NIDAROS SPAREBANK (NISB) investor relations material

Executive summary

• Net profit after tax for Q1 2026 was NOK 5.6 million, down from NOK 10.4 million year-over-year, impacted by NOK 4 million in one-time costs related to the Personellservice Trøndelag (PT) portfolio acquisition.

• Gross lending growth including mortgage credit was 17.9% year-over-year, with business capital reaching NOK 7.9 billion.

• The PT acquisition added significant deposit and lending volumes, strengthening the bank's position in Trondheim.

Financial highlights

• Net interest income was NOK 27.0 million, stable year-over-year; net interest margin was 2.2% (2.3%).

• Other operating income increased to NOK 10.0 million from NOK 7.7 million, mainly due to higher commission from mortgage credit.

• Operating expenses rose to NOK 29.3 million (NOK 22.1 million), with cost/income ratio at 79% (64%), driven by integration and IT conversion costs.

• Loan loss provisions were NOK 12.8 million (NOK 14.1 million).

• Customer deposits increased by NOK 1,458 million (47%) year-over-year, largely from PT.

• Total assets at quarter-end were NOK 6,155 million, up 17% year-over-year.

Outlook and guidance

• Underlying business momentum is strong, with full effect of PT acquisition expected from April 2026 as one-time costs subside.

• Focus for 2026 is to convert new PT customers into full-service clients and realize cross-selling potential.

• Management expects improved underlying profitability from Q2 2026 as integration costs decrease.