Sparebanken More · OSL:MORG
Sparebanken More — Sparebanken Møre — Q2 2025 Earnings Presentation
44 slides from Sparebanken More's earnings presentation, Aug 14, 2025
Slide 1: Presentation 2nd quarter 2025
Presentation 2nd quarter 2025 Trond Lars Nydal CEO John Arne Winsnes CFO Oslo 14 August 2025 1
Slide 2: Todays agenda
Todays agenda Key points first half of 2025 The quarter in figures and illustrations Activity and future outlook 2
Slide 3: Key figures per H1
Key figures per H1 Good Net Interest Low loan growth Income losses Loans: 5.1 % In NOK: 47 million In NOK: 988 million Deposits: 6.5 % In per cent: 0.09 In per cent: 1.88 (Last 12 months) (loans and guarantees) Profitability Strong Strong liquidity Efficiency and solidity ROE: 11.5 % C/I: 43.1 % Dep
Slide 4: The bank delivers a solid half year result
The bank delivers a solid half year result Profit after taxes Return On Equity - in MNOK 555 475 462 14,1 346 12,2 11,5 313 9,9 9,4 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 Result per equity certificate after the 1st half of 2025 is NOK 4.39 (Group) compared wi
Slide 5: Result H1 2025 versus H1 2024
Result H1 2025 versus H1 2024 Profit after tax compared with H1 2024 30 8 28 38 27 65 555 475 H1 2024 Net interest income Other income Financial Expenses Losses Taxes H1 2025 excl.financial instsruments instruments 5 5
Slide 6: New Headquarters
New Headquarters We are preparing for the future and are renovating the bank's headquarters in Ålesund • In the second quarter, the bank has relocated approximately 200 employees from the HQ to three temporary locations in downtown Ålesund • During this period, the bank has maintained full operation
Slide 7: Good activity generates results
Good activity generates results Development in net commission and other operating income 24 % increase - in MNOK in net commission and other operating income 50 45 31 27 27 17 17 17 19 15 14 12 10 7 5 1 -16 -20 Guarantee Insurance Fund saving Discretionary Money-transfer Other fees and Commission Re
Slide 8: Strategic investment in the area of savings
Strategic investment in the area of savings Asset management – assets under Volume – current monthly Sparebanken Møre takes a stake management fund savings plans in Norne Securities AS • The area of savings is one of Sparebanken Møre’s long-term strategic focus areas • The bank already has cooperati
Slide 9: 2nd quarter 2025
2nd quarter 2025 • 9 9
Slide 10: Quarterly result
Quarterly result Return on Equity - quarterly Profit after tax - in MNOK 301 15,1 13,8 280 12,2 11,2 11,7 251 243 232 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Profit per EC - in NOK (Group figures) 2,85 2,66 2,13 2,26 2,03 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 202
Slide 11: Income in the quarter
Income in the quarter Total Income Total Income - in per cent of Average Assets - NOK million Net Interest Income Other Income 626 608 603 589 2,48 2,49 567 90 103 67 100 82 2,30 2,27 2,19 518 523 522 503 485 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 11
Slide 12: Lending growth
Lending growth retail market - NOK billion and annual growth Lending growth 57,9 59,3 53,8 50,8 47,6 Loans • MNOK 4,371 in lending growth last 12 months (net lending) 100,000 0,250 5,9 % 5,9 % 4,3 % 6,9 % 7,6 % 89,4 90,000 86,9 81,6 2021 2022 2023 2024 H1 2025 80,000 76,1 0,200 69,9 Lending growth i
Slide 13: Deposits
Deposits – retail market - NOK billion and annual growth Deposits 32,1 29,2 30,1 26,3 24,7 Deposits • Deposit growth in the last 12 months: MNOK 3,202 52,4 49,6 47,4 10,9 % 43,9 5,6 % 6,8 % 3,8 % 3,2 % 41,9 2021 2022 2023 2024 H1 2025 Deposit growth in the last 12 months: MNOK 1,175 Deposits – corpo
Slide 14: Other Income
Other Income Customer related other income Financial Instruments - MNOK - MNOK 87 20 23 80 83 15 70 67 13 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 -16 0,46 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 0,38 0,34 0,29 0,24 4.kv. 1.kv. 2.kv. 3.kv. 4.kv. 2022 2023 2023 2023 2023 14
Slide 15: Expenses
Expenses Cost/Income ratio - Annually Operating expenses in the 42,2 42,5 39,8 43,1 Operating expenses in the 39,2 quarter quarter - NOK million - in per cent of Average Assets 2021 2022 2023 2024 H1 2025 1,02 0,98 249 252 252 0,96 0,92 0,95 243 235 - Quarterly 44,5 41,8 41,0 38,7 40,0 Q2-24 Q3-24 Q
Slide 16: 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 - NOK million 0,05 0,39 0,45 0,33 -0,14 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 2021 2022
Slide 17: Losses by sector
Losses by sector • Losses on loans and guarantees as of 1. half 2025 - NOK million 47 33 16 -1 -1 17
Slide 18: Corporate lending
Loans by sector Corporate lending Other 10,0 % (11,2 %) • Half-year lending growth of NOK 1.2 bn CRE 11,0 % (10,8 %) • The bank has a stable share of exposure to the corporate Services sector 5,0 % (4,5 %) Retail • There is good industry risk Oil-related services 66,0 % (65,5 %) 1,2 % (1,5 %) divers
Slide 19: Increasing domestic and international tourism
Increasing domestic and international tourism «The summer season is getting longer! We see a general increase throughout the year. June-August being the best months by far. For the months of May-October 2022 to Coolcation 2024, revenue has increased by 140 %» Oscar Almgren i Uteguiden • Climate chan
Slide 20: 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 % 1,5 % 1,7 % challenges and low request for 1,6 % 90-100% installment deferrals 1,8 % 2,7 % 85-90% 2,4 % • Stable, low level of default a
Slide 21: House price development
House price Indexed development Price per square meter development - January 2015 = 100 - January 2015 – June 2025 190 100000 Oslo Oslo Based on pre-owned dwellings sold, Norwegian seasonal adjusted house 160 Norge 80000 prices increased by 0.3 per cent in June Ålesund 60000 2025. 130 M&R Norge 4000
Slide 22: Good market access and financing
Good market access and Strong rating and long-term financing financing 58.4 % A1 • Moody’s rating • Deposit to loan ratio • Stable outlook Covered Bonds 44.9 bn Aaa 23.465 Green Covered • Net market financing • Covered Bonds Bonds 5.138 2.81 year Deposits 51.262 Senior Loans 6.400 6.6 bn • Green fun
Slide 23: Robust capital position and good prospects
Robust capital position and CET1- status and requirements (per cent) good prospects 20,1 19,1 • The bank has a long-term target 1,25 0,90 P2G 17,2 for CET1 capital which at least to 2,50 P2R be the sum of Pillar 1, Pillar 2 Countercyclical buffer 4,50 (P2R) and P2G Systemic risk buffer • The impleme
Slide 24: MORG pricing
MORG pricing Total Return in H1 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 1,34 1,27 300 1,19 1,20 1,13 250 1,04 1,00 200 0,80 150 0,60 97 106,9 100 74,8 84,4 80,7 84,0 81,5 79,9 0,40 50 0,20 0 0,00 2021
Slide 25: Future outlook – globally
Future outlook – globally Reduced fears of a serious trade war escalation Trade policy Persistent Fluctuations in uncertainty financial markets Still a great deal of uncertainty related Reason to expect volatility in financial to both security and trade policy markets also going forward 25
Slide 26: Future outlook - Norway and our region, Nordvestlandet
Future outlook - Norway and our region, Nordvestlandet A Norwegian economy in a cautious upturn • Real wage growth supporting household consumption • Several industries are experiencing increasing activity • Housing investment is expected to pick up gradually • Lower interest rates will stimulate ac
Slide 27: EU - our most important export market
EU - our most important Other exports 20% export market Seafood Tourism 36% 5% Largest export Effect on gross product of 10 per cent reciprocal import industries in tariffs, as well as a 4 per cent fall in investments. Finished product M&R 9% Per cent 0,0 Maritime industry Norway (mainland) 9% -0,2
Slide 28: The current situation also provides opportunities
The current situation also provides opportunities Ship design, outfitting and maintenance Maritime technology and innovation Logistics and port development Other industry 28
Slide 29: … and creates a multiplier effect
… and creates a multiplier effect Estimated geographical distribution of employment effects related to the construction of 28 standard vessels. Man-years 1 over a 12-year period in the maritime industry. job at Norwegian shipyards Møre og Romsdal 3 850 Rogaland 2 100 Vestland 850 Akershus 700 Trønde
Slide 30: Engaged and active. Always.
Engaged and active. Always. 400 highly skilled employees in Team Møre Engaged and important supporter of local communities The largest financial and market environment between Bergen and Close to what is happening in Trondheim our region, Nordvestlandet, and in Oslo 30
Slide 31: 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 32: Slide 32
Slide 33: 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 34: Attachments
Attachments ¢
Slide 35: Results in Q2 2025
Results in Q2 2025 Key figures in Q2 2025 and 2024 Q2 2025 Q2 2024 Changes Results (NOK million and %) MNOK % MNOK % MNOK p.p. % Net Interest Income 503 1,90 518 2,12 -15 -0,22 -2,9 Gains/losses liquidity portfolio 15 0,06 11 0,04 4 0,02 36,4 Gains/losses on shares 6 0,02 1 0,01 5 0,01 500,0 Net Inc
Slide 36: Results per Q2
Results per Q2 Key figures in H1 2025 and H1 2024 H1 2025 H1 2024 Changes Results MNOK % MNOK % MNOK p.p. % Net Interest Income 988 1,88 1 026 2,09 -38 -0,21 -3,7 Gains/losses liquidity portfolio 19 0,04 16 0,04 3 0,00 18,8 Gains/losses on shares 6 0,01 -3 -0,01 9 0,02 -300,0 Net Income Financial In
Slide 37: Balance sheet and key figures
Balance sheet and key Key figures per H1 2025 and H1 2024 figures 30.06.25 30.06.24 Changes Balance in NOK million MNOK % Total Assets 110 978 99 847 11 131 11,1 Loans to customers 89 447 85 076 4 371 5,1 Deposits from customers 52 442 49 240 3 202 6,5 Net Equity and Subordinated Loans 8 999 8 493 5
Slide 38: Specification of Other Income
Specification of Other Per H1 2025 and Q1 2024 Income (NOK million) H1 2025 H1 2024 Changes y/y Guarantee commission 17 12 5 Income from the sale of insurance services (non-life/personal) 17 15 2 Income from the sale of shares in unit trusts/securities 10 7 3 Income from Discretionary Portfolio Mana
Slide 39: Specification of expences
Specification of Per H1 2025 and H1 2024 expences (NOK million) H1 2025 H1 2024 Changes y/y Wages 194 187 7 Pension expenses 18 15 3 Employers’ social security contribution and Financial activity tax 42 40 2 Other personnel expenses 18 19 -1 Wages. salaries. etc. 272 261 11 Depreciations 30 26 4 Ope
Slide 40: 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 41: 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 368 341 307 266 263 0,51 180 97 253 0,45 67 69 0.34 0,32 0,35 0,24 0,29 0,08 0,11 0,09 199 210 194 161 115 0,21 0,24
Slide 42: Recognised losses
Recognised losses Losses on loans and guarantees - NOK million Losses on loans and guarantees - In % of Average Assets 0,09 49 0,06 47 20 0,02 0,00 -4 -18 -0,04 -53 -0,06 2021 2022 2023 2024 H1 H1 2024 2025 2021 2022 2023 2024 H1 H1 2024 2025 42
Slide 43: EC capital in Sparebanken Møre
EC capital in Sparebanken Møre The largest owners (1-10) of EC holder Number of ECs EC capital 30.06.25 31.03.25 Sparebankstiftelsen Tingvoll 4.841.594 4.839.094 Verdipapirfondet Eika egenkapital 2.613.650 2.476.424 Spesialfondet Borea Utbytte 2.451.891 2.451.891 Wenaasgruppen 2.200.000 2.200.000 MP
Slide 44: EC capital in Sparebanken Møre
EC capital in Sparebanken Møre The largest owners (11-20) of EC-holder Number of ECs EC capital 30.06.25 31.03.25 J.P. Morgan SE (nominee) 659.187 659.187 Lapas AS 634.384 634.384 BKK Pensjonskasse 507.600 470.888 Forsvarets personellservice 461.000 461.000 Sparebankstiftelsen Sparebanken Møre 360.7