SPAREBANK 1 ØSTFOLD AKERSHUS (SOAG) Q2 2026 earnings summary

Executive summary

• Marked share increased across all business areas, with strong growth in other income streams and sustained lending growth over time.

• Result after tax for H1 2026 was NOK 309 million, down from NOK 357 million year-over-year. Result from ordinary operations was NOK 262 million (NOK 289 million).

• Operational restructuring and cost initiatives, including a 10% workforce reduction and voluntary reduction of 20 FTEs, delivered a total effect of NOK 30 million and one-off costs of NOK 16.4 million in Q2.

• Continued strong market position with significant growth potential and robust customer relationships supported by technology.

• Very strong result contribution from SpareBank 1 Gruppen, with high dividends received.

Financial highlights

• Pre-tax profit for Q2 2026 was NOK 216 million, up from NOK 152 million in Q1 2026 and NOK 280 million in Q2 2025.

• Return on equity reached 12.3% for H1 2026, with a target of ≥11%. Earnings per equity certificate: NOK 22.3 (NOK 25.9).

• Dividend payout policy set at approximately 50% of annual group profit.

• Net interest margin stabilized at 2.35% in Q2 2026, with a flattening trend observed. Net interest income and commissions from credit institutions: NOK 396 million (NOK 412 million), margin 1.65% (1.83%).

• Cost-to-income ratio improved to 44.5% in Q2 2026; full H1 2026 ratio was 45.0% (40.0%).

Outlook and guidance

• Significant opportunities identified in new technology and digitalization.

• Cost reduction program expected to yield annual savings of NOK 10 million, with positive effects anticipated in 2027.

• Continued focus on operational efficiency, cost control, and market expansion.

• Market area expected to benefit from strong infrastructure, logistics, and industrial development.

• Minimum 11% ROE and 50% payout ratio remain targets.