Addiko Bank AG

Addiko reported a first-half 2026 net loss after tax of EUR 23 million, versus an adjusted result after tax of EUR 19.1 million excluding the identified extraordinary items. Earnings per share were minus EUR 1.19 and return on average tangible equity was minus 5.4%. Net banking income was stable at EUR 155.5 million; net interest income was EUR 117.2 million; net fee and commission income rose 2.8% year over year to EUR 38.3 million. Operating result before impairments and provisions was EUR 37.9 million. General and administrative expenses were EUR 111.5 million, up 14.5% year over year, and cost/income ratio would have been 66.3% excluding takeover advisory costs. Cost of risk was EUR 11.6 million, or 31 bps, versus EUR 14.4 million a year earlier. The group booked EUR 41 million of Swiss franc-related legal provisions and EUR 8.4 million of takeover-related advisory costs. Capital remained strong with a total capital ratio of 21.3% and CET1 ratio of 21.3%; customer deposits were EUR 5.3 billion, loan-to-deposit ratio 71%, and liquidity coverage ratio around 280%. Management said guidance remains suspended because the transaction could materially change the group’s future scope, operating basis and earnings profile.

Herbert Juranek framed the half as a period of “extraordinary” headwinds from Swiss franc legal developments, regulatory intervention, and the takeover process, but emphasized that the underlying business remained resilient. He said the bank maintained stable revenues, strong asset quality, and a very strong capital and liquidity position, while continuing to serve customers and preserve business continuity. He also said the group will keep supporting the takeover process professionally while remaining independent until the transaction closes.

Edgar Flaggl said the reported loss was dominated by two extraordinary items: CHF 41 million of legal provisions and CHF 8.4 million of takeover advisory costs. He highlighted that net banking income stayed at EUR 155.5 million despite margin pressure and pricing restrictions, while OpEx rose to EUR 111.5 million, up 14.5%, largely because of takeover costs, wage/indexation effects, and Romania-related expansion costs. He noted that excluding takeover costs, the cost/income ratio would have been 66.3% versus 71.7% reported, and that CET1 stayed at 21.3% after absorbing the half-year loss and other charges.

The only webcast question focused on whether the EUR 41 million Swiss franc provisioning could turn out less negative. Management said they do not expect a better outcome by year-end and are not seeing either a positive or a higher negative impact at this stage; they believe they have already booked the range identified after detailed analysis. Herbert strongly criticized the court reasoning in Croatia and Slovenia, while Edgar said the issue is likely to trigger further legal steps and that the book provision reflects their current best estimate. Management also said they will pursue all available legal remedies.