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.