SPAREBANK 1 HELGELAND (HELG) investor relations material

Executive summary

• Q3 pre-tax profit was NOK 154m and net profit NOK 115m; YTD pre-tax profit fell NOK 77m YoY to NOK 484m.

• Higher Q3 net interest income and lower operating costs were offset by weaker financial investment income and higher impairment charges.

• YTD return on equity was 9.6% versus 11.7% a year earlier, below the 12% long-term target.

• Total loans grew 3.7% YoY; deposits increased 3.7% over 12 months but fell 4.4% QoQ.

Financial highlights

• Q3 net interest and credit commission income was NOK 222m, up NOK 16m QoQ; YTD income was NOK 636m, down NOK 69m YoY.

• Q3 net profit was NOK 115m and earnings per equity certificate were NOK 3.1; YTD net profit was NOK 386m versus NOK 447m YoY.

• Q3 net financial investment income was NOK 14m, down NOK 29m QoQ; YTD financial investment income rose NOK 20m YoY to NOK 105m.

• YTD impairment losses were NOK 72m versus NOK 37m YoY; operating costs were NOK 324m, down NOK 8m.

Outlook and guidance

• 2026 loan losses are expected to be lower than in recent years; credit risk among vulnerable customers and businesses remains under review.

• Competition and margin pressure may weigh on net interest income; the 4.50% policy rate may support income depending on competition and funding costs.

• Commission income is expected to remain stable, above 0.35% of assets under management excluding mortgage-credit commissions.

• Operating costs are expected to remain proportionately stable, with the cost ratio below 40%; inflation, regulation, technology, security and alliance costs may lift expenses over time.

• Personal-market credit growth is expected near local market growth; liquidity and capital are viewed as satisfactory, with a long-term ROE target of 12%.