Sparebank 1 Smn · OSL:MING
Sparebank 1 Smn — Sparebank 1 Smn Prim Cap — Q1 2026 Earnings Presentation
33 slides from Sparebank 1 Smn's earnings presentation, May 7, 2026
Slide 1: First quarter 2026
First quarter 2026 MÅ FÅ ORGINALBILDE May 7th 2026 Trond Søraas CFO Photo: Atlanterhavsveien
Slide 2: Robust operations – a strengthened platform for growth and profitability
Q1 2026 Robust operations – a strengthened platform for growth and profitability • Return on equity of 11.3% Impacted by lower net interest income, higher credit losses, and weaker contributions from ownership interests, mainly driven by market value adjustments to securities. • Seasonally high acti
Slide 3: High value creation over time
High value creation over time 3
Slide 4: SpareBank 1 and Tieto Banktech are shaping the future of mortgage lending
SpareBank 1 and Tieto Banktech are shaping the future of mortgage lending Built on Norway’s leading mobile banking platform A new financing solution will deliver faster decisions, simpler customer journeys, and more personalized advisory services throughout the entire home-buying process. One unifie
Slide 5: Accounting services strengthen our customer position
Accounting services strengthen our customer position The accounting business is driving growth across the Group Lending corporate banking Revenue SpareBank 1 (NOKbn) Regnskapshuset SMN (mill) Shared customers between Advisory income from banking and accounting accounting services, 2022– services, 20
Slide 6: SPG Corporate Finance becomes part of Norion Commercial Real Estate Brokerage
SPG Corporate Finance becomes part of Norion Commercial Real Estate Brokerage SpareBank 1 SMN acquires a new commercial real estate broker Acquires a gold mine in Oslo National initiative headquartered in Oslo In April last year, SpareBank 1 SMN acquired the commercial real estate brokerage Norion.
Slide 7: A strong financial ecosystem
A strong financial ecosystem unified in one integrated financial services platform FACTORING FORSIKRING 7
Slide 8: One SMN – Group strategy 2026-2028
Group strategy 2026-2028 One SMN Lead the Build sustainable Create the best Simplify and improve Develop skills for the development of the communities and finance centres with technology and AI future Norwegian savings- businesses bank sector 8
Slide 9: Investing NOK 100 million in the future of business and industry
Investing NOK 100 million in the future of business and industry SpareBank 1 SMN enters into a five-year partnership with NTNU h x f y s, o fo h G o ’s community dividend will be allocated to innovation initiatives in Trondheim and Ålesund. The partnership aims to support the commercialization of mo
Slide 10: 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 10
Slide 11: Financial information
Financial information Trond Søraas Finansdirektør
Slide 12: 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 13: Financial targets
Financial targets Return on equity (per cent) Solidity (per cent) yo o o 15.9% > Cost/income bank ex. finance (per cent) Cost/income subsidiaries (per cent) 13
Slide 14: Growth and margins in Retail Banking - quarterly
Growth and margins in Retail Banking - quarterly Lending volume (NOKbn) Deposit volume (NOKbn) Margins vs NIBOR3M o os o y o h y o h os M sh s o o f s, o o s o h s’ os s h so o f d, as well as interest rate hedging instruments related to fixed-rate loans. 14
Slide 15: Growth and margins in Corporate Banking - quarterly
Growth and margins in Corporate Banking - quarterly Lending volume (NOKbn) Deposit volume (NOKbn) Margins vs NIBOR3M o os o y o h y o h os M sh s o o f s, o o s o h s’ os s h so o f d, as well as interest rate hedging instruments related to fixed-rate loans. 15
Slide 16: 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 1,321 -129 -101 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 -76 Total operating expenses 916 886 850 937
Slide 17: Income
Income Net interest income and other income (NOKm) Commission income o ss o o o o s s o , , , , , C ha nge C ha nge 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 Payment transmission income 86 89 65 67 80 -3 6 Credit cards 13 11 33 22 13 2 0 Commissions savings and asset mgmt
Slide 18: Costs
Costs Total operating expenses per quarter (NOKm) Costs per category • Cost increase quarter-on-quarter driven by higher activity levels in s s subsidiaries • h ’s os s s y o o h h o s quarter • o h , h ’s os s s y o , corresponding to 3.7% • In 2026, less than half of departing employees will be re
Slide 19: Broad product range and a diversified income platform
Broad product range and a diversified income platform Ownership interests Profit after tax (NOKm) M s G o h 19
Slide 20: Losses
Losses Loan losses (NOKm) Distribution of losses in the quarter (NOKm) o o sM o o oss s of s 20
Slide 21: Solidity
Solidity CET 1 Leverage ratio o y ff o s o ff ys s 21
Slide 22: 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 23: Appendix
SpareBank © SMN Bank Realtor Accounting Appendix
Slide 24: Profitable and solid
Profitable and solid Return on equity CET1 ratio Result per ECC Loan losses in per cent of total lending 24
Slide 25: 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 26: Return on financial investments
Return on financial investments Change from Change from NOK mill Q1 26 Q4 25 Q3 25 Q2 25 Q1 25 Q4 25 Q1 25 Net gain/(loss) on stocks -32 19 42 23 25 -51 -56 Net gain/(loss) on financial instruments -6 -30 26 -3 -39 24 33 Net gain/(loss) on forex -10 22 6 -5 -2 -32 -8 Net return on financial instrume
Slide 27: 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 28: 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 125.45 135.06 128.09 120.48
Slide 29: Problem loans
Problem loans o so s s of oss , , , , , , , , , , , , , 29
Slide 30: Maturity structure
Maturity structure SP, SNP. Final maturity NOKbn 30
Slide 31: 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) s o o s o o y h s h o o s o o s o Public sector deposits are not covered by the guarantee scheme, but are mostly bound by contractual obligat
Slide 32: 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) s Mo sf y o o s o s fo s y o o so s s o oh s s sh s o s o , s ss s s s M f , ho s M s o offsho 32
Slide 33: 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
Sparebank 1 Smn Prim Cap — Q1 2026 Earnings Presentation on 6ix