Ring k j ø b i n g Landb o b ank A /S Page 0
I N T E R I M R E P O R T
F O R T H E F I R S T H A L F O F 2 0 2 6
Ring k j ø b i n g Landb o b ank A /S Page 1
Contents
Page
2 Interim report – highlights
2 Key figures and ratios
3 Core earnings
4 Quarterly overviews
6 Management’s review
17 Management statement
18 Statements of income and comprehensive income
19 Balance sheet
21 Statement of changes in equity
22 Statement of capital
23 Notes
35 Key figures
36 The Danish FSA’s official key figures/ratios etc. for Danish banks
Ring k j ø b i n g Landb o b ank A /S Page 2
Interim report highlights
• The net profit is DKK 1,194 million, equivalent to a 22% p.a. return on tangible equity (ROTE)
• Earnings per share increase compared to 2025, by 10% for the second quarter and by 5% for the half-year
• Core income is DKK 2,120 million, marginally higher than in 2025
• Costs increase by 4% compared to the first half of 2025, and the cost/income ratio is 26.2%
• Continued strong credit quality and impairment charges of DKK 31 million carried to income for the half-year
• Highly satisfactory increase in customer numbers and growth of 13% p.a. in loans and 12% p.a. in deposits
• The DKK 400 million share buyback programme is expected to be completed shortly, following which a new
programme will be launched.
• -term bank deposits rating in June 2026
• The bank passed the threshold for SIFI designation for the first time
• The expectations for net profit for 2026 are upwardly adjusted to the range DKK 2.2 - 2.5 billion
Key figures for the bank (DKK million)
H1
2026
H1
2025
2025
2024
2023
2022
Total core income
2,120
2,090
4,089
4,068
3,828
2,862
Total expenses and depreciation
556
534
1,080
1,044
963
891
Core earnings before impairment charges for loans
1,564
1,556
3,009
3,024
2,865
1,971
Impairment charges for loans etc.
+31
+24
+41
+3
-1
-2
Core earnings
1,595
1,580
3,050
3,027
2,864
1,969
Result for the portfolio etc.
-2
-4
+26
+62
-7
-69
Amortisation and write-downs on intangible assets
10
10
20
20
20
20
Tax
389
375
743
768
682
385
Net profit
1,194
1,191
2,313
2,301
2,155
1,495
Equity
11,620
11,210
11,568
11,034
10,451
9,295
Deposits including pooled schemes
65,022
58,323
61,338
56,652
52,626
48,700
Loans
64,855
57,306
62,553
55,837
50,881
48,342
Balance sheet total
90,916
81,065
86,309
78,633
73,520
68,980
Guarantees
8,676
8,093
8,710
7,198
6,465
7,570
Financial ratios for the bank (percent)
Profit before tax/average equity
27.3
28.2
27.0
28.6
28.7
20.9
Net profit/average equity
20.6
21.4
20.5
21.4
21.8
16.6
Net profit/average tangible equity (ROTE)
22.5
23.5
22.4
23.6
24.4
18.8
Cost/income ratio
26.2
25.6
26.4
25.7
25.2
31.1
Common equity tier 1 capital ratio
16.1
15.2
16.4
16.6
18.9
17.4
Total capital ratio
21.0
18.1
21.7
19.8
23.0
21.6
MREL capital ratio
31.4
27.4
30.9
28.8
28.9
28.9
Key figures per DKK 1 share (DKK)
Core earnings
67.0
63.5
125.3
118.8
107.1
71.5
Profit before tax
66.5
63.0
125.5
120.5
106.1
68.2
Net profit
50.1
47.9
95.0
90.3
80.6
54.3
Book value
488.1
450.6
475.1
433.1
391.0
337.3
Share price, end of period
1,550.0
1,388.0
1,538.0
1,204.0
991.5
948.0
Key figures and ratios
Ring k j ø b i n g Landb o b ank A /S Page 3
Core earnings
Note
no.
H1
2026
DKK 1,000
H1
2025
DKK 1,000
Full year
2025
DKK 1,000
Net interest income
1,305,616
1,281,019
2,543,445
3
Net fee and commission income
620,901
564,684
1,119,947
Income from sector shares etc.
121,546
176,017
292,444
3
Foreign exchange income
71,523
67,604
131,600
Other operating income
39
378
1,298
Total core income
2,119,625
2,089,702
4,088,734
5,6
Staff and administration expenses
547,251
525,813
1,064,284
Depreciation and write-downs on tangible assets
7,028
7,714
15,085
Other operating expenses
893
408
408
Total expenses etc.
555,172
533,935
1,079,777
Core earnings before impairment charges for loans
1,564,453
1,555,767
3,008,957
7
Impairment charges for loans and other receivables etc.
+30,629
+24,473
+41,357
Core earnings
1,595,082
1,580,240
3,050,314
Result for the portfolio etc.
-2,471
-4,458
+25,630
Amortisation and write-downs on intangible assets
9,754
9,754
19,509
Profit before tax
1,582,857
1,566,028
3,056,435
8
Tax
389,289
374,872
743,024
Net profit
1,193,568
1,191,156
2,313,411
Ring k j ø b i n g Landb o b ank A /S Page 4
Quarterly overviews
The following pages contain quarterly overviews including core earnings, net profit, balance sheet items and contingent liabilities, and statement of capital.
Core earnings
(DKK million)
Q2
2026
Q1
2026
Q4
2025
Q3
2025
Q2
2025
Q1
2025
Q4
2024
Q3
2024
Q2
2024
Q1
2024
Q4
2023
Q3
2023
Q2
2023
Q1
2023
Q4
2022
Q3
2022
Q2
2022
Q1
2022
Net interest income
666
640
629
633
643
638
656
678
677
691
717
686
652
561
511
410
390
366
Net fee and commission income
308
313
291
264
273
292
264
256
249
259
245
233
231
227
224
239
237
248
Income from sector shares etc.
61
61
59
58
86
90
58
58
61
67
60
47
45
41
46
38
41
44
Foreign exchange income
36
35
37
27
32
36
23
20
21
23
20
18
19
20
17
18
16
15
Other operating income
0
0
0
1
0
0
0
4
3
0
1
5
0
0
1
0
0
1
Total core income
1,071
1,049
1,016
983
1,034
1,056
1,001
1,016
1,011
1,040
1,043
989
947
849
799
705
684
674
Staff and administration expenses
284
264
288
250
271
255
275
237
255
241
248
231
238
222
229
214
221
207
Depreciation and write-downs, tangible assets
4
3
4
3
4
4
5
14
3
3
5
3
3
3
5
3
4
1
Other operating expenses
1
0
1
0
0
0
3
2
3
3
2
3
3
2
2
2
1
2
Total expenses etc.
289
267
293
253
275
259
283
253
261
247
255
237
244
227
236
219
226
210
Core earnings before impairment charges
782
782
723
730
759
797
718
763
750
793
788
752
703
622
563
486
458
464
Impairment charges for loans etc.
+15
+16
+6
+11
0
+24
+1
+1
+1
0
0
0
0
-1
0
0
-1
-1
Core earnings
797
798
729
741
759
821
719
764
751
793
788
752
703
621
563
486
457
463
Result for the portfolio etc.
+16
-18
+21
+9
+2
-6
+6
+26
+7
+23
+29
-8
-7
-21
+11
-61
-10
-9
Amortisation and write-downs, intangible assets
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
Profit before tax
808
775
745
745
756
810
720
785
753
811
812
739
691
595
569
420
442
449
Tax
199
190
185
183
181
194
189
196
188
195
198
178
166
140
110
91
94
90
Net profit
609
585
560
562
575
616
531
589
565
616
614
561
525
455
459
329
348
359
Ring k j ø b i n g Landb o b ank A /S Page 5
Quarterly overviews
Balance sheet items and contingent liabilities
(DKK million)
End of
Q2
2026
End of
Q1
2026
End of
Q4
2025
End of
Q3
2025
End of
Q2
2025
End of
Q1
2025
End of
Q4
2024
End of
Q3
2024
End of
Q2
2024
End of
Q1
2024
End of
Q4
2023
End of
Q3
2023
End of
Q2
2023
End of
Q1
2023
End of
Q4
2022
End of
Q3
2022
End of
Q2
2022
End of
Q1
2022
Loans
64,855
64,575
62,553
57,910
57,306
56,444
55,837
53,887
52,535
51,417
50,881
49,590
49,996
48,842
48,342
48,052
46,681
43,352
Deposits including
pooled schemes
65,022
62,786
61,338
59,371
58,323
56,926
56,652
54,238
53,818
52,824
52,626
52,216
50,799
48,786
48,700
47,637
46,144
42,599
Equity
11,620
11,403
11,568
11,394
11,210
11,009
11,034
10,825
10,593
10,460
10,451
10,042
9,647
9,310
9,295
9,009
8,864
8,671
Balance sheet total
90,916
89,382
86,309
82,274
81,065
79,381
78,633
75,531
75,616
73,438
73,520
73,254
71,012
69,649
68,980
67,463
65,226
60,157
Contingent liabilities
8,676
8,816
8,710
8,535
8,093
7,543
7,198
6,941
7,090
6,533
6,465
6,780
7,216
6,993
7,570
8,998
11,244
12,432
Statement of capital
(DKK million)
Common equity tier 1
9,854
9,693
9,593
9,052
8,684
8,298
9,134
8,113
7,917
7,610
9,225
8,391
8,408
7,951
8,154
7,532
7,720
7,471
Tier 1 capital
9,854
9,693
9,593
9,052
8,684
8,298
9,134
8,113
7,917
7,610
9,225
8,391
8,408
7,951
8,154
7,532
7,720
7,471
Total capital
12,888
12,738
12,651
11,744
10,385
10,062
10,888
9,783
9,849
9,533
11,188
10,314
9,847
9,894
10,107
9,499
9,730
9,476
MREL subordinated
capital
18,424
18,100
17,505
16,558
15,171
15,391
15,295
13,606
13,670
12,932
-
-
-
-
-
-
-
-
MREL capital
19,221
19,009
18,031
17,068
15,699
15,779
15,892
14,202
14,231
13,454
14,097
13,202
13,113
13,411
13,533
12,937
13,183
12,445
Total risk exposure
61,292
60,641
58,383
56,739
57,297
55,396
55,123
52,150
50,968
49,648
48,733
47,706
47,627
47,043
46,855
47,326
46,940
44,880
(Percent)
Common equity tier 1
16.1
16.0
16.4
16.0
15.2
15.0
16.6
15.6
15.5
15.3
18.9
17.6
17.7
16.9
17.4
15.9
16.4
16.6
Tier 1 capital
16.1
16.0
16.4
16.0
15.2
15.0
16.6
15.6
15.5
15.3
18.9
17.6
17.7
16.9
17.4
15.9
16.4
16.6
Total capital
21.0
21.0
21.7
20.7
18.1
18.2
19.8
18.8
19.3
19.2
23.0
21.6
20.7
21.0
21.6
20.1
20.7
21.1
MREL subordinated
capital
30.1
29.8
30.0
29.2
26.5
27.8
27.7
26.1
26.8
26.0
-
-
-
-
-
-
-
-
MREL capital
31.4
31.3
30.9
30.1
27.4
28.5
28.8
27.2
28.0
27.1
28.9
27.7
27.5
28.5
28.9
27.3
28.1
27.7
Ring k j ø b i n g Landb o b ank A /S Page 6
Core earnings
Core income
Interest
Net interest income was DKK 1,306 million in the first half
of 2026, compared to DKK 1,281 million in the first half of
2025.
Net interest income
(DKK million)
H1
2026
H1
2025
2025
Net interest income
1,306
1,281
2,543
At the beginning of the year, the expectation was that net
interest income per day would increase over the course
of 2026 compared to the net interest income per day
realised in the fourth quarter of 2025.
Over the last three quarters, net interest income was DKK
629 million in the fourth quarter of 2025, DKK 640 million
in the first quarter of 2026 and DKK 666 million in the
second quarter of 2026.
It is positive that these expectations have been met in the
first two quarters of the year, including that net interest
income per day has now returned to an upward trend.
The development is primarily attributable to the
increasing loan and deposit figures.
Loans increased by 3.2% and deposits by 2.4% in the first
quarter of 2026 and by 0.4% and 3.6% respectively in the
second quarter of 2026. In the past year, the loan
portfolio increased by 13.2% and deposits by 11.5%.
The development in the loan portfolio in the second
quarter of 2026 reflects that mortgage loans for funding
purposes amounting to a net of DKK 1.4 billion were sold
off in the quarter. In addition, a DKK 0.5 billion reverse
repo loan entered into at the end of March 2026 expired
at the end of June 2026.
Adjusted for the reverse repo loan at the end of March
2026, the loan portfolio incl. funded mortgage loans
increased 3.1% in the second quarter of 2026 and an
increase of 7.7% compared to the end of 2025. The
underlying growth in loans thus remained very
satisfactory.
The total credit intermediation is described on page 13.
Fee, commission and foreign exchange income
In total, income from fee, commission and foreign
exchange amounted to DKK 692 million in the first six
months of 2026, compared to DKK 632 million in the
corresponding period of 2025, equivalent to an increase
of 10%.
Net fee, commission and foreign exchange income
(DKK million)
H1
2026
H1
2025
2025
Securities trading
121
101
196
Asset management and custody
accounts
141
129
261
Payment handling
84
80
154
Loan fees
44
42
87
Guarantee and mortgage credit
commission etc.
145
144
287
Pension and insurance commission
65
49
99
Other fees and commission
21
19
36
Foreign exchange income
71
68
132
Total
692
632
1,252
focus on private banking and other asset management.
Total income from these three items amounted to DKK
333 million in the first half of 2026, compared to DKK 298
million in 2025, an increase of 12%.
Assets in custody accounts etc.
(DKK million)
30 June
2026
30 June
2025
31 Dec.
2025
Custody account holdings
98,535
90,191
95,128
Deposits in pooled schemes
8,535
7,156
7,741
Letpension/PFA Pension
8,125
6,245
7,185
Total
115,195
103,592
110,054
the first half of 2026, which is marginally higher than in
2025.
half of the year compared to DKK 42 million in 2025. The
high activity level in the real property market in 2025 thus
continues in 2026.
first half of 2026, compared to DKK 144 million the year
before.
the
pension area, combined with the effect of a new
partnership agreement between Letpension and PFA
Pension in 2026, resulted in an increase in income from
this source, from DKK 49 million in the first half of 2025
to DKK 65 million in 2026, an increase of 31%.
Ring k j ø b i n g Landb o b ank A /S Page 7
Sector shares and other operating income
Earnings from banking sector shares totalled DKK 122
million in the first six months of the year, compared to
DKK 176 million in 2025. The earnings derive primarily
BankInvest.
The earnings for 2025 included a one-off income item of
BankInvest shares, because a general revaluation of
these shares was carried out in 2025.
Sector shares and other operating income
(DKK million)
H1
2026
H1
2025
2025
Sector shares
122
176
293
Other operating income
0
0
1
Core income
Total core income was DKK 2,120 million in the first half
of 2026 compared to DKK 2,090 million in 2025.
Adjusted for the one-off income of DKK 65 million in
2025, the increase was 9% compared to the first half of
2025.
The bank considers this development satisfactory.
Expenses, depreciation and write-downs
Total expenses including depreciation and write-downs
on tangible assets amounted to DKK 556 million in the
first half of 2026, compared to a total of DKK 534 million
in the first half of 2025, an increase of 4%.
Expenses, depreciation and write-downs
(DKK million)
H1
2026
H1
2025
2025
Staff and management expenses
330
315
636
IT and other administration expenses
218
211
428
Depreciation and write-downs,
tangible assets
7
8
15
Other operating expenses
1
0
1
Total
556
534
1,080
The cost increase of DKK 22 million net reflects both
higher staff costs and higher IT and administration
expenses.
An increase of approximately 4% in total expenses is still
expected for the full year 2026, compared to 2025.
The cost/income ratio was 26.2% in the first six months
of the year, compared to 25.6% in the same period in
2025.
A low cost/income ratio combined with good credit
This combination provides a high free cash flow and a
robust earnings buffer.
Ring k j ø b i n g Landb o b ank A /S Page 8
Impairment charges for loans etc.
charges for loans etc. in the first half of 2026 was
satisfactory and better than expected.
The item shows net income of DKK 31 million for the half-
year compared to net income of DKK 24 million in the
same period in 2025. Losses and impairment charges are
thus around zero or positive for the 18th consecutive
quarter. Seen in isolation, net income in the second
quarter of 2026 was DKK 15 million.
Impairment charges for loans etc.
(DKK million)
H1
2026
H1
2025
2025
Impairment charges for loans etc.
+31
+24
+41
Actual net losses in the period were modest and, after
offsetting against payments received on claims
previously written off and interest on the total account for
impairment charges, the overall contribution from the
item is positive. Against this backgrou
impairment account has only reduced from DKK 2,373
million at the end of 2025 to DKK 2,370 million at the end
of the first half of 2026, regardless of the net income of
DKK 31 million.
customers have generally been able to navigate a
complex economic and geopolitical situation.
However, the bank remains very aware of the higher risks
posed by a range of geopolitical factors that can affect
inflation as well as the global and Danish economies.
In addition, new risks have emerged for Danish
agriculture as a result of possible new regulations
regarding pig farming and the aquatic environment in
particular. These risks have arisen at a time when
settlement prices for pork are at historically low levels. In
this context, it should be noted that t
guarantees, and that only a limited portion of this
exposure is secured by mortgages on livestock housing
facilities. The bank has made necessary individual
impairment charges and has also incorporated
considerable management estimates relating to this
sector to counter these risks.
Total management estimates were DKK 1,057 million at
the end of the first half of 2026, equivalent to an increase
of DKK 15 million since the end of 2025.
supported by a strong labour market in Denmark and an
equally robust real property market, especially in the
cities.
Loans with suspended interest amounted to DKK 128
million at the end of the first half of 2026 compared to
DKK 132 million at the end of 2025.
Core earnings
Core earnings for the first half of 2026 totalled DKK 1,595
million, an increase of 1%.
Core earnings
(DKK million)
H1
2026
H1
2025
2025
Total core income
2,120
2,090
4,089
Total expenses and depreciation
556
534
1,080
Core earnings before impairment
charges
1,564
1,556
3,009
Impairment charges for loans etc.
+31
+24
+41
Core earnings
1,595
1,580
3,050
Ring k j ø b i n g Landb o b ank A /S Page 9
Earnings per share
they develop.
Net profit per DKK 1 share was DKK 50.1 for the first half
of 2026 compared to DKK 47.9 in the first half of 2025, an
increase of 5%.
Net profit per DKK 1 share for the second quarter was
DKK 25.5 in 2026 compared to DKK 23.1 in 2025, an
increase of 10%.
Result for the portfolio etc.
The result for the portfolio etc. including portfolio funding
costs was negative by DKK 2 million net for the first half
of the year, compared to a negative result of DKK 4
million net in the first half of 2025.
Result for the portfolio etc.
(DKK million)
H1
2026
H1
2025
2025
Result for the portfolio etc.
-2
-4
+26
In the first quarter of 2026, the result for the portfolio was
negative by DKK 17 million and in the second quarter of
2026 it was positive by DKK 15 million. The declines in
2026, were reversed by price increases in the second
quarter.
Ring k j ø b i n g Landb o b ank A /S Page 10
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 10 million in the first half of 2026,
unchanged relative to 2025.
Amortisation and write-downs on intangible assets
(DKK million)
H1
2026
H1
2025
2025
Amortisation and write-downs
on intangible assets
10
10
20
Profit before and after tax
The profit before tax was DKK 1,583 million, equivalent to
a 27.3% p.a. return on average equity.
The profit after tax was DKK 1,194 million, equivalent to a
20.6% p.a. return on average equity and to a return on
tangible equity (ROTE) of 22.5% p.a.
The effective tax rate was 24.6% in the first half of the
year, compared to 23.9% in 2025.
Core earnings – alternative performance measure
The bank uses the alternative performance measure
reporting because they are deemed to better reflect
actual banking operations.
Overall, core earnings consist of 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
portfolio value adjustments plus the actual return from
the portfolio in the form of interest and dividends, less
the calculated funding costs.
Core earnings are shown on page 3 with comments on
the preceding pages.
Ring k j ø b i n g Landb o b ank A /S Page 11
The income statement
Net interest income
Net interest income totalled DKK 1,286 million in the first
half of 2026 compared to DKK 1,274 million in 2025.
Net interest income
(DKK million)
H1
2026
H1
2025
2025
Interest income
1,688
1,693
3,297
Interest expenses
402
419
773
Total net interest income
1,286
1,274
2,524
The development reflects continued pressure on the
interest margin from the first half of 2026 to the first half
of 2026. However, this pressure diminished during the
second quarter of 2026.
As shown on pages 6 and 13, the bank has been able to
increase its business volume in the half-year, mitigating
the effect of the pressure on its interest margin.
Dividends from shares etc.
Dividend income from shares etc. totalled DKK 56 million
in the first half-year compared to DKK 137 million in 2025.
Dividends from shares etc.
(DKK million)
H1
2026
H1
2025
2025
Dividends from shares etc.
56
137
228
Dividends derive primarily from sector shares.
Fee and commission income and fee and commission
expenses
Net fee and commission income was DKK 621 million in
the first half of 2026 compared to DKK 565 million in the
first half of 2025, an increase of 10%.
Net fee and commission income
(DKK million)
H1
2026
H1
2025
2025
Fee and commission income
675
616
1,230
Fee and commission expenses
-54
-51
-110
Total net fee and commission income
621
565
1,120
Please see the comments below and note 3 to the
income statement for a breakdown of net fee and
commission income.
in the first half of 2026 with an increase of DKK 32
million, from DKK 230 million in the first half of 2025 to
DKK 262 million in 2026.
the half-year, marginally higher than 2025, when the
figure was DKK 80 million.
DKK 2 million, increasing from DKK 42 million in the first
half of 2025 to DKK 44 million in 2026, which reflects a
continued high level of activity in the real property
market.
first half of 2026 compared to DKK 144 million in 2025.
first half of 2026 amounted to DKK 65 million compared
to DKK 49 million from this source in 2025. The increase
continuous and unremitting focus on pension advisory
services combined with the effect of a new partnership
agreement between Letpension and PFA Pension in
2026.
amounted to DKK 21 million in the first half of 2026,
marginally higher by DKK 1 million compared to 2025.
Value adjustments
The value adjustments in the first half of 2026 resulted in
income totalling DKK 151 million, compared to income
totalling DKK 109 million in 2025.
This development breaks down as follows:
Value adjustments
(DKK million)
H1
2026
H1
2025
2025
Other loans and receivables
6
-3
-10
Bonds
10
-3
11
Shares etc.
69
49
101
Foreign exchange
71
68
132
Derivative financial instruments
-1
-14
5
Issued bonds etc.
-5
12
1
Tier 2 capital
1
0
1
Total value adjustments
151
109
241
portfolio of shares and foreign exchange income in
particular contributed to the positive value adjustments
for the half-year.
Staff and administration expenses
Total staff and administration expenses increased by 4%
in the first half of 2026, from DKK 526 million in 2025 to
DKK 548 million in 2026.
Staff and administration expenses
(DKK million)
H1
2026
H1
2025
2025
Staff and management expenses
330
315
636
Other administration expenses etc.
218
211
428
Total staff and administration expenses
548
526
1,064
Expenses for staff and management totalled DKK 330
million in the first half of 2026 compared to DKK 315
million in 2025, an increase of 5%. The average number of
full-time employees (FTEs) increased from 679 in the first
half of 2025 to 683 in the first half of 2026.
Ring k j ø b i n g Landb o b ank A /S Page 12
Other administration expenses totalled DKK 218 million in
the first half of 2026 compared to DKK 211 million in
2025.
Amortisation, depreciation and write-downs on
intangible and tangible assets
Amortisation, depreciation and write-downs totalled DKK
17 million in the first half of 2026, which is marginally
lower by DKK 1 million compared to 2025.
Amortisation, depreciation and write-downs on intangible and
tangible assets
(DKK million)
H1
2026
H1
2025
2025
Intangible assets
10
10
20
Tangible assets
7
8
15
Total amortisation, depreciation
and write-downs on intangible
and tangible assets
17
18
35
Impairment charges for loans and other receivables etc.
The item represented income of DKK 31 million in the
first half of 2026, while income in the first half of 2025
was DKK 24 million. The development in the item in 2026
was satisfactory and better than expected.
Impairment charges for loans and other receivables etc.
(DKK million)
H1
2026
H1
2025
2025
Impairment charges for loans and
other receivables etc.
+31
+24
+41
The bank still assesses the quality of its loan portfolio as
good.
For further details on the development in impairment
charges for loans etc., see pages 7 and 8 of the
management's review and notes 11 and 26 to this interim
report.
Ring k j ø b i n g Landb o b ank A /S Page 13
Balance sheet etc.
Balance sheet items and contingent liabilities
million at the end of June 2026, compared to DKK 81,065
million at the same time in the year before.
Loans in the period June 2025 to June 2026 increased
from DKK 57,306 million to DKK 64,855 million, an
increase of 13.2%. In the first six months of the year,
loans increased by DKK 2.3 billion, equivalent to 3.7%. For
further details, see page 6.
Deposits including pooled schemes increased by 11.5%,
from DKK 58,323 million at the end of June 2025 to DKK
65,022 million at the end of June 2026. In the first six
months of the year deposits increased by DKK 3.7 billion,
equivalent to 6.0%.
amounted to DKK 8,676 million at the end of June 2026,
compared to DKK 8,093 million at the end of June 2025
and DKK 8,710 million at the end of December 2025.
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.
Within residential mortgage financing, the bank offers
customers both mortgage loans intermediated through
mortgage credit institutions and mortgage loans carried
on the bStandardized
documentation is used for these mortgage loans held on
the b, enabling the bank, pursuant to
established agreements, to transfer such loans to
covered bond mortgage capital centres (SDO capital
centres) and thereby secure funding.In the second
quarter of 2026, mortgage loans of net DKK 1.3 billion
were sold off.
The total credit intermediation is presented in the table
below:
Total credit
intermediation
(DKK million)
30 June
2026
30 Mar.
2026
31 Dec.
2025
30 June
2025
Loans etc.
64,855
64,575
62,553
57,306
Funded mortgage loans
4,090
2,778
1,475
1,681
Mortgage credit
Totalkredit
50,895
50,691
49,881
48,588
Mortgage credit DLR
Kredit and others
9,725
9,785
9,753
9,615
Total
129,565
127,829
123,662
117,190
mortgage
loans increased by 16.9% compared with the end of June
2025, by 7.7% compared with the end of December 2025,
and by 3.1% during the most recent quarter.
Intermediated mortgage loans also increased, rising by
4.2% compared with the end of June 2025, by 1.7%
compared with the end of December 2025, and by 0.2%
during the most recent quarter.
The b
compared with June 2025, by 4.8% during the first six
months of the year, and by 1.4% during the most recent
quarter.
Securities and market risk
The bank measures its portfolio of securities at fair value.
the end of June 2026, with DKK 104 million in listed
shares and investment fund certificates and DKK 1,490
million in sector shares etc., mainly in the companies BI
Holding, DLR Kredit and PRAS.
The bond portfolio amounted to DKK 8,121 million on 30
June 2026, of which the majority consisted of AAA-rated
Danish mortgage credit bonds.
The total interest rate risk impact on profit of a one
percentage point change in interest level was
computed as 0.7%
2026.
rate risk, listed shares etc. and foreign currency remains
at a moderate level, and this policy will continue.
Liquidity
-term funding
liabilities totalled DKK 0.8 billion, comprising debt to
credit institutions and issued bonds with term to maturity
less than 12 months. This was balanced by short-term
liquidity management deposits at Danmarks
Nationalbank (the central bank of Denmark), receivables
from credit institutions with term to maturity less than 12
months and listed securities totalling DKK 14.1 billion.
This means the total excess cover was DKK 13.3 billion.
In the first six months of the year, Ringkְøbing
Landbobank entered into agreements on new issues of
non-preferred senior capital and preferred senior capital
equivalent to a total of
on page 15.
In terms of liquidity, the bank must comply with the
statutory requirement of at least 100% for both the
liquidity ratios LCR and NSFR.
On 30 June 2026 the 212% and its NSFR
118%. The bank thus met the statutory requirement for
both ratios by a good margin.
Ring k j ø b i n g Landb o b ank A /S Page 14
Capital structure
The bank operates with four different capital targets. The
capital targets specify that the common equity tier 1
capital ratio must be at least 13.5%, the total capital ratio
at least 17.0%, the MREL subordination ratio for covering
the subordination requirement plus the capital buffers at
least 25.5% and the MREL capital ratio for covering the
MREL requirement plus the capital buffers at least 26.0%.
11,568 million. The profit for the period must be added to
own shares bought must be subtracted. After this, equity
at the end of June 2026 was DKK 11,620 million.
When the common equity tier 1 is computed at the end of
the half-year, ongoing earnings contribute 87%. In
addition, a new DKK 400 million share buyback
programme which is part of the profit distribution for
2026 was deducted from the common equity tier 1 at the
end of June 2026.
21.0% and 16.1% respectively at the end of June 2026.
Capital ratios
30 June
2026
30 June
2025
31 Dec.
2025
Common equity tier 1 capital ratio
16.1
15.2
16.4
Tier 1 capital ratio
16.1
15.2
16.4
Total capital ratio
21.0
18.1
21.7
MREL subordination ratio
30.1
26.5
30.0
MREL capital ratio
31.4
27.4
30.9
Adjusted for the part of the share buyback programmes
tier 1 capital ratio would have been as shown in the table
at the bottom of the page.
In December 2025, the bank received an updated MREL
requirement of 19.1% from the Danish FSA, applicable
from the beginning of 2026. The Danish FSA at the same
time notified the bank of a subordination requirement of
23.3%.
The subordination requirement must be met, as a
minimum, with non-preferred senior capital, while the
difference between the MREL requirement plus the
combined capital buffer requirements and the
subordination requirement can be met with preferred
senior capital.
Both the MREL requirement and the subordination
requirement must always be met.
To meet the MREL requirement, the bank has issued non-
preferred senior capital over time. At the end of June
2026, non-preferred senior capital equivalent to a total of
DKK 5.5 billion and preferred senior capital equivalent to
a total of DKK 2.6 billion had been issued. The preferred
senior capital complies with the eligibility provisions and
can be used to cover the difference between the MREL
requirement plus the combined capital buffer
requirements and the subordination requirement.
In the first half of the year, the bank entered into
agreements on new issues of non-preferred senior capital
equivalent to a total of DKK 1.9 billion and preferred
senior capital equivalent to a total of DKK 0.9 billion.
For further information on capital, please see page 22.
The bank expects not to need refinancing of non-
preferred senior capital and tier 2 capital in the rest of
2026.
Adjusted tier 1 capital ratio
30 June
2026
30 June
2025
31 Dec.
2025
31 Dec.
2024
31 Dec.
2023
31 Dec.
2022
31 Dec.
2021
Common equity tier 1 capital ratio
16.1
15.2
16.4
16.6
18.9
17.4
17.6
Remaining share buyback programme
0.9
1.6
1.1
1.1
0.1
0.1
0.2
Deduction for expected distributions
0.2
0.9
-
-
-
-
-
Adjusted common equity tier 1 capital ratio
17.2
17.7
17.5
17.7
19.0
17.5
17.8
Ring k j ø b i n g Landb o b ank A /S Page 15
Solvency requirement, total requirement for total capital
and excess cover
The individual solvency requirement at the end of June
2026 was calculated as 9.1%.
June 2026, 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 0.7% for exposures to real property
companies at the end of the half-year should be added to
this.
The systemic real property buffer was eased at the end of
the half-year. Thus, when calculating the buffer, loans in
the 0-30% loan-to-value (LTV) range are now deducted,
whereas only loans in the 0-15% range were deducted
previously.
thus 14.6% at the end of June 2026, equivalent to DKK 8.9
billion. Compared with the actual total capital of DKK 12.9
billion, the capital buffer at the end of the half-year was
thus DKK 4.0 billion, equivalent to 6.4 percentage points.
For further information, see the summary below.
Individual solvency requirement, total capital requirement and
excess cover
(%)
30 June
2026
30 June
2025
31 Dec.
2025
Individual solvency requirement
9.1
8.9
8.9
Capital conservation buffer
2.5
2.5
2.5
Countercyclical buffer
2.3
2.3
2.3
Sector-specific systemic buffer
0.7
0.9
0.9
total capital
14.6
14.6
14.6
Excess cover (pp) relative to
individual solvency requirement
11.9
9.2
12.8
Excess cover (pp) relative to
total requirement for total
capital
6.4
3.5
7.1
Share capital and share buyback programmes
approved authorisation of the board of directors to permit
the bank, in accordance with the applicable law, to
acquire its own shares to a total nominal value of 10% of
The general meeting further decided to cancel the
1,108,147 of the bank's own shares that were bought
during 2025 and in early 2026. The capital reduction was
finalised on 30 April 2026.
The DKK 500 million share buyback programme initiated
on 2 February 2026 was exercised in full and completed
on 5 May 2026. A DKK 400 million share buyback
programme was initiated the next day as part of the
allocation of profit for 2026. This programme is expected
to be completed no later than 7 August 2026.
initiate a new DKK 400 million share buyback programme,
also as part of the allocation of profit for 2026. This
programme will be launched upon completion of the
current programme and is expected to run until early
October 2026.
On 30 June 2026, a total of 484,400 shares had been
bought back under the programmes, which the overview
below shows.
thus DKK 23,799,150 in nom. DKK 1 shares: see below.
Share capital/
Number of shares
Beginning of 2026
25,391,697
Capital reduction completed
-1,108,147
Number of shares after the capital reduction
24,283,550
Bought under the share buyback programmes
by 30 June 2026:
DKK 500 million completed 5 May 2026
-315,600
DKK 400 million
-168,800
Actual number of shares on 30 June 2026
23,799,150
In addition, share buyback programmes totalling DKK 539
million had not been used by 30 June 2026 and shares
had not been bought for this amount by the end of the
half-year, but the amount had already been deducted
from the bof 30 June 2026.
The Supervisory Diamond
Diamond. The Supervisory Diamond contains four
different benchmarks and associated limit values which
Danish banks are expected to observe.
The Supervisory Diamond benchmarks and limit values
Benchmark
Limit
value
30 June
2026
30 June
2025
31 Dec.
2025
Liquidity benchmark
>100%
212.2%
186.8%
171.6%
Large exposures
<175%
110.6%
117.6%
100.5%
Growth in loans
<20%
13.2%
9.3%
12.0%
Real property exposure
<25%
19.8%
18.8%
19.5%
As shown above, the bank met all four current limit values
by a good margin.
Ring k j ø b i n g Landb o b ank A /S Page 16
Financial rating and ESG rating
Ringkjøbing Landbobank is rated by the international
Ratings).
outlook for both the long-term bank deposits and the
long-term issuer rating.
rates the bank in the environmental, social and
the second-highest
reaffirmed on 23 March 2026 following an update of
Possible future designation as a SIFI
the bank
has in recent years gradually approached the threshold
for SIFI designation.
In June 2026, the Danish Financial Supervisory Authority
notified the bank that it has passed the threshold for SIFI
designation for the first time (calculated on the basis of
year-end 2025 figures). A SIFI designation occurs when
the bank is above the threshold for two consecutive
years.
Accordingly, if the bank is also above the threshold based
on year-end 2026 figures, the bank will be designated a
SIFI in June 2027.
Over recent years, the bank has structured its
organisation and applied costs and resources to prepare
the bank organisationally and capital-wise for a future
SIFI designation.
Expected results for 2026
On 21 January 2026, the bank announced its initial
expectations for 2026, which were net profit in the range
DKK 2.0 - 2.4 billion.
The bank today upwardly adjusted its expectations for
2026 to net profit in the range DKK 2.2 - 2.5 billion.
The upward adjustment is based partly on the continued
growth which means that total income for the year is
expected to develop better than forecast at the beginning
of the year, and partly on continued good credit quality
and a loss and impairment level that has developed
better than originally budgeted for 2026.
The expectations for net profit for 2026 are subject to
uncertainty and depend on developments in the financial
markets and macroeconomic conditions.
Accounting policies
The accounting policies are unchanged relative to those
in the submitted and audited 2025 annual report.
Ring k j ø b i n g Landb o b ank A /S Pa g e 17
Management statement
The board of directors and the general management have today discussed and approved the interim report of Ringkjøbing
Landbobank A/S for the period 1 January to 30 June 2026.
The interim report is drawn up in accordance with statutory requirements, including the provisions of the Danish Financial
Business Act and other Danish disclosure requirements for listed financial companies. We consider the chosen accounting
policies to be appropriate and the estimates made responsible, so that the interim report provides a true and fair view of the
as a description of the most important risks and
uncertainties which can affect the bank.
t
procedures corresponding to those required for a review and have thereby checked that the conditions for ongoing
recognition of the profit for the period in the common equity tier 1 capital have been met.
Ringkøbing, 5 August 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
Ring k j ø b i n g Landb o b ank A /S Page 18
Statements of income and comprehensive income
Note
no.
H1
2026
DKK 1,000
H1
2025
DKK 1,000
Full year
2025
DKK 1,000
1
Interest income
1,688,041
1,693,026
3,296,641
2
Interest expenses
402,078
418,642
772,388
Net interest income
1,285,963
1,274,384
2,524,253
Dividends from shares etc.
55,812
137,282
227,712
3
Fee and commission income
674,822
615,585
1,229,924
3
Fee and commission expenses
53,921
50,901
109,977
Net interest and fee income
1,962,676
1,976,350
3,871,912
4
Value adjustments
+151,359
+108,516
+241,210
Other operating income
39
378
1,298
5,6
Staff and administration expenses
547,251
525,813
1,064,284
Amortisation, depreciation and write-downs on intangible and
tangible assets
16,783
17,468
34,594
Other operating expenses
893
408
408
7,11
Impairment charges for loans and other receivables etc.
+30,629
+24,473
+41,357
Results from investments in associated companies and
subsidiaries
+3,081
0
-56
Profit before tax
1,582,857
1,566,028
3,056,435
8
Tax
389,289
374,872
743,024
Net profit
1,193,568
1,191,156
2,313,411
Other comprehensive income
0
0
0
Total comprehensive income for the period
1,193,568
1,191,156
2,313,411
Ring k j ø b i n g Landb o b ank A /S Page 19
Balance sheet
Note
no.
30 June
2026
DKK 1,000
30 June
2025
DKK 1,000
31 December
2025
DKK 1,000
Assets
Cash in hand and demand deposits with central banks
4,133,641
5,076,503
5,163,919
9
Receivables from credit institutions and central banks
1,709,384
301,767
255,961
10,11,12
Total loans and other receivables at amortised cost
64,855,246
57,306,234
62,553,036
13
Bonds at fair value
8,120,789
7,383,122
7,082,864
14
Shares etc.
1,594,207
1,500,739
1,549,919
Investments in associated companies
470
465
470
Investments in subsidiaries
0
12,080
12,019
15
Assets linked to pooled schemes
8,534,765
7,156,473
7,740,568
16
Intangible assets
963,389
982,898
973,143
Total land and buildings
208,465
217,443
212,510
Investment properties
829
829
829
Domicile properties
187,411
189,041
187,945
Domicile properties (leasing)
20,225
27,573
23,736
Other tangible assets
17,693
16,734
16,098
Current tax assets
0
409,584
69,345
Deferred tax assets
8,840
9,261
3,377
Temporary assets
100
100
100
Other assets
747,669
670,037
654,672
Prepayments
21,658
21,784
20,718
Total assets
90,916,316
81,065,224
86,308,719
Ring k j ø b i n g Landb o b ank A /S Page 20
Balance sheet
Note
no.
30 June
2026
DKK 1,000
30 June
2025
DKK 1,000
31 December
2025
DKK 1,000
Liabilities and equity
17
Debt to credit institutions and central banks
1,163,344
2,997,076
2,658,167
Total deposits and other debt
65,021,778
58,323,280
61,337,515
18
Deposits and other debt
56,487,013
51,166,807
53,596,947
15
Deposits in pooled schemes
8,534,765
7,156,473
7,740,568
19
Issued bonds at amortised cost
8,017,660
5,788,809
6,780,930
Preferred senior capital
2,556,595
1,087,676
2,004,493
Non-preferred senior capital
5,461,065
4,701,133
4,776,437
Current tax liabilities
161,531
0
0
Other liabilities
1,795,386
956,774
813,589
Deferred income
104
57
64
Total debt
76,159,803
68,065,996
71,590,265
11
Provisions for losses on guarantees
58,525
30,752
56,160
11
Other provisions for liabilities
44,812
30,029
36,235
Total provisions for liabilities
103,337
60,781
92,395
Tier 2 capital
3,033,651
1,728,426
3,058,101
20
Total subordinated debt
3,033,651
1,728,426
3,058,101
21
Share capital
24,284
25,392
25,392
Net revaluation reserve under the equity method
119
472
416
Retained earnings
11,595,122
11,184,157
11,235,450
Proposed dividend etc.
-
-
306,700
Total shareholders’ equity
11,619,525
11,210,021
11,567,958
Total liabilities and equity
90,916,316
81,065,224
86,308,719
22
Own shares
23
Contingent liabilities etc.
24
Assets provided as security
Credit risk
25
Loans and guarantees in percent, by sector and industry
26
Loans, guarantees and unutilised credit facilities and credit undertakings by credit quality and IFRS 9 stages
(before impairment and provisions), and impairment charges by stages
27
Miscellaneous information
Ring k j ø b i n g Landb o b ank A /S Page 21
Statement of changes in equity
DKK 1,000
Share
capital
Net revaluation
reserve under the
equity method
Retained
earnings
Proposed
dividend
etc.
Total
shareholders’
equity
At 30 June 2026:
Shareholders’ equity at the end of the previous
financial year
25,392
416
11,235,450
306,700
11,567,958
Comprehensive income
Net profit for the period
-297
1,193,865
1,193,568
Total comprehensive income
0
-297
1,193,865
0
1,193,568
Transactions with shareholders
Reduction of share capital
-1,108
1,108
0
Dividend etc. paid
-306,700
-306,700
Dividend received on own shares
14,686
14,686
Purchase of own shares
-1,430,403
-1,430,403
Sale of own shares
559,968
559,968
Other equity transactions (employee shares)
20,448
20,448
Total transactions with shareholders
-1,108
0
-834,193
-306,700
-1,142,001
Shareholders’ equity on the balance sheet date
24,284
119
11,595,122
0
11,619,525
At 30 June 2025:
Shareholders’ equity at the end of the previous
financial year
26,707
472
10,711,317
295,774
11,034,270
Comprehensive income
Net profit for the period
1,191,156
1,191,156
Total comprehensive income
0
0
1,191,156
0
1,191,156
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
-1,723,803
-1,723,803
Sale of own shares
967,415
967,415
Other equity transactions (employee shares)
20,612
20,612
Total transactions with shareholders
-1,315
0
-718,316
-295,774
-1,015,405
Shareholders’ equity on the balance sheet date
25,392
472
11,184,157
0
11,210,021
At 31 December 2025:
Shareholders’ equity at the end of the previous
financial year
26,707
472
10,711,317
295,774
11,034,270
Comprehensive income
Net profit for the year
-56
2,006,767
306,700
2,313,411
Total comprehensive income
0
-56
2,006,767
306,700
2,313,411
Transactions with shareholders
Reduction of share capital
-1,315
1,315
0
Dividend etc. paid
-295,774
-295,774
Dividend received on own shares
16,145
16,145
Purchase of own shares
-2,957,790
-2,957,790
Sale of own shares
1,421,104
1,421,104
Other equity transactions (employee shares)
36,592
36,592
Total transactions with shareholders
-1,315
0
-1,482,634
-295,774
-1,779,723
Shareholders’ equity on the balance sheet date
25,392
416
11,235,450
306,700
11,567,958
Ring k j ø b i n g Landb o b ank A /S Page 22
Statement of capital
30 June
2026
DKK 1,000
30 June
2025
DKK 1,000
31 December
2025
DKK 1,000
Credit risk
55,353,440
51,719,108
52,537,855
Market risk
1,350,239
1,378,571
1,256,911
Operational risk
4,587,849
4,198,979
4,587,849
Total risk exposure
61,291,528
57,296,658
58,382,615
11,619,525
11,210,021
11,567,958
Proposed dividend etc.
-
-
-306,700
Deduction for expected distributions
-161,017
-512,197
-
Deduction for insufficient coverage of non-performing exposures
-21,815
-19,953
-34,232
Deduction for the sum of equity investments etc. above 10%
0
-72,092
0
Deduction for prudent valuation
-18,817
-16,605
-16,815
Deduction for intangible assets
-963,389
-982,898
-973,143
Deferred tax on intangible assets
4,584
9,892
7,980
Deferred tax on tangible assets etc.
-13,424
-19,153
-11,357
Deduction of amount of share buyback programme
-1,300,000
-1,500,000
-2,000,000
Actual utilisation of amount of share buyback programme
748,230
635,271
1,399,565
Deduction for trading limit for own shares
-15,000
-15,000
-15,000
Deduction for indirect ownership of own shares
-24,952
-33,235
-25,530
Common equity tier 1
9,853,925
8,684,051
9,592,726
Tier 1 capital
9,853,925
8,684,051
9,592,726
Tier 2 capital
3,033,651
1,730,598
3,058,101
Deduction for the sum of equity investments etc. above 10%
0
-29,474
0
Total capital
12,887,576
10,385,175
12,650,827
Non-preferred senior capital
5,536,652
4,785,410
4,854,644
MREL subordinated capital
18,424,228
15,170,585
17,505,471
Recognised contractual senior capital
796,790
528,423
525,444
MREL capital
19,221,018
15,699,008
18,030,915
Common equity tier 1 capital ratio (%)
16.1
15.2
16.4
Tier 1 capital ratio (%)
16.1
15.2
16.4
Total capital ratio (%)
21.0
18.1
21.7
MREL subordination ratio (%)
30.1
26.5
30.0
MREL capital ratio (%)
31.4
27.4
30.9
Pillar I capital requirements
4,903,322
4,583,733
4,670,609
Subordination requirement (%) fixed by the Danish FSA incl. buffers
23.3
23.7
23.7
Excess cover (pp) relative to subordination requirement incl. buffers
6.8
2.8
6.3
MREL requirement (%) fixed by the Danish FSA
19.1
18.9
18.9
Excess cover (pp) relative to MREL requirement
12.3
8.5
12.0
MREL requirement (%) fixed by the Danish FSA including buffers
24.6
24.6
24.6
Excess cover (pp) relative to MREL requirement including buffers
6.8
2.8
6.3
Individual solvency requirement (%)
9.1
8.9
8.9
Capital conservation buffer (%)
2.5
2.5
2.5
Countercyclical buffer (%)
2.3
2.3
2.3
Sector-specific systemic buffer (%)
0.7
0.9
0.9
14.6
14.6
14.6
Excess cover (pp) relative to individual solvency requirement
11.9
9.2
12.8
Excess cover (pp) relative to total requirement for total capital
6.4
3.5
7.1
Ring k j ø b i n g Landb o b ank A /S Page 23
Notes
Note
no.
H1
2026
DKK 1,000
H1
2025
DKK 1,000
Full year
2025
DKK 1,000
1
Interest income
Receivables from credit institutions and central banks
34,684
63,283
102,340
Loans and other receivables
1,522,715
1,531,272
2,977,645
Loans interest on the impaired part of loans
-22,018
-25,375
-48,904
Bonds
105,941
103,948
210,996
Total derivative financial instruments
46,717
19,855
50,679
of which currency contracts net
39,298
8,999
34,202
of which interest-rate contracts net
7,419
10,856
16,477
Other interest income
2
43
3,885
Total interest income
1,688,041
1,693,026
3,296,641
of which interest income from collateralised repurchase agreements/
864
0
0
2
Interest expenses
Debt to credit institutions and central banks
19,986
19,154
35,099
Deposits and other debt
179,573
241,497
414,173
Issued bonds
143,149
115,646
222,885
Subordinated debt
58,488
41,636
91,488
Other interest expenses
882
709
8,743
Total interest expenses
402,078
418,642
772,388
3
Gross fee and commission income
Securities trading
128,286
108,336
209,972
Asset management and custody accounts
151,703
139,796
280,473
Payment handling
108,879
103,845
209,652
Loan fees
51,045
47,388
99,353
Guarantee commission and mortgage credit commission etc.
145,177
143,763
287,293
Pension and insurance commission
64,649
49,315
99,328
Other fees and commission
25,083
23,142
43,853
Total gross fee and commission income
674,822
615,585
1,229,924
Net fee and commission income
Securities trading
120,871
101,047
195,895
Asset management and custody accounts
140,865
129,359
260,717
Payment handling
83,997
80,159
153,404
Loan fees
44,374
41,908
86,944
Guarantee commission and mortgage credit commission etc.
145,177
143,763
287,293
Pension and insurance commission
64,649
49,315
99,328
Other fees and commission
20,968
19,133
36,366
Total net fee and commission income
620,901
564,684
1,119,947
Foreign exchange income
71,523
67,604
131,600
Total net fee, commission and foreign exchange income
692,424
632,288
1,251,547
Ring k j ø b i n g Landb o b ank A /S Page 24
Notes
Note
no.
H1
2026
DKK 1,000
H1
2025
DKK 1,000
Full year
2025
DKK 1,000
4
Value adjustments
Other loans and receivables
5,880
-3,429
-10,478
Bonds
9,888
-3,278
11,418
Shares etc.
68,769
48,761
101,101
Foreign exchange
71,523
67,604
131,600
Total derivative financial instruments
-681
-13,391
4,969
of which currency contracts
2,632
-13,929
-3,853
of which interest-rate contracts
-3,304
539
9,540
of which share contracts
-9
-1
-718
Assets linked to pooled schemes
541,773
-105,082
252,427
Deposits in pooled schemes
-541,773
105,082
-252,427
Issued bonds etc.
-4,627
10,867
1,536
Tier 2 capital
607
1,382
1,064
Total value adjustments
151,359
108,516
241,210
The part of value adjustments relating to the fair value hedging accounts
below is distributed as follows:
Other loans and receivables
-759
-3,151
-10,750
Bonds
2,297
-837
-3,833
Currency contracts
3,020
-14,714
-5,508
Interest-rate contracts
-538
6,453
17,491
Issued bonds etc.
-4,627
10,867
1,536
Tier 2 capital
607
1,382
1,064
Total effect of hedging on profit
0
0
0
5
Staff and administration expenses
Total payments and fees to general management, board of directors and
16,789
15,601
31,986
General management
14,189
13,065
25,190
Board of directors
2,596
2,528
5,706
4
8
1,090
Total staff expenses
313,336
299,068
604,324
Salaries
241,855
229,910
465,946
Pensions
26,443
25,586
51,820
Social security expenses
3,298
3,582
79,613
Costs depending on number of staff
41,740
39,990
6,945
Other administration expenses
217,126
211,144
427,974
Total staff and administration expenses
547,251
525,813
1,064,284
6
Number of full-time employees
Average number of employees during the period converted into full-time
equivalents (FTE)
683
679
683
Number of full-time employees at the end of the period
682
686
688
7
Impairment charges for loans and other receivables etc.
Net changes in impairment charges for loans and other receivables etc.
and provisions for losses on guarantees and unutilised credit facilities
+2,643
194
+1,586
Actual realised net losses
+5,968
708
-9,133
Interest on the impaired part of loans
+22,018
+25,375
+48,904
Total impairment charges for loans and other receivables etc.
+30,629
+24,473
+41,357
Ring k j ø b i n g Landb o b ank A /S Page 25
Notes
Note
no.
H1
2026
DKK 1,000
H1
2025
DKK 1,000
Full year
2025
DKK 1,000
8
Tax
Tax calculated on income for the year
394,116
364,641
727,312
Adjustment of deferred tax
-2,195
10,350
16,235
Adjustment of tax calculated for previous years
-2,632
-119
-523
Total tax
389,289
374,872
743,024
Effective tax rate (%):
Tax rate currently paid by the bank
22.0
22.0
22.0
Factor increase (extra tax imposed on financial undertakings)
4.0
4.0
4.0
Non-taxable income and non-deductible costs*
-1.2
-2.1
-1.7
Adjustment regarding previous years etc.
-0.2
0.0
0.0
Total effective tax rate
24.6
23.9
24.3
* Primarily value adjustment of and dividends from sector shares.
30 June
2026
30 June
2025
31 December
2025
DKK 1,000
DKK 1,000
DKK 1,000
9
Receivables from credit institutions and central banks
On demand
1,709,384
301,767
255,961
Total receivables from credit institutions and central banks
1,709,384
301,767
255,961
10
Loans and other receivables at amortised cost
On demand
10,815,686
11,037,695
10,786,201
Up to and including 3 months
5,160,485
4,480,662
2,489,647
More than 3 months and up to and including 1 year
9,190,680
8,260,147
11,622,286
More than 1 year and up to and including 5 years
19,392,403
15,975,153
17,082,455
More than 5 years
20,295,992
17,552,577
20,572,447
Total loans and other receivables at amortised cost
64,855,246
57,306,234
62,553,036
of which collateralised repurchase agreements/reverse repo transactions
0
0
0
Ring k j ø b i n g Landb o b ank A /S Page 26
Notes
Note
no.
11
Impairment charges for loans and other receivables and provisions for losses on guarantees,
unutilised credit facilities and loan undertakings
Impairment charges and provisions – by stages
Stage 1
Stage 2
Stage 3
Total
DKK 1,000
DKK 1,000
DKK 1,000
DKK 1,000
At 30 June 2026
Loans and other receivables at amortised cost
546,015
1,123,740
597,226
2,266,981
Guarantees
22,679
16,602
19,244
58,525
Unutilised credit facilities and loan undertakings
26,914
17,898
0
44,812
Total impairment charges and provisions by stages
595,608
1,158,240
616,470
2,370,318
of which management estimates
415,449
495,903
145,900
1,057,252
At 30 June 2025
Loans and other receivables at amortised cost
442,444
1,104,657
766,859
2,313,960
Guarantees
7,738
8,918
14,096
30,752
Unutilised credit facilities and loan undertakings
14,337
15,692
0
30,029
Total impairment charges and provisions by stages
464,519
1,129,267
780,955
2,374,741
of which management estimates
292,049
499,395
209,692
1,001,136
At 31 December 2025
Loans and other receivables at amortised cost
493,514
1,079,488
707,564
2,280,566
Guarantees
20,804
14,318
21,038
56,160
Unutilised credit facilities and loan undertakings
24,273
11,962
0
36,235
Total impairment charges and provisions by stages
538,591
1,105,768
728,602
2,372,961
of which management estimates
373,772
468,230
199,568
1,041,570
30 June
2026
30 June
2025
31 December
2025
DKK 1,000
DKK 1,000
DKK 1,000
The above includes the following stage 3 impairment charges and provisions
taken over from Nordjyske Bank:
Cumulative stage 3 impairment charges and provisions at the end of the
previous financial year
59,680
73,637
73,637
Change during the period
-3,457
-4,210
-13,957
Total stage 3 impairment charges and provisions taken over
56,223
69,427
59,680
Ring k j ø b i n g Landb o b ank A /S Page 27
Notes
Note
no.
11
Impairment charges for loans and other receivables and provisions for losses on guarantees,
unutilised credit facilities and loan undertakings – continued
Impairment charges and provisions
Impairment
charges etc.
taken to
income
statement
Stage 1
Stage 2
Stage 3
Total
DKK 1,000
DKK 1,000
DKK 1,000
DKK 1,000
DKK 1,000
At 30 June 2026
Impairment charges and provisions at the end
of the previous financial year
538,591
1,105,768
728,602
2,372,961
-
Impairment charges and provisions for new
exposures during the period, including new
accounts for existing customers
118,859
62,544
52,253
233,656
233,656
Reversed impairment charges and provisions
for repaid accounts
-91,105
-84,966
-61,290
-237,361
-237,361
Migration of impairment charges and
provisions at beginning of period to stage 1
191,786
-186,739
-5,047
0
-
Migration of impairment charges and
provisions at beginning of period to stage 2
-13,394
55,508
-42,114
0
-
Migration of impairment charges and
provisions at beginning of period to stage 3
-2,342
-21,365
23,707
0
-
Impairment charges and provisions during the
year resulting from credit risk change
-146,787
227,490
-68,916
11,787
11,787
Previously written down, now definitively lost
-
-
-10,725
-10,725
-
Lost, not previously written down
-
-
-
-
3,474
Received on claims previously written off
-
-
-
-
-20,167
Interest on the impaired part of loans
-
-
-
-
-22,018
Total impairment charges and provisions
595,608
1,158,240
616,470
2,370,318
-30,629
of which regarding credit institutions etc.
1,168
0
0
1,168
291
At 30 June 2025
Impairment charges and provisions at the end
of the previous financial year
463,388
1,177,521
733,637
2,374,546
-
Impairment charges and provisions for new
exposures during the period, including new
accounts for existing customers
78,823
96,484
54,047
229,354
229,354
Reversed impairment charges and provisions
for repaid accounts
-64,102
-190,471
-54,731
-309,304
-309,304
Migration of impairment charges and
provisions at beginning of period to stage 1
166,380
-158,185
-8,195
0
-
Migration of impairment charges and
provisions at beginning of period to stage 2
-17,976
33,725
-15,749
0
-
Migration of impairment charges and
provisions at beginning of period to stage 3
-777
-32,278
33,055
0
-
Impairment charges and provisions during the
year resulting from credit risk change
-161,217
202,471
47,042
88,296
88,296
Previously written down, now definitively lost
-
-
-8,151
-8,151
-
Lost, not previously written down
-
-
-
-
2,842
Received on claims previously written off
-
-
-
-
-10,286
Interest on the impaired part of loans
-
-
-
-
-25,375
Total impairment charges and provisions
464,519
1,129,267
780,955
2,374,741
-24,473
of which regarding credit institutions etc.
1,142
0
0
1,142
569
Ring k j ø b i n g Landb o b ank A /S Page 28
Notes
Note
no.
11
Impairment charges for loans and other receivables and provisions for losses on guarantees,
unutilised credit facilities and loan undertakings – continued
Impairment charges and provisions – continued
Impairment
charges etc.
taken to
income
statement
Stage 1
Stage 2
Stage 3
Total
DKK 1,000
DKK 1,000
DKK 1,000
DKK 1,000
DKK 1,000
At 31 December 2025
Impairment charges and provisions at the end
of the previous financial year
463,388
1,177,521
733,637
2,374,546
-
Impairment charges and provisions for new
exposures during the period, including new
accounts for existing customers
209,052
147,059
139,028
495,139
495,139
Reversed impairment charges and provisions
for repaid accounts
-118,567
-312,915
-93,607
-525,089
-525,089
Migration of impairment charges and
provisions at beginning of period to stage 1
262,590
-253,259
-9,331
0
-
Migration of impairment charges and
provisions at beginning of period to stage 2
-24,023
80,288
-56,265
0
-
Migration of impairment charges and
provisions at beginning of period to stage 3
-902
-39,706
40,608
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
30 June
2026
DKK 1,000
30 June
2025
DKK 1,000
31 December
2025
DKK 1,000
12
Suspended interest
Loans and other receivables with suspended interest on the balance sheet
date
127,700
168,740
132,070
13
Bonds at fair value
Government bonds
31,980
0
0
Mortgage credit bonds
6,053,963
5,355,698
5,047,253
Other bonds
2,034,846
2,027,424
2,035,611
Total bonds at fair value
8,120,789
7,383,122
7,082,864
Bonds at fair value by rating classes
Percent
Percent
Percent
Aaa/AAA
73
73
70
Aa3/AA-
2
-
-
A1/A+
6
2
2
A2/A
0
4
0
A3/A-
1
1
1
Baa1/BBB+
1
0
0
Baa2/BBB
1
2
1
Baa3/BBB-
0
0
1
Not rated
16
18
25
Total
100
100
100
has
more than one rating, the lowest is used.
Ring k j ø b i n g Landb o b ank A /S Page 29
Notes
Note
no.
30 June
2026
DKK 1,000
30 June
2025
DKK 1,000
31 December
2025
DKK 1,000
14
Shares etc.
Listed on the stock exchange
99,670
67,934
93,566
Investment fund certificates
3,942
3,004
1,553
Unlisted shares at fair value
9,840
8,985
8,628
Sector shares at fair value
1,480,755
1,420,816
1,446,172
Total shares etc.
1,594,207
1,500,739
1,549,919
15
Assets linked to pooled schemes
Cash deposits
24,619
20,279
46,667
Bonds:
Other bonds
1,382,512
1,612,866
1,370,300
Total bonds
1,382,512
1,612,866
1,370,300
Shares:
Other shares
556,207
317,623
526,238
Investment fund certificates
6,603,280
5,237,650
5,797,363
Total shares
7,159,487
5,555,273
6,323,601
Other items
-31,853
-31,945
0
Total assets linked to pooled schemes
8,534,765
7,156,473
7,740,568
16
Intangible assets
Goodwill
Cost at the end of the previous financial year
923,255
923,255
923,255
Total cost on the balance sheet date
923,255
923,255
923,255
Total goodwill on the balance sheet date
923,255
923,255
923,255
Customer relationships
Cost at the end of the previous financial year
195,088
195,088
195,088
Total cost on the balance sheet date
195,088
195,088
195,088
Amortisation at the end of the previous financial year
145,200
125,691
125,691
Amortisation for the period
9,754
9,754
19,509
Total amortisation on the balance sheet date
154,954
135,445
145,200
Total customer relationships on the balance sheet date
40,134
59,643
49,888
Total intangible assets on the balance sheet date
963,389
982,898
973,143
17
Debt to credit institutions and central banks
On demand
22,666
855,654
946,761
Up to and including 3 months
373,717
759,152
1,066
More than 3 months and up to and including 1 year
406,698
751,047
1,120,343
More than 1 year and up to and including 5 years
79,808
320,064
294,125
More than 5 years
280,455
311,159
295,872
Total debt to credit institutions and central banks
1,163,344
2,997,076
2,658,167
Ring k j ø b i n g Landb o b ank A /S Page 30
Notes
Note
no.
30 June
2026
DKK 1,000
30 June
2025
DKK 1,000
31 December
2025
DKK 1,000
18
Deposits and other debt
On demand*
40,687,164
37,316,593
39,530,804
Deposits and other debt with notice:
Up to and including 3 months
6,791,062
4,886,433
5,283,875
More than 3 months and up to and including 1 year
3,384,159
4,559,065
3,913,089
More than 1 year and up to and including 5 years
2,524,237
1,010,016
1,718,650
More than 5 years
3,100,391
3,394,700
3,150,529
Total deposits and other debt
56,487,013
51,166,807
53,596,947
of which deposits covered by the Guarantee Fund
52.2%
54.5%
53.7%
Distributed as follows:
On demand
40,217,592
36,900,370
40,165,920
With notice
4,176,705
4,692,607
4,414,869
Time deposits
4,872,572
3,549,601
3,535,742
Long-term deposit agreements
2,763,580
1,783,212
2,224,422
Special types of deposits*
4,456,564
4,241,017
3,255,994
Total deposits and other debt
56,487,013
51,166,807
53,596,947
19
Issued bonds at amortised cost
More than 3 months and up to and including 1 year
0
222,039
223,596
More than 1 year and up to and including 5 years
7,141,443
4,886,389
5,870,315
More than 5 years
876,217
680,381
687,019
Total issued bonds at amortised cost
8,017,660
5,788,809
6,780,930
Distributed as follows:
Preferred senior capital
2,563,356
1,098,881
2,012,939
Adjustment to amortised cost and fair value adjustment
-6,761
-11,205
-8,446
Total preferred senior capital
2,556,595
1,087,676
2,004,493
Non-preferred senior capital
5,537,725
4,787,087
4,856,097
Adjustment to amortised cost and fair value adjustment
-76,660
-85,954
-79,660
Total non-preferred senior capital
5,461,065
4,701,133
4,776,437
Total issued bonds at amortised cost
8,017,660
5,788,809
6,780,930
20
Subordinated debt
Tier 2 capital:
Floating-rate loan, principal of DKK 500 million,
maturity date 12 January 2032
500,000
500,000
500,000
Floating-rate loan, principal of DKK 500 million,
maturity date 1 September 2033
500,000
500,000
500,000
Floating-rate loan, principal of DKK 500 million,
maturity date 22 January 2035
500,000
500,000
500,000
Floating-rate loan, principal of SEK 350 million,
maturity date 1 April 2035
235,807
234,269
241,657
Floating-rate loan, principal of SEK 660 million,
maturity date 8 July 2035
444,665
-
455,697
Floating-rate loan, principal of EUR 70 million,
maturity date 4 February 2036
523,205
-
522,827
Floating-rate loan, principal of SEK 500 million,
maturity date 4 February 2036
336,868
-
345,225
Adjustment to amortised cost and fair value adjustment
-6,894
-5,843
-7,305
Total subordinated debt
3,033,651
1,728,426
3,058,101
Ring k j ø b i n g Landb o b ank A /S Page 31
Notes
Note
no.
30 June
2026
DKK 1,000
30 June
2025
DKK 1,000
31 December
2025
DKK 1,000
21
Share capital
Number of DKK 1 shares
Beginning of period
25,391,697
26,706,739
26,706,739
Cancelled during the period
-1,108,147
-1,315,042
-1,315,042
End of period
24,283,550
25,391,697
25,391,697
of which reserved for subsequent cancellation
475,900
514,400
1,043,977
Total share capital
24,284
25,392
25,392
22
Own shares
Own shares included in the balance sheet at
0
0
0
Market value
737,645
713,987
1,605,637
Number of own shares:
Beginning of period
1,043,977
1,231,237
1,231,237
Purchased during the period
907,732
1,201,503
2,056,087
Sold during the period
-367,662
-603,298
-928,305
Cancelled during the period
-1,108,147
-1,315,042
-1,315,042
End of period
475,900
514,400
1,043,977
of which reserved for subsequent cancellation
475,900
514,400
1,043,977
Nominal value of holding of own shares, end of period
476
514
1,044
2.0
2.0
4.1
23
Contingent liabilities etc.
Contingent liabilities
Financial guarantees
5,084,611
4,071,530
4,502,057
Guarantees against losses on mortgage credit loans
1,155,054
1,262,773
1,223,403
Registration and refinancing guarantees
1,848,014
2,148,086
2,451,479
Sector guarantees
94,676
108,764
94,676
Other contingent liabilities
493,811
502,283
438,557
Total contingent liabilities
8,676,166
8,093,436
8,710,172
Other contractual obligations
Irrevocable credit undertakings etc.
181,345
145,173
168,838
Total other contractual obligations
181,345
145,173
168,838
24
Assets provided as security
First-mortgage loans are provided for renewable energy projects. The
loans are funded directly by KfW Bankengruppe, to which security in the
associated loans has been provided. Each reduction of the first-mortgage
loans is deducted directly from the funding at KfW Bankengruppe.
The balance sheet item is
393,244
649,232
591,064
Collateral under CSA agreements etc.
58,839
159,621
76,245
Ring k j ø b i n g Landb o b ank A /S Page 32
Notes
Note
no.
25
Loans and guarantees by sector and industry
30 June
2026
30 June
2025
31 December
2025
DKK million
%
DKK million
%
DKK million
%
Public authorities
7.4
0.0
7.9
0.0
10.0
0.0
Business customers:
Agriculture, hunting and forestry
Cattle farming etc.
518.0
0.7
547.8
0.8
502.2
0.7
Pig farming etc.
734.4
1.0
738.2
1.1
695.9
1.0
Crop farming
2,962.0
4.0
2,720.8
4.2
2,985.9
4.2
Other agriculture, hunting and forestry
1,056.4
1.4
806.9
1.2
906.7
1.3
Fisheries
671.6
0.9
695.8
1.1
645.4
0.9
Industry and raw materials extraction
3,263.3
4.4
2,893.7
4.4
3,227.1
4.5
Energy supply
Renewable energy
4,719.8
6.4
4,080.8
6.3
4,855.4
6.8
Other energy supply
451.4
0.6
372.8
0.6
261.8
0.4
Building and construction
1,169.2
1.6
978.0
1.5
1,131.5
1.6
Trade
2,601.0
3.5
2,397.9
3.7
2,522.2
3.5
Transport, hotels and restaurants
1,328.4
1.8
1,143.4
1.8
1,266.2
1.8
Information and communication
474.5
0.7
353.5
0.5
489.7
0.7
Finance and insurance
9,890.6
13.5
9,375.9
14.3
9,089.9
12.8
Real property
Real property financing without prior creditors
11,717.8
16.0
9,154.4
14.0
10,962.2
15.4
Other real property financing
2,848.6
3.9
3,151.2
4.8
2,892.1
4.1
Other business customers
3,814.3
5.2
3,228.8
4.9
3,865.8
5.4
Total business customers
48,221.3
65.6
42,639.9
65.2
46,300.0
65.1
37,074.0
50.5
33,655.2
51.5
35,761.8
50.2
Private individuals
25,244.2
34.4
22,721.1
34.8
24,897.0
34.9
Total
73,472.9
100.0
65,368.9
100.0
71,207.0
100.0
Ring k j ø b i n g Landb o b ank A /S Page 33
Notes
Note
no.
26
Loans, guarantees and unutilised credit facilities and credit undertakings by credit quality and IFRS 9
stages (before impairment and provisions), and impairment charges by stages
Stage 1
Stage 2
Stage 3
Credit-impaired
on initial
recognition
Total
Total
DKK 1,000
DKK 1,000
DKK 1,000
DKK 1,000
DKK 1,000
%
At 30 June 2026
Credit quality*
High
82,220,108
75,529
0
0
82,295,637
78.4
Medium
14,085,489
2,242,162
0
0
16,327,651
15.6
Low
875,902
4,285,193
0
0
5,161,095
4.9
Credit-impaired
-
-
1,059,209
80,507
1,139,716
1.1
Total
97,181,499
6,602,884
1,059,209
80,507
104,924,099
100.0
Percent
92.6
6.3
1.0
0.1
100.0
of which loans
60,679,035
5,388,177
977,540
77,475
67,122,227
Percent
90.4
8.0
1.5
0.1
100.0
Impairment charges etc.
Individual
843,550
35.6
Model-calculated
469,516
19.8
Management estimates
1,057,252
44.6
Total
595,608
1,158,240
560,247
56,223
2,370,318
100.0
At 30 June 2025
Credit quality*
High
70,374,135
106,388
0
0
70,480,523
76.3
Medium
11,754,970
2,760,714
0
0
14,515,684
15.7
Low
1,585,224
4,377,729
0
0
5,962,953
6.5
Credit-impaired
-
-
1,255,100
119,059
1,374,159
1.5
Total
83,714,329
7,244,831
1,255,100
119,059
92,333,319
100.0
Percent
90.7
7.8
1.4
0.1
100.0
of which loans
52,687,233
5,702,751
1,115,776
114,435
59,620,195
Percent
88.4
9.5
1.9
0.2
100.0
Impairment charges etc.
Individual
851,109
35.8
Model-calculated
522,496
22.0
Management estimates
1,001,136
42.2
Total
464,519
1,129,267
711,528
69,427
2,374,741
100.0
At 31 December 2025
Credit quality*
High
77,717,595
80,542
0
0
77,798,137
78.7
Medium
11,655,883
2,298,948
0
0
13,954,831
14.1
Low
1,286,632
4,744,823
0
0
6,031,455
6.1
Credit-impaired
-
-
1,021,184
88,501
1,109,685
1.1
Total
90,660,110
7,124,313
1,021,184
88,501
98,894,108
100.0
Percent
91.7
7.2
1.0
0.1
100.0
of which loans
57,864,896
5,942,063
941,787
84,856
64,833,602
Percent
89.2
9.2
1.4
0.1
100.0
Impairment charges etc.
Individual
834,198
35.2
Model-calculated
497,193
21.0
Management estimates
1,041,570
43.8
Total
538,591
1,105,768
668,922
59,680
2,372,961
100.0
Ring k j ø b i n g Landb o b ank A /S Page 34
Notes
Note
no.
26
Loans, guarantees and unutilised credit facilities and credit undertakings by credit quality and IFRS 9
stages (before impairment and provisions), and impairment charges by stages – continued
rule,
high credit quality can be viewed as FSA rating classes 3 and 2a, medium credit quality as the best part of FSA rating class 2b,
while low credit quality covers the rest of FSA rating classes 2b and 2c as well as the customers with objective evidence of
impairment where losses are not expected in the most probable scenario. Credit-impaired exposures are those where losses are
expected in the most probable scenario and which are thus placed in either stage 3 or credit-impaired on initial recognition.
The bank applies internal models to assess the credit quality of its exposures. The models used for retail customers and small
range of behavioural data. The models applied to larger corporate customers are primarily based on information regarding the
During the second quarter of 2026, the bank implemented a new statistical model for the assessment of retail and corporate
customers for whom updated financial information is not available. The implementation of this model resulted in a minor shift in
the b
Consequently, the proportion of exposures classified as medium credit quality increased from 14.8% in the first quarter of 2026 to
15.6% in the second quarter of 2026.
27
Miscellaneous information
The cost/income ratio on page 7 and core earnings and net profit per DKK 1 share on page 9
Landbobank up to and including 2017, pro forma for 2018 (as if the merger had taken effect on 1 January 2018) and for the
merged bank from 2019.
30 June
2026
30 June
2025
31 December
2025
Basis of calculation, number of shares
23,807,650
24,877,297
24,347,720
Ring k j ø b i n g Landb o b ank A /S Page 35
Key figures
H1
2026
H1
2025
Full year
2025
Summary of income statement (DKK million)
Net interest income
1,286
1,274
2,524
Dividends from shares etc.
56
137
228
Net fee and commission income
621
565
1,120
Net interest and fee income
1,963
1,976
3,872
Value adjustments
+151
+109
+241
Other operating income
0
0
1
Staff and administration expenses
547
526
1,064
Amortisation, depreciation and write-downs on intangible and tangible assets
17
17
35
Other operating expenses
1
0
0
Impairment charges for loans and receivables etc.
+31
+24
+41
Results from investments in associated companies and subsidiaries
+3
0
0
Profit before tax
1,583
1,566
3,056
Tax
389
375
743
Net profit
1,194
1,191
2,313
30 June
2026
30 June
2025
31 December
2025
Balance sheet key figures (DKK million)
Loans and other receivables at amortised cost
64,855
57,306
62,553
Deposits and other debt including pooled schemes
65,022
58,323
61,338
Subordinated debt
3,034
1,728
3,058
Equity
11,620
11,210
11,568
Balance sheet total
90,916
81,065
86,309
Ring k j ø b i n g Landb o b ank A /S Page 36
30 June
2026
30 June
2025
31 December
2025
Capital ratios:
Tier 1 capital ratio
%
16.1
15.2
16.4
Total capital ratio
%
21.0
18.1
21.7
MREL subordination ratio
%
30.1
26.5
30.0
MREL capital ratio
%
31.4
27.4
30.9
Earnings:
Return on equity before tax
%
13.7
14.1
27.0
Return on equity after tax
%
10.3
10.7
20.5
Return on tangible equity after tax (ROTE)
%
11.2
11.8
22.4
Income/cost ratio
DKK
3.96
4.02
3.89
Cost/income ratio
%
26.2
25.6
26.4
Return on assets
%
1.3
1.5
2.7
Market risk:
Interest rate risk
%
0.7
0.8
0.6
Foreign exchange position
%
0.2
2.1
2.8
Foreign exchange risk
%
0.1
0.1
0.1
Liquidity risk:
Liquidity Coverage Ratio (LCR)
%
212.2
208.7
180.3
Net Stable Funding Ratio (NSFR)
%
117.5
119.7
114.4
Loans and impairments thereon relative to deposits
%
103.2
102.2
105.7
Credit risk:
5.6
5.1
5.4
Growth in loans
%
3.7
2.6
12.0
Total large exposures (<175%)
%
110.6
117.6
100.5
Cumulative impairment ratio
%
3.1
3.5
3.2
Impairment ratio
%
-0.04
-0.04
-0.06
Proportion of receivables at reduced interest
%
0.2
0.2
0.2
Share return:
Earnings per share
1/3
DKK
4,957
4,616
9,286
Book value per share
1/2
DKK
48,806
45,061
47,511
Dividend per share
1
DKK
0
0
1,200
Market price relative to earnings per share
1/3
31.3
30.1
16.6
Market price relative to book value per share
1/2
3.2
3.1
3.2
1
Calculated on the basis of a denomination of DKK 100 per share.
2
Calculated on the basis of number of shares in circulation at the end of the period.
3
Calculated on the basis of the average number of shares. The average number of shares is calculated as a simple average of the shares at
the beginning and the end of the period.
Ring k j ø b i n g Landb o b ank A /S Page 37
Ring k j ø b i n g Landb o b ank A /S Page 38
Ringkjøbing Landbobank A/S
Torvet 1
6950 Ringkøbing, Denmark
Phone: +45 9732 1166
Email: post@rlb.dk
Web: www.rlb.dk/en
CVR no.: 37536814