Avarda Bank AB (publ)

Thank you very much. Good morning everyone.

We can go in and look at the highlights during the previous quarter. And here you can see how we closed the fourth quarter of 2025. The quarter was characterized by controlled growth, where we were able to further strengthen our margins. Growth in the local currency increased by a total of 6%. Summing up the activities of the quarter, we get a final operational result of 242 million kronor, which is 29% better than the previous year. And it is the credit card segment that drives the EPS growth at the company level. What we are happy about in particular is that the revenues grow faster than the costs, and if we compare it with what it looked like one year ago, the K-I ratio continues to improve. The business model scales well. During the quarter, we have seen a stable credit quality, And what you have to be aware of when you analyze the credit frustration in just TF Bank is that we are under strong change, both in the form of business and geographical mix. The work to change the name of the company to Avarda is underway according to decisions made by the company during the fourth quarter. Och med anledning av att vi lyckats kombinera stark tillväxt med ökade marginaler och har en god kapitalsituation har styrelsen beslutat att föreslå av bolagsstämman en utdelning om 5 kronor per aktie. Det motsvarar nästan 50% av årets resultat efter skatt, vilket speglar styrkan i vad som levererats under året. Kan vi bläddra? Som vi har beskrivit under en tid så är koncernen i en strategisk förändringsresa. Att byta namn är en del att positionera koncernen för fortsatt expansion. Under det fjärde kvartalet tog en extrabolagstämma beslut om att byta koncernens namn till Avarda Bank AB. En ändring av bolagsnamn förutsätter nu relevanta myndighetstillstånd och kommer att exekveras på under våren. Låt mig ta bakgrunden till förslaget. Det här har vi varit igenom tidigare. Since the introduction of the stock market in 2016, the bank has been developed from a Nordic niche actor to a European credit and payment platform, and we are now active in 14 countries. Today, we have an attractive European positioning, with Germany as the clearest example. And as you know, the growth today is mainly in credit cards and in markets outside the Nordic countries. This means that the consumer loan business Som TF Bank i huvudstad gick till börsen med är vi sedan till lägre del av låneportföljen än vid introduktionen. Konsumenten i Norden utgjorde nu mindre än 25% av bankens låneportfölj jämfört med cirka 70% vid introduktionen. Det innebär också att andra KPI-er blir mer intressanta för verksamhet idag. Tittar man på dem så kan man visa på bankens resa under den här perioden. Today we have more than 3 million users compared to 300,000 at the stock market introduction. Today we have a transaction volume of 46 billion compared to 3 billion at the introduction. This is a quite dramatic change. And under the brand Avarda we are one of the leading actors within BNPL in the Nordic countries. And it is now Avarda that we rely on for the company's overarching business. With digital solutions, an innovative and flexible way of working, we build the foundation for our financial goals that we are working towards now. And we lay the foundation for a continued strong profitable growth in the European card and payment market. Back to the normal. Here we look at the growth in the loan book segment by segment in local currency. If we start with the whole, the quarter's organic growth was 6% and the year-on-year 23%. Credit cards, such as the bank's growth motor, grew by 10% during the quarter, grew by 48% year-on-year. e-commerce increased by 10% under the quarter and 4% year-on-year. And consumer lending was unstable during the quarter to local currency, but 6% year-on-year. Here we see the bank described market for market. We can start with Germany, which geographically is the core of the bank's growing credit card business. We have continued to set a strong demand for the bank's credit card and we expect continued strong growth in the coming quarter. Germany is now over 40% of the bank's loan book. In the German market, we have launched our e-commerce offer at the end of 2024. Initially it was for Nordic traders, but we now also have local customers. Under 2025, we launched a German consumption loan. So, of course, even in that product, Germany has a great potential, but as always, when we enter a new market, we do it with caution and perseverance. But that means that we are active in Germany now with all the offers that the bank has. In Norway, both e-commerce solutions and the consumer loan business continue to grow. In Norway, the same applies to credit cards. We see above all an improved result in the credit card business. But that is our... our strongest market in the Nordic countries. In general, the focus is to maintain profitability and credit quality in the Nordic markets. Also in the Nordic countries, we have Baltic countries, Estonia, Lithuania and Lithuania. All three countries were credit quality stable and the business continues to develop in a good way. In Austria, we see that the credit card business has developed in a good way. Of course, a smaller market than the German one. Men vi ser att våra förutsättningar att bedriva en lönsam affär i Österrike är god. Och vår vinstutveckling i marknaden är också stark. I Danmark, som är en av våra nyare marknader, känner vi oss trygga med kreditkvaliteten. Och vi skalar också verksamheten i allt snabbare takt. Och som vi har berättat tidigare så har vi etablerat kreditkort i Italien och Spanien. Och det är ju början på en lång resa att lära oss dessa marknader. Och de är stora och intressanta ur ett längre perspektiv för banken. Gamledra. Here we look at segment by segment and we start with credit cards. The loan portfolio in the segment is now almost 12 billion. The underlying business in the segment is growing by 48% compared to the same period in the previous year. We continue to grow in the form of a number of new cards. We now have 401,000 active cards in Germany and that is an increase of 31% compared to the previous year. Vi ser också ett förbättrat kv-tal i segmentet, vilket visar att affären skalar väl. I det här fallet när vi växer så snabbt så är just slutsatsen och skalbarhet väldigt viktig för oss. Det här slår nu igenom på hela bolagets kv-tal. Det kan bläddra. In the e-commerce segment, we now see the effects of our strong pipeline in new sales, which we have talked about earlier this quarter. The volume of transactions is growing by 37% compared to the same period last year. And the growth rate on a yearly basis is now 4% from the previous silent year-on-year. And this is a signal that the volume of transactions and the increase in transactions drives the credit volumes and will also drive increased income in the future. And there is a natural conjecture in how How volume and revenue are developed in this segment, and it becomes extra extreme during a year when we have a underlying transaction growth during the second half of the year that we have had here. And to summarize the business as a whole, and Mikael will come back to some extraordinary, more bookkeeping-technical events during this quarter. Despite the fact that we have had a tough time for the sector here in recent years, we maintain profitability in a good way. We develop the business both geographically and offer-wise as part of the development of the entire company. I will come back to that later in my final words. You can turn to the side. In the consumer lending segment, we have had a controlled growth rate with a focus on defending margins. I think that this segment delivers strongly, ensuring pressed margins in several markets. Erbjudandet finns som jag sa på plats i den tyska marknaden och Tyskland och Danmark kan förväntas stå faktiskt för en stor del av tillväxten i segmentet framöver. I samband med att vi förbereder namnbytet till Avarda för verksamheten så samlar vi den här verksamheten i dotterbolag. Planen är att fortsätta verka under varumärket TF Bank för konsumtionslån och verksamheten. Nu lämnar jag över till Mikael för den fortsatta presentationen.

Great. Thank you very much. If we turn the page, we can first look at our moving income. We can see that they rose to 798 million SEK in the fourth quarter, which is 22% higher than the corresponding quarter of 2024. The growth in the loan portfolio for the credit card segment continues to be the main driving force, as Joakim pointed out, and this also increases our income. If we look at the company's turnover margin, it increases to 13.7 in Q4 and the increase is also driven by the growth of the credit card. If we look at our credit losses, they went up to 277 million during the fourth quarter. If we look at the credit loss level, it increases to 4.8 and this key figure also affects that the credit card becomes a larger part of the company and the segment has a higher credit loss level than the rest. Therefore, the ratio figure is somewhat higher. But if we look at the most important margin, the risk-adjusting margin, we can see that it is strong, unchanged compared to the previous quarter, 8.9 percent. But if we compare it year on year, we see that our risk-adjusting margin has increased by 40 points. We can look at the bank's moving costs, and we can see that they increased by 14% to 280 million under the fourth quarter. The KU's KU number has improved. We had 35% which is a little over 2% lower than the corresponding period last year. And as you can also see in the diagram, it is the credit card that is at 29% in the last quarter, i.e. Q4. And the positive trend, just as Joakim mentioned, depends primarily on the share distribution we see in the business model and also, I would like to point out, an increased automatization of processes. And since credit cards make up a growing part of the bank, this also has clear effects on the company's credit card debt. If we look at our second segment, e-commerce solution, we had a KU rate of 63%. The KU rate for e-commerce solution has increased somewhat in the past year, which is due to a mix of higher costs, which is, among other things, related to our starting costs for new markets, but also an unchanged loan portfolio that affects our income, and that has an effect on the KU rate. If we look at our third segment, consumer lending, we see that the KU rate rose to 31% during Q4, which is slightly lower than what we had in the corresponding quarter of 2024. We can take a look at the bank's moving results. As Joakim mentioned, it increased by 29% to 242 million under the fourth quarter. The driving force, again in this quarter, behind this growth year on year, is the stable and strong development we have in the credit card segment. The quarter's profit per share increased by 36% in 2.83 SEK. This also affects the lower interest rates for our AT-obligations, which is also positive and makes our AT-EPS, which is closest to the shareholder, increase by 36%. If we look at the profitability, it is strong in Q4. We have a drop in the loan portfolio that rose to 3.1%. That is actually 50 points higher than the corresponding period last year. And despite the fact that we have significantly more capital in the bank after the shutdown of our NPL investments, as you will remember, in December 2024, the drop in the equity capital rose to 25% in Q4. And if we measure against a more normalized level, we see that the decline is now at more than 30 percent. If we continue to look at the results per segment, we start with the credit card segment. We had a moving result of 136 million in Q4, which is 81 percent higher than the corresponding quarter of 2024. Again, higher revenues from the growing loan portfolio, rising risk-based margins and share shares, which gives it a lower K1 number, contributes together to the fact that the segment's discount on the loan portfolio has increased to 3.7% in Q5. And if we look at the corresponding quarter of 2024, the segment's discount on the loan portfolio was 2.8%. We can move on to e-commerce. If we look at the e-commerce segment, the turnover was up to 13 million in the fourth quarter. But here we also had credit loss levels of 35 million. And here I also want to say that, just as Joakim mentioned, that I would say It is affected by a negative effect of about 10 million, which is related to updates in our model, looking forward to future credit losses on our NPLs. We have the same corresponding positive in consumer lending, so we have a neutral effect on the entire company, which is important to point out. But in the e-commerce segment, it was negative with 10 million, so I want you to take that with you. If we look further at the segment, we have had a lot of start-up costs that are related to new collaborations that affect our support segment's QE rates in Q4. If we look at the drop in the loan portfolio, it went up 1.5%, but if we adjust from these 10 million, we see that the drop in Q4 is more normalized to 2.6%. I will continue and then we will move to the next page about consumer lending. Here we look at this segment and then we see that we have a turnover result of 93 million, which is 17% higher than the previous quarter. And here I would like to mention that the segment's outfall in Q4 is positively affected by an input effect of 10 million, which is then related to the update in the model based on the expected future credit losses on our MPL stocks. And this effect in consumer lending affects both the rate of credit losses and cash costs. Approximately 5 million on credit losses and 5 million on cash costs, which then includes the OPEX rate. If we look at the discount on the loan portfolio for the segment, it went up to 3.1. But if we adjust from this positive effect, we are more at a normalized 2.8 percentage. If we look at the bank's financing and liquidity, we see that the loan in Germany is still our largest financing source, almost 17.5 billion in the loan balance at the beginning of 2025. Our largest market for loans is the Netherlands, which now has a loan rate of almost 5 billion. And I would also like to mention that the company's loan amount is about 44% of the fixed interest account of the liquidity that we actually have. If we look at our available liquidity reserves, then it went up to 18% of the loan balance at the beginning of the quarter, which is about 1% higher than Q3. And as you know, most of the liquidity is, as previously, placed in state debt exchanges with an outstanding running time of 12 months, as well as overnight accounts with some of the largest Nordic banks. If we look at the LCR level and the NSF level, they rose to 222 percent, respectively 115 in Q4. vilket är något högre i Q3. Det kan vara bra att veta att de regulatoriska gränserna för båda dessa värden ligger på 100 procentenheter. Så vi ligger på väldigt bra nivåer, skulle jag vilja påstå. Vi kan bläddra. Tittar vi på våra kapitalrelationer så uppgick bankens kärnprimärkapitalrelation till 13 procent. Primärkapitalrelationen 14,2 och den totala kapitalrelationen på 16,1 vid utgången av kvartalet. And here it is important to point out that capital reductions are of course affected by the deductions we have for foreseeable expansion if they are 323 million in the capital base. I would also like to mention that during Q4 we have also emitted new T2 bonds of 150 million and at the same time released a T2 bond of 100. And just to say something more about our capital relations, we have continued to have a significant distance to the regulatory capital requirements on all three levels. And I can also mention, as we have mentioned earlier, that the Financial Administration has also decided that our PLR 2 roadmap, which is 0% of the risk exposure rate, which means that we have good visibility in our future capital planning and can thereby The board can then suggest to the board about this extension. I hand it over to you Joakim.