Q2 on the softer side

Research evidence excerpt

Q2 on the softer side

Equity Research - 14 July 2026 08:33 CEST

Fast commentNorion Bank

Q2 on the softer side HOLD

• Q2 operating profit 9% below ABGSC and consensus Financials

• NII falling short of expectations in Q2 NORION-SE/NORION SS

• Cons. to cut estimates 3-5%, share down today Share price (SEK) 13/7/2026 63.90

Q2 operating profit 9% below ABGSC and consensus Target price 65.00

The Q2’26 operating profit came in at SEK 329m (472m), 9% below

ABGSC and consensus. Adjusted operating profit, excluding one-offs MCap (SEKm) 12,127

(SEK 107m) amounted to SEK 436m, which was 7% below our forecast. MCap (EURm) 1,099

The main deviation compared to our estimates was weaker than expected No. of shares (m) 189.8

net interest income. Total lending came in at SEK 54.4bn (49.4bn), +2%

Free float (%) 26.6

vs. ABGSC forecast, up 6% q-o-q and 10% y-o-y. The strong lending

Av. daily volume (k) 33development in Q2 will have a positive impact on consensus estimate

revisions, all else equal. The CET1 ratio came in at 13.2%, a tad below

ABGSC at 13.6% and below consensus at 14.1%. Next event Q2 report 14 July 2026

Net interest income on the soft side Analyst:

Net interest income (NII) came in at SEK 864m (861m), which was 4% patrik.brattelius@abgsc.se, +46 8 566 286 64

below ABGSC's estimate. This corresponds to a net interest margin

(lending) of 6.5%, up 10bp q-o-q. The margin in Q2 was 40bp lower than

ABGSC’s expectation. Total income came in 3% below ABGSC and 2%

below consensus. We expect some negative consensus revisions on the

income side following the report. Costs were in line with our forecast,

even when adjusting for one-offs of SEK 107m (Swedish FSA fee and

Consensus Asset management). The loan loss ratio came in at 1.7%. This

was in line with ABGSC forecast of 1.7%.

Cons.