SPAREBANK 1 NORDMØRE (SNOR) investor relations material

Executive summary

• Satisfactory start to the year with strong lending growth and high activity levels, though pre-tax profit declined to NOK 104 million from NOK 119 million in Q1 2025.

• Underlying operations remain solid despite margin pressure, increased loan loss provisions, and ongoing macroeconomic and geopolitical uncertainty.

• Optimism persists in the business sector, supported by low unemployment and stable regional economic indicators.

• Scope Ratings reaffirmed A- rating with stable outlook in October 2025.

Financial highlights

• Pre-tax profit for Q1 2026 was NOK 104 million, down from NOK 119 million in Q1 2025.

• Net interest income for Q1 2026 was NOK 158 million, with a margin of 2.09% of average total assets.

• Cost/income ratio was 45.1% YTD, though some reports show 48.7% for Q1 2026.

• Total assets reached NOK 43 billion, up from NOK 40.5 billion a year earlier.

• Loan loss provisions increased to NOK 21 million.

Outlook and guidance

• Expectation of continued lending growth and increased market share, with the bank targeting a long-term return on equity above 11%.

• Anticipates lower margins but also lower cost growth in 2026 compared to 2025.

• Regional economic outlook remains positive, with stable business optimism and low unemployment (1.9% in Møre og Romsdal).

• Norwegian inflation at 3.3% in March 2026; possible rate hikes expected.