Sberbank of Russia (SBER) investor relations material

Executive summary

• Net profit for Q1 2026 rose 16.5% year-over-year to RUB 507.9 billion, with ROE at 24.4% and EPS up 16.7% to RUB 23.8.

• Retail customers reached 110.4 million, active corporate clients 3.5 million, and retail client funds increased 1.4% to RUB 33.9 trillion.

• Retail and corporate loan portfolios grew, with retail up 2.5% and corporate up 2.3% year-to-date; retail lending market share exceeded 50%, corporate lending share rose to 33.2%.

• Sber continues to expand digital solutions, launching GigaChat Ultra AI model and enhancing loyalty programs, with SberSpasibo users exceeding 100 million.

• Interim consolidated financial statements for Q1 2026 were reviewed and found to be prepared in accordance with IAS 34, with no material misstatements identified.

Financial highlights

• Net interest income grew 18.2% year-over-year to RUB 984.3 billion; net fee and commission income up 0.6% to RUB 204.5 billion.

• Operating expenses increased 15.8% year-over-year to RUB 303 billion, but cost-to-income ratio improved to 26.7%.

• Net interest margin for Q1 was 6.34%.

• Earnings per share (basic and diluted) increased to RUB 23.80 from RUB 20.40 year-over-year.

• Equity increased 6.2% to RUB 8.9 trillion; capital adequacy ratio (N20.0) at 14.4%.

Outlook and guidance

• GDP growth forecast for 2026 revised down to 0.5%-1% due to economic slowdown; inflation forecast for 2026 raised to 6%-6.5%.

• Retail lending market growth forecast downgraded to 5%-8% for 2026, but Sber expects to outpace sector.

• Net interest margin expected to average at least 5.9% in 2026.

• Dividend payout recommended at 50% of IFRS net profit for 2025 (RUB 850 billion).

• Management highlights moderate loan growth, recovering demand in unsecured lending, and focus on digital innovation.