Danske Andelskassers (DAB) Q4 2025 earnings summary

Executive summary

• Result before tax for 2025 was DKK 272.9 million, down 23% from DKK 354.6 million in 2024, reflecting strategic investments and one-off costs related to the new 2030 strategy and headquarters relocation to Aarhus.

• Business volume grew by 11.6% to DKK 58.6 billion, driven by strong customer inflow and new advisory centers.

• Equity return before tax was 9.0%, compared to 12.7% in 2024.

• Dividend payout proposed at 30% of net profit, totaling DKK 77.4 million.

Financial highlights

• Net interest income fell to DKK 479.4 million from DKK 514.6 million, mainly due to lower market rates.

• Net fee and commission income increased by 8.5% to DKK 273.7 million.

• Operating expenses rose 4.3% to DKK 560.5 million, with administrative costs up 7.4% due to marketing, branding, and relocation.

• Extraordinary high dividend income from sector companies at DKK 57.0 million.

• Net loan impairment reversals of DKK 10.6 million, reflecting strong credit quality.

• Capital ratio at year-end was 27.3%, down from 29.9% due to redemption of hybrid capital and increased risk-weighted assets.

• LCR at 209% and NSFR at 141%, both well above regulatory requirements.

Outlook and guidance

• 2026 guidance: pre-tax profit expected between DKK 160–210 million and core earnings between DKK 150–180 million.

• Strategic goal to increase business volume by 50% by 2030 compared to 2024, with a long-term equity return target of 10–12%.

• Dividend policy maintained at 30–50% payout of net profit.