Pareto Bank Asa · OSL:PARB
Pareto Bank Asa — Q1 2026 Earnings Presentation
37 slides from Pareto Bank Asa's earnings presentation, April 2026
Slide 1: Financial Results – First Quarter 2026
PARETO BANK Financial Results – First Quarter 2026
Slide 2: Highlights, Financials, Business Area Update & Outlook
Highlights Financials Business Area Update & Outlook 2
Slide 3: First Quarter 2026 Highlights
FIRST QUARTER 2026 Highlights • Profit after tax NOK 76.7m (NOK 178.5m in Q1-25). • Return on equity after tax 5.0% (13.5%). • Total impairments and losses of NOK 155.9m (NOK 37.1m). Individual impairments NOK 121.2m (NOK 29.4m) mainly within residential property development. Write downs of NOK 18.9
Slide 4: Financials
Highlights Financials Business Area Update & Outlook 4
Slide 5: Key Figures
KEY FIGURES Profit after tax (NOKm) Return on Equity * CET1 ratio 200.7 21.3% 178.5 176.8 19.9% 20.2% 19.8% 15.1% 13.5% 13.0% 119.7 17.1% 8.3% 76.7 5.0% Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Net interest income (NOKm) Cost/Income ratio Loss ratio *
Slide 6: Income Statement
INCOME STATEMENT P&L (NOKm) Q1-26 Q1-25 2025 • Interest income down with average lending volumes Net interest income 299.4 329.4 1,279.9 down 6% y/y. Net other operating income 10.9 2.9 15.6 Total net income 310.3 332.3 1,295.4 • Deposit volume decreased with another NOK 1.4bn (12%) in Q1-26. Total
Slide 7: Change in Quarterly Net Interest Income
CHANGE IN QUARTERLY NET INTEREST INCOME (NOKm) 17.2 - 5.9 310.6 - 5.1 - 25.2 3.0 - 299.4 - 4.4 - - 5.3 - 7.3 Q4-25 Lending volume Deposit volume Market funding Surplus liquidity Fee income Lending rate Deposit rate Other Interest days Q1-26 7
Slide 8: Interest Margins
INTEREST MARGINS Lending and deposit margin 5.7% 5.8% 5.7% 5.6% 5.4 % 4.8% 4.8% 4.7% 4.9% 4.4% 0.2% 0.2% 0.1% -0.1% 0.0% Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Lending margin Deposit margin Net interest margin 8 Note: Lending and deposit margins relative to average 3M NIBOR. Net interest margin is total net
Slide 9: Quarterly Change in Stage 2, 3 and Impairments
QUARTERLY CHANGE IN STAGE 2, 3 AND IMPAIRMENTS Stage 2 and 3 and provisions for stage 3 lending (NOKm) Impairments and losses on loans and guarantees (NOKm) 155.9 872 105.5 722 739 643 761 1,555 37.1 1,322 940 1,033 975 464 17.1 15.1 343 224 255 272 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Stage 3 Stage 2 Stag
Slide 10: Solidity and Capital Requirements
SOLIDITY AND CAPITAL REQUIREMENTS Per cent 2100.00% • Long-term CET1 target of 20.2 15.9%, in line with the 2000.00% 19.8 NFSA expectation. - 0.4 • Pareto Bank holds a 18.9 1900.00% buffer above this target. 1800.00% • Limited retained profits during Q1-Q3’26 due to high 2025 dividends. 1700.00% • I
Slide 11: Business Area Update & Outlook
Highlights Financials Business Area Update & Outlook 11
Slide 12: A Niche Player Financing Medium-Sized Enterprises
A NICHE PLAYER FINANCING MEDIUM-SIZED ENTERPRISES Exposure (NOKm) SHIP FINANCING NOK 1,268m 5% RESIDENTIAL FINANCING NOK 4,280m 18% 34% COMMERCIAL PROPERTY RESIDENTIAL DEVELOPMENT FINANCING FINANCING NOK 3,447m NOK 8,160m 14% 29% CORPORATE FINANCING NOK 7,037m 12
Slide 13: Quarterly Exposure per Business Area
QUARTERLY EXPOSURE PER BUSINESS AREA (NOKbn) 10.9 11.0 9.7 8.1 8.2 7.1 7.0 6.6 6.5 6.6 4.7 4.3 3.7 3.4 3.2 3.4 3.0 2.8 2.7 2.7 1.8 1.4 1.3 1.4 1.3 Residential development financing Residential financing Commercial property financing Corporate financing Ship financing Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 13
Slide 14: Residential Property Financing
RESIDENTIAL PROPERTY FINANCING Residential property exposure (NOKm) Total NOK 12,440m FLAT LENDING VOLUME AND EXPOSURE GROWTH EXPECTED IN Q2-26 547 Land w/ houses • A troubled new-build market to continue as change in interest rate outlook postpones projects and weakens 1,365 demand for new-builds f
Slide 15: Commercial Property Financing
COMMERCIAL PROPERTY FINANCING Commercial property exposure (NOKm) Total NOK 3,447m RELATIVELY FLAT DEVELOPMENT FOR Q2-26 • Continued low activity in the transaction market as long-term rate outlook remains high. • Low risk appetite and financing demand. 3,447 Commercial Q1-26 Q4-25 15
Slide 16: Corporate Financing
CORPORATE FINANCING Corporate exposure (NOKm) Total NOK 7,037m (Q4-25: NOK 6,587m) 9% Real Estate SLIGHTLY INCREASING EXPOSURE IN Q2-26 2% 2% Investment Company 4% IT/Telecommunications 4% • Steady deal flow and sales activity led to good growth 45% Health Services 7% in Q1-26. Retail Financial Serv
Slide 17: Ship Financing
SHIP FINANCING Exposure (NOKm) Total NOK 1,268m (Q4-25: NOK 1,379m) INCREASED EXPOSURE EXPECTED FOR Q2-26. Ind. Shipping 301 LTV 54% • Higher activity and deal flow in Q1-26, but competition from banks and other capital sources remains strong. Offshore Accommodation 244 LTV 5%* • Uncertainty prevail
Slide 18: Sweden
SWEDEN Exposure Sweden branch (NOKm) Total NOK 4,669m 4,669 CONTINUED GROWTH AND STEADY DEAL FLOW 4,135 • Solid growth materialised in Q1-26. Good deal flow and loan commitments opened as planned. • Further growth expected in Q2-26 due to committed loans and 2,778 ongoing loan discussions. • Increas
Slide 19: Total Return
TOTAL RETURN 800 Price Annual Equity Total Return Change Return 700 Pareto 290 % 602 % 17 % Bank 600 OSEBX 280 % 280 % 12 % Index 500 400 300 200 100 0 -100 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 OSEBX PARB 19 Bloomberg as of 20.04.2026.
Slide 20: Appendix
APPENDIX (Pareto bank
Slide 21: Long-Term Ambitions
LONG-TERM AMBITIONS ROE Dividend 15% min. 50% 14.63% 13.99% 98.4% 13.75% 13.56% 12.41% 52.9% 49.4% 50.1% 50.0% 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 21
Slide 22: ROE and Leverage Ratio
ROE AND LEVERAGE RATIO Profitability with increasing solidity 16.0 % 15.9 % 16.0 % 15.6 % 14.8 % 15.0 % 25.0 % 14.3 % 14.6 % 14.0 % 14.0 % 13.8 % 13.6 % 12.7 % 13.0 % 12.4 % 12.0 % 18.9 % 20.0 % 18.2 % 18.2 % 17.1 % 17.1 % 16.5 % 10.0 % 15.7 % 16.3 % 16.0 % 14.3 % 14.6 % 15.0 % 8.6 % 13.7 % 8.0 % 12
Slide 23: Lending Growth
LENDING GROWTH Per business area (NOKm) 25,000 20,000 Ship Financing Corporate Financing * 15,000 Commercial Residential Financing ** 10,000 Commercial Property Financing 5,000 Residential Property Financing - 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Slide 24: Largest Shareholders
LARGEST SHAREHOLDERS 31 March 2026 Name Shares % Total • The Company has 76,782,423 shares outstanding. One class 1 Pareto AS 15,356,484 20.00 % of shares where each share carries one voting right. 2 Société Générale 6,156,149 8.02 % • Diversified investor base with 5,180 shareholders. 3 AWC AS 5,18
Slide 25: The Share
THE SHARE Earnings per share (NOK) Book value per share (NOK) 2.44 2.16 2.13 68.45 67.60 66.21 1.39 65.79 0.84 64.07 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 25
Slide 26: Quarterly Income Statement
QUARTERLY INCOME STATEMENT P&L (NOKm) Q1-26 Q4-25 Q3-25 Q2-25 Q1-25 Net interest income 299.4 310.6 304.4 335.5 329.4 Net other operating income 10.9 3.7 1.2 7.8 2.9 Total net income 310.3 314.3 305.6 343.2 332.3 Total operating expenses 56.3 54.0 59.2 62.9 61.5 Operating profit before 254.1 260.3 2
Slide 27: Quarterly Balance Sheet
QUARTERLY BALANCE SHEET (NOKm) Q1-26 Q4-25 Q3-25 Q2-25 Q1-25 Loans to credit institutions 2,213 1,589 1,841 3,214 2,144 Loans to customers 19,249 18,774 18,983 19,249 20,864 Bonds and other securities 2,861 4,668 5,692 4,897 5,158 Shareholdings in associated companies 33 33 34 34 34 Other assets 324
Slide 28: Margins and Interest Contribution
MARGINS AND INTEREST CONTRIBUTION Margins per business area Interest contribution per business area Estimated annualized margins including commissions, excluding front and back-end fees over 3M NOKm, estimated interest contribution including commissions, excluding front and back-end fees over 3M Nib
Slide 29: Real Estate Financing Exposure
REAL ESTATE FINANCING EXPOSURE Geographical residential property exposure Total NOK 12,440m* Geographical commercial property exposure Total NOK 3,447m* 9% 15% 5% 5% 6% 37% Oslo Sweden Akershus 7% Oslo Vestfold Akershus 8% 50% Sweden Buskerud Buskerud Vestland Others Others 6% 25% 28% 29 *) Resident
Slide 30: Liquidity Buffer
LIQUIDITY BUFFER Low credit and market risk (NOKm) Comments • Cash on hand. • Highly liquid bonds. • Low credit risk. • No interest rate or foreign 1,876 exchange risk. 2,128 Cash (Norges Bank & DNB) • Access to central bank Bonds issued by government & PSEs facilities and repo market. Covered bonds
Slide 31: Funding
FUNDING Sources (NOKm) Deposits & senior debt NOKm, Deposits 10,315 Percent customer deposits of net lending to customers Senior debt 7,582 71.2% 68.7% 69.7% AT1 & T2 debt 1,250 62.2% 7,336 Other debt 276 7,348 6,737 53.6% Equity capital 5,256 6,743 7,582 Key funding and liquidity ratios 14,324 13,7
Slide 32: Customer Deposits
CUSTOMER DEPOSITS Deposits by size (NOKm) Deposits by product (NOKm) > NOK 20m 1,922 270 NOK 10 - 20m 763 221 216 NOK 5 - 10m 729 293 Floating rate retail 216 NOK 2 - 5m 1,191 1,779 2,538 NOK 0 - 2m 1,160 1,895 Floating rate corporate 1,431 - 1,000 2,000 3,000 4,000 Floating rate Fixed rate 4,300 Sa
Slide 33: Market Funding
MARKET FUNDING Market funding maturities (NOKm) * Cost of new market funding ** 129 300 111 95 250 82 120 75 575 62 2,850 53 2,000 42 42 1,740 37 0 32 34 1,400 750 2026 2027 2028 2029 2030 3M 6M 12M 2Y 3Y 5Y Senior Call on Subordinated Capital 31.12.2025 31.03.2026 *) Net of own holdings as of 31.03
Slide 34: Commitments by Size
COMMITMENTS BY SIZE Commitment size per customer (NOKm) Distribution of commitments by size (NOKm) 451 2% < 10 455 22% 19% 4,634 10 - 50 4,578 5,042 50 - 100 < 10 3,463 10 - 50 2,360 50 - 100 100 - 150 3,588 100 - 150 150 - 200 4,344 12% 14% 150 - 200 200 - 250 4,214 > 250 2,185 200 - 250 2,931 7,43
Slide 35: Commitments by Risk Classification
COMMITMENTS BY RISK CLASSIFICATION Risk classification (NOKm) * Risk classification 6% 4,864 Low risk 7% 5,176 21% 16,213 Moderate risk 16,003 Low risk Moderate risk High risk 2,063 High risk Impaired 1,785 1,379 Impaired 1,557 65% Q4-25 Q1-26 35 *) Risk classification of credit exposure according t
Slide 36: Proven Track Record for Credit Quality
PROVEN TRACK RECORD FOR CREDIT QUALITY • No losses from 2008 to 2012. 2008 0.00% 2009 0.00% • Total confirmed losses limited to NOK 252m during 19 years of 2010 0.00% operation. 2011 0.00% 2012 0.00% • Accumulated lending amounted to approx. NOK 212 billion during 2013 0.28% Commercial the past 19 y
Slide 37: Pareto Bank
( Pareto bank