Grønlandsbanken A/S: The Bank of Greenland has entered into an agreement on the sale of its ownership share of BEC as a part of a total sale to Nykredit. In this regard, the earnings guidance for 2026 is adjusted upwards

The Bank of Greenland has entered into an agreement on the sale of its ownership share of BEC as a part of a total sale to Nykredit. In this regard, the earnings guidance for 2026 is adjusted upwards

Today, the owners of BEC Financial Technologies, a Danish cooperative society a.m.b.a. ("BEC") have entered into a conditional framework agreement ("the Agreement") after which Nykredit is taking full ownership over BEC. The framework agreement implies that Nykredit is taking over the remaining 31% from the additional twelve owners of BEC. The Bank of Greenland's current ownership share of BEC constitutes 4,57%.

In relation to the implementation of the Agreement, BEC will be included in the Nykredit concern under the name Nykredit Financial Technologies.

As a part of the Agreement, the Bank of Greenland will continue to be a customer in Nykredit Financial Technologies and will, after the implementation of the Agreement, have its IT-solutions delivered by Nykredit Financial Technologies going forward.

The implementation of the framework agreement is subject to certain conditions, comprising an approval from the Danish Competition and Consumer Authority along with the agreement of partnership agreements between Nykredit Financial Technologies and the current owners, who continues to be customers in Nykredit Financial Technologies. When all conditions for the implementation of the Agreement are fulfilled, the purchase is completed. This is expected to take place during the second half of 2026.

Upon the implementation of the Agreement the Bank of Greenland expects to receive a total gross amount of 92.4 million DKK pre-tax, expenses consisting of retained contribution of capital in BEC along with proceeds from the transfer of the bank's ownership share of BEC to Nykredit.

Upward adjustment of earnings guidance
Provided the conditions for the implementation of the Agreement are fulfilled, and that this is effectuated in 2026, the framework agreement is expected to entail a significant economic effect for the Bank of Greenland in 2026.

Based on this, and the Bank of Greenland's expectations to its operational development in 2026, the bank upward adjusts its earnings guidance 2026 pre-tax from 145-175 million DKK as announced in company announcement of 9^th December 2025 to 180-205 million DKK.

Best regards
The BANK of Greenland

Martin Kviesgaard
Managing Director

Contact: [phone] / mail: [e-mail]