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The Supervisory Board of AS LHV Group (hereinafter: LHV Group) approved the 2024 audited annual report and will submit it to the Annual General Meeting for approval. Compared to the unaudited interim report published on 11 February, there are no differences in the audited financial results. The 2024 consolidated annual report of LHV Group is attached to this notice and will be made available on the LHV Group investor page at https://investor.lhv.ee/aruanded/#aastaaruanded.

LHV Group generated consolidated revenue of 338.3 million euros (+11%) in 2024. Of the revenue, net interest income accounted for 273.3 million euros (+8%), and net fee and commission income 60.3 million euros (+24%). The expenses of the consolidation group in 2024 amounted to 146.9 million euros (+14%). The consolidated net profit of LHV Group in 2024 amounted to 150.3 million euros, i.e., 7% more than in 2023. LHV Group’s annual cost/income ratio was a good 43.4% and return on equity 24.5%. Ordinary earnings per share in 2024 amounted to 0.46 euros and diluted earnings per share to 0.45 euros.

As at the end of 2024, the consolidated assets of LHV Group stood at 8.74 billion euros, growing by 23%, i.e., 1.64 billion euros over the year. The Group’s consolidated deposits grew by 21% over the year to 6.91 billion euros. The Group’s consolidated loan portfolio increased to 4.55 billion euros, i.e., 28% in 2024. The aggregate volume of funds managed by LHV increased by 3% over the year, to 1.56 billion euros. The number of payments processed in relation to clients who are financial intermediaries reached 74.8 million payments (+51%) in 2024.

The number of LHV Pank clients increased to 455 thousand in 2024. Over the year, the number of bank clients increased by 38,000, i.e., more than 9%. As at the end of the year, the number of active II pillar pension clients at LHV stood at 114,000 (-8%), and 170,000 clients had taken out insurance with LHV Kindlustus (+6%).

Among the subsidiaries, in 2024, AS LHV Pank earned a net profit of 140.5 million euros (141.4 million euros in 2023), UK Bank Limited 5.8 million euros (5.3 million euros in 2023), AS LHV Varahaldus 1.6 million euros (1.7 million euros in 2023), and AS LHV Kindlustus 1.2 million euros (0.3 million euros in 2023). LHV Group as a separate unit generated 81.7 million euros in profit in 2024.

Dividend proposal

The Management Board of LHV Group proposes that the Annual General Meeting distribute the profit for 2024 as follows:

• to pay dividends of 0.09 euros per share, for a total amount of 29,177 thousand euros; the income tax payable on dividends would be 8,229 thousand euros;

• to transfer the profit for the reporting period, amounting to 123,228 thousand euros, belonging to the parent company’s shareholders, to retained earnings.