KVIKA - 2026 Q2 - MIXED-NEGATIVE

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

Kvika's Q2 net income of ISKm 903 came in 13,3% below AKKUR's estimate - a Mixed-Negative quarter in which net interest income fell 6,8% short on the June special dividend, AT1 and senior FX cash drag and a lower CPI tick, while operating expenses beat by 7,7% and underlying PBT landed 0,1% from estimate, leaving the entire net income shortfall in tax at 41,6% all-in against 28,9% a year ago. AKKUR cuts FY 2026 estimates - NII -5,4% to ISKm 12.613, pre-tax profit -4,0% and net income -7,4% - with rating and target price unchanged pending a full valuation update prompted by the year's corporate actions.