Sparebank 1 Smn · OSL:MING
Sparebank 1 Smn — Debt Investor Presentation (2026)
45 slides from Sparebank 1 Smn's debt investor presentation, 2026
Slide 1: Debt Presentation First quarter 2026
Debt Presentation First quarter 2026
Slide 2: Disclaimer
Disclaimer This presentation contains certain forward-looking statements relating to the business, financial performance and results of SpareBank 1 SMN and/or the industry in which it operates. Forward- looking statements concern future circumstances and results and other statements that are not his
Slide 3: Content debt presentation
Content debt presentation 1 Norwegian Economic Overview 2 About SpareBank 1 SMN 3 First quarter 2026 4 Capital and Funding 5 Appendix 3
Slide 4: Norwegian Economic Overview
Norwegian Economic Overview 4
Slide 5: Robust Norwegian economy
Robust Norwegian economy GDP Mainland Norway. Growth Unemployment rate 5 Source: Macrobond, Statistics Norway, NAV
Slide 6: Inflation is still above target
Inflation is still above target CPI and CPI-ATE Key policy rate 6 Source: Macrobond, Statistics Norway, Norges Bank
Slide 7: Overview and price development housing market
Overview and price development housing market • Total size approximately NOK 3,900 billion 4Q 2024 (€350 bn) Residential real estate price, 12 months change • Scheduled repayment mortgages: ca.85% MORTGAGE MARKET • Typical maturity: 25 years • First priority security market, thorough documentation •
Slide 8: About SpareBank 1 SMN
About SpareBank 1 SMN Bank SpareBank 4 | teator Sh) Accounting
Slide 9: SpareBank 1 Alliance Banks – local presence and national integration
SpareBank 1 Alliance Banks – local presence and national integration The Alliance was founded in 1996 and consists of 12 banks SpareBank 1 Lom og Skjåk (1873) SpareBank 1 Helgeland (1860) SpareBank 1 Nord Norge (1836) Tromsø, Moodys: Aa3 SpareBank 1 Hallingdal (1860) SpareBank 1 Nordmøre (1834) Spar
Slide 10: Part of the SpareBank 1 Alliance
Part of the SpareBank 1 Alliance 8 other SpareBank 1 SpareBank 1 SpareBank 1 SpareBank 1 SpareBank 1 SMN Sør-Norge SNN Østlandet Banks Retail and corporate banking in Norway Holdco: SpareBank 1 Group Holdco: SpareBank 1 IT Direct operating subsidiaries & Operations** Product companies SpareBank 1 Bo
Slide 11: SpareBank 1 SMN
SpareBank 1 SMN City of Trondheim The Norw. Uni. of Science and Tech Main industries Region • The region’s consists of two counties in the middle of Norway: Trøndelag and Møre and Romsdal • Population is approx. 760,000 people or 14 % of the Norwegian total • The main town of Trondheim is an histori
Slide 12: Our mission
Our mission Customers Owners Community Mid-Norway’s leading finance Among the top performers in the Creating long-term value centre Nordics 12
Slide 13: A strong financial ecosystem
A strong financial ecosystem unified in one integrated financial services platform FACTORING FORSIKRING 13
Slide 14: Thank you to everyone who steps up and makes a difference
Thank you to everyone who steps up and makes a difference In 2025, the SpareBank 1 banks and their foundations together returned NOK 3.2 billion to society.SpareBank 1 SMN alone contributed NOK 530 million to both small and large initiatives across Central Norway 14
Slide 15: First quarter 2026
SpareBank 1) First Quarter 2026
Slide 16: Q1 2026
Q1 2026 11.3 % Lending growth Retail banking 0.9 % 1.1 % Return on equity Corporate banking 0.7 % NOK 849 mill Deposit growth Retail banking 3.4 % 2.3 % Profit after tax Corporate banking 2.6 % Operating margin subsidiaries 17.1 % Regnskapshuset SMN 18.3 % Eiendomsmegler 1 Midt-Norge 5.8 % CET1-rati
Slide 17: Financial targets
Financial targets Return on equity (per cent) Solidity (per cent) 44 4 23 3 9 3 15.9% > 2022 2023 2024 2025 Q 2 2022 2023 2024 2025 Q 2 Cost/income bank ex. finance (per cent) Cost/income subsidiaries (per cent) 9 0 94 2 42 50 5 90 5 3 2 3 39 34 5 3 0 2022 2023 2024 2025 Q 2 2022 2023 2024 2025 Q 2
Slide 18: Growth and margins in Retail Banking - quarterly
Growth and margins in Retail Banking - quarterly Lending volume (NOKbn) Deposit volume (NOKbn) Margins vs NIBOR3M en ing ol me (NOKbn) eposit ol me (NOKbn) en ing margin Q arterly gro th Q arterly gro th eposit margin 4 3 2 0 2 92 0 34 23 2 50 2 0 20 3 22 39 34 9 2 23 3 5 0 0 0 90 Q 25 Q2 25 Q3 25 Q
Slide 19: Growth and margins in Corporate Banking - quarterly
Growth and margins in Corporate Banking - quarterly Lending volume (NOKbn) Deposit volume (NOKbn) Margins vs NIBOR3M en ing ol me (NOKbn) eposit ol me (NOKbn) en ing margin Q arterly gro th Q arterly gro th eposit margin 55 2 2 24 2 2 2 2 09 0 2 50 09 02 2 35 4 33 39 3 5 5 4 4 29 4 0 54 0 55 0 53 05
Slide 20: Results
Results Change Change from NOK mill Q1 26 Q4 25 Q3 25 Q2 25 Q1 25 from Q4 25 Q1 25 Net interest income 1.220 1.349 1.337 1.335 1.322 -129 -102 Commission income and other income 685 621 636 749 660 64 25 Operating Income 1.905 1.970 1.973 2.085 1.982 -65 -77 Total operating expenses 916 886 850 937
Slide 21: Income
Income Net interest income and other income (NOKm) Commission income 2,0 5 C ha nge C ha nge ,9 2 ,9 3 ,9 0 NOK mill Q1 26 Q4 25 Q3 25 Q2 25 Q1 25 f ro m Q 4 2 5 f ro m Q 1 2 5 ,905 Payment transmission income 86 89 65 67 80 -3 6 45 Credit cards 13 11 33 22 13 2 0 5 2 542 534 0 Commissions savings a
Slide 22: Costs
Costs Total operating expenses per quarter (NOKm) Costs per category • Cost increase quarter-on-quarter driven by higher activity levels in 3 39 3 9 35 33 5 subsidiaries • The ank’s costs ecrease by NOK 4 million compare ith the pre io s 93 9 quarter 50 • ompare ith Q 2025, the ank’s costs increase
Slide 23: Broad product range and a diversified income platform
Broad product range and a diversified income platform Ownership interests Profit after tax (NOKm) 2 2 2 0 2 25 22 3 9 4 3 9 3 95 59 3 4 4 0 5 0 2 54 4 40 4 3 39 2 Q 25 Q2 25 Q3 25 Q4 25 Q 2 pare ank Markets pare ank r ppen pare ank or altning N ank Other 23
Slide 24: Well diversified lending portfolio dominated by mortgages
Well diversified lending portfolio dominated by mortgages Loans per sector As at 31. March 2026 and change last 12 months (NOKbn) age earners 00 3 0 Mortgages f n e by co bon s 9 ommercial real estate 25 3 0 gric lt re an forestry 35 03 orporate c stomers Transport an other ser ices 25 0 32 isheries
Slide 25: Commercial property, construction, building
Commercial property, construction, building Share of commercial real estate exposure Rental properties make up 73 per cent of the banks CRE in the corporate lending book* exposure, mainly to retail trade, industry/storage and offices Distribution of property per Distribution of area Q1 2026 per Q4 2
Slide 26: Losses
Losses Loan losses (NOKm) Distribution of losses in the quarter (NOKm) 00 5 etail banking 4 orporate banking 30 32 2 24 2 pare ank inans Mi t Norge 2 Q 24 Q2 24 Q3 24 Q4 24 Q 25 Q2 25 Q3 25 Q4 25 Q 2 oan losses in per cent of len ing (ann alise ) 0 5 0 2 0 09 00 0 05 0 05 0 04 0 04 0 03 Q 24 Q2 24 Q
Slide 27: Problem loans
Problem loans en ing to c stomers in stage 3 of gross len ing 0 99 09 09 0 92 09 0 0 9 0 0 0 0 4 0 2 0 2,29 2,2 9 2,2 0 2,3 2,2 2,294 2,23 2,204 2,0 5 2,0 5 2, 3 ,9 4 , Q 23 Q2 23 Q3 23 Q4 23 Q 24 Q2 24 Q3 24 Q4 24 Q 25 Q2 25 Q3 25 Q4 25 Q 2 27
Slide 28: Capital & Funding
Capital & Funding ANT Bank SpareBank 4 | seaitor Sh) Accounting
Slide 29: Moody's rating Aa3 (outlook stable)
Moody’s rating Aa3 (outlook stable) Aa2 Aa3 A1 A2 A3 2021 2022 2023 2024 2025 2026 29
Slide 30: Solidity
Solidity CET 1 Leverage ratio 9 3 0 59 0 illar 2 g i ance 09 illar 2 2 0 0 25 o ntercyclial b ffer 25 apital conser ation b ffer 45 ystemic risk re irement 45 illar min re irement 2022 2023 2024 2025 Target 2022 2023 2024 2025 30
Slide 31: Strong liquidity and funding structure
Strong liquidity and funding structure Capital markets funding (NOKbn) Maturity structure*) (NOKbn) Liquidity Coverage Ratio (LCR) *) SP, SNP. Final maturity T T2 0 2 9 93 N NOK 5 2 3 5 N c rr 5 5 rr 20 202 202 202 2029 2030 5 0 o ere 39 34 NOK 3 2025 202 Q 0 00 Q2 2 Q3 2 Q4 2 Q 2 Q2 2 Q3 2 Q4 2 Q 2
Slide 32: EUR Issuance history
EUR Issuance history EUR mln NOK bn 500 300 450 250 400 350 200 300 250 150 200 100 150 100 50 50 - - 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 04.01.2003 04.01.2004 03.01.2005 03.01.2006 03.01.2007 03.01.2008 02.01.2009 0
Slide 33: MREL requirement fulfilled with a solid buffer
MREL requirement fulfilled with a solid buffer MREL FULFILMENT SUBORDINATION MREL FULFILMENT Total e irement ligible instr ments Total e irement ligible instr ments 33
Slide 34: Diversified deposit portfolio
Diversified deposit portfolio Deposits by sector (NOKbn) Deposits covered by the deposit Liquidity Coverage Ratio guarantee scheme as at 31.3.25 (NOKbn) (LCR) 5 Not co ere 9 4 4 5 3 33 o ere by the g arantee scheme 2 2 22 0 5 0 3 9 5 4 45 4 4 3 20 22 9 3 5 2 5 50 52 44 age earners orporate blic sect
Slide 35: Reporting – Allocation (31 March 2026)
Reporting – Allocation (31 March 2026) 1 2 3 4 EU Taxonomy Use of Proceeds Reporting External Review Alignment Eligible Green Loan Portfolio (31 March 2026) Green Funding (31 March 2026) Amount Instrument Due Amount Issuance Date (NOK m) (ISIN) Date (NOK m)* XS2051032444 sep-19 sep-26 5,598 Green Re
Slide 36: Appendix
Bank SpareBank 4 | teattor SMN Accounting Appendix
Slide 37: High value creation over time
High value creation over time mplicit market al e (NOKbn) O ( ) 44 4 3 35 22 23 3 5 44 3 00 45 3 30 3 2 20 20 3 20 20 20 20 9 2020 202 2022 2023 2024 2025 Q2 37
Slide 38: Over NOK 1.2 billon allocated to community purposes
Over NOK 1.2 billon allocated to community purposes Dividend basis 3,609 NOKm 67 % 33 % ECC capital Community owned capital 2,411 NOKm 1,198 NOKm 19.08 per ECC Dividend Retained community Retained ECC capital Community dividend 1,947 NOKm owned capital 464 NOKm 968 NOKm 13.50 per ECC 230 NOKm Payout
Slide 39: Balance sheet
Balance sheet NOKbn 31.3.26 31.12.25 31.12.24 Cash and receivables from central banks 5,0 0,1 0,7 Deposits with and loans to credit institutions 3,7 2,2 9,2 Net loans to and receivables from customers 182,5 183,5 179,3 Fixed-income CDs and bonds 35,7 35,2 36,7 Derivatives 6,1 5,6 7,2 Shares, units a
Slide 40: Subsidiaries
Subsidiaries Change from Change from NOK mill, SMN's share in parentheses Q1 26 Q4 25 Q3 25 Q2 25 Q1 25 Q4 25 Q1 25 EiendomsMegler 1 Midt-Norge (92.4%) 9 6 21 42 8 3 1 SpareBank 1 Regnskapshuset SMN (93.3%) 46 4 -7 57 52 42 -6 SpareBank 1 Finans Midt-Norge (64.8%) 52 85 66 68 69 -34 -17 SpareBank 1
Slide 41: Equity certificate, key figures
Equity certificate, key figures Key figures Q1 26 2025 2024 2023 ECC ratio 66,8 % 66,8 % 66,8 % 66,8 % Total issued ECCs (mill) 144,21 144,19 144,21 144,20 ECC price 206,65 206,05 171,32 141,80 Market value (NOKm) 29.801 29.711 24.706 20.448 Booked equity capital per ECC 125,37 135,06 128,09 120,48
Slide 42: SMN Green Finance Framework
SMN Green Finance Framework • Structured and aligned with the four core components of the Green Bond Principles 2021 and the Green Loan Principles 2023 • Second Party Opinion and EU taxonomy assessment provided by Sustainalytics • Eligible categories • Residential buildings • Commercial buildings •
Slide 43: Use of Proceeds: Eligible Assets (1/2)
Use of Proceeds: Eligible Assets (1/2) 1 2 3 4 EU Taxonomy Use of Proceeds Reporting External Review Alignment Green Buildings Renewable Energy Clean Transportation • Residential buildings • Loans to finance or refinance equipment, • Loans to finance or refinance production, – esi ential b il ings b
Slide 44: Use of Proceeds: Eligible Assets (2/2)
Use of Proceeds: Eligible Assets (2/2) 1 2 3 4 External Review EU Taxonomy Use of Proceeds Reporting Alignment Environmentally Sustainable Management of Living Natural Eco-efficient and Circular Economy adapted Products, Resources and Land Use Production Technologies and Processes Companies must ben
Slide 45: Second Party Opinion
Second Party Opinion 1 2 3 4 EU Taxonomy Use of Proceeds Reporting External Review Alignment • “Sustainalytics is of the opinion that the SpareBank 1 SMN Green Finance Framework is credible and impactful and aligns with the four core components of the Green Bond Principles 2021 and the Green Loan Pr