Enity (ENITY) SEB Nordic Seminar presentation summary

Business overview and market position

• Leading pure-play specialist mortgage bank in the Nordics with a 20-year track record of profitable growth and low credit losses.

• Loan book reached SEK 30.5bn with a 16% CAGR from 2022 to September 2025.

• Focuses on underserved segments with tailored mortgages, second charge, and equity release loans, all 100% secured.

• Operates in a robust, low-risk Nordic mortgage market with strong regulatory frameworks and high payment discipline.

• Holds a leading market share in tailored and equity release mortgages, outperforming competitors in credit loss ratios.

Financial performance and targets

• Adjusted ROTE of 20.6% for Jan–Sept 2025, with Q3 2025 at 21.4%.

• Adjusted operating profit of SEK 472m for 9M 2025, up 24% year-over-year.

• Credit loss ratio at 26bps LTM Sept 2025, reflecting low and stable risk.

• CET1 ratio at 15.1%, exceeding regulatory requirements by 280bps.

• Targets 8–10% annual organic lending growth and ROTE of ~20% over the cycle.

Market dynamics and growth drivers

• Nordic mortgage market characterized by low NPL ratios, high ROE, and advanced digital infrastructure.

• Addressable niche market estimated to grow at 8–10% per year, driven by demographic trends and increased product awareness.

• High-street banks focus on prime customers, leaving a growing underserved segment for specialist lenders.

• Regulatory changes, such as higher LTV caps and reduced equity requirements, support further mortgage lending growth.

• Macro outlook for 2026 is positive, with stable or rising house prices and supportive fiscal and monetary policies in Sweden and Norway.