NIDAROS SPAREBANK (NISB) investor relations material

Executive summary

• Ordinary profit after tax for Q2 2026 was NOK 15.3 million, down from NOK 18.6 million year-over-year, mainly due to one-off costs related to acquisitions and IT conversion.

• Underlying operations improved compared to last year, excluding non-recurring expenses.

• The acquisition of Personellservice Trøndelag (PT) significantly increased deposit and loan volumes, boosting the bank's footprint in Trondheim.

Financial highlights

• Net interest income for H1 2026 was NOK 58.1 million, up 5.2% year-over-year; net interest margin was 2.1% (down from 2.3%).

• Net commission and other operating income rose to NOK 20.3 million from NOK 12.3 million year-over-year.

• Operating expenses increased to NOK 57.9 million (from NOK 43.3 million), with cost/income ratio at 74% (vs. 64%).

• Customer deposits grew 42.5% to NOK 4,637 million, mainly due to the PT acquisition.

• Loans (including covered bonds) increased 14.4% year-over-year.

• Equity return annualized at 4.34% (down from 6.79%).

Outlook and guidance

• Positive effects from the PT acquisition are expected to strengthen in H2 2026 and beyond.

• One-off costs related to PT and IT conversion will decrease in the second half; underlying profitability is expected to improve.

• Credit losses and defaults remain low, with no significant changes anticipated.

• Market competition in Trondheim remains strong, but above-market growth is expected to continue.