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Kvika banki hf.: Execution of buyback programme

Written by Customer Service on . Posted in Public Companies.

At the Annual General Meeting of Kvika banki hf. (“Kvika” or the “bank”) on 21 March 2024, the shareholders approved to authorise the board of directors to buy up to 10% of issued shares in the bank, to among other things enable the board of directors to carry out a formal buyback programme.  The authorisation for the board of directors to engage in buyback of shares was renewed at the Annual General Meeting on 26 March 2025. Further with reference to notification on 23 December 2025 on buyback of shares.

On the basis of above, the board of directors of Kvika decided on 11 February 2026 to establish a buyback programme to carry out the purchase of shares for total consideration amount of ISK 631,548,500 but for no higher nominal amount than 45,000,000 shares, for the purpose of reducing Kvika’s issued share capital. Kvika currently holds 274.367.380 of own shares and has already used ISK 4,999,999,998 of the aforementioned AGM authorisation to acquire 303.547.379 own shares.

Íslandsbanki hf. will be supervising the execution of the buyback programme and making all decisions regarding the acquisition of shares for consideration of ISK 631,548,500 and the timing of the acquisitions independently of Kvika. The execution of the buyback programme must comply with the Act on Public Limited Companies, No. 2/1995. In addition, the buy-back programme must be implemented as provided for in the Regulation of the European Parliament and of the Council no. 596/2014, on market abuse, as well as the Commission Delegated Regulation (EU) 2016/1052 on regulatory technical standards for the conditions applicable to buy-back programmes and stabilisation measures, which supplements that Regulation, cf. the Act on Measures Against Market Abuse No. 60/2021, which entered into force in Iceland on 1 September 2021. When deciding on and executing a buyback programme, the above-mentioned provisions will be complied with as currently applicable, and the implementation of such a programme shall ensure transparency in such transactions with own shares.

The execution of the buyback programme is conducted in such a way that purchases each day do not exceed 2,771,952 shares and the maximum price of the purchases shall be the amount of the last independent transaction or highest independent existing purchase bid in the Nasdaq Iceland stock exchange. Íslandsbanki hf. can, according to agreement between the parties, start the buyback on 23 February 2026 and the buy-back programme is in force until Kvika’s annual general meeting 2026, or until the repurchase for total consideration amount of ISK 631,548,500,000 is completed or 45,000,000 shares have been bought, whichever comes first.

The bank’s trading in own shares pursuant to the buyback programme shall be declared in accordance with law and regulations.

Further information please contact Kvika‘s investor relations ir@kvika.is.  

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