Feb 20, 2026 (MarketLine via COMTEX) --
At its March 21, 2024 annual meeting, Kvika bank hf. authorized the board to repurchase up to 10% of issued shares to establish a formal share buy-back program.
At the Annual General Meeting of Kvika Bank hf. ("Kvika" or "the Bank") on 21 March 2024, it was agreed to authorize the Board of Directors to purchase up to 10% of the issued shares in the Company, among other things, for the purpose of the Board of Directors being able to establish a formal share buyback program. The Board of Directors of Kvika's authorization to purchase shares was renewed at Kvika's Annual General Meeting on 26 March 2025. Reference is also made to the announcement from 23 December 2025 regarding the Bank's planned share buybacks.
Based on the above, Kvika's Board of Directors decided on 11 February 2026 to exercise part of the authorization and establish a share buyback plan to purchase shares for up to ISK 631,548,500 in purchase price but never more than 45,000,000 shares, for the purpose of reducing the bank's issued share capital. Today, Kvika holds 274,367,380 treasury shares and Kvika has already exercised ISK 4,999,999,998 of the aforementioned authorization of the Annual General Meeting to purchase 303,547,379 treasury shares.
Íslandsbanki hf. will oversee the implementation of the buyback program for an amount of up to ISK 631,548,500 and make all decisions regarding the purchase of shares and the timing of the purchase independently of Kvika. The implementation of the buyback program will be in accordance with law, including the Act on Public Limited Companies No. 2/1995, Regulation of the European Parliament and of the Council (EU) on Market Fraud (MAR) No. 596/2014, as well as the delegated Regulation of the European Commission (EU) 2016/1052, cf. the Act on Measures against Market Fraud No. 60/2021 which entered into force in Iceland on 1 September 2021. When making decisions, and in implementing the buyback program, the aforementioned provisions shall be complied with, as applicable, and transparency in trading in treasury shares shall be ensured during the implementation of the program.
The implementation of the repurchase plan is such that purchases at nominal value each day will be a maximum of 2,771,952 shares and the maximum purchase price shall be the price of the last independent transaction or the highest available independent purchase offer on the Nasdaq Iceland Stock Exchange. Íslandsbanki hf. is authorized, according to the agreement between the parties, to commence the repurchase on 23 February 2026 and the repurchase plan is valid until Kvika's Annual General Meeting on 18 March 2026 or until the repurchase at a purchase value of ISK 631,548,500 is completed or 45,000,000 shares have been purchased, whichever occurs first.
The bank's transactions with its own shares in accordance with the buyback program will be reported in accordance with laws and regulations.
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COMTEX_477832393/2227/2026-04-23T18:38:20
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