Norion Bank AB

Welcome to Norden Bank's Q2 report 2026. My name is Martin Ossman and I am the CEO of HV Vanlig Ordning Bank, Peter Olsson. Let's start with page 2, which is a summary of the quarter. Before we go into the figures, we have a couple of one-time effects in this quarter, up to 107 million kronor. The large part, 90 million, is the sanction amount we received from FI and the other part, 17 million, is the cost for the acquisition of consensus. So the figures we are now going through, now and forward, are then cleaned for these one-time effects. To the left you can see the loan book. After the second quarter, it landed at 54.4 billion, an increase of 3 billion compared to Q1 and an increase of 10% compared to the same period in the previous quarter. All segments contribute, which is exciting. Quite a lot of activity in all parts, so all parts contribute to the increase. K-e-talet uppgår till 33,3%. Det är oförändrat trots att konsensus är integrerat i banken och det slår ungefär drygt en procentenhet. Rådshögsstatet minskar med 8% och uppgår till 436 miljoner. Och då ska vi komma ihåg att vi hade en REA-vinst under Q2 2025, when we did the short-term exchange rate at about 17 million. And then we also have a number of other new law-abiding articles about the cash flow, so we have another cash flow in this quarter of 2026 that we had the same period before. So those two parts actually explain the whole difference. If we omit them, we have quite exactly the same result as Q2 and 2025. The EPS increases by 14% compared to Q1 2016. The P-capital is listed for surplus capital. It goes up to 14.9% and it is an increase of 90 points compared to the previous quarter. We have some changes in the capital relations. The total goes up to 16.3%. The core primary to 13.2%. Peter will come in a little closer in the future. Vi kommer då att fortsätta vårt återköpsprogram som vi har mandat kring och vi har drygt 200 miljoner kronor att fortsätta återköpa. Ja, med det går vi vidare till sidan tre och så tittar vi lite på stockutvecklingen. Om vi tittar på på vänstra grafen här så ser vi att vi hade lite lägre tillväxt under Q2 and Q3 last year. Q2 started with a bit of a mess around Trump-tulls, where customers, especially corporate customers, became a bit uncertain about doing business, which we can understand. Then we also had another risk appetite in the bond market and some large banks during Q3, Q2, Q3, a little Q4 as well, and we chose not to join in an increased risk appetite, but we chose to stand a little outside, but now we have seen, as we saw at the beginning of In the end of Q4, we saw a better activity. It continued into Q1 and we have also seen this continue during this quarter. So a very good activity in all aspects. If we look at the whole year, we have quite small currencies. We had some currency fluctuations in Stockholm in individual quarters, but if we look at the whole year, we have quite Ganska lite ruteffekt. Men en bra stocktillväxt under det här kvartalet och som sagt aktiviteten kom igång i slutet av Q4 och sedan fortsatt i Q1, Q2 vi ser även fortsatt bra aktivitet i det vi har sett här in i början på tredje kvartalet. Vi går till sidan fyra och så tittar vi på företag. Ja men som sagt här bra aktivitet, mycket flöde. We grow with about 2 billion. All countries contribute during the quarter. We have some solutions that are mainly in Norway at the beginning of Q3. We increase the stock with almost 20% compared to Q26 and with about 25% compared to the same period. It is still a strong obligation market. It's an okay competition situation. We don't see any price pressure. We see about the same competition situation in this quarter as we saw in the previous quarter. So it's completely okay. We have also worked a bit with the duration in the stock. And then you see, maybe you who have followed the report, that we now have a duration in the stock of 21 months. And compared to 2018, a year and a half ago, if we look two years back, 14 months on the stock market. So this is something we have worked with and we are starting to see positive results on this and we are very happy about it. In addition to that, there is no difference in neither average business or what segment we are active in, but quite similar compared to the previous quarter. But as I said, good interest, good activity, a lot of dialogue in this quarter. and we are very happy about that. On page 5, we look at the assets. There have been a lot of solutions and new businesses during this quarter. Very, very high activity during this period. We are used to high activity in Q2, but this has been a very business-intensive quarter, also from Q2. But there are certainly many customer dialogues, and this applies to all asset-related segments. We continue to have dialogues with a lot of new customers, good counterparts that I have not seen before, a bit of the same theme as we have said in the last two or three quarters.

It still feels like there is a lot of capital on the sidelines that wants to be put to work.

Competition situation, even there we look at the same universe as last quarter. We do not see the same competition situation as we saw, parts of Q2, Q3 last year. We see no price pressure or increased risk will from some of our colleagues in the industry. So relatively good, I would say. The stock is increasing with 200 million under the quarter, especially Sweden, where we have seen good activity in this quarter. We have a lot of volumes that fall over in Q3. It has a lot to do with that, so a lot of the stock increase comes here in in the beginning of Q3, even though we had the dialogues during Q2. What do we have with us? We are doing business with longer deadlines, just as we want to extend the duration in the company, also in the property portfolio, in the same way as we did in the company part. If we look at us traditionally, we have been quite narrow in our product offer within the property. We have worked with 5, 5.5, 6.5% margin. And we still do that, but we have under large parts of this year and especially 2025. 2025, when Basel IV was introduced in a completely different way, we had the opportunity to optimize our pricing to the customer. We can now also do business with lower margins, but of course with lower risk and therefore much more efficient capital binding. So we think this is very positive. We can expand the product offer to both new and existing customers. So we are very pleased with this. We have also continued to build up our own customer organisation within Fastheter. We have now started to become quite clear with very senior customers, with very good competence and contact network within Fastheter, so we are also very satisfied with it. We also have as an ambition that during the second half of the year to increase our activity even in Norway, where we have not really been active before. If we look a little forward, as we said, a lot of the deals that started and where the dialogue started with the customer during the second quarter has as I said fallen over to the third quarter. And that's very good, we have as I said continued activity in Q3. We go to page 6 and continue with the property. When we continue to strengthen the seniority, the seniority increases to 66 from 65 compared to last quarter. If we compare it to a year ago, it increased from 63 to 66 and if we look even further back in time, two years ago, this ratio was 58, so from two years 58 to 66 and the same thing there, the reversal of course applies to the year of June, where we had 42 two years ago, now we have 34. So it goes in this direction, we think. Good improvement over time. LTV on both seniors and juniors decreases a little compared to the previous quarter. We usually talk about market value, but no major changes in market values this quarter. Relatively unchanged, just as we said during Q1. Same thing there, mainly cash flow generated office properties that are affected a little negatively while the housing segment continues to develop relatively positively. The volumes in step 3 on properties are decreasing by about 250 million, so slowly but surely we are moving forward. We can go to page 7 and look at On the private sector, private, that is, short and private land continues to go very, very well. We have had a good momentum for about two, two and a half years, I would say, and it continues this quarter. If we compare privately this quarter with Q2 2025, Then we increase the stock by 13%. As I said, a very good quarter for the private sector. The competitive situation is about the same as the previous quarter, but we have seen a clear increase after the quarter on the private sector. Payments, it continues to be on a good level. It has improved over time. It is still a good situation for our customers, even this quarter. On page 8, we look at Golli. Also a very good quarter for the year Transaction volumes this quarter goes up to almost 6.5 billion The same period last year we had a level of 5 billion So we have increased by almost 1.5 billion or 27% between the periods while the revenue increases by 30% And then we should not forget that the e-commerce market has had some challenges, even if we actually start to see some positive trends in purchase behavior with some of our trading customers. We hope it stays the same, but some trends, as I said, with some trades, it has eased a little. This is an all-time high for the year regarding the volume of transactions, despite the fact that this is a Q2. And Q2 is not the best period, it is always Q4. But as I said, regardless, this quarter became an all-time high for us, despite the fact that it is not a Q4. The twelfth quarter with double-digit growth in the volume of transactions, so this continues to go very well. In the last year, we have increased the loan book by about 30%. Låneby och Uppgren ut till 3,7 miljarder. Vi har drygt 7 miljoner aktiva användare. Det är en ökning med hela en miljon aktiva kunder på bara ett år. Så det är ett fortsatt väldigt bra momentum för årlig. Och som sagt, det här är en produkt som bidrar till vår totala lönsamhet. Så det är dessutom en lönsam affär för oss. We go to page 9 and it will be a bit new. Now we are talking about wealth management. Consensus we are integrating in the bank. It has been integrated during this quarter. It is going according to plan. We will also integrate beach during the third quarter. We have received the approval required for the beach acquisition, which is also exciting. If we look back, we look at a little consensus on how it has developed. If you look at the second quarter, 26, and compare with the same period, 25, we have almost zero results compared to 2-3 million negative during the same period last year. The AUM is up to 10 billion. To compare with 9 billion, the time period for the acquisition, it is an increase of one billion and about half is completely new flows and remaining increases in the AUM is a strong stock. So this is going well, very exciting and I think this can be We have integrated consensus and Strand is next. We have a very good platform with 15 million OEMs. There are good capital shares and a possibility to continue to grow in this segment. We go to page 10 and a little more numbers and I hand over to Peter.

Thank you for that. We will start by looking at the revenues. They go up to 988 million under Q2. As you can see, these are small changes compared to the previous quarter and the previous year. However, it has happened a lot both under Q2 this year and the previous year. Partially this year, we have consolidated consensus from the start of Q2 and that contributes to about 16 million under the quarter. In addition to that, we also have a slightly lower seasonal effect during Q2 this year. We have always had a positive seasonal effect on revenues during Q2, and we did so this year as well. A little smaller than before, and that meets our private segment, which I will get to later. On the income side, we also wrote that during Q2 2025 we had a re-profit from the acquisition of D&B's Swedish card portfolio, which then contributed with about 17 million SEK, so it is worth keeping with us here as well. The NIM is up to 6.5%. We said in the Q1 presentation that the NIM was a bit low in terms of the season and that we expect an increase in Q2. We also see that it will come in and so is the case. Martin talked a little bit about the timing of the volumes and flows. under Q2 on all three billion. And of that, we can say that two of the three billion will come in here during the month of June. And of course, then we also get a certain mathematical effect in the calculation of numbers. We go to page 11. I will say that this number of 6.5% is, despite our still conservative way of handling the revenue distribution of the step 3 loans, especially on the property side. We have an unchanged effect from this cash accounting principle here now under Q2. It goes up to 60 points. And if this part of the portfolio had been fully paid, then NIM would have gone up to 7.2% instead. We go to page 12. We look at NIM in more detail. We have had a trend here during Under en tid där det varit tydligt att fundingkostnaderna rör sig nedåt och nu kan vi se små förändringar under det här kvartalet men vi kan se då att de har bottnat ur och det är väl inte så konstigt. Vi har under kvartalet också haft an increase from the ECB and it has made us, just like most other competitors, have been forced to make some increases in certain periods regarding the funding side in the euro. We have also received partly higher IBO interest rates, but there has been quite a lot of volatility in the interest market during this quarter. But all in all, we have a minimum of 6.5%. We go to page 13. Look at the regulatory liquidity measures. They are still at very, very good levels. LCR continues to rise. North by 500% is a very, very strong level. NSFR is also still at a strong level, 125%, even if it is a A small decline that is fully conscious after we have trimmed the liquidity levels in the bank somewhat from very high levels earlier. We continue to trend 14. And we'll talk a little bit about the different segments in more detail. We'll start with the company segment, as I said, a very good volume development, up about 2.1 billion during this quarter. About half of those volumes will come in very late in the quarter or later. under Q1 and this was driven by season patterns related to The factoring flows that we have there is up according to expectations, but here we really see an effect of that the reported 6.2% is mathematically depressed and the underlying margin is better than the reported figure. We go to page 15, the business segment. As I said, a little calmer net increase in volumes with about 200 million under Q2. But as Martin was talking about, a very high turnover in the stock market. Big flows both in and out, and we have done a whole lot of business, not everything, but a lot of business for the company. Lägre marginaler. Det här har vi gjort på bättre motparter där vi tar ner risken i portföljen. Vi kan också billvis applicera lägre riskvikter som då har en lägre kapitalbindning för banken. Så den trenden vi ser med en nedåtgående NIM innebär inte att vi ser någon lönsamhetspress ur samma perspektiv där. We go to page 16. The private segment continues to go very, very strong. We have a volume increase of just over 500 million kronor. The NIM is up compared to the last quarter. But here we see the effect of the reduced seasonal effect that we have with us now. And that has to do with the fact that it is halved tax-wise for Blanco-credits, which simply means that we have received a smaller flow from this season effect. Last year, we estimated that season effect to between 30-35 million kronor and this year the assessment is that it goes up to between 15-20 million kronor. So we have about 20 million in difference compared to the corresponding previous year. If we had adjusted and put back the difference that then depends on changing conditions, then the minimum would have gone up to 8.6%. We go to page 17 and look at Wally. As I said, Wally continues to go very, very strong there as well. We have transaction volumes that are up 27% year on year. And what is very pleasing is to see that it is not just transaction volumes, but both stocks and revenues follow up. Stocks are up 29% and revenues are up. with 30% during the last year. We see here that the threshold continues to rise. This has nothing to do with us taking better pay from our customers, but rather that we have brought in many new customers for quite a long time now and we are starting to see clear signs that these customers reach a greater degree of satisfaction, that we have a better profitability when these customers have has been a partner to us and will be included in our books for a while. We have a total income margin of up to 18%, which is a very good level. We have good profitability and will contribute positively to the bank from a whole-life perspective, especially with regard to the low capital bond. Let's move on to page 18. Let's take a look at the costs. As Martin mentioned, we have costs that go up to 329 million SEK during this quarter. Then we should remember that we consolidate consensus from the beginning of Q2 here and it contributes to about 17 million kronor here during the quarter. So adjusted for that, the cost mass would have gone up to 313 million and we now have a QE number that goes up to 33.3% and it is unchanged compared to what we reported during Q1. Let's go to page 19. Let's take a closer look at the costs in detail, since there are some new things happening with the amount of costs. To be very clear, in the result calculation, the total cost went up to 436 million SEK. Then you see here that we have a total of one-time costs of 107 million SEK. And that's how we get to the 329 million SEK that you saw on the previous page and a K-I number of 33.3%. Then the current consensus has added about 17 million, so the 313 million is actually what is fully comparable with the history. And based on that, the QE number had risen to 32.2%, so a certain improvement underlying compared to what we saw under Q1, I think. We go to page 20 and look at our credit loss reserves. They go up to 222 million or 1.7% here under Q2. We start with the private segment. We have seen good trends, good payment patterns, big improvements over a long time. And it is maintaining itself at a very good level here under Q2. In total, we can see that 1.7% is in line with where we have been in the past year. Långsiktigt har vi haft en väldigt bra trend och kommit ner till den här nivån från betydligt högre nivåer tidigare. Vi fortsätter att reservera konservativt, vi stärker reserveringsgraden, steg 3 privat, uppgår nu till 60,5 % i slutet av Q2. Inga stora skillnader i betalningsmönster för företag på fastighetssidan men vi fortsätter att stärka reserveringsgraverna även inom de områdena här också. If we go to page 21, if we sum it up, then we have a adjusted turnover result of 436 million. It is an increase of 12% compared to what we saw in the first quarter. As I said, compare the results with Q2 2025, they are a bit difficult. Then we had, as I said, A one-off post of SEK 17 million and we have a seasonal effect that is about SEK 20 million less this year compared to the previous year. So if we allow ourselves to adjust for them, then the underlying result calculation has not changed at all over the past year. We also see that the profit per share continues to increase and we see the clear effects from the repurchases that we have carried out during the second quarter. We are going to page 22. We are looking at Return on Equity. The cost of the pre-sales goes up to 13.6%. This is a good increase and we see the effects of the repurchases that we have made. We have bought back shares under Q2 for 780 million and that means that we have a smaller We go to page 23. and look at the capital coverage. Quite a lot has happened here just under Q2. We have a core capital valuation of 13.2, total capital coverage 16.3. And as you can see, it is a fairly clear decrease compared to where we stood under in the second quarter and the big factors that have affected or the individual largest is that we make deductions for a total of one billion in terms of the purchase of our own shares. In addition, we have currently emitted 300 million in 81 to very good conditions. And also, we have had a very good volume increase, especially here now under Q2, but also under Q1. If we look at it during the longer period of time, i.e. compared to Q2 2025, then you really see very small changes, especially in the total capital coverage. And this is the consequence of the returns we have made and the emissions we have made of hybrid capital, so that we have a better Let's move on to the next page and then I'll go back to Martin again.

Excellent, thank you Peter. In summary, we thought when we entered Q2, we said in connection with Q1, that there was a lot of chaos in the environment. Now when we go through Q2, we see that there is also a lot of chaos in the environment with Iran and so on. It has been a very good activity despite that. Actually, I mean, all segments have had a very good development. As I said, we have a lot of real estate businesses where we have initiated dialogue and businesses are made, but as I said, they fall under the third quarter. Företag har också varit väldigt bra aktivitet, mycket dialog och stort intresse egentligen i alla geografier, vilket är också väldigt glädjande. Så företagsdelen av fastigheter går ju bra och vi fortsätter att se ett intresse att fortsätta göra affärer från både befintliga och nya kunder. We have worked on the private sector as well. That is where we started to put a lot of energy, we talked about that several years ago. I think we are starting to see the results now, where we have created a very good risk reduction. We see that the loss of credit has come down, we have almost 50% of the flows in our own channels. which has many good effects. Both lower acquisition costs, customers can stay a little longer and it is a higher quality. We are focused on Sweden there, but even if we look at Finland. We also make a lot of efforts to strengthen the card business. The difference between Q1 and Q2 in the private sector is that the competition is about the same but with a clear increase in the follow-up. All-in continues to go very well. Several quarters are gone and it is an all-time high even though it is only a Q2. And we start to see that the revenues now follow along when the customers have been in the bank for a little longer period, so we have seen the transaction volumes increase for a while, but now we also see some positive trends in that it also appears in the results calculation. Consistency rates, well, it's going well. Maybe a little better actually. We have made that indication here now under Q2 and we have also received approval for De godkänner som krävs för att även göra strand. Så det gör vi här nu under tredje kvartalet. Så nu har vi en ganska bra kritisk massa på 15 miljarder som växer. Vi tror på det här affärsområdet lite på samma tema som Småli. Det är en kapitallätt verksamhet, en bostad, andra intäktsradon, bara rentenettor. And we also get a completely different geographical presence through both the beach and consensus network with customers, where we can offer the bank's traditional products such as corporate credits, asset credits and and factory and of course also loan and credit and so on. So we believe very much in the future. So it is a joy that consensus integrated and the beach is on the way now during the third quarter. So a pretty good quarter. Currency usually was strong and it is above all fun to say that all parts of the bank contribute to this development. And as I said, we intend to continue the resale program that we have 220 million left to do. Yes, thank you Peter and me for taking the time to listen and open up for questions.

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 så mycket. God morgon. God morgon Emil. I have only one question to ask. It is on stage 3 loans. Those that are closest in time to being able to be solved, can you say something about what is missing for us to see further solutions in the numbers?

What is closest in time is a good commitment in Germany. And it's really not a condition that is needed in that way. We are still discussing it. It can be an existing counterpart or it can be a new counterpart that we are interested in taking over. So it's really just a process that will take its time. But where we see good opportunities to continue to solve it during... If it becomes Q3 or Q4, it's hard to answer. Men processen har tagit lite längre tid. Vissa delar som vi hade nu, där vi löste steg tre, var vissa tillståndsprocesser som brut på tiden, som vi inte kunde riktigt styra. Det vi nu har, och det är då klart, det vi nu har är som sagt ett par olika engagemang, framförallt med Tyskland som geografi, och där vi har diskussioner med olika intressenter. Det kan vara befintliga motparter eller det kan vara nya intressenter.

Nesta fråga kommer ifrån Patrik Brattilus från AAP. Varsågod.

Tack. Min fråga börjar först kring strand kapitalförvaltning och lite det här nya segmentet inom wealth management i och med att vi nu har fått in konsensus också. Ser ni någon Engång effekt kopplat till att det kommer in i siffrorna från Q3. I och med att det här blir ett relativt nytt segment, kan ni ge oss en uppdaterad vy här på intäkts- och kostnadsynergier när man slår ihop de här två segmenten? När kan vi förvänta oss att det här segmentet kommer börja bidra positivt till roet?

Good morning, Patrik. Let's start with some consensus. We can see that it has grown quite well. It has gone a little better in terms of A and M. The integration has also gone a little better. Now we have been approved to integrate and the support processes are clear. When it starts to contribute, it's hard to say, but of course this has to contribute to the bank's total profitability. It can't just be that we earn 10 million on this, it has to be visible. We have no exact AUM ambition, but if we don't have 25-30 billion in 3-5 years, I would actually be disappointed, and thus it should be visible in both absolute figures and peace. There we see positive, if you see before the integration, what I think people miss partly is that in addition to the fact that we have our own business area, which is capitalized and can be used for other than rent, that's why we went into this to begin with, we get a completely different geographical development, we get through consensus almost Bank AB There you have the beginning of why you should look at Wealth Management. And again, we have no ambition to be a full-service bank and that we should have 12 new businesses. We have to be specialised in where we are. But we believe that when you go to the large-scale distribution, it is clear that there will be help from the bank. It can be regulatory issues, it can be IT development, where there are good synergies, where we have competence and can help both consensus and beach. and consensus. Of course, there are certain overlapping administrative parts that you don't have to be separate in every room. I don't know if that was the answer, it was at least a long explanation in itself, but it was just a little from the beginning where we started to look at where we are now and where we are moving forward. But it's hard to say when it starts to contribute, but it's going a little better Thank you. Yes, that was what you asked about other

financial effects here, and as I said, we hope to close this acquisition of Strand under Q3. It is still a bit unclear whether we will get one or two months of Strand under Q3, but something like that. And also, we will have certain initial costs for the transaction if it is going to be significantly lower than what we saw here in the consensus situation.

Okay, significantly lower, so we go in on a one-digit budget.

Between 5 and 10 million, we write in the report.

Okay, thanks. On the corporate side, I understand that since so much volume came at the end of the quarter, I understood that NIM was negatively affected. If we could get some help on the threshold here, how we should think about it, normaliserad NIM när vi tittar in i Q3?

Det stämmer, men bara generellt så går vi in, vi växte med 3 miljoner, 2 miljoner av de 3 kommer in i juni. Vi får inte med oss någon ränteintäkt mer än i en månad. Generellt så kan Peter prata NIM, men där har du den förklaringen till NIM. Sen sa vi det också, kan man bara ha med sig att It's a part of the business, it's almost going in the opposite direction. So properties have been very, very active, but a whole lot of the businesses, new businesses will come into Q3. And then we have a few business businesses that go the other way, where the solution has come at the beginning of Q3. Then the net of that is still a little positive, I think. There you have the flow, if you try to 2-3 billion SEK in the third quarter

I can just add that we had a NIMS that was quite high in Q4 at 7.5% and a little lower at 5.9% in Q1 and that has to do with a little seasonal pattern and we said that actually you should see Q4 and Q1 as a whole and now we are at 6.2% which is up from Q1 but still a little depressed due to the timing of the flows so somewhere in the middle Q3 2025, so we're up to 6-7, so it's probably somewhere in this area that we see a little more normalized margin. Then again, it applies to both companies and the property segment, that a quarter is a short period of time and it becomes sluggish depending on the timing of the flows, so you can always keep that in mind.

I think it's interesting to keep that in mind forward.

Then also, Patrik, when we talk about property, we have, as you know, we have had 5.5-6.5% margin. It has been our only product offer, you could say.

Now we have, thanks to Basel IV, an opportunity to be much more sophisticated in our pricing. We can go down in marginals, because it becomes lower, we draw less capital and completely different risk weights. So I think we can also broaden, or will have broadened, our offer to customers. We can be much broader in pricing in properties, which makes us much more relevant to more customers. Next question comes from Björn Olsson from CEP, please.

Good morning, I just wanted to follow up on Patrik's question just so that we understand the margins. Because even if we say that we take away 2 billion from the loan volume in Q2 and then run an average over Q1-Q2, then the total margin will be around 6.65% or so, which is still lower than both Q4 and year-on-year on a group level. Should we actually interpret this as that there is still a little margin pressure or that you have mixed It can partly be that companies are moving towards

will give positive effects on the credit flow rate in the future as well. But as I said here, I'm not against your math there. If you do that math, you end up I understand.

Do you want to just then also, I thought it was still an interesting guide on the company side, what is the difference between the ROE on an average property loan today compared to earlier? How much do you get up the ROE? How much do we get up it? Yes, if you are talking about that it consumes less capital, then it is ROE, so it pays price in marginals. I understand the price.

No, but it hasn't really changed much at all. If we do a business with a lower margin, we want to compensate for it through a lower capital bond, through lower risk weights. in our internal calculation models and how we allocate capital and balance calculation, we do not see any big differences. And that is really what we say that it is difficult to just look at the NIM development when it has absolutely gone to lower levels. But if we also take the lower capital binding in consideration, then it is really not a pressure on profitability. I would say that it is quite unchanged levels when it comes to the segment's reduction.

But on the other hand, what you will then get back over time, you get a longer duration in the portfolio, you get with great probability lower credit losses, you get better quality and still keep your return on equity.

Super reasonable. We are basically risking. It's not just that we're going to do It will be a mix shift. We can go down a little marginally with lower risk values, but we will still do some. It's not that we give up 6.5% marginals, but we will be able to make it a little wider. We can do 4.5% with lower risk values. We can still do 6.5%. So it's not just that we have 6.5%, but we have as a width. And that's where I think it's a strength for us to be able to be relevant to more people, since we can have a wider Bredare produkter, olika räntenivåer mot kunder. Bli mer relevanta för fler kunder.

Barsel får sig en fördel. Super rimligt. Sista frågan, ni nämnde att ni börjar titta på Norge. Då var jag bara nyfiken, DNB rappar ju nu i morse ungefär samtidigt som ni och missar på NRI på marginalpress. What makes Norway interesting for you? We are looking for properties. We are doing business in Norway.

There is a different price-price, a different rate level.

What is best for us as a company, Sweden and Finland, Norway, is always a bit competitive. What we are looking at is to have more dedicated resources on just properties in Norway, because we are not doing anything there. We have done a little, but we are trying to find more dedicated customers who do properties in the same way as we do in Sweden. So it's not a company we're going to get rid of.

Thank you. Thank you.

There are no more questions right now, so I'll hand over the floor to the speakers for any final comments.

We thank you for listening and wish you a good holiday. Thank you.