SPAREBANK 1 SMN (MING) investor relations material

Executive summary

• Achieved a full-year net profit of NOK 4,367 million and a Q4 profit of up to NOK 1,061 million, with a return on equity of 14.8% for 2025 and 13.7% in Q4.

• Board proposes a record-high dividend of NOK 13.50 per equity certificate, with a 69% payout ratio and NOK 968 million allocated to community dividend.

• Maintained a diversified and robust business model, with significant contributions from subsidiaries and associated companies.

• Comprehensive service offering and market-leading digital solutions underpin strategic growth.

• Positioned among the top 20 companies on Oslo Børs by market value.

Financial highlights

• Net interest income for Q4 2025 was NOK 1,349 million, with full-year net interest income at NOK 5,343 million.

• Lending grew 3.8% year-over-year; deposit growth was 3.7% year-over-year.

• Cost-to-income ratio improved, with Q4 operating expenses at NOK 870 million, and Group cost/income ratio at 45%.

• Loan losses for 2025 were NOK 140 million, down from 2024, representing 0.09% of total lending in Q4.

• Earnings per equity certificate: NOK 19.08.

Outlook and guidance

• Cost growth is expected to remain low in 2026, with only half of departing employees replaced and efficiency measures planned.

• Strategic focus on technology, AI, and sustainable community development for 2026–2028.

• Continued focus on profitable growth in both retail and corporate segments and market share growth.

• No specific guidance on loan losses, but outlook remains for continued low losses.

• Well-positioned for structural changes and continued growth in Central Norway.