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.

Have I missed anything about you, Petter? No, not really. You said earlier that the consensus has been closed at the beginning of April, so it will be fully consolidated in our books here when we report Q2, and we expect that the acquisition of Strand will be concluded sometime in the beginning of the third quarter, so it will be a little later in terms of timing.

Thank you. Vi avslutar sista sidan, sidan 27 och så summerar vi kvartalet. Vi sa redan Q4 att det börjar bli lite mer aktivitet. Då pratar vi om företagsdelen och fastigheter. Det har vi sett det här kvartalet. Det finns ett stort intresse att göra affärer. Det är mycket aktivitet. Det har vi sett även in i början på Q2. Återigen, jag har brasklappen att det är makro... but so far we have seen very good activity in Q2, just as we saw in Q1. Q1 had a lot of business and then it became a bit behind, especially because a lot of business came very late in March, that is, at the end of the quarter, and a lot of solutions during the first part of Q1. But still good activity, great interest both in companies and properties. Privately, no, but not much to say. It's been going very well in private. We continue to have a good competition situation. Wall-E also still very, very good, good momentum. So we are very happy about it. We have, as I said, a strong balance sheet, good capital situation. And there we also do flera återköp under det här året för att hantera det. Konsensusföret är klart och vi har som sagt gjort en affär med Strand så att vi bygger en wealth management och vi har för avsikt att växa den större, både organiskt, det kan finnas andra intressanta förvärv framåt. Det här kompletterar banken väldigt, väldigt bra och vi har både goda förhoppningar och förutsättningar för att Den delen ska kunna gynna och hjälpa bankens totala lönsamhet över tid. Så med det... Ja, med det tror jag att vi tackar för oss, Peter.

Stort tack för att ni tog till att lyssna.

Under frågestunden kan deltagarna ställa frågor genom att trycka fyrkant 5 på sin telefon. Om du vill dra tillbaka din fråga, vänligen tryck fyrkant 6. Nästa fråga kommer ifrån Emil Jonsson från DNB Carnegie. Varsågod.

Tack ska ni ha. God morgon. God morgon Emil. A few questions from my side. I'm trying to understand the change in the interest margin in the company segment. You mention factoring volumes and some other effects. That's fair. But I want to ask, during the quarter, what is the lowest that corporate loan volumes were down to? Were they down to 10 billion at some point during the quarter? In any case, lower than both the incoming and outgoing balance. Yes, that's right.

It was at the beginning of January. So there was a lot of solution at the beginning of the year.

It was down around 10 billion at the beginning of January.

Yes, about that. How big is the difference in the loan margin when you compare

factoring product with the average in the company segment? Is it like 100 points of difference or 300 points of difference or how much are we talking about?

Oh, what a good question. I should know that.

We don't go into detail exactly, because it can also vary between different customers and how we price, but it's a little higher on the factoring side than it is on the loan side.

Det är ett ganska hyggligt intervall, drygt 100 skulle jag säga om jag måste säga någonting. Det var ganska rätt, någonstans närmare 150 än 300.

Okej, det är helt sant. I can also ask, the interest margin in payments is around 10% now. You have to go back quite a few years to find a similar figure in the history. Is it that underlying loan margins have increased so much or what is it that has driven that?

We focus mostly on the total revenue margin when it comes to payments. Then we have different distributions between net income and net profit on different traders and depending on what type of underlying goods that are sold and so on. What we see here now during the first quarter is partly a little bit a positive effect of that we build stocks for Payments under Q4 and those interest rates start to tick under Q1. So I wouldn't say that it's about a discount purely in terms of price to the customer either, but it can vary a bit and it can vary between quarters depending on which traders have their strong seasons as well.

In general, with Wall-E, Emil, we have built up a stock for quite a long time now. It's a bit laggy in our customers. We have a very good momentum. We have taken a lot of action. It often takes 12-18 months before we start to see profitability. But I think now we are starting to see the effect of growth even in the result.

Okay, that's a good way to put it. One last question. On step 3 loans in corporate real estate. We have quite a bit of insight into exactly what type of engagement or what the payment plans look like. But if you were to look at the commitments that are closest to a solution, those that are the lowest hanging fruit, what type of event that needs to happen in order for it to be played out in the figures? Is it that the finance of the counterpart needs to be improved sufficiently or that you need to get a restructuring of the loans or that you need to call on Panter?

What kind of thing needs to happen? What we have the closest to a couple of pieces that I would have thought would be solved is Q4, Q3 actually, but Q4 No, but no mistake on the counterpart, on the contrary, very good counterpart, but it is things that must be approved a little outside our control, so there is absolutely no mistake on the counterpart, it is what is closest to the proposal that I thought we would have changes at the end of last year. It's not something with panto and so on. The counterparts are super good, but there are some processes outside of our control that must be approved. And it has taken a little bit of time. Some things take a little longer than I thought, which is a little out of our control. But it's still the case that the plan is stuck. Those plans are stuck. It's just that they are delayed a quarter of a year.

All right, that was all the questions from my side, but thank you very much. Thank you Emil.

The next question comes from Björn Olsson from SEB, please go ahead.

Thank you very much. Just to follow up on Emil's basis, I agree with these management reservations, especially if we are talking about real estate, when it increases from 8 to 64 miles in revenues. Do you think this is one-off now in Q1 and then in the coming quarter we can expect credit losses more on the X-reserve level? Or do you think you will be lagging behind on higher reserves in the coming quarter?

Hello Björn, thank you for the question. We did increase the number of reservations and it was mainly because of the macro-environment. It has been a mess and there has been a rise in income and then we think it would be good to have conservative reservations. It depends on what happens and continues with the mess. Mellanöstern och om man får fortsatta ränteutställning, det är det det beror på. Lugnar ner sig lite, ja men då är det nog en annan situation. Utan vi bara tyckte här att det fanns ett tillfälle för oss med tanke på var konservativa vi var eftersom det är stökigt och räntorna gick upp. Det är lite beroende på vad som händer med omvärlden. Det skulle jag säga är svaret på frågan.

Det låter rimligt. On your latest acquisition, Strand, you are no longer a buyer. I understand that it is a part of the deal. But you gave a little flavor in an online newspaper yesterday that it was lower than consensus. Can you give any feeling? It was just under 2% of AUM.

I would have liked to have told you, but as I said, it's a deal between buyers and sellers. But why I said that was because Consensus had 9 billion in AUM and Strand has 6. So you can say that by definition, the buyer's difference became a little lower.

So it's in pure nominal terms, not necessarily in percent of AUM?

Correct.

All right. And PNL-wise, you had what it was, you wrote 28 miles in top line, but do they go plus or minus on the first row? How can we think about the EPS effect for you of this?

You should not expect any material financial effects at all from the beginning into this, but it is probably the same both for Consensus and Strand that the current situation is result levels that are quite close to zero, which we over time hope to be able to improve significantly when we look forward.

Yes, and as we have said earlier, Björn, now we have 15. We have the intention to build this so that it can actually affect the bank. It can be seen in our total result. That's what we're after. Then we will have some cost effects here in Q2, just under these consensus acquisitions. Men det kommer inte påverka här och nu. Vi tror att det här kommer bli en bra affär över tid. Det kommer ta lite tid att bygga AOM och bygga organisation. Men vi är ganska förhoppningsfulla att det kommer synas på resultatraden över tid. Vi tror det finns bra synergier på intäkterna. Vi får ett kontorsnät, vi får fler människor kundansvarig, medlem i en indirekt, där vi kan få flödet i våra befintliga produkter, företagskrediter, fastighetskrediter, facking plus då. Bostad en annan intäktsrad och kapital i verksamhet så vi tror att det här är ett bra område för oss framöver utanför det att vi ska liksom bli någon form av full service bank som vissa kanske tror att vi ska bli. Det är liksom inte det. Nu har vi ett ben till att stå på egentligen.

Och är ni öppna för ytterligare förvärv eller har ni handlat färdigt nu?

No, we have no other option. But it depends on if we have a good business. If there is a good business to do, we like to do it. So we grow so much by having a good acquisition.

We want to grow organically as well, so we don't close any doors. Great. And the last question. Balder shares a share a few weeks from now. And there is a risk that that share will create a certain selling pressure. You are also announcing a new buyback program. Do you think that you should be strategically heavy when it happens? I know that you need a renewed mandate from the AGM before, but if you think that you will get such a mandate, do you think that you should do it strategically so that these 500 million could be more internal? Q2 or is it capped to 500 in Q2?

We hope to renew the mandate, now we are doing these 500, we hope to renew the mandate on the ordinary stream as well.

But the amount, can it be changed from 500 or 500 is in Q2?

Now we have 500 million that we have made decisions about here and now, but as I mentioned earlier, we have a capital situation where there is a clear space to do more than that. So we have that in mind to do here during 2026. As for the exact timing of that, we will have to come back to that, but here and now it has been decided about 500 with a clear signal that we want to do more. That's really what we can say at the moment.

We have a good surplus capital situation. Inte riktigt svaret på vad du vill ha Björn.

Vi vet inte alltid lätt. Tack för hjälpen. Tack Björn.

Nästa fråga kommer ifrån Patrik Brattilus från ABG. Varsågod.

God morgon. Hör ni mig? God morgon. Jajamen Patrik.

Välkommen.

Perfect, thank you. Yes, I follow up on the previous speaker. Just a little question about the resale there. Isn't it so that you have to get approval from FI for a new resale? Do you already have it in place for when this may run out? Because this only applies to Stämman in May. Or are you still waiting for such approval from FI?

What we have received from FI is to buy back 500 million. Then the financing from our own vote, it runs to the coming vote here at the beginning of May. We both hope that Stämman will renew that mandate, so if we have not consumed 500 million before Stämman, we will formally make a new decision, but then we will continue with the space that we have received from FI. And then, to have additional funds beyond those 500 million, then we handle it through additional applications to FI during the year.

Okay, thanks. Good, then I got it clarified. Regarding wealth management, I know that there is no guidance after this, but if you could develop even a little more and zoom out around what your ambitions are, how this segment looks like in three to five years, how big this will be in the form of AUM, You mentioned that more M&A is on the agenda. Do you have any special niches within this segment? That it can be hedge funds, rental funds, or is it private banking focused? Can you develop a little what you see for ambitions with broad brushstrokes?

Private banking is not a topic. It seems that there are quite a few of them already. We believe that these medium-sized customers that we have in companies and properties, even properties that are both medium-sized and very large, we believe that there is a complement to the large banks. That is to say, customers that exist in Stockholm, exist out in the country that are a bit too small for the large banks. where you have a very good personal relationship, just like we have today in companies and properties. We like wealth management because it is capital and housing has a different rate of income, but it also lies in our strategy towards the customer group. It's like medium-sized customers, some can be companies, some can be private individuals. We believe a lot that they The customers, we have already seen that it is the consensus of the customers that can be business owners and property owners can become customers of the bank's existing product. And we think that this completes a very good beach and the conch. The conch exists in other places geographically than a beach exists. Then we also get rent from Sadu. Yes, we can probably think so broad product offer. We get a mortgage fund through Strand, they are super good at that. They have a 5-star in Morningstar on their mortgage fund, so it completes. But what we like is the wealth management part, not that there is only one. People have really believed that our Consenso is a fund company, but it is wealth management. You have customer contact and then you have a discussional administration. It doesn't have to be that you put money in the existing own funds. So that's why we like it. But I also think if we were to sit here for three years, we don't have 25 billion and we actually see where our own segment, which is wealth management, which actually has a lower order that makes a difference through the wealth management part, would be disappointed. So we are open to more investments, as I said, but also work organically. So at least 25 billion and a and a result that actually appears from this fifth leg, that is, wealth management.

Thank you, very interesting. My last question is a bit about the net income outlook. You mentioned very good activity here in Q1 and we see that the volumes are strong. Q2 is usually seasonally in a stronger volume and we have a positive marginal effect most often. Then the market rates have come up here at the end of Q1 in relation to what we went in with. Kan ni utveckla lite hur ni ser på Renternetto det här kortsiktigt?

Jag kan börja, även om Peter är experten. Vi hade bara aktivitet i Q1. Vi ser samma fart på flödet och lika mycket aktivitet så långt vi är inne i Q2. Nu fartar vi tre veckor in i Q2. Men det man ändå vill säga är att vi... It's still messy in the Middle East. If you compare it to last year, it started with trunks, but it was probably about the same time last year. And then it was first activity and then it was quite a lot of stop, especially on companies, because the customers became worried and uncertain, which I would have been too. So with that buzzer, i bakhuvudet, vi vet inte vad som hänt om det blir stök, hur det påverkar, men utan det så skulle det vara mycket mer konfident att det är bra aktivitet i Q2, så kan man säga, och vi har en bra fart in från stocktillväxten i Q1 och good pipeline and it's like to say that the interest rate has gone up a little, which is positive. But again, it's like an uncertain environment. Then Peter can put in his, if I miss something Peter.

No, I can just add that I agree with everything you say Martin, of course, and then those who have Jortan has gone down a bit here in Q1 compared to Q4 and then we're talking about factoring, we're talking about back heavy volumes, we're talking about fewer interest rates. Those factors will no longer be a drag when we go into Q2. We keep a high input speed, at least in the current situation. A pretty good outlook when it comes to volumes as well. Then we don't know the timing effect on them. But we also have a little mixed picture when it comes to STIBOR and URIBOR, but all in all, we should also be able to get a Then we expect a positive seasonal effect, as we have always had. But we expect that the seasonal effect will be a little smaller this year. It is uncertain how big it will be, because it is the first year that you have halved tax-related interest rates. on Blanco-credits. We have no idea what the outcome will be. We expect a positive effect, but less. That's what we've seen historically. All in all, there is a reason to see a lot of positive effects when we go into Q2.

Then also, Patrik, Q2 and Q4 usually want to close the store before the summer and before Christmas and New Year. So it usually is a good quarter. Then on the other hand, Om man vänder på det så hade vi ju 2,5 miljarder i minskad stopp mellan motsvarande Q1 2025 och nu ökar vi med 1,8 så jag vet inte hur en säsongsmössor ser ut nu för tiden men Q2 brukar ju vara en stark miljöaffär innan sommaren.

Tack så mycket ser vi fram emot Q2an. Ja.

Tack Patrik.

Det finns inga fler frågor just nu, så jag lämnar över ordet till talarna för eventuella avslutande kommentarer.

Då tackar Peter och jag för att ni tog och lyssnade och önskar en fin dag så hörs vi här på Q2.

Tack!