SPAREBANK 1 HELGELAND (HELG) investor relations material

Executive summary

• Pre-tax profit for Q1 2026 was NOK 160 million, down from NOK 190 million in Q1 2025 but up NOK 72 million from the previous quarter, mainly due to lower net interest income and higher loan loss provisions, partially offset by higher financial income and reduced costs.

• Return on equity (ROE) was 10.2%, compared to 12.3% in Q1 2025 and up from 4.0% in Q4 2025.

• Cost/income ratio improved to 36.0%, well below the target of 40% and down from 42.0% in Q4 2025.

• Loan losses remain elevated at NOK 32 million, reflecting model changes and increased provisions for impaired customers, but down NOK 50 million from Q4 2025.

Financial highlights

• Net interest income was NOK 208 million, a decrease of NOK 19 million from the previous quarter and NOK 28 million year-over-year.

• Net commission and other income totaled NOK 44 million, down NOK 9 million sequentially but up NOK 3 million year-over-year.

• Net result from financial assets and liabilities was NOK 48 million, up NOK 34 million from Q4 2025 and NOK 11 million year-over-year, mainly due to dividends from product companies.

• Total operating expenses were NOK 108 million (36.0% of income), down NOK 16 million from the previous quarter.

• Loan loss provisions were NOK 32 million, down from NOK 88 million in Q4 2025 but up NOK 13 million year-over-year.

• Total assets under management reached NOK 41.2 billion, up 5.7% year-over-year.

Outlook and guidance

• Expectation of increased activity in the corporate market and credit growth in line with the Helgeland market.

• Continued price pressure and competition anticipated to negatively impact net interest income.

• Cost/income ratio expected to remain below 40%.

• Loan losses projected to decline for the full year 2026 compared to previous years, despite high Q1 losses.

• Optimism for long-term regional growth, especially in infrastructure and aquaculture sectors.