SpareBank 1 SMN: Growth and diversified income in a challenging market

SpareBank 1 SMN reported a profit of NOK 849 million after tax for the first quarter of 2026, equating to a return on equity of 11.3 per cent. The quarter was characterised by strong operations in a challenging market and a strengthened platform for further growth and profitability.

The bank’s Common Equity Tier 1 capital ratio equalled 17.1 per cent at quarter-end, indicating capital adequacy well above both regulatory requirements and the bank’s own targets. This provides a good foundation for further growth. Lending growth over the past 12 months stands at NOK 11.3 billion, bringing the bank’s total lending volume to NOK 261.3 billion. Lending growth in the first quarter amounted to 0.9 per cent.

“We aim to strengthen our position in our home market in Central Norway and in national niches, but are careful to ensure that growth is profitable. We are very pleased that we have strengthened our position during a period of considerable uncertainty, particularly for businesses in the region,” says Group CEO Jan-Frode Janson.

SpareBank 1 Regnskapshuset SMN delivered a profit of NOK 46 million in the first quarter, with an operating margin of 18.3 per cent. The company continues to grow, and in January this year entered into an agreement to acquire Berg Økonomi in Nord-Trøndelag. The acquisition consolidates Regnskapshuset’s number one position in the region. The company is now one of Norway’s largest accountancy firms and is undergoing a comprehensive shift from traditional accountancy to a modern consultancy firm with a particular focus on the SME market.

SpareBank 1 Finans Midt-Norge achieved a profit of NOK 52 million for the quarter, while EiendomsMegler 1 Midt-Norge generated a pre-tax profit of NOK 9 million. Through EiendomsMegler 1 Midt-Norge, the bank continues to build a clear and strong position in the commercial real estate market. As the largest shareholder in Norion Næringsmegling, the group is already the market leader in Mid- and Nort of Norway and is strengthening its national position further through the acquisition of SPG Corporate Finance in Oslo.

“Our stated strategy is to be the least interest-rate-dependent bank in the country. Having a broad revenue base is particularly beneficial during periods like the present, when the profitability of traditional lending is under pressure. In addition, our broad product range ensures a better customer experience and creates significant revenue and cost synergies,” says Janson.

Key figures: (Consolidated figures. Figures in brackets refer to the corresponding period last year, unless otherwise specified.) Profit after tax: NOK 849 million (NOK 1,004 million) Return on equity: 11.3 per cent (14.0 per cent) Common Equity Tier 1 ratio: 17.1 per cent (18.1 per cent) Lending growth: 0.9 per cent (0.2 per cent) Deposit growth: 3.4 per cent (5.2 per cent) Losses on loans and guarantees: NOK 100 million (NOK 21 million) Profit per equity certificate: NOK 3.66 (NOK 4.32)

Contacts: CFO Trond Søraas, tel. +47 922 36 803 Executive Vice President Rolf Jarle Brøske, tel. +47 911 12 475

This information is disclosable pursuant to section 5-12 of the Norwegian Securities Trading Act.