Press Release
Wednesday, April 29, 2026 08:00 CET
Northmill Group AB (publ) reported continued robust profitable growth for Q1 2026 which solidifies its position as a leading Nordic digital challenger bank. EBT increased 68% year-on-year and the total gross portfolio amounted to almost 6.4 BSEK, an increase of 43% since Q1 2025 driven by B2B lending. The total active customers reached 276 000.
Julie Chatterjee, CEO of Northmill Group, commented: "The very strong results in the first quarter reflects strong and purposeful execution across the business, in line with our strategy. We continue to grow rapidly with a clear focus on long-term sustainable growth and value creation. Looking ahead, we see significant opportunities to further refine our offering and deepen customer relationships, supporting our ambition to become a full-service digital challenger bank for consumers and businesses across the Nordics and beyond."
Accelerating growth in both the B2C and B2B segment
During Q1 2026, the B2C portfolio grew by 23% to almost 5 BSEK, while the number of card customers increased by 233% year-on-year to 240,000.
The B2B transaction income increased by 373% year-on-year and the B2B lending portfolio, which is mostly secured, grew by 253% over the same period. B2B clients amounted to 4,300 at the end of Q1 and business accounts increased by 18% during the quarter.
In Q1 2026, Northmill Group AB decided to divest its point of sale company; Northmill Flo AB. Northmill will continue to own a minority position in a joint company with Purspot AB. This was a strategic decision to focus resources and efforts on further develop and grow the bank.
Profitable growth with lower risk
EBT grew by 68% during Q1 2026 compared to the same period last year, and gross portfolio increased by 43% year-on-year mainly driven by B2B lending. Portfolio growth was complemented by a 39% increase in transaction income, resulting in a 28% increase in the Group's operating income to 252 MSEK. Additionally the credit losses in the quarter decreased with 1.8pp to 4.9%.
As previously communicated the Group is evaluating a capital raise to support the accelerated growth trajectory.
The numbers are presented excluding discontinued operations unless stated otherwise.
Key highlights Q1 2026
- Gross portfolio: 6,381 MSEK (+43% vs 4,464 Q1 2025)
- B2B portfolio: 1,383 MSEK Q1 2026 (+253% vs 392 MSEK Q1 2025)
- B2C portfolio: 4,998 MSEK Q1 2026 (+23% vs 4,072 MSEK Q1 2025)
- Operating income from continued operations: 252 MSEK Q1 2026 (+28% vs 197 MSEK Q1 2025)
- EBT from continued operations: 74 MSEK Q1 2026 (+68% vs 44 MSEK Q1 2025)
- Transaction income from continued operations: 23 MSEK Q1 2026 (+64% vs 14 MSEK Q1 2025)
- Credit losses: 4.9% (-1.8pp vs 6.8% Q1 2025)
- Card customers: 240 K Q1 2026 (+233% vs 72 K Q1 2025)
- New products launched: business accounts, premium card plan, EIF guarantee loan
Contacts:
IR: Emil Folkesson, CFO, ir@northmill.se, +46 08 - 400 070 40
Press: Frida Almgren, PR, press@northmill.se, + 46 76 - 19 98 300
About Northmill Bank
Northmill Bank is a Nordic tech-fuelled digital challenger bank with the vision of improving people's financial lives. With a full Swedish banking license, the bank offers financial services for both consumers and businesses. Northmill became the EU-based bank receiving the most awards at the Banking Tech Awards 2025 and has been ranked three times as one of Europe's fastest-growing companies by the Financial Times. In Q4 2024, it became the first Swedish bank to complete a payment through the Swedish Riksbank's new infrastructure for real-time account to account payments, RIX-INST. Northmill Group's CEO Julie Chatterjee was one of only two executives from a Swedish bank invited to speak at the most recent annual FT Global Banking Summit in December. In October 2025, her peer-reviewed publication on AI in banking, was published in the Journal of Digital Banking. www.northmill.com/se/
