Arctic: SpareBank 1 SMN - Soft start to the year

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Arctic: SpareBank 1 SMN - Soft start to the year

SpareBank 1 SMN Buy Hold

MING NO | Savings Banks | Equity Company Update | 11 May 2026 | 06:58 Sell

Soft start to the year Financials and estimates changes Target NOK

206.00 (211.00)

Dec-24 Dec-25 Dec-26e Dec-27e Dec-28eMING delivered a disappointing start to the year with earnings per ECC 16% below Front(NOKm)Page Financials

consensus, driven by weaker margins, weaker net financials and somewhat higher loan Highlights

losses. Costs also came in higher than expected, but was accompanied by higher fee Net interest income 5,374 5,342 5,135 5,477 5,625 Recommendation Hold

income and as such we look past it. NII declined 10% q/q, while the ROE of 11.3% came in Revenue 9,136 9,068 8,834 9,384 9,633 Target Price 206.00 (211.00)

well below the bank's long-term 13% target. Following the report, we lower EPS estimates Profit before write-downs 5,827 5,590 5,239 5,692 5,830 Share Price NOK 194.2

Operating profit 5,651 5,449 4,927 5,355 5,481 Upside (%) 6.1

by 5%/3%/3% for FY26e-FY28e, reflecting weaker margins, slower lending growth and

Pre-tax profit 5,651 5,449 4,927 5,355 5,481 Market cap (NOKm) 27,925

updated estimates for associated companies (BN Bank). We do however still see a ROE

Net income 4,594 4,369 3,967 4,301 4,403 Number of shares (m) 144

of 12.6-13.6%, reflecting the bank’s high share of non-interest income which we think is a

EPS 20.1 19.1 17.2 18.8 19.3

strength all else equal in a market where lending margins are under pressure. We view the 12 months share price performance:

Adj. EPS 20.1 19.1 17.2 18.8 19.3

current valuation as mostly fair and reiterate Hold, lowering our TP to NOK 206 (211). Performance (%) 3M 6M 1Y

NO 12.0% 14.0% 16.0% EPS growth (%) 19.5 (5.1) (9.9) 9.1 2.5 294.29 MINGOSEBX 10.0% 10.0% 15.0%