THIS RESULT NOTE WAS SENT TO PAYING SUBSCRIBERS EARLIER AND IS NOW MADE PUBLIC

Arion's Q2 net earnings of ISKm 8.050 came in 5,9% above AKKUR's estimate - an NII- and impairment-driven beat with net interest income 4,1% above estimate on 11,4% loan growth - while 10,9% year-on-year opex growth and negative net financial income left the result 2,8% below consensus, lifting AKKUR's preliminary FY 2026 net earnings estimate 3,9% to ISKm 30.746 with rating and target price unchanged.

Below is the result note for ARION's Q2 2026 results.

AKKUR - Greining og ráðgjöf