Ringkjøbing Landbobank A/S Page 0
I N T E R I M R E P O R T
F O R T H E F I R S T T H R E E
Q U A R T E R S O F 2 0 2 6
Ringkjøbing Landbobank A/S Page 1
Interim report highlights
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
24 Notes
36 Key figures
37 The Danish FSA’s official key figures/ratios etc. for Danish banks
38 The bank’s branches
Ringkjøbing Landbobank A/S Page 2
Interim report highlights
• The net profit is DKK 617 million for the third quarter, equivalent to a 23% p.a. return on equity
• Earnings per share increase compared to 2025, by 15% for the third quarter and by 8% for the first three quarters
• Core income is DKK 1,099 million in the quarter, a 12% increase compared to 2025
• Costs in the quarter increase by 4% compared to the third quarter of 2025. The cost/income ratio is 25.4%
• DKK 2 million impairment reversal in Q3, marking 19 consecutive quarters of near-zero charges or reversals
• Very satisfactory customer growth, with credit intermediation up 12% p.a. and deposits up 14% p.a.
• New DKK 400 million share buyback programme initiated in early October
•
• The ESG rating with MSCI was raised to AAA
• The expected net profit is revised to the upper part of the DKK 2.22.5 billion range
Key figures for the bank (DKK million)
Q3
2026
Q3
2025
Q1-Q3
2026
Q1-Q3
2025
2025
2024
2023
2022
Total core income
1,099
983
3,219
3,073
4,089
4,068
3,828
2,862
Total expenses and depreciation
262
253
818
787
1,080
1,044
963
891
Core earnings before impairment charges
837
730
2,401
2,286
3,009
3,024
2,865
1,971
Impairment charges for loans etc.
+2
+11
+33
+35
+41
+3
-1
-2
Core earnings
839
741
2,434
2,321
3,050
3,027
2,864
1,969
Result for the portfolio etc.
-12
+9
-14
+5
+26
+62
-7
-69
Amortisation and write-downs on
intangible assets
5
5
15
15
20
20
20
20
Tax
205
183
594
558
743
768
682
385
Net profit
617
562
1,811
1,753
2,313
2,301
2,155
1,495
Equity
11,759
11,394
11,568
11,034
10,451
9,295
Deposits including pooled schemes
67,403
59,371
61,338
56,652
52,626
48,700
Loans
67,285
57,910
62,553
55,837
50,881
48,342
Balance sheet total
95,222
82,274
86,309
78,633
73,520
68,980
Guarantees
8,297
8,535
8,710
7,198
6,465
7,570
Financial ratios for the bank (percent)
Net profit/average equity
5.3
5.0
20.7
20.8
20.5
21.4
21.8
16.6
Net profit/average tangible equity
5.8
5.4
22.6
22.8
22.4
23.6
24.4
18.8
Cost/income ratio
25.4
25.6
26.4
25.7
25.2
31.1
Common equity tier 1 capital ratio
15.7
16.0
16.4
16.6
18.9
17.4
Total capital ratio
22.1
20.7
21.7
19.8
23.0
21.6
MREL capital ratio
35.7
30.7
33.0
28.8
28.9
28.9
Key figures per DKK 1 share (DKK)
Core earnings
35.7
30.1
103.4
94.3
125.3
118.8
107.1
71.5
Net profit
26.2
22.8
76.9
71.2
95.0
90.3
80.6
54.3
Book value
499.6
462.9
475.1
433.1
391.0
337.3
Share price, end of period
1,832.0
1,474.0
1,538.0
1,204.0
991.5
948.0
Key figures and ratios
Ringkjøbing Landbobank A/S Page 3
Core earnings
Note
no.
Q1-Q3
2026
DKK 1,000
Q1-Q3
2025
DKK 1,000
Full year
2025
DKK 1,000
Net interest income
2,011,957
1,914,291
2,543,445
3
Net fee and commission income
920,326
829,146
1,119,947
Income from sector shares etc.
185,368
234,326
292,444
3
Foreign exchange income
101,081
94,969
131,600
Other operating income
115
515
1,298
Total core income
3,218,847
3,073,247
4,088,734
5,6
Staff and administration expenses
804,689
775,779
1,064,284
Depreciation and write-downs on tangible assets
11,193
11,094
15,085
Other operating expenses
1,786
408
408
Total expenses etc.
817,668
787,281
1,079,777
Core earnings before impairment charges for loans
2,401,179
2,285,966
3,008,957
7
Impairment charges for loans and other receivables etc.
+33,148
+34,679
+41,357
Core earnings
2,434,327
2,320,645
3,050,314
Result for the portfolio etc.
-14,780
+4,981
+25,630
Amortisation and write-downs on intangible assets
14,632
14,632
19,509
Profit before tax
2,404,915
2,310,994
3,056,435
8
Tax
593,898
558,300
743,024
Net profit
1,811,017
1,752,694
2,313,411
Ringkjøbing Landbobank A/S Page 4
Quarterly overviews
The following pages contain quarterly overviews including core earnings, net profit, balance sheet items and contingent liabilities, and statement of capital.
Core earnings
(DKK million)
Q3
2026
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
706
666
640
629
633
643
638
656
678
677
691
717
686
652
561
511
410
390
366
Net fee and commission income
300
308
313
291
264
273
292
264
256
249
259
245
233
231
227
224
239
237
248
Income from sector shares etc.
63
61
61
59
58
86
90
58
58
61
67
60
47
45
41
46
38
41
44
Foreign exchange income
30
36
35
37
27
32
36
23
20
21
23
20
18
19
20
17
18
16
15
Other operating income
0
0
0
0
1
0
0
0
4
3
0
1
5
0
0
1
0
0
1
Total core income
1,099
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
257
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
4
3
4
3
4
4
5
14
3
3
5
3
3
3
5
3
4
1
Other operating expenses
1
1
0
1
0
0
0
3
2
3
3
2
3
3
2
2
2
1
2
Total expenses etc.
262
289
267
293
253
275
259
283
253
261
247
255
237
244
227
236
219
226
210
Core earnings before impairment charges
837
782
782
723
730
759
797
718
763
750
793
788
752
703
622
563
486
458
464
Impairment charges for loans etc.
+2
+15
+16
+6
+11
0
+24
+1
+1
+1
0
0
0
0
-1
0
0
-1
-1
Core earnings
839
797
798
729
741
759
821
719
764
751
793
788
752
703
621
563
486
457
463
Result for the portfolio etc.
-12
+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
5
Profit before tax
822
808
775
745
745
756
810
720
785
753
811
812
739
691
595
569
420
442
449
Tax
205
199
190
185
183
181
194
189
196
188
195
198
178
166
140
110
91
94
90
Net profit
617
609
585
560
562
575
616
531
589
565
616
614
561
525
455
459
329
348
359
Ringkjøbing Landbobank A/S Page 5
Quarterly overviews
Balance sheet items and contingent liabilities
(DKK million)
End of
Q3
2026
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
67,285
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
67,403
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
11,759
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
95,222
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
8,297
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
9,959
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
9,959
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
13,970
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
19,559
18,424
18,100
17,505
16,558
15,171
15,391
15,295
13,606
13,670
12,932
-
-
-
-
-
-
-
-
MREL capital
22,572
20,988
20,804
19,294
17,437
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
63,307
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
15.7
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
15.7
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
22.1
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
30.9
30.1
29.8
30.0
29.2
26.5
27.8
27.7
26.1
26.8
26.0
-
-
-
-
-
-
-
-
MREL capital
35.7
34.2
34.3
33.0
30.7
27.4
28.5
28.8
27.2
28.0
27.1
28.9
27.7
27.5
28.5
28.9
27.3
28.1
27.7
Ringkjøbing Landbobank A/S Page 6
Core earnings
Core income
Interest
Net interest income was DKK 2,012 million in the first
three quarters of 2026, compared to DKK 1,914 million in
2025.
Net interest income
(DKK million)
Q1-Q3
2026
Q1-Q3
2025
2025
Net interest income
2,012
1,914
2,543
The expectation at the beginning of the year was that, in
the course of 2026, net interest income per day would
increase compared to net interest income per day in the
fourth quarter of 2025.
Over the last four quarters, net interest income was DKK
629 million in the fourth quarter of 2025, DKK 640 million
in the first quarter of 2026, DKK 666 million in the second
quarter of 2026 and finally DKK 706 million in the third
quarter of 2026. The expected increase in daily net
interest income has thus been achieved.
The development is primarily attributable to the
increasing loan and deposit figures, but also to a small
quarter of 2026.
The loan portfolio increased by 16.2% compared to the
end of September 2025, and from the beginning of 2026
there was an increase of 7.6% in loans.
The growth in loans for the year was broadly based and
relates to growth in both niches and retail. The growth in
the past quarter relates mainly to the niches and private
banking.
Comments on the development in total credit
intermediation are provided on page 13.
Fee, commission and foreign exchange income
Fee, commission and foreign exchange income totalled
DKK 1,022 million in the first nine months of 2026,
compared to DKK 924 million in the same period in 2025,
equivalent to an increase of 11%. The bank considers this
increase very satisfactory.
Net fee, commission and foreign exchange income
(DKK million)
Q1-Q3
2026
Q1-Q3
2025
2025
Securities trading
165
140
196
Asset management and custody
accounts
215
193
261
Payment handling
130
116
154
Loan fees
66
64
87
Guarantee and mortgage credit
commission etc.
221
216
287
Pension and insurance commission
93
73
99
Other fees and commission
31
27
36
Foreign exchange income
101
95
132
Total
1,022
924
1,252
focus on private banking and other asset management.
Total income from these three items amounted to DKK
481 million in the first three quarters of 2026, compared
to DKK 428 million in 2025, an increase of 13%. The
increasing income was driven in part by increasing assets
in custody accounts etc.
Assets in custody accounts etc.
(DKK million)
30 Sep.
2026
30 Sep.
2025
31 Dec.
2025
Custody account holdings
101,207
91,915
95,128
Deposits in pooled schemes
8,805
7,417
7,741
Letpension/PFA Pension
8,589
6,650
7,185
Total
118,601
105,982
110,054
million in the first three quarters of 2026, compared to
DKK 116 million in 2025. The increase was thus 11%.
marginally higher than this income in 2025.
first three quarters of 2026, compared to DKK 216 million
the year before.
of a new partner agreement between Letpension and PFA
Pension entered into in 2026 resulted in higher income
from this source in the first three quarters of the year, up
from DKK 73 million in 2025 to DKK 93 million in 2026, an
increase of 29%.
Ringkjøbing Landbobank A/S Page 7
Sector shares and other operating income
Earnings from banking sector shares totalled DKK 185
million in the first nine months of the year, compared to
DKK 234 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. Adjusted for this
item, earnings for the period were DKK 16 million higher
than in 2025.
Sector shares and other operating income
(DKK million)
Q1-Q3
2026
Q1-Q3
2025
2025
Sector shares
185
234
293
Other operating income
0
1
1
Core income
Total core income was DKK 3,219 million in the first three
quarters of 2026 compared to DKK 3,073 million in 2025.
Adjusted for the one-off income of DKK 65 million from
sector shares in 2025, the increase was 7% compared to
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 818 million in the
first three quarters of 2026, compared to a total of DKK
787 million in 2025, an increase of 4%.
Expenses, depreciation and write-downs
(DKK million)
Q1-Q3
2026
Q1-Q3
2025
2025
Staff and management expenses
481
465
636
IT and other administration expenses
324
311
428
Depreciation and write-downs,
tangible assets
11
11
15
Other operating expenses
2
0
1
Total
818
787
1,080
The cost increase of DKK 31 million net reflects both
higher staff costs and higher IT and administration
expenses.
The rate of increase for costs is expected to remain
unchanged at approximately 4% for the full year 2026
relative to 2025.
The cost/income ratio was 25.4% in the first nine months
of the year, which is marginally lower than the 25.6% in
the same period in 2025.
A low cost/income ratio combined with good credit
quality is the foundation
This combination provides a high free cash flow and a
robust earnings buffer.
Ringkjøbing Landbobank A/S Page 8
Impairment charges for loans etc.
amounted to
income of DKK 2 million in the third quarter of 2026 and
income of DKK 33 million in the first nine months of the
year. The bank has thus realised net losses and net
impairment charges of around zero or better in nineteen
quarters in a row.
Impairment charges for loans etc.
(DKK million)
Q1-Q3
2026
Q1-Q3
2025
2025
Impairment charges for loans etc.
+33
+35
+41
increased marginally in 2026, from DKK 2,373 million at
the end of 2025 to DKK 2,378 million at the end of the
third quarter of 2026. The positive development
rst half of
2026 thus continued throughout the third quarter of 2026.
a very strong labour market with low unemployment and
subdued but still robust real property market. However,
the bank is aware of the risks which may be associated
with increasing energy prices, the prospects of a higher
level of interest rates and other factors.
are part of the reason why the bank has incurred no net
expenses overall for losses and impairment charges.
The bank sees considerable uncertainty surrounding
Danish agriculture. Danish pig producers in particular are
challenged by low prices paid to farmers as a result of a
European surplus of pork and uncertainty about
net loans to pig
farming
and guarantees. The loans to pig farming are secured to
a high extent by mortgages on farmland and only to a
small extent by mortgages on livestock housing. The
bank has made individual impairment charges and
recognised considerable management estimates to
counter the risks in this area.
Loans with suspended interest amounted to DKK 116
million at the end of the third quarter of 2026 compared
to DKK 132 million at the end of 2025.
Core earnings
Core earnings for the first three quarters of 2026 totalled
2,321 million, an increase of 5%.
Core earnings
(DKK million)
Q1-Q3
2026
Q1-Q3
2025
2025
Total core income
3,219
3,073
4,089
Total expenses and depreciation
818
787
1,080
Core earnings before impairment
charges
2,401
2,286
3,009
Impairment charges for loans etc.
+33
+35
+41
Core earnings
2,434
2,321
3,050
Ringkjøbing Landbobank A/S Page 9
Earnings per share
Net profit per DKK 1 share was DKK 76.9 for the first
three quarters of 2026 compared to DKK 71.2 in 2025, an
increase of 8%.
Net profit per DKK 1 share for the third quarter of 2026
was DKK 26.2 compared to DKK 22.8 in 2025, an increase
of 15%.
Result for the portfolio etc.
The result for the portfolio etc. including portfolio funding
costs was negative by DKK 14 million net for the first nine
months of the year, compared to a positive result of DKK
5 million net in 2025.
Result for the portfolio etc.
(DKK million)
Q1-Q3
2026
Q1-Q3
2025
2025
Result for the portfolio etc.
-14
+5
+26
The result for the portfolio for the first nine months of the
portfolio in the first and third quarters, whereas prices
increased in the second quarter. Value adjustments of
hares were positive throughout
2026.
Ringkjøbing Landbobank 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 15 million in the first three quarters of
2026, unchanged relative to 2025.
Amortisation and write-downs on intangible assets
(DKK million)
Q1-Q3
2026
Q1-Q3
2025
2025
Amortisation and write-downs
on intangible assets
15
15
20
Net profit
The profit after tax was DKK 1,811 million for the first
three quarters of the year, equivalent to a 20.7% p.a.
return on average equity and to a return on average
tangible equity (ROTE) of 22.6% p.a.
The effective tax rate was 24.7% in the first nine months
of the year, compared to 24.2% 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.
Ringkjøbing Landbobank A/S Page 11
The income statement
Net interest income
Net interest income was DKK 1,984 million in the first
three quarters of 2026 compared to DKK 1,899 million in
2025.
Net interest income
(DKK million)
Q1-Q3
2026
Q1-Q3
2025
2025
Interest income
2,619
2,489
3,297
Interest expenses
635
590
773
Total net interest income
1,984
1,899
2,524
The development reflects pressure on the interest margin
from the first half of 2025 to the first half of 2026.
However, the pressure eased during the second quarter
of 2026, and there was a small improvement in the
interest margin during the third quarter of 2026.
As shown on pages 6 and 13, the bank has also been able
to increase its business volume in the first three quarters
of the year.
Overall, the development resulted in an increase of DKK
85 million in net interest income from 2025 to 2026.
Dividends from shares etc.
Dividend income from shares etc. totalled DKK 58 million
in the first three quarters of the year compared to DKK
142 million in 2025.
Dividends from shares etc.
(DKK million)
Q1-Q3
2026
Q1-Q3
2025
2025
Dividends from shares etc.
58
142
228
Dividends derive primarily from sector shares.
Fee and commission income and Fee and commission
expenses
Net fee and commission income was DKK 920 million in
the first three quarters of 2026 compared to DKK 829
million in 2025, an increase of 11%.
Net fee and commission income
(DKK million)
Q1-Q3
2026
Q1-Q3
2025
2025
Fee and commission income
998
910
1,230
Fee and commission expenses
78
81
110
Total net fee and commission
income
920
829
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 three quarters with an increase of DKK 47
million, from DKK 333 million in 2025 to DKK 380 million
in 2026.
the first nine months of the year, an increase of DKK 14
million compared to 2025, when the figure was DKK 116
million.
million in the first three quarters, increasing from DKK 64
million to DKK 66 million in 2026.
first three quarters of 2026 compared to DKK 216 million
in 2025.
first three quarters of 2026 amounted to DKK 93 million
compared to DKK 73 million from this source in 2025.
The increase was driven by a continued increase in
ocus on
pension advisory services and the effect of a new partner
agreement between Letpension and PFA Pension entered
into in 2026.
amounted to DKK 31 million in the first three quarters of
2026, marginally higher by DKK 3 million compared to
2025.
Value adjustments
The value adjustments in the first three quarters of 2026
resulted in income totalling DKK 239 million compared to
income totalling DKK 208 million in 2025.
This development breaks down as follows:
Value adjustments
(DKK million)
Q1-Q3
2026
Q1-Q3
2025
2025
Other loans and receivables
-7
-6
-10
Bonds
-25
9
11
Shares etc.
146
109
101
Foreign exchange
101
95
132
Derivative financial instruments
-8
-12
5
Issued bonds etc.
28
10
1
Tier 2 capital
4
3
1
Total value adjustments
239
208
241
portfolio of shares and foreign exchange income in
particular contributed to the positive value adjustments
for the period.
Ringkjøbing Landbobank A/S Page 12
Staff and administration expenses
Total staff and administration expenses increased by 4%
in the first three quarters, from DKK 776 million in 2025 to
DKK 805 million in 2026.
Staff and administration expenses
(DKK million)
Q1-Q3
2026
Q1-Q3
2025
2025
Staff and management expenses
481
465
636
Other administration expenses etc.
324
311
428
Total staff and administration
expenses
805
776
1,064
Expenses for staff and management totalled DKK 481
million in the first three quarters of 2026 compared to
DKK 465 million in 2025, an increase of 3%. The average
number of full-time employees (FTEs) increased from
680 in the first three quarters of 2025 to 684 in 2026.
Other administration expenses totalled DKK 324 million in
the first nine months of 2026 compared to DKK 311
million in 2025, an increase of 4%.
Amortisation, depreciation and write-downs on
intangible and tangible assets
Amortisation, depreciation and write-downs totalled DKK
26 million in the first three quarters of 2026, unchanged
compared to 2025.
Amortisation, depreciation and write-downs on intangible and
tangible assets
(DKK million)
Q1-Q3
2026
Q1-Q3
2025
2025
Intangible assets
15
15
20
Tangible assets
11
11
15
Total amortisation, depreciation
and write-downs on intangible
and tangible assets
26
26
35
Impairment charges for loans and other receivables etc.
The item represented income in both 2026 and 2025:
DKK 33 million in 2026 and DKK 35 million in 2025.
Impairment charges for loans and other receivables etc.
(DKK million)
Q1-Q3
2026
Q1-Q3
2025
2025
Impairment charges for loans and
other receivables etc.
+33
+35
+41
The development in the item in 2026 was satisfactory
and better than expected.
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 page 8 of the management's
review and notes 11 and 26 to this interim report.
Ringkjøbing Landbobank A/S Page 13
Balance sheet etc.
Balance sheet items and contingent liabilities
million at the end of September 2026, compared to DKK
82,274 million at the same time the year before.
Loans in the period September 2025 to September 2026
increased from DKK 57,910 million to DKK 67,285 million,
an increase of 16.2%. In the first nine months of the year,
loans increased by DKK 4.7 billion, equivalent to 7.6%. For
further details, see page 6.
Deposits including pooled schemes increased by 13.5%,
from DKK 59,371 million at the end of September 2025 to
DKK 67,403 million at the end of September 2026. In the
first nine months of the year, deposits increased by DKK
6.1 billion, equivalent to 9.9%.
amounted to DKK 8,297 million at the end of September
2026, compared to DKK 8,535 million at the end of
September 2025 and DKK 8,710 million at the end of
December 2025.
Credit intermediation
In addition to traditional bank loans, the bank arranges
mortgage loans on behalf of Totalkredit and DLR Kredit.
The bank also offers mortgage loans recognised on its
own balance sheet. These mortgage loans are granted
based on standardised documentation. This enables the
bank to resell the loans to SDO capital centres, under
agreements entered into, to secure funding. The total
credit intermediation is summarised below.
Total credit intermediation
(DKK million)
30 Sep.
2026
31 Dec.
2025
30 Sep.
2025
Loans etc.
67,285
62,553
57,910
Funded mortgage loans
4,831
1,475
1,579
Mortgage credit Totalkredit
51,790
49,881
49,848
Mortgage credit DLR Kredit
and others
9,678
9,753
9,663
Total
133,584
123,662
119,000
Arranged mortgage loans and funded mortgage loans
increased by 8.5% compared to both the end of
September 2025 and the end of December 2025.
compared to September 2025 and by 8.0% in the first
nine months of the year.
Securities and market risk
The bank measures its portfolio of securities at fair value.
the end of September 2026, with DKK 120 million in listed
shares and investment fund certificates and DKK 1,552
million in sector shares etc., mainly in the companies BI
Holding, DLR Kredit and PRAS.
The bond portfolio, of which the majority consisted of
Danish mortgage credit bonds, amounted to DKK 8,548
million on 30 September 2026.
The total interest rate risk impact on profit of a one
percentage point change in interest level was
September 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 1.0 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 15.4 billion.
This means the total excess cover was DKK 14.4 billion.
In the first nine months of the year, Ringkְøbing
Landbobank made new issues of subordinated capital,
non-preferred senior capital and preferred senior capital
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 118%. The bank thus met the statutory requirement
for both ratios by a good margin.
Ringkjøbing Landbobank 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 September 2026 was DKK 11,759 million.
When the common equity tier 1 is computed at the end of
the third quarter of 2026, 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 September 2026.
22.1% and 15.7% respectively at the end of September
2026.
Capital ratios
30 Sep.
2026
30 Sep.
2025
31 Dec.
2025
Common equity tier 1 capital ratio
15.7
16.0
16.4
Tier 1 capital ratio
15.7
16.0
16.4
Total capital ratio
22.1
20.7
21.7
MREL subordination ratio
30.9
29.2
30.0
MREL capital ratio
35.7
30.7
33.0
Adjusted for the part of the share buyback programmes
tier 1 capital ratio would have been as shown in the table
below.
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
September 2026, non-preferred senior capital equivalent
to a total of DKK 5.6 billion and preferred senior capital
equivalent to a total of DKK 3.0 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 three quarters of the year, the bank made new
issues of subordinated capital equivalent to a total of
DKK 1.0 billion, non-preferred senior capital equivalent to
a total of DKK 1.9 billion and preferred senior capital
equivalent to a total of DKK 1.4 billion.
For further information on capital, please see pages 22
and 23.
The bank expects no regulatory refinancing requirements
of non-preferred senior capital and tier 2 capital before
the end of 2027.
Adjusted tier 1 capital ratio
30 Sep.
2026
30 Sep.
2025
31 Dec.
2025
31 Dec.
2024
31 Dec.
2023
31 Dec.
2022
31 Dec.
2021
Common equity tier 1 capital ratio
15.7
16.0
16.4
16.6
18.9
17.4
17.6
Remaining share buyback programme
0.8
0.8
1.1
1.1
0.1
0.1
0.2
Deduction for expected distributions
0.4
1.4
-
-
-
-
-
Adjusted common equity tier 1 capital
ratio
16.9
18.2
17.5
17.7
19.0
17.5
17.8
Ringkjøbing Landbobank A/S Page 15
Solvency requirement, total requirement for total capital
and excess cover
The individual solvency requirement at the end of
September 2026 was calculated as 9.0%.
September 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 was 2.5%. Finally, the sector-
specific systemic buffer for exposures to real property
companies was 0.7% at the end of the third quarter of
2026.
thus 14.5%, equivalent to DKK 9.2 billion, at the end of
September 2026. Compared with the actual total capital
of DKK 14.0 billion, the capital buffer at the end of the
third quarter was DKK 4.8 billion, equivalent to 7.6
percentage points. Adjusted for regulatory restrictions,
the excess cover was 3.5 percentage points. Reference is
made to note 27 for a more detailed explanation.
For further information, see the summary below.
Individual solvency requirement, total capital requirement and
excess cover
(%)
30 Sep.
2026
30 Sep.
2025
31 Dec.
2025
Individual solvency requirement
9.0
8.9
8.9
Capital conservation buffer
2.5
2.5
2.5
Countercyclical buffer
2.3
2.3
2.3
Sector-specific systemic buffer
0.7
0.9
0.9
total capital
14.5
14.6
14.6
Excess cover without regulatory restrictions, percentage
points
Individual solvency requirement
13.1
11.8
12.8
total capital
7.6
6.1
7.1
Excess cover adjusted for regulatory restrictions, percentage
points
Individual solvency requirement
9.0
9.3
9.8
total capital
3.5
3.6
4.1
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. Two DKK 400 million share buyback
programmes were subsequently also completed as part
of the allocation of profit for 2026. Finally, the bank
initiated a further DKK 400 million share buyback
programme on 9 October 2026 also part of the
allocation of profit for 2026.
On 30 September 2026, a total of 753,370 shares had
been bought back under the programmes which the
overview below shows.
capital was thus DKK 23,530,180 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 on
30 September 2026:
DKK 500 million completed 5 May 2026
-315,600
DKK 400 million completed 7 August 2026
-249,870
DKK 400 million completed 9 October 2026
-187,900
Actual number of shares on 30 September 2026
23,530,180
At the end of September 2026, the bank received
permission for a share buyback programme totalling DKK
400 million, which had not been carried out but had
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 Sep.
2026
30 Sep.
2025
31 Dec.
2025
Liquidity benchmark
>100%
194.1%
169.8%
171.6%
Large exposures
<175%
110.9%
105.6%
100.5%
Growth in loans
<20%
16.2%
7.5%
12.0%
Real property exposure
<25%
20.0%
18.9%
19.5%
As shown above, the bank met all four current limit values
by a good margin.
Ringkjøbing Landbobank 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
governance area. On 6 July 2026, MSCI upgraded the
Reputation/image
In September 2026, the market research company
Voxmeter published an image/reputation survey of
Danish financial institutions.
The survey is based on 24 parameters and receives
answers from 13,000 respondents. Ringkjøbing
Landbobank continues to take first place in the survey,
and the bank is of course pleased with this. The result
shows that its customers and the outside world
ap
how it operates the business.
Expected results for 2026
On 21 January 2026, the bank announced its initial
expectations for 2026, which were for net profit in the
range DKK 2.0 - 2.4 billion.
On 5 August 2026, the bank upwardly adjusted its
expectations for 2026 to net profit in the range DKK 2.2 -
2.5 billion.
The upward adjustment was based partly on continuing
growth, which meant that total income for the year was
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 had developed
better than originally budgeted for 2026.
In connection with the presentation of this interim report
for the first three quarters of 2026, the expected net profit
is specified to be at the upper end of the upwardly
adjusted DKK 2.2 - 2.5 billion range.
Accounting policies
The accounting policies are unchanged relative to those
in the submitted and audited 2025 annual report.
Ringkjøbing Landbobank A/S Page 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 September 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
period 1 January
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, 21 October 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 18
Statements of income and comprehensive income
Note
no.
Q1-Q3
2026
DKK 1,000
Q1-Q3
2025
DKK 1,000
Full year
2025
DKK 1,000
1
Interest income
2,618,686
2,489,235
3,296,641
2
Interest expenses
634,737
590,460
772,388
Net interest income
1,983,949
1,898,775
2,524,253
Dividends from shares etc.
57,640
141,553
227,712
3
Fee and commission income
998,166
910,273
1,229,924
3
Fee and commission expenses
77,840
81,127
109,977
Net interest and fee income
2,961,915
2,869,474
3,871,912
4
Value adjustments
+238,956
+208,239
+241,210
Other operating income
115
515
1,298
5,6
Staff and administration expenses
804,689
775,779
1,064,284
Amortisation, depreciation and write-downs on intangible and
tangible assets
25,825
25,726
34,594
Other operating expenses
1,786
408
408
7,11
Impairment charges for loans and other receivables etc.
+33,148
+34,679
+41,357
Results from investments in associated companies and
subsidiaries
+3,081
0
-56
Profit before tax
2,404,915
2,310,994
3,056,435
8
Tax
593,898
558,300
743,024
Net profit
1,811,017
1,752,694
2,313,411
Other comprehensive income
0
0
0
Total comprehensive income for the period
1,811,017
1,752,694
2,313,411
Ringkjøbing Landbobank A/S Page 19
Balance sheet
Note
no.
30 September
2026
DKK 1,000
30 September
2025
DKK 1,000
31 December
2025
DKK 1,000
Assets
Cash in hand and demand deposits with central banks
5,635,500
4,860,432
5,163,919
9
Receivables from credit institutions and central banks
1,127,410
286,420
255,961
10,11,12
Total loans and other receivables at amortised cost
67,285,168
57,910,009
62,553,036
13
Bonds at fair value
8,548,136
7,988,619
7,082,864
14
Shares etc.
1,672,321
1,560,312
1,549,919
Investments in associated companies
470
465
470
Investments in subsidiaries
0
12,080
12,019
15
Assets linked to pooled schemes
8,805,012
7,417,010
7,740,568
16
Intangible assets
958,511
978,020
973,143
Total land and buildings
206,289
215,234
212,510
Investment properties
829
829
829
Domicile properties
186,990
188,751
187,945
Domicile properties (leasing)
18,470
25,654
23,736
Other tangible assets
17,408
16,659
16,098
Current tax assets
0
232,878
69,345
Deferred tax assets
2,281
3,105
3,377
Temporary assets
100
100
100
Other assets
942,600
772,937
654,672
Prepayments
21,001
19,974
20,718
Total assets
95,222,207
82,274,254
86,308,719
Ringkjøbing Landbobank A/S Page 20
Balance sheet
Note
no.
30 September
2026
DKK 1,000
30 September
2025
DKK 1,000
31 December
2025
DKK 1,000
Liabilities and equity
17
Debt to credit institutions and central banks
1,328,301
2,083,633
2,658,167
Total deposits and other debt
67,402,749
59,371,231
61,337,515
18
Deposits and other debt
58,597,737
51,954,221
53,596,947
15
Deposits in pooled schemes
8,805,012
7,417,010
7,740,568
19
Issued bonds at amortised cost
8,488,095
5,823,165
6,780,930
Preferred senior capital
2,997,697
1,094,396
2,004,493
Non-preferred senior capital
5,490,398
4,728,769
4,776,437
Current tax liabilities
359,448
0
0
Other liabilities
1,774,418
813,661
813,589
Deferred income
168
91
64
Total debt
79,353,179
68,091,781
71,590,265
11
Provisions for losses on guarantees
62,616
54,150
56,160
11
Other provisions for liabilities
36,897
38,463
36,235
Total provisions for liabilities
99,513
92,613
92,395
Tier 2 capital
4,010,539
2,695,411
3,058,101
20
Total subordinated debt
4,010,539
2,695,411
3,058,101
21
Share capital
24,284
25,392
25,392
Net revaluation reserve under the equity method
119
472
416
Retained earnings
11,734,573
11,368,585
11,235,450
Proposed dividend etc.
-
-
306,700
Total shareholders’ equity
11,758,976
11,394,449
11,567,958
Total liabilities and equity
95,222,207
82,274,254
86,308,719
22
Own shares
23
Contingent liabilities etc.
24
Assets provided as security
Credit risk
25
Loans and guarantees in percent, by sector and industry
26
Loans, guarantees and unutilised credit facilities and credit undertakings by credit quality and IFRS 9 stages
(before impairment and provisions), and impairment charges by stages
27
Miscellaneous information
Ringkjøbing Landbobank A/S Page 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 September 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
1,811,314
1,811,017
Total comprehensive income
0
-297
1,811,314
0
1,811,017
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
-2,171,361
-2,171,361
Sale of own shares
814,774
814,774
Other equity transactions (employee shares)
28,602
28,602
Total transactions with shareholders
-1,108
0
-1,312,191
-306,700
-1,619,999
Shareholders’ equity on the balance sheet date
24,284
119
11,734,573
0
11,758,976
At 30 September 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
1,752,694
1,752,694
Total comprehensive income
0
0
1,752,694
0
1,752,694
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
-2,340,312
-2,340,312
Sale of own shares
1,198,775
1,198,775
Other equity transactions (employee shares)
28,651
28,651
Total transactions with shareholders
-1,315
0
-1,095,426
-295,774
-1,392,515
Shareholders’ equity on the balance sheet date
25,392
472
11,368,585
0
11,394,449
At 31 December 2025:
Shareholders’ equity at the end of the previous
financial year
26,707
472
10,711,317
295,774
11,034,270
Comprehensive income
Net profit for the year
-56
2,006,767
306,700
2,313,411
Total comprehensive income
0
-56
2,006,767
306,700
2,313,411
Transactions with shareholders
Reduction of share capital
-1,315
1,315
0
Dividend etc. paid
-295,774
-295,774
Dividend received on own shares
16,145
16,145
Purchase of own shares
-2,957,790
-2,957,790
Sale of own shares
1,421,104
1,421,104
Other equity transactions (employee shares)
36,592
36,592
Total transactions with shareholders
-1,315
0
-1,482,634
-295,774
-1,779,723
Shareholders’ equity on the balance sheet date
25,392
416
11,235,450
306,700
11,567,958
Ringkjøbing Landbobank A/S Page 22
Statement of capital
30 September
2026
DKK 1,000
30 September
2025
DKK 1,000
31 December
2025
DKK 1,000
Credit risk
57,479,704
51,108,202
52,537,855
Market risk
1,239,946
1,432,280
1,256,911
Operational risk
4,587,849
4,198,979
4,587,849
Total risk exposure
63,307,499
56,739,461
58,382,615
11,758,976
11,394,449
11,567,958
Proposed dividend etc.
-
-
-306,700
Deduction for expected distributions
-241,285
-753,658
-
Deduction for insufficient coverage of non-performing exposures
-64,054
-52,121
-34,232
Deduction for the sum of equity investments etc. above 10%
0
-9,658
0
Deduction for prudent valuation
-19,759
-17,483
-16,815
Deduction for intangible assets
-958,511
-978,020
-973,143
Deferred tax on intangible assets
3,734
8,936
7,980
Deferred tax on tangible assets etc.
-6,015
-12,041
-11,357
Deduction of amount of share buyback programme
-1,700,000
-1,500,000
-2,000,000
Actual utilisation of amount of share buyback programme
1,225,702
1,012,411
1,399,565
Deduction for trading limit for own shares
-15,000
-15,000
-15,000
Deduction for indirect ownership of own shares
-24,452
-26,238
-25,530
Common equity tier 1
9,959,336
9,051,577
9,592,726
Tier 1 capital
9,959,336
9,051,577
9,592,726
Tier 2 capital
4,010,539
2,695,411
3,058,101
Deduction for the sum of equity investments etc. above 10%
0
-2,804
0
Total capital
13,969,875
11,744,184
12,650,827
Non-preferred senior capital
5,589,275
4,813,519
4,854,644
MREL subordinated capital
19,559,150
16,557,703
17,505,471
Contractual senior capital
3,013,055
879,624
1,788,870
MREL capital
22,572,205
17,437,327
19,294,341
Ringkjøbing Landbobank A/S Page 23
Statement of capital
30 September
2026
DKK 1,000
30 September
2025
DKK 1,000
31 December
2025
DKK 1,000
Common equity tier 1 capital ratio (%)
15.7
16.0
16.4
Tier 1 capital ratio (%)
15.7
16.0
16.4
Total capital ratio (%)
22.1
20.7
21.7
MREL subordination ratio (%)
30.9
29.2
30.0
MREL capital ratio (%)
35.7
30.7
33.0
Pillar I capital requirements
5,064,600
4,539,157
4,670,609
Capital requirements – summary
Individual solvency requirement (%)
9.0
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
14.5
14.6
14.6
Subordination requirement (%)
23.3
23.7
23.7
MREL requirement including buffers (%)
24.6
24.6
24.6
Excess cover – summary
Individual solvency requirement:
Without regulatory restrictions (percentage points)
13.1
11.8
12.8
With regulatory restrictions (percentage points)
9.0
9.3
9.8
Total capital requirement including buffers:
Without regulatory restrictions (percentage points)
7.6
6.1
7.1
With regulatory restrictions (percentage points)
3.5
3.6
4.1
Subordination requirement:
Without regulatory restrictions (percentage points)
7.6
5.5
6.3
With regulatory restrictions (percentage points)
7.6
5.5
6.3
MREL requirement including buffers:
Without regulatory restrictions (percentage points)
11.1
6.1
8.4
With regulatory restrictions (percentage points)
7.6
5.5
6.3
Ringkjøbing Landbobank A/S Page 24
Notes
Note
no.
Q1-Q3
2026
DKK 1,000
Q1-Q3
2025
DKK 1,000
Full year
2025
DKK 1,000
1
Interest income
Receivables from credit institutions and central banks
56,042
83,698
102,340
Loans and other receivables
2,357,336
2,248,966
2,977,645
Loans interest on the impaired part of loans
-34,030
-37,572
-48,904
Bonds
167,160
157,771
210,996
Total derivative financial instruments
72,022
36,318
50,679
of which currency contracts net
67,741
22,510
34,202
of which interest-rate contracts net
4,281
13,808
16,477
Other interest income
156
54
3,885
Total interest income
2,618,686
2,489,235
3,296,641
of which interest income from collateralised repurchase
864
0
0
2
Interest expenses
Debt to credit institutions and central banks
27,405
28,788
35,099
Deposits and other debt
288,150
329,659
414,173
Issued bonds
223,043
167,775
222,885
Subordinated debt
93,508
63,344
91,488
Other interest expenses
2,631
894
8,743
Total interest expenses
634,737
590,460
772,388
3
Gross fee and commission income
Securities trading
176,366
149,833
209,972
Asset management and custody accounts
230,976
208,292
280,473
Payment handling
164,597
157,867
209,652
Loan fees
75,437
72,175
99,353
Guarantee commission and mortgage credit commission etc.
221,036
215,952
287,293
Pension and insurance commission
93,309
72,595
99,328
Other fees and commission
36,445
33,559
43,853
Total gross fee and commission income
998,166
910,273
1,229,924
Net fee and commission income
Securities trading
165,411
139,517
195,895
Asset management and custody accounts
214,869
193,256
260,717
Payment handling
129,644
116,367
153,404
Loan fees
65,468
63,623
86,944
Guarantee commission and mortgage credit commission etc.
221,036
215,952
287,293
Pension and insurance commission
93,309
72,595
99,328
Other fees and commission
30,589
27,836
36,366
Total net fee and commission income
920,326
829,146
1,119,947
Foreign exchange income
101,081
94,969
131,600
Total net fee, commission and foreign exchange income
1,021,407
924,115
1,251,547
Ringkjøbing Landbobank A/S Page 25
Notes
Note
no.
Q1-Q3
2026
DKK 1,000
Q1-Q3
2025
DKK 1,000
Full year
2025
DKK 1,000
4
Value adjustments
Other loans and receivables
-7,348
-5,815
-10,478
Bonds
-24,790
8,671
11,418
Shares etc.
145,707
109,318
101,101
Foreign exchange
101,081
94,969
131,600
Total derivative financial instruments
-7,818
-11,849
4,969
of which currency contracts
-31,442
-15,113
-3,853
of which interest-rate contracts
23,642
3,977
9,540
of which share contracts
-18
-713
-718
Assets linked to pooled schemes
621,547
70,389
252,427
Deposits in pooled schemes
-621,547
-70,389
-252,427
Issued bonds etc.
27,567
9,527
1,536
Tier 2 capital
4,557
3,418
1,064
Total value adjustments
238,956
208,239
241,210
The part of value adjustments relating to the fair value hedging accounts
below is distributed as follows:
Other loans and receivables
-15,354
-6,090
-10,750
Bonds
880
-2,618
-3,833
Currency contracts
-32,602
-15,463
-5,508
Interest-rate contracts
14,952
11,226
17,491
Issued bonds etc.
27,567
9,527
1,536
Tier 2 capital
4,557
3,418
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
22,941
22,311
31,986
General management
20,341
19,775
25,190
Board of directors
2,596
2,528
5,706
4
8
1,090
Total staff expenses
457,703
442,713
604,324
Salaries
351,656
339,611
465,946
Pensions
39,993
38,611
51,820
Social security expenses
5,235
5,285
6,945
Costs depending on number of staff
60,819
59,206
79,613
Other administration expenses
324,045
310,755
427,974
Total staff and administration expenses
804,689
775,779
1,064,284
6
Number of full-time employees
Average number of employees during the period converted into full-time
equivalents (FTE)
684
680
683
Number of full-time employees at the end of the period
693
690
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
-4,548
-24,913
+1,586
Actual realised net losses
+3,666
+22,020
-9,133
Interest on the impaired part of loans
+34,030
+37,572
+48,904
Total impairment charges for loans and other receivables etc.
+33,148
+34,679
+41,357
Ringkjøbing Landbobank A/S Page 26
Notes
Note
no.
Q1-Q3
2026
DKK 1,000
Q1-Q3
2025
DKK 1,000
Full year
2025
DKK 1,000
8
Tax
Tax calculated on income for the year
592,161
541,912
727,312
Adjustment of deferred tax
4,364
16,507
16,235
Adjustment of tax calculated for previous years
-2,627
-119
-523
Total tax
593,898
558,300
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
-1.8
-1.7
Adjustment regarding previous years etc.
-0.1
0.0
0.0
Total effective tax rate
24.7
24.2
24.3
* Primarily value adjustment of and dividends from sector shares.
30 September
2026
30 September
2025
31 December
2025
DKK 1,000
DKK 1,000
DKK 1,000
9
Receivables from credit institutions and central banks
On demand
1,127,410
286,420
255,961
Total receivables from credit institutions and central banks
1,127,410
286,420
255,961
10
Loans and other receivables at amortised cost
On demand
12,563,637
11,493,025
10,786,201
Up to and including 3 months
3,831,689
3,378,022
2,489,647
More than 3 months and up to and including 1 year
10,437,384
8,754,124
11,622,286
More than 1 year and up to and including 5 years
19,913,093
16,174,106
17,082,455
More than 5 years
20,539,365
18,110,732
20,572,447
Total loans and other receivables at amortised cost
67,285,168
57,910,009
62,553,036
of which collateralised repurchase agreements/reverse repo transactions
0
0
0
Ringkjøbing Landbobank 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
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 September 2026
Loans and other receivables at amortised cost
586,710
1,075,046
616,239
2,277,995
Guarantees
24,250
16,665
21,701
62,616
Unutilised credit facilities and loan undertakings
25,953
10,944
0
36,897
Total impairment charges and provisions by stages
636,913
1,102,655
637,940
2,377,508
of which management estimates
449,271
474,963
135,171
1,059,405
At 30 September 2025
Loans and other receivables at amortised cost
428,930
1,150,490
727,427
2,306,847
Guarantees
23,451
18,706
11,993
54,150
Unutilised credit facilities and loan undertakings
22,764
15,699
0
38,463
Total impairment charges and provisions by stages
475,145
1,184,895
739,420
2,399,460
of which management estimates
300,143
515,539
192,894
1,008,576
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 September
2026
30 September
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
-3,540
-13,050
-13,957
Total stage 3 impairment charges and provisions taken over
56,140
60,587
59,680
Ringkjøbing Landbobank 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
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 September 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
177,156
79,458
62,579
319,193
319,193
Reversed impairment charges and provisions
for repaid accounts
-128,910
-128,954
-65,910
-323,774
-323,774
Migration of impairment charges and
provisions at beginning of period to stage 1
224,578
-206,774
-17,804
0
-
Migration of impairment charges and
provisions at beginning of period to stage 2
-13,719
52,989
-39,270
0
-
Migration of impairment charges and
provisions at beginning of period to stage 3
-2,752
-44,537
47,289
0
-
Impairment charges and provisions during the
year resulting from credit risk change
-158,031
244,705
-55,777
30,897
30,897
Previously written down, now definitively lost
-
-
-21,769
-21,769
-
Lost, not previously written down
-
-
-
-
4,812
Received on claims previously written off
-
-
-
-
-30,246
Interest on the impaired part of loans
-
-
-
-
-34,030
Total impairment charges and provisions
636,913
1,102,655
637,940
2,377,508
-33,148
of which regarding credit institutions etc.
1,082
0
0
1,082
205
At 30 September 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
129,894
123,836
65,785
319,515
319,515
Reversed impairment charges and provisions
for repaid accounts
-97,435
-254,637
-64,896
-416,968
-416,968
Migration of impairment charges and
provisions at beginning of period to stage 1
204,896
-193,964
-10,932
0
-
Migration of impairment charges and
provisions at beginning of period to stage 2
-21,146
74,122
-52,976
0
-
Migration of impairment charges and
provisions at beginning of period to stage 3
-589
-47,271
47,860
0
-
Impairment charges and provisions during the
year resulting from credit risk change
-203,863
305,288
36,272
137,697
137,697
Previously written down, now definitively lost
-
-
-15,330
-15,330
-
Lost, not previously written down
-
-
-
-
4,829
Received on claims previously written off
-
-
-
-
-42,180
Interest on the impaired part of loans
-
-
-
-
-37,572
Total impairment charges and provisions
475,145
1,184,895
739,420
2,399,460
-34,679
of which regarding credit institutions etc.
2,239
0
0
2,239
1,666
Ringkjøbing Landbobank A/S Page 29
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 September
2026
DKK 1,000
30 September
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
116,473
157,682
132,070
13
Bonds at fair value
Government bonds
31,980
-
-
Mortgage credit bonds
6,502,060
6,039,385
5,047,253
Corporate bonds etc.
2,014,096
1,949,234
2,035,611
Total bonds at fair value
8,548,136
7,988,619
7,082,864
Credit spread risk
Government bonds
268
-
-
Mortgage credit bonds
56,030
31,940
33,056
Corporate bonds etc.
29,844
65,872
42,160
Total credit spread risk
86,142
97,812
75,216
the
sensitivity by a credit spread increase which has been graded based on the credit quality of the bond type:
Government bonds: 25 basis points
Mortgage credit bonds: 50 basis points
Corporate bonds etc.: 100 basis points
Ringkjøbing Landbobank A/S Page 30
Notes
Note
no.
30 September
2026
DKK 1,000
30 September
2025
DKK 1,000
31 December
2025
DKK 1,000
14
Shares etc.
Listed on the stock exchange
113,660
74,734
93,566
Investment fund certificates
6,477
2,863
1,553
Unlisted shares at fair value
7,504
8,565
8,628
Sector shares at fair value
1,544,680
1,474,150
1,446,172
Total shares etc.
1,672,321
1,560,312
1,549,919
15
Assets linked to pooled schemes
Cash deposits
26,018
24,169
46,667
Bonds:
Other bonds
1,381,672
1,643,982
1,370,300
Total bonds
1,381,672
1,643,982
1,370,300
Shares:
Other shares
559,338
285,089
526,238
Investment fund certificates
6,885,968
5,511,623
5,797,363
Total shares
7,445,306
5,796,712
6,323,601
Other items
-47,984
-47,853
0
Total assets linked to pooled schemes
8,805,012
7,417,010
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
14,632
14,632
19,509
Total amortisation on the balance sheet date
159,832
140,323
145,200
Total customer relationships on the balance sheet date
35,256
54,765
49,888
Total intangible assets on the balance sheet date
958,511
978,020
973,143
17
Debt to credit institutions and central banks
On demand
16,390
723,524
946,761
Up to and including 3 months
560,662
879
1,066
More than 3 months and up to and including 1 year
423,436
748,616
1,120,343
More than 1 year and up to and including 5 years
55,132
307,098
294,125
More than 5 years
272,681
303,516
295,872
Total debt to credit institutions and central banks
1,328,301
2,083,633
2,658,167
Ringkjøbing Landbobank A/S Page 31
Notes
Note
no.
30 September
2026
DKK 1,000
30 September
2025
DKK 1,000
31 December
2025
DKK 1,000
18
Deposits and other debt
On demand*
41,500,799
37,798,630
39,530,804
Deposits and other debt with notice:
Up to and including 3 months
6,580,606
5,519,434
5,283,875
More than 3 months and up to and including 1 year
4,309,126
3,810,099
3,913,089
More than 1 year and up to and including 5 years
2,450,092
1,356,180
1,718,650
More than 5 years
3,757,114
3,469,878
3,150,529
Total deposits and other debt
58,597,737
51,954,221
53,596,947
of which deposits covered by the Guarantee Fund
50.2%
53.9%
53.7%
Distributed as follows:
On demand
41,000,524
37,367,691
40,165,920
With notice
4,954,325
4,432,375
4,414,869
Time deposits
4,583,276
3,310,389
3,535,742
Long-term deposit agreements
3,368,519
2,597,665
2,224,422
Special types of deposits*
4,691,093
4,246,101
3,255,994
Total deposits and other debt
58,597,737
51,954,221
53,596,947
19
Issued bonds at amortised cost
More than 3 months and up to and including 1 year
0
222,737
223,596
More than 1 year and up to and including 5 years
7,616,791
4,918,753
5,870,315
More than 5 years
871,304
681,675
687,019
Total issued bonds at amortised cost
8,488,095
5,823,165
6,780,930
Distributed as follows:
Preferred senior capital
3,013,055
1,103,569
2,012,939
Adjustment to amortised cost and fair value adjustment
-15,358
-9,173
-8,446
Total preferred senior capital
2,997,697
1,094,396
2,004,493
Non-preferred senior capital
5,590,312
4,815,084
4,856,097
Adjustment to amortised cost and fair value adjustment
-99,914
-86,315
-79,660
Total non-preferred senior capital
5,490,398
4,728,769
4,776,437
Total issued bonds at amortised cost
8,488,095
5,823,165
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
230,937
236,311
241,657
Floating-rate loan, principal of SEK 660 million,
maturity date 8 July 2035
435,481
445,616
455,697
Floating-rate loan, principal of EUR 70 million,
maturity date 4 February 2036
523,285
522,540
522,827
Floating-rate loan, principal of SEK 500 million,
maturity date 4 February 2036
329,910
-
345,225
Floating-rate loan, principal of SEK 750 million,
maturity date 27 February 2037
593,838
-
-
Floating-rate loan, principal of NOK 600 million,
maturity date 27 February 2037
411,450
-
-
Adjustment to amortised cost and fair value adjustment
-14,362
-9,056
-7,305
Total subordinated debt
4,010,539
2,695,411
3,058,101
Ringkjøbing Landbobank A/S Page 32
Notes
Note
no.
30 September
2026
DKK 1,000
30 September
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
745,368
774,977
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
1,365,514
1,142,316
1,605,637
Number of own shares:
Beginning of period
1,043,977
1,231,237
1,231,237
Purchased during the period
1,325,943
1,627,435
2,056,087
Sold during the period
-516,405
-768,653
-928,305
Cancelled during the period
-1,108,147
-1,315,042
-1,315,042
End of period
745,368
774,977
1,043,977
of which reserved for subsequent cancellation
745,368
774,977
1,043,977
Nominal value of holding of own shares, end of period
745
775
1,044
3.1
3.1
4.1
23
Contingent liabilities etc.
Contingent liabilities
Financial guarantees
4,857,816
4,597,020
4,502,057
Guarantees against losses on mortgage credit loans
1,132,380
1,257,789
1,223,403
Registration and refinancing guarantees
1,518,077
2,115,698
2,451,479
Sector guarantees
95,663
109,302
94,676
Other contingent liabilities
693,160
455,091
438,557
Total contingent liabilities
8,297,096
8,534,900
8,710,172
Other contractual obligations
Irrevocable credit undertakings etc.
167,459
211,062
168,838
Total other contractual obligations
167,459
211,062
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
377,474
626,065
591,064
Collateral under CSA agreements etc.
97,581
175,325
76,245
Ringkjøbing Landbobank A/S Page 33
Notes
Note
no.
25
Loans and guarantees by sector and industry
30 September
2026
30 September
2025
31 December
2025
DKK million
%
DKK million
%
DKK million
%
Public authorities
4.9
0.0
9.3
0.0
10.0
0.0
Business customers:
Agriculture, hunting and forestry
Cattle farming etc.
521.6
0.7
440.1
0.7
502.2
0.7
Pig farming etc.
708.6
0.9
746.0
1.1
695.9
1.0
Crop farming
3,008.7
4.0
2,899.5
4.4
2,985.9
4.2
Other agriculture, hunting and forestry
1,151.2
1.5
883.6
1.3
906.7
1.3
Fisheries
807.3
1.1
655.7
1.0
645.4
0.9
Industry and raw materials extraction
3,194.0
4.2
2,975.4
4.5
3,227.1
4.5
Energy supply
Renewable energy
4,665.2
6.2
4,567.6
6.9
4,855.4
6.8
Other energy supply
464.3
0.6
241.3
0.4
261.8
0.4
Building and construction
1,148.2
1.5
1,037.6
1.5
1,131.5
1.6
Trade
2,617.1
3.5
2,282.2
3.4
2,522.2
3.5
Transport, hotels and restaurants
1,340.3
1.8
1,132.7
1.7
1,266.2
1.8
Information and communication
480.2
0.6
455.7
0.7
489.7
0.7
Finance and insurance
11,029.0
14.6
9,348.6
14.1
9,089.9
12.8
Real property
Real property financing without prior creditors
12,107.6
16.0
9,799.4
14.8
10,962.2
15.4
Other real property financing
2,942.2
3.9
2,650.3
4.0
2,892.1
4.1
Other business customers
3,904.7
5.2
3,682.8
5.5
3,865.8
5.4
Total business customers
50,090.2
66.3
43,798.5
66.0
46,300.0
65.1
38,374.6
50.8
34,573.8
52.1
35,761.8
50.2
Private individuals
25,424.5
33.7
22,583.0
34.0
24,897.0
34.9
Total
75,519.6
100.0
66,390.8
100.0
71,207.0
100.0
Ringkjøbing Landbobank 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
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 September 2026
Credit quality*
High
83,138,801
99,412
0
0
83,238,213
78.3
Medium
14,622,683
2,160,801
0
0
16,783,484
15.8
Low
1,004,129
4,132,713
0
0
5,136,842
4.8
Credit-impaired
-
-
1,141,386
74,342
1,215,728
1.1
Total
98,765,613
6,392,926
1,141,386
74,342
106,374,267
100.0
Percent
92.8
6.0
1.1
0.1
100.0
of which loans
63,253,841
5,167,921
1,069,712
71,690
69,563,164
Percent
90.9
7.4
1.6
0.1
100.0
Impairment charges etc.
Individual
844,407
35.5
Model-calculated
473,696
19.9
Management estimates
1,059,405
44.6
Total
636,913
1,102,655
581,800
56,140
2,377,508
100.0
At 30 September 2025
Credit quality*
High
71,424,343
92,635
0
0
71,516,978
76.9
Medium
11,978,990
2,451,921
0
0
14,430,911
15.5
Low
1,447,151
4,476,538
0
0
5,923,689
6.4
Credit-impaired
-
-
1,067,935
90,296
1,158,231
1.2
Total
84,850,484
7,021,094
1,067,935
90,296
93,029,809
100.0
Percent
91.2
7.5
1.2
0.1
100.0
of which loans
53,405,069
5,755,619
969,867
86,299
60,216,854
Percent
88.7
9.6
1.6
0.1
100.0
Impairment charges etc.
Individual
855,926
35.7
Model-calculated
534,958
22.3
Management estimates
1,008,576
42.0
Total
475,145
1,184,895
678,833
60,587
2,399,460
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
1.5
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
Ringkjøbing Landbobank A/S Page 35
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 uses internal models to assess the quality of the credit exposure. The models for personal customers and small
of behaviour
earning capacity.
In the second quarter of 2026, the bank implemented a new statistical model which is used to assess personal and business
customers for whom the bank has no updated financial information. The implementation of this model resulted in a small change
in the b
27
Miscellaneous information
o
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.
Earnings per share on pages 2 and 9 were calculated on the basis of the following numbers of shares:
30 September
2026
30 September
2025
31 December
2025
Basis of calculation, number of shares
23,538,182
24,616,720
24,347,720
From the third quarter of 2026, the bank includes the full amount of issued eligible senior preferred bonds in the MREL capital
without regard to the regulatory restriction, which means that senior preferred bonds can only be included at the difference
between the MREL requirement including buffers and the subordination requirement.
The effect of the regulatory restriction is instead shown in the excess cover which is stated in two versions: with and without the
regulatory restriction.
accounts for 6.4 percentage points. For regulatory purposes, the bank can include 2.3 percentage points of the tier 2 capital. The
excess cover with regulatory restrictions is therefore 4.1 percentage points lower than the excess cover without regulatory
restrictions.
The MREL capital includes Senior Preferred issues equivalent to 4.8 percentage points. For regulatory purposes, however, only an
amount equivalent to the difference between the subordination requirement and the MREL requirement including buffers can be
included, which in total amounts to 1.3 percentage points. The difference between the excess cover with and without regulatory
restrictions is thus 3.5 percentage points.
The comparative figures in the management's review on page 15, the statement of capital on pages 22 and 23 and the overview
of key figures/ratios on page 37 have been adjusted. The quarterly overview on page 5 has been adjusted from the third quarter
of 2025.
Ringkjøbing Landbobank A/S Page 36
Key figures
Q1-Q3
2026
Q1-Q3
2025
Full year
2025
Summary of income statement (DKK million)
Net interest income
1,984
1,899
2,524
Dividends from shares etc.
58
141
228
Net fee and commission income
920
829
1,120
Net interest and fee income
2,962
2,869
3,872
Value adjustments
+239
+208
+241
Other operating income
0
1
1
Staff and administration expenses
805
776
1,064
Amortisation, depreciation and write-downs on intangible and tangible assets
26
26
35
Other operating expenses
1
0
0
Impairment charges for loans and receivables etc.
+33
+35
+41
Results from investments in associated companies and subsidiaries
+3
0
0
Profit before tax
2,405
2,311
3,056
Tax
594
558
743
Net profit
1,811
1,753
2,313
30 September
2026
30 September
2025
31 December
2025
Balance sheet key figures (DKK million)
Loans and other receivables at amortised cost
67,285
57,910
62,553
Deposits and other debt including pooled schemes
67,403
59,371
61,338
Subordinated debt
4,011
2,695
3,058
Equity
11,759
11,394
11,568
Balance sheet total
95,222
82,274
86,309
Ringkjøbing Landbobank A/S Page 37
30 September
2026
30 September
2025
31 December
2025
Capital ratios:
Tier 1 capital ratio
%
15.7
16.0
16.4
Total capital ratio
%
22.1
20.7
21.7
MREL subordination ratio
%
30.9
29.2
30.0
MREL capital ratio
%
35.7
30.7
33.0
Earnings:
Return on equity before tax
%
20.6
20.6
27.0
Return on equity after tax
%
15.5
15.6
20.5
Return on tangible equity (ROTE) after tax
%
16.9
17.1
22.4
Income/cost ratio
DKK
4.01
4.01
3.89
Cost/income ratio
%
25.4
25.6
26.4
Return on assets
%
1.9
2.1
2.7
Market risk:
Interest rate risk
%
0.4
0.6
0.6
Foreign exchange position
%
0.2
2.2
2.8
Foreign exchange risk
%
0.1
0.1
0.1
Liquidity risk:
Liquidity Coverage Ratio (LCR)
%
227.1
175.0
180.3
Net Stable Funding Ratio (NSFR)
%
117.6
120.3
114.4
Loans and impairments thereon relative to deposits
%
103.2
101.4
105.7
Credit risk:
5.7
5.1
5.4
Growth in loans
%
7.6
3.7
12.0
Total large exposures (<175%)
%
110.9
105.6
100.5
Cumulative impairment ratio
%
3.0
3.5
3.2
Impairment ratio
%
-0.04
-0.05
-0.06
Proportion of receivables at reduced interest
%
0.1
0.2
0.2
Share return:
Earnings per share
1/3
DKK
7,564
6,998
9,286
Book value per share
1/2
DKK
49,957
46,287
47,511
Dividend per share
1
DKK
0
0
1,200
Market price relative to earnings per share
1/3
24.2
21.1
16.6
Market price relative to book value per share
1/2
3.7
3.2
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.
Ringkjøbing Landbobank A/S Page 38
Ringkjøbing Landbobank A/S Page 39
Ringkjøbing Landbobank A/S
Torvet 1
6950 Ringkøbing, Denmark
Phone: +45 9732 1166
Email: post@rlb.dk
Web: www.rlb.dk
CVR no.: 37536814