Slides
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1 Q4 2025 Quarterly report presentation
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Summary of Q4 2025 Y-o-Y comparison 1) Quarterly annualized 2 Loan book SEK 49,675m -1% C/I 34.6% +1.8 p.p. Operating profit SEK 407m +7% Intention to continue share buybacks EPS SEK 1.59 +9% Return on equity1 13.0% -0.6 p.p. CET1 / Total capital ratio 15.6% / 18.4% Public offer to the shareholders in Consensus AM
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• Loan book currently at SEK 49.7bn • Underlying increase of SEK 1.3bn during 2025 • Reported figures affected by FX, change in accounting methodology and sale of NPL portfolio Loan book development Q-o-Q: +1% Y-o-Y: -1% 3 Currency effects Q4 25 vs. Q4 24 50,286 47,513 49,383 49,051 49,675 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 1,308 -1,235 -534 -150 49,67550,286 51,594 U/L growth Subtotal FX Acc. change NPL Q4 25 Loan book development (SEKm) Q4 24
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• Continued improved sentiment among clients but longer lead times in clients’ decision-making processes • Seasonally high factoring volumes • Selective approach • Strategic focus area Corporate Loan book (SEKm) Industry split1 1) Based on the Corporate loan book as of Q4 2025 2) Based on the Corporate lending loan book as of Q4 2025 4 Average loan2 Geographic split1 Average remaining maturity2 Manufacturing 19% Wholesale & Retail 21% Financial services & Investment companies 16% Business services 23% Logistics 5% Other 17% Sweden 42% Finland 19% Norway 17% Other 22% SEK 49m 20 months 11,582 11,221 11,170 10,963 11,526 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25
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• Selective approach • Muted transaction activity in the market • Increased optimism fueled by further rate cuts but longer lead times due in clients’ decision- making processes • Large banks’ volume and risk appetite down from previous peak level • Strategic focus area Real Estate (1/2) Loan book (SEKm) Industry split1 1) Based on the Real Estate loan book as of Q4 2025 5 Geographic split1 Office 36% Residential 31% Hotel 5% Retail 8% Other 14% Sweden 41% Finland 22% Germany 22% Other 7%Average loan Average remaining maturity SEK 105m 14 months Denmark 7% Warehouse 7% 23,073 21,060 22,135 21,010 20,504 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25
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• Norion Bank acting as a leading complement to the client’s primary bank • Low share of the client’s total debt financing • Professional clients • Several listed companies as well as funds Real Estate (2/2) Portfolio overview 6 Share of senior loans Share of junior loans 63% 37% Average LTV – Senior loans 64% Average LTV – Junior loans 78%
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• Continued good progress from investments in proprietary distribution model • Reduced risk profile in new lending • New lending at attractive risk- adjusted margins • Currently more benign competitive landscape Consumer Loan book (SEKm) 1) Based on the Consumer loan book as of Q4 2025 7 Geographic split1 Average customer Age: 50 years Income in SEK (at approval/current): 400,000 / 500,000 Women: 57% / Men: 43% Average loan new sales (LTM) Average loan Sales through own distribution channels SEK 195,000 SEK 165,000 45% Sweden 97% Finland 2% 12,152 12,019 12,769 13,298 13,661 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25
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• 10th consecutive quarter with double digit growth in transaction volumes • Continued outperformance of the underlying market and strong seasonality • 6.5 million active customers • Several new merchants signed during the year with positive business momentum Transaction volumes (SEKm) Geographic split1 1) Based on the Payments loan book as of Q4 2025 8 Selected merchantsLoan book (SEKm) Active customers (LTM): 6.5 million Sweden 44% Finland 40% Norway 16% Payments 3,018 2,782 2,900 3,386 3,605 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 5,413 4,456 5,078 4,973 6,406 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25
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• Stable income development with NIM +0.1p.p. vs. Q4 2024 • Negative income effect from Stage 3 volumes Solid income and margin development Total income (SEKm) NIM – Quarter1 Q-o-Q: +1% Y-o-Y: +1% Q-o-Q: - Y-o-Y: +0.1 p.p. 1) Quarterly annualized 9 922 1,022 978 919 928 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 6.7% 7.6% 7.1% 6.8% 6.8% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25
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0.1% 0.1% 0.4% 0.3% 0.5% 0.9% 0.9% 1.0% -0.3% 0.6% 0.7% 0.7% Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 • Reported NII and NIM negatively affected by cash accounting principle applied to Stage 3 volumes within Real Estate • Run rate cash accounting effect impacted by Stage 3 volumes, IBOR rates and FX NIM negatively impacted by c. 70bps due to cash accounting of Stage 3 volumes 10 NIM and impact from cash accounting Impact from cash accounting over time 6.8% 0.7% 7.4% Reported NIM Q4 25 Impact from cash accounting Underlying NIM Q4 25
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• IBOR rates have continued to decline with resulting lower yield • Funding costs have continued to come down in line with expectations Rate changes affecting both yield and funding costs NIM, yield and funding costs1 1) Quarterly annualized 11 NIM Yield Funding costs 6.85% 7.12% 8.09% 7.78% 7.88% 7.35% 7.71% 7.34% 7.29% 6.72% 6.73% 7.59% 7.11% 6.77% 6.80% 7.87% 8.29% 9.72% 10.00% 10.74% 10.77% 11.45% 11.45% 11.47% 10.88% 10.58% 11.33% 10.53% 10.04% 9.96% Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 1.01% 1.17% 1.63% 2.23% 2.86% 3.42% 3.73% 4.11% 4.18% 4.16% 3.85% 3.74% 3.42% 3.27% 3.17%
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112% 121% 124% 126% 126% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 320% 330% 373% 404% 464% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 • Low liquidity risk with high historic LCR and NSFR levels • Continued strengthening of regulatory liquidity ratios • Strengthening through both changes to both funding structure/sourcing and funding volume LCR and NSFR at solid levels Liquidity coverage ratio (LCR) Net stable funding ratio (NSFR) 12
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• Regulatory liquidity profile strengthened during Q4 2024 and Q1 2025 partly by a structural increase of liquidity position • No further increase during Q2 and Q3 2025 • Decline in Q4 expected driven by initiation of Avanza migration • Increased excess liquidity has had a negative impact on NII Stabilization of structural liquidity position Funding / loan book development 13 1.03x 1.01x 1.00x 1.11x 1.19x 1.18x 1.18x 1.13x Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25
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• Strong sentiment and seasonally high factoring volumes driving volume increase in Q4 • Continued strong sentiment but outlook more difficult to predict • Selective approach • Strategic focus area Corporate Loan book (SEKm) and NIM1 Total income (SEKm) and margin1 Q-o-Q: +5% Y-o-Y: - Q-o-Q: +13% Y-o-Y: +8% 1) Quarterly annualized 14 Loan book Total income 11,582 11,221 11,170 10,963 11,526 7.3% 7.0% 7.2% 6.7% 7.5% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 217 226 224 206 233 7.8% 7.9% 8.0% 7.4% 8.3% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25
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• Continued selective approach with volume decline driven by FX as well as underlying volumes • Reported NIM and total income margin strengthened vs. Q4 2024 due to lower negative impact from cash accounting Real Estate Loan book (SEKm) and NIM1 Total income (SEKm) and margin1 1) Quarterly annualized 15 Q-o-Q: -2% Y-o-Y: -11% Q-o-Q: -9% Y-o-Y: -5% Loan book Total income 274 416 289 285 260 4.8% 7.5% 5.4% 5.3% 5.0% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 23,073 21,060 22,135 21,010 20,504 4.7% 7.5% 5.4% 5.3% 5.0% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25
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• Continued strong performance • Strong volume increase at attractive margins • Gradually improved consumer sentiment during 2025 • Continued improved payment patterns and credit quality • Sale of SEK 430m NPL portfolio closed during Q4 Consumer Loan book (SEKm) and NIM1 Total income (SEKm) and margin1 16 Q-o-Q: +3% Y-o-Y: +12% Q-o-Q: - Y-o-Y: +25% Loan book Total income 217 230 304 272 272 7.2% 7.6% 9.8% 8.3% 8.1% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 12,152 12,019 12,769 13,298 13,661 6.7% 7.2% 8.9% 7.9% 7.6% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 1) Quarterly annualized
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• Strong increase in transaction volumes • Sound profitability and lower capital intensity compared to other segments • Strong outlook for 2026 onwards Payments Loan book (SEKm) and NIM1 Total income (SEKm) and margin1 1) Quarterly annualized 17 Q-o-Q: +6% Y-o-Y: +19% Q-o-Q: +7% Y-o-Y: +17% Loan book Total income 3,018 2,782 2,900 3,386 3,605 8.0% 8.0% 8.6% 9.3% 9.0% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 123 123 127 134 143 17.0% 17.0% 17.8% 17.1% 16.4% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25
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130 113 121 109 133 152 148 151 146 168 21 19 20 21 21303 281 292 275 322 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 • Focus on profitability and efficiency • Cost increase during the last year driven by variable costs, inflation and organizational investments, particularly within Walley • Lower cost increases going forward Increased costs driven by investments Total expenses (SEKm) C/I ratio Q-o-Q: +4.7 p.p. Y-o-Y: +1.8 p.p. 18 D&A Other expenses Personnel expenses 32.8% 27.5% 29.9% 30.0% 34.6% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25
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• Improved payment patterns and credit quality in front book • Prudent provisioning maintained given macroeconomic outlook and regulatory changes • Provisioning ratios remain solid – Stage 3 private customers (own portfolios) at 60.0% (55.8% in Q4 2024) • Provisioning ratios for Corporate and Real Estate subject to collateral positions Continued prudent provisioning with gradually lower credit losses Credit losses – Quarter1 1) Quarterly annualized 19 1.9% 1.8% 1.8% 1.7% 1.6% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25
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20 Sale of NPL portfolio to Intrum and Cerberus Norion Bank’s first sale of NPL portfolio SEK 430m gross amount No immediate financial impact Positive capital impact of SEK 150m over time Avoidance of future deductions due to Prudential Backstop Regulation ✓ ✓ ✓ ✓ ✓
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• 7% increase in operating profit • 9% EPS increase – positively affected by share buybacks • Solid underlying earnings and profitability level Solid earnings and profitability level Operating profit (SEKm) EPS (SEK) 21 Q-o-Q: -6% Y-o-Y: +7% Q-o-Q: -6% Y-o-Y: +9% Operating profit EPS 383 525 472 434 407 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 1.46 2.01 1.81 1.70 1.59 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25
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• Gradual build-up of excess capital affecting reported RoE • Excess capital increasing despite SEK 1bn share buybacks executed during 2025 • RoE adjusted for excess capital improving Y-o-Y Return on equity Reported return on equity - Quarter1 Adjusted return on equity - Quarter1,2 22 1) Quarterly annualized 2) Adjusted for excess capital, assuming lowest capital buffer at mid-point of target capital interval of 300bps Q-o-Q: -1.0 p.p. Y-o-Y: -0.6 p.p. Return on equity 13.5% 17.8% 15.4% 14.0% 13.0% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q-o-Q: -0.5 p.p. Y-o-Y: +0.8 p.p. 14.0% 18.7% 16.4% 15.4% 14.9% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 +1.9+1.4 +1.0 +0.9 +0.5 Adjusted return on equity
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15.8% 16.1% 15.6% 9.1% 10.8% 16.9% 18.1% 18.4% 13.1% Q4 24 Q3 25 Q4 25 Capital req. • Total capital ratio of 18.4% as of Q4 2025 • Second share buyback program of SEK 500m completed with total buybacks of SEK 1bn during 2025 • Successful issuance of SEK 500m AT1 capital during Q4 • Capital buffers exceeding financial target of 200- 400bps • Intention to initiate further share buybacks Strong capital position with intention of new share buyback program Capital adequacy ratios and requirements 23 Total capital ratio Tier 1 ratio CET1 ratio 16.5%
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Excess capital to be used for further share buybacks 24 Share buybacks of SEK 1bn during 2025 • 15.6m shares = 7.6% of total shares outstanding 1 Intention to initiate additional buybacks of up to SEK 500m (Max. of 4.9m shares = 2.4% of shares outstanding) EGM February 13 to cancel the 15.6m shares already held in Treasury – flexibility for potential future buybacks Proposal to AGM in May to renew mandate to execute further buybacks and hold up to 10% of total number of shares outstanding Intention to initiate further buyback programs during 2026 to manage additional excess capital 1) Excess capital calculated assuming lowest capital buffer at mid-point of target (200-400bps) Build-up of excess capital (SEKm)1 Further share buybacks 2 3 4 5 410 522 604 1,149 1,312 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25
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Public offer Consensus Asset Management 25 • Wealth management company, ~9bn AUM • Advisory services and own funds - broad client base • Strong regional presence and market position • Efficient operating platform About Consensus Asset Management • Growth and diversification of Norion Bank Group • Broader revenue base and strengthening of long-term profitability • Lower capital intensity and revenue synergies • Value-creating for the bank and shareholders - offer price at ~1.3% of AUM Göteborg Why acquire Consensus?
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26 Macroeconomic environment and rate outlook Public offer to acquire Consensus AM EPS increase Successful issuance of AT1 capital Continued monitoring of credit quality Selective approach Strong balance sheet and prudent provisioning Intention to initiate further share buybacks Summary and outlook