MELHUS SPAREBANK (MELG) investor relations material

Executive summary

• Net profit after tax for Q1 2026 was 27.1 MNOK, down from 28.5 MNOK in Q1 2025, mainly due to margin pressure and lower net interest income, partially offset by reduced loan losses.

• Return on equity after tax was 6.31% in Q1 2026, compared to 7.27% in Q1 2025, with a long-term target of 10%.

• Loan growth including EBK over the last 12 months was 6.66%, and deposit growth was 8.30%.

Financial highlights

• Net interest income for Q1 2026 was 59.4 MNOK, down from 63.8 MNOK in Q1 2025; net interest margin fell to 1.97% from 2.30%.

• Other operating income was 18.2 MNOK, nearly unchanged from 18.3 MNOK in Q1 2025.

• Cost/income ratio increased to 52.3% from 49.2% in Q1 2025.

• Loan losses and impairments were 0.9 MNOK, down from 3.8 MNOK in Q1 2025.

• Total assets under management including EBK reached 15,527 MNOK, up from 14,017 MNOK a year earlier.

Outlook and guidance

• The bank aims for a return on equity above 10%, credit growth between 6-8%, and a cost/income ratio below 45% for 2026.

• The bank is well-positioned for continued profitable growth and financial solidity, with a focus on both private and corporate markets.