SPAREBANKEN NORGE (SBNOR) investor relations material

Executive summary

• Delivered strong Q1 2026 results with pre-tax profit of NOK 2,112 million, up from NOK 1,415 million year-over-year, and return on equity of 16.1%.

• Maintained high return on equity and solid capital position, outperforming peers in loan growth and total return.

• Continued national expansion and digital transformation, with new offices and a modernized IT platform.

• Net interest income rose to NOK 2,641 million, and net commission income increased to NOK 435 million.

• Operating expenses increased to NOK 1,036 million, reflecting merger costs of NOK 23 million.

Financial highlights

• Return on equity (ROE) reached 16.1% for Q1 2026, above the 13% target.

• CET1 ratio improved to 18.1%, well above regulatory requirements.

• Net operating income was NOK 3,251 million, up from NOK 1,972 million year-over-year.

• Cost/income ratio at 31.2% (excluding merger costs), with underlying cost growth of 2.8%.

• Earnings per equity certificate for Q1 2026 was NOK 4.48.

Outlook and guidance

• Targets for 2026–2028: ROE >13%, ROTE >15%, cost/income ratio <30%, CET1 ratio >15.9%.

• Growth ambitions for 2026: 6% retail loan growth, 8% corporate loan growth, 5% deposit growth, and NOK 86 billion Bulder portfolio.

• Full realization of cost and capital synergies expected by 2027/2028; integration costs capped at NOK 380 million.