Northmill delivers exceptional earnings and profitable growth in Q3 2026

Press Release, October 23 2026, 08:00 CEST
Northmill Group AB (publ) reported exceptionally strong earnings and continued profitable growth across its entire business for Q3 2026. This further strengthens Northmill’s position as a leading digital challenger bank serving both consumers and businesses with smart, accessible and flexible products. Earnings Before Tax (EBT) grew by 62% to 98 MSEK and the total gross portfolio increased by 67% to 8.5 BSEK, compared to Q3 2025. The B2C portfolio grew by 34% to 5.7 BSEK while the B2B portfolio increased by 3.5x to almost 2.8 BSEK, compared to the same quarter previous year. Total active customers reached 299,000 during the quarter.

“Our outstanding results this quarter prove that we are delivering on our long-term strategy for profitable growth, built on our commitment to putting customers first, our team's strong execution, and a passion for forward-thinking solutions. Thanks to the trust of consumers and businesses alike, we are showing what a leading digital challenger bank can achieve. Backed by our solid financial position, we are ideally equipped to continue evolving our offering, broadening our impact, and leading the way forward”, said Julie Chatterjee, CEO of Northmill Group.

Accelerating momentum in the B2C segment

The B2C segment is showcasing strong growth in the third quarter, where the total B2C portfolio increased by 34% to 5.7 BSEK, compared to Q3 2025, which had a clear impact on the earnings. The consolidation loan portfolio grew by 29% in Q3 2026 compared to Q3 2025. Strong demand for the bank’s flexible products, which support customers across various life stages, demonstrates that these solutions address a real market need.
“As households look to make the most of their finances, our consolidation offerings provide a simple and smart way for people to reduce their monthly costs, delivering tangible value and giving customers greater control over their budgets”, said Julie Chatterjee.
The bank continues to gain high user ratings, with 4.7 out of 5 on the Apple App Store and 4.8 out of 5 on Trustpilot, reinforcing its position as a consumer-friendly bank. Adding to this momentum, the bank has also been shortlisted in three consumer categories at the global Banking Tech Awards 2026 for its innovative solutions.

Strong growth in the B2B segment

In the third quarter 2026, the B2B segment is demonstrating solid growth where the portfolio grew by 3.5x to almost 2.8 BSEK, compared to the same quarter last year. The bank has seen a significant uptake within its business segment, and today B2B accounts for around 33% of the total portfolio, versus around 16% a year ago. Northmill is constantly capturing market share by expanding its reach from the smaller end of the SME spectrum to also serving larger companies with flexible, digital offerings.
"Businesses of all sizes are increasingly seeking a modern and efficient banking relationship, one built on speed, accessibility, and genuine understanding. Our combination of flexible products and an experienced team, is an attractive alternative offer appreciated by our clients," said Julie Chatterjee.

Enhanced scalability and disciplined profitable growth

EBT for Q3 2026 reached 98 MSEK, up 62% year-on-year, while the gross portfolio expanded by 67%, primarily driven by business lending, which is up 246% during Q3 2026 compared to the same period last year. This growth was achieved while growing the portfolio in a disciplined manner, supported by a strong focus on risk and diversification. The net credit-loss ratio is down by 0.6 percentage points to 4.5%, alongside enhanced platform scalability reflected in a C/I ratio of 38% (44% Q3 2025). Northmill took additional measures to optimise its capital structure during the quarter through a successful SEK 150 million Tier 2 bond issuance, at significantly improved pricing compared to the Tier 2 bond issued in November 2025. This reflects a more favorable funding environment and continued investor support for Northmill’s growth journey.

“Our Q3 results highlight the scalability of our platform, delivering profitable growth while continuously sharpening operational efficiency and portfolio quality, which becomes visible through improved cost-to-income ratio as well as reduced cost of risk. The successful SEK 150 million Tier 2 bond issuance further optimises our capital structure, as we continue to scale with discipline and deliver attractive return on equity”, said Emil Folkesson, CFO of Northmill Group.

The numbers are presented excluding discontinued operations unless stated otherwise.

Key highlights Q3 2026

• Gross portfolio: 8,509 MSEK Q3 2026 (+67% vs 5,090 MSEK Q3 2025)
  • B2B portfolio: 2,773 MSEK Q3 2026 (+246% vs 802 MSEK Q3 2025)
  • B2C portfolio: 5,736 MSEK Q3 2026 (+34% vs 4,288 MSEK Q3 2025)
• Operating income: 303 MSEK Q3 2026 (+38% vs 220 MSEK Q3 2025)
• EBT: 98 MSEK Q3 2026 (+62% vs 60 MSEK Q3 2025)
• Adj. RoE: 22.9% Q3 2026 (+3.5 p.p. vs 19.4% Q3 2025)
• C/I ratio: 38% Q3 2026 (-7 p.p. vs 44% Q3 2025)
• Credit loss ratio: 4.5% Q3 2026 (-0.6 p.p. vs 5.1% Q3 2025)
  

Contacts:
IR: Emil Folkesson, CFO, ir@northmill.se, +46 8 - 400 070 40
Press: Frida Almgren, PR, press@northmill.se, + 46 76 - 19 98 300
This information is information that Northmill Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014. The information was submitted for publication on October 23 2026 at 08:00 CEST.
About Northmill Bank
Northmill Bank is a Nordic digital challenger bank with a vision to improve people’s financial lives by combining technological innovation with a personal customer experience. With a full Swedish banking license, the bank offers financial services for both individuals and businesses. Northmill became the most awarded EU-based bank at the Banking Tech Awards 2025 and has been ranked three times as one of Europe's fastest-growing companies by the Financial Times, most recently in 2026. In the fourth quarter of 2024, Northmill became the first Swedish bank to execute a payment via the Riksbank's new infrastructure for real-time account-to-account transfers, RIX-INST. www.northmill.com/se/