Tinde Sparebank (TINDE) investor relations material

Executive summary

• Result after tax for Q1 2026 was NOK 11.0 million, down from NOK 17.3 million in Q1 2025, mainly due to higher credit losses.

• The merger between Sunndal Sparebank and Romsdal Sparebank was completed in June 2025, creating a larger regional bank with increased competitiveness and capacity.

• The bank’s return on equity after tax was 2.2% in Q1 2026, compared to 7.0% in Q1 2025.

Financial highlights

• Net interest income increased by NOK 26.8 million to NOK 75.3 million, a 55.3% rise year-over-year, driven by volume growth and merger effects.

• Total operating income reached NOK 101 million, up from NOK 60.8 million in Q1 2025.

• Operating expenses rose to NOK 61.2 million, up 78.3% year-over-year, reflecting the inclusion of Sunndal Sparebank’s cost base.

• Credit losses booked at NOK 24.9 million, up NOK 21.7 million from Q1 2025, mainly due to increased stage 3 impairments in the corporate portfolio.

• Cost/income ratio was 60.6%, up from 56.5% in Q1 2025.

Outlook and guidance

• The bank maintains a solid capital base and expects moderate credit losses for 2026.

• Plans for uplisting from Euronext Growth Oslo to the main Oslo Børs are ongoing, with a potential delay to 2027.

• Dividend policy targets a payout ratio of 70-100% of equity certificate holders’ share of net profit.

• Long-term financial targets include return on equity above 10% and a cost/income ratio below 40%.