Greetings from CEO

"The result for January–June was in line with our expectations. We have systematically advanced our strategy of growth that we announced in January while continuing to improve our process efficiency as planned. Despite the challenging operating environment earlier this year, the volume of new lending and fee income increased in line with our strategy. I view the public tender offer from S-Bank, announced in early July, to acquire all shares in OmaSp as a sign of the market's confidence in the bank's strategy and business development as well as the long-term work of our committed employees.

Satisfactory result – stronger capital adequacy

Comparable profit before taxes for January–June amounted to EUR 23.6 million (EUR 23.6 million). Comparable operating income decreased by 14.1 per cent year-on-year to EUR 102.2 million (EUR 118.9 million). Net interest income decreased by 20.7 per cent during January–June to stand at EUR 72.1 million (EUR 90.9 million). Comparable operating expenses amounted to EUR 63.2 million (EUR 62.7 million).

Comparable profit before taxes for the second quarter amounted to EUR 9.9 million (EUR 19.0 million). Comparable operating income decreased by 12.4 per cent in the second quarter, amounting to EUR 52.0 million (EUR 59.4 million). Net interest income decreased by 17.5 per cent year-on-year in the second quarter to stand at EUR 36.3 million (EUR 44.0 million). Comparable operating expenses saw an increase of 13.3 per cent compared with the corresponding period in the previous year, rising to EUR 34.6 million (EUR 30.5 million). Personnel expenses increased by 11.3 per cent compared with the previous year.

The company's capital adequacy has continued to strengthen since the start of the year. The total capital ratio stood at 19.4 per cent (19.3 per cent) at the end of June. Own funds amounted to EUR 581.7 million (EUR 581.4 million), exceeding the total own funds requirement by EUR 170.0 million.

S&P Global Ratings confirmed in June that the company's short-term and long-term funding credit ratings remain unchanged at BBB/A-2.

Broad-based growth in fee income and continued growth in lending

In line with our strategy, we increased net fee income by 6.9 per cent in January–June to EUR 26.6 million (EUR 24.9 million), driven in particular by the development of fund management fees as well as fees from cards and payment services.

The volume of loans granted during January–June increased by 41.6 per cent compared with the reference period, amounting to EUR 458.6 million (EUR 323.8 million). During the second quarter, the volume of loans granted increased by 6.9 per cent compared with the previous quarter.

The residential mortgage portfolio decreased by 2.1 per cent from the previous 12 months. The business customers’ loan portfolio decreased by 10.9 per cent from the previous 12 months. The size of the controlled winding-down portfolio was EUR 170 million at the end of June.

Weak Finnish economy earlier this year reflected in non-performing exposures

The slow recovery of the Finnish economy, particularly the real estate market, was reflected in an increase in non-performing exposures and expected credit losses.

Non-performing exposures amounted to EUR 547.8 million (EUR 509.7 million) at the end of June, representing 9.4 per cent (8.9 per cent) of the loan portfolio. The increase in non-performing exposures was particularly focused on personal customers. The volume of new non-performing loans has been declining. Recovery processes for other non-performing loans continue to be lengthy, particularly due to the time required to realise real estate collateral.

Net impairment losses on financial assets decreased during January–June compared with the reference period, amounting to EUR -14.9 million (EUR -31.4 million).

Expected credit losses (ECL) for January–June decreased compared with the reference period to EUR 13.7 million (EUR 27.5 million). Net realised credit losses decreased compared with the reference period and amounted to EUR 1.2 million (EUR 3.9 million) during January–June.

During the second quarter, a total of EUR 6.6 million (EUR 6.4 million) was recognised in ECL. Net realised credit losses decreased in the second quarter compared with the reference period, amounting to EUR 0.9 million (EUR 2.7 million).

S-Bank’s public tender offer to acquire OmaSp shares

On 9 July 2026, S-Bank announced a voluntary recommended public cash tender offer of EUR 17.20 per share to acquire all shares in OmaSp. If the tender offer is implemented as planned, the intention is to delist OmaSp shares from the stock exchange. OmaSp’s Board of Directors recommends that shareholders accept the tender offer. The tender offer is expected to be completed during the fourth quarter of 2026.

The completion of the tender offer is not expected to have any significant immediate impact on OmaSp’s operations or business locations.

A stronger bank through long-term commitment

In recent years, all of us at OmaSp have been systematically working to implement significant reforms and improve our operational efficiency. In line with the updated strategy we announced in January, we have continued our work to build an even stronger and more sustainable bank. The foundations of our operations are highly personal service, local presence and understanding our customers' needs.

I am very proud of the way in which our employees strive every day to continue this work. I believe that OmaSp is well on the way to achieving even stronger and more sustainable performance. I would like to extend my warmest thanks to all our employees for their dedicated work for the company and to our customers for their continued trust in us."

Karri Alameri
CEO