Sparebanken More · OSL:MORG
Sparebanken More — Sparebanken Møre — Q3 2025 Earnings Presentation
42 slides from Sparebanken More's earnings presentation, Oct 23, 2025
Slide 1: Presentation 3rd quarter 2025
Presentation 3rd quarter 2025 Trond Lars Nydal CEO John Arne Winsnes CFO Oslo 23 October 2025 1
Slide 2: Todays agenda
Todays agenda Key points as per the third quarter of 2025 Third quarter in figures and illustrations Activity and future outlook 2
Slide 3: Key figures per Q3 2025
Key figures per Q3 2025 Growth Net Interest Low loan Income losses Loans: 3.7 % In NOK: 71 million In NOK: 1,503 million Deposits: 6.8 % In per cent: 0.09 In per cent: 1.88 (Last 12 months) (loans and guarantees) Profitability Strong Strong liquidity Efficiency and solidity ROE: 11.7 % C/I: 42.3 % D
Slide 4: The bank delivers a solid result per Q3
The bank delivers a solid result per Q3 Profit after taxes Return On Equity - NOK million 835 14,0 715 733 12,5 11,7 9,7 10,1 489 535 3rd Per Q3 Per Q3 Per Q3 Per Q3 Per Q3 Per Q3 Per Q3 Per Q3 Per Q3 Per Q3 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Result per equity certificate per Q3 2025
Slide 5: Quarterly results
Quarterly results Profit after tax - NOK million 258 232 243 Q1 2025 Q2 2025 Q3 2025 5
Slide 6: Result Q3 2025 versus Q3 2024
Result Q3 2025 versus Q3 2024 Profit after tax per Q3 2025 compared with Q3 2024 31 34 46 14 35 72 835 733 Per Q3 2024 Net interest Other income Financial Expenses Losses Taxes Per Q3 2025 income excl.financial instruments instruments 6 6
Slide 7: 3rd quarter 2025
3rd quarter 2025 • 7 7
Slide 8: Quarterly result
Quartarly result Return on Equity (quarterly) Profit after tax - NOK million 13,8 12,2 11,7 12,2 11,2 280 251 258 243 232 Q3 Q4 Q1 Q2 Q3 2024 2024 2025 2025 2025 Profit per EC - in NOK (Group) 2,66 2,26 2,40 2,03 2,13 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q3 Q4 Q1 Q2 Q3 2024 2024 2025 2025 2025 8
Slide 9: Income in the quarter
Income in the quarter Total income - NOK million 626 603 613 589 567 103 98 67 100 82 523 522 503 515 485 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net interest income Other income 9
Slide 10: Lending growth
Lending growth retail market - NOK billion and annual growth Lending growth 57,9 59,2 53,8 50,8 47,6 Loans • Lending growth in the last 12 months (net lending): MNOK 3,157 100,000 0,250 5,9 % 3,9 % 4,3 % 6,9 % 7,6 % 89,4 90,000 86,9 81,6 2021 2022 2023 2024 Q3 2025 80,000 76,1 0,200 69,9 Lending gro
Slide 11: Deposits
Deposits – retail market - NOK billion and annual growth Deposits 30,1 31,5 29,2 26,3 24,7 Deposits • Deposit growth in the last 12 months: MNOK 3,369 10,9 % 5,6 % 6,8 % 3,2 % 4,1 % 52,6 49,6 47,4 2021 2022 2023 2024 Q3 2025 43,9 41,9 Deposit growth in the last 12 months: MNOK 1,256 Deposits – corpo
Slide 12: Household purchasing power on the rise
Household purchasing power on the rise 12 Kilde: Source: Macrobond Macrobond Kilde: SSB
Slide 13: Other Income
Other Income Customer related other income Financial Instruments - NOK million - NOK million 23 15 13 17 80 83 87 81 67 -16 0,46 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 0,38 0,34 0,29 0,24 4.kv. 1.kv. 2.kv. 3.kv. 4.kv. 2022 2023 2023 2023 2023 13
Slide 14: Stable expenses in the quarter
Stable expenses in the quarter Cost/Income ratio - Annually 42,2 42,5 42,3 Operating expenses in the 39,2 39,8 Operating expenses in the quarter quarter - NOK million - in per cent of Average Assets 2021 2022 2023 2024 Per Q3 2025 0,96 0,98 243 252 252 251 0,92 0,95 0,91 235 - Quarterly 44,5 41,8 38
Slide 15: Losses and portfolio quality
Losses and portfolio quality Losses on loans and Credit-impaired guarantees commitments (net) - in per cent of Average Assets - in per cent of loans and guarantees Losses on loans and guarantees 0,13 1,16 1,19 0,07 0,08 0,09 - NOK million 0,05 0,39 0,45 0,32 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 2021 2022 2
Slide 16: Corporate lending
Loans by sector Corporate lending Other 10,4 %(10,6 %) • The bank has a stable share of CRE exposure to the corporate 10,5 % sector (10,9 %) Services • There is good industry risk 5,6 % (5,1 %) diversification Retail Oil-related services 66,0 % (65,5 %) 1,1 % (1,4 %) • Low level of risk in the portf
Slide 17: Good quality in our retail portfolio
Good quality in our Loans to retail customers - In per cent of total loans Loan-to-Value – retail loans (LTV) retail portfolio • Few customers with payment > 100 % 1,4 % 1,5 % challenges and low request for 1,7 % 90-100% instalment deferrals 1,6 % 3,3 % 85-90% 2,7 % • Stable, low level of default an
Slide 18: A well-functioning housing market
Housing prices YTD. Nominal and seasonally adjusted. Percent. A well-functioning housing market Rogaland Stavanger m/omegn Troms Tromsø Turnover (n.o. houses) Vestland YTD vs. 2024 Hamar m/Stange Bergen Agder +14.9% Porsgrunn/Skien Kristiansand m/omegn Telemark Ålesund and surounding Ålesund m/omegn
Slide 19: Good market access and financing
| Good market access and Strong rating and long-term financing financing 58.6 % A1 • Moody’s rating • Deposit to loan ratio • Stable outlook Covered Bonds 42 bn Aaa 25.500 Green Covered Net market financing • Covered Bonds Bonds 2.83 year 5.100 6.6 bn Deposits 52.072 Senior Loans • Remaining duratio
Slide 20: Robust capital position and good prospects
Robust capital position and CET1- status and requirements (per cent) good prospects 16,15 • The bank has a long-term target 18,7 1,25 0,90 P2G 17,3 17,2 for CET1 capital which shall at 2,50 P2R least be the sum of Pillar 1, Pillar Countercyclical buffer 4,50 2 (P2R) and P2G Systemic risk buffer 2,50
Slide 21: MORG pricing
MORG pricing Total Return per Q3 MORG – price and Price/Book (P/B) value* - Equity, price and P/B Equity per MORG Price MORG P/B 500 2,00 444 450 1,80 400 1,60 350 350 1,40 1,27 1,31 300 1,19 1,20 1,13 250 1,04 1,00 200 0,80 150 107,6 0,60 97 100 74,8 84,4 80,7 84,0 81,5 82,3 0,40 50 0,20 0 0,00 202
Slide 22: Ready for Toppserien in 2026
Ready for Toppserien (top national football league) in 2026 • Signed a 5-year agreement with the teams in the spring of 2025 • Aiming to build two sustainable teams in the Women's Toppserien by 2029 • Contributes to elite and grassroots football 22
Slide 23: Strong customer satisfaction position
Strong customer satisfaction position We are committed to knowing the customer and being a highly competent In the top tier of banking survey* five years in a row sparring partner • Corporate customers rate the Customer Satisfaction Bank Corporate Market 2025 bank as the best in terms of image, acce
Slide 24: Professionally strong and close to the market
Professionally strong and close to the market Community-oriented and involved Local presence and close to customers Strong industry knowledge and valuable business insight Market leader in our region, Nordvestlandet Robust learning and development culture 24
Slide 25: Insight drives profitable growth
Insight drives profitable growth Innovation Customer Artificial power journeys Intelligence Efficient banking Good experience in Faster path from idea operations physical and digital to implementation customer journey Efficiency and increased value creation 25 25
Slide 26: Practical work on sustainability
Sparebanken Møre har over tid klart å bygge en sterk rolle innen bærekraft ved å være tydelig, konkret og dyktig til å bidra i kundenes praktiske arbeid med bærekraft. Practical work on sustainability For the 5th year in a row, Sparebanken Møre tops the Over time, Sparebanken Møre has managed to bui
Slide 27: Global outlook – elevated uncertainty
Global outlook – elevated uncertainty USA in the centre of Global growth is Elevated uncertainty attention holding up expected to last 27
Slide 28: Outlook – Norway and our region, Nordvestlandet
Outlook – Norway and our region, Nordvestlandet A cautious upturn in the Unemployment still low Household purchasing Norwegian economy and activity is good power has increased 28 28
Slide 29: Long term financial targets, Dividend policy
Long term financial targets Dividend policy Return on Equity • Sparebanken Møre aims to achieve (ROE) financial results providing a good and stable > 13,0% return on the bank’s equity capital • Sparebanken Møre’s profit allocation must ensure that all equity owners are C/I < 40 % Low losses guarante
Slide 30: Slide 30
Slide 31: Contact
Contact R Trond Lars Nydal John Arne Winsnes CEO CFO +47 95 17 99 77 +47 46 28 09 99 trond.nydal@sbm.no jaw@sbm.no sbm.no facebook.com/sbm.no Disclaimer @sbmno engasjert.sbm.no This presentation has been prepared solely for promotion purposes Disclaimer of Sparebanken Møre. The presentation is inten
Slide 32: Attachments
Attachments ¢
Slide 33: Results in Q3 2025
Results in Q3 2025 Key figures in Q3 2025 and 2024 Q3 2025 Q3 2024 Changes Results (NOK million and %) MNOK % MNOK % MNOK p.p. % Net Interest Income 515 1,88 523 2,08 -8 -0,20 -1,5 Gains/losses liquidity portfolio 3 0,01 3 0,01 0 0,00 0,0 Gains/losses on shares 0 0,00 0 0,00 0 0,00 0,0 Net Income Fi
Slide 34: Results per Q3
Results per Q3 Key figures per Q3 2025 and Q3 2024 Per Q3 2025 Per Q3 2024 Changes Results MNOK % MNOK % MNOK p.p. % Net Interest Income 1 503 1,88 1 549 2,09 -46 -0,21 -3,0 Gains/losses liquidity portfolio 22 0,03 19 0,03 3 0,00 15,8 Gains/losses on shares 6 0,01 2 0,00 4 0,01 200,0 Net Income Fina
Slide 35: Balance sheet and key figures
Balance sheet and key Key figures per Q3 2025 and Q3 2024 figures 30.09.25 30.09.24 Changes Balance in NOK million MNOK % Total Assets 107 982 106 889 1 093 1,0 Loans to customers 89 429 86 272 3 157 3,7 Deposits from customers 52 572 49 203 3 369 6,8 Net Equity and Subordinated Loans 8 849 8 286 56
Slide 36: Specification of Other Income
Specification of Other Per Q3 2025 and Q3 2024 Income (NOK million) Per Q3 2025 Per Q3 2024 Changes y/y Guarantee commission 25 19 6 Income from the sale of insurance services (non-life/personal) 25 22 3 Income from the sale of shares in unit trusts/securities 13 11 2 Income from Discretionary Portf
Slide 37: Specification of expenses
Specification of Per Q3 2025 and Q3 2024 expences (NOK million) Per Q3 2025 Per Q3 2024 Changes y/y Wages 291 283 8 Pension expenses 28 23 5 Employers’ social security contribution and Financial activity tax 64 63 1 Other personnel expenses 26 25 1 Wages. salaries. etc. 409 394 15 Depreciations 46 4
Slide 38: Credit-impaired commitments
Credit-impaired Total credit-impaired commitments Total credit-impaired commitments - in NOK million - in % of commitments commitments • The overview shows non- performing commitments in default above 90 days and 762 770 3,12 2,86 other credit-impaired commitments 1,16 1,19 236 0,77 155 152175 159 1
Slide 39: Expected credit losses
Expected credit losses Expected credit losses - in NOK million Expected credit losses - in % of commitments ECL Individually assessed impairments ECL Individually assessed impairments 368 341 303 266 263 0,51 86 180 253 0,45 67 69 0,32 0,33 0,35 0,24 0,29 0,08 0,09 0,09 217 199 194 161 115 0,21 0,24
Slide 40: Recognised losses
Recognised losses Losses on loans and guarantees - NOK million Losses on loans and guarantees - In % of Average Assets 0,09 71 0,06 49 20 0,02 0,00 0,00 -4 -1 -53 -0,06 2021 2022 2023 2024 Q3 Q3 2024 2025 2021 2022 2023 2024 Q3 Q3 2024 2025 40
Slide 41: EC capital in Sparebanken Møre
EC capital in Sparebanken Møre The largest owners (1-10) of EC holder Number of ECs EC capital 30.09.25 30.06.25 Sparebankstiftelsen Tingvoll 4.837.594 4.841.594 Verdipapirfondet Eika Egenkapitalbevis 3.285.728 2.613.650 Spesialfondet Borea Utbytte 2.381.737 2.451.891 Wenaasgruppen 2.200.000 2.200.0
Slide 42: EC capital in Sparebanken Møre
EC capital in Sparebanken Møre The largest owners (11-20) of EC-holder Number of ECs EC capital 30.09.25 30.06.25 J.P. Morgan SE (nominee) 659.187 659.187 Lapas AS 634.384 634.384 BKK Pensjonskasse 507.600 507.600 Forsvarets personellservice 461.000 461.000 Sparebankstiftelsen Sparebanken Møre 360.7