030. CO
2
e emissions from loans can increase towards 2030 since the bank
uses an intensity target. This is calculated inclusive of the realised growth in loans in 2020-2025.
Ringkjøbing Landbobank A/S Page 77
Environmental information
finance businesses which pursue more sustainable ways
of producing and consuming and/or to help finance
investments that enable a business to move forward in
the green transition. These businesses do not necessarily
have low CO
2
e emissions, but they need finance for their
transition to reduce their direct and indirect CO
2
e
emissions.
The bank has decided to implement the following actions
to reduce CO
2
e intensity for loans, see transition plan for
climate and the environment:
•
through targeted continuous training so that their
skills are always qualified and up to date. This
ensures that they can engage in professional
dialogue with customers about choices of climate-
friendly financing solutions;
• The bank has a goal of allocating an ESG risk score
to all major business customers in the coming years;
• The bank wants to develop and, as an intermediary,
-
related ambitions;
• In partnership with Totalkredit, the bank intends to
continue advising on and financing energy efficiency
initiatives for personal customers.
In 2024, the bank developed and quality-assured a
framework for climate strategy dialogues with its biggest
agricultural and business customers. At the same time,
the bank started cooperation with the West Jutland
stjysk prepared
climate accounts for selected agricultural customers as
an experiment, to provide an informed basis for the future
dialogue.
The bank achieved its goal during 2025 by completing
dialogues with the agricultural customers who, at the end
of 2024, accounted for at least 70% of CO
2
e emissions
One conclusion the bank reaches from these dialogues is
that 72% of the surveyed agricultural customers had
invested in CO
2
e-reducing solutions in the last two years
and that 54% of them are currently working on green
investments expected to commence within the next five
years.
The dialogues also indicated that the surveyed
agricultural customers have a close focus on reducing
carbon emissions from production. This is achieved
through a range of initiatives and investments, including
ploughless tillage, slurry cooling, covering of tanks and
buying machinery that increases efficiency, reduces fuel
consumption and improves precision. In addition, many
of the agricultural customers have already made or
planned investments in LED lighting, heat pumps,
geothermal or solar power plants, wind turbines etc.,
which indicates a broad range of efforts to reduce energy
consumption and drive the transition to renewable energy
sources.
In 2024, the Danish government and a range of partners
entered into a Green Tripartite Agreement for agriculture
in Denmark. The agreement provides the long-term basis
for a conversion and transition of parts of the farmland
and of the food and agricultural production in Denmark.
One of the objectives of the agreement is to support
70% by 2030 compared to the 1990 level.
The Tripartite Agreement contains a range of actions and
initiatives, including a CO
2
e tax on emissions from farm
animals, taking carbon-rich lowlands out of production,
forestation and strengthening of climate technologies. A
political compromise was entered into on the actions to
be implemented over the coming years.
Through dialogue and targeted financing solutions etc.,
Ringkjøbing Landbobank will continue to give agricultural
customers opportunities to adjust to the changed
framework conditions and initiate actions that reduce
CO
2
e emissions.
During 2025, the bank also held dialogues on climate
strategy with the largest business customers whose CO
2
e
intensity was above average at the end of 2024. These
current climate positions, including ongoing initiatives
and future ambitions. The dialogues also showed that
53% of the surveyed customers use one or more green
energy sources and that 76% had invested in solutions
reducing CO₂e emissions in the last two years. These
investment solutions include energy optimisation of
buildings and investments in solar power plants,
production equipment etc.
The bank will also use dialogue and financing solutions to
contribute to the green transition of business customers.
They must also address changed framework conditions.
For example, agreements have been entered into on
carbon taxes on emissions in industry and the
construction and transport sectors, for gradual
implementation towards 2030. The general expectation is
that businesses will intensify their actions to reduce their
CO
2
e emissions.
In the area of personal customers, continually increasing
demand for electric cars is expected to reduce the
emission intensity of car loans. The general transition of
Ringkjøbing Landbobank A/S Page 78
Environmental information
energy supply, including district heating and
electrification and energy efficiency initiatives in
buildings, will reduce the emission intensity of home
loans.
It may also be relevant to deal with the adaptation to
physical climate risks in the dialogue with both personal
and business customers.
Targets and actions for investments
Based on 2020, the bank wants to achieve a 50%
reduction of the CO
2
e emission intensity per DKK million
portfolio by the end of 2030 and to be CO
2
e-neutral by the
end of 2050.
The model used to calculate CO
2
e emissions from
value. The value of assets under management
consequently changes with fluctuations in market prices.
The selection criterion for the investment portfolio is that
the bank has direct access to, or can influence, the
composition of the investments. Both issuer-specific and
estimated emission data were used in the calculation.
The data quality is still uncertain, since the data coverage
for issuer-specific emissions is not yet 100%. We refer to
Appendix C from page 115 for additional descriptions of
methodology, assumptions and data quality.
211,749 tonnes of CO
2
e at the end of 2025, an increase of
10.8% compared to the end of 2024. Part of the reason
for the increase is that the bank changed the risk
allocation for the asset management products in 2025.
increased by 8.8% from DKK 29,853 million at the end of
2024 to DKK 32,466 million at the end of 2025. The
2
e intensity thus increased by 1.9% to 6.52
tonnes of CO
2
e per DKK million invested at the end of
2025 compared to 6.40 tonnes of CO
2
e per DKK million
invested at the end of 2024. The bank continues its work
towards meeting the CO
2
e intensity targets for
investments by 2030.
pooled scheme etc. Emissions from these in 2025
totalled 114,648 tonnes of CO
2
e. This is equivalent to
intensity of 6.71 tonnes of CO
2
e per DKK million invested
compared to 3.51 tonnes at the end of 2024.
At the end of 2025, emissions from other individual
mandates totalled 87,565 tonnes of CO
2
e, equivalent to
intensity of 6.54 tonnes of CO
2
e per DKK million invested
compared to 9.16 tonnes at the end of 2024.
totalled 9,536 tonnes of CO
2
e at the end of 2025,
equivalent to 4.76 tonnes per DKK million invested,
compared to 15.12 tonnes at the end of 2024.
The bank uses the CO
2
e calculation from investment
activities as the basis for the continuous work on the
-related impacts, risks and opportunities.
The bank has a special focus on asset management
other mandates, because our investments on behalf of
customers account for the vast majority of emissions
from investments.
Statutory profiling of customer-specific preferences is
carried out. The bank thus focuses on profiling
customers and subsequently integrating their individual
sustainability preferences in our advice as a supplement
to their risk preferences.
The bank has decided to implement the following actions
to reduce CO
2
transition plan for climate and the environment:
• Over the coming years the bank will develop
additional tools/IT support to manage investment
portfolios including incorporation of CO
2
e emissions
• The bank has a goal of allocating an ESG score to all
customers receiving advice;
• The bank seeks to develop and, as an intermediary,
provide products in collaboration with its business
sustainability preferences.
The development of tools and dialogues with product
providers are initiatives and actions that will help ensure:
•
2
e
emissions from the investment portfolios managed
by the bank, thereby creating a basis for focusing on
reducing emissions;
•
2
e
portfolios, enabling dialogue with customers on
reducing emissions; and
• That the bank can engage in dialogue with relevant
providers of investment products on reducing the
CO
2
e emissions from their products.
Ringkjøbing Landbobank primarily distributes investment
important partner in the effort to reduce CO
2
e emissions
from investments.
Ringkjøbing Landbobank A/S Page 79
Environmental information
As a signatory to the Net Zero Asset Managers initiative,
BankInvest is committed to working towards neutralising,
by 2050, greenhouse gas emissions from the companies
Appendix C from page 115. In the short term, BankInvest
commits to reducing CO
2
e emissions from the portfolios
by 55% by 2030. Ringkjøbing Landbobank supports these
targets.
As a distributor, the bank has access to a broad portfolio
of sustainable investment products available within
global shares and bonds as well as Danish shares. This
secures the bank a solid, broad range when investing on
behalf of its customers. The customers can also make
their own investments in these products through the
Through the collaboration with Letpension, since 2021
customers of Ringkjøbing Landbobank have had the
option of investing part of their pension savings in
particularly climate-friendly products with the specific
aim of reducing CO
2
e emissions.
By choosing particularly climate-friendly investments,
pension savings contribute to three ambitious climate
targets, two of which are already met by PFA and
consequently also Letpension:
• From the very beginning, the equity portion emitted
60% less carbon than the global equity index.
• The product is now climate-neutral across all asset
classes (scope 1 and 2).
• By 2030, the ambition is that the entire product must
be carbon-negative, i.e. remove more carbon from
the atmosphere than it emits.
Ringkjøbing Landbobank supports these ambitions and
offers the Letpension product to our customers as an
integral part of our ordinary advisory service.
2
1
End of
2025
End of
2024
End of
2023
End of
2022
End of
2021
Base
year
2020
Change
2026-
2030
Target
2030
Target
2050
Market value of investments, DKK million
Asset management products
9,420
9,476
9,314
11,863
10,582
9,556
Pooled scheme
7,660
6,944
2
5,702
4,864
5,266
4,594
Other mandates
13,383
11,695
8,855
5,026
5,222
3,525
Own portfolio
2,003
1,738
1,366
1,114
1,162
1,612
Total investments
32,466
29,853
2
25,237
22,867
22,232
19,287
Emissions, tonnes of CO
2
e
Asset management products
72,055
29,994
34,279
49,596
97,661
114,299
Pooled scheme
42,593
27,622
2
24,757
23,783
31,686
41,907
Other mandates
87,565
107,180
67,932
34,777
64,688
29,955
Own portfolio
9,536
26,282
70
52
429
88
CO
2
e emission
211,749
191,078
2
127,038
108,208
194,464
186,249
-11,685
200,064
2
0
Intensity, tonnes of CO
2
e per DKK million invested
Asset management products
7.65
3.17
3.68
4.18
9.23
11.96
Pooled scheme
5.56
3.98
2
4.34
4.89
6.02
9.12
Other mandates
6.54
9.16
7.67
6.92
12.39
8.50
Own portfolio
4.76
15.12
0.05
0.05
0.37
0.05
CO
2
e intensity
6.52
6.40
2
5.03
4.73
8.75
9.66
-1.69
4.83
0.00
Total change since 2020
-32%
-34%
2
-48%
-51%
-9%
-
-18 pp
-50%
-100%
(1) CO
2
e emissions from investments are included in the downstream value chain as part of scope 3 emissions. They include investments made on behalf of
customers as well as the bank’s own portfolio investments. However, the bank’s trading portfolios and shares in sector companies are not included in the bank’s
own portfolio. There was no review of 2020-2023.
(2) In 2025, the bank found an error in the calculation of the pooled scheme as at the end of 2024. The bank has therefore corrected the stated figures. The market
value of DKK 3,472 million stated previously has been corrected to DKK 6,944 million. In addition, the emissions have been corrected from 13,811 tonnes of CO
2
e
stated previously to 27,622 tonnes of CO
2
e.
(3) Projection based on an assumed annual growth of 5% in investments in the period 2026-2030. CO
2
e emissions from investments can increase towards 2030
since the bank uses an intensity target. This is calculated including the realised increase in the market value of investments in 2020-2025.
Ringkjøbing Landbobank A/S Page 80
Environmental information
Targets and actions for scope 1 and 2
As a responsible financial institution, Ringkjøbing
as a CO
2
e-neutral bank.
CO
2
81), in 2025 the bank revised its previous reduction target
for total CO
2
e emissions in scope 1 and 2.
With 2025 as base year, the bank thus wants to reduce its
total scope 1 and 2 CO
2
e (location-based) emissions by
20% by the end of 2030. By 2050, the bank wants to be
CO
2
e-neutral for scope 1 and 2 and the parts of scope 3
2
e emission for scope 1 is calculated at 51
tonnes in 2025, compared to 70 tonnes in 2024. This is
equivalent to a 27% reduction. The primary reasons for
easing
share of renewable energy in the natural gas supply
because more biogas is used in the natural gas network.
consumption of electricity and district heating, are
calculated via the location-based and market-based
methods. The market-based method takes into account
the
location-based method is based on electricity
declarations for the municipality in which each of the
2
e
emission for 2025 is calculated at 239 tonnes by the
market-based method and 310 tonnes by the location-
based method.
page 82, the bank covers its electricity consumption by
power generated from renewable sources. The electricity
consumption is therefore almost carbon-neutral based on
the market-based method.
2025 was 238 tonnes. The 2025 statement is based on
specific environmental declarations from the local district
buildings and premises. Especially the heating of the
Nørresundby are connected to district heating plants that
consume a lower share of renewable energy than the
Danish average.
To meet the objective, the bank continuously focuses on
reducing its own resource consumption and CO
2
e
emissions. Our methods of doing this include:
•
normal replacement (scope 1);
• Implementing profitable improvements of the energy
heating);
• Focusing on energy consumption and energy
efficiency improvements when entering into or
renegotiating leases (scope 2 heating).
In addition, district heating production in Denmark is
largely reliant on renewables and the objective is to reach
CO
2
e neutrality by 2030.
operations over time.
related to business travel, IT operation, etc., see the
4.
The bank has taken action to reduce these, including by:
• Supporting charging stations for electric cars at the
• Holding virtual instead of physical meetings as often
as possible (scope 3).
Ringkjøbing Landbobank A/S Page 81
Environmental information
2
e emissions and targets for scope 1 and 2
1
CO
2
e, tonnes
2025
2
2024
3
2023
2022
2021
Base
year
2025
Change
2026-2030
Target
2030
Target
2050
Company cars
43
57
49
56
58
43
Heating and electricity
4
8
13
12
11
12
8
Total scope 1
51
70
61
67
70
51
Electricity market-based
1
0
0
0
0
1
District heating market-based
5
238
136
130
122
169
238
Total scope 2, market-based
239
136
130
122
169
239
Electricity location-based
6
72
174
-
-
-
72
District heating location-based
5
238
230
-
-
-
238
Total scope 2, location-based
310
404
-
-
-
310
Total scope 1 and 2, market-based
290
206
191
189
239
290
Total scope 1 and 2, location-based
361
474
-
-
-
361
-72
289
0
(1) Figures in the table were rounded. The calculation of scope 1 and 2 follows both the CSRD reporting standards and industry standards in Denmark, see
Appendix A from page 106. There was no review of 2021-2023.
(2) Covers the period from the fourth quarter of 2024 up to and including the third quarter of 2025, which is estimated to be representative of full-year 2025.
(3) Covers the period from the fourth quarter of 2023 up to and including the third quarter of 2024, which is estimated to be representative of full-year 2024.
(4) In 2024, heating consumption from natural gas was moved from scope 2 to scope 1 for the period 2021-2023, and natural gas consumption for the same
period was adjusted because one lease was added.
(5) Emissions from district heating consumption in the location-based statement are based on environmental declarations from the local district heating plants
supplying district heating to the bank’s buildings and premises. This also goes for the market-based statement for 2025, while a Danish average was used for
the years 2021-2024.
(6) The following calculation method was used for 2024: Emissions from electricity consumption are based on the 200% method broken down into West
Denmark and East Denmark in Energinet’s annual environmental declaration because some of the electricity production in Denmark comes from district heating
plants. The following calculation method was used for 2025: Emissions from electricity consumption are based on the most recent available data in Energinet’s
electricity declaration with carbon emissions for the municipality of each location.
Ringkjøbing Landbobank A/S Page 82
Environmental information
Energy consumption
(E1-5)
energy consumption in the most recent year was
calculated at 3,888 MWh, of which 62% relates to district
umption.
The rest of the energy consumption was for travel in
company cars and natural gas heating.
As part of the effort to reduce the CO
2
e emission from its
own operations, the bank has a constant focus on
improving energy efficiency and reducing energy
5.
For example, the bank installed solar panels on the roof
of one of its branches in autumn 2024 which has a power
output of up to 35 MWh per year. In 2025, the bank also
started implementing a new control system for heating
and ventilation in several of its branches. This action will
contribute to more efficient operations and help reduce
n of heating and electricity.
The bank also covers its electricity consumption from
renewable energy, i.e. through contractual agreements on
the purchase of electricity produced from renewable
sources.
For 2025, the renewable energy share was calculated
available environmental declaration. In prior years, the
share was calculated as a national level average for the
district heating sector. The reason for the decrease in the
locations in terms of area and consumption are supplied
with heating from district heating plants with a relatively
low share of renewable sources. However, the share of
renewable energy is expected to increase in step with the
carbon neutrality objective.
Energy consumption and mix
1
MWh
2025
2
2024
3
2023
2022
2021
Company cars
176
214
182
209
217
Heating and electricity
4
66
63
60
54
57
– of which self-generated heating and electricity
from renewable energy sources
5
0
0%
0
0%
0
0%
0
0%
0
0%
Direct energy consumption (scope 1)
242
277
242
263
274
Electricity
4
1,232
1,463
1,536
1,457
1,553
– of which based on renewable energy sources
1,229
99.8%
1,463
100%
1,536
100%
1,457
100%
1,553
100%
– of which self-generated electricity with renewable
energy sources
5
5
-
-
-
-
District heating
2,414
2,228
2,411
2,261
2,354
– of which district heating based on
renewable energy sources
6
1,395
58%
1,738
78%
1,832
76%
1,628
72%
1,695
72%
Indirect energy consumption (scope 2)
3,646
3,691
3,947
3,718
3,907
Total energy consumption (scope 1 and 2)
3,888
3,968
4,189
3,981
4,181
– of which generated with fossil energy sources
1,264
33%
766
19%
820
20%
896
23%
933
22%
– of which generated with renewable energy sources
2,624
67%
3,202
81%
3,369
80%
3,085
77%
3,248
78%
(1) Figures in the table were rounded. The bank has never covered any of its energy consumption with nuclear power. There was no review of 2021-2023.
(2) Covers the period from the fourth quarter of 2024 up to and including the third quarter of 2025, which is estimated to be representative of full-year 2025.
(3) Covers the period from the fourth quarter of 2023 up to and including the third quarter of 2024, which is estimated to be representative of full-year 2024.
(4) In 2024, heating consumption from natural gas was moved from scope 2 to scope 1 for the period 2021-2023, and natural gas consumption for the same
period was adjusted because one lease was added.
(5) Until the end of 2024, the bank had no self-generated renewable energy in its buildings. In 2025, the bank produced 18 MWh and used 5 MWh electricity from
solar panels on one of its buildings. The remaining 13 MWh were delivered to the power grid and used by others. The bank does not use any fuel for renewable
energy sources.
(6) For 2021-2024, the renewable energy share was calculated as the district heating sector’s average at national level. For 2025, the renewable energy share was
calculated using each district heating plant’s most recent available environmental declaration.
Ringkjøbing Landbobank A/S Page 83
Environmental information
Water consumption and total energy consumption in GJ
1
2025
2
2024
3
2023
2022
2021
Water consumption, stated in m
3
3,942
3,854
4,160
4,085
3,462
Total energy consumption (scope 1 and 2), stated in GJ
4
14,000
14,284
15,083
14,334
15,055
(1) These key figures follow industry standards in Denmark, see Appendix A from page 106, and are not part of the CSRD reporting standards. There was no
review of 2021-2023.
(2) Covers the period from the fourth quarter of 2024 up to and including the third quarter of 2025, which is estimated to be representative of full-year 2025.
(3) Covers the period from the fourth quarter of 2023 up to and including the third quarter of 2024, which is estimated to be representative of full-year 2024.
(4) Heating consumption from natural gas for the period 2021-2023 was adjusted in 2024 because one lease was added.
Ringkjøbing Landbobank A/S Page 84
Environmental information
GHG emissions
(E1-6)
Ringkjøbing Landbobank has calculated its total CO
2
e
emissions at 585,238 tonnes for 2025, compared to
559,159 tonnes for 2024 using the market-based method.
from 243 tonnes of CO
2
e per DKK million of core income
by 88% in the same period. -
73, the data for scope 3 emissions in particular are of
uncertain quality.
Scope 1 emissions
tonnes from 70 tonnes of CO
2
e to 51 tonnes of CO
2
e. The
primary reasons for the decrease are reduced emissions
from company cars and an increased share of renewable
energy in the natural gas supply because more biogas is
company cars accounted for 84% of scope 1 emissions in
2025, while the remaining 16% was generated by heating
production from natural gas which is part of the local
supply to a few of
Scope 2 emissions
310 tonnes by the location-based method and 239 tonnes
by the market-based method.
in 2025 was 238 tonnes. The statement is based on
specific environmental declarations from the local district
and premises. Especially the heati
office in Ringkøbing and the office in Nørresundby is
connected to district heating plants which consume a
lower share of renewable energy than the Danish
average. The district heating sector in general is expected
to transition heating production to renewable energy
sources by 2030 to achieve carbon neutrality in the sector
by 2030.
Scope 3 emissions
3) were calculated at 584,948 tonnes of CO
2
e in 2025. In
the GHG Protocol, this covers emissions in category 6
(business travel) and category 15 (investments).
Category 15 emissions were 584,865 tonnes of CO
2
e in
2025, an increase of 25,992 tonnes compared to 2024.
2
e emissions from
financed loans, asset management investments, the
The
increase is primarily attrib
portfolio, where CO
2
e emission intensity was higher in
2025 than in 2024. Emissions from investments thus
increased by 20,671 tonnes of CO
2
e in the period. In
increased by 5,531 tonnes of CO
2
e from 2024 to 2025,
mainly due to growth of 12% in total loans.
outsourced to Bankdata, which in turn has outsourced the
energy demanding IT operations to JN Data. Emissions
from IT operations totalled 832 tonnes of CO
2
e for 2025,
a decrease of 210 tonnes compared to 2024. With effect
from the beginning of 2023, electricity consumption has
been based on renewable energy sources because
Bankdata and JN Data have entered into a long-term
Power Purchase Agreement (PPA), which led to the
construction of a solar energy park.
tonnes of CO
2
e in 2025. Business travel comprises work-
transportation by taxi, train, ferry and aircraft. Emissions
from business travel increased by 3 tonnes of CO
2
e
compared to 2024. The fact box in Appendix C from page
115 gives an overview of the definition of scope 3
emissions, and also lists omitted categories judged to
have low CO
2
e emissions. We also refer to Appendix C for
descriptions of methodology and uncertainty of
calculations.
CO
2
removal etc.
(E1-7 and E1-8)
The bank owns the forest Sæbygård Skov (via the
company Sæbygård Skov A/S), which is calculated to
have captured almost 800 additional tonnes of carbon in
2025. Total carbon capture in the forest was reassessed
in 2025 based on an assessment of the forest mass and
calculated at approximately 105,000 tonnes at the end of
the year compared to approximately 112,000 tonnes at
the end of 2024. The forest is not certified to a UN-
recognised standard.
The company
were calculated by an external party based on a model
prepared by the Danish Forest Association. Adjustments
were made based on a volume growth model for tree
varieties from the University of Copenhagen and IPCC
recommendations on carbon sequestration. Since the
calculation is model-based, it is obviously uncertain.
The bank does not buy carbon credits and does not use
carbon pricing arrangements.
Ringkjøbing Landbobank A/S Page 85
Environmental information
2
e emissions
1
CO
2
e, tonnes
Base
year
2024
2025
Change
2024-2025
2030
2050
Annual
target in % /
base year
Scope 1 emissions
2
Scope 1 emissions
51
70
51
-27%
Share of scope 1 from regulated emission
trading schemes (%)
0
0
0
-
Scope 2 emissions
2
Location-based scope 2 emissions
310
404
310
-23%
Market-based scope 2 emissions
136
239
+76%
Scope 1 and 2 emissions, location-based
361
474
361
-24%
289
0
-4.3%
Scope 1 and 2 emissions, market-based
206
290
+41%
Material scope 3 emissions
3
Total indirect scope 3 emissions
558,953
4
584,948
+5%
1 Purchased goods and services
2 Capital goods
3 Fuel and energy-related activities
4 Upstream transportation and distribution
5 Waste generated in operations
6 Business travel
80
83
+4%
7 Employee commuting
8 Upstream leased assets
9 Downstream transportation
10 Processing of sold products
11 Use of sold products
12 End-of-life treatment of sold products
13 Downstream leased assets
14 Franchises
15 Investments
558,873
4
584,865
+5%
- IT operation at Bankdata and JN Data
1,042
832
-20%
- Financed loans
343,501
366,753
372,284
+2%
420,678
5
0
+2.0%
6
- Investment portfolio
186,249
191,078
4
211,749
+11%
200,064
7
0
+0.7%
8
Total GHG emissions
Total GHG emissions, location-based (tonnes
of CO
2
e)
559,427
4,9
585,309
9
+5%
Total GHG emissions, market-based (tonnes
of CO
2
e)
559,159
4
585,238
+5%
(1) Figures in the table were rounded. The statement follows the reporting standards in paragraphs 62 - 67 of ESRS 1, see the fact box in Appendix C from page
115, and industry standards in Denmark, see Appendix A from page 106.
(2) Scope 1 and 2 emissions for 2024 were calculated based on the period from the fourth quarter of 2023 up to and including the third quarter of 2024. Similarly,
the emissions for 2025 were calculated based on the period from the fourth quarter of 2024 up to and including the third quarter of 2025, which in both cases is
estimated to be representative of full-year 2024 and 2025 respectively. The target for scope 1 and 2 reflects the goal of 20% reduction by 2030 using the location-
based method with 2025 as a base year.
(3) Scope 3 emissions from business travel and outsourced IT operation were stated for the first time for 2023, see the description in Appendix C. Emissions from
IT operation for 2024 are based on 2023 figures from Bankdata and JN Data, and emissions from IT operations for 2025 are based on 2024 figures, which in both
cases are estimated to be representative of full-year 2024 and 2025 respectively. The targets for financed loans and the investment portfolio reflect the bank’s
2030 targets of reducing CO
2
e intensity from them by 45% and 50% respectively with 2020 as a base year. The bank has not set a sub-target for 2025 or targets
for the other scope 3 categories.
(4) In 2025, the bank found an error in the calculation of the pooled scheme as at the end of 2024. The bank has therefore corrected the stated figures when
preparing the sustainability statement for 2025.
(5) Projection based on an assumed annual growth of 5% in loans in the period 2026-2030. CO
2
e emissions from loans can increase towards 2030 since the bank
uses an intensity target. This is calculated inclusive of the realised growth in loans in 2020-2025.
(6) CO
2
e emissions from loans can increase in absolute figures towards 2030 since the bank uses an intensity target and assumes annual growth in loans.
(7) Projection based on an assumed annual growth of 5% in investments in the period 2026-2030. CO
2
e emissions from investments can increase towards 2030
since the bank uses an intensity target. This is calculated including the realised increase in the market value of investments in 2020-2025.
(8) CO
2
e emissions from investments can increase in absolute figures towards 2030 since the bank uses an intensity target and assumes annual growth in
marked value investments.
(9) Includes market-based emissions from external partners.
Ringkjøbing Landbobank A/S Page 86
Environmental information
2
e emission intensity relative to core income
1
Tonnes of CO
2
e per DKK million
2025
2
2024
3
2023
2022
2021
Change
2024-2025
Total scope 1, 2 and 3 emissions
4
Location-based emissions
143.1
137.5
5
4.1%
Market-based emissions
143.1
137.5
5
136.1
168.2
237.3
4.1%
(1) Intensity was calculated with the bank’s core income, see page 5. There was no review of 2021-2023.
(2) For 2025, scope 1 and 2 cover the period from the fourth quarter of 2024 up to and including the third quarter of 2025, which is estimated to be
representative of full-year 2025.
(3) For 2024, scope 1 and 2 cover the period from the fourth quarter of 2023 up to and including the third quarter of 2024, which is estimated to be
representative of full-year 2024.
(4) Heating consumption from natural gas was adjusted in 2024 for the period 2021-2023 because one lease was added.
(5) In 2025, the bank found an error in the calculation of the pooled scheme as at the end of 2024. The bank has therefore corrected the stated figures when
preparing the sustainability statement for 2025.
Ringkjøbing Landbobank A/S Page 87
Environmental information
Taxonomy report
The purpose of the taxonomy regulation is to set criteria
by which business activities can be considered
sustainable.
The bank declares that no activities are claimed as being
associated with economic activities that qualify as
environmentally sustainable under Articles 3 and 9 of
Regulation (EU) 2020/852 (Taxonomy Regulation).
In accordance with Commission Delegated Regulation
(EU) 2026/73 of 4 July 2025 amending Delegated
Regulation (EU) 2021/2178, the bank has therefore
chosen not to present a taxonomy report.
Ringkjøbing Landbobank A/S Page 88
Social information
Own workforce
(ESRS S1)
Ringkjøbing Landbobank seeks to provide attractive and
proper working conditions for its employees and to
maintain good cooperation with its other stakeholders.
satisfaction among a large majority of its employees.
The table below provides an overview of the ESRS S1
disclosure requirements with references to the relevant
pages in the statement.
Overview of disclosure requirements regarding own workforce
ESRS S1
Disclosure requirement
Page no.
S1.SBM-2
Interests and views of stakeholders
63 - 64
S1.SBM-3
Material impacts, risks and opportunities and their interaction with strategy and business model
89
S1-1
Policies related to own workforce
89 - 90
S1-2
90 - 92
S1-3
Processes to remediate negative impacts and channels for own workforce to raise concerns
90 - 92
S1-4
Taking action on material impacts on own workforce, and approaches to managing material risks
and pursuing material opportunities related to own workforce, and effectiveness of those actions
92 - 93
S1-5
Targets related to managing material negative impacts, advancing positive impacts, and
managing material risks and opportunities
92 - 93
S1-6
93 - 96
S1-7
Characteristics of non-
89
S1-8
Collective bargaining and social dialogue
83 - 96
S1-9
Diversity metrics
92 - 93
S1-10
Adequate wages
93 - 96
S1-11
Social protection
-
S1-12
Persons with disabilities
-
S1-13
Training and skills development metrics
93 - 96
S1-14
Health and safety metrics
-
S1-15
Work-life balance metrics
-
S1-16
Remuneration metrics (pay gap and total remuneration)
93 - 96
S1-17
Incidents, complaints and severe human rights impacts
93 - 96
-” specifies that the bank does not report on the disclosure requirement as it is not relevant to the bank’s material impacts, risks and opportunities.
Ringkjøbing Landbobank A/S Page 89
Social information
Workforce-related impacts, risks and
opportunities
(S1.SBM-3 and S1-7)
Ringkjøbing Landbobank places great emphasis on its
wellbeing. To support this, the bank puts a determined
effort into promoting inclusion and diversity as well as
ensuring equal opportunities and non-discriminatory
treatment for all. Training and development of the
workplace the bank considers these factors essential for
attracting and retaining skilled employees with the right
competences and qualifications.
The bank thus treats working conditions and equal
treatment and equal opportunity for all employees as
material sustainability topics for its own workforce. The
own workforce are shown in the table
5.
impacts, the bank assesses that all employees are
affected in the same way and the workforce is
consequently not divided into at-risk or similar groups.
employees are covered by the local workplace agreement
and have an annual job appraisal review with pay
etc. on conditions for employees, equal treatment and
remuneration. The bank registered no cases of material
negative impacts on its own workforce in relation to
adequate wages, collective agreements or equal
treatment in 2025.
In relation to the CSRD requirement on publication of
-employees, the bank
defines a non-employee as a person who works for the
bank without being employed directly by the bank, e.g. as
a consultant, temporary employee or self-employed. Non-
employees carry out tasks at the same locations as the
Therefore, they would typically not be covered by the
etc. The bank had no non-employees in 2025.
Policies related to own workforce
(S1-1)
own workforce is anchored in various policies etc. The
policies etc. contribute to establishing, developing,
working conditions, equality, health and wellbeing
throughout the organisation.
for the under-represented gender in particular determine
the fundamental principles and guidelines for managing
the working conditions, equal treatment, health and
wellbeing of the employees. The policies are
employee handbook and by the standard collective
agreement and local workplace agreement entered into.
determines the principles of how the bank wants to treat
its employees in areas such as working conditions, equal
treatment, diversity, health, wages, training and skills
development as well as human and labour rights. The
policy applies to all employees in the bank and is
-
represented gender is to increase the percentage of the
under-
tiers. An equal gender distribution as defined by the
Danish Gender Balance Act has been achieved both
among the board members elected by the shareholders'
committee and among the board members elected by the
employees. Read more on gender diversity on the board
section on page 58.
The board of directors has also set a target for the
percentage of the under-represented gender at other
management levels and actions have been implemented
to achieve the target figure. Read more on this in the
ion from
page 92.
reporting to the board of directors at least annually both
on compliance with the policy on conditions for
employees and on the policy and targets for the under-
represented gender. The general management also has
the overall responsibility for implementing them and
taking remedial action if the policies are not complied
with.
The board of directors supervises compliance with the
policies and ensures that they are implemented and
function as intended. On the recommendation of the
general management, it is also the responsibility of the
are reviewed
and possibly updated on an ongoing basis and at least
once a year.
Ringkjøbing Landbobank A/S Page 90
Social information
from page 97.
Diversity and inclusion
employees, the bank focuses on promoting diversity and
inclusion. The bank maintains, and is constantly
developing, initiatives which support equal treatment and
diversity and provide attractive terms and conditions for
background. The bank also seeks to give its employees
equal development opportunities.
The policy also states that the bank does not accept
discrimination on grounds of gender, gender
identity/perception, age, family and/or marital status,
social background, nationality, race, ethnic origin, any
disabilities, sexual orientation, religion and/or political
allegiance and has zero tolerance for harassment and
bullying, including sexual harassment.
compliance with the policy. The bank has also
established a whistleblower scheme enabling all
employees to report anonymously if need be any
instances of discrimination, harassment, bullying etc. We
ref
from page 101.
The head of the HR department or the authorised
individual under the whistleblower scheme is responsible
for examining and addressing concerns about conduct
rules. When a report is received, an independent
examination is initiated immediately and, in the event of a
potential state of dependency between the involved
parties, adequate mitigating actions will be implemented.
The person responsible for the examination has an
obligation to report all serious violations and related
issues directly to the general management. If the report
concerns a member of the general management, the
matter is reported directly to the chair of the board of
directors. Failure to comply with applicable law or the
and/or sanctions under employment law.
Human rights policy commitments
Ringkjøbing Landbobank supports international human
and labour rights, which are fundamental to the Danish
labour market model and based on international
conventions, norms and values, including the UN Guiding
Principles on Business and Human Rights and the ILO
Declaration on Fundamental Principles and Rights at
Work. The bank has also joined the UN Global Compact.
conditions for employees, responsible purchasing policy
and code of conduct.
The bank considers human and labour rights the
foundation of a secure, fair and equal society, and rejects
all forms of violation of these rights in relation to its
employees, customers, partners and other stakeholders.
The bank sees it as a natural part of its responsibility to
work actively for equal rights. The effort to ensure
compliance with human and labour rights is thus a
continual process. Through an open culture, clear
reporting channels and structured policies, procedures
violations of human and labour rights, including
discrimination and harassment.
guidelines regarding the health and safety of employees,
customers and partners. The policies also specify that
the bank does not tolerate forced and compulsory labour,
child labour and human trafficking, and the bank wants
proper working conditions. The provisions are integrated
chain.
As a Danish relationship bank with close ties to both
customers and employees, Ringkjøbing Landbobank
believes its risk of violating human or labour rights is low.
The bank only has branches in Denmark, where employee
conditions are well-regulated.
Working environment and workplace accident prevention
business practices etc. in the area. See page 31 of the
management's review for further details.
Initiatives for engaging with own
workforce
(S1-2 and S1-3)
Processes for engaging with own workforce
The bank has established various processes to ensure
engagement and dialogue with its employees. At the
general level, these include a works council, an
occupational health and safety committee, a pay
committee, employee representatives on the board of
Ringkjøbing Landbobank A/S Page 91
Social information
directors and ongoing interaction with Financial Services
Union Denmark. At employee level, the bank conducts
annual employee surveys comprising wellbeing surveys
and job appraisal interviews.
The bank has appointed a works council consisting of
four employee representatives and four employer
representatives. The objective of the council is to discuss
and develop initiatives that support a well-functioning
workplace and foster both wellbeing and efficiency. The
council generally meets once every quarter. It is the
responsibility of the chair of the council that the meetings
are held and agreements entered into are implemented.
At the meetings, the employee representatives have the
opportunity to discuss relevant subjects with the
management and present their views and opinions about
the workplace, including the impacts on the workforce
etc. Minutes of each meeting are prepared and
all employees of the discussions and any actions taken.
The bank also has an occupational health and safety
committee. Its objective is to plan, lead and coordinate
the health and safety efforts in the bank and to conduct
an annual working environment discussion. The
committee consists of two employee representatives and
two management representatives.
board members who participate in the board work on
equal terms with the other board members.
Financial Services Union Denmark. The bank is a member
of Finance Denmark, which from 1 January 2024 also
The bank follows the standard collective agreement in
force for the years 2025 to 2028 which was entered into
between Finance Denmark and Financial Services Union
Denmark in the first quarter of 2025. The standard
collective agreement helps to assure good working
conditions for the employees and includes provisions on
working hours, minimum pay, overtime pay etc.
three-year local workplace agreement in 2025 which
details the provisions on pay and any fringe benefits. The
pay committee consists of four management
representatives and four employee representatives. A
the Financial Services Union was subsequently held
about the workplace agreement. Read more on this in the
page 92.
The bank conducts an annual measurement of
measurement is a central element of the annual job
appraisal interviews with the employees.
With an overall score averaging 8.8 on a scale from 1 to
the 2025 measurement showed a record level of
employee wellbeing and satisfaction. For all 19
questions, the scores were either higher or the same as
the year before. The total average score was 8.7 in 2024.
from 8.9 in 2024 to 9.0 in 2025, and the score for the
9.1 in 2025.
The analysis is used as a management and employee
wellbeing and their view of the bank as a workplace. If
responses indicate a low level of wellbeing, the HR
department contacts the employee directly for an open
dialogue on challenges and possible solutions.
with their leader at least annually to discuss subjects
such as wellbeing, satisfaction, career aspirations, needs
for skills development, and pay. If needed, a follow-up
interview is held to ensure continuity and progress on any
agreed actions.
Both the job appraisal interviews and the annual
all employees and function as tools for the bank to gain
of satisfaction with their workplace, tasks and
development.
Channels for employees to raise concerns and needs
The bank has established clear procedures to foster open
communication about employee needs and suspicions of
violation of applicable laws, rules etc.
If an employee wants to raise concerns about unlawful
and/or inappropriate behaviour in the bank, the employee
must contact the HR department or the compliance
department which then have a mutual obligation to
inform each other.
The employees also have the opportunity to report
which conflicts with the code of conduct or other internal
rules, and the whistleblower scheme are described in the
Ringkjøbing Landbobank A/S Page 92
Social information
from page 100
from page 101.
Employees who are members of the Financial Services
Union also have trade union representatives available to
-à-vis the
management. The trade union representatives must
monitor compliance with contracts and collective
agreements as well as foster and maintain good working
conditions for all employees at the workplace.
The employees also have the option of raising concerns
annual job appraisal interview with their manager as
90.
Actions and targets for own workforce
(S1-4, S1-5 and S1-9)
Actions and targets for the under-represented gender at
other management levels
-represented
gender, the bank has set a target for the percentage of
the under-represented gender at other management
levels.
of the general management (reported to the Danish
Business Authority); employees placed at the same
management level, in organisational terms, as the general
management; and employees with staff responsibilities
reporting directly to the general management or to
employees placed at the same level, in organisational
terms, as the general management.
The target figure and policy were prepared in accordance
with the rules on target figures and policy for the under-
represented gender, see articles 4 and 5 of the Danish
Gender Balance Act.
concrete goals and target figures:
• The employees must perceive that they have equal
career and management opportunities irrespective of
gender;
• The percentage of managers of the under-
levels (measured in FTEs) must be at least 30% by
2030.
In 2025 as in previous years, the bank focused on
launching and implementing initiatives for the future
achievement of the target figure for the under-
levels. The initiatives were as follows in 2025:
• When recruiting for management positions with the
assistance of headhunters, the bank always requires
that candidates of both genders must be presented;
•
selecting candidates of both genders for interviews;
• General focus on diversity in employed positions to
provide the basis for more gender diversity of
managers in the bank in the future;
• When selecting employees for the role of sales
manager, focus is on motivating candidates
irrespective of gender to seek this role;
• There is focus on selecting young employees of both
This role is a good way of preparing for and
motivating a possible subsequent leadership role.
In addition, the bank initiated a development process in
2025 that will form the basis for potentially preparing
more young employees of both genders to take on the
role of manager or other job functions.
The percentage of the under-represented gender at other
management levels increased from 25.4% at the end of
2024 to 27.5% at the end of 2025.
1
End of
2025
End of
2024
End of
2023
End of
2022
End of
2021
Men
42.0
44.0
43.0
45.0
45.0
Women
16.0
15.0
12.8
11.8
10.9
Total
58.0
59.0
55.8
56.8
55.9
Gender diversity
URG (%)
2
27.5
25.4
22.9
20.7
19.4
(1) The figures are stated in total number of employees (FTEs) at the end
of the year. There was no review of 2021-2023.
(2) Information on employee gender is based on CPR numbers and the
category “Other” therefore is not used. This key figure states the share of
the under-represented gender (URG) and follows both the CSRD reporting
standards and industry standards in Denmark, see Appendix A from page
106.
general management annually on the status and progress
of the work towards meeting the target for the under-
levels and on the initiatives launched in this respect. The
general management subsequently presents the report to
the board of directors.
The policy to increase the percentage of the under-
levels is reassessed annually by the board of directors
with a view to any adjustment of the targets and current
Ringkjøbing Landbobank A/S Page 93
Social information
-
Actions and targets for adequate wages for own
workforce
The bank wants to pay adequate wages and give equal
pay for the same work, responsibility, performance etc.
Based on the framework of the standard collective
agreement which was entered into between Finance
Denmark and Financial Services Union Denmark in the
target figures in the workplace agreement for general pay
development in the period 2025-2028.
employees except apprentices, finance trainees, finance
bachelors, employees working fewer than eight hours per
week and employees under 18. Employees who are not
covered by the workplace agreement follow the current
provisions of the standard collective agreement.
figures for pay development, including the general pay
increases, the salary pool and one-off payments. The
target figures will help ensure that the bank pays wages
that are adequate and in line with the market.
The target figures for pay development in 2025 were
followed up on achievement of the target figures and
general management informs the board of directors
annually about achievement of the defined target figures
etc.
Actions and targets for other material impacts on own
workforce
contributes to disseminating information to all
employees on efforts, guidelines and procedures
9 for a description
of the policy.
In accordance with the policy on conditions for
employees, the bank will continue to work actively to
skills development, health and wellbeing. The bank will
also continue the effort of fostering diversity and
ensuring equal opportunities for all regardless of gender
etc.
Employee security and wellbeing are also supported by
alleviation plan which offer the employees various forms
of support both as preventive measures and in the
event of actual health-related challenges. These offers
include health insurance, senior schemes, business
psychologist and access to an online doctor etc.
In addition, the bank seeks to continue to implement the
90. These initiatives
give the bank insight into employee wellbeing and their
view of the bank as a workplace. The initiatives also
enable the bank to assess whether to take additional
action to accommodate employee needs and ensure
employee satisfaction. The initiatives help to prevent the
bank from causing or contributing to material negative
impacts on its own workforce.
In 2025, the bank allocated resources to the annual
employees, the annual job appraisal interviews etc.
Characteristics of the workforce
(S1-6, S1-8, S1-10, S1-13, S1-16 and S1-17)
The bank employed an average of 682.6 FTEs in 2025.
Compared to the year before, this is an increase of 18.2
and increased need for special skills. The percentage of
the under-represented gender based on FTEs was 42.8%
in 2025.
1
2025
2024
2023
2022
2021
Men
390.7
368.2
358.3
340.4
315.7
Women
291.9
296.2
294.3
300.7
303.1
Total employees
682.6
664.4
652.6
641.1
618.8
Gender diversity
URG (%)
2
42.8
44.6
45.1
46.9
49.0
(1) The figures are stated in total number of employees (FTEs). Computed
as an average over 12 months. There was no review of 2021-2023.
(2) Information on employee gender is based on CPR numbers and the
category “Other” therefore is not used. This key figure states the share of
the under-represented gender (URG) and follows both the CSRD reporting
standards and industry standards in Denmark, see Appendix A from page
106.
Ringkjøbing Landbobank A/S Page 94
Social information
Calculated based on the number of persons (head count),
the bank had 727 employees at the end of 2025, of which
43.3% were of the under-represented gender. All of the
1
End of
2025
End of
2024
End of
2023
End of
2022
End of
2021
Men
412
385
371
369
342
Women
315
309
326
313
324
Total employees
727
694
697
682
666
Gender diversity
URG (%)
2
43.3
44.5
46.8
45.9
48.6
(1) The figures are stated in number of persons (head count) at the end of
the year. For comparison please also see note 7 to the financial statements.
There was no review of 2021-2023.
(2) Information on employee gender is based on CPR numbers and the
category “Other” therefore is not used. This key figure states the share of
the under-represented gender (URG).
As shown in the following table, the vast majority of the
Women
Men
Total
2025
Employees
1
291.9
390.7
682.6
Permanent employees
2
290.2
384.6
674.8
Temporary employees
3
1.1
3.7
4.8
Non-guaranteed hours
employees
4
0.6
2.4
3.0
2024
Employees
1
296.2
368.2
664.4
Permanent employees
2
293.5
364.8
658.3
Temporary employees
3
0.9
1.0
1.9
Non-guaranteed hours
employees
4
1.8
2.4
4.2
(1) The figures are stated in total number of employees (FTEs).
Computed as an average over 12 months. Information on employee
gender is based on CPR numbers and the category “Other” therefore is
not used. This key figure follows both the CSRD reporting standards
and industry standards in Denmark, see Appendix A from page 106.
(2) Permanent employees are employees in open-ended jobs.
(3) Temporary employees are employees in temporary jobs which
means employment ends when a specific event occurs.
(4) Non-guaranteed hours employees are employees without fixed,
guaranteed working hours.
In 2025, the employee turnover ratio was 9.4% including
retirees, which corresponds to an average period of
employment of approximately 11 years. This indicates a
high level of wellbeing and job satisfaction.
Employee turnover ratio and sick days
1
2025
2024
2023
2022
2021
Number of employ-
yees who retired or
left the bank
2
64.0
69.7
57.8
66.7
64.9
Employee turnover
ratio
3
(%)
9.4
10.5
8.9
10.4
10.5
Key figures in accordance with industry standards etc.
Sickness absence
(days/FTE)
4
7.4
8.2
6.9
7.4
7.6
Sickness absence
relative to working
time (%)
5
3.5
3.8
3.2
3.4
3.5
(1) There was no review of 2021-2023.
(2) The figures are stated in total number of employees (FTEs).
Computed as an average over 12 months.
(3) The figures are computed as the number of FTEs who retired or left
the bank for other reasons over 12 months divided by the average
number of FTEs over the year. This key figure follows industry standards
in Denmark, see Appendix A from page 106.
(4) This key figure follows industry standards in Denmark, see Appendix
A from page 106, and is not part of the CSRD reporting standards.
(5) This key figure was calculated as the number of sickness absence
days per FTE / number of annual workdays less seven weeks’ holiday
etc.
A total of 64 employees (FTEs) retired or left the bank in
2025.
The decrease in sickness absence is attributable to a
decrease in long-term sickness absence compared to
2024.
Whether their absence is work-related or otherwise, the
making a good return to their workplace.
age groups:
1
Number of persons
(head count)
Percent
End of 2025
Under 30 years
133
18.3
30-50 years
298
41.0
Over 50 years
296
40.7
Total
727
100.0
End of 2024
Under 30 years
123
17.7
30-50 years
279
40.2
Over 50 years
292
42.1
Total
694
100.0
Ringkjøbing Landbobank A/S Page 95
Social information
Collective agreements
The bank follows the standard collective agreement
entered into between Finance Denmark and Financial
Services Union Denmark in 2025. In 2025, an average of
the standard collective agreement. The remaining 0.1%
were employed with fewer hours than the minimum
required for the agreement to cover them (eight hours or
less per week). These employees are all covered by
agreements and terms comparable to collective
agreements.
compliance with the applicable standard collective
agreement and workplace agreement.
The bank gives its employees equal pay for the same
work, responsibility, performance etc. The difference in
the average pay for men and women results from
differences in gender representation in different types of
jobs including management positions.
1
2025
2024
2023
2022
2021
Gender pay gap (%)
average
2
24.3
24.5
-
-
-
Gender pay gap (times)
median at end of year
3
1.23
1.23
1.25
1.25
1.26
(1) There was no review of 2021-2023.
(2) (Average gross hourly pay level for male employees – average gross
hourly pay level for female employees) / average gross hourly pay level
for male employees x 100. The key figure was computed as an average
over 12 months based on FTEs. Employees with non-guaranteed hours
are not included in the calculations.
(3) Male median pay / female median pay. The figure was calculated at
the end of the year. This key figure follows industry standards in
Denmark, see Appendix A from page 106, and is not part of the CSRD
reporting standards.
determined with a view to awarding them pay in line with
the market and retaining them in the bank. The CEO pay
ratio (times) increased from 13.7 times in 2024 to 14.5
times in 2025.
Remuneration ratio
2025
2024
2023
2022
2021
CEO pay ratio (times)
1
16.7
16.1
-
-
-
Key figures in accordance with industry standards
CEO pay ratio (times)
2
14.5
13.7
13.5
11.5
10.7
(1) Annual total remuneration of the highest paid individual / Median
annual remuneration for all employees (excluding the highest paid
individual)
(2) CEO compensation / average employee pay (payroll and pension).
This key figure follows industry standards in Denmark, see Appendix A
from page 106, and is not part of the CSRD reporting standards. There
was no review of 2021-2023.
This level is still lower than in other large Danish
companies (see note A in Appendix A on page 106). In
addition, the bank follows the international
recommendation that the CEO pay ratio should be no
higher than 20 (see note B in Appendix A on page 106).
Incidents, complaints and severe human rights impacts
was contacted directly once about an incident that was
perceived as harassment. The matter was subsequently
addressed by the HR department in accordance with
applicable procedures.
The bank received no other reports of concerns and/or
violations of human rights in 2025.
whistleblower scheme in 2025.
Training and skills development
The bank focuses on advising its customers from a high
level of expertise. Employee training is therefore a central
level of expertise, the bank gives high priority to both
theoretical and practical training to ensure that the
bank does not set any quantitative objectives in the area.
For many years it has been a strategic priority for the
bank to ensure its recruitment pool by training our own
future employees as far as possible. The in-house
training programmes developed by the bank and its
cooperation with external educational institutions
facilitate this strategy. The courses are thus designed to
2025 training programmes were offered to finance
apprentices, finance trainees, finance bachelors, and
graduates.
Ringkjøbing Landbobank A/S Page 96
Social information
During 2025, 13 finance apprentices and 11 trainees,
including seven finance trainees and four finance
bachelor trainees, joined the bank. Training of
apprentices and trainees takes place at the Financial
academy which provides more intensive tuition than
ordinary similar training programmes. In 2025, the
internal academy had a total of 40 students divided into
seven classes.
In addition to the finance programme, the apprentices
complete the academy programme in financial advice
and the university graduate diploma programme in
business administration. As part of their training
programme, finance trainees are enrolled in the university
graduate diploma programme in business administration
as well as one of two courses: the competent adviser or
the business customer adviser, both of which are offered
trainees have completed their training in the bank, they
have reached bachelor level.
Through dialogue, the bank wants to give all employees
access to education and in-service training. The bank
expects the employees to attend relevant training
programmes if they and/or the bank identify a relevant
need. In addition, selected employees must regularly train
for statutory certifications.
The need for in-service training and skills development is
individual performance and career development.
training hours in 2025. This is equivalent to an average of
89.2 training hours per employee during the year, which is
an increase of 7.7% compared to 2024. The primary
attended and completed newly established training
programmes etc. during 2025.
one job appraisal interview/performance assessment.
Employees who joined the bank on 1 November 2025 or
later had not yet had their first job appraisal
interview/performance assessment by the end of the
year. Employees in some job functions do not have job
appraisal interviews/performance assessments due to
the number of working hours etc.
Job appraisal interviews etc.
1,2
Participation in job appraisal
interviews etc. (%)
2025
2024
Men
96.4
95.1
Women
97.5
97.1
Total
96.8
96.0
(1) When calculating the participation percentage, the denominator is the
number of persons (head count) employed in the bank at the end of 2025.
The numerator is calculated as all employees who participated in a job
appraisal interview etc. in 2025.
(2) Information on employee gender is based on CPR numbers and the
category “Other” therefore is not used.
Training hours in 2025
1,2
FTEs
Training hours
Training hour
average per FTE
2025
Men
390.7
40,583
103.9
Women
291.9
20,315
69.6
Total
682.6
60,898
89.2
2024
Men
368.2
34,916
94.8
Women
296.2
20,078
67.8
Total
664.4
54,994
82.8
(1) The recorded training hours are primarily training activities targeting
the bank’s finance apprentices, finance trainees and finance bachelors.
The figures also include courses, training programmes and in-service
training of the bank’s employees in specialised fields.
(2) Information on employee gender is based on CPR numbers and the
category “Other” therefore is not used.
Ringkjøbing Landbobank A/S Page 97
Social information
Entity-specific disclosures
The bank reports on data and IT security as an entity-
specific topic under social information. The report
handling of data and IT security.
The identified impacts, risks and opportunities regarding
page 65.
Data and IT security
As a financial undertaking, the bank stores and handles a
large quantity of financial and personal data, which
places heavy demands on data and IT security, data
protection etc. It is a high priority for the bank that
customer and employee data are processed and kept
confidential in conformity with the applicable data
has therefore adopted a data ethics policy, a privacy
policy, an IT security policy, a policy for stable IT
operation and IT preparedness and a policy for managing
IT services from third parties.
privacy policy are to ensure correct and confidential
processing of customer and employee data. The policies
also describe how the bank works with data ethics,
personal data and data use as well as the underlying
principles. The policies provide the framework for the
initiatives and the outside world. The policies deal with
the customer and personal data collected and processed
by the bank as well as any other data which the bank may
receive.
The bank seeks to process data ethically and responsibly
in a correct and transparent way. For example, customers
of Ringkjøbing Landbobank of course have a right to the
secure processing of their data as well as to erasure of
their data if the collaboration with the bank ends. The
bank is obliged to delete data which it no longer has a
legal reason to preserve. In addition, customers can
always gain access to the data the bank has recorded,
e.g. through access to contracts and agreements etc. in
officer) constantly checks that the bank does not have
any data in contravention of GDPR compliance
legislation.
policy and privacy policy apply to
and must be observed by all employees, and the bank
gives high priority to in-house training in this respect.
responsible for reporting to the board of directors on
compliance with the data ethics policy and privacy policy
management also have the overall responsibility for
implementing the policies and taking the necessary
complied with.
www.landbobanken.dk/data-
ethics
framework for the management of IT security and IT risk,
stable IT operation and IT preparedness and policy for
managing IT services from third parties. The objects of IT
security management and IT risk management are to
and follows up Ion T security on an ongoing basis,
including carrying out preparedness exercises, and also
Bankdata.
The bank continually follows up on and adapts its
systems and routines to keep data secure and prevent IT
and cybercrime. During 2025, the bank continued the
work of reorganising to ISO standards on IT security.
The bank also continued the work of implementing the
Digital Operational Resilience Act (DORA), which entered
into force on 17 January 2025. The continued
reorganisation to ISO strengthens the connection
JN
Data and thus makes control and follow-up easier and
more efficient.
During 2025, all employees completed eight training
modules in IT awareness with associated comprehension
tests. The employees will also be tested in IT awareness
in 2026.
training in 2025 in relation to the implementation of
DORA, comprising IT management and cyber risk.
Ringkjøbing Landbobank A/S Page 98
Social information
management are responsible for reporting several times
a year to the board of directors on compliance with the
IT department and
the general management also have the overall
responsibility for implementing the policies and taking
the necessary action if policy rules and guidelines are not
complied with.
The board of directors supervises compliance with the
policies and ensures that they are implemented and
function as intended.
On the recommendation of the general management, it is
that the policies are reviewed and possibly updated on an
ongoing basis and at least once a year.
Data and IT are business-critical aspects, and the bank
does not set any quantitative objectives in the area.
Ringkjøbing Landbobank A/S Page 99
Governance information
Governance information
(ESRS G1)
and proper behaviour towards all stakeholders. It is
important for the bank, therefore, to continue to maintain
a sound culture and conduct in the entire organisation,
including preventing all forms of corruption and bribery in
the bank.
The table below provides an overview of the ESRS G1
disclosure requirements with references to the relevant
pages in the statement.
The identified impacts, risks and opportunities in relation
page 65.
Business conduct
(G1.GOV-1)
continually to improve and strengthen its corporate
culture and business conduct, which include openness
and risk and resource awareness. This work takes place
through policies and training but also through
management communication and management conduct
in the bank, which sets the standard for operating the
bank with integrity.
The board of directors has the overall responsibility for
has the overall responsibility for implementing and
day-to-day operations.
Overview of disclosure requirements for business conduct
ESRS G1
Disclosure requirement
Page no.
G1.GOV-1
The role of the administrative, management and supervisory bodies
99
G1.IRO-1
Description of the process to identify and assess material impacts, risks and opportunities
70 - 71
G1-1
Business conduct policies and corporate culture
100 - 102
G1-2
Management of relationships with suppliers
102
G1-3
Prevention and detection of corruption and bribery
102 - 103
G1-4
Incidents of corruption or bribery
102 - 103
G1-5
Political influence and lobbying activities
-
G1-6
Payment practices
-
-” specifies that the bank does not report on the disclosure requirement as it is not relevant to the bank’s material impacts, risks and opportunities.
Ringkjøbing Landbobank A/S Page 100
Governance information
Business conduct policies and corporate
culture
(G1-1)
anchored in a range of policies etc. that contribute to
establishing, developing, fostering and evaluating the
corporate culture and business conduct throughout the
organisation.
conduct, whistleblower policy, responsible purchasing
policy and anti-corruption and anti-bribery policy in
particular are central to supporting culture and conduct in
the bank. All policies etc. have been approved by the
Policy for a sound corporate culture and code of conduct
the overall framework and guidelines for ensuring and
fostering a sound corporate culture in the bank and
among its employees. The policy contains a range of
functions as the basis for how the bank supports a
responsible, sound and integrity-based culture throughout
the organisation.
responsibility and good practice and contains rules and
observe in their day-to-day work. The guidelines also
cover the expected conduct towards the
stakeholders.
The policy for a sound corporate culture and the code of
conduct apply to and must be observed by all employees
in the bank, including its board of directors and general
management.
reporting to the board of directors at least annually on
compliance with the policy for a sound corporate culture
and the code of conduct. The general management also
has the overall responsibility for implementing them and
for taking the necessary action if the rules and guidelines
of the policy and code of conduct are not complied with.
The board of directors supervises the implementation of
the policy for a sound corporate culture and the code of
conduct and ensures that they are complied with and
function as intended. On the recommendation of the
general management, it is also the responsibility of the
board of directors that they are reviewed and possibly
updated on an ongoing basis and at least once a year.
Processes for fostering and developing the corporate
culture and business conduct
conduct and ensure ongoing employee training, all
year and acknowledge that they have read and
understood it. The guidelines for corporate culture and
training and information tools.
In addition, the bank gives priority to communicating the
corporate culture and business conduct to all new
employees during onboarding. The new employees
policy on conditions for employees and code of conduct,
which they must read carefully and understand. All new
employees must also read the employee handbook.
Material information on changes, new initiatives or
culture and business conduct is communicated to the
employees through established information channels in
the bank so that all employees are kept informed and up
to date.
central role in fostering and influencing the corporate
culture and business conduct in the day-to-day work.
These people are responsible for taking the lead, being
good role models and open to dialogue on how
employees should respect and comply with the principles
in the code of conduct, employee handbook and relevant
corporate culture and business conduct.
metric, the annual job appraisal interviews, customer
department and HR department as a basis for evaluating
onduct.
Action is taken if called for by the evaluation.
report on compliance with the policy for a sound
corporate culture to the board of directors for
consideration and evaluation of whether any action
should be taken in relation to corporate culture and
busines
board of directors to the annual general meeting on
behalf of the board about implementation of the policy
for a sound corporate culture policy and compliance with
it.
Ringkjøbing Landbobank A/S Page 101
Governance information
of conduct or other internal rules
Through its policies etc. regarding corporate culture and
business conduct, the bank has established principles
and guidelines for what conduct it considers acceptable
and unacceptable among its employees and
management to prevent any violation of applicable law
etc. By ensuring compliance with applicable law and
other rules, the bank endeavours to protect the integrity
and reputation of the bank and its employees.
The bank has established specific procedures for
handling and examining violations or potential violations
applicable law so as to ensure immediate, independent
and objective handling of them. These procedures are
The bank has also established clear procedures to foster
open communication about any suspicions of violation of
financial rules etc., internally and towards the authorities.
There must be no negative consequences for employees
raising a concern about unlawful and/or inappropriate
conduct in the bank. However, if the employee personally
has violated rules and/or guidelines, legal consequences
and/or sanctions may be imposed on the employee under
employment law. It is fundamental to the bank that
information is never withheld, internally or from the
authorities.
Employees who become aware that they themselves or
conduct and/or other internal rules must at once inform
then have a mutual obligation to inform each other. HR
and Compliance have an obligation to report serious
violations and related issues directly to the general
management. Employees may also report violations via
internal whistleblower scheme, the authorised individual
under the scheme, immediately examines concerns and
incidents relating to conduct which conflicts with
al rules.
Should a state of dependency exist or arise between the
parties, adequate actions will be implemented. The
person responsible for the examination has an obligation
to report all serious violations and related issues directly
to the general management, unless the report relates to a
general management member, in which case the matter
must be reported directly to the chair of the board of
directors.
Violations of applicable law and/or failure to comply with
code of conduct, may result in the employee facing legal
consequences and/or sanctions under employment law.
The matter may also be reported to the relevant
authorities.
Whistleblower policy and scheme
(G1-1)
that the bank has an internal whistleblower scheme
enabling its employees to use a special, independent,
dedicated channel to report violations or potential
violations of applicable relevant law and internal rules.
Reports may be made anonymously or with identity
details. The policy ensures that the scheme is
administered in accordance with applicable law, which
cannot be derogated from to the disadvantage of the
The bank is obliged to protect whistleblowers against
retaliation, including threats of or attempted retaliation,
The bank has designated an authorised individual
responsible for ensuring that the whistleblower scheme is
put in place and administered in a way that guarantees
confidentiality about the identity of the whistleblower and
any third parties mentioned in the report.
bank informs its employees about the whistleblower
scheme via its intranet, code of conduct, employee
handbook etc. The employee handbook contains detailed
descriptions of the scheme so that the employees learn
and understand how the scheme can be used, which
matters can be reported and how reports are addressed.
Information on the scheme is also included in all
contracts of employment, and the employees are
informed about the scheme both when they are employed
and when they resign.
Ringkjøbing Landbobank A/S Page 102
Governance information
individual are overall responsible for implementation and
compliance with the policy and for taking the necessary
action if the policy is not complied with. On the
recommendation of the general management and the
authorised individual, it is the responsibility of the board
of directors that the policy is reviewed and possibly
updated on an ongoing basis and at least once a year.
Responsible purchasing policy
(G1-2)
to ensure responsible supplier relationships and prevent
corruption and violation of applicable law.
The bank has defined environmental, social and ethical
standards and guidelines in its responsible purchasing
policy, which the bank undertakes to comply with
internally and also expects its suppliers and business
partners to respect, to exercise and ensure responsibility.
The bank has defined standards and guidelines in areas
such as human rights and working conditions, climate
and environment, anti-corruption and unacceptable
behaviour, including violation of human rights,
participation in bribery, corruption and fraudulent activity.
ensure compliance with applicable national law.
The standards were introduced to reduce risks
applied both for selecting new suppliers and to retain
existing suppliers. Using a risk-based approach, the bank
compliance with the policy and continually monitors the
selected suppliers in 2025 and found no need to take any
additional action.
If the bank becomes aware that a supplier or the
-
current rules, the bank will initially start a dialogue to
clarify the circumstances. In the event of non-compliance,
the bank at first usually encourages, and if possible,
contributes to, improvements of social, ethical and
environment-related working conditions at the supplier or
sub-contractor. If unsuccessful, the bank reassesses the
future collaboration and possibly reduces, suspends or
terminates it.
that the bank always endeavours to make payment on
time to all its stakeholders, including suppliers and
partners.
The general management has the overall responsibility
for implementation and compliance with the policy and
for taking the necessary action if the policy is not
complied with. On the recommendation of the general
management, the board of directors is responsible for
reviewing and possibly updating the policy on an ongoing
basis and at least once a year.
Prevention and combat of corruption and
bribery
(G1-3 and G1-4)
Anti-corruption and anti-bribery policy
-corruption and anti-bribery policy sets out
the general guidelines and procedures for how the bank
should work to prevent and combat corruption and
bribery. The bank has zero tolerance for all forms of
corruption and bribery. In addition, the bank endeavours
to combat such acts in all their forms.
In accordance with the concept of corruption referred to
in the Danish Penal Code and the international anti-
corruption conventions, including the UN Convention
against Corruption, corruption is defined as the abuse of
entrusted power for private gain. Corruption, possibly
deriving from a conflict of interests, takes many forms
including bribery, extortion, fraud, facilitation payments
and/or private treaty, which induce someone to act
illegally or in breach of their duties.
The bank and its employees may neither accept nor offer
any bribes, and gifts must not be accepted if they exceed
-corruption and anti-bribery
policy applies to and must be observed by all employees
in the bank. Violation of app
internal guidelines may result in prosecution and legal
consequences under employment law.
intranet and website, which means that external
stakeholders can also read it.
The general management has the overall responsibility
for implementation and compliance with the policy. On
recommendation by the general management, it is the
policy is reviewed and possibly updated on an ongoing
management is responsible overall for taking action if
applicable law and/or the policy is not complied with.
Implemented procedures for prevention and combat of
corruption and bribery
Any incidents of corruption and bribery must be reported
Ringkjøbing Landbobank A/S Page 103
Governance information
whistleblower scheme.
the authorised individual under the scheme, is
responsible for examining and handling potential
incidents of corruption or bribery. The person must
immediately conduct an independent examination of the
incident without any influence from the involved parties.
Compensating actions will be taken if a conflict of
interests exists.
Material violations and related matters must always be
reported to the general management unless the matter
involves a general management member, in which case
the matter must be reported directly to the chair of the
board of directors. The bank continually supervises its
own compliance with the current anti-corruption and anti-
bribery rules. All suspicions of violations of applicable
law will be reported to the relevant authorities.
The board of directors will be informed of any incidents
of violation of the anti-corruption and anti-bribery
provisions and the consequences of such violations.
The bank has no recorded cases, convictions and/or
fines for violation of anti-corruption and anti-bribery
legislation in 2025.
Training
corruption and bribery and the consequences of violation
employee handbook, which are available to all employees
and the
employee handbook thus define the boundaries to non-
acceptable conduct.
The bank assesses that customer-facing employees,
employees responsible for purchasing and employees in
certain staff functions are particularly exposed to the risk
of corruption and bribery.
To ensure that the employees are continually updated
and trained in the area, all employees must read the code
of conduct annually and reaffirm that they understand it.
New employees receive the code of conduct as part of
their onboarding and must also read the employee
handbook. The bank aims to keep all employees fully up
to date through the training programme which requires
them to read and understand the code of conduct. The
bank also annually requests criminal record certificates
for selected employee groups.
-service
training in various fields. This in-service training does not
specifically target anti-corruption and anti-bribery but
may include topics related to these areas. In addition,
applicable rules requi
board of directors to complete a basis course for board
members of financial undertakings. The course includes
training in anti-money laundering and operational risk.
information on an ongoing basis and participates in
annual meetings etc. at which they are informed of new
relevant circumstances and actions in the sector, which
may include topics related to anti-corruption and anti-
bribery.
Recorded cases, convictions and/or the amount of
fines relating to corruption and bribery
2025
2024
2023
Number of recorded cases,
convictions and/or the amount of
fines for violation of anti-
corruption and anti-bribery laws
0
0
0
Ringkjøbing Landbobank A/S Page 104
Governance information
Entity-specific disclosures
The bank reports on the combating of money laundering
and financing of terrorism as an entity-specific topic
under governance information. The statement includes
money laundering and terrorist financi
policy on risk management in the area of anti-money
laundering.
The identified impacts, risks and opportunities in relation
5.
Anti-money laundering
The bank wants actively to combat money laundering and
terrorist financing and supports the 25 recommendations
-Money Laundering Task
Force in November 2019. The objective of the
recommendations is to strengthen anti-money laundering
and counter-terrorist financing, and they target various
stakeholders, including relevant authorities, the financial
sector and individual financial institutions.
Based on the recommendations the bank has set up a
separate page on its website with targeted and publicly
available information about its anti-money laundering and
counter-terrorist financing efforts. The page can be found
at www.landbobanken.dk/en/ir-english/policies/anti-
moneylaundering
The bank also undertakes to present a general statement
in the management's review on its efforts to counter
money laundering and terrorist financing, including the
-
money laundering.
Under the policy, the bank aims to limit the risk that the
bank could be abused for money laundering or financing
from being used in unintended ways. This is a business-
critical area in which the bank does not set any
quantitative objectives.
employees without exception. The bank gives high
priority to in-house training in this area.
Through continuous development of employee skills and
in collaboration with system and IT suppliers on the use
of effective technology, the bank is dedicated to working
to protect its customers, society and the bank against
cybercrime and data abuse.
-money laundering officer and general
management are responsible for reporting on compliance
with the policy on risk management in the area of anti-
money laundering at least once a year. In addition, the
anti-money laundering officer must prepare an annual
-money laundering officer and general
management also have the overall responsibility for
implementing the policy and taking the necessary action
-money laundering and
counter-terrorist financing work
Combating money laundering and financing of terrorism
is basically a task for all employees in Ringkjøbing
Landbobank. One reason for this is that the bank has a
statutory obligation to know its customers. The obligation
includes collecting proper documentation of identity and
details of ownership structures of legal persons.
The bank must also have details of the individual
scope of the customer relationship and the origin of their
funds. This task is carried out by collecting data,
including by the individual customer advisers and/or via
-serve solutions.
-money laundering (AML)
department is in charge of the overall work related to
combating money laundering and terrorist financing. The
department continuously checks that the necessary
is
registered.
The AML department also checks that the purpose and
are registered and updated.
In addition, the bank must monitor customer transactions
entitled and required to report unusual/suspicious
transactions or activities to the AML department.
The AML department thus supports the efforts of
customer advisers and other employees and is also
responsible for digital/automated monitoring of
unusual/suspicious transactions or activities and for
manual follow-up of them.
The AML department works continuously to set up and
adjust the criteria for selecting transactions to be
subjected to further investigation. Finally, the department
is responsible for reports to the Money Laundering
Secretariat at the National Special Crime Unit of the
Danish police.
Ringkjøbing Landbobank A/S Page 105
Governance information
A risk assessment in which the customers have been
divided into different risk categories forms part of the
supranational risk assessment.
Training
The current anti-money laundering and counter-terrorist
financing procedures are available to the employees on
-money laundering training is adapted to
bank must participate in an onboarding programme
which includes completing and passing the relevant
training. Employees who switch to a job function with
changed or extended requirements under the training
programme must also complete and pass the relevant
training modules.
training in combating money laundering and terrorist
financing. Training is provided in the following ways:
• Basic modules must be completed by all employees
every two years. Training based on case studies and
bank-specific learning
job functions is also provided on a regular basis.
• New employees receive training on an ad-hoc basis
in basic modules and relevant case studies
depending on which training they may have
completed at previous workplaces.
Ringkjøbing Landbobank A/S Page 106
Appendices to the sustainability statement
Appendix A ESG key figures in accordance with Danish industry standards
ESG key figures defined by Nasdaq Copenhagen, CFA Society Denmark and FSR Danish Auditors
Key figure
Explanation and definition
Reason
Page no.
Environment
CO
2
e scope 1
metric tonnes
Scope 1 emissions: Direct emissions resulting from the
Calculation: See table note A.
The development in CO
2
e emissions
compared with the quantities produced
or revenue is useful to identify the
companies that have been able to
change to an economy less based on
fossil fuels either over time or
compared with their competitors.
81 - 82
and 85
CO
2
e scope 2
metric tonnes
Scope 2 emissions: Indirect emissions resulting from the
energy used to produce electricity, district heating and
district cooling, which the company has purchased for its
use from a third party. Scope 2 emissions are in principle
calculated like scope 1 emissions but typically do not
cover all seven Kyoto gases/GHGs.
Calculation: See table note A.
The development in CO
2
e emissions
compared with the quantities produced
or revenue is useful to identify the
companies that have been able to
change to an economy less based on
fossil fuels either over time or
compared with their competitors.
81 - 82
and 85
Energy consumption
GJ
Energy, like emissions, is typically calculated based on
fuel consumption multiplied by conversion factors. The
energy consumed includes scope 1 and scope 2 sources
as well as energy from renewable energy sources.
Calculation: See table note A.
The development in energy
consumption compared with the
quantities produced or revenue is useful
to identify the companies that have
been able to change to an economy
based on less energy-consuming
processes/activities either over time
or compared with their competitors.
83
Renewable energy
share
%
The share of total energy consumption coming from
renewable energy sources.
Calculation: (Renewable energy / total energy
consumption) x 100
The ratio can be used to identify
companies that have switched their
activities and energy consumption to
renewable sources.
82
Water consumption
m
3
The sum of all water from all sources including surface
water, groundwater, rainwater and municipal water
supply.
Calculation: Sum of all water consumed gross
Water consumption illustrates the risk
relating to disruption of the water supply
and/or changes in water cost.
83
Social aspects
Full-time workforce
FTE
Computed as a measure of the full-time workforce
required to perform the work that has generated the
financial ratios.
Calculation: Full-time employees + FTE-calculated hourly
workers and FTE-calculated temporary workers
Please note that the bank has not taken compensated
overtime into account in its key figure.
Indirectly important as the full-time
workforce is the base for a range of
other social indicators (see the
following key figures).
93
Gender diversity
%
Gender diversity is calculated for FTEs.
Calculation: (Female FTEs / full-time workforce) x 100
Several surveys show that gender
diversity correlates with better financial
performance.
93
Ringkjøbing Landbobank A/S Page 107
Appendices to the sustainability statement
Key figure
Explanation and definition
Reason
Page no.
Please note that the bank has calculated its key figure at
FTE level since the number of temporary employees in
the bank is very low.
Gender diversity,
other management
levels
%
increase the percentage of the under-represented gender
Calculation: (Number of female managers at end of year
/ total number of managers at end of year) x 100
Please note that the bank has calculated its key figure at
the end of the year. See table note B.
Several surveys show that gender
diversity correlates with better financial
performance.
An unequal gender distribution may also
indicate the risk of workplace inequality
of a more general nature and resulting
inability to attract female talent.
92
Gender pay ratio
Times
The bank gives its employees equal pay for the same
work, responsibility, performance etc. Differences in the
average pay for men and women therefore result from
differences in gender representation in different types of
jobs including as managers.
Calculation: Male median pay / female median pay
Please note that the bank has calculated its key figure at
the end of the year. See also table note C.
Several surveys show that gender
diversity correlates with better financial
performance.
95
Employee turnover
ratio
%
The employee turnover ratio is calculated both for
voluntary and involuntary leavers. Retirees are included
as involuntary leavers.
Calculation: ((voluntary + involuntary FTE leavers) / FTEs)
x 100
The voluntary turnover ratio in particular
is interesting as it shows how
successful the company is in retaining
its employees and consequently
knowledge and skills.
94
Sickness absence
Days/FTE
The number of full days employees are off sick compared
to the total number of FTEs. Parental leave is not
included.
Calculation: Number of sick days for all own FTEs for the
period / total FTEs
If the undertaking has a
disproportionate amount of sick days
per FTE, this may indicate lower
employee satisfaction and/or safety
issues.
This is costly and could also lead to
inability to attract talent.
94
Customer retention
ratio
%
Share of retained customers from one period to the next.
Calculation: ((number of customers at end of period)
(new customers in the period)) / (number of customers
at beginning of period)) x 100.
See also table note D.
This ratio can be seen as a proxy for
customer satisfaction measurements,
which are often not comparable
between companies.
A declining or low customer retention
ratio may indicate that maintaining
revenue in the future may be more
costly and/or more problematic.
63
Governance
Gender diversity,
board of directors
%
Gender diversity for the board members elected by the
shareholders' committee.
Calculation: (Number of women board members elected
by the shareholders' committee / total number of board
members elected by the shareholders' committee) x 100
See also table note E.
Several surveys show that gender
diversity correlates with better financial
performance.
58
Ringkjøbing Landbobank A/S Page 108
Appendices to the sustainability statement
Key figure
Explanation and definition
Reason
Page no.
Board meeting
attendance ratio
%
Measures the activity level of the board members.
board member / (total number of board meetings x
number of board members)) x 100
A relatively low or declining attendance
ratio may indicate lack of attention to
the board work. This may indicate a
governance culture at risk.
58
CEO pay ratio
Times
How many times the median employee pay can be
covered by the compensation paid to the CEO as a proxy
for social equality.
Calculation: CEO compensation / median employee pay
(payroll and pension).
Please note that the bank has used an average instead of
a median for employee pay to calculate the key figure.
Note A:
Examination of all annual reports and remuneration
reports for 2024 for all C25 companies which published
their CEO pay ratio.
Note B:
The recommendation has been put forward
internationally several times that the CEO pay ratio
should be no higher than 20. This limit was for example
advocated by Oxfam in the context of the G20/OECD
Principles of Corporate Governance revision in 2022
https://web-archive.oecd.org/2022-11-09/645128-
Oxfam-2022-review-principles-corporate-governance-
comment.pdf
A relatively high or increasing CEO pay
valuation of the CEO compared to the
regular employee. The key figure may be
performance and if the latter is
relatively low or declining, it could be
questioned whether the remuneration
package is socially appropriate. It may
even indicate a governance culture at
risk.
95
(A) For detailed explanations, definitions and reasons, please see the publication “ESG key figures in the annual report” published by the CFA Society Denmark,
FSR – Danish Auditors and Nasdaq Copenhagen, January 2022.
(B) The definition of other management levels was changed in 2022. Other management levels are defined as: Members of the general management (reported to
the Danish Business Authority); employees placed at the same management level, in organisational terms, as the general management; and employees with
staff responsibilities reporting directly to the general management or to employees placed at the same level, in organisational terms, as the general
management. The comparative figures for the end of 2021 were adjusted to the new definition in the bank’s ESG report for 2022.
(C) The key figure was included in the bank’s ESG report for the first time in 2022, when comparative figures for 2021 were also added.
(D) The key figure was included for the first time in the bank’s ESG report for 2022, when comparative figures for 2020 and 2021 were also added.
(E) The key figure was changed in the bank’s ESG report for 2022 and is now calculated on the basis of board members elected by the shareholders' committee
rather than the full board. The comparative figures for the end of 2020, and the end of 2021 were adjusted in the bank’s ESG report for 2022.
Ring k j ø b in g Landb o b ank A /S 109
Appendices to the sustainability statement
Appendix B Disclosures that derive from other EU legislation
Disclosure
requirement
Datapoint
SFDR reference (
1
)
Pillar 3 reference (
2
)
Benchmark regulation
reference (
3
)
EU Climate Law
reference (
4
)
Material / Not
material
Page
no.
ESRS 2 GOV-1
21 (d)
Indicator number 13 of
Table #1 of Annex 1
Commission Delegated
Regulation (EU) 2020/1816
(
5
), Annex II
Material
58 - 60
ESRS 2 GOV-1
21 (e)
Percentage of board members who
are independent
Delegated Regulation (EU)
2020/1816, Annex II
Material
58 - 60
ESRS 2 GOV-4
30
Statement on due diligence
Indicator number 10 of Table
#3 of Annex 1
Material
60
ESRS 2 SBM-1
40 (d) i
Involvement in activities related to
fossil fuel activities
Indicator number 4 of Table
#1 of Annex 1
Article 449a Regulation
(EU) No 575/2013;
Commission Implementing
Regulation (EU) 2022/2453
(
6
) Table 1: Qualitative
information on
Environmental risk and
Table 2: Qualitative
information on Social risk
Delegated Regulation (EU)
2020/1816, Annex II
Material
61 - 63
ESRS 2 SBM-1
40 (d) ii
Involvement in activities related to
chemical production
Indicator number 9 of Table
#2 of Annex 1
Delegated Regulation (EU)
2020/1816, Annex II
Material
61 - 63
ESRS 2 SBM-1
40 (d) iii
Involvement in activities related to
controversial weapons
Indicator number 14 of Table
#1 of Annex 1
Delegated Regulation (EU)
2020/1818 (
7
), Article 12(1)
Delegated Regulation (EU)
2020/1816, Annex II
Material
61 - 63
ESRS 2 SBM-1
40 (d) iv
Involvement in activities related to
cultivation and production of
tobacco
Delegated Regulation (EU)
2020/1818, Article 12(1);
Delegated Regulation (EU)
2020/1816, Annex II
Material
61 - 63
ESRS E1-1
14
Transition plan to reach climate
neutrality by 2050
Regulation (EU)
2021/1119,
Article 2(1)
Material
73
ESRS E1-1
16 (g)
Undertakings excluded from Paris-
aligned Benchmarks
Article 449a Regulation
(EU) No 575/2013;
Commission Implementing
Regulation (EU) 2022/2453
Template 1: Banking book
Climate Change
transition risk: Credit
quality of exposures by
sector, emissions and
residual maturity
Delegated Regulation (EU)
2020/1818, Article 12(1)
(d) to (g), and Article 12(2)
Material
73
Ring k j ø b in g Landb o b ank A /S 110
Appendices to the sustainability statement
Disclosure
requirement
Datapoint
SFDR reference (
1
)
Pillar 3 reference (
2
)
Benchmark regulation
reference (
3
)
EU Climate Law
reference (
4
)
Material / Not
material
Page
no.
ESRS E1-4
34
GHG emission reduction targets
Indicator number 4 of Table
#2 of Annex 1
Article 449a Regulation
(EU) No 575/2013;
Commission Implementing
Regulation (EU) 2022/2453
Template 3: Banking book
Climate change
transition risk:
Alignment metrics
Delegated Regulation (EU)
2020/1818, Article 6
Material
75 - 81
ESRS E1-5
38
Energy consumption from fossil
sources disaggregated by sources
(only high climate impact sectors)
Indicator number 5 of Table
#1 and Indicator no. 5 of
Table #2 of Annex 1
Material
82 - 83
ESRS E1-5
37
Energy consumption and mix
Indicator number 5 of Table
#1 of Annex 1
Material
82 - 83
ESRS E1-5
40-43
Energy intensity associated with
activities in high climate impact
sectors
Indicator number 6 of Table
#1 of Annex 1
Material
82 - 83
ESRS E1-6
44
Gross Scope 1, 2, 3 and Total GHG
emissions
Indicator number 1 and no. 2
of Table #1 of Annex 1
Article 449a; Regulation
(EU) No 575/2013;
Commission Implementing
Regulation (EU) 2022/2453
Template 1: Banking book
Climate change
transition risk: Credit
quality of exposures by
sector, emissions and
residual maturity
Delegated Regulation (EU)
2020/1818, Articles 5(1), 6
and 8(1)
Material
84 - 86
ESRS E1-6
53-55
Gross GHG emissions intensity
Indicator number 3 of Table
#1 of Annex 1
Article 449a Regulation
(EU) No 575/2013
Commission Implementing
Regulation (EU) 2022/2453
Template 3: Banking book
Climate change
transition risk: Alignment
metrics
Delegated Regulation (EU)
2020/1818, Article 8(1)
Material
84 - 86
ESRS E1-7
56
GHG removals and carbon credits
Regulation (EU)
2021/1119,
Article 2(1)
Material
84
ESRS E1-9
66
Exposure of the benchmark portfolio
to climate-related physical risks
Delegated Regulation (EU)
2020/1818, Annex II;
Delegated Regulation (EU)
2020/1816, Annex II
Material (
8
)
-
ESRS E1-9
66 (a)
66 (c)
Disaggregation of monetary
amounts by acute and chronic
physical risk
Article 449a Regulation
(EU) No 575/2013;
Commission Implementing
Regulation (EU) 2022/2453
Material (
8
)
-
Ring k j ø b in g Landb o b ank A /S 111
Appendices to the sustainability statement
Disclosure
requirement
Datapoint
SFDR reference (
1
)
Pillar 3 reference (
2
)
Benchmark regulation
reference (
3
)
EU Climate Law
reference (
4
)
Material / Not
material
Page
no.
Location of significant assets at
material physical risk
paragraphs 46 and 47:
Template 5: Banking book
Climate change physical
risk: Exposures subject to
physical risk.
ESRS E1-9
67 (c)
Breakdown of the carrying value of
real estate assets by energy-
efficiency classes
Article 449a Regulation
(EU) No 575/2013;
Commission Implementing
Regulation (EU) 2022/2453
paragraph 34 Template 2:
Banking book Climate
change transition risk:
Loans collateralised by
immovable property -
Energy efficiency of the
collateral
Material (
8
)
-
ESRS E1-9
69
Degree of exposure of the portfolio
to climate-related opportunities
Delegated Regulation (EU)
2020/1818, Annex II
Material (
8
)
-
ESRS E2-4
28
Amount of each pollutant listed in
Annex II of the E-PRTR Regulation
(European Pollutant Release and
Transfer Register) emitted to air,
water and soil
Indicator number 8 of Table
#1 of Annex 1, Indicator
number 2 of Table #2 of
Annex 1, Indicator number 1
of Table #2 of Annex 1,
Indicator number 3 of Table
#2 of Annex 1
Not material
-
ESRS E3-1
9
Water and marine resources
Indicator number 7 of Table
#2 of Annex 1
Not material
-
ESRS E3-1
13
Dedicated policy
Indicator number 8 of Table
#2 of Annex 1
Not material
-
ESRS E3-1
14
Sustainable oceans and seas
Indicator number 12 of Table
#2 of Annex 1
Not material
-
ESRS E3-4
28 (c)
Total water recycled and reused
Indicator number 6.2 of
Table #2 of Annex 1
Not material
-
ESRS E3-4
29
Total water consumption in m
3
per
net revenue on own operations
Indicator number 6.1 of
Table #2 of Annex 1
Not material
-
ESRS 2 SBM-3 E4
16 (a) i
Indicator number 7 of Table
#1 of Annex 1
Not material
-
ESRS 2 SBM-3 E4
16 (b)
Indicator number 10 of Table
#2 of Annex 1
Not material
-
ESRS 2 SBM-3 E4
16 (c)
Indicator number 14 of Table
#2 of Annex 1
Not material
-
ESRS E4-2
24 (b)
Sustainable land / agriculture
practices or policies
Indicator number 11 of Table
#2 of Annex 1
Not material
-
ESRS E4-2
24 (c)
Sustainable oceans / seas practices
or policies
Indicator number 12 of Table
#2 of Annex 1
Not material
-
Ring k j ø b in g Landb o b ank A /S 112
Appendices to the sustainability statement
Disclosure
requirement
Datapoint
SFDR reference (
1
)
Pillar 3 reference (
2
)
Benchmark regulation
reference (
3
)
EU Climate Law
reference (
4
)
Material / Not
material
Page
no.
ESRS E4-2
24 (d)
Policies to address deforestation
Indicator number 15 of Table
#2 of Annex 1
Not material
-
ESRS E5-5
37 (d)
Non-recycled waste
Indicator number 13 of Table
#2 of Annex 1
Not material
-
ESRS E5-5
39
Hazardous waste and radioactive
waste
Indicator number 9 of Table
#1 of Annex 1
Not material
-
ESRS 2 SBM-3 S1
14 (f)
Risk of incidents of forced labour
Indicator number 13 of Table
#3 of Annex 1
Material
89
ESRS 2 SBM-3 S1
14 (g)
Risk of incidents of child labour
Indicator number 12 of Table
#3 of Annex 1
Material
89
ESRS S1-1
20
Human rights policy commitments
Indicator number 9 of Table
#3 and Indicator no. 11 of
Table #1 of Annex I
Material
89 - 90
ESRS S1-1
21
Due diligence policies on issues
addressed by the fundamental
International Labor Organisation
Conventions 1 to 8
Delegated Regulation (EU)
2020/1816, Annex II
Material
89 - 90
ESRS S1-1
22
Processes and measures for
preventing trafficking in human
beings
Indicator number 11 of Table
#3 of Annex I
Material
89 - 90
ESRS S1-1
23
Workplace accident prevention
policy or management system
Indicator number 1 of Table
#3 of Annex I
Material
89 - 90
ESRS S1-3
32 (c)
Grievance/complaints handling
mechanisms
Indicator number 5 of Table
#3 of Annex I
Material
90 - 92
ESRS S1-14
88 (b)
88 (c)
Number of fatalities and number
and rate of work-related accidents
Indicator number 2 of Table
#3 of Annex I
Delegated Regulation (EU)
2020/1816, Annex II
Not material
-
ESRS S1-14
88 (e)
Number of days lost to injuries,
accidents, fatalities or illness
Indicator number 3 of Table
#3 of Annex I
Not material
-
ESRS S1-16
97 (a)
Unadjusted gender pay gap
Indicator number 12 of Table
#1 of Annex 1
Delegated Regulation (EU)
2020/1816, Annex II
Material
93 - 96
ESRS S1-16
97 (b)
Excessive CEO pay ratio
Indicator number 8 of Table
#3 of Annex I
Material
93 - 96
ESRS S1-17
103 (a)
Incidents of discrimination
Indicator number 7 of Table
#3 of Annex I
Material
93 - 96
ESRS S1-17
104 (a)
Non-respect of UNGPs on Business
and Human Rights and OECD
Guidelines
Indicator number 10 of Table
#1 and Indicator no. 14 of
Table #3 of Annex I
Delegated Regulation (EU)
2020/1816, Annex II;
Delegated Regulation (EU)
2020/1818 Article 12(1)
Material
93 - 96
ESRS 2 SBM-3 S2
11 (b)
Significant risk of child labour or
forced labour in the value chain
Indicator number 12 and no.
13 of Table #3 of Annex I
Not material
-
ESRS S2-1
17
Human rights policy commitments
Indicator number 9 of Table
#3 and Indicator no. 11 of
Table #1 of Annex 1
Not material
-
ESRS S2-1
18
Policies related to value chain
workers
Indicator number 11 and no.
4 of Table #3 of Annex 1
Not material
-
Ring k j ø b in g Landb o b ank A /S 113
Appendices to the sustainability statement
Disclosure
requirement
Datapoint
SFDR reference (
1
)
Pillar 3 reference (
2
)
Benchmark regulation
reference (
3
)
EU Climate Law
reference (
4
)
Material / Not
material
Page
no.
ESRS S2-1
19
Non-respect of UNGPs on Business
and Human Rights and OECD
Guidelines
Indicator number 10 of Table
#1 of Annex 1
Delegated Regulation (EU)
2020/1816, Annex II;
Delegated Regulation (EU)
2020/1818 Article 12(1)
Not material
-
ESRS S2-1
19
Due diligence policies on issues
addressed by the fundamental
International Labor Organisation
Conventions 1 to 8
Delegated Regulation (EU)
2020/1816, Annex II
Not material
-
ESRS S2-4
36
Human rights issues and incidents
connected to upstream and
downstream value chain
Indicator number 14 of Table
#3 of Annex 1
Not material
-
ESRS S3-1
16
Human rights policy commitments
Indicator number 9 of Table
#3 of Annex 1 and Indicator
no. 11 of Table #1 of Annex
1
Not material
-
ESRS S3-1
17
Non-respect of UNGPs on Business
and Human Rights, ILO principles or
OECD guidelines
Indicator number 10 of Table
#1 of Annex 1
Delegated Regulation (EU)
2020/1816, Annex II;
Delegated Regulation (EU)
2020/1818 Article 12(1)
Not material
-
ESRS S3-4
36
Human rights issues and incidents
Indicator number 14 of Table
#3 of Annex 1
Not material
-
ESRS S4-1
16
Policies related to consumers and
end-users
Indicator number 9 of Table
#3 and Indicator no. 11 of
Table #1 of Annex 1
Material (
8
)
-
ESRS S4-1
17
Non-respect of UNGPs on Business
and Human Rights and OECD
Guidelines
Indicator number 10 of Table
#1 of Annex 1
Delegated Regulation (EU)
2020/1816, Annex II;
Delegated Regulation (EU)
2020/1818 Article 12(1)
Material (
8
)
-
ESRS S4-4
35
Human rights issues and incidents
Indicator number 14 of Table
#3 of Annex 1
Material (
8
)
-
ESRS G1-1
10 (b)
United Nations Convention against
Corruption
Indicator number 15 of Table
#3 of Annex 1
Material
100 -
102
ESRS G1-1
10 (d)
Protection of whistleblowers
Indicator number 6 of Table
#3 of Annex 1
Material
100 -
102
ESRS G1-4
24 (a)
Fines for violation of anti-corruption
and anti-bribery laws
Indicator number 17 of Table
#3 of Annex 1
Delegated Regulation (EU)
2020/1816, Annex II
Material
102 -
103
ESRS G1-4
24 (b)
Standards of anti-corruption and
anti-bribery
Indicator number 16 of Table
#3 of Annex 1
Material
102 -
103
-” specifies that the bank does not report on the disclosure requirement as it is not relevant to the bank’s material impacts, risks and opportunities.
(1) Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector (Sustainable Finance Disclosures Regulation) (OJ L 317, 9.12.2019, p. 1).
(2) Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (Capital Requirements Regulation
“CRR”) (OJ L 176, 27.6.2013, p. 1).
(3) Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending
Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 (OJ L 171, 29.6.2016, p. 1).
(4) Regulation (EU) 2021/1119 of the European Parliament and of the Council of 30 June 2021 establishing the framework for achieving climate neutrality and amending Regulations (EC) No 401/2009 and (EU) 2018/1999 (‘European Climate Law’)
(OJ L 243, 9.7.2021, p. 1).
Ring k j ø b in g Landb o b ank A /S 114
Appendices to the sustainability statement
Disclosure
requirement
Datapoint
SFDR reference (
1
)
Pillar 3 reference (
2
)
Benchmark regulation
reference (
3
)
EU Climate Law
reference (
4
)
Material / Not
material
Page
no.
(5) Commission Delegated Regulation (EU) 2020/1816 of 17 July 2020 supplementing Regulation (EU) 2016/1011 of the European Parliament and of the Council as regards the explanation in the benchmark statement of how environmental, social
and governance factors are reflected in each benchmark provided and published (OJ L 406, 3.12.2020, p. 1).
(6) Commission Implementing Regulation (EU) 2022/2453 of 30 November 2022 amending the implementing technical standards laid down in Implementing Regulation (EU) 2021/637 as regards the disclosure of environmental, social and
governance risks (OJ L 324, 19.12.2022, p. 1).
(7) Commission Delegated Regulation (EU) 2020/1818 of 17 July 2020 supplementing Regulation (EU) 2016/1011 of the European Parliament and of the Council as regards minimum standards for EU Climate Transition Benchmarks and EU Paris-
aligned Benchmarks (OJ L 406, 3.12.2020, p. 17).
(8) In accordance with ESRS 1 Appendix C, the bank has made use of the CSRD phase-in provision for all disclosure requirements for ESRS S4 Consumers and end-users and for the disclosure requirement for ESRS E1-9 on the financial effects.
Ringkjøbing Landbobank A/S Page 115
Appendices to the sustainability statement
Appendix C Definitions and data quality of CO
2
e emissions etc.
Fact box: Definitions of CO
2
e emissions
Scope 1
Direct CO
2
e emissions
Reported based on the Greenhouse Gas (GHG) Protocol and comprise all direct emissions resulting from the
Scope 2
Energy-related indirect CO
2
e emissions
Reported based on the GHG Protocol and comprise all indirect emissions resulting from the energy used to
produce electricity, district heating and district cooling, which the bank has purchased for its use from a third
party.
Location-based emissions are based on the average emission intensity of energy sources where the energy is
used.
Market-based emissions are calculated using the location-based emissions from which purchases of energy
generated from renewable energy sources are subtracted.
Scope 3
Other indirect CO
2
e emissions
Reported based on the GHG Protocol and comprise all indirect emissions of significance resulting from non-
energy-related operations.
Significant scope 3 categories
Category 6: Business travel
(automobile travel by employees, rail
travel and air travel).
Category 15: Investments (IT operation,
loans, and investments made on behalf
of customers and in own portfolio).
Non-significant scope 3 categories
Category 1: Purchased goods and services
Category 2: Capital goods
Category 3: Fuel and energy-related activities not included in scope
1 or 2
Category 4: Upstream transportation and distribution
Category 5: Waste generated in operations
Category 7: Employee commuting
Category 8: Upstream leased assets
Category 9: Downstream transportation and distribution
Category 10: Processing of sold products
Category 11: Use of sold products
Category 12: End-of-life treatment/disposal of sold products
Category 13: Downstream leased assets
Category 14: Franchises
Ringkjøbing Landbobank A/S Page 116
Appendices to the sustainability statement
Data quality of the CO
2
e calculation for loans
To calculate CO
2
e emissions, the bank has used the
common principles and methods developed under the
auspices of Finance Denmark (CO
2
model for the
financial sector) for measurement and calculation of
financed emissions from loans (before impairment
charges).
It is not possible to calculate CO
2
e emissions for the
entire loan portfolio for personal customers because
loans to personal customers often have no specific
purpose. An example of this is overdraft facilities. The
specific purposes of loans are most often homes and
cars. In accordance with the CO
2
model, only emissions
financed from home and car loans are therefore included
for personal customers. Only emissions from loans on
mortgage credit loans are thus not included in the
statement.
CO
2
e emissions from home loans are a calculated
average based on the average CO
2
e emission per DKK
million lent. The bank is working with data providers to
calculate the future CO
2
e emissions from home loans
age, size and location.
CO
2
e emissions from car loans are stated using emission
data calculated by the Danish Centre for Environment and
Energy (DCE) at Aarhus University. A calculated average
value is used for all financing of cars.
CO
2
e emissions from loans to business customers are
primarily based on a sector average broken down by
industry. The data for determining the sector average
come from E-nettet, which has delivered industry-based
carbon emission factors in their industry emission
standard.
E-
emissions intensities per industry using data from
Statistics Denmark for 2023, in accordance with Finance
-
specific data are used for the biggest single sources of
emissions.
after reallocation of emissions from electricity and
district heating. The bank has customers in a range of
sectors where this method cannot be readily applied
since no sector average can be calculated. For these
sectors, the bank has used an average for the other
sectors and in this way calculated emissions for all loans
to business customers. The bank also used other sector
bank judges that the stated sector average is not
financing of car leasing companies is stated using the
same intensity figures as for its financing of cars for
personal use.
The data quality of the CO
2
e emissions stated is not yet
satisfactory as they are based on sector data and
statistics. As more individual data become available or if
the bank receives relevant data from utilities etc., the
underlying data will improve. The bank expects this will
happen over the coming years. In 2025, the bank included
company-specific emission data for one major business
commitment.
A data quality score in the range 1 - 5 is specified for
each of the loan types stated. The score reflects the
quality of the data used to calculate the emissions. A
data quality score of 1 is the highest and 5 the lowest.
The data classification is consistent with Finance
2
model.
Data quality score of emission data for financed loans
Score 1
Highest
quality
Score 2
Score 3
Score 4
Score 5
Lowest
quality
Total
2025
Home loans
0%
0%
0%
0%
100%
100%
Car loans
0%
0%
0%
0%
100%
100%
Loans to business customers
0%
0%
0.5%
0%
99.5%
100%
2024
Home loans
0%
0%
0%
0%
100%
100%
Car loans
0%
0%
0%
0%
100%
100%
Loans to business customers
0%
0%
0.6%
0%
99.4%
100%
Ringkjøbing Landbobank A/S Page 117
Appendices to the sustainability statement
Data quality of the CO
2
e calculation for investments
To calculate CO
2
e emissions, the bank has used the
common principles developed by Finance Denmark, the
business association for the banking sector in Denmark,
for measurement and calculation methods for financed
emissions from investments.
The basis for the statement is that Ringkjøbing
Landbobank has direct access to, or can influence, the
composition of the investments. The statement covers:
• Asset management products (comprising
• Investments managed under other individual
•
•
portfolios and shares in banking sector companies).
The statement includes investments in shares,
investment fund certificates, corporate bonds and
mortgage credit bonds. The excluded part of the
business volume for investment activities consists mainly
of government bonds for which CO
2
e calculation
methods are not yet fully developed and investment
activities for which the individual businesses have not
reported any carbon data. Upscaling was applied to
compensate for lack of data coverage.
Data from MSCI were used to calculate CO
2
e emissions
from investments in shares, investment fund certificates
and corporate bonds, and emission data were also
obtained directly from some companies. For BankInvest
-level CO
2
e
calculations were used. For mortgage credit bonds
issued by DLR Kredit, Jyske Kredit, Nordea Kredit and
Realkredit Danmark, emission estimates published by the
issuers were used.
Data quality score of emission data for investments
End of 2025
Score
Data quality
coverage
Asset management products
- FormuePlejen
1.21
97.1%
- Den Globale Aktieportefølje
1.26
100.0%
- RLB Danske Aktier
1.34
100.0%
Investments managed under other individual mandates
- RLB Fuldmagt
1.69
77.6%
- RLB Wealth Management
1.51
84.5%
Puljeinvestering Bankvalg
1.73
96.8%
2.05
46.4%
Only data for securities for which the bank was able to
obtain a data quality score were used to calculate the
data quality score.
Both issuer-specific and estimated emission data were
used to calculate CO
2
e emissions. The proportion of
assets for which data are available has increased and the
general data quality has thus improved over the years.
This can be seen from the fact that the data coverage
ratio, which indicates the percentage of the portfolio for
which businesses have reported carbon data, increased
from 64% in 2020 to 89% in 2025. Until the data coverage
ratio reaches 100%, the figures will remain uncertain. The
data coverage ratio and data quality are expected to
continue to increase over time.
Data coverage ratio of emission data for investments
Data coverage ratio
End of
2025
End of
2024
Asset management products
- FormuePlejen
100.0%
90.0%
- Den Globale Aktieportefølje
100.0%
100.0%
- RLB Danske Aktier
100.0%
100.0%
Investments managed under other individual mandates
- RLB Fuldmagt
75.9%
70.8%
- RLB Wealth Management
84.9%
72.4%
Puljeinvestering Bankvalg
97.3%
98.9%
70.7%
19.8%
Total
89.3%
79.0%
Data quality of the CO
2
e calculation for IT operation
CO
2
development comprise total scope 1, 2 and 3 emissions
2
e emissions. The market-
based method is used to calculate the electricity
consumption. Both Bankdata and JN Data have based
their electricity consumption on renewable sources from
the beginning of 2023. Uncertainty surrounds the
calculation.
Data quality of the CO
2
e calculation for business travel
CO
2
e emissions from business travel comprise work-
transportation by taxi, train, ferry and aircraft.
registration number as the basis for paying mileage
Ringkjøbing Landbobank A/S Page 118
Appendices to the sustainability statement
petrol, diesel or hybrid) and its carbon emissions per
kilometre travelled are obtained from the Danish Register
of Motor Vehicles. Work-related travel by electric cars is
included at zero emissions.
The calculation of purchased transportation is currently
based on expense receipts without carbon data. The
emission factors are based primarily on data obtained
factors. Averages and assumptions are used and the
carbon calculation for taxi, train, ferry and aircraft is
consequently uncertain.
Net Zero Asset Managers
BankInvest has joined the Net Zero Asset Manager
initiative. Among the founders of the Net Zero Asset
Manager initiative are the UN PRI (the UN-backed
principles for responsible investment) and CDP, the
measurement. BankInvest is a member of both.
Via the Net Zero Asset Manager initiative and in line with
the Paris Agreement, BankInvest has committed to both
achieving a 55% reduction of carbon emissions from the
portfolios by 2030 and to neutralisation of carbon
emissions from the investments by 2050 or sooner. The
which usable carbon data are available. In 2024, around
investments under management (on 31 December 2023)
were managed in accordance with the Net Zero Asset
Manager initiative.
Ringkjøbing Landbobank A/S Page 119
sustainability statement
sustainability statement
To the stakeholders of Ringkjøbing Landbobank A/S
Limited assurance conclusion
We have conducted a limited assurance engagement on the sustainability statement of Ringkjøbing Landbobank A/S (the
55 - 118, for
the financial year 1 January - 31 December 2025.
Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that
causes us to believe that the sustainability statement is not prepared, in all material respects, in accordance with Part 13 of
the Danish Financial Business Act, including compliance with the European Sustainability Reporting Standards (ESRS),
including that the process carried out by the management to identify the information reported in the sustainability statement
Basis for conclusion
We conducted our limited assurance engagement in accordance with International Standard on Assurance Engagements
(ISAE) 3000 (Revised), Assurance engagements other than audits or reviews of historical financial information
The procedures in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a
reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is
substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been
performed.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Our
Auditor’s responsibilities for the assurance engagement”
section of our report.
Our independence and quality management
We are independent of the Bank
Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark.
We have also fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.
Our firm applies International Standard on Quality Management 1, which requires the firm to design, implement and operate a
system of quality management including policies or procedures regarding compliance with ethical requirements,
professional standards and applicable legal and regulatory requirements.
Management is responsible for designing and implementing a process to identify the information reported in the
e sustainability statement. This responsibility includes:
•
understanding of its affected stakeholders;
• identifying the actual and potential impacts (both negative and positive) related to sustainability matters, as well as
performance, cash flows, access to finance or cost of capital over the short, medium, or long term;
• assessing the materiality of the identified impacts, risks and opportunities related to sustainability matters by selecting
and applying appropriate thresholds; and
• making assumptions that are reasonable in the circumstances.
Ringkjøbing Landbobank A/S Page 120
sustainability statement
Management is further responsible for the preparation of the sustainability statement, which includes the information
identified by the Process, in accordance with Part 13 of the Danish Financial Business Act, including:
• compliance with the ESRS;
• designing, implementing and maintaining such internal control as management determines is necessary to enable
preparation of a sustainability statement that is free from material misstatement, whether due to fraud or error; and
• selecting and applying appropriate sustainability reporting methods and making assumptions and estimates that are
reasonable in the circumstances.
Inherent limitations in preparing the sustainability statement
In reporting forward-looking information in accordance with ESRS, management is required to prepare the forward-looking
information on the basis of disclosed assumptions about events that may occur in the future and possible future actions by
the Bank. Actual outcomes are likely to be different since anticipated events frequently do not occur as expected.
Our objectives are to plan and perform the assurance engagement to obtain limited assurance about whether the
sustainability statement is free from material misstatement, whether due to fraud or error, and to issue a limited assurance
report that includes our conclusion. Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence decisions of users taken on the basis of the
sustainability statement as a whole.
As part of a limited assurance engagement in accordance with ISAE 3000 (Revised) we exercise professional judgement and
maintain professional scepticism throughout the engagement.
Our responsibilities in respect of the Process include:
• obtaining an understanding of the Process but not for the purpose of providing a conclusion on the effectiveness of the
Process, including the outcome of the Process;
• considering whether the information identified addresses the applicable disclosure requirements of the ESRS; and
•
Our other responsibilities in respect of the sustainability statement include:
• identifying where material misstatements are likely to arise, whether due to fraud or error; and
• designing and performing procedures responsive to disclosures in the sustainability statement where material
misstatements are likely to arise. The risk of not detecting a material misstatement resulting from fraud is higher than
for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.
Summary of the work performed
A limited assurance engagement involves performing procedures to obtain evidence about the sustainability statement. The
nature, timing and extent of procedures selected depend on professional judgement, including the identification of
disclosures where material misstatements are likely to arise, whether due to fraud or error, in the sustainability statement.
In conducting our limited assurance engagement, with respect to the Process, we:
• obtained an understanding of the Process by performing inquiries to understand the sources of the information used by
• evaluated whether the evidence obtained from our procedures about the Process implemented by the Bank was
Ringkjøbing Landbobank A/S Page 121
sustainability statement
In conducting our limited assurance engagement, with respect to the sustainability statement, we:
•
preparation of the sustainability statement but not evaluating the design of particular control activities, obtaining
evidence about their implementation or testing their operating effectiveness;
• evaluated whether material information identified by the Process is included in the sustainability statement;
• evaluated whether the structure and the presentation of the sustainability statement are in accordance with the ESRS;
• performed inquiries of relevant personnel and analytical procedures on selected information in the sustainability
statement;
• performed substantive assurance procedures on selected information in the sustainability statement;
• where applicable, compared selected disclosures in the sustainability statement with the corresponding disclosures in
• evaluated the methods, assumptions and data for developing estimates and forward-looking information; and
• evaluated whether the Bank meets the conditions for not providing information pursuant to Article 8 of EU Regulation
Herning, 4 February 2026
•
PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab
CVR no 33 77 12 31
Benny Voss
State Authorised Public Accountant
mne15009
Carsten Jensen
State Authorised Public Accountant
mne10954
Ringkjøbing Landbobank A/S Page 122
Environmental information
Financial statements
Page
123 Management statement
124
125
129 Statements of income and comprehensive income
129 Proposed distribution of profit
130 Balance sheet
132 Statement of changes in equity
133 Statement of capital
134 Overview of notes
135 Notes
183 Five-year key figures
185 Five-year key ratios
Ringkjøbing Landbobank A/S Page 123
Management statement
The board of directors and the general management have today discussed and approved the annual report of Ringkjøbing
Landbobank A/S for the financial year 1 January to 31 December 2025.
The annual report was prepared in accordance with statutory requirements, including the provisions of the Danish Financial
Business Act.
We consider the chosen accounting policies to be appropriate and the estimates made responsible, so that the financial
he
result of
description of the most important risks and uncertainties which can affect the Bank.
To the best of our knowledge, the sustainability statement, which is part of the management's review, has been prepared in
accordance with Part 13 of the Danish Financial Business Act with the rules issued pursuant to that Act, including the
European Sustainability Reporting Standards (ESRS). To the best of our knowledge, also, the process followed by the
-
The sustainability statement is forward-looking, including objectives based on disclosed assumptions of events that may
occur in the future and possible future actions by the Bank. Actual outcomes are likely to be different since anticipated
events frequently do not occur as expected.
In our opinion, the annual report of Ringkjøbing Landbobank A/S for the financial year 1 January to 31 December 2025,
-2025-12-31-
The annual report is recommended for approval by the general meeting.
Ringkøbing, 4 February 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 124
To the shareholders of Ringkjøbing Landbobank A/S
Opinion
liabilities and financial position at 31 December 2025, and of the results of the bank operations for the financial year 1
January to 31 December 2025 in accordance with the Danish Financial Business Act.
My opinion is consistent with my long-form audit report to the audit committee and the board of directors.
The audit
I have audited the financial statements for Ringkjøbing Landbobank A/S for the financial year 1 January to 31 December
2025, which comprise income statement and statement of comprehensive income, balance sheet, statement of changes in
equity, statement of capital and notes, including accounting policies, and five-year key figures and ratios. The financial
statements were prepared in accordance with the Danish Financial Business Act.
Financial Groups, and in accordance with international auditing standards regarding planning and performing the audit.
I have planned and performed the audit to obtain reasonable assurance that the financial statements are free from material
misstatement. I participated in the audit of all material and high-risk areas.
I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.
Statement on management review
Management is responsible for the management review.
My opinion on the financial statements does not cover the management review, and I express no form of assurance
conclusion on that review.
In connection with my audit of the financial statements, my responsibility is to read the management review and, in doing so,
consider whether it is materially inconsistent with the financial statements or with my knowledge obtained in the audit, or
otherwise appears to be materially misstated.
I also considered whether the management review includes the disclosures required by the Danish Financial Business Act.
This does not include the requirements of Part 13 of the Danish Financial Business Act with respect to sustainability
statements covered
Based on the work I have performed, in my view, the management review is in accordance with the financial statements and
has been prepared in accordance with the requirements of the Danish Financial Business Act except the requirements in
Part 13 of the Act with respect to sustainability statements, see above.
I did not identify any material misstatement in the management review.
Ringkøbing, 4 February 2026
Henrik Haugaard
Chief internal auditor
Ringkjøbing Landbobank A/S Page 125
To the shareholders of Ringkjøbing Landbobank A/S
Opinion
In our opinion, the Financial Statements give a true and fair view of the financial position of the Bank at 31 December 2025,
and of the results of the Bank's operations for the financial year 1 January to 31 December 2025 in accordance with the
Danish Financial Business Act.
-form Report to the Audit Committee and the Board of Directors.
What we have audited
income statement and statement of comprehensive income, the balance sheet, the statement of changes in equity, the
statement of capital and notes, including summary of significant accounting policies, and five-
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements
responsibilities for the audit of the Financial Statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
Professional Accountants (IESBA Code) applicable to the audit of financial statements for public interest entities and the
additional requirements applicable in Denmark. We have also fulfilled our other ethical responsibilities in accordance with
these requirements and the IESBA Code.
To the best of our knowledge, no prohibited non-audit services as referred to in Article 5(1) of Regulation (EU) No 537/2014
have been provided.
Appointment
We were first appointed auditors of Ringkjøbing Landbobank A/S on 8 June 2018 for the financial year 2018. We have been
re-appointed annually by shareholder resolution for a total period of uninterrupted engagement of eight years up to and
including the 2025 financial year.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the
Financial Statements for 2025. These matters were addressed in the context of our audit of the Financial Statements as a
whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Key audit matter
How our audit addressed the key audit matter
Loan impairment charges
Loans and advances are measured at amortised cost less
impairment charges.
Impairment of loans and advances constitutes
and advances at the balance sheet date. We refer to note
49 to the Financial Statements for a detailed description of
the accounting policies applied.
We reviewed and assessed the impairment charges
recognised in the income statement for 2025 and in the
balance sheet at 31 December 2025.
We carried out risk assessment procedures to gain an
understanding of IT systems, business practices and
relevant controls relating to the calculation of loan
impairment charges.
Ringkjøbing Landbobank A/S Page 126
Key audit matter
How our audit addressed the key audit matter
As a result of the geopolitical and macroeconomic
situation as reflected in the risk of a slowdown of the
economy, Management has recognised a significant
increase in loan impairment charges by way of an
act
of the geopolitical and macroeconomic situation on the
Bank's customers is largely undetermined, which implies
that the estimation uncertainty related to the calculation of
the indication of impairment is increased.
Since accounting estimates are inherently complex and
subjective, and thus subject to considerable estimation
uncertainty, loan impairment charges constitute a central
focus area.
The following areas are central to the calculation of loan
impairment charges:
• Determination of credit classification.
• Model-based impairment charges in stages 1 and 2,
•
registration of credit-impaired loans (stage 3) or loans
with significant increase in credit risk (stage 2),
including underperforming loans in stage 2.
• Most significant assumptions and estimates applied
by Management in the calculations of impairment
charges, including principles for the assessment of
(scenarios) and for the assessment of collateral value
of, for example, properties included in the calculations
of impairment.
•
at the balance sheet date as a result of possible
changes in conditions and which are not included in
the model-based calculations or individually assessed
impairment charges (management estimate), including
in particular the impact of the geopolitical and
show factors that may affect the impairment of loans and
advances.
We assessed whether the controls have been designed and
implemented to effectively address the risk of material
misstatement. Selected controls, which we planned to rely
on, were tested to check whether they had been carried out
on a consistent basis.
We assessed the impairment model applied, prepared by
the data centre Bankdata, and its use, including the division
of responsibilities between Bankdata and the Bank.
-
based impairment charges in stages 1 and 2, including
adaptation of model variables to own issues.
methods applied for the calculation of expected credit
losses as well as the procedures designed to ensure that
credit-impaired loans in stage 3 and underperforming loans
in stage 2 are identified and recorded on a timely basis.
We assessed and tested the principles applied by the Bank
for the determination of impairment scenarios and for the
measurement of collateral value of, for example, properties
included in the calculations of impairment of credit-
impaired loans and advances, and loans and advances that
are significantly underperforming (underperforming loans
in stage 2).
We tested a sample of credit-impaired loans in stage 3 and
underperforming loans in stage 2 by testing the
calculations of impairment charges and applied data to
underlying documentation.
We tested a sample of other loans by making an
assessment of stage and credit classification. This
included samples of large loans as well as loans with
generally increased exposure.
We reviewed and challenged the material assumptions
losses not included in the model-based calculations or
individually assessed impairment charges based on our
knowledge of the portfolio, the sectors and current market
conditions. We focused specifically on the Bank's
calculation of management estimates for hedging of
expected credit losses as a result of the geopolitical and
macroeconomic situation.
We assessed whether the factors which may affect loan
impairment charges had been disclosed appropriately.
Ringkjøbing Landbobank A/S Page 127
Statement on management review
Management is responsible for the management review.
assurance conclusion thereon as part of our audit.
in the audit, or otherwise appears to be materially misstated.
Act. This does not include the requirements in Part 13 of the Danish Financial Business Act regarding sustainability
statements covered by the separate limited assurance report thereon.
and has been prepared in accordance with the requirements of the Danish Financial Business Act except the requirements in
Part 13 of the Act with respect to sustainability statements, see above. We did not identify any material misstatement in
Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the
Danish Financial Business Act and for such internal control as Management determines is necessary to enable the
preparation of financial statements that are free from material misstatement, whether due to fraud or error.
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in
preparing the Financial Statements unless Management either intends to liquidate the Bank or to cease operations, or has
no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the
additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these Financial Statements.
As part of an audit in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional
judgement and maintain professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design
and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to
provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate
control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by Management.
•
Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events
or conditions that may cas
Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the
Ringkjøbing Landbobank A/S Page 128
to cease to continue as a going concern.
• Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and
whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and
fair view.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements
regarding independence, and communicate with them all relationships and other matters that may reasonably be thought to
bear on our independence, and, where applicable, safeguards in place or measures taken to eliminate threats.
Based on the matters communicated with those charged with governance, we determine those matters that were of the
most significance in our audit of the Financial Statements for the current period, and which thus constitute key audit
matters. We describe th
matter.
Report on compliance with the ESEF Regulation
As part of our audit of the Financial Statements of Ringkjøbing Landbobank A/S, we have performed procedures for the
purpose of expressing an opinion as to whether the Annual Report for the financial year 1 January to 31 December 2025,
with the file name RILBA-2025-12-31-da.xhtml, has been prepared in accordance with the Commission Delegated Regulation
(EU) 2019/815 on the single electronic reporting format (the ESEF Regulation), which requires the preparation of an annual
report in XHTML format.
Management is responsible for preparing an annual report in compliance with the ESEF Regulation, including the preparation
of an annual report in XHTML format.
Based on the evidence obtained, our responsibility is to obtain reasonable assurance whether the Annual Report, in all
material respects, has been prepared in accordance with the ESEF Regulation, and to express an opinion. Our procedures
include verifying whether the Annual Report has been prepared in XHTML format.
In our opinion, the Annual Report of Ringkjøbing Landbobank A/S for the financial year 1 January to 31 December 2025, with
the file name RILBA-2025-12-31-da.xhtml, has, in all material respects, been prepared in accordance with the ESEF
Regulation.
Herning, 4 February 2026
PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab
CVR no 33 77 12 31
Benny Voss
State Authorised Public Accountant
mne15009
Carsten Jensen
State Authorised Public Accountant
mne10954
Ringkjøbing Landbobank A/S Page 129
Statements of income and comprehensive income
Note
no.
2025
DKK 1,000
2024
DKK 1,000
1
Interest income
3,296,641
3,783,746
2
Interest expenses
772,388
1,091,746
Net interest income
2,524,253
2,692,000
3
Dividends from shares etc.
227,712
118,788
4
Fee and commission income
1,229,924
1,133,604
4
Fee and commission expenses
109,977
106,765
Net interest and fee income
3,871,912
3,837,627
5
Value adjustments
+241,210
+284,706
Other operating income
1,298
7,305
6,7,8,9
Staff and administration expenses
1,064,284
1,008,206
10
Amortisation, depreciation and write-downs on intangible and
tangible assets
34,594
44,479
Other operating expenses
408
10,618
11
Impairment charges for loans and other receivables etc.
+41,357
+2,801
Results from investments in associated companies and subsidiaries
-56
-3
Profit before tax
3,056,435
3,069,133
12
Tax
743,024
768,287
Net profit for the year
2,313,411
2,300,846
Other comprehensive income
0
0
Total comprehensive income for the year
2,313,411
2,300,846
2025
DKK 1,000
2024
DKK 1,000
Total comprehensive income for the year
2,313,411
2,300,846
Total amount available for distribution
2,313,411
2,300,846
Appropriated for ordinary dividend
304,700
293,774
Appropriated for charitable purposes
2,000
2,000
Transfer to net revaluation reserve under the equity method
-56
-3
Transfer to retained earnings
2,006,767
2,005,075
Total distribution of the amount available
2,313,411
2,300,846
Proposed distribution of profit
Ringkjøbing Landbobank A/S Page 130
Balance sheet
Note
no.
31 Dec. 2025
DKK 1,000
31 Dec. 2024
DKK 1,000
Assets
Cash in hand and demand deposits with central banks
5,163,919
5,844,446
13
Receivables from credit institutions and central banks
255,961
251,577
14,15
Loans and other receivables at amortised cost
62,553,036
55,837,006
16
Bonds at fair value
7,082,864
6,015,535
17
Shares etc.
1,549,919
1,534,566
Investments in associated companies
470
465
Investments in subsidiaries
12,019
12,080
18
Assets linked to pooled schemes
7,740,568
7,126,019
19
Intangible assets
973,143
992,652
20
Total land and buildings
212,510
210,972
Investment properties
829
829
Domicile properties
187,945
189,470
Domicile properties (leasing)
23,736
20,673
21
Other tangible assets
16,098
16,949
Current tax assets
69,345
77,732
22
Deferred tax assets
3,377
19,492
Temporary assets
100
100
23
Other assets
654,672
674,037
Prepayments
20,718
19,558
Total assets
86,308,719
78,633,186
Ringkjøbing Landbobank A/S Page 131
Balance sheet
Note
no.
31 Dec. 2025
DKK 1,000
31 Dec. 2024
DKK 1,000
Liabilities and equity
24
Debt to credit institutions and central banks
2,658,167
2,287,890
Total deposits and other debt
61,337,515
56,651,758
25
Deposits and other debt
53,596,947
49,525,739
18
Deposits in pooled schemes
7,740,568
7,126,019
26
Issued bonds at amortised cost
6,780,930
5,718,268
Preferred senior capital
2,004,493
1,383,980
Non-preferred senior capital
4,776,437
4,334,288
27
Other liabilities
813,589
1,085,016
Deferred income
64
126
Total debt
71,590,265
65,743,058
15
Provisions for losses on guarantees
56,160
35,553
15
Other provisions for liabilities
36,235
24,696
Total provisions for liabilities
92,395
60,249
Tier 2 capital
3,058,101
1,795,609
28
Total subordinated debt
3,058,101
1,795,609
29
Share capital
25,392
26,707
Net revaluation reserve under the equity method
416
472
Retained earnings
11,235,450
10,711,317
Proposed dividend etc.
306,700
295,774
11,567,958
11,034,270
Total liabilities and equity
86,308,719
78,633,186
Ringkjøbing Landbobank A/S Page 132
Statement of changes in equity
DKK 1,000
Share
capital
Net revaluation
reserve under the
equity method
Retained
earnings
Proposed
dividend
etc.
Total share-
equity
2024
financial year
27,491
475
10,146,325
276,913
10,451,204
Comprehensive income
Net profit for the year
-3
2,005,075
295,774
2,300,846
Total comprehensive income
0
-3
2,005,075
295,774
2,300,846
Transactions with shareholders
Reduction of share capital
-784
784
0
Dividend etc. paid
-276,913
-276,913
Dividend received on own shares
9,193
9,193
Purchase of own shares
-2,469,960
-2,469,960
Sale of own shares
986,656
986,656
Other equity transactions (employee shares)
33,244
33,244
Total transactions with shareholders
-784
0
-1,440,083
-276,913
-1,717,780
26,707
472
10,711,317
295,774
11,034,270
2025
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
25,392
416
11,235,450
306,700
11,567,958
Ringkjøbing Landbobank A/S Page 133
Statement of capital
31 Dec. 2025
DKK 1,000
31 Dec. 2024
DKK 1,000
Credit risk
52,537,855
47,080,974
Market risk
1,256,911
1,469,899
Operational risk
4,587,849
6,572,588
Total risk exposure
58,382,615
55,123,461
11,567,958
11,034,270
Proposed dividend etc.
-306,700
-295,774
Addition for IFRS 9 transitional arrangements
0
214,562
Deduction for insufficient coverage of non-performing exposures
-34,232
-20,477
Deduction for the sum of equity investments etc. above 10%
0
-137,773
Deduction for prudent valuation
-16,815
-15,237
Deduction for intangible assets
-973,143
-992,652
Deferred tax on intangible assets
7,980
11,804
Deferred tax assets
-11,357
-31,296
Deduction of amount of share buyback programme
-2,000,000
-2,025,000
Actual utilisation of amount of share buyback programme
1,399,565
1,434,685
Deduction for trading limit for own shares
-15,000
-15,000
Actual utilisation of the trading limit for own shares
0
36
Deduction for indirect ownership of own shares
-25,530
-27,718
Common equity tier 1
9,592,726
9,134,430
Tier 1 capital
9,592,726
9,134,430
Tier 2 capital
3,058,101
1,795,609
Deduction for the sum of equity investments etc. above 10%
0
-42,073
Total capital
12,650,827
10,887,966
Non-preferred senior capital
4,854,644
4,407,393
MREL subordinated capital
17,505,471
15,295,359
Contractual senior funding
525,444
596,796
MREL capital
18,030,915
15,892,155
Common equity tier 1 capital ratio
16.4
16.6
Tier 1 capital ratio
16.4
16.6
Total capital ratio
21.7
19.8
MREL subordination ratio
30.0
27.7
MREL capital ratio
30.9
28.8
Pillar I capital requirements
4,670,609
4,409,877
Subordination requirement (%) fixed by the Danish FSA
23.7
22.8
Excess cover in percentage points relative to the subordination requirement
6.3
4.9
MREL requirement (%) fixed by the Danish FSA
18.9
18.9
Excess cover in percentage points relative to MREL requirement
12.0
9.9
MREL requirement (%) fixed by the Danish FSA including buffers
24.6
24.4
Excess cover in percentage points relative to MREL requirement including buffers
6.3
4.4
Ringkjøbing Landbobank A/S Page 134
Overview of notes
Overview of notes
Page
1 Interest income 135
2 Interest expenses 135
3 Dividends from shares etc. 135
4 Fees and commission 135
5 Value adjustments 136
6 Staff and administration expenses 136
7 Number of full-time employees 137
8 Salaries paid to other major risk-takers and employees in control functions 137
9 Fees to the auditor elected by the annual general meeting 137
10 Amortisation, depreciation and write-downs on intangible and tangible assets 137
11 Impairment charges for loans and other receivables etc. 138
12 Tax 138
13 Receivables from credit institutions and central banks 139
14 Loans and other receivables at amortised cost 139
15 Impairment charges for loans and other receivables etc. 139
16 Bonds at fair value 141
17 Shares etc. 141
18 Assets linked to pooled schemes 141
19 Intangible assets 142
20 Land and buildings 143
21 Other tangible assets 143
22 Deferred tax assets 144
23 Other assets 144
24 Debt to credit institutions and central banks 144
25 Deposits and other debt 145
26 Issued bonds at amortised cost 145
27 Other liabilities 145
28 Subordinated debt 146
29 Share capital 146
30 Own shares 146
31 Contingent liabilities etc. 147
32 Assets furnished as security 147
33 Contractual obligations 148
34 Legal proceedings etc. 148
35 Related parties 148
36 Fair value of financial instruments 150
37 Hedging 152
38 Risks and risk management 153
39 Credit risks 154
40 Market risks 164
41 Foreign exchange risks 164
42 Interest rate risks 165
43 Share price risks 166
44 Property risks 166
45 Liquidity risks 167
46 Non-financial risks 168
47 Derivative financial instruments 171
48 Accounting estimates and judgments 173
49 Accounting policies etc. 173
Ringkjøbing Landbobank A/S Page 135
Notes
Note
no.
2025
DKK 1,000
2024
DKK 1,000
1
Interest income
Receivables from credit institutions and central banks
102,340
141,499
Loans and other receivables
2,977,645
3,391,881
Loans interest on the impaired part of loans
-48,904
-57,641
Bonds
210,996
296,640
Total derivative financial instruments
50,679
9,559
of which currency contracts net
34,202
-14,782
of which interest-rate contracts net
16,477
24,341
Other interest income
3,885
1,808
Total interest income
3,296,641
3,783,746
of which interest income from collateralised repurchase agreements/reverse
0
3,214
2
Interest expenses
Credit institutions and central banks
35,099
20,409
Deposits and other debt
414,173
725,999
Issued bonds
222,885
226,966
Subordinated debt
91,488
111,568
Other interest expenses
8,743
6,804
Total interest expenses
772,388
1,091,746
3
Dividends from shares etc.
Shares
227,712
118,788
Total dividends from shares etc.
227,712
118,788
4
Fees and commission
Gross fee and commission income
Securities trading
209,972
204,350
Asset management and custody accounts
280,473
256,569
Payment handling
209,652
188,875
Loan fees
99,353
81,653
Guarantee commission and mortgage credit commission etc.
287,293
276,163
Pension and insurance commission
99,328
85,867
Other fees and commission
43,853
40,127
Total gross fee and commission income
1,229,924
1,133,604
Fee and commission expenses
Securities trading
14,077
15,073
Asset management and custody accounts
19,756
17,924
Payment handling
56,248
57,102
Loan fees
12,409
9,518
Other fees and commission
7,487
7,148
Total fee and commission expenses
109,977
106,765
Ringkjøbing Landbobank A/S Page 136
Notes
Note
no.
2025
DKK 1,000
2024
DKK 1,000
5
Value adjustments
Other loans and receivables, fair value adjustment*
-10,478
3,980
Bonds*
11,418
76,410
Shares etc.
101,101
141,492
Investment properties
0
6,112
Foreign exchange
131,600
87,213
Total derivative financial instruments*
4,969
10,945
of which currency contracts
-3,853
23,282
of which interest-rate contracts
9,540
-12,204
of which share contracts
-718
-133
Assets linked to pooled schemes
252,427
658,655
Deposits in pooled schemes
-252,427
-658,655
Debt to credit institutions*
0
-7,970
Issued bonds etc.*
1,536
-33,476
Tier 2 capital*
1,064
0
Total value adjustments
241,210
284,706
Value adjustments for the year relating to the fair value hedging accounts are
distributed as follows:
Other loans and receivables, fair value adjustment
-10,750
4,010
Bonds
-3,833
530
Currency contracts
-5,508
25,451
Interest-rate contracts
17,491
11,454
Debt to credit institutions
0
-7,969
Issued bonds
1,536
-33,476
Tier 2 capital
1,064
0
Total value adjustment for hedging
0
0
* See also note 37.
6
Staff and administration expenses
committee:
General management (4/4 persons):
Salary
21,562
20,294
Pension
3,628
3,251
Total payments
25,190
23,545
The total taxable values of company cars amounting to tDKK 787 in 2025
and tDKK 705 in 2024 are not included in the salary amounts stated.
Board of directors (12/12 persons):
Total payments
5,706
5,380
Shareholders' committee (42/41 persons):
Total payments
1,090
980
Total
31,986
29,905
Staff expenses:
Salaries
465,946
441,654
Pensions
51,820
49,127
Social security expenses
79,613
5,737
Costs depending on number of staff
6,945
77,077
Total
604,324
573,595
Other administration expenses
427,974
404,706
Total staff and administration expenses
1,064,284
1,008,206
Information on the remuneration paid to the individual members of the board of directors and general management is
Ringkjøbing Landbobank A/S Page 137
Notes
Note
no.
2025
DKK 1,000
2024
DKK 1,000
7
Number of full-time employees
Average number of employees during the financial year converted into full-
time equivalent (FTEs)
683
664
Number of full-time employees (FTEs) at the end of the period
688
665
8
Salaries paid to other major risk-takers and employees in
control functions
Fixed salary
24,811
21,877
Variable salary
612
530
Pension
2,605
2,455
Total
28,028
24,862
Number of full-time employees (FTEs) at the end of the year
24
21
9
Fee to the auditor elected by the general meeting
Statutory audit
902
972
Other assurance engagements (statutory reports etc.)
195
266
Total for statutory audit and statutory reports etc.
1,097
1,238
Advice on tax
0
77
Other services
172
248
Total non-audit services
172
325
Total fee to the auditor elected by the general meeting
1,269
1,563
Fees for other assurance engagements primarily concern reports to public authorities, CSRD etc.
verification of regular recognition of profit in common equity tier 1.
The bank also has an internal auditor.
10
Amortisation, depreciation and write-downs on intangible and
tangible assets
Intangible assets
Customer relationships, amortisation
19,509
19,509
Total intangible assets
19,509
19,509
Tangible assets
Domicile properties, depreciation
1,078
1,165
Domicile properties, write-down to reassessed value (net)
599
0
Domicile properties (leasing), depreciation
7,673
5,422
Other tangible assets, depreciation
5,735
18,280
Other tangible assets (leasing), depreciation
0
103
Total tangible assets
15,085
24,970
Total amortisation, depreciation and write-downs on intangible and tangible
assets
34,594
44,479
Ringkjøbing Landbobank A/S Page 138
Notes
Note
no.
2025
DKK 1,000
2024
DKK 1,000
11
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
-1,586
39,957
Actual realised net losses
9,133
14,883
Interest on the impaired part of loans
-48,904
-57,641
Total impairment charges for loans and other receivables etc.
-41,357
-2,801
12
Tax
Tax calculated on income for the year including factor increase
727,312
759,851
Adjustment of deferred tax for the year
16,235
3,355
Adjustment of tax calculated for previous years
-523
5,081
Total tax
743,024
768,287
Effective tax rate (%):
Tax rate currently paid by the bank
22.0
22.0
Factor increase (extra tax imposed on financial companies)
4.0
4.0
Non-taxable income and non-deductible costs*
-1.7
-1.2
Adjustment of tax calculated for previous years
0.0
0.2
Total effective tax rate
24.3
25.0
* Primarily value adjustment of and dividends from sector shares.
Ringkjøbing Landbobank A/S Page 139
Notes
Note
no.
31 Dec. 2025
DKK 1,000
31 Dec. 2024
DKK 1,000
13
Receivables from credit institutions and central banks
On demand
255,961
251,577
Total receivables from credit institutions and central banks
255,961
251,577
Distributed as follows:
Receivables from credit institutions
255,961
251,577
14
Loans and other receivables at amortised cost*
On demand
10,786,201
11,233,326
Up to and including 3 months
2,489,647
2,129,418
More than 3 months and up to and including 1 year
11,622,286
11,372,041
More than 1 year and up to and including 5 years
17,082,455
13,705,681
More than 5 years
20,572,447
17,396,540
Total loans and other receivables at amortised cost
62,553,036
55,837,006
of which collateralised repurchase agreements/reverse repo transactions
0
0
* See also notes 5 and 37.
15
Impairment charges for loans and other receivables and provisions for losses on guarantees,
unutilised credit facilities and credit 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
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 credit 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
2024
Loans and other receivables at amortised cost
445,648
1,155,597
713,052
2,314,297
Guarantees
5,991
8,977
20,585
35,553
Unutilised credit facilities and credit undertakings
11,749
12,947
0
24,696
Total impairment charges and provisions by stages
463,388
1,177,521
733,637
2,374,546
of which management estimates**
294,313
505,614
179,507
979,434
* Including credit-impaired on initial recognition
** See the description of distribution by stages on pages 160 - 162.
31 Dec. 2025
31 Dec. 2024
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
73,637
100,852
Changes during the year
-13,957
-27,215
Total stage 3 impairment charges and provisions taken over
59,680
73,637
Ringkjøbing Landbobank A/S Page 140
Notes
Note
no.
15
Impairment charges for loans and other receivables and provisions for losses on guarantees,
unutilised credit facilities and credit undertakings continued
Impairment charges and provisions by stages
Stage 1
Stage 2
Stage 3
Total
Impairment
charges etc.
taken to
income
statement
DKK 1,000
DKK 1,000
DKK 1,000
DKK 1,000
DKK 1,000
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 year, 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 year to stage 1
262,590
-253,259
-9,331
0
0
Migration of impairment charges and
provisions at beginning of year to stage 2
-24,023
80,288
-56,265
0
0
Migration of impairment charges and
provisions at beginning of year 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
2024
Impairment charges and provisions at the end
of the previous financial year
399,251
1,062,292
873,046
2,334,589
-
Impairment charges and provisions for new
exposures during the year, including new
accounts for existing customers
139,743
76,184
65,140
281,067
281,067
Reversed impairment charges and provisions
for repaid accounts
-78,850
-209,515
-118,047
-406,412
-406,412
Migration of impairment charges and
provisions at beginning of year to stage 1
207,564
-187,450
-20,114
0
0
Migration of impairment charges and
provisions at beginning of year to stage 2
-30,746
130,014
-99,268
0
0
Migration of impairment charges and
provisions at beginning of year to stage 3
-1,865
-49,317
51,182
0
0
Impairment charges and provisions during the
year resulting from credit risk change
-171,709
355,313
34,792
218,396
218,396
Previously written down, now definitively lost
-
-
-53,094
-53,094
-
Lost, not previously written down
-
-
-
-
24,875
Received on claims previously written off
-
-
-
-
-63,086
Interest on the impaired part of loans
-
-
-
-
-57,641
Total impairment charges and provisions
463,388
1,177,521
733,637
2,374,546
-2,801
of which regarding credit institutions etc.
573
0
0
573
-20
Ringkjøbing Landbobank A/S Page 141
Notes
Note
no.
31 Dec. 2025
DKK 1,000
31 Dec. 2024
DKK 1,000
16
Bonds at fair value
Government bonds
0
0
Mortgage credit bonds
5,047,253
4,134,116
Corporate bonds etc.
2,035,611
1,881,419
Total bonds at fair value
7,082,864
6,015,535
Bonds at fair value by rating classes
Percent
Percent
Aaa/AAA
70
69
A1/A+
2
0
A2/A
0
5
A3/A-
1
1
Baa1/BBB+
0
1
Baa2/BBB
1
4
Baa3/BBB-
1
0
Not rated
25
20
Total
100
100
The portfolio of non-rated bonds consisted mainly of bonds issued by Danish financial institutions.
specification. If an issue has more than one rating, the lowest is used.
17
Shares etc.
Listed on Nasdaq Copenhagen or comparable index
93,566
56,053
Investment fund certificates
1,553
1,755
Unlisted shares at fair value
8,628
12,002
Sector shares at fair value
1,446,172
1,464,756
Total shares etc.
1,549,919
1,534,566
18
Assets linked to pooled schemes
Cash deposits
46,667
172,766
Bonds:
Other bonds
1,370,300
1,521,856
Total bonds
1,370,300
1,521,856
Shares:
Other shares
526,238
378,223
Investment fund certificates
5,797,363
5,053,174
Total shares
6,323,601
5,431,397
Total assets linked to pooled schemes
7,740,568
7,126,019
Ringkjøbing Landbobank A/S Page 142
Notes
Note
no.
31 Dec. 2025
DKK 1,000
31 Dec. 2024
DKK 1,000
19
Intangible assets
Goodwill
Cost at the end of the previous financial year
923,255
923,255
Total cost on the balance sheet date
923,255
923,255
Total goodwill on the balance sheet date
923,255
923,255
Customer relationships
Cost at the end of the previous financial year
195,088
195,088
Total cost on the balance sheet date
195,088
195,088
Amortisation at the end of the previous financial year
125,691
106,182
Amortisation for the year
19,509
19,509
Write-downs for the year
0
0
Total amortisation on the balance sheet date
145,200
125,691
Total customer relationships on the balance sheet date
49,888
69,397
Total intangible assets on the balance sheet date
973,143
992,652
Goodwill was impairment-tested at the end of 2025. The impairment test did not result in any write-downs.
expected to be u
makes the test harder than if free cash flows were used. A weighted average cost of capital of 9.5% and an expected
The robustness of the model is tested in sensitivity analyses where the required rate of return, changes in growth rate
respect of the relevant scenarios chosen.
market value was approximately 3.4 times the equity value.
Ringkjøbing Landbobank A/S Page 143
Notes
Note
no.
31 Dec. 2025
DKK 1,000
31 Dec. 2024
DKK 1,000
20
Land and buildings
Investment properties
Fair value at the end of the previous financial year
829
3,667
Disposals during the year
0
-7,390
-downs for the year and reversal of total
depreciation and write-downs on assets which were disposed of or
decommissioned during the year
0
4,552
Fair value on the balance sheet date
829
829
Domicile properties
Revalued amount at the end of the previous financial year
189,470
194,684
Additions during the year, including improvements
152
0
Disposals during the year
0
-4,194
Depreciation for the year
-1,078
-1,165
Write-down after revaluation for the year
-599
0
-downs for the year and reversal of total
depreciation and write-downs on assets which were disposed of or
decommissioned during the year
0
145
Total revalued amount on the balance sheet date
187,945
189,470
Domicile properties (leasing)
Recognised amount at the end of the previous financial year
20,673
15,680
Additions during the year
9,560
0
Additions on reassessment of lease terms
1,176
10,415
Depreciation for the year
-7,673
-5,422
Total recognised amount on the balance sheet date
23,736
20,673
When valuing investment and domicile properties, a required rate of return between 6% and 10% is applied.
No external experts were involved in the valuations of investment and domicile properties.
21
Other tangible assets
Cost at the end of the previous financial year without depreciation and write-
downs
118,817
100,576
Additions during the year, including improvements
5,727
19,565
Disposals during the year
-1,749
-1,324
Total cost on the balance sheet date
122,795
118,817
Depreciation and write-downs at the end of the previous financial year
101,868
84,436
Depreciation for the year
5,735
18,383
-downs for the year and reversal of total
depreciation and write-downs on assets which were disposed of or
decommissioned during the year
-906
-951
Total depreciation and write-downs on the balance sheet date
106,697
101,868
Total other tangible assets on the balance sheet date
16,098
16,949
The bank is a lessee under leases for other tangible assets, which are
recognised at
0
0
Ringkjøbing Landbobank A/S Page 144
Notes
Note
no.
31 Dec. 2025
DKK 1,000
31 Dec. 2024
DKK 1,000
22
Deferred tax assets
The calculated provisions for deferred tax relate to the following balance
sheet items:
Loans and other receivables
-252
5,964
Securities and financial instruments
960
10,323
Intangible assets
-7,980
-11,804
Tangible assets
5,413
6,544
Other balance sheet items
5,236
8,465
Total deferred tax assets
3,377
19,492
Deferred tax assets, beginning of year
19,492
20,006
Adjustment of amount at beginning of year (transferred to current tax)
120
2,841
Deferred tax for the year
-16,235
-3,355
Total deferred tax assets
3,377
19,492
Deferred tax is calculated at a tax rate of (%)
26.0
26.0
23
Other assets
Interest and commission receivable
172,736
197,459
Positive market value of derivative financial instruments
174,508
87,642
Collateral under CSA agreements
76,245
203,165
Miscellaneous debtors and other assets
178,029
130,637
Other deposits
53,154
55,134
Total other assets
654,672
674,037
24
Debt to credit institutions and central banks*
On demand
946,761
838,399
Up to and including 3 months
1,066
0
More than 3 months and up to and including 1 year
1,120,343
771,177
More than 1 year and up to and including 5 years
294,125
351,595
More than 5 years
295,872
326,719
Total debt to credit institutions and central banks
2,658,167
2,287,890
* See also notes 5 and 37.
Distributed as follows:
Debt to credit institutions
2,658,167
2,287,890
Ringkjøbing Landbobank A/S Page 145
Notes
Note
no.
31 Dec. 2025
DKK 1,000
31 Dec. 2024
DKK 1,000
25
Deposits and other debt
On demand*
39,530,804
35,249,399
Deposits and other debt with notice:
Up to and including 3 months
5,283,875
5,152,534
More than 3 months and up to and including 1 year
3,913,089
4,155,377
More than 1 year and up to and including 5 years
1,718,650
1,585,896
More than 5 years
3,150,529
3,382,533
Total deposits and other debt
53,596,947
49,525,739
of which deposits covered by the Guarantee Fund (%)
53.7
54.6
Distributed as follows:
On demand
40,165,920
35,508,509
With notice
4,414,869
5,857,294
Time deposits
3,535,742
2,755,455
Long-term deposit agreements
2,224,422
2,323,590
Special types of deposits*
3,255,994
3,080,891
53,596,947
49,525,739
* Special types of deposits are entered under the item “On demand” pending payment whereas, in the specification of the
different types of deposits, the sum is included under “Special types of deposits”.
26
Issued bonds at amortised cost*
Up to and including 3 months
0
649,976
More than 3 months and up to and including 1 year
223,596
149,442
More than 1 year and up to and including 5 years
5,870,315
3,694,098
More than 5 years
687,019
1,224,752
Total issued bonds at amortised cost
6,780,930
5,718,268
Distributed as follows:
Preferred senior capital
2,012,939
1,395,995
Adjustment to amortised cost and fair value adjustment
-8,446
-12,015
Total preferred senior capital
2,004,493
1,383,980
Non-preferred senior capital
4,856,097
4,409,296
Adjustment to amortised cost and fair value adjustment
-79,660
-75,008
Total non-preferred senior capital
4,776,437
4,334,288
Total issued bonds at amortised cost
6,780,930
5,718,268
* See also notes 5 and 37.
27
Other liabilities
Interest and commission payable
133,900
132,937
Negative market value of derivative financial instruments
186,477
266,313
Collateral under CSA agreements
4,295
3,770
Miscellaneous creditors and other liabilities
488,917
681,996
Total other liabilities
813,589
1,085,016
Ringkjøbing Landbobank A/S Page 146
Notes
Note
no.
31 Dec. 2025
DKK 1,000
31 Dec. 2024
DKK 1,000
28
Subordinated debt
Type
Interest
rate
Cur-
rency
Mil-
lion
Due date
Possible early
repayment date
Tier 2 capital
1
Bond loan
2
Floating
DKK
300
13 June 2030
13 June 2025
-
300,000
Bond loan
3
Floating
DKK
500
11 Jan. 2032
11 Jan. 2027
500,000
500,000
Bond loan
4
Floating
DKK
500
1 Sep. 2033
1 Sep. 2028
500,000
500,000
Bond loan
5
Floating
DKK
500
22 Jan. 2035
22 Jan. 2030
500,000
500,000
Bond loan
6
Floating
SEK
350
2 April 2035
1 April 2030
241,657
-
Bond loan
7
Floating
SEK
660
8 July 2035
8 July 2030
455,697
-
Bond loan
8
Floating
EUR
70
2 February 2036
2 February 2031
522,827
-
Bond loan
9
Floating
SEK
500
5 February 2036
5 February 2031
345,225
-
Total tier 2 capital
3,065,406
1,800,000
Adjustment to amortised cost and fair value adjustment
-7,305
-4,391
Total subordinated debt
3,058,101
1,795,609
1
See also notes 5 and 37.
2
Issued on 13 June 2018. The interest rate is a floating rate corresponding to the Cibor 6M plus 1.85% p.a. Interest
expenses etc. – 2025: tDKK 6,245 / 2024: tDKK 17,631. Costs of raising loan: tDKK 1,500.
3
Issued on 11 October 2021. The interest rate is a floating rate corresponding to the Euribor 3M plus 1.10% p.a. Interest
expenses etc. – 2025: tDKK 17,221 / 2024: tDKK 24,430. Costs of raising loan: tDKK 1,750.
4
Issued on 1 September 2023. The interest rate is a floating rate corresponding to the Cibor 6M plus 2.00% p.a. Interest
expenses etc. – 2025: tDKK 23,916 / 2024: tDKK 30,442. Costs of raising loan: tDKK 5,000.
5
Issued on 31 July 2024. The interest rate is a floating rate corresponding to the Cibor 3M plus 2.00% p.a. Interest
expenses etc. – 2025: tDKK 21,529 / 2024: tDKK 11,301.
6
Issued on 1 April 2025. The interest rate is a floating rate corresponding to the Stibor 3M plus 1.70% p.a. Interest
expenses etc. – 2025: tDKK 7,086. Costs of raising loan: tDKK 832.
7
Issued on 8 July 2025. The interest rate is a floating rate corresponding to the Stibor 3M plus 1.70% p.a. Interest
expenses etc. – 2025: tDKK 8,312. Costs of raising loan: tDKK 1,552.
8
Issued on 24 September 2025. The interest rate is a floating rate corresponding to the Euribor 3M plus 1.60% p.a.
Interest expenses etc. – 2025: tDKK 5,197.
9
Issued on 5 November 2025. The interest rate is a floating rate corresponding to the Stibor 3M plus 1.65% p.a. Interest
expenses etc. – 2025: tDKK 1,982. Costs of raising loan: tDKK 1,191.
29
Share capital
Number of DKK 1 shares:
Beginning of year
26,706,739
27,491,339
Cancellation during the year
-1,315,042
-784,600
End of year
25,391,697
26,706,739
of which reserved for subsequent cancellation
1,043,977
1,231,207
Total share capital
25,392
26,707
The whole share capital has been admitted for listing on Nasdaq Copenhagen.
Ringkjøbing Landbobank A/S Page 147
Notes
Note
no.
31 Dec. 2025
DKK 1,000
31 Dec. 2024
DKK 1,000
30
Own shares
Own shares included in the balance sheet at
0
0
Market value
1,605,590
1,482,409
Number of own shares:
Beginning of year
1,231,237
758,610
Purchase during the year
2,056,087
2,154,961
Sale during the year
-928,305
-897,734
Cancellation during the year
-1,315,042
-784,600
End of year
1,043,977
1,231,237
of which reserved for subsequent cancellation
1,043,977
1,231,207
Nominal value of holding of own shares, end of year
1,044
1,231
Beginning of year
4.6
2.8
Purchase during the year
8.2
8.1
Sale during the year
-3.6
-3.4
Cancellation during the year
-5.1
-2.9
End of year
4.1
4.6
shares and share buyback programmes.
31
Contingent liabilities etc.
Contingent liabilities
Financial guarantees
4,502,057
3,379,319
Guarantees against losses on mortgage credit loans
1,223,403
1,305,931
Registration and refinancing guarantees
2,451,479
1,878,117
Sector guarantees
94,676
108,764
Other contingent liabilities
438,557
525,926
Total contingent liabilities
8,710,172
7,198,057
Other contractual obligations
Irrevocable credit undertakings
168,838
133,700
Total other contractual obligations
168,838
133,700
32
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
591,064
703,497
Pledged to Danmarks Nationalbank as collateral for clearing etc.:
Balance in current account with Danmarks Nationalbank
0
35,531
Collateral under CSA agreements etc.
76,245
203,165
Ringkjøbing Landbobank A/S Page 148
Notes
Note
no.
33
Contractual obligations
The following information is provided on material contractual obligations:
• The bank is a member of the association Bankdata. If the bank terminates its membership, it is liable to pay an
exit charge.
• Like the rest of the Danish banking sector, the bank has an obligation to make payments to the Guarantee Fund
and the Resolution Fund if requested to do so.
34
Legal proceedings etc.
The bank is not party to legal proceedings expected to result in major losses and therefore in substantial alteration of
the accounts.
35
Related parties
Persons comprised and definition
Related parties comprise both physical and legal persons who or which have a controlling interest in or control the
bank.
The bank has no owners, including legal persons which have a controlling or significant interest in, or control over, the
bank.
related parties.
nomination committee.
The bank also has a subsidiary, the forestry company Sæbygård Skov A/S, and an associated company Tarm Plantage
ApS.
Transactions with related parties
There were no transactions with the subsidiary, associated company, members of the board of directors and general
management or their related parties in 2025 except
•
management,
• securities trading,
• deposit activities,
• loans and provision of collateral security, and
• other day-to-day banking business.
All transactions during the year with related parties were on market terms or at cost.
Information on the remuneration paid to the board of directors and general management is given in note 6 and the
remuneration report for 2025.
directors and general management, the collateral security received and shareholdings is given in this note. The
information in this note covers
Ringkjøbing Landbobank A/S Page 149
Notes
Note
no.
31 Dec. 2025
DKK 1,000
31 Dec. 2024
DKK 1,000
35
Related parties continued
Amounts of loans, mortgages, sureties or guarantees provided to the
Board of directors, including members elected by the employees
23,714
26,034
Interest rate (%)
2.73 - 9.45
4.06 - 9.45
General management
1,330
1,330
Interest rate (%)
4.73 - 7.93
6.06 - 9.26
New exposures granted during the year, net
4,450
22,030
All exposures are on market terms, including both interest and guarantee commission rates.
Board of directors, including members elected by the employees
9,345
9,763
General management
0
0
Shareholdings of the board of directors and general management in
Ringkjøbing Landbobank at the end of the year*
No. of shares
No. of shares
Board of directors:
Martin Krogh Pedersen, chair
40,315
40,315
Jacob Møller, deputy chair
795
795
Morten Jensen, deputy chair
1,100
1,100
Jon Steingrim Johnsen
0
0
Anne Kaptain
16
16
Karsten Madsen
830
830
Lone Rejkjær Söllmann
1,449
1,449
Lene Weldum
1,467
1,467
Lisa Munkholm
43
43
Nanna G. Snogdal
118
127
Martin Wilche
58
44
Finn Aaen
864
764
General management:
John Bull Fisker
75,935
75,935
Claus Andersen
2,215
2,196
Jørn Nielsen
8,819
8,938
Carl Pedersen
1,440
1,534
* Shares owned by members of management and their personal related parties.
Ringkjøbing Landbobank A/S Page 150
Notes
Note
no.
36
Fair value of financial instruments
Financial instruments are measured in the balance sheet at either fair value or amortised cost (with consideration to
risk cover that fulfils the conditions applying to hedge accounting).
Fair value is the amount at which a financial asset can be traded or at which a financial liability can be repaid between
agreed independent parties. The fair values of financial assets and liabilities priced on active markets are calculated
on the basis of observed market prices on the balance sheet date. The fair values of financial instruments which are
not priced on active markets are calculated on the basis of generally recognised pricing methods.
Shares etc., investments in associated and group undertakings, assets linked to pooled schemes and derivative
financial instruments are measured in the accounts at fair value. Recognised amounts equal fair values.
Loans are measured in the balance sheet at amortised cost plus any fair value hedging. The difference from fair
values is calculated as fees and commission received, costs paid in the lending activities, and for fixed-interest loans,
the value adjustment which is dependent on the interest level. This, in turn, is calculated by comparing the actual
market interest rate with the nominal rate applying to the loans. The stage 1 impairment charges stated on the
balance sheet date are also added.
The fair value of receivables from credit institutions and central banks is determined by the same method as for loans.
For floating-rate financial liabilities in the form of deposits and debt to credit institutions measured at amortised cost,
it is estimated that the carrying value corresponds to the fair value. For fixed-rate financial liabilities in the form of
deposits and debt to credit institutions measured at amortised cost, the difference from fair values is estimated to be
the value adjustment which is dependent on interest level.
Deposits in pooled schemes are measured in the accounts at fair value. Recognised amounts equal fair values.
Issued bonds and subordinated debt are measured at amortised cost plus any fair value hedging, which is estimated
to correspond to the fair value.
Ringkjøbing Landbobank A/S Page 151
Notes
Note
no.
36
Fair value of financial instruments continued
31 Dec. 2025
31 Dec. 2024
Book value
Fair value
Book value
Fair value
DKK 1,000
DKK 1,000
DKK 1,000
DKK 1,000
Financial assets
Cash in hand and demand deposits with
central banks
5,163,919
5,163,919
5,844,446
5,844,446
Receivables from credit institutions and
central banks*
255,961
255,961
251,577
251,577
Loans and other receivables at amortised
cost*
62,674,931
63,181,906
55,978,685
56,394,099
Bonds at fair value*
7,126,407
7,126,407
6,069,174
6,069,174
Shares etc.
1,549,919
1,549,919
1,534,566
1,534,566
Investments in associated companies
470
470
465
465
Investments in subsidiaries
12,019
12,019
12,080
12,080
Assets linked to pooled schemes
7,740,568
7,740,568
7,126,019
7,126,019
Derivative financial instruments
174,508
174,508
87,642
87,642
Total financial assets
84,698,702
85,205,677
76,904,654
77,320,068
Financial liabilities
Debt to credit institutions and central banks*
2,670,738
2,672,303
2,296,790
2,301,697
Deposits and other debt*
53,647,261
53,628,547
49,584,410
49,566,865
Deposits in pooled schemes
7,740,568
7,740,568
7,126,019
7,126,019
Issued bonds at amortised cost*
6,823,652
6,828,972
5,762,079
5,768,285
Derivative financial instruments
186,477
186,477
266,313
266,313
Subordinated debt*
3,085,442
3,091,683
1,814,462
1,818,853
Total financial liabilities
74,154,138
74,148,550
66,850,073
66,848,032
* The item includes calculated interest on the balance sheet date. The calculated interest in the balance sheet is
included under the items “Other assets” and “Other liabilities”.
Ringkjøbing Landbobank A/S Page 152
Notes
Note
no.
31 Dec. 2025
DKK 1,000
31 Dec. 2024
DKK 1,000
37
Hedging
Fixed-rate loans at book value
630,043
561,105
Hedged by currency swaps* (EUR/DKK), maturity 2032:
Synthetic principal
55,794
205,315
Fair value
5,816
5,863
Hedged by interest rate swaps, maturity 2026-2044:
Synthetic principal
577,071
358,697
Fair value
4,806
-5,917
Bonds at fair value
382,987
387,000
Hedged by currency swaps* (NOK/DKK), maturity 2029:
Synthetic principal
80,681
80,681
Fair value
1,338
1,421
Hedged by currency swaps*, maturity 2026-2027:
Synthetic principal
297,575
297,307
Fair value
-7,958
-11,048
Issued bonds at book value
5,882,001
3,606,492
Hedged by currency swaps* (EUR/DKK), maturity 2026-2039:
Synthetic principal
1,195,032
1,230,892
Fair value
-67,872
-65,224
Hedged by currency swaps* (SEK/DKK), maturity 2026-2030:
Synthetic principal
3,590,340
1,785,493
Fair value
71,491
-82,843
Hedged by currency swaps* (NOK/DKK), maturity 2027-2029:
Synthetic principal
947,250
440,909
Fair value
-33,883
-31,592
Hedged by interest rate swaps, maturity 2027-2029:
Synthetic principal
149,379
149,199
Fair value
-4,134
-6,795
Tier 2 capital at book value
1,042,580
-
Hedged by currency swaps* (SEK/DKK), maturity 2030-2031:
Synthetic principal
1,042,580
-
Fair value
15,871
-
* For currency swaps, both currency and interest are included in the swap
transactions.
Hedging is thus:
Currency swaps total synthetic principal
6,911,677
3,743,289
Interest rate swaps total synthetic principal
1,024,025
805,203
Fair value currency swaps
-7,239
-172,734
Fair value interest rate swaps
-7,286
-23,760
See note 5 for a distribution of value adjustments relating to the fair value hedging for the year.
Ringkjøbing Landbobank A/S Page 153
Notes
Note
no.
38
Risks and risk management
The bank is exposed to various financial risks in its operations, including credit risks, market risks and liquidity risks.
There are also a range of non-financial risks, including money laundering, financing of terrorism and violation of financial
sanctions, ICT risks and other operational risks.
Risk-taking framework and strategic risk management
-taking is established by the board of directors, which has adopted a policy for each
-related risks have been assessed and incorporated
into the policies for the relevant risk areas. The board reviews and reassesses each policy at least once a year in
-taking is only to take risks within a moderate risk profile which it has the expertise to
manage.
the board. The report describes the various risks to which the bank is exposed and gives the board a complete picture of
business model and risk profile. The report also acts as a basis for a possible decision on adaptation of the policies in
the various risk areas. The board of directors is responsible for the strategic risk management, including establishing the
-
The general management is responsible for the day-to-
managed and checked in accordance with the framework and guidelines established by the board of directors.
Ongoing risk management and risk monitoring
and monitoring is based on three lines of defence with a clear assignment of responsibilities.
responsible for identifying, managing and monitoring them in the day-to-day work, with continual reports to the general
management and board of directors.
whether the risk mana
practices.
The operational functions in the first line of defence and the compliance and risk management functions in the second
line of defence are independent of each other. The compliance and risk management functions are organised in two
separate departments reporting directly to the general management. The internal audit function is also independent of
both the first and second lines of defence.
-taking. As part of the risk report to the board of directors and risk committee, the risk
manager also
See the following notes for a detailed description of risks and policies and objectives for the management of these risks:
• Credit risks note 39 page 154
• Market risks note 40 page 164
• Foreign exchange risks note 41 page 164
• Interest rate risks note 42 page 165
• Share price risks note 43 page 166
• Property risks note 44 page 166
• Liquidity risks note 45 page 167
• Non-financial risks note 46 page 169
Ringkjøbing Landbobank A/S Page 154
Notes
Note
no.
39
Credit risks
Credit risk is defined as the risk that payments owing to the bank are non-recoverable because the debtor is either
unable or unwilling to pay at the agreed time. Credit risk is the most significant risk area in the bank.
In general, the bank assumes moderate credit risks in line with policy objectives of striking the right balance between
financial sector.
Except for changes following from CRD VI and CRR III, the bank did not make any material changes to the assumptions,
objectives, exposures or calculation methods etc. in 2025 relative to the previous year.
Over the years, Ringkjøbing Landbobank has developed to its present status as a full-service bank to both personal and
business customers in West, Central and North Jutland. In addition, personal and business customers are served by the
branches in Copenha
areas, business customers with high credit quality are served.
The bank is also active within various niches. The most important niches are a private banking concept covering asset
the financing of renewable energy comprising wind turbines and battery, solar energy and biogas plants, and selected
wholesale loans, including real property financing.
A common factor in the niches is that the bank seeks to grant loans without prior creditors to ensure satisfactory
security in the mortgaged assets, which is an important part of its business philosophy.
Historically, Ringkjøbing Landbobank has always operated a sound credit policy, and its focus will remain on ensuring
efficient management and monitoring of its total portfolio of loans via its central credit function.
The central credit function regularly reviews and follows up all large exposures. Apart from this routine credit monitoring
and management, the bank has developed credit evaluation models which are used to assess the quality of the credit
exposure. The models take various factors into account.
The personal customer models (for personal and small business customers) are based on information on the
capacity.
Credit exposure
Maximum credit exposure classified by balance sheet and off-balance sheet items (after impairment charges and
provisions)
31 Dec. 2025
DKK 1,000
31 Dec. 2024
DKK 1,000
Loans and other receivables at amortised cost
62,553,036
55,837,006
Guarantees
8,654,012
7,162,504
Unutilised credit facilities and credit undertakings*
25,314,099
22,619,542
Other exposures, including derivative financial instruments
982,735
966,689
Total maximum credit exposure
97,503,882
86,585,741
* On 31 December 2025 the bank had provided unutilised credit facilities and credit undertakings to a total of DKK 25.3
billion (2024: DKK 22.6 billion). Committed credit facilities and credit undertakings were DKK 169 million (2024: DKK 134
million).
Ringkjøbing Landbobank A/S Page 155
Notes
Note
no.
39
Credit risks
Security received
When entering into transactions with its customers, Ringkjøbing Landbobank wants to reduce the risk as much as
possible by obtaining collateral in the form of physical assets, securities, bank deposits etc. as well as guarantees,
including by surety.
The bank regularly monitors the value of collateral security obtained, and the related loan values are calculated in
• Detached houses, owner-occupied flats and holiday homes are valued at fair value less a deduction.
• Rental properties are valued at fair values calculated on the basis of profitability analyses less a deduction.
• Movables and production facilities are in principle valued at book value less a deduction.
• The valuation method for agricultural properties is based on lower prices for farmland than in the price statistics
prepared by the Association of Local Banks, Savings Banks and Cooperative Banks in Denmark and DLR.
• Securities are valued at fair value less a safety margin.
• Wind turbines and battery and solar energy plants are valued at the present value of the calculated cash flow over
The deductions are made to cover the risk in connection with realisation, costs etc.
Security received
Maximum
credit
exposure
DKK 1,000
Loans and
guarantees
DKK 1,000
Real
property
DKK 1,000
Movables
DKK 1,000
Securities
and cash
DKK 1,000
Other
security*
DKK 1,000
Total
DKK 1,000
31 Dec. 2025
Public authorities
37,540
10,014
7,759
0
250
2,868
10,877
Business customers:
Agriculture, forestry and
fisheries
7,194,125
5,736,183
2,847,650
678,048
149,429
653,092
4,328,219
Industry and raw materials
extraction
4,409,279
3,227,096
342,849
584,398
30,447
168,676
1,126,370
Energy supply
6,885,697
5,117,213
1,211,937
37,491
82,211
1,525,623
2,857,262
Building and construction
2,096,848
1,131,457
449,969
275,078
19,793
224,685
969,525
Trade
4,198,842
2,522,217
601,045
920,227
158,688
93,117
1,773,077
Transport, hotels and
restaurants
1,609,883
1,266,190
382,009
106,895
36,798
282,582
808,284
Information and
communication
647,600
489,733
124,445
66,583
48,655
20,043
259,726
Finance and insurance
15,135,567
9,089,861
763,500
1,330,013
2,724,780
236,480
5,054,773
Real property
17,197,062
13,854,346
9,484,505
16,113
478,621
724,470
10,703,709
Other business customers
5,843,726
3,865,758
1,531,194
492,856
601,992
256,760
2,882,802
Total business customers
65,218,629
46,300,054
17,739,103
4,507,702
4,331,414
4,185,528
30,763,747
Private individuals
32,247,713
24,896,980
12,334,803
2,782,452
2,330,519
2,175,906
19,623,680
Total
97,503,882
71,207,048
30,081,665
7,290,154
6,662,183
6,364,302
50,398,304
* Includes security in the form of wind turbines, farms, mortgaged share capital, surety etc.
Ringkjøbing Landbobank A/S Page 156
Notes
Note
no.
39
Credit risks continued
Security received continued
Security received
Maximum
credit
exposure
DKK 1,000
Loans and
guarantees
DKK 1,000
Real
property
DKK 1,000
Movables
DKK 1,000
Securities
and cash
DKK 1,000
Other
security*
DKK 1,000
Total
DKK 1,000
31 Dec. 2024
Public authorities
31,621
10,326
0
806
0
40
846
Business customers:
Agriculture, forestry and
fisheries
6,389,239
5,202,776
2,118,148
696,428
281,793
1,085,192
4,181,561
Industry and raw materials
extraction
4,209,630
3,099,100
301,486
761,101
39,039
142,274
1,243,900
Energy supply
6,679,868
4,734,560
873,398
3,100
59,500
1,888,023
2,824,021
Building and construction
3,744,341
2,709,112
902,022
247,895
126,881
193,914
1,470,712
Trade
3,925,982
2,483,164
631,094
823,920
144,587
98,901
1,698,502
Transport, hotels and
restaurants
1,223,002
969,108
287,473
100,598
30,771
218,815
637,657
Information and
communication
406,510
265,256
39,733
35,993
38,989
13,379
128,094
Finance and insurance
11,926,459
8,039,857
483,372
1,222,266
2,113,106
112,146
3,930,890
Real property
12,607,063
9,842,295
6,776,872
16,523
413,654
371,591
7,578,640
Other business customers
6,935,429
4,062,712
1,466,544
297,669
1,160,302
351,941
3,276,456
Total business customers
58,047,523
41,407,940
13,880,142
4,205,493
4,408,622
4,476,176
26,970,433
Private individuals
28,506,597
21,581,244
10,436,051
2,647,462
1,964,290
1,982,817
17,030,620
Total
86,585,741
62,999,510
24,316,193
6,853,761
6,372,912
6,459,033
44,001,899
* Includes security in the form of wind turbines, farms, mortgaged share capital, surety etc.
The tables above only show loan values corresponding to the maximum credit exposure for the individual exposure. If the loan value
for the individual exposure exceeds the maximum credit exposure allowed, the surplus loan value is not included in the tables.
As a result of general cautiousness when computing loan values, the possible realisation values are often higher than the loan values
shown. In a number of instances, customers' drawdown of their maximum credit facilities is also conditional upon their ability to
deposit additional security.
The real collateral values for the maximum credit risk are therefore actually higher than indicated in the tables.
In addition, a portion of the undrawn credit lines which are part of the maximum credit exposure is in closed circuits, where the bank
has financed assets without enabling the customers to claim any undrawn credit facilities. The maximum credit exposure is
consequently lower in practice than indicated in the tables.
Ringkjøbing Landbobank A/S Page 157
Notes
Note
no.
39
Credit risks continued
Credit concentration
equity tier 1 capital.
evidence of credit impairment or any material signs of weakness.
Credit concentration
End of
2025
End of
2024
End of
2023
End of
2022
End of
2021
Total large exposures
100.5%
125.2%
116.9%
118.0%
109.8%
Explanation: The Danish FSA key figure “Total large exposures”.
Geographical diversification
has been achieved via both the local and niche sections.
Explanation: Distribution of the bank’s portfolio of loans and guarantees before impairments and provisions, based on personal
customers’ addresses and, for business customers, the location of their registered office.
Ringkjøbing Landbobank A/S Page 158
Notes
Note
no.
39
Credit risks continued
Diversification across industries
portfolio is less exposed to cyclical economic fluctuations than it would be if the bank were run exclusively as a local
bank.
Loans and guarantees, end of year, by sector and industry (net)*
31 Dec. 2025
DKK 1,000
31 Dec. 2025
Percent
31 Dec. 2024
DKK 1,000
31 Dec. 2024
Percent
Public authorities
10,014
0.0
10,326
0.0
Business customers:
Agriculture, hunting and forestry
Cattle farming etc.
502,227
0.7
508,857
0.8
Pig farming etc.
695,921
1.0
606,610
1.0
Crop farming
2,985,948
4.2
2,513,358
4.0
Other agriculture, hunting and forestry
906,714
1.3
814,937
1.3
Fisheries
645,373
0.9
759,014
1.2
Industry and raw materials extraction
3,227,096
4.5
3,099,100
4.9
Energy supply
Renewable energy
4,855,446
6.8
4,354,499
6.9
Other energy supply
261,767
0.4
380,061
0.6
Building and construction**
1,131,457
1.6
2,709,112
4.3
Trade
2,522,217
3.5
2,483,164
3.9
Transport, hotels and restaurants
1,266,190
1.8
969,108
1.5
Information and communication
489,733
0.7
265,256
0.4
Finance and insurance**
9,089,861
12.8
8,039,857
12.8
Real property
Real property financing without prior
creditors**
10,962,205
15.4
7,428,834
11.8
Other real property financing**
2,892,141
4.1
2,413,461
3.8
Other business customers
3,865,758
5.4
4,062,712
6.5
Total business customers
46,300,054
65.1
41,407,940
65.7
35,761,806
50.2
32,616,816
51.8
Private individuals
24,896,980
34.9
21,581,244
34.3
Total
71,207,048
100.0
62,999,510
100.0
* The distribution by sector and industry is made on the basis of Statistics Denmark’s sector codes etc.
** At the beginning of 2025, Statistics Denmark updated the Danish industry codes in their Dansk Branchekode, which
meant that some business types changed industry category. The majority of the shifts from the end of 2024 to the end
of 2025 in the marked industries are attributable to this update. The comparative figures at the end of 2024 have not
been changed.
Ringkjøbing Landbobank A/S Page 159
Notes
Note
no.
39
Credit risks continued
Diversification across industries continued
Comments on certain industries
At the beginning of 2025, Statistics Denmark updated the Danish industry codes in their Dansk Branchekode and
consequently the industry codes used in the statement of distribution by industry. This has resulted in shifts in the
industry distribution. The comparative figures for the end of 2024 have not been changed. This is also the case for the
tables on pages 155 156 and 161 - 162.
were mainly used to finance homes and the security received from personal customers consists primarily of
mortgages on real property.
The percentage of loans and guarantees for real property increased from 15.6% at the end of 2024 to 19.5% at the end
of 2025. This includes first mortgages on real property and construction financing without prior creditors. The risk
profile of these exposures is judged to be lower than for traditional real property financing, which is typically junior to
mortgage credit financing. The cause of 1.9 percentage points of the increase in 2025 is that existing loans to major
building projects for resale were moved from building and construction to real property as part of the update of
industry codes.
Loans and guarantees for finance and insurance were unchanged at 12.8% at the end of 2025. This industry includes
exposure to well-consolidated financial counterparties, loans granted on mortgage deed portfolios, leasing companies
r securities lending. Security consists, among other things, of listed securities, mortgage
deeds and lease assets. The loans at the end of 2025 are influenced by the move of non-financial holding companies
from other business customers to finance and insurance due to the update of industry codes.
2025. Loans to crop farming, which primarily comprises financing of land in Denmark and abroad, increased and
security consists primarily of farmland. There was a minor increase in loans to pig farming and other farming etc. and
from 1.2% to 0.9%.
Loans and guarantees for renewable energy decreased from 6.9% to 6.8% in 2025. The industry comprises financing
of wind turbines and battery, solar energy and biogas plants.
Loans and guarantees for building and construction decreased from 4.3% to 1.6% in 2025. The industry comprises
mainly financing of the operating activities of building trade enterprises secured on business charges, property etc.
The primary reason for the decrease in 2025 is the move of existing loans for major building projects from building
and construction to real property.
Ringkjøbing Landbobank A/S Page 160
Notes
Note
no.
39
Credit risks continued
Credit quality
credit risks.
Loans, guarantees and unutilised credit facilities and credit undertakings by credit quality, sector and industry and
IFRS 9 stages (before impairment and provisions)
Distribution by credit quality and stages
Stage 1
DKK 1,000
Stage 2
DKK 1,000
Stage 3
DKK 1,000
Creditimpai-
red on initial
recognition
DKK 1,000
Total
DKK 1,000
Total
Percent
31 Dec. 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
1.5
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
31 Dec. 2024
Credit quality
High
66,791,856
81,918
0
0
66,873,774
76.0
Medium
11,739,933
2,461,460
0
0
14,201,393
16.1
Low
1,214,834
4,492,877
0
0
5,707,711
6.5
Credit-impaired
-
-
1,088,445
122,275
1,210,720
1.4
Total
79,746,623
7,036,255
1,088,445
122,275
87,993,598
100.0
Percent
90.6
8.0
1.3
0.1
100.0
Of which loans
51,157,362
5,950,630
927,450
115,861
58,151,303
Percent
88.0
10.2
1.6
0.2
100.0
Impairment charges etc.
Individual
862,743
36.3
Model-calculated
532,369
22.4
Management estimates
979,434
41.3
Total
463,388
1,177,521
660,000
73,637
2,374,546
100.0
the end of 2024.
as a 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 class 2b plus 2c as well as the customers
with objective evidence of impairment where losses are not expected in the most probable scenario. Exposures which
are in stage 3 or credit-impaired on initial recognition are those where losses are expected in the most probable
scenario.
Accounts reflect the economic situation with a natural delay, and changed house prices are only gradually
incorporated into statements of assets and liabilities etc. Changes in the economic situation are consequently not
reflected as an immediate decrease in credit quality. The bank is aware of this and therefore adjusts the credit quality
of the largest customers if the current rating is not assessed to provide a true and fair view.
Ringkjøbing Landbobank A/S Page 161
Notes
Note
no.
39
Credit risks continued
Credit quality continued
Loans, guarantees and unutilised credit facilities and credit undertakings by credit quality, sector and industry and IFRS 9 stages
(before impairment and provisions)
Distribution by credit quality and stages
Stage 1
DKK 1,000
Stage 2
DKK 1,000
Stage 3
DKK 1,000
Credit-
impaired on
initial
recognition
DKK 1,000
Total
DKK 1,000
Total
impairment
charges etc.
DKK 1,000
31 Dec. 2025
Public authorities
12,837
25,000
0
0
37,837
297
Business customers:
Agriculture, forestry and fisheries
6,430,496
1,133,650
187,666
11,741
7,763,553
593,270
Industry and raw materials
extraction
4,067,245
355,309
42,966
143
4,465,663
111,700
Energy supply
6,596,429
338,982
48,925
0
6,984,336
110,638
Building and construction
1,752,228
363,576
77,650
14
2,193,468
96,620
Trade
3,552,373
511,264
39,734
1,430
4,104,801
139,559
Transport, hotels and restaurants
1,475,917
123,494
52,870
548
1,652,829
42,946
Information and communication
620,495
21,255
3,994
0
645,744
9,404
Finance and insurance
14,283,695
587,888
96,051
3,805
14,971,439
186,668
Real property
15,813,619
1,522,709
189,255
36,902
17,562,485
523,383
Other business customers
5,261,234
594,663
39,937
8,428
5,904,262
121,986
Total business customers
59,853,731
5,552,790
779,048
63,011
66,248,580
1,936,174
Private individuals
30,793,542
1,546,523
242,136
25,490
32,607,691
436,490
Total
90,660,110
7,124,313
1,021,184
88,501
98,894,108
2,372,961
Total (percent)
91.7
7.2
1.0
0.1
100.0
31 Dec. 2024
Public authorities
31,992
0
622
0
32,614
735
Business customers:
Agriculture, forestry and fisheries
5,054,317
1,763,058
255,325
37,785
7,110,485
738,289
Industry and raw materials
extraction
3,900,672
247,807
24,370
163
4,173,012
71,131
Energy supply
6,542,038
159,678
33,896
7,591
6,743,203
80,817
Building and construction
3,160,015
594,348
132,167
1,625
3,888,155
143,813
Trade
3,372,934
421,643
37,887
2,737
3,835,201
104,018
Transport, hotels and restaurants
1,115,423
118,537
29,065
639
1,263,664
41,961
Information and communication
377,698
31,325
4,794
0
413,817
9,367
Finance and insurance
11,088,424
538,588
170,988
0
11,798,000
163,993
Real property
11,587,738
1,112,462
135,621
38,205
12,874,026
430,823
Other business customers
6,389,975
522,483
45,273
1,762
6,959,493
125,973
Total business customers
52,589,234
5,509,929
869,386
90,507
59,059,056
1,910,185
Private individuals
27,125,397
1,526,326
218,437
31,768
28,901,928
463,626
Total
79,746,623
7,036,255
1,088,445
122,275
87,993,598
2,374,546
Total (percent)
90.6
8.0
1.2
0.2
100.0
bank's
-
airment of
Ringkjøbing Landbobank A/S Page 162
Notes
Note
no.
39
Credit risks continued
Credit quality continued
Loans in stage 3
31 Dec. 2025
Loans (gross) with
impairment charges
DKK 1,000
Impairment charges
DKK 1,000
Security for impaired
loans
DKK 1,000
Public authorities
0
0
0
Business customers:
Agriculture, forestry and fisheries
181,821
104,546
66,810
Industry and raw materials
extraction
32,778
28,838
5,483
Energy supply
48,366
31,573
17,038
Building and construction
57,263
29,395
8,975
Trade
37,165
18,999
15,993
Transport, hotels and restaurants
51,534
17,935
28,331
Information and communication
3,715
3,353
534
Finance and insurance
99,159
40,431
57,844
Real property
224,853
67,839
133,659
Other business customers
46,277
25,474
17,369
Total business customers
782,931
368,383
352,036
Private individuals
243,716
139,613
84,453
Total
1,026,647
507,996
436,489
31 Dec. 2024
Public authorities
622
616
7
Business customers:
Agriculture, forestry and fisheries
274,128
155,433
86,441
Industry and raw materials
extraction
14,225
9,924
3,224
Energy supply
39,579
20,641
18,948
Building and construction
98,690
42,313
48,013
Trade
31,116
17,106
13,075
Transport, hotels and restaurants
26,742
16,534
10,060
Information and communication
3,961
4,198
80
Finance and insurance
123,223
34,337
87,286
Real property
171,119
64,035
88,071
Other business customers
39,117
24,357
10,989
Total business customers
821,900
388,878
366,187
Private individuals
220,888
144,051
49,373
Total
1,043,410
533,545
415,567
Impairment changes in the table are stated exclusive of management estimates. The bank is particularly focused on
covered to the greatest possible extent by collateral. When determining the need for an impairment charge, the value
of collateral is included at the expected net realisation value in different scenarios. When determining the need for
an impairment charge, the bank makes only modest allowance for the ability to make payments over and above the
value of collateral.
Ringkjøbing Landbobank A/S Page 163
Notes
Note
no.
39
Credit risks continued
Suspended interest
The credit quality is also documented by the size of exposures with suspended interest.
31 Dec. 2025
DKK 1,000
31 Dec. 2024
DKK 1,000
Loans and other receivables with suspended interest on the balance sheet
date
132,070
182,799
Other credit risks
Exposure to financial counterparties, and consequently a credit risk, including a settlement risk, arise from the
financial instruments, and its payment handling.
The settlement risk is the risk that the bank will not receive payment or securities corresponding to the securities
and/or payments which it had made and delivered in the context of trades in securities and/or currency.
circumstances, and there is continuous follow-up of the lines which are granted. The bank also mitigates its
settlement risk concerning clearing of foreign exchange via its membership of a clearing partnership (referred to as
the CLS partnership).
The bank has also entered into a number of CSA (Credit Support Annex) agreements in connection with ISDA
(International Swaps and Derivatives Association) agreements which had been signed. The CSA agreements
contribute to reducing the credit risk for either the bank or the financial counterparties in derivatives contracts.
Whether hedging covers the bank or the financial counterparty with whom the individual derivatives contract was
signed depends on the market value of the derivatives in question.
Receivables from central banks and credit institutions
One of the major items of credit risk exposure to financial counterparties is receivables from central banks and
credit institutions. The bank has assumed only a moderate risk on this item and all of the total receivables from
central banks and credit institutions are thus due on demand.
The bond portfolio
The majority of the bond portfolio is AAA-rated Danish mortgage credit bonds.
The bank also has a portfolio of corporate bonds etc. The credit quality of these bonds is good, but their market
value can vary over time in connection with general changes in credit spreads in the market, and company-specific
circumstances can also affect the value of these bonds.
The 25% non-rated securities include non-preferred senior bonds issued by Danish financial institutions .
Please also see note 16.
Ringkjøbing Landbobank A/S Page 164
Notes
Note
no.
39
Credit risks continued
Market value of derivative financial instruments
31 Dec. 2025
DKK 1,000
31 Dec. 2024
DKK 1,000
Positive market value (by counterparty risk) after netting
Counterparty risk weighting 20%
113,280
13,196
Counterparty risk weighting 50%
36,040
22,633
Counterparty risk weighting 75%
4,334
10,528
Counterparty risk weighting 100%
20,713
34,841
Counterparty risk weighting 113%
213
0
Counterparty risk weighting 150%
273
0
Total risk weighting
174,853
81,198
40
Market risks
share price risk
The bank has determined a concrete framework for each type of market risk, and the risk assessment includes the
objective of a sensible and balanced relationship between risk and return.
The bank uses derivatives to hedge and manage the various market risk types if it wishes to reduce or eliminate the
market risks which it has assumed.
The bank uses the standardised approach for calculation of its market risk and a range of key figures and tools to
manage the individual market risk types.
41
Foreign exchange risks
owns securities, and has issued bonds and raised loans in other currencies.
in foreign currencies via hedging. The primary foreign currencies are EUR, SEK and NOK.
monitors compliance with limits and reports to the board of directors and general management.
31 Dec. 2025
DKK 1,000
31 Dec. 2024
DKK 1,000
Assets and liabilities in foreign currency and foreign exchange indicators
Total assets in foreign currency
9,882,490
9,553,982
Total liabilities in foreign currency
14,614,493
9,990,515
Foreign exchange indicator 1
272,349
139,663
Foreign exchange indicator 1 as a percentage of tier 1 capital (%)
2.8
1.5
Foreign exchange indicator 2
6,076
3,437
Foreign exchange indicator 2 as a percentage of tier 1 capital (%)
0.1
0.0
Ringkjøbing Landbobank A/S Page 165
Notes
Note
no.
42
Interest rate risks
However, the bank also has certain fixed-rate financial assets and liabilities which are monitored continuously, and
hedging transactions are entered into as needed, with a consequent reduction of the interest rate risk.
high levels of exposure to movements in interest rates.
and general management.
As the figure shows, the bank has had a low interest rate risk over the last five years, in accordance with its policy for
this type of risk.
31 Dec. 2025
DKK 1,000
31 Dec. 2024
DKK 1,000
Total interest rate risk, including by foreign currency
Total interest rate risk
58,367
72,439
Interest rate risk (%)
0.6
0.8
Interest rate risk by foreign currency:
DKK
61,205
74,611
CHF
-34
85
EUR
-2,698
-2,509
GBP
-75
-167
NOK
118
-36
SEK
-698
226
USD
521
193
Other currencies
28
36
Total
58,367
72,439
Ringkjøbing Landbobank A/S Page 166
Notes
Note
no.
43
Share price risks
The bank is a co-owner of various sector companies such as BI Holding A/S (BankInvest), Bokis A/S, DLR Kredit A/S,
Letpension Holding A/S, PRAS A/S and others.
These holdings are comparable with the wholly-owned subsidiaries of major banks, and the equity interests are thus
The holding of shares etc. amounted to DKK 1,550 million at the end of the year, with DKK 95 million in listed shares
and investment fund certificates and DKK 1,455 million in sector shares etc. Please see note 17 for a breakdown.
reports to general management and the board of directors.
-based investment fund
the last five yea
moderate level.
31 Dec. 2025
DKK 1,000
31 Dec. 2024
DKK 1,000
Sensitivity analysis of sector shares
Sector shares, see note 17
1,446,172
1,464,756
Impact on the profit of a 10% price change
144,617
146,476
earnings.
44
Property risks
The bank primarily intends to possess only properties for use in banking operations, and also to maintain low property
risks.
Ringkjøbing Landbobank A/S Page 167
Notes
Note
no.
45
Liquidity risks
for a period of at least 12 months. The bank seeks to maintain sufficient liquidity for a stress scenario by means of
recovery plans for a period of at least 12 months.
In terms of the LCR, the bank must comply with the statutory requirement of at least 100%.
This key ratio expresses the ability of banks to honour their payment obligations for a 30-day period without access to
market funds.
obligations for the next 30 days as computed in accordance with specific rules.
requirement. The projection is made on a stressed three-month basis instead of the 30 days used for the LCR figure,
liquidity benchmark was 172% on 31 December 2025, compared to a limit value of 100%. The bank thus also met this
statutory requirement.
Finally, the bank must meet the Net Stable Funding Ratio (NSFR). Like the LCR requirement, the NSFR requirement is
part of EU regulations and aims to ensure that financial institutions have sufficient long-term funding for their
activities.
The NSFR is calculated in percent as the ratio of total available stable funding to total required stable funding. The
statutory requirement is that the ratio must exceed 100%.
-term loans with other credit
institutions etc., issuing both preferred and non-preferred senior capital and finally via the tier 2 capital issued by the
bank and its equity.
-term relationship with the
bank. Ringkjøbing Landbobank has also entered into longer-term bilateral loan agreements with various European
business partners.
To ensure diversification in funding, the bank also has an EMTN bond programme of EUR 2 billion. The programme
helps to ensure alternative funding sources for the bank. Historically, the bank has used the EMTN bond programme to
issue ordinary (preferred) senior capital, non-preferred senior capital and tier 2 capital, and funds were also raised
under the programme in 2025.
Finally, the bank has a joint funding agreement with Totalkredit/Nykredit. The agreement means that the bank can
procure liquidity by letting Totalkredit/Nykredit issue SDO bonds against security in the loans which the bank has
provided to customers with security in real property.
Ringkjøbing Landbobank A/S Page 168
Notes
Note
no.
45
Liquidity risks continued
As evident from the following, the short-
cash in hand and receivables from Danmarks Nationalbank, short-term deposits with other credit institutions, and the
o of liquid securities. Surplus liquidity at the end of 2025 was DKK 10.3 billion, while the
corresponding figure at the end of 2024 was DKK 9.8 billion.
31 Dec. 2025
DKK 1,000
31 Dec. 2024
DKK 1,000
The short-term funding (term to maturity less than 1 year)
Debt to credit institutions and central banks
2,068,170
1,609,576
Issued bonds
223,596
799,418
Total
2,291,766
2,408,994
Covered as follows
Cash in hand and demand deposits with Danmarks Nationalbank
5,163,919
5,844,446
Receivables from credit institutions, term to maturity less than 1 year
255,961
251,577
Bonds, shares and investment fund certificates at fair value
7,177,983
6,073,343
Total
12,597,863
12,169,366
Excess cover
10,306,097
9,760,372
Ringkjøbing Landbobank A/S Page 169
Notes
Note
no.
46
Non-financial risks
Non-financial risks comprise various risks including money laundering, financing of terrorism and violation of financial
sanctions, ICT risks and other operational risks etc.
The risk of money laundering, financing of terrorism and violation of financial sanctions is defined as the inherent risk
that the bank may be abused for money laundering and financing of terrorism and for violation of financial sanctions.
outsourcing, and ICT risks
Other operational risks are those entailing other direct or indirect financial losses as a result of flaws in internal
processes and systems, human error or external events.
The bank regularly registers the losses and events which are attributed to operational risks. These registrations are
used as the basis of an assessment whether procedures etc. should be adjusted and improved in order to avoid or
minimise any operational r
and risk management functions and by the internal audit function.
In addition, the bank conducts internal thematic reviews of selected business areas, identifying and assessing the
accordingly.
Combating money laundering etc.
An important area under non-financial risks is the risk that the bank could be abused for money laundering, financing
of terrorism or violation of financial sanctions.
The bank wants to combat any form of money laundering, terrorist financing and violation of financial sanctions etc. In
a globalised world, the bank is required to maintain high standards for combating money laundering and financing of
terrorism and to monitor and comply with financial sanctions.
The bank has implemented internal procedures, controls, monitoring etc. to help comply with applicable rules in the
area. The employees regularly complete in-service training in combating money laundering, financing of terrorism and
violation of financial sanctions etc. Please also see pages 100 - 101.
In 2024, the EU adopted an anti-money laundering package which will be implemented gradually for final entry into
force in 2027. The bank works continually to implement the various parts of the package. Focus in 2026 will be on
stricter standards for risk assessment, know-your-customer and reporting etc. and on implementation of changes
pursuant to the updated Danish Anti-Money Laundering Act.
Ringkjøbing Landbobank A/S Page 170
Notes
Note
no.
46
Non-financial risks continued
ICT risks
-financial risks.
security policy and states how the bank should manage IT security and ensure that the risk level complies with the risk
profile requested by the board of directors.
the bank. The register of IT and cyber risks contains an assessment of risks based on the probability and
consequences of different risks before and after mitigating measures. The risk analysis made is presented in a
IT and cyber risks.
Based on the above, the board of directors annually updates and approves the governance documents, i.e. the policy
on management of IT risk and cyber risks and the IT security policy.
On 17 January 2025, the regulation of the European Parliament and of the Council on digital operational resilience for
the financial sector entered into force (Digital Operational Resilience Act, DORA). The DORA requirements for
addressing IT risks are much more structured and improve the ability to respond efficiently to and recover from IT
disruptions, cyber incidents etc. The bank is putting a targeted effort into implementing the regulation in its policies,
strategies, business practices etc. in the years until the regulation enters into force.
The bank addresses its suppliers of IT systems in its policy for managing third parties. IT system suppliers are
assessed annually to check whether they comply with the requirements of the outsourcing agreements entered into.
pliance with the outsourcing agreement is monitored regularly, including the receipt of
reports on the stability of operations and handling of IT security.
operation and IT preparedness. Preparedness exercises are carried out regularly to ensure that the bank is able to
handle IT incidents.
requirements a
bank owns together with a number of other banks, and JN Data which is a supplier to Bankdata and responsible for
the daily operation.
Data processing
It is a high priority for the bank that customer data are processed and kept confidential in conformity with the
ystems and procedures. The policy, systems and procedures are all designed to ensure
correct and confidential processing of customer data.
Quantification of operational risks in the statement of capital
The capital adequacy rules require the banks to quantify and recognise an amount for operational risks when
computing their capital adequacy.
The bank uses the business indicator approach to calculate its operational risk in accordance with the capital
requirements regulation (CRR) of the European Parliament and of the Council and the Danish implementation of the
capital requirements directive (CRD).
CRR III entered into force on 1 January 2025, which resulted in changed principles for the risk weighting of operational
risks. The changes reduced the risk weighting of operational risks.
Please see page 165 for further details on the amount recognised.
Ringkjøbing Landbobank A/S Page 171
Notes
Note
no.
47
Derivative financial instruments
Remaining time to maturity
DKK 1,000
Up to and including 3 months
More than 1 year and up to
and including 5 years
More than 1 year and up to
and including 5 years
More than 5 years
Total nominal value
Total net market value
31 Dec. 2025
Nominal value
Net market
value
Nominal value
Net market
value
Nominal value
Net market
value
Nominal value
Net market
value
2025
2024
2025
2024
Currency contracts
Spot, purchase
71,344
839
0
0
0
0
0
0
71,344
95,725
839
12
Spot, sale
221,209
-823
0
0
0
0
0
0
221,209
6,375
-823
19
Forward transactions/
futures, purchase
2,161,248
-1,814
841,784
-5,430
0
0
0
0
3,003,032
9,532,224
-7,244
13,401
Forward transactions/
futures, sale
4,862,434
4,587
238,839
1,743
0
0
0
0
5,101,273
0
6,330
0
Swaps
684,182
-28,180
342,365
1,080
4,954,009
76,432
882,811
-56,426
6,863,367
4,330,253
-7,094
-160,438
Options, acquired
3,663
16
0
0
0
0
0
0
3,663
2,144
16
0
Options, issued
3,734
-16
0
0
0
0
0
0
3,734
1,973
-16
0
Interest-rate contracts
Spot, purchase
188,543
141
0
0
0
0
0
0
188,543
202,484
141
108
Spot, sale
47,740
-10
0
0
0
0
0
0
47,740
92,262
-10
-36
Forward transactions/
futures, purchase
262,726
411
5,632
-12
0
0
0
0
268,358
203,795
399
402
Forward transactions/
futures, sale
669,327
2,601
47,805
262
0
0
0
0
717,132
736,526
2,863
1,870
Swaps
32,382
-1,483
544,365
-1,852
763,392
-7,480
183,432
4,440
1,523,571
1,011,890
-6,375
-34,507
Options, acquired
0
0
0
0
2,045
-37
17,718
-359
19,763
47,930
-396
641
Options, issued
0
0
0
0
2,045
51
14,562
177
16,607
9,442
228
-155
Share contracts
Spot, purchase
2,027
-884
0
0
0
0
0
0
2,027
2,722
-884
-1,484
Spot, sale
1,986
57
0
0
0
0
0
0
1,986
2,720
57
1,496
Options, acquired
21,615
89
18,803
107
3,096
294
0
0
43,514
16,179
490
500
Options, issued
21,632
-89
18,806
-107
3,107
-294
0
0
43,545
16,261
-490
-500
Total net market value
-11,969
-178,671
Ringkjøbing Landbobank A/S Page 172
Notes
Note
no.
47
Derivative financial instruments continued
DKK 1,000
Market value
Average market value
Positive
Negative
Positive
Negative
31 Dec.
2025
2024
2025
2024
2025
2024
2025
2024
Currency contracts
Spot, purchase
960
99
121
87
480
262
604
406
Spot, sale
98
19
921
0
238
69
472
1
Forward transactions/futures,
purchase
11,078
46,428
18,322
33,027
12,069
37,058
31,508
17,372
Forward transactions/futures,
sale
15,253
0
8,923
0
20,965
0
10,356
0
Swaps
125,801
32,996
132,895
193,434
95,456
49,664
149,194
200,244
Options, acquired
16
0
0
0
20
0
0
10
Options, issued
0
0
16
0
0
10
20
0
Interest-rate contracts
Spot, purchase
172
127
31
19
493
584
60
57
Spot, sale
47
45
57
81
185
135
81
202
Forward transactions/futures,
purchase
1,118
850
719
448
1,422
1,499
407
227
Forward transactions/futures,
sale
3,747
3,109
884
1,239
2,752
1,900
1,984
2,536
Swaps
13,225
322
19,600
34,829
72
338
29,070
42,451
Options, acquired
11
1,145
407
504
59
1,419
445
391
Options, issued
228
4
0
159
733
2
51
513
Share contracts
Spot, purchase
1,135
253
2,019
1,737
2,188
3,293
2,848
2,692
Spot, sale
1,129
1,745
1,072
249
2,751
2,740
1,940
3,065
Forward transactions/futures,
purchase
0
0
0
0
0
0
0
0
Forward transactions/futures,
sale
0
0
0
0
0
0
0
0
Options, acquired
490
500
0
0
639
942
0
35
Options, issued
0
0
490
500
0
49
639
942
Total market value
174,508
87,642
186,477
266,313
140,522
99,964
229,679
271,144
All contracts of derivative financial instruments are non-guaranteed contracts.
Ringkjøbing Landbobank A/S Page 173
Notes
Note
no.
48
Accounting estimates and judgments
General
In computing the book value of certain assets and liabilities, estimates have been made of how future events will
affect the value of the assets and liabilities on the balance sheet date.
The estimates are based on assumptions which management judges to be responsible, but which are not certain or
predictable. The final actual results may thus deviate from the estimates, as the bank is subject to risks and
uncertainties which can affect the results.
The most important estimates concern the following areas:
• Calculation of expected losses on loans and other credit exposures
• Assessment of collateral security
• Fair value of unlisted financial instruments
• Valuation of intangible assets including goodwill
Calculation of expected losses on loans and other credit exposures
Expected impairment is computed as a combination of individual calculations for facilities with objective evidence of
impairment and model-based calculations for facilities without objective evidence of impairment.
The calculations for facilities with objective evidence of impairment involve a number of estimates. The assessment
involves estimates of various scenarios of future cash flows which the customer is expected to generate. In addition
to the calculated impairment charges which are based on probability-weighted scenarios, a management estimate is
also allocated for facilities with objective evidence of impairment.
Facilities that do not show objective evidence of impairment are included in a portfolio of exposures where automated
impairment calculations are made on the basis of customer ratings and a number of parametric values. The
parametric values are determined on the basis of historical data, including the risk of loss on different rating classes
and the expected percentage loss if a loss arises. The historical data are translated into forward-looking expectations
via a macroeconomic adjustment. These estimates comprise considerations regarding the industry, i.e. not the
individual exposure, and the macro-economic impact of the probability weightings used for calculating the individual
facilities. In 2025, the management estimates were influenced particularly by an increased risk of a general setback to
the economy as a result of geopolitical circumstances, including introduction of new global tariffs. In addition, the
bank maintained management estimates for the exposure to the agricultural sector as a consequence of declining
prices paid to producers and potential impacts of the Green Tripartite Agreement.
Assessment of collateral security
To reduce the risk of the individual exposures, the bank receives collateral security mainly in the form of physical
assets (with real property as the main form), securities etc. Material estimates are involved in valuing the security.
Fair value of unlisted financial instruments
The bank measures a number of unlisted financial instruments at fair value, including all derivative financial
instruments and unlisted shares.
As part of its operations, the bank has acquired strategic shares in different sector companies. Strategic shares in
sector companies are measured at fair value on the basis of available information on transactions in the relevant
rnatively, by a valuation model using recognised methods and various data. Valuation is also
influenced by co-
Estimates are an influence where valuations of financial instruments are based less on observable market data. This
is the case, for example, with unlisted shares and certain bonds where there is no active market. Please also see the
Ringkjøbing Landbobank A/S Page 174
Notes
Note
no.
48
Accounting estimates and judgments continued
Valuation of goodwill and customer relationships
Customer relationships and goodwill are impairment-tested at least annually. This involves a degree of estimation in
quantifying the future income and determining the weighted average cost of capital (consisting of the return on
e cost of loan capital) in line with presumed market expectations.
49
Accounting policies etc.
General
The financial statements were prepared in accordance with statutory requirements, including the provisions of the
Danish Financial Business Act.
The annual report is presented in Danish kroner (DKK).
The accounting policies are unchanged since the last financial year.
Recognition and measurement general
Assets are recognised in the balance sheet when it is probable that future financial advantages will accrue to the bank
and the value can be measured reliably.
Liabilities are recognised in the balance sheet when they are probable and can be measured reliably. Income is
recognised in the income statement as it is earned.
Expenses paid to earn the income for the year are recognised in the income statement, and value adjustments made
to financial assets, financial liabilities and derivative financial instruments are also recognised in the income
statement.
When measuring fair value etc. of bonds and shares, the three levels of the IFRS 13 hierarchy are used as valuation
categories:
• Level 1: Quoted prices in active markets for identical instruments, i.e. without changes in form or composition,
including listed shares and bonds.
• Level 2: Quoted prices in active markets for similar assets or other valuation methods where all significant inputs
are based on observable market data.
• Level 3: Valuation methods where any significant inputs are based on unobservable inputs.
Valuation is primarily based on generally recognised valuation techniques. The following sections describe the criteria
for recognition and the basis of measurement.
Foreign currency
Assets and liabilities in foreign currency are converted to DKK at the exchange rate for the currency published by the
central bank of Denmark on the balance sheet date. Income and expenses are converted continuously at the exchange
rate on the transaction date.
Lease contracts (lessee)
Lease assets consist only of operating leases with the bank as lessee and concern primarily rental contracts for
properties used by the branch network (domicile properties) and a few other assets.
When assessing the expected lease terms, the bank identified the fixed lease term in the agreements at 2-25 years.
The lease assets are depreciated on a straight-line basis over the expected periods of use of 2-25 years and the lease
liabilities are repaid according to the principle of annuities and measured at amortised cost. The lease liabilities are
for a similar asset with a financing term similar to the term of the lease.
When measuring the lease liability, the bank uses borrowing rates of 1-4% for discounting future lease payments.
The bank has chosen not to recognise low-value asset leases and short-term leases in the balance sheet. Lease
payments for these leases are instead recognised in the income statement.
Ringkjøbing Landbobank A/S Page 175
Notes
Note
no.
49
Accounting policies etc. continued
Financial instruments general
In general, the bank measures financial assets and liabilities at fair value on initial recognition. Measuring is
subsequently carried out at fair value unless otherwise specifically stated in the following sections on the individual
items. The bank uses the date of payment as the date of recognition for financial instruments.
Derivative financial instruments and hedging
Forward transactions, interest rate swaps and other derivative financial instruments are measured at fair value on the
balance sheet date.
Investment Firms etc., are regarded as hedge accounting at fair value, are recognised at fair value on the balance
sheet date with respect to both the hedging instrument and the hedged part of the financial instrument.
All value adjustments concerning derivative financial instruments and items subject to hedge accounting are entered
Business combination
identifiable assets and liabilities, including any assets and liabilities that have not previously been booked in the
acquired business, are measured at fair value on the takeover date.
Any positive difference between the cost price and fair value of the identifiable net assets is recognised as goodwill.
Any negative difference between the cost price and fair value of the identifiable net assets is recognised as badwill
under other operating income in the income statement.
Group
The bank owns the entire share capital of Sæbygård Skov A/S, of Ringkøbing. Consolidated accounts have not been
bank.
The income statement
Interest income
Interest income is recognised by the effective interest method, under which interest income includes the allocated
portion of loan establishment fees etc., which are considered to be part of the effective interest on the loan.
Negative interest income is recognised as interest expenses and negative interest expenses are recognised as interest
income. Negative interest is presented separately in the notes to interest income and interest expenses.
On stage 3 loans which have been written down or off, the interest income relating to the written-down part is entered
Net fee and commission income
Fees and commission relating to loans and receivables are recognised as part of the book value of loans and
receivables. They are recognised as interest income in the income statement over the term of the loans and
receivables, as part of the effective int-related
commission is carried to income over the guarantee term. Income generated on performing a given transaction,
including securities and custodianship fees plus payment handling fees, is recognised as income when the transaction
has been completed.
Staff and administration expenses
Staff and administration expenses include salaries, pensions and IT costs.
Other operating expenses
Other operating expenses include contributions to the Guarantee Fund and the Resolution Fund. Other operating
expenses also include items which, by nature, are secondary to the banking activities.
Ringkjøbing Landbobank A/S Page 176
Notes
Note
no.
49
Accounting policies etc. continued
Impairment charges for loans and receivables etc.
This item includes losses and impairment charges for loans and losses and provisions on guarantees etc. Losses and
impairment charges for receivables from credit institutions are also included.
Tax
Tax on the profit for the year is booked as an expense in the income statement.
Net deferred tax is calculated on the items which cover the temporary differences in accounting and booking of
taxable income and expenses. Changes in the corporate tax rate and the factor increase (extra tax on financial
undertakings) will be taken into account.
The bank is jointly taxed with the subsidiary Sæbygård Skov A/S.
Corporation tax is paid in accordance with the Danish Tax Prepayment Scheme.
The balance sheet
Receivables from credit institutions and central banks
Initial recognition takes place at fair value plus transaction costs, less establishment fees etc., and subsequent
accounting.
Loans and other receivables
Initial recognition is at fair value plus transaction costs, less establishment fees etc., and subsequent measurement is
at amortised cost. Establishment fees etc. which are comparable with ongoing interest payments, and thus deemed
part of the effective interest on the loan, are accrued over the life of the individual loan.
Leasing
Lease contracts are classified as finance leases if they transfer substantially all risks and rewards of ownership
pertaining to an asset to the lessee.
Finance lease assets where the bank is the lessor are recognised as loans at the net investment in the lease contracts
less depreciation (repayments) calculated according to the annuity method over the lease term.
Income from the lease assets is recognised on the basis of the effective interest agreed in the lease contracts and
included under interest income in the income statement.
Ringkjøbing Landbobank A/S Page 177
Notes
Note
no.
49
Accounting policies etc. continued
Model for impairment of expected credit losses on loans and other receivables etc.
Under the IFRS 9-compatible impairment rules, all financial assets recognised at amortised cost are impaired by the
expected credit losses. Under the same rules, provisions for expected credit losses are made for unutilised credit
lines, loan undertakings and financial guarantees.
The impairment rules use a model based on expectations, which means earlier recognition of impairment charges
compared to the previous impairment model under which objective evidence of impairment had to exist before
impairment charges could be and had to be recognised.
For financial assets recognised at amortised cost, impairment charges for expected credit losses are recognised in
the income statement and reduce the value of the asset in the balance sheet.
Provisions for losses on unutilised credit facilities, loan undertakings and financial guarantees are recognised as
liabilities.
Development stages for credit risk
The expected loss impairment rules mean that, on initial recognition, a financial asset etc. must be impaired by the
expected credit loss for a twelve-month period (stage 1). If the credit risk for the asset subsequently increases
significantly relative to initial recognition, the financial asset must be impaired by the expected credit loss over the
impaired by the expected credit loss over its remaining life, and interest income must be recognised in the income
statement based on the effective interest method applied to the impaired amount. The same applies to the part of the
impaired instruments that are classified as underperforming stage 2 for presentation purposes: see the section
-
The expected loss is calculated as a function of PD (the probability of default), EAD (exposure at default) and LGD
(loss given default), into which forward-
development has been incorporated.
The EAD values for on-balance sheet items are determined as 100% of actual drawdowns, while off-balance sheet
items are recognised on the basis of annex 1 of the CRR on classification of off-balance sheet items. The maturities of
the facilities are determined based on their actual term to maturity up to a maximum of five years. For customers
showing material signs of weakness, the actual term to maturity is used.
Assessment of significant increase in credit risk etc.
A significant increase in the credit risk compared to initial recognition is presumed to have occurred on a downgrading
rating classification.
Payments that are more than 30 days overdue are also considered a significant increase in credit risk.
In accordance with the rules, stage 1 and 2 facilities from Nordjyske Bank were considered initial recognitions in
connection with the merger and thus classified in stage 1. Facilities in stage 3 were treated as credit-impaired on initial
recognition.
If the credit risk on the financial asset is considered low on the balance sheet date, the asset remains in stage 1, which
is characterised by no significant increase in credit risk.
overdue. Please also see
assets with low credit risks and the distribution by industry. It is judged only to be relevant to give an account of assets
Ringkjøbing Landbobank A/S Page 178
Notes
Note
no.
49
Accounting policies etc. continued
Definition of credit-impaired and default
An exposure is defined as credit-impaired (stage 3) and in default if it meets at least one of the following criteria:
• The borrower is in significant financial difficulties and the bank judges that the borrower will fail to honour their
obligations as agreed;
• The borrower is in breach of contract, for example by failing to meet their obligation to pay interest and
repayments or by repeated overdrafts;
• The bank has granted the borrower a relaxation of terms with loss of present value which would not have been
• The borrower is likely to go bankrupt or be subject to other types of financial restructuring;
• A financial asset is acquired at a considerable discount which reflects losses incurred;
• The exposure has been in arrears/overdue for more than 90 days by an amount judged to be not insignificant.
However, if the customer is in significant financial difficulties, the financial asset remains in stage 2 if no losses are
expected in the most probable scenario (underperforming stage 2).
The definition of credit-impaired and default used by the bank when measuring the expected credit loss and for
transfers to stage 3 corresponds to the definition used for internal risk management purposes and is also adjusted to
the definition of default in the capital requirements regulation (CRR).
The definitions of default and credit-impaired are also in line with the definition of non-performing as the bank has
aligned the entry criteria for the three concepts. Only the exit and quarantine periods associated with the different risk
classification concepts differ.
The calculation of impairment for exposures in stages 1 and 2, except for exposures showing evidence of credit
impairment in underperforming stage 2, is on a portfolio-based model, while impairment for the rest of the exposures
is based on a manual, individual assessment of relevant scenarios and probabilities that they will occur.
In addition, a management estimate reflecting macroeconomic expectations and uncertainties in models is allocated:
see also note 48.
Calculation of expected losses
The portfolio-
estimation of the risk for the individual classes. Calculations are made in a set-up developed and maintained by the
Bankdata, supplemented by a forward-looking macroeconomic module developed and maintained
by LOPI, the Association of Local Banks, Savings Banks and Cooperative Banks in Denmark, and used as the starting
point for incorporati
The macroeconomic module is built around a number of regression models that determine the historical connection
between impairment charges for the year in a number of sectors and industries and a number of explanatory
macroeconomic variables. The regression models are then supplied with estimates for the macroeconomic variables
based on forecasts from consistent sources such as the Danish Economic Councils, Danmarks Nationalbank and
others. The forecasts generally cover two years and include variables such as increase in public spending, increase in
GDP, trends in house prices etc. The expected impairment charges are thus calculated up to two years ahead for the
individual sectors and industries. For terms of more than two years, a linear interpolation is applied between the
impairment ratio for year 2 and the impairment ratio for year 10. The model assumes that long-term equilibrium will
exist in the form of a normal impairment level. The calculated impairment ratios are then transformed into adjustment
fact
Ringkjøbing Landbobank A/S Page 179
Notes
Note
no.
49
Accounting policies etc. continued
Practice for derecognising financial assets from the balance sheet
Financial assets are derecognised fully or partly from the balance sheet when the exposure or a significant part of it is
deemed to be lost. Derecognition is based on a specific assessment of the individual exposures. For business
customers, the bank bases
equity and on any collateral furnished as security for the exposure. For personal customers, the assessment is also
ng the possibility of enforcing the security, if any. When a financial
asset is derecognised fully or partly from the balance sheet, the associated impairment charges for the financial asset
are also removed from the cumulative impairment charges: see note 15.
depend on the specific situation. The bank first attempts to reach a voluntary agreement with the customer, including
renegotiation of terms or restructuring of an enterprise. Debt recovery and petition for bankruptcy are not applied until
other steps have been tried.
Bonds and shares
Bonds at fair value
Bonds listed on a stock exchange are measured at fair value determined on the basis of the closing price on the
balance sheet day (level 1).
Unlisted and illiquid bonds are measured at fair value, computed on the basis of the price of a transaction between
independent parties. Measurement is based on available information on transactions, published announcements of
financial results or, alternatively, market capitalisation calculations (levels 2 and 3).
Shares etc.
Shares listed on a stock exchange are measured at fair value determined on the basis of the closing price on the
balance sheet day (level 1).
Unlisted and illiquid shares are measured at fair value, computed on the basis of the price of a transaction between
independent parties. Measurement is based on available information on transactions, published announcements of
financial results or, alternatively, market capitalisation calculations (levels 2 and 3).
For unlisted shares in the form of shares in companies owned by the sector where the shares are distributed, the
redistribution is considered to be the primary market for the shares. Fair value is determined at the redistribution price,
and the shares are included as level 2 assets.
Unlisted shares for which a reliable fair value cannot be determined are measured at cost less impairment charges
(level 3).
The management actively considers the fair value computations.
All ongoing value adjustments to listed and unlisted securities are entered in the income statement under the item
Investments in group undertakings and associated companies
Investments in group undertakings and associated companies are recognised and measured by the equity method,
income statement.
Net revaluation of investments in group undertakings is transferred to the net revaluation reserve by the equity
method, subject to statutory reserves, to the extent that the equity value exceeds the cost price. Write-downs are
recognised in and deducted from any positive statutory reserves as long as a reserve for offsetting exists.
Group undertakings and associated companies with negative equity values are recognised at DKK 0. If the bank has an
Assets linked to pooled schemes
All pooled assets and deposits are recognised as separate balance sheet items. Returns on pooled assets and
Ringkjøbing Landbobank A/S Page 180
Notes
Note
no.
49
Accounting policies etc. continued
Intangible assets
Goodwill
Goodwill acquired in connection with acquisitions is recognised at cost less cumulative impairment charges.
Goodwill is not amortised, but the value is impairment tested at least once a year. Goodwill is written down to the
price and value in use, which corresponds to the net present value of expected future cash flows.
Customer relationships
The value of customer relationships acquired in connection with acquisitions is recognised at cost and amortised on a
straight-line basis over the estimated useful life, which will not exceed ten years. The useful life depends on customer
loyalty and is reassessed annually. Changes in amortisation as a result of changes in useful life are recognised
prospectively as a change in accounting estimates.
Customer relationships are impairment tested when there is evidence of impairment. Impairment charges for
customer relationships are recognised in the income statement and not subsequently reversed.
Land and buildings
properties are considered to be investment properties.
Investment properties are included in the balance sheet at fair value, computed by the return method. Ongoing
changes in the value of investment properties are recognised in the income statement.
Domicile properties are included in the balance sheet at reassessed value, which is the fair value computed by the
return method less cumulative depreciation and any impairment loss.
Depreciation is calculated on the basis of an expected useful life of 50 years, computing depreciation at cost plus or
minus revaluation less scrap value. Depreciation and losses due to impairment are recognised in the income
statement, while increases in
previously recognised in the income statement.
Other tangible assets
Other tangible assets, including operating equipment and improvements to rented premises, are recognised in the
balance sheet at cost less cumulative depreciation and write-downs for any loss due to impairment.
equipment and up to 30 years for improvements to rented premises, on the basis of depreciation computed at cost
less scrap value. Depreciation and losses due to impairment are recognised in the income statement.
Temporary assets
Temporary assets comprise assets taken over as a result of termination of customer exposures, the intention being to
sell off the assets as soon as possible. Temporary assets are included at cost on transfer and will subsequently be
written down to a possibly lower realisation value.
Loss due to impairment arising on initial classification as temporary assets, and gains and losses in subsequent
measurements, are recognised in the income statement under the items to which they relate.
Other assets
Other assets include interest and commission receivables as well as the positive market value of derivative financial
instruments.
Ringkjøbing Landbobank A/S Page 181
Notes
Note
no.
49
Accounting policies etc. continued
Tax assets and tax liabilities
Current tax assets and current tax liabilities are recognised in the balance sheet as tax calculated on the taxable
income for the year, adjusted for tax paid on account.
value.
Debt to credit institutions and central banks/Deposits and other debt/Deposits in pooled schemes/Issued bonds at
amortised cost/Subordinated debt
Measurement is at amortised cost
accounting.
Other liabilities
Other liabilities include interest and commission payable and the negative market value of derivative financial
instruments.
Provisions for liabilities
liabilities.
A provision is recognised in respect of financial guarantees and unutilised credit undertakings in accordance with the
IFRS 9-
Provisions are also made for other guarantees if it is probable that the guarantee will be called and the amount of the
liability can be reliably determined.
Contingent liabilities/guarantees
Segment information
The bank has not broken down net interest and fee income or value adjustments by activity area and geographical
areas.
Key figures and ratios (page 3)
• 2025: 24,347,720 shares
• 2024: 25,475,532 shares
• 2023: 26,732,729 shares
• 2022: 27,553,139 shares
• 2021: 28,431,916 shares
Ringkjøbing Landbobank A/S Page 182
Notes
Note
no.
49
Accounting policies etc. continued
Graphs in the financial review
The figures for 2002-
Landbobank. Figures for 2018 are proforma figures (i.e. as if the merger had taken effect on 1 January 2018), and
figures from 2019 onward are for the merged bank.
The figures for 2015-
Landbobank. Figures for 2018 are proforma figures (i.e. as if the merger had taken effect on 1 January 2018), and
figures from 2019 onward are for the merged bank.
Core earnings
performance for both external and internal financial reporting because they are deemed to give a true and fair view of
the actual banking operations. Overall, core earnings contain the same items as the traditional measure of
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 per DKK 1 share (page 12)
-
for the merged bank were used; and finally, for 2019 onwards, the actual core earnings for 2019 onwards for the
merged bank were used.
The following numbers of shares were used in the calculation:
• End of 2025: 24,347,720 shares
• End of 2024: 25,475,532 shares
• End of 2023: 26,732,729 shares
• End of 2022: 27,553,139 shares
• End of 2021: 28,431,916 shares
• End of 2020: 29,067,721 shares
• End of 2019: 29,228,321 shares
• End of 2018: 29,906,383 shares
• End of 2017: 21,812,000 shares
• End of 2016: 22,350,000 shares
• End of 2015: 22,850,000 shares
• End of 2014: 23,350,000 shares
The number of shares is calculated based on transactions made.
Actual net losses (page 26)
guarantees, impairment charges for loans, provisions for losses on unutilised credit facilities and credit undertakings.
transactions, guarantees, impairment charges for loans, provisions for losses on unutilised credit facilities and credit
undertakings.
Ringkjøbing Landbobank A/S Page 183
Five-year key figures
Summary (DKK 1,000)
2025
2024
2023
2022
2021
Income statement
Interest income
3,296,641
3,783,746
3,325,508
1,865,848
1,459,846
Interest expenses
772,388
1,091,746
785,976
185,174
103,080
Net interest income
2,524,253
2,692,000
2,539,532
1,680,674
1,356,766
Dividends from shares etc.
227,712
118,788
90,214
99,637
77,109
Fee and commission income
1,229,924
1,133,604
1,029,411
1,038,855
939,219
Fee and commission expenses
109,977
106,765
93,419
91,602
91,183
Net interest and fee income
3,871,912
3,827,627
3,565,738
2,727,564
2,281,911
Value adjustments
+241,210
+284,706
+253,354
+73,493
+163,127
Other operating income
1,298
7,305
5,829
2,055
5,490
Staff and administration expenses
1,064,284
1,008,206
939,121
870,847
790,374
Amortisation, depreciation and write-downs on
intangible and tangible assets
34,594
44,479
33,377
33,035
35,793
Other operating expenses
408
10,618
10,044
6,607
7,643
Impairment charges for loans and receivables etc.
+41,357
+2,801
-5,792
-12,450
-78,629
Results from investments in associated companies
and subsidiaries
-56
-3
+84
-37
+22
Profit before tax
3,056,435
3,069,133
2,836,671
1,880,136
1,538,111
Tax
743,024
768,287
681,449
385,239
308,846
Net profit for the year
2,313,411
2,300,846
2,155,222
1,494,897
1,229,265
Ringkjøbing Landbobank A/S Page 184
Five-year key figures
Summary (DKK 1,000)
End of 2025
End of 2024
End of 2023
End of 2022
End of 2021
Balance sheet
Assets
Cash in hand and receivables from credit institutions
and central banks
5,419,880
6,096,023
5,157,285
5,526,437
3,675,561
Loans and other receivables at amortised cost
62,553,036
55,837,006
50,880,954
48,341,941
41,179,255
Securities
8,645,272
7,562,646
9,610,048
8,120,126
8,223,754
Assets linked to pooled schemes
7,740,568
7,126,019
5,845,400
4,972,840
5,537,863
Intangible assets
973,143
992,652
1,012,161
1,043,163
1,062,672
Tangible assets
228,608
227,921
230,171
235,310
214,631
Other assets
748,212
790,919
783,621
739,764
463,652
Total assets
86,308,719
78,633,186
73,519,640
68,979,581
60,357,388
Liabilities and equity
Debt to credit institutions and central banks
2,658,167
2,287,890
2,209,887
3,567,758
2,030,175
Deposits and other debt
53,596,947
49,525,739
46,781,095
43,726,938
38,202,186
Deposits in pooled schemes
7,740,568
7,126,019
5,845,400
4,972,840
5,537,863
Issued bonds
6,780,930
5,718,268
5,063,778
4,255,498
2,961,422
Other liabilities
813,653
1,085,142
1,042,493
1,034,550
730,121
Provisions for liabilities
92,395
60,249
86,673
90,709
128,443
Subordinated debt
3,058,101
1,795,609
2,039,110
2,036,526
2,044,505
Share capital
25,392
26,707
27,491
28,380
29,068
Reserves
11,542,566
11,007,563
10,423,713
9,266,382
8,693,605
11,567,958
11,034,270
10,451,204
9,294,762
8,722,673
Total liabilities and equity
86,308,719
78,633,186
73,519,640
68,979,581
60,357,388
Contingent liabilities etc.
Contingent liabilities
8,710,172
7,198,057
6,464,791
7,569,679
10,270,428
Irrevocable credit undertakings
168,838
133,700
328,148
84,055
781,832
Total contingent liabilities etc.
8,879,010
7,331,757
6,792,939
7,653,734
11,052,260
Ringkjøbing Landbobank A/S Page 185
Five-year key ratios
2025
2024
2023
2022
2021
Capital ratios:
Tier 1 capital ratio
%
16.4
16.6
18.9
17.4
17.6
Total capital ratio
%
21.7
19.8
23.0
21.6
22.3
MREL subordination ratio
1
%
30.0
27.7
-
-
-
MREL capital ratio
%
30.9
28.8
28.9
28.9
27.8
Earnings:
Return on equity before tax
%
27.0
28.6
28.7
20.9
18.2
Return on equity after tax
%
20.5
21.4
21.8
16.6
14.6
Return on tangible equity after tax (ROTE)
%
22.4
23.6
24.4
18.8
16.6
Income/cost ratio
DKK
3.89
3.89
3.87
3.04
2.69
Cost/income ratio
%
26.4
25.7
25.2
31.1
33.6
Return on assets
%
2.7
2.9
2.9
2.2
2.0
Market risk:
Interest rate risk
%
0.6
0.8
0.5
0.7
0.4
Foreign exchange position
%
2.8
1.5
0.6
1.1
1.5
Foreign exchange risk
%
0.1
0.0
0.0
0.0
0.0
Liquidity risk:
Liquidity Coverage Ratio (LCR)
%
180.3
179.1
254.2
187.9
175.8
Net Stable Funding Ratio (NSFR)
%
114.4
118.9
122.7
118.9
116.2
Loans and impairments thereon relative to deposits
%
105.7
102.6
100.9
103.8
99.1
Credit risk:
5.4
5.1
4.9
5.2
4.7
Growth in loans for the year
%
12.0
10.1
5.0
17.5
13.5
Total large exposures
%
100.5
125.2
116.9
118.0
109.8
Cumulative impairment ratio
%
3.2
3.6
3.9
4.0
4.2
Impairment ratio for the year
%
-0.06
-0.00
0.01
0.02
0.15
Proportion of receivables at reduced interest
%
0.2
0.3
0.2
0.1
0.2
Share return:
Earnings per share
2/4
DKK
9,286
8,814
7,814
5,340
4,276
Book value per share
2/3
DKK
47,511
43,313
39,095
33,734
30,679
Dividend per share
2
DKK
1,200
1,100
1,000
700
700
Market price relative to earnings per share
2/4
16.6
13.7
12.7
17.8
20.5
Market price relative to book value per share
2/3
3.2
2.8
2.5
2.8
2.9
1
2
3
4
Comparative figures are only stated for the years when the key figure has applied.
Calculated on the basis of a denomination of DKK 100 per share.
Calculated on the basis of number of shares in circulation at the end of the year.
Calculated on the basis of the average number of shares, which is calculated as a simple average of the shares at the beginning of
the year and at the end of the year.
Ringkjøbing Landbobank A/S Page 186
Five-year key ratios
Definitions of the official key figures/ratios etc. from the Danish FSA
Tier 1 capital ratio
Tier 1 capital in percent of total risk exposure.
Total capital ratio
Total capital in percent of total risk exposure.
MREL subordination ratio
1
MREL subordinated capital in percent of total risk exposure.
MREL capital ratio
MREL capital in percent of total risk exposure.
Return on equity before tax
age of the
Return on equity after tax
e average of the
Return on tangible equity after tax (ROTE)
culated as a
ear.
Income/cost ratio
Income for the year divided by expenses for the year including impairment charges for loans and other receivables etc.
Cost/income ratio
Total expenses etc. in percent of total core income.
Return on assets
Net profit for the year as a percentage of total assets.
Interest rate risk
Interest rate risk as a percentage of tier 1 capital.
Foreign exchange position
Foreign exchange indicator 1 as a percentage of tier 1 capital.
Foreign exchange risk
Foreign exchange indicator 2 as a percentage of tier 1 capital.
Liquidity Coverage Ratio (LCR)
Holding of liquid assets as a percentage of net outflows over 30 days.
Net Stable Funding Ratio (NSFR)
Loans and impairments thereon relative to deposits
Loans plus impairments thereon in percent of deposits.
Growth in loans for the year
Growth in loans from the beginning of the year to the end of the year, in percent (excluding reverse repo transactions).
Total large exposures
The total sum of the 20 largest exposures as a percentage of common equity tier 1.
Cumulative impairment ratio
Impairment charges for loans and provisions for losses on guarantees etc. as a percentage of loans plus impairment charges for loans plus
guarantees plus provisions for losses on guarantees etc.
Impairment ratio for the year
Impairment charges for the year as a percentage of loans plus impairment charges for loans plus guarantees plus provisions for losses on
guarantees etc.
Proportion of receivables at reduced interest
Proportion of receivables at reduced interest before impairment charges as a percentage of loans plus impairment charges for loans plus
guarantees plus provisions for losses on guarantees etc.
Earnings per share
2/4
Net profit for the year/average number of shares.
Book value per share
2/3
Dividend per share
2
Proposed dividend/share capital.
Market price relative to earnings per share
2/4
Market price/earnings per share.
Market price relative to book value per share
2/3
Market price/book value per share
1/2/3/4
See page 185.
Ringkjøbing Landbobank A/S Page 187
Branch
Address
Phone
Ringkøbing, head office
Torvet 1, 6950 Ringkøbing
+45 9732 1166
Brønderslev
Algade 39-41, 9700 Brønderslev
+45 9870 4500
Frederikshavn
Jernbanegade 4-8, 9900 Frederikshavn
+45 9870 6000
Herning
Torvet 18, 7400 Herning
+45 9721 4800
Hjørring
Østergade 4, 9800 Hjørring
+45 9633 5520
Holstebro
Den Røde Plads 2, 7500 Holstebro
+45 9610 9500
Holte
Kongevejen 272A, 2830 Virum
+45 7624 9550
Copenhagen
Bernstorffsgade 50, 8. sal, 1577 Copenhagen V
+45 7624 9640
Copenhagen
Frederiksborggade 1, 1. th., 1360 Copenhagen K
+45 9633 5240
Læsø
Byrum Hovedgade 79, 9940 Læsø
+45 9633 5480
Nørresundby
Torvet 4, 9400 Nørresundby
+45 9870 5000
Skagen
Sct. Laurentiivej 39 B, 9990 Skagen
+45 9633 5210
Sæby
Vestergade 21, 9300 Sæby
+45 9633 5320
Tarm
Storegade 6-10, 6880 Tarm
+45 9737 1411
Vejle
Lysholt Allé 10, 7100 Vejle
+45 7624 9780
Viborg
Tingvej 8, 8800 Viborg
+45 8662 5501
Vildbjerg
Søndergade 6, 7480 Vildbjerg
+45 9713 3166
Aabybro
Østergade 12, 9440 Aabybro
+45 9870 5400
Aalborg
Hasseris
Thulebakken 34, 9000 Aalborg
+45 9870 5900
Vejgaard
Vejgaard Bymidte 2, 9000 Aalborg
+45 9870 4400
Aarhus
Marselis Boulevard 9, 8000 Aarhus C
+45 7624 9760
Ringkjøbing Landbobank A/S Page 188
Ringkjøbing Landbobank A/S Page 189
Ringkjøbing Landbobank A/S
Torvet 1
6950 Ringkøbing, Denmark
Phone: +45 9732 1166
Email: post@landbobanken.dk
Web: www.landbobanken.com
CVR no.: 37536814