Voss Veksel- og Landmandsbank (VVL) investor relations material

Executive summary

• Net interest and credit commission income for 2025 was NOK 137.9 million, slightly down from NOK 138.7 million in 2024, with a year-over-year decrease of NOK 0.8 million.

• Profit before tax for 2025 was NOK 115.9 million, down from NOK 118.0 million in 2024, reflecting a decrease of NOK 2.1 million year-over-year.

• Total comprehensive income for 2025 reached NOK 106.2 million, up from NOK 87.7 million in 2024, an increase of NOK 18.5 million.

• Solid core operations with strong loan growth, increased net other operating income, and low losses, but lower interest margin and higher IT and personnel costs.

Financial highlights

• Net interest margin for the year was 2.06%, down from 2.18% in 2024.

• Return on equity (adjusted for hybrid capital) was 11.10% for 2025, compared to 12.26% in 2024.

• Cost-to-income ratio (excluding securities) increased to 46.37% from 42.24% in 2024.

• Earnings per share for 2025 was NOK 38.20, slightly down from NOK 38.91 in 2024.

• Net other operating income increased by NOK 6.6 million to NOK 59.7 million compared to Q4 2024.

Outlook and guidance

• The board proposes a dividend of NOK 18.75 per share for 2025, up from NOK 16.50 in 2024, corresponding to a payout ratio of 49.9%.

• The bank expects to continue delivering satisfactory results, supported by a stable local market and focus on quality growth and cost reductions.

• Ongoing geopolitical uncertainty, high inflation, and interest rates are expected to impact some sectors, but the bank maintains a conservative risk profile.

• Underlying operations remain strong despite increased pressure on net interest income.