Sparebanken More · OSL:MORG
Sparebanken More — Sparebanken Møre — Q4 2025 Earnings Presentation
41 slides from Sparebanken More's earnings presentation, Jan 29, 2026
Slide 1: Presentation 4th quarter 2025
Presentation 4th quarter 2025 Preliminary annual accounts 2025 Trond Lars Nydal CEO Kristian Tafjord CFO Oslo 29th January 2026 1
Slide 2: Today's agenda
Today’s agenda Preliminary annual accounts 2025 Fourth quarter 2025 in figures and illustrations Growth and development – we look ahead 2
Slide 3: Key figures 2025
Key figures 2025 Growth Good Net Low Loan Interest Income Losses Loans: 3.0 % In NOK: 2,014 million In NOK: 47 million Deposits: 7.6 % In per cent: 1.89 % In per cent: 0.04 (last 12 months) (loans and guarantees) Increasing Efficient Strong Profitability operations Liquidity and Solidity ROE: 12.5 %
Slide 4: Solid annual earnings
Solid annual earnings Profit after taxes Return on Equity - in NOK million 1.055 1.086 1.030 14,0 13,7 777 12,5 642 10,9 9,5 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Result per equity certificate in 2025 is NOK 9.57 (Group) against 9.95 (Group) in 2024 4
Slide 5: A solid result benefits the owners and our region
A solid result benefits the owners and our region Proposal of allocation of result for 2025 • The result in the parent bank The primary fund’s share NOK 361 million in dividend funds for local communities allocated to equity owners of the profit: 75.5 % of the primary fund’s profit share amounts to
Slide 6: Result development
Result development Profit after tax for 2025 compared with 2024 30 16 - 57 - 38 - 27 20 1.086 1.030 2024 Net Interest Other Income Financial Expenses Losses Taxes 2025 Income excl. Financial Instruments Instruments 6 6
Slide 7: Good income growth
Good income growth Income - in NOK million 2.401 2.390 2.195 330 376 295 1.756 1.527 239 261 2.071 2.014 1.900 1.517 1.266 2021 2022 2023 2024 2025 Net Interest Income Other Income 7
Slide 8: Proactive approach and high activity deliver results
Proactive approach and high activity deliver results Net provision- and other operating income 10.5 % increase - in NOK million 108 99 67 56 42 42 47 42 27 34 33 36 15 18 9 4 -40 -34 Guarantee Insurance Fund saving Discretionary Money-transfer Other fees and Commission Real estate Other operating co
Slide 9: Kristian Tafjord – new CFO
Kristian Tafjord – new CFO • Started in this position 1st of January • Previously held the position of Chief Economist • Master’s degree in Economics from the University in Oslo • Six years at Norges Bank as analyst and trader in interest rates and foreign exchange • Several years of experience from
Slide 10: 4th quarter 2025
4th quarter 2025 • 10 10
Slide 11: High activity in our region, Nordvestlandet
High activity in our region, Nordvestlandet Regional indicators - Norges Banks Regional Network 4/25 11 Source: Norges Bank
Slide 12: A well-functioning housing market
Sold dwellings in 2025 vs. 2024 A well-functioning housing market - increase in per cent Bodø m/Fauske 21,1 % Follo 18,7 % Hamar m/Stange 17,6 % + 2.4 % + 0.7 % Finnmark Romerike 15,8 % 15,2 % Housing price growth last 12 Housing price growth last 12 Ålesund m/omegn 14,3 % months in Ålesund and mont
Slide 13: Good momentum going into 2026
Good momentum going into 2026 Profit after taxes Return on Equity - in NOK million - quarterly in per cent 297 251 258 14,1 232 243 12,2 12,2 11,7 11,2 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 13
Slide 14: Good income development
Good income development Income - in NOK million 601 611 613 589 566 67 97 96 102 81 522 503 515 511 485 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Net Interest Income Other Income 14
Slide 15: Other income
Other income Customer related other income Financial instruments - in NOK million - in NOK million 17 15 13 14 83 84 79 88 66 -16 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 15
Slide 16: Positive expense development throughout the year
Positive expense development throughout the year Operating expenses - in NOK million and C/I 44,5 40,0 41,8 40,8 39,8 235 251 249 249 244 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Operating expenses C/I 16
Slide 17: Continued low losses
Continued low losses Losses on loans and guarantees Reassuring impairments - - in NOK million - in NOK million 368 0,13 15 341 0,05 0,09 12 34 -0,09 266 263 263 24 -24 13 22 26 18 238 168 40 38 9 12 13 6 72 4 -37 76 89 161 168 147 115 136 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2021 2022 2023 2024 2025 Ind.
Slide 18: Lending growth
Lending growth retail market Lending growth - in NOK billion and 12-month percentage growth 57,9 59,7 50,8 53,8 47,6 Loans -in NOK billion and 12-month percentage growth 6,9 % 5,9 % 7,6 % 100,000 0,250 4,3 % 3,1 % 86,9 89,5 90,000 81,6 2021 2022 2023 2024 2025 80,000 76,1 0,200 69,9 70,000 60,000 0,
Slide 19: Deposits
Deposits – Retail market - in NOK billion and 12-month percentage growth Deposits 30,1 31,5 29,2 24,7 26,3 Deposits -in NOK billion and 12-month percentage growth 53,3 10,9 % 6,8 % 49,6 5,6 % 4,5 % 47,4 3,2 % 43,9 41,9 2021 2022 2023 2024 2025 Deposits – Corporate market 8,0 % 7,6 % - in NOK billion
Slide 20: Good industry risk diversification
Good industry risk diversification Loans by sector - in per cent of total lending Other 10,2 % CRE 10,6 % Services 5,5 % Oil-related services Retail 1,2 % 66,5 % Fisheries 6,0 % Other: 10.2 % - includes: Financial services 1.6 % Retail/ wholesale trade 1.2 % Other industry 4.0 % Agriculture 1.0 % Bu
Slide 21: Stable real estate portfolio with good quality
Stable real estate portfolio with good quality • 78 % within Møre og Romsdal • 96 % in the low to medium risk category • High degree of hedging in the portfolio • Comprehensive understanding of owner and business Geographical distribution Real estate categories Distribution of risk classes - in per
Slide 22: Robust retail lending portfolio
Robust retail lending portfolio Retail lending Loan-to-value (LTV) - in per cent of total lending - percentage distribution of Retail lending 55% 66,5% 16% 14% 7% 6% 1% 0-60 60-70 70-75 75-85 85-100 > 100 22
Slide 23: Good market access at competitive terms
M Good market access at Strong rating and long-term financing competitive terms 59.4% Deposit to loan ratio A1 Moody’s rating Covered Stable outlook Bonds 25.531 Green Covered 42 NOK bn Net market financing Aaa Covered Bonds Bonds 5.138 Deposits 7.9 NOK bn 2.58 years 53.335 Senior Loans 5.900 SNP 2.
Slide 24: Robust capital
Decomposition of CET1 capital requirements Robust capital - in per cent Common Equity Tier 1 (CET1) 16,15 Minimum requirement - in per cent 1,25 0,9 Conservation buffer 2,5 Systemic risk buffer 4,5 18,2 Countercyclical buffer 17,7 2,5 17,2 P2R 16,15 4,5 P2G As of 31.12.2023 Leverage ratio - in per c
Slide 25: MORG – Solid recovery at the end of the year
MORG – Solid recovery at the end of the year MORG pricing through 2025 Price and Price/Book (P/B) - Total return in per cent. - Total return in per cent for 2025 1,38 1,19 1,13 117,0 1,04 97,0 84,4 84,0 81,5 85,1 80,7 74,8 2022 2023 2024 2025 Equity per MORG Price MORG P/B 25 Source: Macrobond
Slide 26: Macroeconomic outlook
Macroeconomic outlook Persistent international uncertainty Low unemployment and rising purchasing power Strong business activity in Nordvestlandet The bank and our region are well positioned 26
Slide 27: Results-driven culture
Results-driven culture Strategic work Involvement Structure Leadership put into and ownership strength system 27
Slide 28: Strategy Møre 2028 Long term financial targets
Strategy Møre 2028 Long term financial targets Battle #1 Satisfied customers ensure profitable growth ROE > 13,0% Low losses Battle #2 Our People make the difference C/I < 40 % Common Equity Tier 1 capital (CET1) > 16,15% Battle #3 Together we create IMPACT! Healthy financial structure 28
Slide 29: Investment in growth – ownership in product companies
Investment in growth – ownership in product companies Investments expected to have a positive effect on the bank’s results • Existing partners 6.97% ownership • Desire to take a larger share of the value creation, to which we contribute • Active owner with strong distribution power 5.25% ownership*
Slide 30: Good momentum in Sparebanken Møre
Good momentum in Sparebanken Møre Market leader in a region with an ambitious business sector and strong outlook Valuable industry knowledge, close to customers, and low losses Robust operations and ambitious financial targets Strong brand and solid reputation Strong solidity and liquidity Proactive
Slide 31: Dividend policy
Dividend policy Sparebanken Møre aims to achieve financial results providing a good and stable return on the bank’s equity capital Sparebanken Møre’s profit allocation must ensure that all equity owners are guaranteed equal treatment If the solvency ratio does note indicate otherwise, the aim is tha
Slide 32: Slide 32
Slide 33: Contact
Contact R Trond Lars Nydal Kristian Tafjord CEO CFO +47 95 17 99 77 +47 40 85 10 95 trond.nydal@sbm.no kristian.tafjord@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 presentat
Slide 34: Attachments
Attachments ¢
Slide 35: Results in Q4
Results in Q4 Key figures in Q4 2025 and 2024 In Q4 2025 In Q4 2024 Changes Results MNOK % MNOK % MNOK p.p. % Net Interest Income 511 1,90 522 2,04 -11 -0.14 -2.1 Gains/losses liquidity portfolio 3 0.01 -24 -0.09 27 0.10 -112.5 Gains/losses on shares -6 -0.02 -4 -0.02 -2 0.00 50.0 Net Income Financi
Slide 36: Results per Q4
Results per Q4 Key figures per Q4 2025 and Q4 2024 Per Q4 2025 Per Q4 2024 Changes Results MNOK % MNOK % MNOK p.p. % Net Interest Income 2 014 1.89 2 071 2.08 -57 -0.19 -2.8 Gains/losses liquidity portfolio 25 0.02 -8 -0.01 33 0.03 -407.6 Gains/losses on shares 1 0.00 -9 -0.01 10 0.01 -111.1 Net Inc
Slide 37: Balance sheet and key figures
Balance sheet and key Key figures for 2025 and 2024 figures 31.12.25 31.12.24 Changes Balance sheet MNOK % Total Assets 109 418 102 335 7 083 6.9 Loans to customers 89 469 86 875 2 594 3.0 Deposits from customers 53 335 49 550 3 785 7.6 Net Equity and Subordinated Loans 8 945 8 649 296 3.4 Key Figur
Slide 38: Specification of Other Income
Specification of Other For 2025 and 2024 Income (NOK million) 2025 2024 Changes y/y Guarantee commission 34 27 7 Income from the sale of insurance services (non-life/personal) 36 33 3 Income from the sale of fund saving products 18 15 3 Income from Discretionary Portfolio Management 67 55 12 Income
Slide 39: Specification of expenses
Specification of For 2025 and 2024 expences (NOK million) 2025 2024 Changes y/y Wages 384 379 5 Pension expenses 35 24 11 Employers’ social security contribution and Financial activity tax 86 88 -2 Other personnel expenses 33 34 -1 Wages. salaries. etc. 538 525 13 Depreciations 62 55 7 Operating exp
Slide 40: EC capital in Sparebanken Møre
EC capital in Sparebanken Møre The largest owners (1-10) of EC holder Number of ECs EC capital 31.12.25 30.09.25 Sparebankstiftelsen Tingvoll 4.838.376 4.837.594 Verdipapirfondet Eika Egenkapitalbevis 3.862.238 3.285.728 Spesialfondet Borea Utbytte 2.359.089 2.381.737 Wenaasgruppen 2.200.000 2.200.0
Slide 41: EC capital in Sparebanken Møre
EC capital in Sparebanken Møre The largest owners (11-20) of EC-holder Number of ECs EC capital 31.12.25 30.09.25 Lapas AS 641.490 634.384 BKK Pensjonskasse 507.600 507.600 Forsvarets personellservice 461.000 461.000 Sparebankstiftelsen Sparebanken Møre 360.750 360.750 Hjellegjerde Invest AS 300.000