SpareBank 1 Ostlandet

Good morning everyone, this Friday, February 13th. We are here from Hamar, and welcome to everyone who is on the digital webcast today. My name is Klara Lise Aasen, and I am the CEO of Sparebanken Østlandet, and I will be going through the fourth quarter together with Gerd Hegel Bodse, who is the financial director. And if you have any questions along the way, feel free to send them to investor at sbnostlandet.no. Then I will first take the lead for the quarter. It is a solid quarter we are behind. It is a one-capital transfer that has exceeded our goal of 13% and underlies a good banking business. In addition to some, there are the broad revenues. They are especially good this quarter, with a double percentage from last year. As a rule, I will go through more details on them. In addition, I would like to mention Dataselskapet, Finans Østlandet and Innosmøgler 1, Østlandet, which has delivered very good figures in 2025. TAP's figures are a bit higher. There are interest-sensitive businesses, especially the construction industry, which is also demanding this quarter. We have 32 basis points in TAP, and 19 basis points for 2025, which is the same as in 2024. More details on this will be released by G-regel. If we look at the year in a row, it is a strong year. It is the second year in a row where we have a drop over our target, which we adjusted in the fall of 2024 to 13%, at 13.9% in a row for the year. Last year, we had a fairly large effect from the previous EIKA-fusion, which outputs a whole 1.3% on the 15.8%, from still very solid figures for both 2024 and 2025. In addition, we are very solid in terms of capital coverage. Our goal is now 15.9%, slightly adjusted down from 16.1% last quarter. We have received updated Pillar 2 proposals that have changed from 1.9% to 1.6%, so we are very solid. Therefore, it is really fun to have a record high exchange rate for 2025. The board proposes to the representative office, which will decide in March, an exchange rate of 12.70 kroner per one-capital certificate, and that is 70% of net profit. So there are big values that we are now sharing. And one place we are sharing, especially then, is to our owners and the two savings foundations, which together own over 50% of the bank. For us, ownership is social value in practice. This is a long-term ownership that gives back to the general benefit of the initiative on the Hedemarken and Toten side. In total, these two foundations get 916 million kroner in exchange after the decision in the representative office. The payment takes place in April. Another thing that happens in April is that we also share out the surplus to our customers. Customer exchange is something we are happy to be able to do. We have been doing this since 2017. And this year, it is a record-high proposal, 582 million kroner, up from 470 last year. And this is for us a good way to share Tabasat with those who have contributed to creating the good results in Svarbanken Østlandet. Giving tabasha to customers means we are a safe and good way to share surplus with society and really hit those who have generated this. In total, since 2017, we have distributed almost 2.9 billion kroner to our customers. This also requires a decision in the representative office and will be shared in April. But one thing that will not be shared in April, but that will happen this very day, this whole year, is the broad social engagement we have. We are concerned with strengthening the economy for both people and businesses. Safe economy is a very important part of our social mission. It can be anything from teaching at schools, to giving advice when people are in a difficult situation, to thinking about the future. Being involved in creating a safe economy is an important part of our social commitment. The second is the social aspect. Being able to build strong communities around us in the local community. We have people who are involved in voluntary events, either sports events or different types of activities. People in the bank who are involved, and in addition we have shared sponsorships and gifts for a large number of activities, from small to large. We are engaged in a structural approach to create a long-term, robust local community. We are active in various initiatives, investments and innovation activities. I will mention two that I think are very interesting and have to do with preparedness. One is to work towards cyber-risk, to have activities to combat digital swindle through the SAFE project at NTNU in Jøvik. Very nice to be allowed to contribute there. It will most likely expand further out in the east. The other is another type of food readiness, food safety and food readiness through the Speed Breeding program, which we support. As I said, a lot of commitment, and it's important to be able to create good results that allow us to benefit both owners, customers and the local community, which we are very proud of. So let's go back and look at the drivers of how we are able to deliver the good news. Let's start with the macro situation. Østlandet is slightly behind in terms of activity compared to the rest of Norway. It has been challenging times, especially for the construction industry, both in the countryside, in Oslo and Kurshus, and in all areas of Østlandet. At the same time, there is a certain improvement to be seen, and we see that we are approaching the rest of the country, but the construction industry is still too early to recover. We believe that 2026 will also be a demanding year. Contest and employment are on a moderate level, and at the same time, the use of housing sales is now high and good, and even though they are built very new, there is good activity on used housing. Let's look at our two major trading areas. The personal markets. The first three quarters of 2025 have really delivered good growth, and the fourth quarter is a bit out of date. At the same time, we take market shares in our market area, and that is in a market where there is strong competition and increasing margin pressure. Of course, in 2025, there will be a couple of interest rates. We'll see when the next interest rate comes. Regardless, we are committed to delivering really competitive prices, and at least finding the total customer. Broad income, as we call it, is important for us. To provide for the customer, both when they need pension, insurance, savings and other products, we will be there for the customer. And it's fun to show this picture here. This is a happy group at Jøvik, in front of our new regional office on the upland side. It is to have an offensive investment on the side of Toten, the mainland side of the mainland. It is a wild investment. It is something we have as part of the investment with the Toten Sparebank-fusion, which we celebrated a little over one year anniversary on November 1, 2025, so we had one year together as a fusion bank. In addition to the Jøviks side, where we have built up both customer centers and collected offices in a really powerful finance house, we have also collected offices in Råholt, very good premises there, and we have a focus on customer center growth as well. In addition, another investment that we will soon celebrate the 7th anniversary of is Private Banking. We gathered the private bankers and board members in March last year, and we see that it bears fruit, and this is an area where we both in the Oslo area and abroad will really benefit, and we see really good growth, especially within fund savings. The last thing I want to mention about the offensive investment is Drammenskontoret. We opened in October 2024, medium-term premises and permanent premises in the spring of 2025. And there we are well ahead of the plan for the expatriate side. We achieved these goals already in the autumn of last year, and there is good progress there. And Drammen is also an example of a financial house thought process. There we also have BM-satsing, and we have single-family housing 1 Østlandet, opened office both in Lier and in Drammen, so we are strongly in place there. On the business market, the level has been moderate for a while now. As I said on the macro slide earlier, it has been a demanding time for companies in the east, and there has been a moderate growth. We see a fairly flat growth, which means that we generate new customers and new volume, but there are also some who pay down on their loans, and there are some who sit and wait for the right time for their exciting projects. And then we are well equipped to be part of that growth when it comes up, with high customer satisfaction and an offer we know customers put a lot of effort on. It is also good to work with cooperation in our financial system and broad revenues. Everything from interest and currency to record insurance and pensions. Very fun to see how well it goes. At the same time, there is strong competition. There are fewer cases out there, so there is more competition about the loans that are out in the market. But I have to increase my operating income a little more. As I said, both in the personal market and in the business market, this is important for us. Because when there is a lot of competition on the outside, it is also important to be able to take advantage of the fact that we are a financial institution. And we have a lot of focus on this, also in the coming three-year period, the new strategy period. These graphs are nice to look at. I won't go into details later, but especially the single-family mega-one in Østland, which was a fusion of three companies in one on May 1, 2025, shows a very good curve. Record high turnover and good results from a very high activity level. Another element I would like to highlight is that we are LO Banken. We have more than 100 years of experience in collaboration. We have an agreement to be a partner bank for LO, and we have a ownership that will soon be more than 100 years old. So LO is the next largest owner in the bank. It is also a major investor, and it is a super marketing channel for us, where we talk a lot about it, and they are good ambassadors for the bank. And we can see that a typical LH member is a loyal customer. They like it a lot, and they have a lot of products. And I think it's particularly interesting to see that re-sales among the young people and the investment on the upland side have really brought fruit in an increased volume. Some ask themselves, well, the margin here is pressed. Can this be worth it? And then my answer is yes, because here it is volume and breadth and long-term customer relations that makes this profitable for the bank. And we have a great focus on that customers will like us. This overview is what I think most banks would like us to pick up. We are very happy that we pick up from 14th place to 7th place in one year. The EPSI measurement shows how satisfied customers are with their bank, and we are at the top of the large banks that also deliver a broad offer. This is a trust we are really going to manage, and we do not take it for granted. We have to work hard for this trust to deliver the best services to our customers, both digitally and through strict and good advice. But we are in a good position now, in 2026. And that's great when we launch a new strategy. We launched this vision in the fall. Together we develop Østlandet. The focus is on the region Østlandet. And it's nice to have the name, Sparebank 1 Østlandet. We know Østlandet. In addition, the focus is to develop Østlandet. We mean both to develop what already exists in a sustainable and good way, but also to dare to work with innovation and new developments for the future. Together, we do this both in our financial system, but also with partners, customers and local communities. And we are aware that everyone should enjoy themselves. It is good to be a customer and employee, owner and have us in the local community. This is something we emphasize and is also part of our strategy. I will highlight the owners. We think that if owners should enjoy themselves over time, then we must have an attractive one-caterpillar evidence. But we have to show that we can drive profitably over time. We will deliver good exchanges, we will operate in a good banking way, and we will really show that we are up there in the elite of savings banks. And then we have to work with our profitability. This we have shown before. And there is no doubt that the road to increased profitability has several paths to take. Customer focus and increased revenue has really been a focus year in 2025. 2025 has been an investment year, and it is working with powerful investments, whether it is private banking, Drammen office or customer center investment, and broad revenue at least, that growth will be important in the future. At the same time, a smart and good balance management is also essential. To have optimal capital management and as good a financing as possible, so that we do it reasonably, and that one is at the right level, is something we work for. At the same time, to achieve more than 13% in the long term, it is the triangle in the middle that I will talk most about now. Because we have quite high costs compared to some of our competitors, and we are going to work very hard in the future with cost efficiency. Because when we look at how we are going to be attractive in the future for owners, we have to work with our financial goals. And a new goal that has come in now, that the board has decided, is that we now establish a cost goal. It's been a few years since last, and we have chosen to put it on the cost-income ratio. It should be below 40% in the long run. We are now a little over, so this is something we have to work with, especially when the interest rate drops and revenue is pressed, then we have to work even harder with the costs. The other goals are fixed, and the most important is the salary goal, and the other is the contribution threshold to reach a balance of over 13%. Costs. Sparermakken Østlandet, we work with costs. This is nothing new, but we have an extra focus on it in the future, after the investment year 2025. And the work with cost efficiency is actually even more of an efficiency battle than a cost battle. We work with several methods and axes. We work with technological improvement to see how we can make the way we work with customers even more efficient, free up time for customer work through technological development. We have invested in resources in this competence area through 2025 and are better equipped than ever to really do good development work to be able to work in them more effectively. And they are for everything that requires system changes. There is a need for behavior change, process change, where we must dare to cut things that do not give value. We must reduce the time frame. There can be everything from small things to larger things, and this has been going on for a while and will continue in the coming strategy period. In addition to working with efficiency both through the system side, development and innovation, and to work smarter, we must also look at reduced costs. Purchase and so on, important areas where we will work to take down the total cost pressure. Therefore, it is important for us to realize that these measures have a goal of the same cost level in 2027 as we have in 2025. Many measures are underway. Several measures will come. We have already made adjustments to the operation. We have also adjusted the division structure. My corporate division has gone down from 11 to 8 members, so we have also started at the top and made simplifications and improvements there. At the same time, we have made changes to the office network and the direct bank. In addition, we have projects such as remodeling of purchase agreements and so on, which we will also work with. But no matter what, half of our cost base is people. In terms of crew, we have set a goal that in the course of 2027, we will be 70 fewer than in 2026 from today's level. And we also work on several axes. One thing we have implemented is a stop to employment. No, that does not mean that we will not employ anyone, but that we have a really good evaluation when we work in employment. And that is to go through an even more thorough evaluation before. We will have some voluntary departure through pensions and others that end through the year. In addition, we will evaluate the effective package. So with that, it's a good idea to go into the numbers for 2025 and talk a little about this year of investment we have had and put back. So here you go, Gergel.

Good morning everyone, and thank you very much, Clara-Lise. Clara-Lise has pointed out a lot in the future. I will then try to give a little insight into the numbers that were last year and that have gone. When you know the format, I just remind you that we are about to put behind us a version of Toten Sparbank. We are not quite at the finish line. And it characterizes the numbers, so that many of the numbers you see here are presented pro forma. We are weak from the previous quarter. Under that, there are a number of different effects. It is very good to mention at once that we had a significant sales profit on the sale of the property Jonstorvet 5 in Oslo, 163 million. Coming back to that, it affects the numbers. From the same quarter last year, it is also significantly up, and then of course the same element as a part of that. I dive a little into the individual lines. The net income is slightly lower than in the previous quarter, but when we look at the net income in percentage of average management capital, it has been stable for several quarters. Clara Lise has been talking about the competition picture, but what we see is that this has held up quite well in the last quarter. Clare and Lise says this is an area we are proud of. Yes, we can only confirm that. We have a quarter for 2025 that is all-time high. Here we have provisions and other revenues, and it is worth noting that even with the 163 million on Y5, which is below other revenues, even without that, this would have been all-time high on provisions. And for those of you who are out there thinking, why is the sales profit on Y5 below other revenues, then it is because in the corporate record, this is deducted. It is a sale of shares in Morbanken. So therefore here, and not on Netto Finans, but you will find that out. The effect is the same. To take some highlights on our provision revenues, our payment revenues, they are well up. It is rising very well with an increase of more than 10% from the year before. You also saw it on the graph with the long picture from Clara Lise. In the insurance provision, there is a very strong Sparbank 1 alliance when it comes to insurance provisions. Especially in damage insurance, Sparbank 1 Østland sits right under our skin. We are very, very good there, and we are the best at it. The fund provisions, we can't really say the same, but there is a very good development from last year, even though the levels are relatively poor. Growth is important, we have that, and we will just point out that there are some periodizing effects that make the provisions half-yearly, so typically the second and fourth quarter is slightly higher than the first and third. Ownership rating. Clara Lise showed a very impressive slide. It was an all-time high for 2025 in rating provisions, and we also see that rating provisions for the fourth quarter, typically weak seasonally, are good in 2025. The accounting services are on the even side, and I have been talking about the other promotion revenues. The results in the data services start with Finans Østlandet. By 2025, they will deliver record high results. The fourth quarter is also marked by a larger loss engagement. We will talk about that on the loss side, but you will see that this is largely what drives the difference between the third and fourth quarters in 2025. Toten's housing loan is now revoked. What we had of funding there is combined with Sparbank 1 Østlandet for the rest. The same with what was in EIKA's housing loan. Our covered bond funding now happens exclusively through Sparbank 1 housing loan and business loan. In Østland, the fourth quarter is typically a slightly weaker quarter in terms of results. Here we only mention that there has been good development since last year, considering that the company has been fusioned in 2025, and that the fourth quarter had a fusion cost of 3.7 million. This year, the fusion costs were around 9 million. Forretningspartner is on the even side with a calm quarter of the season. The improvement from last year is linked to the fact that we had a down payment of 25 million NOK in Q4 2024. All in all, it is a development that delivers well and is good in the most important companies. The joint venture companies have probably also been presented by our alliance friends, but we remember that it is delivered evenly well on a stable, high level. The important driver is of course the Sparbank 1 group. We remember that we have a lower share price than the other regional banks at 12.4%, but it has still contributed well, and under that it is obviously future insurance and also strong result improvement in Credit Nord that has contributed well. Other joint companies also deliver equally well. This means that when you look at net finance, the joint companies contribute 149 million. That is the biggest contribution in this quarter. But what we see is that net finance at 188 is where we expect that post to be, even though it is more volatile than the other results posts. We will spend some time on operating costs. It is a quarter that is characterized by fusion costs and a number of other one-off costs, plus the fact that we have a periodic deduction and cost transfer of the formal tax. I will go through it point by point. Personal costs are up about 10 million from last quarter. This is linked to the end of the contracts. Downs and downs are rising. That includes 8 million kroner, which is linked to the fact that we have put together our offices in Råholt and Gjøvik. This is something that will make these areas more effective in the future. IKT costs are increasing. It is a development and modernization of the IT platform in the Alliance and for the bank. This is a focus, and we know that the costs are increasing. It has of course its focus, but this is also the further development of the bank. Market management, there is some periodization. In terms of operating costs and fixed property, 15 million kroner has been allocated to the sale of Y5. This means that there is a commitment to the future value of the property, which results in its entirety in the quarter. We consider this to be a one-off cost, and it must be considered in accordance with the sale profit of the 163. The fusion costs at 29 is worth taking with you. We have a small error in the graph here. Out of the 15 for a year ago, it will be 72, while they are in the upper operating costs. So the total in the fourth quarter of 2024 is correct. For the rest of the operating costs, there is a formula tax of 20 million kroner. So when you take into account 80 million kroner, which is the one-time costs, plus the formula tax, you can see that the development from last quarter is largely linked to an increase in the periodization of market performance and an increase in IT. So what does Alice have to say about our new cost goal? The board says a share cost percentage below 40%, corrected for fusion costs. In the fourth quarter, we deliver included fusion costs at 41.2, and we have a picture that is characterized by the competition, which indicates that delivering below 40 in the future is what we have to do in order to support over 13% of the target capital expenditure. The loss cost of the period is undesirable high. And then there is the sum, which is a different picture of PM and BM. To take PM first, it is characterized by model-based returns, and you can see that here. It is almost in its entirety. Underneath, there is a loss cost of X model changes of about 6 million. This is a reflection of the fact that losses on P&M, both in the industry and in our bank, have been very low for a long time. Loss models will be validated to reflect the best expectations and outcomes in the future. We have done that, and the consequence of that is that the P&M model is reduced. I think most people see the logic in that. On the business market side, we see a fairly well-known picture. We don't like it, but you can see it in the macro and in the newspapers. It's a construction industry that is suffering. We have some well-known commitments that have gone from individual loss assessments to assessments, and we also see some new commitments that have come with individual loss deductions. The common denominator is that it is very much linked to the construction industry. When we look at Finans-Østlandet, it is a single engagement with one significant decline, which explains the difference from the previous quarter. When we look at the total losses for the fourth quarter, it is 128 million. It is almost zero on the model-wise, while we see that there is an increase on the individual, which is lower than before, while the findings begin to materialize. That is what you expect through a cycle. And then we go to the trend exposures, and there we see a little of the same. It is quite stable on trend 1, and I will come back to that on the next page, how it is on the portfolio. But if you look at trend 2, it is now, after being quite high, A year ago, there was a drop, but now there is a rise on Trinn 3, at the same time as the findings were about to increase. If you look at the deductions and volumes in Trinn 3, they are quite stable. In this way, it supports the fact that there are quite common problems, as we can see. And that is the opposite of the well-known industry and well-known actors. When we look at the portfolio a little broader, this is the table with the well-known credit indicators on the portfolio level. The big picture is that it has been stable all the way back from the pandemic. If we look at the figures, we can see that the development in general in PM is good. The number of customers with payments is still lower. We also see that the level of remittances in PM is going down, both from last quarter and the same period last year. This is supported by the validation findings reflected in the model. On BM, it is quite stable. There has been a steady development in interest on frame credits since the pandemic, where there was a period of very low interest. And this with the loan rate on the business sector, which is also an indicator that we follow closely, is sideways. So again, just to summarize that, on the portfolio level, we see no major signs of deterioration. It is a well-known industry, it is well-known customers. And then we will conclude with what is often the financial director's favorite slide, at least when the numbers are like this. Klara Lise says that the board's attitude towards issuance is a 70% rate of issuance, which is the highest we have had, and in nominal terms, the issuance is also at a level that is the highest we have seen. And this can be done with certainty that we have a capital coverage that has a good buffer, and thus also future growth capacity allowed for the bank. We have had a lot of cost focus in the presentation today, but you also know that we have an ambitious growth strategy. That capital will be put into profitable business. Behind the numbers, there is also a history that can be told in comparison with the previous years, with some lower pure core capital accounting. 2025 has given clarity in some areas. We have had the implementation of CRR3, which had a significant positive effect, in isolation. We got new minimum weights, Bollond IRB, which worked in the other direction. It is meant to be out of the year. We actually expect it to be removed earlier, but anyway, it is in the numbers. When it comes to the minimum requirement, we received an updated Bill A2 requirement. It is also worth mentioning that we have been given permission to use a new credit model, IRB, on the business market from 31.12. It gives, in isolation, an improvement in capital values at about 15 basis points. And for those of you who have been with us for a while, you will remember that Sparbank 1 Østlandet received an addition to the risk values through the LGD parameter back in January 2019. This complaint is therefore considered to be treated. This means that our effect on this is surprisingly positive for some, but if you wear the long glasses, we have gone with a capital reduction since 2019. All in all, this now gives a pure core capital coverage of 17.6 and a good trading space under the bank's internal target of a minimum of 15.9. So with that, before we take the questions, we can sum up by saying that we have a very good 2025 ahead of us, with record high allocations to society, customers and owners, and we are entering 2026 with higher ambitions. So with that, questions were asked on the internet, whether you wanted an answer from Klara Lise or me. So our investor contact, Bjørn-Erik Korskau, is here, and the rumors say that some questions have come in.

I will try to group it a bit. I will start with a question from Thomas Svensson in SEB. Were there any one-time effects in the fourth quarter of 2025 on net income?

Not in the fourth quarter of 2025, but we had in the fourth quarter of 2024. Then we had a profit accumulation on a healthy part of an unhealthy commitment of 30 million, which affects this net profit. But we also had a rebound in the amortizations on the drop line in the fourth quarter of 2024. We have no such thing in the fourth quarter of 2025.

Another question from Thomas, but also similar to Herman's, so I'll take it in combination. From Thomas Svendsen, where we are now, is there any change in the intensity of competition in the exit from Q4 to now, or is it unchanged? And if I can just continue from Herman Sali Pareto. We write about the proposed competition. We can tell a little about expectations for margin sliding throughout the year, even without interest cuts. And are there large or small banks that we experience as the most aggressive?

First of all, the competition situation is pretty much the same as it was a few months ago. On the business market, it is a more moderate level. There are really big changes. There is quite a lot of competition about the projects that are out there. We are involved, but we are concerned about wage growth, so we are not involved in everything. In addition, in the personal market, there is a strong competition, but we still take market shares, so I think we are a good match there. And what was your last point?

Is it big or small banks that we experience as the most aggressive in the competition?

There is a slight difference from market to market. We still take most customers from the big business banks, and we see that there are local small bankers who are active in their local places, who are quite active, definitively, but in total we have a good position, I think.

If I can add something to Herman's question about margin sliding. As long as I've been running a bank, we've always planned for margin sliding. That's the name of the game. More efficient banks. The competitive image is strong. That's also the reason why we, as others, have a focused focus on cost reduction. This may take some time, but we see the picture and we plan for it, as we have always planned for it. I'm not going to go into details with the so-called bits and bytes, but yes, it's in there.

Another question from Herman Sahl in Pareto. Insurance provisions, we're good with that. Have there been any changes in the provision model in the future for 2026? What does this mean for us?

I have commented on 2026 now, but for 2025 it is the basis that we have both increased sales, i.e. stock and number of customers. In addition, there has been a price increase, and of course in 2025 we have had, even though Amy affected something, there were relatively small comparisons with earlier. So it was a good and low damage percentage, which has also made it a good contribution, both on the Fjelleseid line, but also on insurance provisions. So, good sales. We have increased our stock units, number of customers and volume.

A question from Roy Till in Arctic. You have been talking about capital coverage, but we take it in that context. What does the relatively large fall in the calculation basis in the quarter explain? The risk of credit in IRB appears to be down 3-4%.

Yes, and I tried to explain it along the way. It's nice that in the end we were able to reverse what we thought was In my opinion, a wrong decision back in 2019, which we have complained about and followed up without getting any special answers, is implemented in a new BM model. So I think we haven't had any temporary proposals in Pilar 2, for example, because I think that Historically, we have had high risk values in BM, and with a new BM model, as mentioned, it gave us an easiness in pure coal, and you can find that in the combustion principle. It is probably the main driver of that. And it is also the case that the growth in the fourth quarter in BM was slightly negative, so that explains it a little.

From Simon Aas in DNB, and Roy Till in Arktiken. Similar questions, so I'll just put them together. What do the prospects for the construction and property sector look like now? Maybe especially in light of the fact that the interest rates are not increasing. What is the sentiment among the customers?

I think that... We talk to annual customers, and what we hear is a lot of what you can read in the newspaper. Revenues are obviously important, but it is clear that both regulation risks against the authorities, local authorities, but also building permits against central authorities, are things that do not necessarily seem like oil to get speed in that market. And we see that. We are in a region where there is a balance, where it has fallen. But we see that it is a broader problem. So in the future, I think there will be some drivers to get it going, and I think I mentioned them there.

I think it's a bit harder in my opinion, Tone. I think the authorities should ease up the framework and make it easier. It's too difficult, too heavy and too slow to regulate. It's expensive for the developers to wait to get answers from local authorities. I hope it will happen. If you really want more new buildings, you have to justify it.

One more question from Herman Sahl on the same topic. Was there previously an individual description of the commitments you are now taking on?

If the statement was taken, then it was.

Then there are some questions about costs and the cost goal, so I'm trying to classify a bit there. I'm just clarifying. How do we define cost income below 40%? Is it a company? A mother's bank? Are there any adjustments? How do we think about that?

As far as we know, the measures we are taking now are especially directed towards Morbank. At the same time, we know that the subsidiaries are working with their own measures. So it is a collective picture that we have to work on all fronts, but the measures we talked about today were especially linked to Morbank.

Yes, and when it comes to the definition, think apples and apples. That means that when we also say 2025-2027, the cost level is equal. And we are talking about what the board has adopted as a cost ambition. It is a corporate cost percentage, but then exclusive fusion costs.

And it may be worth mentioning that for 2025, when we compare it, it is also exclusive fusion costs.

That's good. We'll see in the same way, but just to clarify. When we think about the cost guidance for 2027, is it correct to think about 3 billion in costs in the company in 2027? Yes.

That's fair.

That's a good starting point. A question from Roy Tilly in Arktik. The decline in 70-year contracts that we guide on, is it brutto or netto? That is to say, will the number of contracts be 70 lower now than now, by year end 2027? Or do we need new contracts?

As we have talked about, we want to continue to be an area where we will grow and invest. So this is just after that type of investment as well. So that means that there are some areas that potentially will grow as well, in line with our strategy.

Yes, and then we have a question from Herman Sahl. A little in the same vein, is the employment stop wide in the bank, or are there specific places, and in that case, where?

I think we go into those details now.

I think we've covered most of it, but maybe we can... It's a question from Herman Sahl. Can you tell us about the perspective on the cost of the Alliance and how you work there?

That is a big question, and I assume you have asked the same question to the other board members and financial directors. That is something we work together on. It is a steering model in the Alliance, both on the development side and on the economy and framework side, and not least the supervisory board, which has very defined processes on this. And it is clear that a common theme here, and I can at least take that from my position, is that the property banks' sustainability is also leading to what is called possible budgets in the development of the savings bank. So I hope to say that there is a two-sidedness there. So if we prioritize a lot in development, then there are things that we need to think more about prioritizing on our own.

We can mention that Sparbank and Utviklingen last autumn also made some steps, including a decrease in the number of consultants and employees, in order to dimension themselves more in line with what we think are the right priorities in the future.

One last question, back to cost levels in different years. From Simen Nås in DNB, how should we think about costs in 2026? Will they rise from the 2025 level, or what?

The reason we want it to be 2027 and not 2025, is because 2026 will still have some conditions. The technical version of the method will take place in the summer. We know that the measures we are working on now will take time, and the annual effect will most likely come through in 2027. So that's the simple answer, I don't know if you want to add anything?

No, we don't guide on the effects in 2026, and that's also a bit there, that the timing of the measures, it should be done in a good and a responsible way, and with good analysis, and good implementation. So exactly the timing, if it comes in 2026, 2027, but we don't wait, we take it as fast as we can. That was all the questions. Good.

Then we would like to thank you for your attention, both here in the room and on the webcast. I wish you all a great weekend, and follow me on OL. I can say that there are still some exciting activities there. With that, thanks for us. Have a nice day.

Thanks for now.