Norion Bank (NORION) Q4 2025 earnings summary

Executive summary

• Operating profit increased by 14% to SEK 1,838m, with EPS up 17% to SEK 7.12 for the year and 9% in Q4, supported by share buybacks.

• Net profit for the year rose 14% to SEK 1,438m, with a return on equity of 15.5%.

• Strategic focus on strengthening core segments and targeted acquisitions, including a public offer for Consensus Asset Management.

• Signs of economic recovery in Sweden, with favorable inflation trends and expected demand stimulation in 2026.

Financial highlights

• Full-year total income increased by 4% to SEK 3,847m; Q4 income up 1% to SEK 928m.

• Loan book at SEK 49.7bn, down 1% year-over-year but up 1% sequentially.

• Cost/income ratio for the year at 30.4%, Q4 at 34.6%, up year-over-year.

• Total capital ratio at 18.4% and CET1 ratio at 15.6%.

• Net interest margin stable at 6.9% for the year, 7.6% in Q4.

Outlook and guidance

• Board proposes no dividend for 2025, focusing on share buybacks and capital flexibility.

• Additional share buyback program of up to SEK 500m planned for 2026, pending regulatory approval.

• Continued focus on profitable growth, efficiency, and capital optimization.

• Continued monitoring of credit quality and prudent provisioning in light of macroeconomic and regulatory changes.

• Strong outlook for the Payments segment into 2026.