SPAREBANK 1 SMN (MING) investor relations material

Executive summary

• Achieved strong quarterly results with return on equity at 16.2% in Q2 and 13.7% year to date, driven by solid revenues, reduced costs, and low loan losses.

• Profit before tax for Q2 2026 was NOK 1,439 million, with net profit at NOK 1,179 million.

• Maintains a leading position in Central Norway, combining local presence with digital solutions.

• Robust earnings across the group, with significant contributions from real estate, accounting, savings, insurance, and leasing.

• Net interest income for Q2 was NOK 1,229 million, down from NOK 1,335 million in Q2 2025, but up 0.7% sequentially.

Financial highlights

• Q2 2026 profit after tax reached NOK 1,179m; H1 2026 profit after tax was NOK 2,028m.

• Lending growth: 1.4% overall, with 1.8% in retail banking and 0.5% in corporate banking compared to previous quarter.

• Deposit growth: 3.1% in retail banking and 5.2% in corporate banking sequentially.

• Net return on financial investments rose to NOK 432 million (Q2 2025: NOK 289 million).

• Operating expenses decreased by NOK 48 million year-over-year, with loan losses at NOK 35 million.

Outlook and guidance

• High credit quality and solid capitalisation provide room for further growth and attractive dividends.

• The Group maintains its long-term target of return on equity above 13% and a CET1 ratio of at least 15.9%.

• Norges Bank raised the base rate in May 2026, with further increases expected, potentially impacting net interest income.