Procredit Holding-A solid start into 2026-05/13/2026

Research evidence excerpt

Procredit Holding-A solid start into 2026-05/13/2026

Procredit Holding

SPONSORED RESEARCH NEWSFLASH | 13 MAY 2026

A solid start into 2026

ProCredit reported a solid start to 2026, driven by disciplined execution of its growth and balance sheet transformation

strategy. The loan portfolio rose by 2.6%, with over 80% of growth stemming from higher-yielding micro, SME and retail

segments, lifting their portfolio share to 49%. Operating income increased nearly 5% year-on-year, supported by 8.6%

growth in net interest income on a stable 3.2% margin. CIR was better than expected by us, but this was compensated by

higher than anticipated risk provisions. Accordingly, profit reached EUR 21.7m (8.0% RoE), which was fully in line with our

expectations, while capitalization remained sound at a 12.9% CET1 ratio. Our last PT was EUR 14, the recommendation was

“buy”.

Actual Pareto PAS (pre Q1)

ProCredit Q1 2025 Q1 2026 yoy (%) Q1 2026 Delta (%) 2026e 2027e

Revenues EURm 106 111 5 115 -4 479 530

Net interest income " 85 92 9 93 0 385 428

Net commission income " 23 22 -4 24 -12 104 113

Other income " -2 -3 70 -3 nm -11 -11

Expenses " 75 79 5 85 -8 357 342

CIR % 71% 71% 39 bps 74.5% 328 bps 74.6% 64.6%

Risk provisions EURm -1 3 nm 0 nm 16 17

Operating profit EURm 32 29 -8 29 0 106 171

Net income EURm 25 22 -14 22 -1 80 128

RoE (annualized) % 9.4% 8.0% -145 bps 8.1% 9 bps 7.2% 10.9%

Other KPI FY 2024 Q1 2026 2026e 2027e

Lending volume EURm 7,753 7,952 3 8,528 9,381

Deposit to loan % 118% 115% -3 118% 118%

Risk costs (annualized) bps 15 14 -9 0.0 0.0

Net interest margin (annualized) % 3.2% 3.2% 1 3.2% 3.3%

CT1 Ratio % 13.1% 12.9% -2 12.6% 12.6%

Source: Pareto, Company

More insights:

• There will be an analyst call today at 4 p.m. CEST

Knud Hinkel