Norion Bank AB

Hi and welcome to NOEN Bank's career report for 2026. My name is Martin Åsman and I'm the CEO. I'm joined by our CFO Peter Olsson. We go directly to page 2, which is a summary of the quarter. We will start by saying that you will probably all remember that we had 140 million under Q1 2025 as retroactive interest payments from step 3. So we have excluded them so that the comparison figures are correct. But we can start all the way to the left. We have the loan book now, which goes up to 51.5 billion. En ökning med 1,8 miljarder jämför med Q4 mot 8% ökning jämfört med föregående år och det ökar med 4% jämfört med föregående kvartal. Framförallt plastdecementet som växer. KV-talet uppgår till 33,3. Det är en ökning med drygt en procentenhet jämfört med samma period på föregående år men en minskning med en procentenhet ungefär jämfört med Q4. Ratsresultat uppgår till 389 miljoner. En liten ökning. Vinst per aktie ökar med 5 procentenheter till 1,54. Kastning på e-kapital uppgår till 12,1 procent. Det är en minskning, men det skulle vara med sig att vi har ackumulerat en hel del kapital. Peter kommer att prata lite mer om det längre fram i presentationen där vi rensar för kapitalsituationen. We are talking about capital, the total drops to 18.4%, the core value is 15.6%. The total and capital ratio increases by over 1%, so we have a very good capital ratio. And that also makes it our intention to continue to buy back, just as we did during 2025. Vi har gjort klart konsensusförvärvet, vår asset management del. Det kommer vi att se i höstas, vi kommer att prata lite mer om det senare i presentationen. Den är nu godkänd och integreras i banken under andra kvartalet. Vi har också gjort en affär där vi förvärvar strandkapitalförvattning. kommunicerade vi igår, men som sagt det har vi lite senare fram i presentationen. Vi går till sidan tre och så pratar vi utveckling av stocken. Ni kommer säkert ihåg att vi hade en hel del valutaeffekter som påverkade stocken negativt. Det var både Q2, Q3, Q4 hade vi de effekterna. If we look here at the stock this year, we have a certain FX effect. The stock is about 350 million. But if you look to the right, we increase the stock up to 51.5 million and then the value effect is about 200 million. Stoken growth with 4% compared to the previous quarter, 8% compared to Q1 2025. And it is the real estate segment that is responsible for growth this quarter. 1.1 billion comes from the real estate segment. We go to page 4 and then we usually do a little review of our different business areas, different segments. We can see here we have the company segment, which increases with The company's credit increased by 700 million. What is decreasing is factoring, which is decreasing by about 300 million, so a net of about 400. And the decrease in factoring is a very common Q1 effect. You usually see it in a weak factoring quarter during the first quarter of each year. First of all, we have very good activity, we can say. In general, a lot of customers, many who do business. It is especially Norway that is increasing this quarter, especially in corporate credits. They are the ones that are getting growth in this quarter. Still okay competitive situation, we see a certain competition for a little smaller businesses under 100 employees. There is a little more competition, but still we do not see a market price. development this quarter. The stock is increasing by about 7% compared to Q1 2025. Earlier we said that somewhere in the last quarter of 2025, Q2, Q3, Q4, that it took a little longer time before you do business. It goes a little faster to make decisions, what we have seen during the first quarter, so a little shorter decision paths quite generally. Let's take a look at how far we have come in the second quarter. There is still a lot of activity, a lot of and many customer dialogues. And it is above all good activity, both on traffic and factory. And it is above all in Sweden and Norway we see very, very good activity. Then again, it is an uncertain market situation. We have the entire Middle East, it remains to be seen. But so far so good. We have not seen any direct or indirect consequences between us. If we talk a little bit about step 2 and step 3, we have an increase in step 2 and step 3. And that is completely equivalent to a number of interest-driven loans that make up for that increase. We go to page 5 and then we talk a little about assets. Even here, just like the project management, good activity, a lot of customer dialogues, really within all asset related segments. We said it earlier, it feels like there is a lot of capital on the sidelines, so to speak, that wants to be activated, so there is a lot of interest in asset management. And there is a lot of dialogue with new customers, good counterparts that we have not really seen in the same way before. Vi har gjort och gör affärer med lite längre löptider med lägre LTV. Vi har jobbat aktivt med att förlänga löptiderna. Det ligger i planen att förlänga durationen i både företags- och fastighetsstocken. Stocken har ökat med 1,1 miljard. Det är framför allt Sverige och Finland som växer. Det här kvartalet har vi haft väldigt baktungt. Både på företag och fastigheter. It means that a lot of solvency in the beginning of the quarter, a lot of solvency in January. A lot of businesses came in late in the quarter, even in the middle and end of March, a lot of new businesses were made, so the stock grew very late in the quarter. Yes, that was probably it. We can, as I said, it's a little forward there, it's the same. Det är egentligen samma tecken vi ser på fastigheter som företag, men det är ju fortsatt väldigt mycket aktivitet, det är mycket kunddialog och återigen med brasklappen att vi har en makromiljö som den är. Men även på fastigheter har vi sett ett fortsatt bra flöde så långt vi är in i annan kraft. Vi går till sidan sex och tittar lite mer detaljer kring fastigheter. Here you have the key figures we usually look at. We see that we strengthen the percentage of seniors from 63 to 65 now. If we look at it from a slightly longer perspective, we increase the percentage Now we have 6G. If we look even further back in time, we have in two years actually gone from 5G to 6G to 6G to 5G in the senior sector. So that's a very good development. LTV has been in the senior sector for a relatively indefinite period compared to the previous quarter. We also talk about market value in the properties. Det är ganska oförändrade marknadsvärde som vi ser i föregående kvartal också. Det är framförallt kassaflödesgivande kontorsfastheter som påverkas lite negativt, men bostadssegmentet fortsätter att utvecklas relativt bra, positivt. Through step 2 and step 3, we have unfortunately not seen any improvements in this quarter. I had good expectations that we would do that. As I said, it is a process that takes a little longer than I had hoped for. But as I said, it is still a prioritized area for us, of course. We go to page 7. And then we look a little at private. Very good quarter again, I have to say, for private. We have had a positive trend now in 18-24 months, at least, where we have the opportunity to have very good business, good risk-free return, and it continues this quarter. So still a positive trend even in Q1-26. The stock is increasing by 300 million between Q4 and Q1. Compared to private this quarter, With the corresponding quarter for Q1 2025, we increase the stock by 16% and the revenues increase by 24%, which is a fantastic development again for the private sector. A little bit about how customers are doing. It continues. We said under 2024-2025, we saw a sign that customers are doing better and better. Of course, fewer customers were left behind with interest or not amortized in time. It continues. This trend has held on since the beginning of 2024 and has continued until 2025 and continues even into the first quarter of 2026, so that is very positive. We go to the next page, page 8, and then we talk about yearly. No, but again, this is a very good quarter for yearly. The numbers are spoken in clear languages. The volume of transactions this quarter rises to more than 5.5 billion. The same period before Greenland was at 4.5 billion, so the volume of transactions has increased by almost 25%. The 11th quarter in a row with double-digit growth in volume of transactions. Låneboken uppgår då till nästan 3,6 miljarder så vi ökar den med 30%. Som sagt 3,6 miljarder landar på nu under Q1 2026. Vi har 6,8 miljoner aktiva användare som ni ser längst ner i höger hörna på sliden. And that is more than one million increase in the number of active customers in one year. So a very, very good momentum for Wall-E in this part as well. We go to page nine and then I'll hand over to a little more details and figures

Thank you very much. We will start by looking at the revenues. We have total revenues of 913 million SEK during the first quarter. As Martin mentioned earlier, we have, as you can see here, reduced the comparison for the 140 million SEK in retroactive revenue revenues that were booked in Q1 2025. So what we see during this quarter is a stable development. We even see an increase year on year with 4%. And also the NIM which is completely unchanged compared to the previous year and it rises to 6.4%. However, you see that the NIM has a certain decline compared to the fourth quarter. These are some factors that affect that. First and foremost, we have a seasonal variation. Martin is talking about the factoring flows, which are seasonal low under a Q1. It affects not only the volumes, but also the revenues. The Q1 is also a shorter quarter. We get fewer interest rates, which affects negatively. And on top of that, we have the timing effects with these back-heavy volumes within both the company and the property segment, which Martin was also talking about. A large part of the volume market came late, which then affects the percentage value. But it is stable, unchanged, and goes up to 6.4%. We go to page 10. Take a look at the table. As you know, this team is negatively affected by our conservative way of managing revenue from the step 3 loans we have, preferably on the property side. What we see during this quarter is small changes compared to where we have been before. The effect goes up to 60 points during this quarter, which means that If we had introduced income in the first three credits, the reported income would have gone from 6.4% to 7.1%. But again, small changes compared to where we have been during the last quarter. Page 11. We look at the interest rate cycle and how we have navigated it. If we start by looking at the lower line, we can see that our funding costs continue to drop. If we go back to the middle of 2024, we said that we thought we had reached the top of our funding costs, and we can see that it seems to be true. We had the right idea, and that funding costs have gradually decreased quarter by quarter since then. It continues to decrease even during this quarter. It goes from 3.17 to 3.02 and it is a decrease that is a little bigger than we had dared to hope for when we entered this quarter. So we see a good development even on that side. Page 12, look at liquidity. We start by looking at our regulatory liquidity measures. They continue to strengthen. The short-term measure, the LCR, continues to go up to 490. which is a very high and reassuring level, and we are also continuing to increase the long-term measure, i.e. the NFR, which is now rising to 128%. So we have made a clear shift over the past year, which is very positive for us. Page 13, if we focus on a more non-technical way of looking at liquidity, that is, our total funding in relation to the loan stock. So a little backflip here as well. Here we were pretty consistent around about 1.0 times and you saw a en tydlig ökning under Q4-24, Q1-25 där vi jobbade mycket inte bara med strukturen på likviditeten utan även mängden likviditet. Det här var ju då till följd av FI's uppdaterade rättsliga ställningstagande som de kom med där och då. Then we were unchanged and we saw a decrease during Q4 that was completely according to our plans. And then it was due to the fact that we had started migrating away from Avanza's platform when they shut down their platform where we have previously sourced loan from. So that was the decline under Q4 and it has continued as expected, maybe even a little better than expected here under Q1. And that decline is because now the Avanza collaboration is completely over. This has been very successful for us. We have received large volumes that were previously sourced via Avanza directly into our own platform. Which means that when we look forward, we can work from a better position to handle the loan. We are very pleased with the development we have seen and how we have succeeded with this migration. Page 14, we look at our different segments. We start with the business segment. As I said, the volumes are up with a little over 400 million during this quarter. The loan part is up with about 700 and the factoring part is minus about 300. This is a regular Q1 effect that is seasonally determined. You also see that the NIM has a certain decline. This actually depends on the factors I mentioned at the beginning. Of course, the factoring, which has its seasonal effect here. The number of interest rates and late flows. So this is not a matter of price pressure. We expect the NIM to to bounce back and return to a more normalized level when we look forward. So no reason to worry about this. Since 2015, the property segment, very strong development, volumes up with 1.1 billion under the quarter here. Seen over the past year, we are up a little over 500 million. So a very strong and good development. These volume increases also came from the property side quite late into the first quarter. So the small decline we see here under Q1 when it comes to NIM, it's the same thing here. It's no price pressure, it's actually timing effects that are the big reason for the NIM to have a small decline here. Page 16. The private sector is still in a very strong development. The volumes are up almost 300 million during this quarter, so it was a stock that which is at about 14 billion. During the past year, the volume has increased by about 1.9 billion, an increase of 16%. And during the same period, the revenues have increased by 24%. We see a very strong and good development. The volumes are good, the numbers are strong, and what you don't see on this picture is that we have managed to do this also at a lower risk, so that the risk-adjusted margin for the private sector is developed in a very positive and good way in advance, so this is a strong development. Page 17, Wall-E. Here we have a stock that goes up to 3.6 billion. You can see a small decline compared to Q4. This is also seasonally conditioned. The volumes are very strong in general for Wall-E during a Q4, when there is both Black Week and Christmas trade. A strong shopping month, quite simply. And it is precisely according to a normal pattern that we see a certain return on that during a Q1. We have very, very good momentum for Wall-E. Good pressure in the businesses. The volume of transactions is up by 24% during the past year. The stock is up by 29% and the revenues by 24%. Vi upprätthåller en oförändrad total intäktsmarginal på 17% under det senaste året. Som sagt, vi har ett väldigt bra momentum och det här bidrar till ett väldigt positivt sätt till bankens avkastning och uttjäning. Vi tar nästa sida, sidan 18. Vi pratar lite om kostnaderna. Då börjar vi med att If we take a look at the costs in Q4, where they went up to 322 million, this was a bit of a seasonally high cost in Q4, about 5-10 million in season effect that raised that level. We now end up at 304 million SEK in Q1, so this is a good level. We show a decline in costs, also from a seasonal level in Q4. And as I said, we have talked about this before. We have taken a lot of investments over time that we think are right and right to do. We have had a bit of a mismatch in the timing effects. Stock growth has historically not really been where we had hoped, even if the costs and the investments themselves have been the right thing to do. Now we see a nice stock growth during this quarter and hopefully we can reach a better balance between costs and revenues in the future. We have a QE rate that goes up to 33%. It is a level that we want to lower over time. We are not satisfied with it, but we do not see the same increase in the cost mass in the future as we have seen historically. Hopefully, we will see a positive development in the QE rate when we look forward. If we go to page 19 and look at our credit loss reserves, they go up to 219 million under the first quarter here. That corresponds to 1.7%. These are small changes compared to where we have been during the previous quarter as you can see during the past year here. However, as you can see on the lower part of this page, we have a positive long-term trend where we have gradually come down in credit losses. Martin talked about it before. That the customers feel relatively good. We see better and better payment patterns. I can say that those patterns, when we talk about the private side, they stick to themselves. Despite the fact that a Q1 typically is the most challenging quarter when it comes to customer payment capacity, quite simply. We continue to strengthen the resolution levels, step 3 private, even during this quarter. It has risen to 60.3%. This is an increase of 30 points isolated during this quarter. In the past year we have strengthened with almost 2.5%. In the past two years with an increase of more than 5.5%. and in three years with a little over 6.5%. So we continue to reserve conservatively and hope that this will work out in the long term. Since 2020, we sum it up, we have a turnover result that goes up to 389 million kronor here in Q1. It is flat or even a small increase compared to some 385 million we saw during Q1 2025. And you can see on the right side that on the corresponding basis, we are improving the profit per share by 5%, where it rose to 1.54%. And the reason for that increase is stronger than the underlying result. It is simply a consequence of the stock repurchases that we have carried out during 2025. On page 21, we have a return on equity that goes up to 12.1%. This is a decrease compared to the previous year. As Martin said, we have have gradually built up more and more surplus capital during the past year, and this is becoming more and more demanding, given the fact that it creates a discount on the own capital that is in the bank. What you see on the right is a adjusted Return on Equity, where we have cleaned up the surplus capital. We have assumed that the bank's capital situation is in i mittpunkten av det finansiella målet som vi har på mellan 200-400 punkter. Så med 300 punkters buffert så hade avkastningen på eget kapital uppgått till 14% här nu under Q1. Så det är nästan två procentenheters skillnad jämfört med den rapporterade siffran. Since 2022, again we have a very strong capital position, core capital at 15.6, total capital relation at 18.4. Very strong, we are unchanged compared to Q4 2025, despite the stock during this period with about 1.8 billion SEK. We have increased significantly over the past year, despite the fact that we have bought back shares for 1 billion SEK during 2025. So a very good capital position with reassuring buffers, very large buffers, and the buffer on the total capital coverage goes up to 520 points, and that will be set in relation to our financial threshold to be within 2 to 400 points, so we have a clear surplus capital in the bank. Since 2023, we will start with the left side and see how this capital has developed. This is given the assumption that if the 300-point buffer, you can see that we have gone from about 0.5 billion Q1 2025 to about 1.3 billion in surplus capital here in Q1 2026. And as we have talked about many times before, we have the opportunity to handle this capital situation through additional stock purchases. As I said, we bought back about 1 billion under 2025. We held an extra company vote here in February to make a decision to withdraw and immaculate the shares that we bought back under 2025. That is done. And this morning, we have made it public that we are launching a new stock purchase program for up to SEK 500 million. Apart from that, we hope that the vote here at the beginning of May will make a decision to give a new mandate to continue with these stock repurchases. And as I said, we are now making a decision on 500 million today. There is more surplus capital than that, and we have a plan to handle that capital situation through further repurchases in the course of 2026. Thank you Petter.

If we go back in time a little bit, we have chosen to go into the capital development part. In the fall, we made a public offer on on what is called consensus asset management, it is now clear and it will be introduced in our books during the second quarter. Very exciting and there are a few reasons why we want to expand the bank and we are not looking for a full-service bank, but we want to get into this area, wealth management. Partly it is a capital-based business and it completes our income levels, but with more than just interest rates that we rely on today. It is a bit in the same strategy as in the business part and the real estate part, but then medium-sized customers, where we can be a complement to the major banks. So we are looking forward to this to grow. As I said, consensus exists around the country and we see good income synergies. A lot of these customers that are consensus customers, so to speak, can have an interest in doing business within the bank's existing business, i.e. company loans, real estate loans, factoring. We get a very good contract network out in the country that we do not have in the same way today. So this is very exciting that this business is fully implemented and as I said, interest rates in the book in the second quarter. And as you can see, we have about 9 billion in AOM and most of it is Wealth management is not dependent on our own funds, and we like it here with wealth management. We said there and then when we were talking about wealth management and consensus that we are not done here, we want to grow this so that this business opportunity can actually affect the bank's total profitability positively over time. So we want to grow this and we are on page 25. Yesterday we also communicated that we have made a deal to promote beach capital management. And beach capital management is similar to consensus in many ways. It is a big part of wealth management. This completes consensus through geography. Consensus is large outside Stockholm. Vi får också ett bredare produktutbud genom att vi har en räntefond som Consensus inte har. Räntefonden har fem stjärnor målingsdag. De är baserade i Stockholm, tolv anställda och drygt 300 hundar. De har funnits länge och är väldigt duktiga. Vi tror att summan av Consensus och Strand som vi kan ta på sidan 26 an AOM of around 15 billion. We complete this geographically by being located in Stockholm and other parts of Sweden. We have the same IT system, we have a large wealth management, so we believe that this is a step towards building a larger wealth management within the bank and to be a complement to the big banks. And we believe that there can be a whole lot of interesting income synergies here.