Annual report
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Annual report 2025
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Well positioned for 2026 2025 was a year in which both Norway and the world experienced political, economic and climatic contrasts. Internationally, the year began with Trump’s return to the White House, which triggered political changes and trade conflicts. A new policy from the US political leadership on set- ting tariffs for the rest of the world caused interna- tional turmoil, and the conflicts in the Middle East, the war in Ukraine and the roles of the superpowers in this landscape also featured in the news regularly. 2025 was also the year when AI and digital security challenges definitively forced their way onto the global agenda, with growing concerns about misinformation and cyber fraud. The financial markets have coped well with the turmoil, and although this has impacted us here in Norway, it seems to have become part of the norm. As far as personal finances were concerned, 2025 was a turning point when the policy rate began to fall after a period of high levels, and for the first time in several years, many households saw an improvement in their pur- chasing power. In a position to choose Looking back, it is clear that 2025 was an active and eventful year for Sparebanken Møre. It was the biggest year for mergers in the banking industry in 40 years, although as far as this is concerned we have been clear about our business strategy. Sparebanken Møre shall be independent and non-aligned, and we want to remain so. This position allows us to choose the solutions that we believe are best for our customers and for the bank, irrespective of alliances. By becoming co-owners of product companies such as Norne, Kredittbanken and Borea, companies linked to various banking groups, we are reinforcing our business strategy of being independ- ent and non-aligned. We know our strengths, compete where we should and collaborate where we can! One in four is a customer of the bank In 2025, a number of competitors announced that they are targeting Nordvestlandet. Our region, has good prospects and is an attractive market. Competition is healthy, it is something we are used to, and it makes us strive to be better. We are Norway’s sixth largest savings bank, the market leader in the northwest, and more than one in four residents and businesses in our region are customers of the bank. However, the potential for growth in the region remains considerable, and capable employees are a key factor in achieving this. Our customers’ expectations moti- vate us to simplify and improve our services, and we continue to pursue seamless digital customer journeys, well-supported by the smart use of technology and AI. WORDS FROM THE CEO ”We are Norway’s sixth largest savings bank, the market leader in the northwest, and more than one in four residents and businesses in our region are customers of the bank. 2 Sparebanken Møre Annual report 2025 CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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Good cards We have a strong hand in the battle for customers. Two important factors are our employees and our expertise. For the fifth consecutive year, our corporate customers ranked us among the top banks nationally in terms of customer satisfaction in the EPSI banking survey. Our combination of local knowledge, industry insights and solid financial expertise is appreciated by customers. The level of activity in the business sector in Nordvestlandet remained good in 2025 as well, although the developments were more complex than in the previous year. EPSI’s figures also indicate increasing customer satisfaction in the retail market compared with the national industry average, which is dropping. The growth in new customers is good, in Nordvestlandet, in Oslo and in the larger cities in Norway, and is clear confirmation of the bank’s business model and its competitiveness. We focus heavily on accessibility, expertise and good customer service, and want to be a safe and accessible bank for most people. We are strengthening our market leader position and finding that we are many customers’ first choice when choosing a bank. We greatly appreciate that trust! Growth in investments and wealth management Customers are becoming more interested in savings and we are finding that more people are looking closely at saving and investing. The bank’s asset management division has achieved a strong market position over the past 25 years. In November, the service passed the milestone of NOK 10 billion in total assets. We are seeing a clear increase in the number of customers seeking advice on getting the best returns on their money, and this growth is no coincidence. It is due to targeted efforts and good teamwork in the bank. In 2025, we saw a total increase in income of 20 per cent within Aktiv Forvaltning and 17 per cent in fund sales. Our goal is to ensure that value created in our region is also managed in our region. Sustainability – from strategy to action For the sixth year in a row, customers have said that Sparebanken Møre is the best at sustainability. How do we achieve this? According to our customers, it is because we are able to tailor our sustainability work to their needs. Last year, sustainability was incorporated into all aspects of our operations. We have launched our transition plan for achieving net-zero emissions by 2050, with interim targets for 2030 for sectors such as maritime, real estate and seafood. ESG assessments are a natural part of product development and supplier selection, and we have strengthened our advisors’ expertise in order to help customers make green choices. We give back We firmly believe in the savings bank model, and Sparebanken Møre takes its role in society very seriously. In 2025, we set aside NOK 332 million for gifts to good causes – an investment in culture, sports, skills and business development that will have ripple effects throughout the region. The bank is the largest contributor to good causes in Nordvestlandet, and one of our key focus areas is improving science literacy in the region. The business sector in Nordvest landet is looking for better science skills, and we have, for several years, worked on various projects designed to increase the interest of children and young people in science. From primary and secondary school pupils to university and college students. ” We are seeing a clear increase in the number of customers seeking advice on getting the best returns on their money, and this growth is no coincidence. 3 Sparebanken Møre Annual report 2025 CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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In 2025, we also took part in a historic boost for women’s football in the county. We signed a 5-year agreement with Molde FK and Aafk Fortuna with the aim of building a solid foundation and contributing to the professionalisation of top-level football, as well as increasing recruitment to the grassroots level. The top and grassroots levels need each other! Our social engagement encompasses more than just gifts to good causes. We also play a financing role in order to ensure good local access to capital and a competence role that is intended to help improve the adaptability of both companies and individuals. All of this provides us with unique insights and brings us closer to what is happening on our home turf. What awaits us in 2026? Internationally, we have seen signs of slowing inflation and interest rate cuts by several Western central banks, which raises hope of a more stable financial market. At the same time, the uncertainty remains high, with geopolitical tensions and trade conflicts that can cause fluctuations. Nationally, forecasts suggest a moderate upturn in the Norwegian economy, where gradually lower interest rates and positive real wage growth will help strengthen households’ purchasing power. 2025 has shown that Sparebanken Møre is more than just a bank. I am proud of our organisation and the drive I see in our employees. They are close to their customers and committed contributors to the development of our local communities. We will keep moving forward and are ready for 2026! Trond Lars Nydal CEO 4 Sparebanken Møre Annual report 2025 CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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Part 1: Operations CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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2025 – Highlights Community engagement CET1 capital ratio 17.7% Total assets Return on equity 12.5% 1900 Applications for support 332 NOK million gifts for the public good 300 Collaboration with teams and organisations 109 NOK billion Profit 2025 1030 NOK million For the fifth year in a row, Sparebanken Møre tops EPSI Norway’s sustainability index – a full 5 points ahead of number 2 «Over time, the bank has managed to build a strong role in sustainability by being clear, concrete and capable of contributing to customers’ practical work with sustainability.» Sitat EPSI 1 in 4 privat individuals and companies in the county are customers of Sparebanken Møre. Great growth and interest in savings and wealth managementGrowth in deposit Growth in lending 7. 6% 3% 20% income increase within asset management income increase in fund sales17% Customer satisfaction Highly satisfied corporate and retail customers.* *EPSI - Bank Survey 2025 RetailCorporate 67.272.5Avg. Avg. 65.772.8 SBM SBM RetailCorporate 60.7 73.5Avg. Avg. 63.1 77.7 SBM SBM 6 Sparebanken Møre Annual report 2025 2025 – Highlights Operations 6 2025 – Highlights Operations CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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Income statement (Amounts in % of Average assets) 2025 2024 2023 2022 2021 NOK million % NOK million % NOK million % NOK million % NOK million % Net interest income 2 014 1.89 2 071 2.08 1 900 2.02 1 517 1.78 1 266 1.57 Net commission and other operating income 317 0.29 287 0.29 250 0.26 246 0.29 218 0.27 Net return from financial investments 59 0.06 43 0.04 45 0.05 -7 -0.01 43 0.05 Total income 2 390 2.24 2 401 2.41 2 195 2.33 1 756 2.06 1 527 1.89 Total operating expenses 993 0.94 955 0.96 859 0.91 747 0.87 645 0.80 Profit before impairment on loans 1 397 1.30 1 446 1.45 1 336 1.42 1 009 1.19 882 1.09 Impairment on loans, guarantees etc. 47 0.04 20 0.02 -53 -0.06 -4 0.00 49 0.06 Pre-tax profit 1 350 1.26 1 426 1.43 1 389 1.48 1 013 1.19 833 1.03 Taxes 320 0.29 340 0.34 334 0.35 236 0.28 191 0.24 Profit after tax 1 030 0.97 1 086 1.09 1 055 1.13 777 0.91 642 0.79 Key Figures Group Balance sheet (NOK million) 31.12.2025 31.12.2024 31.12.2023 31.12.2022 31.12.2021 Total assets 109 418 102 335 96 735 89 501 82 797 Average assets 106 730 99 776 94 095 85 436 80 941 Loans to and receivables from customers 89 469 86 875 81 572 76 078 69 925 Gross loans to retail customers 59 675 57 872 53 795 50 818 47 557 Gross loans to corporate and public entities 30 046 29 255 28 039 25 575 22 697 Deposits from customers 53 335 49 550 47 410 43 881 41 853 Deposits from retail customers 31 496 30 149 29 226 26 344 24 667 Deposits from corporate and public entities 21 839 19 401 18 184 17 537 17 186 Lending growth as a percentage 3) 3.0 6.5 7.2 8.8 4.6 Deposit growth as a percentage 3) 7.6 4.5 8.0 4.8 7.3 7 Sparebanken Møre Annual report 2025 Key Figures Group Operations CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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Key Figures 2025 2024 2023 2022 2021 Return on equity 1) 3) 12.5 13.7 14.0 10.9 9.5 Cost income ratio 3) 41.6 39.8 39.2 42.5 42.2 Losses as a percentage of loans as of 1.1. 3) 0.05 0.02 -0.07 -0.01 0.07 Gross credit-impaired commitments in % of loans/guarantees 0.44 0.58 0.51 1.44 1.52 Net credit-impaired commitments in % of loans/guarantees 0.30 0.45 0.39 1.19 1.16 Deposit-to-loan ratio 3) 59.4 56.9 57.9 57.4 59.6 Liquidity Coverage Ratio (LCR) 177 167 174 185 122 NSFR (Net Stable Funding Ratio) 123 122 124 123 Capital adequacy ratio 21.5 21.1 22.2 22.1 20.9 Tier 1 capital ratio (T1) 19.5 19.0 20.0 19.7 18.9 Common Equity Tier 1 capital (CET1) 17.7 17.2 18.2 17.9 17.2 Leverage Ratio (LR) 7.2 7.4 7.5 7.6 7.7 Man-years 393 402 400 374 364 Equity Certificates (ECs): Profit per EC (Group) (NOK) 2) 9.57 9.95 10.12 7.50 31.10 Profit per EC (parent bank) (NOK) 2) 9.28 9.55 10.34 8.48 30.98 Dividend per EC (NOK) 4) 7.00 6.25 7.50 4.00 16.00 EC-fraction 1.1. in % (parent bank) 49.1 49.1 49.7 49.7 49.7 Price at Oslo Stock Exchange (NOK) 117.0 97.0 84.0 84.4 444 Book value per EC. in NOK (Group figure. incl. proposed dividend) 85.1 81.5 80.7 74.8 350 Price/Book value (P/B) (Group) 3) 1.38 1.19 1.04 1.13 1.27 1) Calculated using the share of the profit to be allocated to equity owners 2) Calculated using the EC-holder’s share of the period’s profit to be allocated to equity owners 3) Defined as Alternative Performance Measure (APM), see www.sbm.no/IR 4) EC (MORG) was split 1:5 in April 2022. 8 Sparebanken Møre Annual report 2025 Key Figures Group Operations CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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General Meeting Jan Kåre Aurdal (Chair) Organisation and management Sparebanken Møre’s General Meeting is the bank’s supreme body. The General Meeting’s main duties involve approving the financial statements, as well as electing members to the bank’s Board of Directors. The General Meeting has 44 members and 14 deputy members. It is composed of four groups with the following distribution: • 13 members and four deputy members are elected by and from among the bank’s customers • 17 members and four deputy members shall be elected by the equity certificate holders. • 11 members and four deputy members are elected by and from among the employees • Three members and two deputy members are elected by the General Meeting to represent the social function The Board of Directors in Sparebanken Møre consists of eight members and two deputy members. Two of the members and the two deputy members are elected from among the employees. See the organisation chart. Changes to the Board in 2025: Therese Monsås Langset stepped down from the Board on 31.03.25, after having been a board member since 2021. Anne Jorunn Vatne was elected a board member of Sparebanken Møre from 01.04.25. For more information about her, see the section on the Board of Directors. CEO Trond Lars Nydal External Auditor KPMG Election Committee Anne Holstad (Chair) Internal Auditor EY Audit Committee Jill Aasen Kåre Øyvind Vassdal Anne Jorunn Vatne Risk Committee Kåre Øyvind Vassdal Jill Aasen Birgit Midtbust Compensation Committee Roy Reite, Birgit Midtbust Terje Bøe, Marie Rekdal Hide The Board of Directors Roy Reite (Chair), Kåre Øyvind Vassdal (Deputy Chair) Jill Aasen, Terje Bøe, Birgit Midtbust, Anne Jorunn Vatne, Bjørn Følstad, Marie Rekdal Hide EC-holders 38.6 % Customer 29.6 % Public elected 6.8 % Employees 25 % 9 Sparebanken Møre Annual report 2025 Organisation and management Operations CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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The Board of Directors Roy Reite Chair | ECs: 17,610 Roy Reite (1965) is the CEO of Nogva Motorfabrikk. He has extensive management experience from several companies, including as the CEO of SalMar Aker Ocean and 18 years as the CEO of what is now the shipyard group Vard. Reite is a board member of Surofi and graduated as a Graduate Engineer from the Norwegian University of Science and Technology (NTNU) in Trond- heim. Reite assumed the post of Chair of the Board at Sparebanken Møre in April 2023. He was the Deputy Chair of the Board of the bank from 2008 to 2019, and prior to that a board member for several years. He lives in Ålesund Municipality and attended 12 out of 12 ordinary, and 11 out of 11 extraordinary, board meetings in 2025. Reite is independent of executive employees, significant business associates and the largest equity certificate holders. Kåre Øyvind Vassdal Deputy Chair | ECs: 0 Kåre Øyvind Vassdal (1981) is the CEO of Brunvoll. He has previous experience as the CFO of the same group and has also held various positions in the Vard Group. Vassdal graduated in business economics (Siviløkonom) from the Norwegian School of Management BI Sandvika and also holds a Master of Technology Management from the Norwegian University of Science and Technology (NTNU)/ Cambridge. He has board experience from Vard Promar SA and sits on the boards of a number of companies in the Brunvoll Group. Vassdal has been the Deputy Chair of the Board in Sparebanken Møre since 2023 and a member of the Board since 2020. Vassdal lives in Aukra Municipality and attended 12 out of 12 ordinary board meetings and 10 out of 11 extraordinary board meetings in 2025. Vassdal is independent of executive employees, significant business associates and the largest equity certificate holders. Number of equity certificates (ECs) in Sparebanken Møre per 31.12.25, including ECs owned by immediate family and companies in which the person has decisive influence (cf. section 7-26 of the Norwegian Accounting Act) 10 Sparebanken Møre Annual report 2025 The Board of Directors Operations CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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Number of equity certificates (ECs) in Sparebanken Møre per 31.12.25, including ECs owned by immediate family and companies in which the person has decisive influence (cf. section 7-26 of the Norwegian Accounting Act) Birgit Midtbust Board member | ECs: 0 Birgit Midtbust (1982) is a senior lawyer at the law firm Advokatfirmaet Schjødt AS. Midtbust works with mergers and acquisitions, capital markets and corporate law. She also has experience in loan financing, especially financing for vessels for both banks and shipping companies. Midtbust also has previous board experience from, among others, Otello Corporation ASA and has been a board member of Sparebanken Møre since April 2023. She is graduated from the Faculty of Law at the University of Bergen. Midtbust lives in Ålesund Municipality and attended 12 out of 12 ordinary board meetings and 11 out of 11 extraordinary board meetings in 2025. Midtbust is independent of executive employees, significant business associates and the largest equity certificate holders. Terje Bøe Board member | ECs: 0 Terje Bøe (1969) has extensive experience as the CEOs of A/S Spilka Industri and Spilka Building Solutions AS in the period 2020-2026. He was previously the CEO of Bomek AS from 2015 to 2020 and held several management positions at Saferoad AS from 2008 to 2015. Bøe graduated in mechanical engineering and business management. He has board experience from, among others, Spilka Building Solutions AS, H-Gruppen AS, several foreign subsidiaries of the Saferoad Group and NHO Møre og Romsdal. He has been a board member of Sparebanken Møre since April 2023. Bøe lives in Ålesund Municipality and attended 12 out of 12 ordinary board meetings and 10 out of 11 extraordinary board meetings in 2025. Bøe is independent of executive employees, significant business associates and the largest equity certificate holders. Jill Aasen Board member | ECs: 0 Jill Aasen (1971) is the CFO of Ulstein Marine Technology AS. She is a qualified accountant from Molde University College, and has previously worked as Finance Manager at Jets Vacuum AS, CFO at Havila AS, auditor at BDO in Ulsteinvik and as controller at Tussa Kraft AS. Aasen has board experience from Havila Shipping ASA, is a board member of Ervik & Sævik AS, and has several voluntary positions in sports and culture. She has been a deputy member of the Board of Sparebanken Møre since 2014 and a board member since 2018. Aasen lives in Herøy Municipality and attended 12 out of 12 ordinary board meetings and 11 out of 11 extraordinary board meetings in 2025. Aasen is independent of executive employees, significant business associates and the largest equity certificate holders. 11 Sparebanken Møre Annual report 2025 The Board of Directors Operations CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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Number of equity certificates (ECs) in Sparebanken Møre per 31.12.25, including ECs owned by immediate family and companies in which the person has decisive influence (cf. section 7-26 of the Norwegian Accounting Act) Marie Rekdal Hide Board member | ECs: 4,027 Marie Rekdal Hide (1985) is the chief employee representative in Sparebanken Møre. She joined Sparebanken Møre in 2007 and has experience from both the Retail Banking Division and the Corporate Banking Division. Hide has a Master of Business Administration from Edinburgh Business School. She has been a board member of Sparebanken Møre since 2017 and lives in Sula Municipality. Hide attended 12 out of 12 ordinary board meetings and 11 out of 11 extraordinary board meetings in 2025. Bjørn Følstad Board member | ECs: 735 Bjørn Følstad (1960) works in Sparebanken Møre as an authorised financial adviser for the Retail Banking Division in Molde. He has qualifications in technical banking subjects and graduated from BI Norwegian Business School, Banking and Finance in 2006. Følstad has worked for Sparebanken Møre since 2005 and has long experience from the retail market. He is an employee representative and a safety representative. Følstad has been a board member of Sparebanken Møre since 2022 and lives in Molde Municipality. He attended 12 out of 12 ordinary board meetings and 11 out of 11 extraordinary board meetings in 2025. Anne Jorunn Vatne Board member | ECs: 0 Anne Jorunn Vatne (1979) is a lecturer in accounting and financial management at Molde University Col- lege. Vatne has more than 20 years’ experience in the accounting and auditing industry, and has audited, for example, banks and commerce and manufactur- ing companies. She has also worked in areas such as acquisitions, restructuring, and reorganisation. She is a state authorised public accountant with a Master’s in Accounting and Auditing from BI Norwegian Busi- ness School (2014) and also holds a Master of Science degree from Molde University College (2012). She lives in Hustadvika Municipality and was elected as a board member in April 2025. She attended eight out of eight ordinary, and nine out of nine extraordinary, board meetings in 2025. Vatne is independent of executive employees, significant business associates and the largest equity certificate holders. 12 Sparebanken Møre Annual report 2025 The Board of Directors Operations CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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CEO Trond Lars Nydal Risk Management and Compliance Erik Røkke Retail Banking Division Elisabeth Blomvik Finance John Arne Winsnes Organisation and Group Support Kjetil Hauge Corporate Banking Division Linda Beate Strømmen Wealth Management Trond Moldskred Business Development Ove Skjeret The Executive Management by 31 December 2025 had seven members: the CEO, CFO, EVP Corporate Banking Division, EVP Retail Banking Division and three heads of units. The EVP of the Wealth Management is not a member of the Executive Management but does report directly to the CEO like other heads of divisions and units. The Retail Banking Division consists of the departments Customer Service and 25 local departments of which 24 are located in Nordvestlandet and one in Oslo. The departments are headed by Senior Vice Presidents (SVPs) who report to the EVP of the division. The Corporate Banking Division consists of Corporate Banking Sunnmøre, Corporate Banking Romsdal, Corporate Banking Nordmøre and Corporate Banking Søre Sunnmøre and Næringsbasen (customer service within the corporate market). Corporate Banking Sunnmøre is in turn organised into five different industry groups (Real Estate and Developers, Trade and Service, Industry and Energy, Seafood and Maritime). The heads of these units report to the head of division. Executive Management 13 Sparebanken Møre Annual report 2025 Executive Management Operations CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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Erik Røkke Born: 1969 | ECs: 37,674 Head of the Risk Management and Compliance Unit since 2017 and member of the bank's management team since 2013. Has worked for Sparebanken Møre since 2012, and was previously head of the bank’s Credit and Legal Unit. Røkke has extensive experience in auditing and banking, including as an auditor at PWC (1994–2001) and as a bank manager at Ørskog Sparebank (2001–2012). He is the Chair of the boards of Sparebanken Møre's Pension Fund and Møre Eiendomsmegling AS. Education: Business School Graduate from NHH (1994) and State Authorised Auditor. Linda Beate Strømmen Born: 1978 | ECs: 3,891 EVP , Head of the Corporate Banking Division from 1 April 2025, and member of the bank's management team since then. She has worked for Sparebanken Møre since 1999, and has since 2003 held various positions in the Corporate Banking Division, most recently as bank manager for the Trade and Services Department, Sunnmøre. She was head of the Special Commitments Department from 2015 to 2018. She is the Chair of the boards of Sparebankeiendom AS and Storgata 41–45 Molde AS, and a board member of ÅKP AS. Strømmen graduated from BI Norwegian Business School with a Marketing Diploma in Business Development and has also completed Personal Finances with Law Part 1. Number of equity certificates (ECs) in Sparebanken Møre per 31.12.25, including ECs owned by immediate family and companies in which the person has decisive influence (cf. section 7-26 of the Norwegian Accounting Act) Trond Lars Nydal Born: 1970 | ECs: 44,352 CEO since 2017. Joined Sparebanken Møre in 1997. Nydal has held several senior positions in the bank and has been a member of the bank’s executive management since 2003. He sites on the boards of Vipps Holding AS, Stø AS and is a member of the Industry Board Bank and Capital Market (Finance Norway). Education: Business School Graduate from NHH. 14 Sparebanken Møre Annual report 2025 Executive Management Operations CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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Elisabeth Blomvik Born: 1978 | ECs: 9,219 EVP , Head of Retail Banking Division since 2017 and member of the bank’s executive management from the same time. She has previous experience from several management positions in Nordea (2001-2017), most recently as head of department of Nordea Ålesund. Blomvik is a board member of Møre Boligkreditt AS and Møre Eiendomsmegling AS, and a deputy member of Vipps Holding AS and Stø AS. Education: Master in Management from BI Oslo and has participated and mentored in various management development programmes. Ove Skjeret Born: 1971 | ECs: 4,724 EVP , Head of Business Development (previous called Business Support) from 1 October 2022, member of the bank’s executive management from the same date. Employed by Sparebanken Møre in 2002-2008 and again from 2012 onwards. He has previously been the head of the Digital Customer Channels, head of Strategic Marketing and head of Marketing. Education: A Business School Graduate from NHH (1999) and Executive Master of Technology Management from NTNU, NHH and the University of Cambridge (2022). John Arne Winsnes Born: 1970 | ECs: 1,371 CFO since 2021. Joined Sparebanken Møre in 2021. He has previous experience as the CFO for the period from 2021 until 31.12.2025, and member of the Group Management for the same period. He has previous experience as CFO of Olympic Subsea ASA, the CEO of SpareBank 1 Søre Sunnmøre and various senior roles in Aker Yards ASA, ABB Financial Services and GE Capital. Education: He graduated in business economics from the University of Mannheim, Germany (1999). Number of equity certificates (ECs) in Sparebanken Møre per 31.12.25, including ECs owned by immediate family and companies in which the person has decisive influence (cf. section 7-26 of the Norwegian Accounting Act) 15 Sparebanken Møre Annual report 2025 Executive Management Operations CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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Kjetil Hauge Born: 1972 | ECs: 14,846 EVP , Head of Organisation and Group Support since 1. Februar 2023, and member of the bank’s executive management in several periods, first time in 2007. Employed in Sparebanken Møre since 1998. Hauge has had several leading positions in Sparebanken Møre among head of Organisational Development, head of Information and Compliance and regional bank manager, as well as the bank’s manager for Møre Academy and managing director of Møre Boligkreditt AS. He is the Chair of the board of Møre Boligkreditt AS and a board member of the Department of Economics at the Norwegian University of Science and Technology (NTNU). Education: Business School Graduate from NHH (1995). Number of equity certificates (ECs) in Sparebanken Møre per 31.12.25, including ECs owned by immediate family and companies in which the person has decisive influence (cf. section 7-26 of the Norwegian Accounting Act) Terje Krøvel (t.o.m. 31.03.25) Born: 1959 | ECs: 31,327 EVP , Head of Corporate Banking Division from 2017 until 1 April 2025. He has been a member of the bank’s executive management since 2001. Krøvel joined Sparebanken Møre in 1983. He has had senior positions within various industry groups in the bank and has also been the regional bank manager, corporate banking, for the Ålesund and Sula region. Education: Economics and administration from Møre og Romsdal Distriktshøyskole (1983). 16 Sparebanken Møre Annual report 2025 Executive Management Operations CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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Subsidaries Sparebanken Møre Group consists of the parent bank and four wholly owned subsidiaries: Møre Boligkreditt AS, Møre Eiendomsmegling AS, Sparebankeiendom AS and Storgata 41-45 Molde AS. The latter two are real estate companies that owns and manages the bank’s own commercial properties. Møre Eiendomsmegling AS The company was established in 1992 and acquired by Sparebanken Møre in 2005. Møre Eiendomsmegling’s market name is Møremegling. The company provide real estate brokerage services in the purchase and sale of homes, leisure homes and project brokering. They are among the largest and most experienced broker communities in Møre and Romsdal and have 23 employees and offices in Ålesund, Ulsteinvik and Molde. The company traded 692 properties in 2025. Managing Director is Kristine Gautvik. Key Figures 2025 – numbers in NOK million Turnover Equity Profit after tax Møre Boligkreditt AS A wholly owned subsidiary of Sparebanken Møre. The company’s purpose is to acquire mort- gages from Sparebanken Møre and finance these through issuing covered bonds. Covered bonds are among the most actively traded private bonds on the Oslo Stock Exchange, and is, next to government bonds, consid- ered to be one of the safest securities in the Norwegian market. Møre Boligkreditt AS is Sparebanken Møre’s primary source of long- term funding, and the company has issued covered bonds in both NOK, as well as EUR. Covered bonds issued by Møre Boligkreditt AS are listed on Oslo Stock Exchange as well as London Stock Exchange. Managing Director of Møre Boligkreditt AS is Ole Andre Kjerstad. Key Figures 2025 – numbers in NOK million Net loan to customers Net interest income Debt Securities issued (cover bonds) Profit after tax 37 584 330 31 501 195 43.6* 10.7 -2.8 *) Change in income recognition policy: In 2025, the institution changed its accounting policy for customer expenses. According to the new policy, such expenses are not recognised as income, instead they are directly recorded in the balance sheet. The change has been implemented in line with generally accepted accounting principles and without objection from the auditor. Pursuant to the previous accounting policy, operating income in 2024 amounted to NOK 48.5 million. Had the new policy been applied in 2024, operating income would have been NOK 42.6 million. This means that based on this policy a comparison shows that operating income has increased from NOK 42.6 million in 2024 to NOK 43.6 million in 2025. 17 Sparebanken Møre Annual report 2025 Subsidaries Operations CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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Corporate governance In the following, Sparebanken Møre provides an account of the institution’s corporate governance principles and practices in relation to section 2-9 of the Norwegian Accounting Act and section 4.4 of Oslo Børs’s Rule Book II. 1. Implementation and reporting on corporate governance Sparebanken Møre complies with the Norwegian Code of Practice for Corporate Governance of 28 August 2025 (“Code of Practice”) where this is applicable to savings banks that have issued equity certificates. The Code of Practice is available on www.nues.no. The Code of Practice is primarily designed for com- panies with shares listed on a regulated market in Norway. It also applies, wherever appropriate, to savings banks with listed equity certificates. The Financial Institutions Act contains regulations for savings banks that have issued equity certificates. In some cases these deviate from the provisions of the Public Limited Liability Companies Act. This means that some sections of the Code of Practice are not completely appropriate. An account is provided below of how Sparebanken Møre has aligned itself in relation to each point in the Code of Practice. Where the Code of Practice has not been followed, the reason why is explained. Nevertheless, no material deviations between the Code of Practice and Sparebanken Møre’s compliance with it exist. As a financial institution, Sparebanken Møre is subject to a number of rules and recommendations designed to ensure good corporate governance, including the European Banking Authority’s Guidelines on Internal Governance (GL 05/2021). An overview of the regulations is available from Modul for intern virksomhetsstyring - Finanstilsynet.no. The bank’s Board of Directors revises a number of policies on an annual basis to ensure good corporate governance, including policies for internal corporate governance. Deviations from the Code of Practice: None 2. Business Sparebanken Møre was formed on 1 April 1985 by the merger of a number of banks in Møre og Romsdal. In subsequent years more banks in Møre og Romsdal have joined Sparebanken Møre. The banking history of the merged savings banks can be traced back to 1843. Sparebanken Møre’s articles of association specify the types of business that may be conducted. The objective of Sparebanken Møre is to perform transactions and services that are normal or natural for a savings bank to perform, and that comply with the applicable legislative framework and licences that have been granted. This includes Sparebanken Møre performing investment services and associated services in accordance with the provisions of the Norwegian Securities Trading Act. The complete text of its articles of association can be found on Sparebanken Møre’s website. The Group is a full-service provider of financial products and services within the areas of financing, deposits and other forms of investments, payment transfers, financial advisory services, asset management, insurance, and real estate brokerage. The Board of Sparebanken Møre ensures that the Group carries out a comprehensive strategy process every year that defines its objectives, strategies and risk profile. The current strategic plan, “Møre 2028 – annual plan 2026”, was approved by the Board in December 2025. The Board has also adopted a series of different strategies and governing documents that are designed to provide a basis for good and effective internal risk management. The documents are based on risk exposure. They also provide guidelines for internal governance that includes general management and control of the risk areas to which Sparebanken Møre is exposed. ESG factors have been incorporated into the documents to ensure that sustainability considerations are closely integrated into the bank’s operations and value creation. The Board has adopted an overarching sustainability strategy for Sparebanken Møre that is intended to provide a basis for both strategic decisions and 18 Sparebanken Møre Annual report 2025 Corporate governance Operations CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance 18 1. Implementation and reporting on corporate governance 18 2. Business 19 3. Equity and dividends 20 4. Equal treatment of equity certificate holders 20 5. Equity certificates and negotiability 20 6. General meeting 21 7. Nomination committee 21 8. Board of directors: composition and independence 22 9. The work of the board of directors 23 10. Risk management and internal control 23 11. Remuneration of the board of directors 24 12. Salary and other remuneration of executive employees 25 13. Information and communications 25 14. Take-overs 25 15. Auditor STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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ongoing operational work. The Group also supports initiatives and principles that entail commitments to adapt the business strategy to the UN Sustainable Development Goals and Paris Agreement. Please refer to the dedicated chapter in the annual report for a further description of Sparebanken Møre’s fulfilment of its corporate social responsibility. The goals and strategies comply with the framework laid down by the business provision of Sparebanken Møre’s articles of association. The Board of Sparebanken Møre has adopted ‘Guide- lines for equality, diversity and anti-discrimination’. These guidelines apply to all employees and are designed to help the bank be proactive with respect to equality, diversity and anti-discrimination within its own operations, as well as in respect of custom- ers, suppliers and partners. Sparebanken Møre has, for example, a target of having at least 40 per cent of each gender at all levels of the bank. The annual report includes a specific section in the chapter “S1 Own Workforce” containing information on the guidelines for equality, diversity and non-discrimination, the status of gender equality and the work for equality and against discrimination. The composition of the Board satisfies the requirements of the Public Limited Liability Companies Act concer- ning the representation of both genders on the Board. Each gender is represented on the Board of Spare- banken Møre with 50 per cent. The articles of associa- tion stipulate that the Board shall be composed of a diverse group of people. Further information about the com position of the Board is provided in section 8 below. Sparebanken Møre wants to be the first choice for retail customers in Nordvestlandet and an attractive bank for everyone across Norway. For corporate customers in Nordvestlandet, Sparebanken Møre wants to be the first choice for small and medium- sized enterprises, and an attractive partner for larger enterprises. It will endeavour to maintain a healthy financial structure and financial strength and achieve good profitability. Its financial performance targets are presented in Sparebanken Møre’s annual report and Sparebanken Møre’s Pillar 3 document, which are available from the bank’s website. During the year, the market and other stakeholders receive information concerning the bank’s strategic objectives and performance in relation to these objectives in stock exchange notices and accounts presentations. Deviations from the Code of Practice: None 3. Equity and dividends Sparebanken Møre’s equity and its composition are based on the applicable regulatory requirements at any given time. The main factors for the bank will be the Group’s size, operations and risk, Møre og Romsdal’s internationally-oriented industry and commerce, a stable market for long-term funding when required, and the goals set out in the bank’s long-term strategy document. In its annual evaluation of its management and control systems, which includes capital adequacy assessments (known as ICAAP), the Board focuses heavily on ensuring that its primary capital is suited to the Group’s goals, strategies, risk profiles and regulatory requirements. The bank’s capital situation is continuously monitored throughout the year via internal calculations and reporting. Sparebanken Møre has a long-term target for Common Equity Tier 1 capital (CET1), which as a minimum must amount to the sum of the Pillar 1 and Pillar 2 requirements plus the capital requirement margin. Its capital adequacy at the end of 2025 exceeded the regulatory and internal minimum requirements for capital. Primary capital was 21.5 per cent, Tier 1 capital 19.5 per cent and CET1 17.7 per cent. Sparebanken Møre’s dividend policy has been published and made available on Sparebanken Møre’s website. The dividend policy is as follows: “The aim of Sparebanken Møre is to achieve financial results which provide a good and stable return on the bank’s equity capital. The results should ensure that the owners of the equity receive a competitive long- term return in the form of cash dividends and capital appreciation on their equity. Dividends consist of cash dividends for equity certificate holders and dividend funds for local communities. The proportion of profits allocated to dividends is in line with the bank’s capital strength. Unless the bank’s capital strength dictates otherwise, it is expected that about 50 per cent of the year’s surplus can be distributed as dividends. Sparebanken Møre’s allocation of earnings shall ensure that all equity certificate holders are guaranteed equal treatment.” The General Meeting can authorise the Board to increase capital for specific purposes. On 9 April 2025, the General Meeting authorised the Board to increase equity certificate capital by up to NOK 99,591,040 if the situation warrants it. The authorisation is valid until the Annual General Meeting in 2026, although for no longer than 31 March 2026. The authorisation had not been exercised at the end of the year since there had been no need to do so. Based on a board authorisation to acquire treasury equity certificates granted by the General Meeting on 9 April 2025, on 7 July 2025 Sparebanken Møre applied to the Financial Supervisory Authority for approval of the authorisation. In a response from the Financial Supervisory Authority dated24 October 2025, Sparebanken Møre was granted permission to use the 19 Sparebanken Møre Annual report 2025 Corporate governance Operations CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance 18 1. Implementation and reporting on corporate governance 18 2. Business 19 3. Equity and dividends 20 4. Equal treatment of equity certificate holders 20 5. Equity certificates and negotiability 20 6. General meeting 21 7. Nomination committee 21 8. Board of directors: composition and independence 22 9. The work of the board of directors 23 10. Risk management and internal control 23 11. Remuneration of the board of directors 24 12. Salary and other remuneration of executive employees 25 13. Information and communications 25 14. Take-overs 25 15. Auditor STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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authorisation to acquire treasury equity certificates for a total amount of up to NOK 59,754,240. The authorisation was valid from 24 October 2025 to 31 December 2025 and contributed to a 0.2-percentage point deduction in the bank’s CET1 capital in the same period. The Board of Directors has been authorised to acquire own equity certificates for up to NOK 64,734,150 in 2026 from the General Meeting on 20 November 2025. As per 31,12.2025, an application to the Financial Supervisory Authority has not been sent. Deviations from the Code of Practice: None 4. Equal treatment of equity certificate holders All equity certificate holders shall be treated equally and have the same opportunity to influence the bank. All equity certificates have the same voting rights. Equity certificate holders shall have preferential rights when the equity share capital is increased, unless special circumstances indicate that these should be waived. Such waivers must be justified, and the justification published as a stock exchange notice in connection with the capital increase. On 9 April 2025, the General Meeting authorised the Board to increase equity certificate capital by up to NOK 99,591,040 if the situation warrants it. The authorisation is valid until the Annual General Meeting in 2026, although for no longer than 31 March 2026. The authorisation had not been exercised at the end of the year since there had been no need to do so. The authorisation contains a provision stating that the equity certificate holders’ pre-emptive rights can be waived. Nevertheless, should it become relevant to exercise the authorisation, special grounds for waiving the pre-emptive rights must exist at the relevant time. The justification must be included in a stock exchange notice published in connection with the capital increase. The justification must specifically state how the consideration of equal treatment of equity certificate holders is safeguared. Sparebanken Møre’s transactions involving its own equity certificates take place via the stock exchange. Equity certificates are bought back at the current market price. To ensure equity certificate holders influence in decisions concerning the equity certificate capital, the articles of association were amended to state that specified matters of significance for the equity certificate capital cannot be approved by the General Meeting without the agreement of a two-thirds majority of the votes of the general meeting members elected by equity certificate holders. An indication of which matters this concerns is provided in the articles of association, which are available on Sparebanken Møre’s website. Deviations from the Code of Practice: None 5. Equity certificates and negotiability Sparebanken Møre’s has issued equity certificates that are listed on the Oslo Børs with the ticker MORG. The equity certificates are freely negotiable. Sparebanken Møre’s articles of association contain no restrictions on negotiability. Upon acquisition of a qualifying holding in a financial institution (10 per cent or more of the capital), the special rules regarding authorisation from the Financial Supervisory Authority of Norway apply, ref. the Financial Institutions Act, chapter 6. Deviations from the Code of Practice: None, with the exception of the special rules that follow from the Norwegian Financial Institutions Act regarding the acquisition of qualifying holdings in financial institutions. 6. General meeting The equity in savings banks that have issued equity certificates consists of equity certificate capital and primary capital, which includes retained earnings in the two classes of capital. The primary capital is own funds. Therefore, other requirements apply with regard to the composition of the General Meeting than those that apply with regard to public limited companies. The requirements are set out in the Norwegian Financial Institutions Act, chapter 8. Sparebanken Møre complies with the statutory requirements. Therefore, point 6 of the Code of Practice does not fully apply to savings banks. Sparebanken Møre’s supreme body is the General Meeting. When composing the General Meeting, emphasis must be given to ensuring that the elected members in aggregate reflect the financial institution’s customer structure and other stakeholder groups, as well as its societal role, ref. section 8-2(1) of the Financial Institutions Act. The equity certificate holders’ right to representation us regulated by section 10-11 of the Financial Institutions Act. Sparebanken Møre’s General Meeting has 44 members and 14 deputy members, of which: 17 members and four deputy members are elected by equity certificate holders; 13 members and four deputy members are elected by and from amongst the bank’s customers; 11 members and four deputy members are elected by and from amongst the employees; and three members and two deputy members are elected by the General Meeting to represent local communities. The requirements for the composition of the General Meeting are set out in Sparebanken Møre’s articles of association. An overview of the elected members is available on Sparebanken Møre’s website. The members of the General Meeting are personally elected and cannot be represented by proxy. Elected deputy members attend in the event of absences. 20 Sparebanken Møre Annual report 2025 Corporate governance Operations CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance 18 1. Implementation and reporting on corporate governance 18 2. Business 19 3. Equity and dividends 20 4. Equal treatment of equity certificate holders 20 5. Equity certificates and negotiability 20 6. General meeting 21 7. Nomination committee 21 8. Board of directors: composition and independence 22 9. The work of the board of directors 23 10. Risk management and internal control 23 11. Remuneration of the board of directors 24 12. Salary and other remuneration of executive employees 25 13. Information and communications 25 14. Take-overs 25 15. Auditor STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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Invitations to meetings of the General Meeting are sent out 21 days before the meeting in question. The invitation and supporting documents are published on Sparebanken Møre’s website at the same time. The documents are also published on Newsweb Oslo Børs. A member of the General Meeting can ask for the documents to be sent to them. The supporting documents should be sufficiently accurate and comprehensive to enable members of the General Meeting to determine which matters should be considered. The Chair of the Board, CEO and auditor have a duty to attend the General Meeting. Provisions have been included in the Instructions for the Board specifying that board members ought to attend the General Meeting. The members of the Nomination Committee are members of the general Meeting and attend meetings of the General Meeting. The General Meeting shall elect a Chair and Deputy Chair from among the members of the General Meeting not employed by Sparebanken Møre. General Meetings shall be chaired by the Chair, or the Deputy Chair in the event of the chair’s absence. Elections of equity certificate holders as members of the General Meeting take place at an annual election meeting. All known equity certificate owners are invited to the meeting, and have the right to submit proposals, speak and vote. There is also an option to vote via a proxy. Elections of the customers as members of the General Meeting take place at an annual election meeting. According to further provisions in the articles of association, customers who have, and have had for the last 6 months, deposits in the savings bank of at least NOK 2,500 can participate in the election. Deviations from the Code of Practice: Point 6 of the Code of Practice does not fully apply to savings banks that have issued equity certificates. 7. Nomination committee Sparebanken Møre’s articles of association include provisions concerning nomination committees. The General Meeting has established instructions for the General Meeting’s Nomination Committee. The General Meeting’s Nomination Committee is elected by the General Meeting. The Chair of the General Meeting’s Nomination Committee is elected by the General Meeting in a specific election. The General Meeting determines the Nomination Committee’s remuneration. The General Meeting’s Nomination Committee is in contact with the Chair of the Board, the board members and the CEO in its work on proposing candidates for the Board. The Nomination Committee receives the Board’s evaluation of its own work. The General Meeting’s Nomination Committee consists of six members elected from among the members of the General Meeting. The Nomination Committee has representatives from all the interest groups represented at the General Meeting, and its composition reflects the composition of the General Meeting, see section 6 above. There is an extra emphasis on ensuring reasonable representation with respect to gender, background, geography and age. The nomination committees are independent of the Board of Directors and Group Management. Neither board members nor members of group management are members of the committee. Members of nomination committees are elected for 2 years at a time, and no one may serve for more than 6 consecutive years. The General Meeting’s Nomination Committee shall make recommendations to the General Meeting con- cerning the election of the General Meeting’s members and deputy members who will represent its societal role, the Chair and Deputy Chair of the General Meet- ing, the Chair, Deputy Chair and other members of the Board of Directors and the Chair and members of the General Meeting’s Nomination Committee. The Nomi- nation Committee also proposes remuneration rates for the aforementioned employee representatives, and for the Chair and other members of other nomination committees. The reasons for the Nomination Committee’s recommendations must be stated. Equity certificate holders elect their own nomination committee, which is responsible for preparing the equity certificate holders’ election of members of the General Meeting. This committee has three members. Customer-elected members of the General Meeting elect their own nomination committee, which is responsible for preparing the customers’ elections of members of the General Meeting. This committee has four members. An overview of the members of the various nomination committees can be found on Sparebanken Møre’s website. Deviations from the Code of Practice: None 8. Board of directors: composition and independence The Board of Directors consists of eight members. Six of the members are elected by the General Meeting. Two of the members, along with two deputy members, are elected from among the employees. The Board of Directors shall be composed of a diverse group of people. When electing board 21 Sparebanken Møre Annual report 2025 Corporate governance Operations CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance 18 1. Implementation and reporting on corporate governance 18 2. Business 19 3. Equity and dividends 20 4. Equal treatment of equity certificate holders 20 5. Equity certificates and negotiability 20 6. General meeting 21 7. Nomination committee 21 8. Board of directors: composition and independence 22 9. The work of the board of directors 23 10. Risk management and internal control 23 11. Remuneration of the board of directors 24 12. Salary and other remuneration of executive employees 25 13. Information and communications 25 14. Take-overs 25 15. Auditor STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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members, an assessment must be made of the member’s suitability for the position. The Board of Directors’ overall competence must also be assessed. Factors assessed in suitability assessments include qualifications, capacity, independence, suitability/ reputation, diversity and the Board’s ability to function as a collegial body. The legislation sets requirements for the documentation of suitability assessments of board members of financial institutions. Suitability assessments are reported to the Financial Supervisory Authority of Norway. The composition of the Board satisfies the requirements of the Public Limited Liability Companies Act concerning the representation of both genders on the Board. Each gender is represented on the Board with 50 per cent. The majority of board members must be independent of executive persons, important business associates and the largest owners of equity certificates. No executive persons are members of the Board. The Chair and Deputy Chair of the Board are elected by the General Meeting through specific elections. The articles of association stipulate that board members are elected for 2 years. Of the elected members, four come up for re-election in one year, and four members come up for re-election during the following year. Members who are up for election can be re-elected. The articles of association stipulate that an elected member of the Board cannot hold their position for a continuous period of more than 12 years, or for more than 20 years in total. The annual report contains information about who the board members are, the competence of the board members, how many equity certificates each member owns, their participation in board meetings and other matters. Deviations from the Code of Practice: None 9. The work of the board of directors The Board bears overall responsibility for management of the institution and for supervising the day-to-day management team and the institution’s activities. The Board has established instructions for the Board and day-to-day management that clearly set out the internal division of responsibilities and duties. The instructions for the Board contain rules concerning the Board’s work and procedures, including which matters the Board should deal with, the CEO’s duties and obligations with respect to the Board and rules for convening meetings and meeting procedures. The Board prepares an annual plan for its work that covers duties stipulated in Acts, Regulations, government decisions, the articles of association and resolutions of the General Meeting. The Board sets out Sparebanken Møre’s overall long-term financial targets. These are set forth in the Group’s strategy document. The document is revised annually in a joint process involving the Board and Group Management. In this way, the Board ensures Sparebanken Møre is managed in such a way that the overall agreed targets are met. The Board stays informed of Sparebanken Møre’s financial position and performance through its approval of quarterly and annual reports and monthly reviews of financial position and performance. The Board must ensure that the activities are subject to satisfactory control and that the Group’s capital situation is prudent given the scope of the activities and their associated risk. The Board’s responsibilities related to the reviewing and reporting of risk management and internal control are described in section 10 below. The Norwegian Financial Institutions Acts established stricter rules regarding conflicts of interest than those that follow from the Public Limited Companies Act. The Board has in the instructions for the Board set guidelines concerning impartiality that are stricter in relation to some points than the statutory requirements. The instructions for the Board state how the Board and the day-to-day management team shall treat agreements with close associates. The board members and Group Management are also subject to the institution’s guidelines for identifying and handling conflicts of interest. The Board ensures that board members and executive persons disclose to the bank of any material interests they may have in matters that will be considered by the Board. The annual financial statements contain further information about transactions between close associates. Should material transactions take place between Sparebanken Møre and equity certificates holders, board members, executive persons or close associates of these, the Board shall ensure that a valuation is obtained from an independent third party, except for matters that have been discussed and voted on by the General Meeting. An independent valuation must also be obtained in the event of transactions between institutions in the same group where there are minority shareholders. Sparebanken Møre’s subsidiaries were, as at 31 Decem- ber 2025, all wholly owned by Sparebanken Møre. When considering important matters in which the Chair of the Board is, or has been, actively engaged, the Board’s consideration shall be chaired by the Board’s Deputy Chair or another board member. 22 Sparebanken Møre Annual report 2025 Corporate governance Operations CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance 18 1. Implementation and reporting on corporate governance 18 2. Business 19 3. Equity and dividends 20 4. Equal treatment of equity certificate holders 20 5. Equity certificates and negotiability 20 6. General meeting 21 7. Nomination committee 21 8. Board of directors: composition and independence 22 9. The work of the board of directors 23 10. Risk management and internal control 23 11. Remuneration of the board of directors 24 12. Salary and other remuneration of executive employees 25 13. Information and communications 25 14. Take-overs 25 15. Auditor STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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The Board elects an audit committee, a risk committee and a remuneration committee. The committees’ members are elected by and from among the members of the Board. The Audit Committee and the Risk Committee have three members, all of which are independent of the institution. The Remuneration Committee has four members, one of which is an employee-elected member. All committee members are independent of executive persons. The Board has adopted instructions for board committees describing the committees’ duties and procedures. The Remuneration Committee is discussed in more detail in point 12 below. Each year, the Board evaluates its own work and professional competence to see if improvements can be made. Deviations from the Code of Practice: None 10. Risk management and internal control Sparebanken Møre uses a comprehensive risk management process as the basis for its internal control. In order to carry out comprehensive risk management within Sparebanken Møre, the global internal control standard COSO model is used. The Board has adopted guidelines for internal governance. The document covers the principles, policies, roles, tools, methods and processes associated with approving goals, strategies and managing risks. For example, it specifies that, as a general rule, each manager in the Group must ensure that they possess adequate knowledge of all material risks within their area of responsibility, such that the risk can be managed in a financially and administratively prudent manner. The “Instructions for the Board of Directors of Sparebank Møre” defines the Board’s role and the importance, form, content and implementation of the Board’s work. This also includes risk management via both its management function and its supervisory function. Separate instructions have also been prepared for the Group’s Audit Committee and Risk Committee, along with separate instructions for the Remuneration Committee. The Board shall ensure that risk management and internal control processes within Sparebanken Møre are adequate and systematic, and that these processes have been established in compliance with laws and regulations, articles of association, instructions and external and internal guidelines. The Board establishes principles and guidelines for risk management and internal control for the various levels of activity pursuant to the risk bearing capacity of the bank and the Group, and make sure that the strategies and guidelines are being communicated to the employees. The Board shall systematically and regularly assess strategies and guidelines for risk management. Furthermore, the Board shall monitor and periodically assess the effectiveness of the Group’s overall management and control, including taking into account internal and external influencing factors. The latter point especially applies in the case of changes in economic cycles and macroeconomic general conditions. To ensure that Sparebanken Møre’s risk management and internal control processes are carried out satisfactorily, the Board receives various types of reports on an ongoing basis throughout the year from Sparebanken Møre’s control bodies, including the risk management function and compliance function, as well as internal and external auditors. The Board actively participates in the annual ICAAP , Recovery Plan and Crisis Management Framework via the implementation of these in the long-term strategic plan. The Board revises and approves all the bank’s general risk management documents at least once a year. Every year, the CEO reports on the structure and efficiency of the Group’s internal control. The bank is organised into three lines of defence that contribute to the management and control of the Group’s activities and a satisfactory division of responsibilities between the institution’s business areas. This is intended to prevent conflicts of interest and ensure compliance with the applicable recommendations for the organisation of financial institutions. The lines of defence report directly to Group Management and/or the Board. Appropriate internal control procedures, mechanisms and processes must be designed, developed, maintained and evaluated within all three lines of defence. Both the Board’s annual report and the annual financial statements otherwise contain further information about Sparebanken Møre’s risk management and internal control. Deviations from the Code of Practice: None 11. Remuneration of the board of directors The remuneration of board members and the Board’s committees shall be determined by the General Meeting based the recommendations of the Nomination Committee. In determining the remuneration, there must be an emphasis on ensuring that the remuneration reflects the Board’s responsibilities, expertise, time spent and the complexity of the business. The board members’ remuneration is not performance- related. Options are not issued to board members. Provisions have been included in the instructions for the Board that state that board members, or companies to which they are connected, should not 23 Sparebanken Møre Annual report 2025 Corporate governance Operations CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance 18 1. Implementation and reporting on corporate governance 18 2. Business 19 3. Equity and dividends 20 4. Equal treatment of equity certificate holders 20 5. Equity certificates and negotiability 20 6. General meeting 21 7. Nomination committee 21 8. Board of directors: composition and independence 22 9. The work of the board of directors 23 10. Risk management and internal control 23 11. Remuneration of the board of directors 24 12. Salary and other remuneration of executive employees 25 13. Information and communications 25 14. Take-overs 25 15. Auditor STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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undertake any tasks for Sparebanken Møre in addition to their position on the Board. However, if they do, the entire Board must be informed. Fees for such services must be approved by the Board. If remuneration has been paid in addition to the ordinary board fee, such remuneration will be specified in notes in the annual report. Deviations from the Code of Practice: None 12. Salary and other remuneration of executive employees The Board revises the guidelines for the salaries and remuneration of executive employees every year. The guidelines are presented to General Meeting for approval in line with the provisions of the Norwegian Public Limited Companies Act. The Board’s report on executive pay is presented to the General Meeting each year for an advisory vote. Special rules apply to remuneration schemes in financial institutions. These are set out in the Norwegian Financial Institutions Act’s chapter 15. The Board has elected a Remuneration Committee from amongst the board members. Salaries and other remuneration in Sparebanken Møre should contribute to the Group achieving its targets and should encourage appropriate conduct. Furthermore, salaries and other remuneration should act as a means of good management and control in relation to the Group’s risk, should discourage unwanted risk-taking and should contribute to the avoidance of conflicts of interest. Remuneration schemes are also intended to support the Group’s sustainability goals as well as the goal of a working environment characterised by diversity, equality and inclusion. The implementation of the remuneration scheme must be reviewed at least once a year by the internal auditor, who will submit a report on the review to the Board. Sparebanken Møre has no established annual bonus scheme, although in years with good results and good target achievement the bank’s Board will consider giving a bonus to all of the bank’s employees, including executive employees, with the exception of the CEO. In 2025, the bank’s employees (with the exception of the CEO) were paid a bonus for the financial year 2024. This amounted to a fixed sum of NOK 30,000 plus 1.5 per cent of the individual’s gross salary. In addition, each employee can receive a lump-sum supplement as recognition of an extraordinary contribution. As a general requirement, lump-sum remuneration of executiveemployees, employees with duties of material importance to the bank’s risk exposure, and employees who perform control duties must be based on a combination of an assessment of the person concerned, the person’s business unit and the bank as a whole. The starting point for determining variable lump-sum remuneration shall be the risk- based result. For those executive employees and others mentioned above who are not in positions that are directly linked to result-generating units, greater emphasis is placed on achievement of the goals of the individual’s department/section in established managerial agreements, as regards results in relation to changes in working methods and the achievement of personal and case results. These assessments are based on the results achieved and, where possible, Sparebanken Møre’s total return on equity capital in the past 2 years. In the case of executive employees and others who work in result-generated units, the financial key figures defined in Sparebanken Møre’s balanced scorecard and the fulfilment thereof over the previous 2 years is given greater emphasis than in the case of persons who do not work in directly result-generating units. Attainment of the goals laid down for the individual and the department/unit in established management agreements over and above the financial figures in the balanced scorecard shall also be used for assessing these employees. The balanced scorecard contains various indicators which are directly related to risk- related results. At least half of the general bonus paid to all employees is given in the form of Sparebanken Møre’s equity certificates. The allocation is given from Sparebanken Møre’s holdings of its own equity certificates corresponding to the market value at the time of settlement. Executive employees, etc. shall receive at least half of their general bonus in the form of equity certificates. These equity certificates cannot be sold by the individual any earlier than evenly distributed over a period of at least 4 years. Executive employees and others who receive variable remuneration shall receive at least half of it in the form of equity certificates. In the case of variable remuneration that is not subject to deferral arrangements in accordance with section 15-4 of the Financial Institutions Regulations, ref. section 15-5, the awarded equity certificates cannot be disposed of at a pace faster than equal amounts evenly distributed over a period of at least 4 years. In the event of a negative trend in Sparebanken Møre’s results, or in the specific results of the business unit of the employee, all or parts of the approved variable remuneration may be reclaimed over the following 4 years after receipt of the variable remuneration. Conduct that provides reasonable grounds for dismissal may also result in all or parts of approved variable remuneration being reclaimed. Variable remuneration shall only be paid out if it is prudent in relation to the institution’s overall financial position. 24 Sparebanken Møre Annual report 2025 Corporate governance Operations CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance 18 1. Implementation and reporting on corporate governance 18 2. Business 19 3. Equity and dividends 20 4. Equal treatment of equity certificate holders 20 5. Equity certificates and negotiability 20 6. General meeting 21 7. Nomination committee 21 8. Board of directors: composition and independence 22 9. The work of the board of directors 23 10. Risk management and internal control 23 11. Remuneration of the board of directors 24 12. Salary and other remuneration of executive employees 25 13. Information and communications 25 14. Take-overs 25 15. Auditor STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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Executiveemployees, etc. shall not have agreements or insurance policies that provide security against the loss of performance-based remuneration. Deviations from the Code of Practice: None 13. Information and communications Sparebanken Møre complies with the IR recommendations issued by Oslo Børs Exchange on 1 March 2021. The Board has established guidelines for reporting of financial and other investor information. The guidelines emphasise that correct, clear, relevant and real-time information about the Group’s performance and results should engender confidence and fulfil the requirement for equal treatment of stakeholders in the securities market. The guidelines also cover the Group’s contact with equity certificate holders outside the General Meeting. An annual plan regarding which stakeholders to contact, and when and how, is drawn up each year. Through its annual and interim reports, the bank seeks to achieve the required transparency regarding the most important factors relating to its development. This is done in order that all market participants may be able to form as correct a picture as possible of the bank’s situation. The Group Management gives special presentations in connection with the publication of Sparebanken Møre’s annual and interim results. The reports and presentations are made available to the market via Sparebanken Møre’s website, including webcast presentations, and by publication on Oslo Børs. English language versions of annual and quarterly reports, as well as quarterly presentations of the accounts, are produced. The bank’s banking connections and investors abroad are kept informed on a regular basis, partly through outreach in which Sparebanken Møre’s financial statements and development are among the topics discussed. Information about the bank’s equity certificates, dividend policy and financial calendar can be found on Sparebanken Møre’s website. Deviations from the Code of Practice: None 14. Take-overs The equity in savings banks that have issued equity certificates consists of equity certificate capital and primary capital, which includes retained earnings in the two classes of capital. Primary capital is own funds that cannot be taken over by others in the event of acquisition. The Norwegian Financial Institutions Act requires permission from the Financial Supervisory Authority of Norway for acquisitions of stakes that represent 10 per cent of more of a financial institution’s capital. The Act also requires permission from the Ministry of Finance for the merger of financial institutions, splitting up of financial institutions and disposal of all or material parts of a financial institution’s business. Deviations from the Code of Practice: Point 14 of the Code of Practice does not apply to savings banks that have issued equity certificates. 15. Auditor The Audit Committee ensures that the auditor draws up a plan for the execution of the auditing work each year and that the auditor presents this plan to the Audit Committee. The Board and the Audit Committee summon the auditor to attend meetings at which the annual accounts and sustainability reporting are considered. At such meetings, the CEO reviews any significant changes to the bank’s accounting policies and, in the event of significant matters related to the bank’s sustainability reporting. The auditor shall comment on the CEO’s review as well as account for key aspects of the audit, including significant matters where there has been disagreement between the auditor and the bank. Furthermore, the auditor’s view of the bank’s risk areas, internal control routines, accounting principles etc is also reviewed. Besides this, the auditor will make the board members aware of any areas which would benefit from an improvement in overall quality levels, and present proposed improvements where they are required. The Board’s annual plan includes an annual meeting with the auditor which the bank’s Group Management does not attend. The Board has adopted guidelines for the general management’s access to use the auditor for non-audit services. Deviations from the Code of Practice: None 25 Sparebanken Møre Annual report 2025 Corporate governance Operations CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance 18 1. Implementation and reporting on corporate governance 18 2. Business 19 3. Equity and dividends 20 4. Equal treatment of equity certificate holders 20 5. Equity certificates and negotiability 20 6. General meeting 21 7. Nomination committee 21 8. Board of directors: composition and independence 22 9. The work of the board of directors 23 10. Risk management and internal control 23 11. Remuneration of the board of directors 24 12. Salary and other remuneration of executive employees 25 13. Information and communications 25 14. Take-overs 25 15. Auditor STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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Part 2: Statement and results CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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Board of Directors’ Report The financial statements have been prepared in accordance with IFRS® accounting standards. Unless otherwise specified, figures refer to the Group. Figures in brackets refer to the corresponding period in 2024. NATURE OF THE BUSINESS Sparebanken Møre is an independent, listed financial services group, which consists of the parent bank, the mortgage company Møre Boligkreditt AS, the estate agency Møre Eiendomsmegling AS, and the property companies Sparebankeiendom AS and Storgata 41-45 Molde AS. Sparebanken Møre was established in 1985 by the merger of a number of local savings banks. The oldest bank that was part of this merger was Herrøe og Røvde Sparebank, which was founded in 1843. In the years since then, a strong local presence has been the very foundation of the bank’s business, and today Sparebanken Møre is the leading financial services group in our market area, Nordvestlandet. At the end of 2025, the bank employed 393 full-time equivalents (FTEs) spread across 24 branches in Møre og Romsdal and one in Oslo. Its head office is in Ålesund. Over many years, the bank has built up a large expert environment in relation to the retail and corporate markets, as well as the equity, interest rate and currency markets. Together with its subsidiary Møre Eiendomsmegling AS, Sparebanken Møre is a fullservice bank for people, businesses and the public sector in Nordvestlandet. Sparebanken Møre is a full-service bank for people, businesses and the public sector in Nordvestlandet. Sparebanken Møre offers a full range of financial services within the following areas: • Funding • Deposits and other forms of investments • Asset management • Financial advisory services • Money-transfer services • Currency and interest rate business for customers • Insurance • Real estate brokerage Key figures 2025 Group’s key figures (Comparable figures for 2024 in brackets) • Profit after tax: NOK 1,030 million (NOK 1,086 million) • Return on equity: 12.5 % (13.7 %) • Lending growth in the past 12 months: 3.0 % (6.5 %) • Deposit growth in the past 12 months: 7.6 % (4.5 %) • Primary capital amounted to 21.5 % (21.1 %) and Tier 1 capital 19.5 % (19.0 %), of which CET1 capital amounted to 17.7 % (17.2 %). • Earnings per equity certificate: NOK 9.57 (NOK 9.95) • The Board of Directors recommends that the Annual General Meeting pays a cash dividend of NOK 7.00 per equity certificate and sets aside NOK 361.2 million for dividend funds for local communities. Parent bank’s key figures • Profit after tax: NOK 1,000 million (NOK 1,045 million) • Primary capital amounted to 25.0 % (23.3 %) and Tier 1 capital 22.6 % (21.0 %), of which CET1 capital amounted to 20.4 % (18.9 %). • Earnings per equity certificate: NOK 9.28 (NOK 9.55) 0 300 600 900 1200 1500 20252024202320222021 0 4 8 12 16 20 Return on equity % Profit and return on equity Profit before tax 27 Sparebanken Møre Annual report 2025 Board of Directors’ Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance STATEMENT AND RESULTS 27 Board of Directors’ Report 27 Nature of the business 28 Strategy and goals 28 Key framework conditions 29 Results 31 Proposed allocation of profit for the year 32 Equity certificates and dividends 32 Business areas 35 Subsidiaries 36 Foundations 36 Financial investments 36 Research and development 36 Corporate governance 36 Risk and capital management 41 Employees and working environment 41 Directors’ and officers’ liability insurance 41 Going concern 41 Events after the balance sheet date 42 Sustainability Report 42 General introduction to our sustainability work 56 E – Climate and the environment 68 S – Social conditions 82 G - Governance 85 Future prospects 85 Thank you 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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STRATEGY AND GOALS Vision and values Sparebanken Møre’s vision is to be the leading contributor to creative enthusiasm in Nordvestlandet. Every day. Sparebanken Møre has strong ties to its local communities. The development of the bank depends on the sustainable development of Nordvestlandet, and the inhabitants and business sector depend on a financially strong, forward-looking bank. The bank’s vision reflects this interplay and means that we want to contribute to creating: • good results and profit • close relationships and positive customer experiences • sustainable development • new and relevant products • forward-thinking collaboration • strong teams on their way to the top • commitment to and pride in Nordvestlandet The bank’s core values are: close, committed and capable. Business model Sparebanken Møre shall be an independent bank and the preferred choice of retail customers and small and medium-sized enterprises in Nordvestlandet. The bank shall also be an attractive partner for larger companies and the public sector. The savings bank model is based on a belief that communities are stronger than individuals. We share a common destiny with everyone who lives and does business in Nordvestlandet, and our long-term goal is to strengthen future value creation and be a driving force behind development in Nordvestlandet. The savings bank model allows the bank to contribute to regional development, including by awarding gifts to good causes. The Group’s products and services shall, in total, be competitive, sustainable and profitable, and they shall contribute to value creation in the region. Sparebanken Møre bases its business on a contract banking model, which means that the Group can choose to operate and develop alone or together with partners/suppliers where appropriate. The Group wants to collaborate with the best partners. Sparebanken Møre also wants to attract the best employees. Its corporate culture should be character- ised by cooperation, learning, job enjoyment and moti- vation. Good attitudes and good professional bank- ing should create value for both customers and the bank. Through good interaction between the bank’s branches, digital channels, specialist functions and customer service, the bank shall ensure that it provides a high-quality customer experience. Financial objectives Sparebanken Møre’s long-term financial targets for the 2025-2028 strategy period are a return on equity in excess of 13 per cent and a cost/income ratio of less than 40 per cent. Sparebanken Møre’s goal is to keep losses low. Positive power for transition As a regional savings bank, Sparebanken Møre has a unique opportunity to help ensure that our funds contribute to a sustainable transition for customers and the region of which we are a part. A number of measures were implemented in 2025 within the areas of the environment, social conditions and governance (ESG). These are described in more detail in the section on Sustainability and Social Responsibility near the end of the Board of Directors’ Report. KEY FRAMEWORK CONDITIONS Internationally American politics was a key issue in 2025. For example, the US president and his new administration created considerable uncertainty after announcing extensive trade policy measures in the first half of the year. The results were major fluctuations in the financial markets and concerns about future growth in the global economy. In the second half of the year, US trade policy became clearer, and it became apparent that the overall scope would probably be less than initially feared. This paved the way for a clear upturn in the equity markets and greater optimism during the second half of the year. At the same time, however, uncertainty surrounding international security and geopolitics persists. Norway Norway has a small, open economy and uncertainty about international trade relations also impacted us throughout 2025. However, the backdrop has been a Norwegian economy that appears relatively robust, with low unemployment and increasing levels of activity in many industries. Lower inflation, combined with favourable wage settlements, contributed to households experiencing a clear increase in purchasing power in 2025. This helped to boost growth in the Norwegian mainland economy compared with previous years. Here in Norway, the central bank has also begun the process of restoring interest rates to more normal levels. In 2025, Norges Bank lowered its key rate twice, bringing it down to 4.0 per cent Its latest interest rate curve indicates that the key rate will be reduced further in 2026. 28 Sparebanken Møre Annual report 2025 Board of Directors’ Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance STATEMENT AND RESULTS 27 Board of Directors’ Report 27 Nature of the business 28 Strategy and goals 28 Key framework conditions 29 Results 31 Proposed allocation of profit for the year 32 Equity certificates and dividends 32 Business areas 35 Subsidiaries 36 Foundations 36 Financial investments 36 Research and development 36 Corporate governance 36 Risk and capital management 41 Employees and working environment 41 Directors’ and officers’ liability insurance 41 Going concern 41 Events after the balance sheet date 42 Sustainability Report 42 General introduction to our sustainability work 56 E – Climate and the environment 68 S – Social conditions 82 G - Governance 85 Future prospects 85 Thank you 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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Financial markets’ performance Deposits are the Group’s most important source of funding. The deposit-to-loan ratio of 59.4 per cent as at 31 December 2025 was relatively high and helps both reduce Sparebanken Møre’s dependence on the financial markets. The deposit-to-loan ratio is within the bank’s defined target range of 55-60 per cent, measured as a percentage of lending. Norwegian banks have good access to market funding in both the Norwegian and European markets. Borrowing margins rose in the first part of 2025, mainly due to the US president’s tariff policy initiatives, although they have fallen significantly from their peak in April. At the end of 2025, borrowing margins for the bank’s key funding sources were 15-20 basis points lower than at the start of the year. The Group obtained funding from a range of sources in 2025. It is particularly noteworthy that Møre Boligkreditt AS issued its first so-called benchmark loan of NOK 6 billion in Norwegian currency, thereby establishing itself as a benchmark issuer in both NOK and EUR. MREL One key element of the crisis management rules is that capital instruments and debt can be written down and/or converted to equity (bail-in). The Financial Institutions Act, therefore, requires the bank to meet, at all times, a minimum requirement regarding the sum of its own funds and convertible debt at all times (MREL – minimum requirement for own funds and eligible liabilities) such that the bank has sufficient primary capital and convertible debt to cope with a crisis without the use of public funds. The decision on the minimum MREL requirement is a result of the Financial Supervisory Authority’s assessment of each individual bank in connection with its annual work on crisis response plans for Norwegian banks. The crisis response plan specifies the crisis measures that the Financial Supervisory Authority of Norway may implement when conditions necessitate crisis management. In December 2025, the Financial Supervisory Authority set minimum requirements for the sum of primary capital and eligible liabilities for 15 banks. Sparebanken Møre, together with seven other banks, must meet the full MREL and subordination requirements, while seven banks must satisfy simplified MREL requirements without subordination. Sparebanken Møre’s effective MREL requirement as at 1 January 2026, is 35.7 per cent, the same as the previous require ment announced in December 2024. The mini- mum subordination requirement was set at 28.7 per cent. The MREL requirement must be covered by own funds or debt instruments with a lower priority than ordinary, unsecured, non-prioritised debt (senior debt). RESULTS The annual financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS), as established by the International Accounting Standards Board and approved by the EU as at 31 December 2025. Net interest income Net interest income totalled NOK 2,014 million (NOK 2,071 million), and as a proportion of average total assets this amounted to 1.89 per cent (2.08 per cent). Interest rate margins contracted in both the retail and corporate markets compared with 2024. The lending margin for the corporate market has contracted somewhat compared with 2024, while for the retail market it has slightly improved. Other operating income Other operating income in 2025 amounted to NOK 376 million. (0.35 per cent of average assets). This is an increase of NOK 46 million compared with 2024. Dividends amounted to NOK 6 million, compared with NOK 14 million in 2024. Capital gains on the bond portfolio amounted to NOK 25 million, compared with a capital loss of NOK 8 million in 2024. Capital gains on 0 500 1000 1500 2000 2500 20252024202320222021 0 1 2 3 4 5 MNOK % Net interest income % Net interest income MNOK Net interest income 0 50 100 150 200 250 300 350 400 20252024202320222021 0.00 0.15 0.30 0.45 0.60 0.75 0.90 1.05 1.20 MNOK % As a % of average assets Other operating income Other operating income 29 Sparebanken Møre Annual report 2025 Board of Directors’ Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance STATEMENT AND RESULTS 27 Board of Directors’ Report 27 Nature of the business 28 Strategy and goals 28 Key framework conditions 29 Results 31 Proposed allocation of profit for the year 32 Equity certificates and dividends 32 Business areas 35 Subsidiaries 36 Foundations 36 Financial investments 36 Research and development 36 Corporate governance 36 Risk and capital management 41 Employees and working environment 41 Directors’ and officers’ liability insurance 41 Going concern 41 Events after the balance sheet date 42 Sustainability Report 42 General introduction to our sustainability work 56 E – Climate and the environment 68 S – Social conditions 82 G - Governance 85 Future prospects 85 Thank you 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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equities were NOK 1 million, compared with a capital loss of NOK 9 million in 2024. Income from other financial instruments decreased by NOK 19 million compared with 2024. Other operating income, excluding financial instruments, increased by NOK 30 million compared with 2024. See Note 16 for a specification of other operating income. Expenses Total expenses were NOK 993 million, which is NOK 38 million higher than in 2024. Personnel expenses increased by NOK 13 million compared with 2024 and amounted to NOK 538 million. Staffing has been reduced by 9 FTEs in the past 12 months to 393 FTEs. Other operating expenses were NOK 25 million higher than in 2024. See Note 18 and Note 19 for a specification of expenses. The cost income ratio for 2025 was 41.6 per cent, which represents an increase of 1.8 percentage points compared with 2024. Provisions for expected losses and credit- impaired commitments. The accounts were charged NOK 47 million in losses on loans and guarantees in 2025, while the accounts for 2024 were charged NOK 20 million. At the end of 2025, provisions for expected losses totalled NOK 263 million, equivalent to 0.29 per cent of gross loans and guarantee commitments (NOK 263 mil- lion and 0.29 per cent). Of total provision for expected losses, NOK 38 million relates to credit-impaired com- mitments more than 90 days past due (NOK 40 million), which represents 0.04 per cent of gross loans and guarantee commitments (0.04 per cent), while NOK 89 million relates to other credit-impaired commitments (NOK 76 million), corresponding to 0.10 per cent of gross loans and guarantee commitments (0.09 per cent). Net credit-impaired commitments (commitments more than 90 days past due and other credit-impaired commitments) have decreased by NOK 116 million in the past 12 months. At year end 2025, the corporate market accounted for NOK 119 million of net credit- impaired commitments and the retail market NOK 160 million. In total, this represents 0.30 per cent of gross loans and guarantee commitments (0.45 per cent). Total assets At the end of 2025, total assets amounted to NOK 109,418 million. This represented a NOK 7,083 million or 6.9 per cent increase compared with last year. The change in total assets was mainly due to an increase in loans and certificates, bonds and other interest- bearing securities. 0 10 20 30 40 50 20252024202320222021 0.00 0.25 0.50 0.75 1.00 1.25 % % In % of average assets In % of income (C/I) Expenses -60 -30 0 30 60 90 20252024202320222021 -0.4 -0.2 0.0 0.2 0.4 0.6 MNOK % In % of average assets Losses Losses 40000 60000 80000 100000 120000 20252024202320222021 MNOK Lending Total assets Deposits Balance sheet 0 25 50 75 100 125 20252024202320222021 0 100 200 300 400 500 % FTEs Total assets (BN NOK) Total assets and FTEs BN NOK 30 Sparebanken Møre Annual report 2025 Board of Directors’ Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance STATEMENT AND RESULTS 27 Board of Directors’ Report 27 Nature of the business 28 Strategy and goals 28 Key framework conditions 29 Results 31 Proposed allocation of profit for the year 32 Equity certificates and dividends 32 Business areas 35 Subsidiaries 36 Foundations 36 Financial investments 36 Research and development 36 Corporate governance 36 Risk and capital management 41 Employees and working environment 41 Directors’ and officers’ liability insurance 41 Going concern 41 Events after the balance sheet date 42 Sustainability Report 42 General introduction to our sustainability work 56 E – Climate and the environment 68 S – Social conditions 82 G - Governance 85 Future prospects 85 Thank you 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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Lending to customers At the end of 2025, net lending to customers amounted to NOK 89,469 million (NOK 86,875 million). In the past 12 months, gross customer lending has increased by a total of NOK 2,594 million, equivalent to 3.0 per cent Retail lending has increased by 3.1 per cent, while corporate lending has increased by 2.7 per cent in the past 12 months. Retail lending accounted for 66.5 per cent of lending at year end 2025 (66.4 per cent). Customer deposits Customer deposits have increased by NOK 3,785 million and 7.6 per cent in the past 12 months. At year end 2025, deposits amounted to NOK 53,335 million (NOK 49,550 million). Retail deposits have increased by 4.5 per cent in the past 12 months, while corporate deposits and public sector deposits have increased by 12.6 per cent. The retail market’s relative share of deposits amounted to 59.1 per cent (60.8 per cent), while deposits from the corporate market accounted for 40.9 per cent (39.2 per cent). Capital adequacy Sparebanken Møre is well capitalised. At the end of 2025, the CET1 capital ratio was 17.7 per cent (17.2 per cent). This is 1.51 percentage points higher than the total minimum requirement and the Financial Supervisory Authority of Norway’s expected capital adequacy margin (P2G) totalling 16.15 per cent. Primary capital was 21.5 per cent (21.1 per cent) and Tier 1 capital 19.5 per cent (19.0 per cent). Sparebanken Møre’s internal minimum CET1 capital ratio requirement is 16.15 per cent. The requirement consists of a minimum requirement of 4.5 per cent, a capital conservation buffer of 2.5 per cent, a systemic risk buffer of 4.5 per cent and a countercyclical buffer of 2.5 per cent. Financial Supervisory Authority of Norway conducted SREP in 2025. The individual The Pilar 2 requirement for Sparebanken Møre has been set at 1.6 per cent, and the expected capital adequacy margin has been set at 1.25 per cent At least 56.25 per cent of the Pillar 2 requirement that resulted from the aforementioned SREP must be met with CET1 capital (0.9 per cent), while a minimum of 75 per cent must be met with Tier 1 capital. The capital requirement margin must be met with CET1 capital. The leverage ratio (LR) at year end 2025 was 7.2 per cent (7.4 per cent). The regulatory minimum requirement (3 per cent) was met by a good margin. Securities Holdings of investments in securities (the LCR port- folio plus the surplus liquidity portfolio) at year end 2025 amounted to NOK 15,479 million compared with NOK 12,144 million at year end 2024. The volume of the portfolio is generally tailored to the LCR requirement, but also the bank’s overall liquidity situation. The bank had no significant trading portfolio at year end 2025. The bank’s Additional Tier 1 capital consist of two loans totalling NOK 750 million. Both loans are subject to variable rates. PROPOSED ALLOCATION OF PROFIT FOR THE YEAR Please see the provisions on the distribution of profits in the Financial Institutions Act, including section 10-17, and Sparebanken Møre’s dividend policy. It is proposed that 73.1 per cent of the Group’s profit (75.5 per cent of the parent bank’s profit) be distributed as cash dividends to equity certificate holders and dividend funds for local communities. Based on the accounting breakdown of equity in the parent bank between equity certificate capital and the primary capital fund, 49.11 per cent of the profit will be allocated to equity certificate holders and 50.89 per cent to the primary capital fund. The Group posted earnings per equity certificate of NOK 9.57 in 2025 (NOK 9.28 in the parent bank). The Board of Directors is also planning to propose to the Annual General Meeting a cash dividend per equity certificate for the 2025 financial year set at NOK 7.00, NOK 349 million in total. The corresponding provision for dividend funds for local communities will amount to NOK 361 million. Proposed allocation of profit (NOK million): Profit for the year 1 000 Share allocated to AT1 instrument holders 60 Dividend funds (75.5 per cent) To cash dividends 349 To dividend to the loacal community 361 710 Strengthening equity (24.5 per cent) To the dividend equalisation fund 113 To the primary capital fund 117 230 Total allocated 1 000 0 5 10 15 20 20252024202320222021 % Additional Tier 1 capital CET1 Capital adequacy 31 Sparebanken Møre Annual report 2025 Board of Directors’ Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance STATEMENT AND RESULTS 27 Board of Directors’ Report 27 Nature of the business 28 Strategy and goals 28 Key framework conditions 29 Results 31 Proposed allocation of profit for the year 32 Equity certificates and dividends 32 Business areas 35 Subsidiaries 36 Foundations 36 Financial investments 36 Research and development 36 Corporate governance 36 Risk and capital management 41 Employees and working environment 41 Directors’ and officers’ liability insurance 41 Going concern 41 Events after the balance sheet date 42 Sustainability Report 42 General introduction to our sustainability work 56 E – Climate and the environment 68 S – Social conditions 82 G - Governance 85 Future prospects 85 Thank you 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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EQUITY CERTIFICATES AND DIVIDENDS At year end 2025, there were 7,614 holders of Spare- banken Møre’s equity certificates. The proportion of equity certificates owned by foreign nationals and entities amounted to 4.0 per cent at the end of the year. 49,795,520 equity certificates have been issued. At year end, equity certificate capital accounted for 49.1 per cent of the bank’s total equity. Note 34 includes a list of the 20 largest holders of the bank’s equity certificates. Sparebanken Møre encourages all employees to own equity certificates in Sparebanken Møre and con- tributes to this via reward schemes. At the end of the year, employees held 947,121 equity certificates in Sparebanken Møre, which makes employees the eighth largest MORG owner overall. As at 31 December 2025, the bank owned 231,141 treasury equity certificates (including 50,000 treasury equity certificates lent to Arctic in accordance with the market making agreement). These were purchased on the Oslo Børs at market price. The aim of Sparebanken Møre is to achieve financial results which provide a good and stable return on the bank’s equity capital. The results should ensure that the owners of the equity receive a competitive long- term return in the form of cash dividends and capital appreciation on their equity. Dividends consist of cash dividends for equity certificate holders and dividend funds for local communities. The pro- portion of profits allocated to dividends is in line with the bank’s capital strength. Unless the bank’s capital strength dictates otherwise, it is expected that about 50 per cent of this year’s surplus can be distributed as dividends. Sparebanken Møre’s allocation of earnings should ensure that all EC holders are guaranteed equal treatment. BUSINESS AREAS Retail Banking Division Sparebanken Møre is the market leader in Nordvest- landet, and more than one in four private individuals in the county are customers of the bank. The bank saw good growth both in and outside our county, Møre og Romsdal. In our county, our market share grew from 26.2 per cent at the start of the year to 26.6 per cent at the end of 2025 (source: Eiendomsverdi AS). The bank is enjoying particularly strong growth in Nordmøre and its market share in Kristiansund increased from 13.4 per cent at the start of the year to 14.3 per cent at the end of the year. (Source: Eiendomsverdi AS). The bank continues to grow well in large parts of the county, particularly in Hustadvika Municipality, where a new branch opened in 2024. Market share in Hustadvika increased from 5.3 per cent to 6.4 per cent during the year. (Source: Eiendomsverdi AS). Total lending growth ended at NOK 1.8 billion, equiva- lent to 3.1 per cent. The lending balance ended at NOK 59.7 billion at the end of the year. Deposit growth has remained strong for several years and increased by NOK 1.3 billion (4.5 per cent), reaching NOK 31.5 billion for the retail market at the end of the year. 2025 was another record year within asset management with strong growth in the number of new high-net-worth customers. The bank is seeing increased interest in savings and investments in several customer segments. High net worth customers, in particular, demonstrated a great deal of confidence in us over the past year. Availability and a strong expert environment were important for customers in yet another year of high inflation and a relatively high interest rate. The bank is seeing good growth in new customers in Nordvestlandet, Oslo and other major cities in Norway. This is good confirmation of the bank’s business model and competitiveness. Sparebanken Møre places great importance on vail- ability, skills and good customer service. Fast response times and good expertise are not going unnoticed by the general public and are appreciated by customers. 1 in 4 private individuals and companies in the county are customer of Sparebanken Møre. 32 Sparebanken Møre Annual report 2025 Board of Directors’ Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance STATEMENT AND RESULTS 27 Board of Directors’ Report 27 Nature of the business 28 Strategy and goals 28 Key framework conditions 29 Results 31 Proposed allocation of profit for the year 32 Equity certificates and dividends 32 Business areas 35 Subsidiaries 36 Foundations 36 Financial investments 36 Research and development 36 Corporate governance 36 Risk and capital management 41 Employees and working environment 41 Directors’ and officers’ liability insurance 41 Going concern 41 Events after the balance sheet date 42 Sustainability Report 42 General introduction to our sustainability work 56 E – Climate and the environment 68 S – Social conditions 82 G - Governance 85 Future prospects 85 Thank you 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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Activity in the area is good, and unemployment is low. The number of homes sold increased by 9.4 per cent compared with 2024, which is in line with the national average. Sparebanken Møre wants to be a driving force behind sustainable development. In the role of adviser for multiple retail customers, it is important to actively encourage customers to make sustainable choices. Higher energy costs and a generally higher prices mean that many customers must reduce their spending. Good advice that ensures the customers have healthy and sustainable personal finances is more important than ever. Having an adviser who knows you and who welcomes being contacted is important for many customers. The default rate in the portfolio is low and stable. In our experience, most people manage their personal financial situation well and have reserves to draw upon when needed. However, some customers find that their personal finances are tighter and seek more advice. Only a few of the bank’s customers are experiencing challenges servicing their commitments, and the number of customers applying for installment-free periods remains stable and low. Although the bank is finding that most customers can handle higher costs and interest rates, some potential new customers are contacting us through our Grep department. This department was established in autumn 2023 and specialises in helping customers facing financial challenges. The “Grep” concept, which is a service for mortgage customers who need closer follow-up and assistance in order to take action regarding their personal finances. The advisers in the department have specialist expertise and long experience in debt counselling in NAV, combined with good banking expertise. They deal with both new and existing customers, and their mission is to help more people achieve a long-term, sustainable personal financial situation. Expert advisers combined with products that are well- suited to meeting customers’ needs made important contributions to creating good customer experiences. All employees who advise customers must complete their FinAut authorisation programmes. They must also undergo continuous refreshers in market develop- ments, systems training and training in providing good customer advice. The bank wants to have good, long-term relationships with its customers. Availability and expertise have been important focus areas for the bank for many years, and in 2025 this work produced results in the form of good feedback from existing customers, strong growth in new customers and good results in external surveys. Corporate Banking Division The Corporate Banking Division is Nordvestlandet’s largest financial services environment for business. The division consists of five industry departments, three geographical units, the business base and staff. A total of 60 capable employees work throughout the county with the bank’s corporate customers. In the last few years, growth has been good with respect to both loans and deposits. Loans to the corporate market now amount to NOK 30 billion, equivalent to approximately 33 per cent of the bank’s total loan portfolio. Deposits from corporate customers and the public sector total NOK 21.8 billion, corresponding to approximately 41 per cent of the bank’s total deposit portfolio. The largest individual industries measured in terms of lending were commercial real estate and fisheries. The lending volume within commercial real estate decreased by 3.1 per cent from NOK 9.8 billion in 2024 to a total of NOK 9.5 billion in 2025. The vacancy rate remains low, and more than 40 per cent of the loan portfolio is interest rate hedged. 96 per cent of the volume of loans is categorised as low/medium risk. A total of 78 per cent of the portfolio is located in Møre og Romsdal, while central office and hotel properties in Oslo account for 17 per cent. The fisheries portfolio grew by 8 per cent from NOK 5 billion to NOK 5.4 billion in 2025. The quota situation for the fishing industry in 2026 is challenging, with significant quota reductions, while at the same time strong markets are contributing to good prices for Norwegian seafood products. Most shipping companies also have robust finances with good solvency and the liquidity to handle reduced quotas. The quality of the overall loan portfolio for corporate customers remains good, and both the level of credit- impaired commitments and losses are low in most industries. Gross credit-impaired commitments for the corporate portfolio amounted to NOK 188 million (0.58 per cent) as at 31 December 2025, compared with NOK 301 million. (0.97 per cent) as at 31 December 2024. In 2025, more than 550 corporate customers chose to establish an active customer relationship with Sparebanken Møre. This on a par with the average for the past 5 years. The level of activity in the business sector in Nordvest- landet remained satisfactory in 2025, although the developments were more complex than in the previous year. Export-oriented businesses and the tourism indus- try continued to experience strong activity, supported by a relatively weak NOK and solid demand in several markets. This helped to maintain a good level of activity in parts of the industry and related service industries. Norwegian shipyards have had healthy order books for the construction and repair of offshore structures, tankers and special-purpose vessels. This has been an important driver behind growth in the maritime sector. In the coming years, the maritime and offshore industries will increasingly focus on digitalisation, automation and energy transition (green technology), which could create new niches for shipyards and suppliers. In the building and construction sector, the level of activ- ity remained subdued for much of the year. Even though interest rates showed signs of stabilisation and gradual 33 Sparebanken Møre Annual report 2025 Board of Directors’ Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance STATEMENT AND RESULTS 27 Board of Directors’ Report 27 Nature of the business 28 Strategy and goals 28 Key framework conditions 29 Results 31 Proposed allocation of profit for the year 32 Equity certificates and dividends 32 Business areas 35 Subsidiaries 36 Foundations 36 Financial investments 36 Research and development 36 Corporate governance 36 Risk and capital management 41 Employees and working environment 41 Directors’ and officers’ liability insurance 41 Going concern 41 Events after the balance sheet date 42 Sustainability Report 42 General introduction to our sustainability work 56 E – Climate and the environment 68 S – Social conditions 82 G - Governance 85 Future prospects 85 Thank you 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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improvement, high construction costs, poor housing demand and low levels of new project starts helped to keep activity levels down. However, towards the end of the year there were some signs of improvement, particu- larly within renovations and certain housing projects. Sparebanken Møre maintains a market share of 27 per cent measured in terms of the number of businesses in Møre og Romsdal, although for historical reasons it is highest in Sunnmøre (36 per cent). In order to strengthen our market work in Romsdalen and Nord- møre, a new business department was established in autumn 2023 in Kristiansund, in addition to the depart- ment in Molde. The aim of the initiative was to create a powerful environment to improve the bank’s competi- tiveness. Since 2023, the market share in Nordmøre has increased from 9 per cent to 12 per cent in 2025. “Næringsbasen”, which was previously part of Customer Service, was organised under the Corporate Banking Division in 2025. This ensures a complete service with leading expertise for all our corporate customers and has boosted service quality for both large and small enterprises. The external services are primarily aimed at smaller businesses in all industries, where the customer’s total financial service needs are met. In EPSI’s national customer satisfaction survey for banks in the corporate market in autumn 2025, the bank again received confirmation that our customers are very satisfied. Sparebanken Møre ranked among the top banks nationally for the fifth year in a row. With a score of 72.8 per cent, compared with an industry average of 65.7 per cent, Sparebanken Møre came in second place in this year’s survey. The bank received top marks for image (83.5 per cent), where, according to customers, we show genuine interest, fulfil our social responsibili- ties, are easy to deal with and are reliable. The survey reconfirms that capable advisors with cutting-edge expertise in industries and local market conditions are crucial to customer satisfaction. In a highly competitive banking market, it is pleasing to see that Sparebanken Møre’s best score was for the proportion of customers considering switching banks (8 per cent) compared with the industry average (19 per cent). Further developing employees’ competence is an important focus area. At a time of significantly increas- ing levels of fraud activity, we have trained our employ- ees to provide the best possible assistance to cus- tomers and reduce the risk of them being exposed to fraud. Professional development days have also been arranged and focused on industry knowledge, credit quality, sustainability work related to the transition plan, artificial intelligence, etc. In terms of sustainability, Sparebanken Møre is ranked the highest of all banks in the EPSI survey by a good margin; a total of 5 points ahead of second place. The bank launched a 3-year energy efficiency programme in collaboration with Energiråd AS in 2024. The “Grønn- Arena Møre” programme is for companies with commer- cial real estate where the goal is a 25 per cent improve- ment in energy efficiency. The programme is now in its final year in Sunnmøre. In 2025, we also launched Grønn- Arena Møre for businesses in Søre Sunnmøre. A total of 35 companies are participating in the programmes, which bring participants together for in-person meetings throughout the year where they learn about, for example, energy management and energy efficiency measures. Another new development in 2025 was the collaboration with Sintef Nordvest AS in the regional food security project, “Forsyne”. The goal is to reinforce food security and community resilience in Møre og Romsdal. The project brings together stakeholders from business, government, and the voluntary sector to develop forms of cooperation, map resources and build knowledge that can be translated into action in crisis situations. The project focuses on faster and more effective crisis responses, as well as the development of alternative value chains and local substitutes for imported goods. The project has been well received by companies, and in 2026 companies from the seafood sector, meat production, food distribution and logistics will participate in the project. Sparebanken Møre offers green loans for commercial real estate customers. In 2025, we expanded our range of green loans and established criteria for sustaina- bility-linked loans within the bank’s various industry groups. This work will continue in 2026, including through the Green Shipping Programme, in which the bank is participating in a sub-project. In order to offer customers the best possible financial solutions, the bank works closely with good partners, and has taken part in Innovation Norway’s Growth Guarantee Scheme since 2019. The scheme is designed to strengthen access to capital for rapidly growing SMEs. In 2025, we signed a new agreement with Innovation Norway to extend the Growth Guarantee Highly satisfied corporate and retail customers RetailCorporate 67.272.5Avg. Avg. 65.772.8 SBM SBM 34 Sparebanken Møre Annual report 2025 Board of Directors’ Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance STATEMENT AND RESULTS 27 Board of Directors’ Report 27 Nature of the business 28 Strategy and goals 28 Key framework conditions 29 Results 31 Proposed allocation of profit for the year 32 Equity certificates and dividends 32 Business areas 35 Subsidiaries 36 Foundations 36 Financial investments 36 Research and development 36 Corporate governance 36 Risk and capital management 41 Employees and working environment 41 Directors’ and officers’ liability insurance 41 Going concern 41 Events after the balance sheet date 42 Sustainability Report 42 General introduction to our sustainability work 56 E – Climate and the environment 68 S – Social conditions 82 G - Governance 85 Future prospects 85 Thank you 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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Scheme, with an expanded budget and more favour- able terms for customers. In 2025, the bank also extended a cooperation agree- ment with the Norwegian Export Credit Guarantee Agency on working capital guarantees. The scheme helps ensure access to operating credit for Norwegian export companies. ‘Næringsteft’ is Sparebanken Møre’s entrepreneurial programme and is being arranged for the ninth time. The programme is a training journey and a competition, with a total prize pool of more than NOK 2 million. This year, like last year, the criteria have been broadened somewhat such that more companies from industry and established businesses can take part if they have a new idea for a new company. Looking ahead to 2026, we expect continued strong activity in our market area, although developments are likely to be characterised by normalisation after several years of significant economic fluctuations. Signals from Norges Bank’s regional network indicate that Nordvest- landet will continue to enjoy a relatively robust level of activity, supported by export-oriented industries, the maritime sector and tourism. A more stable exchange rate combined with lower interest rates than in previous years, will contribute to greater predictability for both households and businesses. This is expected to improve the framework conditions for investment, particularly in home construction, renovation and parts of the building and construction sector. Real wage growth and increased purchasing power among households could contribute to further growth in private consumption, and thus increased demand for goods and services in the region. At the same time, the level of costs in several industries will remain high, which may dampen profitability and make companies more selective in their investment decisions. The labour market in our region is expected to remain tight in 2026. The availability of skilled labour will con- tinue to be one of the most important limiting factors for further growth. Especially within the maritime industry, shipyards, technical professions and construction, competition for labour will be fierce. If the NOK exchange rate remains relatively weak, this may continue to make it challenging to attract foreign labour, while demographic factors contribute to lower growth in the labour force. Considerable uncertainty surrounding international developments remains. Geopolitical tensions, changes in trade policy and the risk of higher trade barriers may affect global value chains and export-oriented busi- nesses in the region. At the same time, the transition to more sustainable solutions and increased focus on energy, efficiency and technology are creating new opportunities for business in Nordvestlandet. Overall, the outlook for 2026 is considered positive, although there is a greater need for adaptation and restructuring in the face of a more complex risk picture. Capital market Sparebanken Møre’s licensed investment activities are managed by the Finance and the Wealth Management units. In the the Finance unit, the Treasury department follows up funding and management related services for the Group, while the Markets department manages the customer-oriented services such as customer trading in currencies, interest rates and equities. The Wealth Management unit follows up the services related to discretionary portfolio management. Sparebanken Møre must aim for low to moderate overall risk in the activities of the bank and the Group. Earnings should be a result of customer-related activities, and not financial risk-taking, and the bank’s market risk must be low. The two units’ customer-facing services generated income of approximately NOK 88 million in 2025. This amounts to approximately 27 per cent of the bank’s other operating income in 2025 and was somewhat lower compared with 2024. Currency and fixed income busi- ness for customers, as well as Discretionary Portfolio Management, are the most important income areas. After deducting costs, the income from the above services is allocated to the customer centres in the Corporate Banking Division and the Retail Banking Division. SUBSIDIARIES The aggregate profit of the bank’s subsidiaries was NOK 201 million after tax in 2025 (NOK 172 million). Møre Boligkreditt Møre Boligkreditt AS was established as part of the Group’s long-term funding strategy. The main purpose of the covered bond company is to issue covered bonds for sale to Norwegian and international inves- tors. At the end of 2025, the company had nominal outstanding covered bonds of NOK 30.6 billion in the market. Around 38 per cent was issued in a currency other than NOK. At the end of the year, the parent bank held no bonds issued by the company. Møre Bolig- kreditt AS contributed NOK 195 million to the Group’s result in 2025 (NOK 140 million). Møre Eiendomsmegling AS Møre Eiendomsmegling AS provides real estate broker- age services to both retail and corporate customers. The company contributed NOK -3 million to the result in 2025 (NOK 0 million). At year end, the company employed 21 full-time equivalents. Sparebankeiendom AS / Storgata 41-45 Molde AS The purpose of Sparebankeiendom AS and Storgata 41-45 Molde AS is to own and manage the bank’s own commercial properties. The company contributed NOK 9 million to the result in 2025 (NOK 3 million). The companies have no staff. 35 Sparebanken Møre Annual report 2025 Board of Directors’ Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance STATEMENT AND RESULTS 27 Board of Directors’ Report 27 Nature of the business 28 Strategy and goals 28 Key framework conditions 29 Results 31 Proposed allocation of profit for the year 32 Equity certificates and dividends 32 Business areas 35 Subsidiaries 36 Foundations 36 Financial investments 36 Research and development 36 Corporate governance 36 Risk and capital management 41 Employees and working environment 41 Directors’ and officers’ liability insurance 41 Going concern 41 Events after the balance sheet date 42 Sustainability Report 42 General introduction to our sustainability work 56 E – Climate and the environment 68 S – Social conditions 82 G - Governance 85 Future prospects 85 Thank you 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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FOUNDATIONS In 2024, Sparebanken Møre established two founda- tions: Sparebankstiftelsen Sparebanken Møre and Stiftelsen TEFT Møre. The savings bank foundation was established to ensure that we have a stable long-term owner helping to continue the savings bank tradition and to ensure that there is a good regionally anchored savings bank offer in Møre og Romsdal. The Stiftelsen TEFT-Møre foundation was established partly due to a need to allocate gift funds over time without impacting the bank’s ownership structure. In the annual allocations, profits allocated to primary capital may be distributed among several recipients. The bank may choose to (i) distribute gifts for good causes, (ii) transfer funds to the Sparebankstiftelsen Spare- banken Møre (iii) transfer funds to Stiftelsen TEFT Møre or (iv) transfer funds to primary capital. FINANCIAL INVESTMENTS Sparebanken Møre owns stakes in various companies (see Note 24), and in 2025, the bank became a share- holder of Norne Securities AS with a 6.97 per cent stake. Towards the end of the year, the bank also decided to become a shareholder of two new companies: 5.25 per cent in Borea Asset Management AS (indirect owner- ship through Frende Kapitalforvaltning AS) and 1.56 per cent in Kredittbanken AS. The transactions linked to Borea Asset Management and Kredittbanken are expected to be completed in the first quarter of 2026. RESEARCH AND DEVELOPMENT The bank takes a systematic approach to various development projects where the purpose is to provide improved products and services for customers, or to help streamline and enhance the quality of internal work processes. Some of the projects are being carried out in collabora- tion with partners such as TietoEvry and the Norwegian University of Science and Technology (NTNU). In col- laboration with NTNU in Ålesund, we are focusing on an interdisciplinary development project together with industry and the public sector. This will be done through a variety of initiatives such as research projects, work- relevant education, summer internships, student awards, symposiums, events and the “Næringsteft” programme. The Group is also a committed contributor to R&D activities in Nordvestlandet via research environments, knowledge parks and industry clusters. CORPORATE GOVERNANCE Corporate Governance at Sparebanken Møre involves the aims, principles and practices in line with which the Group is managed and controlled for the purpose of safeguarding the interests of the equity certificate holders, customers and other stakeholders in the Group. Good corporate governance is a prerequisite for long- term, sustainable value creation. As a financial institution, Sparebanken Møre is subject to a number of rules and recommendations designed to ensure good corporate governance. An overview of regulations can be found in the Financial Supervisory Authority of Norway’s “Module for internal corporate governance”. The bank’s Board of Directors revises a number of policies on an annual basis to ensure good corporate governance, including policies for internal corporate governance. Sparebanken Møre complies with the Norwegian Code of Practice for Corporate Governance of 28 August 2025 where this is applicable to savings banks that have issued equity certificates. Sparebanken Møre reports on our compliance with the recommendations in line with section 2-9 of the Accounting Act and section 4.4 of Oslo Børs’s Rule Book II. The report on corporate governance is available as a separate part of the annual report. RISK AND CAPITAL MANAGEMENT Taking risks is a fundamental element of banking opera- tions. Risk management and risk control are two of the Board’s focus areas. The overall purpose of risk man- agement and control is to ensure that the set goals are achieved, ensure efficient operations, manage risks that may prevent the bank achieving its commercial targets, ensure high quality internal and external reporting and ensure that the Group’s operations comply with all relevant laws, regulations and internal guidelines. The stated goal of the Board of Sparebanken Møre is to ensure that the operations of the Group maintain a low to moderate risk profile. Earnings should be a product of customer-related activities, and not financial risk- taking. Sparebanken Møre constantly strives to maintain control of the risks that exist. In those cases where the risk is deemed to exceed an acceptable level, immediate steps will be taken to reduce this risk. The overall framework and limits for Sparebanken Møre’s risk management are assessed annually by the Board as part of the preparation of the bank’s strategic plan. In December 2025, the Board approved a new strategic plan, “Møre 2028 - Annual Plan 2026”. The Board also approves overall guidelines for the Group’s governance each year, and subsidiaries adopt individual risk strategies tailored to their activities. Separate guide- lines have been approved for each significant risk area, including credit risk, sustainability risk, counterparty risk, market risk, concentration risk, operational risk and liquidity risk. The various guidelines form the framework for the Group’s ICAAP . The Board actively participates in the annual process and establishes ownership of the assessments and calculations made, including through the ICAAP’s key role in long-term strategic planning. The ILAAP process, which is the bank’s assessment of liquidity and funding risk, is included as part of the ICAAP . Calculations performed in ICAAP indicate that the Group’s capital adequacy is sufficiently robust to 36 Sparebanken Møre Annual report 2025 Board of Directors’ Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance STATEMENT AND RESULTS 27 Board of Directors’ Report 27 Nature of the business 28 Strategy and goals 28 Key framework conditions 29 Results 31 Proposed allocation of profit for the year 32 Equity certificates and dividends 32 Business areas 35 Subsidiaries 36 Foundations 36 Financial investments 36 Research and development 36 Corporate governance 36 Risk and capital management 41 Employees and working environment 41 Directors’ and officers’ liability insurance 41 Going concern 41 Events after the balance sheet date 42 Sustainability Report 42 General introduction to our sustainability work 56 E – Climate and the environment 68 S – Social conditions 82 G - Governance 85 Future prospects 85 Thank you 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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tolerate an economic development that is significantly more negative than the development on which the basic scenario in the long-term strategic plan is based. This is supported by both economic calculations and simula- tions based on various stress tests. Sparebanken Møre has established a monitoring and control structure that is intended to ensure compliance with the overall framework of the bank’s strategic plan. The Group’srisk exposure and risk development are followed up on an overall basis through periodic reports submitted to Group Management, Risk Committee and the Board of Directors. One of the Risk Committee’s primary purposes is to ensure that Sparebanken Møre’s risk management is addressed satisfactorily. The Board is of the opinion that Sparebanken Møre’s aggregate risk exposure conform to the Group’s tar- geted risk profile. The Board considers the Group’s and Bank’s risk management to be satisfactory. The EU capital requirements regulations have been enacted in Norway, and Sparebanken Møre reports, among other things, its capital adequacy requirements and liquidity requirements in accordance with these regulations. On 21 December 2021, Sparebanken Møre applied to the Financial Supervisory Authority to make changes to the bank’s IRB models and calibration framework. The bank received a response to the application on 22 December 2023 in which Financial Supervisory Authority approved the proposed models for the corporate market. On 18 December 2024, the bank received a response to its application concerning models for the retail market. The Financial Supervisory Authority believes that the models applied to the retail market do not meet the criteria for proper level calibration, ref. the Capital Requirements Regulation Articles 179-182. Based on feedback from the Financial Supervisory Authority, the bank adjusted new models and submitted an application to the Financial Super- visory Authority for model and calibration changes for retail customers on 9 May 2025. CRR3 entered into force in Norway on 1 April 2025. The bank has implemented CRR3 in its calculation of capital adequacy as at the end of the second quarter of 2025. The new LGD for institutions, elimination of the scaling factor in the risk-weighted formula and a lower conver- sion factor for undrawn corporate commitments had a positive effect on the bank’s capital adequacy. The Ministry of Finance has decided to increase the risk- weighted floor for mortgages from 20 to 25 per cent with effect from 30 June 2025. The bank implemented a new mortgage floor from and including the third quarter 2025. Based on the capital adequacy regulations, the mini- mum requirement for capital adequacy consists of a Pillar 1 requirement and a Pillar 2 requirement. The Pillar 2 supplement applies to risks that are not covered or are only partly covered by Pillar 1. Sparebanken Møre’s internal minimum CET1 capital ratio requirement is 16.15 per cent. The requirement consists of a minimum requirement of 4.5 per cent, a capital con- servation buffer of 2.5 per cent, a systemic risk buffer of 4.5 per cent and a countercyclical buffer of 2.5 per cent. Based on a SREP conducted in 2025, the Financial Supervisory Authority of Norway has set an individual Pilar 2 requirement for Sparebanken Møre of 1.6 per cent, as well as an expected capital adequacy margin of 1.25 per cent. The capital that must be included in the new Pilar 2 requirement due to the aforementioned SREP must consist of a minimum of 56.25 per cent CET1 capital (0.9 per cent) and 75 per cent Tier 1 capital. The Financial Supervisory Authority will conduct a new SREP in 2027. Sparebanken Møre has an internal target for CET1 capital (CET1). As a minimum this must equal the sum of the Pillar 1 and Pillar 2 requirements plus the capital requirement margin. Sparebanken Møre has authorisation from the Financial Supervisory Authority of Norway to use the IRB Founda- tion method for calculating capital requirements for credit commitments. Calculation linked to operational risk was calculated using the Basic Indicator Approach. Sparebanken Møre’s capital adequacy at year end 2025 was well above the regulatory capital require- ments and the internally set minimum target for CET1 capital of 16.15 per cent. Primary capital amounted to CET1 capital ratio 17.7% Total assetsReturn on equity 12.5% 109 NOK billion 37 Sparebanken Møre Annual report 2025 Board of Directors’ Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance STATEMENT AND RESULTS 27 Board of Directors’ Report 27 Nature of the business 28 Strategy and goals 28 Key framework conditions 29 Results 31 Proposed allocation of profit for the year 32 Equity certificates and dividends 32 Business areas 35 Subsidiaries 36 Foundations 36 Financial investments 36 Research and development 36 Corporate governance 36 Risk and capital management 41 Employees and working environment 41 Directors’ and officers’ liability insurance 41 Going concern 41 Events after the balance sheet date 42 Sustainability Report 42 General introduction to our sustainability work 56 E – Climate and the environment 68 S – Social conditions 82 G - Governance 85 Future prospects 85 Thank you 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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21.5 per cent (21.1 per cent) and Tier 1 capital 19.5 per cent (19.0 per cent), of which CET1 capital amounted to 17.7 per cent (17.2 per cent). The minimum requirement for the Tier 1 leverage ratio has been set at 3 per cent. At the start of 2025, Sparebanken Møre’s Tier 1 leverage ratio was 7.2 per cent (7.4 per cent), which represents a good margin with respect to the total requirement. The Board continuously monitors capital adequacy, and the Group must have a level of capitalisation that corresponds with its accepted risk tolerance. The bank’s recovery plan clarifies options that the bank can implement if the capital adequacy comes under stress. The options are listed in order of priority, with the measures described and their implementation specified should they become necessary. Credit risk Credit risk (or counterparty risk) is the risk of losses associated with customers or other counterparties being unable to fulfil their obligations at the agreed time pursuant to written agreements, and of received collateral not covering outstanding claims. Credit risk also encompasses concentration risk, including risk linked to major commitments with the same customer, concentration within geographic areas or industries or with similar groups of customers. Credit risk represents Sparebanken Møre’s biggest risk area. The Group has a moderate risk profile for credit risk, as this risk is defined through the Group’s credit risk strategy. The strategy provides, for example, limits for concentration in industrial sectors and the size of commitments, geographic exposure, growth targets and risk levels. Compliance with the Board’s resolutions within the area of credit is monitored by the bank’s Risk Management and Compliance unit, which is independent of the customer divisions. The Board receives reports on credit risk trends throughout the year in a monthly risk report. In addition, periodic reviews of the credit area are carried out by the Audit Committee and the Risk Committee. The Board receives quarterly reports in line with the regulations for residential mortgages and the regulations for lending. Sparebanken Møre’s internal guidelines conform to the Financial Supervisory Authority of Norway’s guidelines for mortgage lending. Sparebanken Møre has, as part of the IRB system, developed its own risk classification models for classifying customers: • Probability of Default (PD) is used as an indicator of quality. Customers are classified in a risk class according to the probability of default. • Exposure At Default(EAD) is the value used as the basis for calculating risk-weighted assets in the IRB approach. It is a calculated amount where the drawn commitment or loan, loan commitment and a share of approved, undrawn facilities is included • Loss Given Default (LGD) indicates how much the Group would expect to lose if the customer defaulted on his obligations. The models take account of the collateral that the customer has pledged, future cash flows and other relevant factors. These models make an important contribution to the in-house management of credit risk. The customers are scored on a monthly basis, and this provides the basis for ongoing monitoring of the development of Sparebanken Møre’s credit risk. Specific application scoring models are used in the credit approval process. Through the Group’s reporting portal, each member of staff with customer responsibilities has access to reports which show the development of the credit risk in his or her portfolio. The portal has a hierarchical structure allowing managers in Sparebanken Møre to monitor performance within their respective area of responsibility. The reporting is used to analyse customers, portfolios and segments, among other things. The portal also provides customer account managers with an overview of the customers’ positions and limits in relation to exposure in financial instruments. The Special Commitments Department is part of the Risk Management and Compliance unit. The purpose of this department is to improve the efficiency of the processes associated with losses and commitments in default. This will improve the quality and professionalism in handling impaired commitments and ensures that case processing will be objective and independent. The department reports upwards in the management hierarchy independent of the line. The Board finds that Sparebanken Møre’s overall credit risk is within the Group’s adopted risk appetite. Exposure to large commitments is well within the adopted limits and the follow-up and control of this area is good. The Board finds that Sparebanken Møre is well prepared to handle any increased credit risk in the loan portfolio, and that the Group has a good foundation for increasing its focus on solid lending projects in Sparebanken Møre’s area of operation in the future. Climate-related risk Climate risk is the impact resulting from climate change. Climate risk will also impact the bank’s risk profile, mainly through credit risk. Therefore, it is vital that the bank understands how climate-related risk will impact business customers’ business models and profitability. At the same time, the bank wants to be a driving force behind ensuring that customers do not have an adverse impact on the climate, but transition to a low-emission society. When assessing climate-related, two types of risk in particular must be assessed: physical risk and transitional risk. 38 Sparebanken Møre Annual report 2025 Board of Directors’ Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance STATEMENT AND RESULTS 27 Board of Directors’ Report 27 Nature of the business 28 Strategy and goals 28 Key framework conditions 29 Results 31 Proposed allocation of profit for the year 32 Equity certificates and dividends 32 Business areas 35 Subsidiaries 36 Foundations 36 Financial investments 36 Research and development 36 Corporate governance 36 Risk and capital management 41 Employees and working environment 41 Directors’ and officers’ liability insurance 41 Going concern 41 Events after the balance sheet date 42 Sustainability Report 42 General introduction to our sustainability work 56 E – Climate and the environment 68 S – Social conditions 82 G - Governance 85 Future prospects 85 Thank you 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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• Physical climate-related risk arises as a result of more frequent and severe episodes of drought, flooding, precipitation, storms, landslides and avalanches, as well as rising sea levels. • Transition risk is the risk associated with changes to, and escalation of, climate policies/regulations, the development of new technology, changing customer preferences (consumers) and investor requirements that may lead to sudden changes in the market value of financial assets and, in particular, assets related to carbon-intensive activities (high consumption of energy from fossil fuels: coal, oil, natural gas, oil shale and tar sands). The bank reports in detail on its work on the climate, climate risk and scenario analyses in Chapter E1 of the sustainability section of the Board of Directors’ Report. In the opinion of the Board, the bank’s operations are organised such that the climate-related risk is within the bank’s risk tolerances. Market risk Sparebanken Møre’s market risk is primarily a reflection of activities which are conducted in order to support the Group’s daily operations. This relates to the Group’s funding, the bond portfolio which is maintained in order to meet funding needs and safeguard access to loans from Norges Bank, as well as customer- generated interest rate and foreign exchange trading. The Board stipulates limits for Group market risk in the market risk strategy. The limits are monitored by the Risk Management and Compliance unit. The limits are established based on analyses of negative market movements. Based on an evaluation of risk profile, management and control, it is assumed that the bank accepts low risk within the market risk area. The reporting on monthly activity is included in Spare- banken Møre’s periodic risk report for Group Manage- ment, the Risk Committee and the Board. Monthly performance is reported in addition to the actual risk exposure within each portfolio, individually and aggregated. The limits for market risk are conservative, and on an overall basis, market risk represents a small part of the Group’s aggregate risk. The Board finds that the Group’s risk exposure in the area of market risk is within the adopted risk tolerance. Funding risk The management of Sparebanken Møre’s funding structure is incorporated into an overall funding strat- egy. The strategy reflects the moderate risk level that is accepted for this area of risk. It describes Sparebanken Møre’s targets for maintaining its financial strength. Specific limits have been defined for different areas of the Group’s liquidity management. Sparebanken Møre’s recovery plan includes a description of how the fund- ing situation should be handled in turbulent financial markets. Two key quantitative requirements have been estab- lished for liquidity: • Requirement for liquidity coverage under stress: Liquidity Coverage Ratio (LCR) • Requirement for long-term stable funding: net stable funding ratio (NSFR) LCR measures an institution’s ability to survive a 30-day stress period. LCR increases the importance of high- quality liquid assets. NSFR measures the longevity of an institution’s funding. NSFR means that institutions have to fund liquid assets with the aid of a greater proportion of stable and long-term funding. The regulatory minimum LCR and NSFR requirements are both 100 per cent. The Group has established an internal minimum target for LCR of 110 and of 105 for NSFR: The reporting shows that Sparebanken Møre achieves both requirements by a good margin. A stricter liquidity requirement generally entails a significant interest cost for the bank. It also makes the bank more vulnerable to changes in credit spreads. To ensure that the Group’s funding risk is kept at a low level, lending to customers must primarily be financed by customer deposits and issuing long-term debt secu- rities. The Group’s defined contribution coverage at the end of 2025 amounts to 59.4 per cent and is within the bank’s target corridor of 55-60 per cent. Møre Boligkreditt AS’s purpose is to acquire mortgage loans with collateral in homes from Sparebanken Møre and finance these through the issuance of covered bonds and thus provide the Group with greater diver- sification of the funding sources. At the end of 2025, around 42 per cent of the Group’s total lending had been transferred to the mortgage credit company. Sparebanken Møre will continue to transfer loans to Møre Boligkreditt AS in accordance with the plans set out in the funding strategy. In order to gain access to new sources of funding and seek stable access to funding from external sources, securities issued by both Sparebanken Møre and Møre Boligkreditt AS are rated by the rating agency Moody’s. As far as the composition of the external funding is concerned, priority is given to ensuring that a relatively high proportion of funding has a term in excess of one year. Total market funding ended at net NOK 42.5 bil- lion at year end; almost 79 per cent of this funding has a remaining term of more than 1 year. The parent bank’s outstanding senior bonds with a term to maturity of more than 1 year had a weighted remaining term of 2.15 years at the end of 2025, while covered bond funding correspondingly had a remain- ing term of 3.21 years. Sparebanken Møre has started reporting on liquidity to the Board in line with the reporting structure in the Financial Supervisory Authority of Norway’s module for liquidity risk. The Board receives a monthly review of the bank’s liquidity status and the actual costs of market loans, 39 Sparebanken Møre Annual report 2025 Board of Directors’ Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance STATEMENT AND RESULTS 27 Board of Directors’ Report 27 Nature of the business 28 Strategy and goals 28 Key framework conditions 29 Results 31 Proposed allocation of profit for the year 32 Equity certificates and dividends 32 Business areas 35 Subsidiaries 36 Foundations 36 Financial investments 36 Research and development 36 Corporate governance 36 Risk and capital management 41 Employees and working environment 41 Directors’ and officers’ liability insurance 41 Going concern 41 Events after the balance sheet date 42 Sustainability Report 42 General introduction to our sustainability work 56 E – Climate and the environment 68 S – Social conditions 82 G - Governance 85 Future prospects 85 Thank you 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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development of marginal costs and average borrowing costs, as well as prognoses regarding liquidity require- ments and comments on refinancing in the coming period. The Board also receives a monthly status update on the liquidity situation via the risk report, and immedi- ately if any important events occur that could impact the bank’s current or future liquidity situation. The reporting includes several different key figures related to the development of financial strength, balance sheet performance, earnings performance, credit-impaired commitments and the development of cost of funds. The reporting tries to identify the funding situation during normal operations, identify any early ‘warning signs’ and assess the bank’s stress capacity. The Board considers the bank’s liquidity situation at year end to be good. The Board also considers the ongoing liquidity management of the Group to be good. Operational risk Operational risk is defined as the risk of losses due to inadequate or failing internal processes or systems, human error or external events. The definition also includes legal and reputational risk. Operational risk is comprehensive and is linked to multiple areas of risk such as third-party risk, cyber/information secu- rity, sustainability, behavioural risk, anti-money laun- dering and privacy. The management and control of Sparebanken Møre’s operational risk is set out in a strategy for operational risk that is evaluated and approved by the Board every year. The process for managing and controlling operational risk must ensure continuous improvements are made and that no single incident can seriously harm Sparebanken Møre’s financial position. A good risk culture in the form of the organisation’s risk awareness, actions and capacity for learning is a prerequisite for fulfilling the goals, risk appetite and tolerance for the area. The Board has approved internal guidelines for this area, and risk assessments are conducted on an ongoing basis. The Group employs a systematic process to identify and manage operational risks. The bank’s business model with subsidiaries, associated companies due to the outsourcing of several critical processes and increasing requirements for regulatory regulations will have consequences for operational risk. The risk picture for information and cybersecurity is one example of a risk area that is being closely monitored by the bank through relevant exercises and cooperation with NFCERT to ensure optimal resilience in case of adverse events. Geopolitical unrest is also contributing to changes in the risk picture, and overall this underscores the importance of managing operational risk and keeping it under control. Suggested improvements and incidents are recorded and assessed systematically. There were no incidents with serious consequences in 2025. The Board believes that the bank’s overall risk exposure related to operational risk is prudent. Compliance risk Compliance risk is the ongoing and future risk with respect to earnings and capital related to any breach of, or failure to comply with, statutory or regulatory requirements, or requirements stipulated pursuant to acts and regulations, by the Group. Compliance risk may result in public sanctions (loss of licence or fines), civil law compensation, and/ or damages for losses in the event of breaches of contract. Compliance risk can also result in loss of reputation, limit business opportunities and reduce the potential for expansion. Sparebanken Møre’s overall goal for compliance is to ensure that the Group operates in accordance with acts and regulations. The Board has determined that the bank should have a low risk appetite with respect to compliance risk. The main principle for compliance with the regulatory requirements to which Sparebanken Møre is exposed is the sharing of work and liability. This means that the various divisions, units, departments and business units have an independent responsibility to ensure compliance with acts and regulations in their day-to-day work. All employees have an independent responsibility to comply with routines and guidelines established in accordance with acts and regulations, including providing feedback in the event of any discrepancies. The Group’s compliance function must ensure compli- ance with statutory or regulatory requirements and reports directly to the CEO and Board. The function is responsible for identifying, assessing, monitoring, reporting and advising on compliance risk. The Board adopts annual compliance instructions and receives quarterly compliance reports. It is the Board’s opinion that the bank’s operations are aligned so that compliance risk is handled satisfactorily. Internal control related to the financial reporting process The purpose of internal control in connection with the financial reporting process is to ensure that the financial statements are prepared and presented free from material error. Moreover, internal control shall ensure that external accounting requirements are met, as well as safeguard that information disseminated to analysts, supervisory authorities, investors, customers and other stakeholders is complete and provides a true and fair view of the Group’s financial situation. 40 Sparebanken Møre Annual report 2025 Board of Directors’ Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance STATEMENT AND RESULTS 27 Board of Directors’ Report 27 Nature of the business 28 Strategy and goals 28 Key framework conditions 29 Results 31 Proposed allocation of profit for the year 32 Equity certificates and dividends 32 Business areas 35 Subsidiaries 36 Foundations 36 Financial investments 36 Research and development 36 Corporate governance 36 Risk and capital management 41 Employees and working environment 41 Directors’ and officers’ liability insurance 41 Going concern 41 Events after the balance sheet date 42 Sustainability Report 42 General introduction to our sustainability work 56 E – Climate and the environment 68 S – Social conditions 82 G - Governance 85 Future prospects 85 Thank you 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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Responsibility for the financial reporting process itself is assigned to the Finance unit. Transactions are registered in the bank’s core systems, and a reconciliation is performed between these systems and the accounting system (BGL) on a daily basis. Periodic management reports are produced for the accounting system and quality checked. Any deviations that are recorded are rectified on an ongoing basis. Various management reports are prepared on a monthly basis: balanced scorecard, analyses, risk reports, etc, and accounting consolidation with associated internal accounts is conducted both monthly and quarterly. Items in the income statement, statement of financial position and note disclosures are reconciled against the accounting system and previous reports. Part of the internal control in connection with reporting the annual financial statements is the cooperation with the external auditor and their audit of the Group accounts. The interim and annual financial statements are reviewed by the bank’s management group and the Audit Committee prior to final consideration by the Board and General Meeting. The annual financial statements are also considered by the Annual General Meeting. Internal control reporting Internal control reporting at Sparebanken Møre is decentralised and Risk Management is the coordinating unit. The internal control system is reviewed and verified every year in a process that involves all managers at levels 1, 2, 3 and 4. Based on reports received from managers, the CEO has submitted an annual report to the Board of Directors on how the internal control is managing the bank’s overall risk. In the opinion of the CEO, the bank’s established internal controls are generally sufficient to ensure compliance with the bank’s strategies and responsibly address the bank’s identified risks. Where conditions are identified that ought to be improved, measures are taken. The Board received ongoing reports on operations and the risk situation throughout the year. Based on the reports received, the Board believes that internal control is being properly addressed at Sparebanken Møre EMPLOYEES AND WORKING ENVIRONMENT Sparebanken Møre wants to be a highly attractive employer where employees thrive, develop and con- tribute to a good working environment for everyone. A good working environment must be achieved through, among other things, personnel policy measures, employee involvement and development, and well thought through feedback. Employee satisfaction is measured every year and the working environment, engagement, management and communication, as well as the risk culture in Spare- banken Møre, are analysed. For 2025, the Working Environment Committee score was 8.1 on a scale from 1-10, which reflects a very good working environment. The survey, including all of the employees’ comments, has been carefully analysed and systemised, and has resulted in a concrete action plan. Sparebanken Møre wants to contribute to low work- related sick leave through systematic HSE work, good management and a good working environment. Sick leave has been low over time and in 2025 doctor certi- fied sick leave was 4.3 per cent. Read more about employees and the working environ- ment in the bank’s Sustainability Report. DIRECTORS’ AND OFFICERS’ LIABILITY INSURANCE Sparebanken Møre has taken out directors’ and offic- ers’ liability insurance with the insurance company AIG. Those covered are former, current and future board members, the CEO and members of equivalent govern- ing bodies in the Group and subsidiaries. Continuity date 1 January 2008. Internal Auditing The internal auditing function’s remit is to provide independent assessments of the quality and effective- ness of management and control, risk management and internal control, and compliance with relevant laws and regulations. The Group’s internal auditing was outsourced to EY in 2025. The internal auditing function reports to the Risk Committee and the Board. A plan has been prepared for the work of the internal auditor and approved by the Board. The Risk Committee and the Board received regular reports from the internal auditor in 2025 in accordance with this plan and no material breaches of applicable acts or regulations were identified. GOING CONCERN In accordance with the requirements of Norwegian accounting legislation, the Board confirms that the prerequisites for the going concern assumption have been met, and that the annual financial statements have been prepared and presented on a going concern basis. This is based on the Group’s long-term forecasts for the coming years. EVENTS AFTER THE BALANCE SHEET DATE No significant events have occurred after the balance sheet date that materially affect the annual financial statements as presented. 41 Sparebanken Møre Annual report 2025 Board of Directors’ Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance STATEMENT AND RESULTS 27 Board of Directors’ Report 27 Nature of the business 28 Strategy and goals 28 Key framework conditions 29 Results 31 Proposed allocation of profit for the year 32 Equity certificates and dividends 32 Business areas 35 Subsidiaries 36 Foundations 36 Financial investments 36 Research and development 36 Corporate governance 36 Risk and capital management 41 Employees and working environment 41 Directors’ and officers’ liability insurance 41 Going concern 41 Events after the balance sheet date 42 Sustainability Report 42 General introduction to our sustainability work 56 E – Climate and the environment 68 S – Social conditions 82 G - Governance 85 Future prospects 85 Thank you 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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SUSTAINABILITY REPORT Sparebanken Møre is in wave 2 when it comes to the introduction of the Corporate Sustainability Reporting Directive (CSRD). Following the introduction of the EU “Stop the Clock” Directive as part of the Omnibus proposal, the Group will be subject to reporting requirements for the first time for the 2027 financial year. Nevertheless, we have chosen to continue reporting in line with the CSRD and associated reporting standards (ESRS). The bank has conducted a comparison of material topics for comparable banks and included the results in the revision of the double materiality assessment conducted in 2025. There has also been done a significant amount of work on developing the bank's ESG risk management and assessing material financial risks related to the climate and environment, social conditions and governance. We refer to the ESRS standards, although we will not be fully compliant with the regulations. The sustainability report for 2025 has not been certified by an auditor or other third party. General introduction to our sustainability work Basis for sustainability reporting Sparebanken Møre’s reports on a consolidated basis for the entire Group, including our subsidiaries. The sustainability report is based on the same consolidation as the bank’s financial statements. A detailed description of the Sparebanken Møre Group is referred to the annual report’s section on Operations as well as note 29 – Subsidiaries. The Group’s value chain is taken into account in the double materiality assessment, as well as in sustainability reporting where considered material. Laws and reporting standards Sparebanken Møre is subject to reporting obligations in accordance with the Norwegian Transparency Act and the activity and reporting duties (ARD) as defined in the Equality and Discrimination Act. The ARD statement is included in Chapter S1 Own Workforce in the sustainability report, and the index in the appendix provides references to the chapters in which we have responded to legal requirements. The “Transparency Act Statement” is a separate document and is available as an appendix to the annual report. A similar state- ment for the subsidiary Møre Boligkreditt is published on the company’s website. . Møre Eiendoms- megling AS Møre Boligkreditt AS Storgata 41-45 Molde AS Sparebank- eiendom AS 42 Sparebanken Møre Annual report 2025 Sustainability Report Statement and results Sustainability Report CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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The role of the Board, Group Management and committees A general description of the composition, roles, responsibilities and competencies of the Board, Group Management and control committees is pro- vided by the annual report chapters ”Operations” and ” Organisation and management structure”, as well as section 8-10 in the ”Corporate governance report”. As of 31.12.25, the Board consists of 4 women and 4 men. The Board is independent and none of Spare- banken Møre’s senior management are on the Board. Two of the members and two deputy members are elected from among the employees. The Board has supreme responsibility for the bank’s sustainability work and establishes guidelines and strategies. Operational responsibility has been del- egated to the administration and CEO. Management is responsible for implementing the strategy in its own division/section, through principles, goals and action plans. The Board and management's sustainability expertise: Unit Competence programme Topic Board and committees Induction course for new board members Sustainability strategy Board's Competence Portal Sustainability reporting Sustainable finance Sustainability in the boardroom ESG risk Sustainability communication The Financial Supervisory Authority of Norway’s ESG focus Ongoing reporting Sustainability reporting ESG risk status, ICAAP , annual report Group Management Obligatory digital courses Sustainability reporting Sustainable finance Sustainability in the boardroom ESG risk Sustainability communication Further details of the Board’s experience and expertise are provided in the section entitled ”Operations”. Three committees have been established for the Board of Directors. The Committees shall prepare the Board’s handling of matters relating to the areas of the committees. Audit Committee The Audit Committee is appointed by and subject to the Board of Directors. The committee follows up Spare- banken Møre’s reporting on sustainability and social responsibility linked to mandatory financial reporting. The committee receives regular updates throughout the year on all material areas of sustainability through dia- logue with the Head of the Sustainability Department. The Audit Committee consists of three board members. Risk Committee The Risk Committee follows up tasks related to risk management processes at the bank. The Risk Committee receives a report on ESG risk exposure quarterly, monitors the bank’s risk appetite and ensures that the internal control system is functioning satisfactorily. The Risk Committee serves as the Board’s ESG Committee and consists of three board members. Remuneration Committee The Remuneration Committee prepares matters related to the Board’s determination of guidelines and frame- works for the remuneration scheme applicable to the entire company and its subsidiaries. The guidelines shall provide incentives for sound management of, and control over, the company’s risks, including ESG risk. The Remu- neration Committee consists of four Board members, one of whom is elected by and among the employees. The CEO’s management team shall systematically follow up work in line with the Group’s strategy and overarching sustainability strategy in its own section/ division, with measures and action plans to achieve strategic ESG objectives. The Head of Organisation and Group Support has strategic overall responsibility for the bank’s work on diversity, inclusion and non- discrimination, as well as the bank’s competence unit Møre Academy. The Head of Risk Management and Compliance has overall responsibility for the bank’s risk management system, including ESG risk. The Sustainability Department is organisationally located in the Section for Risk Management and Compliance. 43 Sparebanken Møre Annual report 2025 Sustainability Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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The Sustainability Department works in a coordinating and advisory role across the Group and maintains ongo- ing collaboration with the Group’s business units, sec- tions and subsidiaries. The department is responsible for implementing the strategy as adopted by the Board, contributing to capacity building initiatives internally and externally, and supporting the development of new sustainable concepts. The Leader of the Sustainability Department is also Chair of the Sustainability Committee. The Sustainability Committee is interdisciplinary in order to represent areas where the bank has significant impact, risk and/or opportunities and ensures anchor- ing, progress and competence in the work on the bank’s action plans. Within the business division, there is a separate sustain- ability team as an extension of the Sustainability Com- mittee, coordinating the bank’s initiatives and action plans with initiatives focused on customers and receiving input from customers into the bank’s sustainability work. Sparebanken’s Green Bond Committee ensures follow- up and compliance with the green framework related to the issuance of green bonds. The Bank’s management of impacts, risks and opportu- nities is discussed regularly by the executive manage- ment team as part of the Bank’s ongoing strategy follow up. Furthermore, relevant governance documents and the sustainability strategy are discussed and processed by Group Management before being presented to the Board for final approval. See the table for internal reporting; reporting is carried out directly or indirectly by the Sustainability Depart- ment to the respective target groups as described in the table. The units highlighted under ‘target group’ are the decision making bodies responsible for revisions and approvals. Description Period Target group Annual Report Annually Group Management Risk and Audit Committee The Board All employees Status on achievement of strategic goals Quarterly Group Management Risk and Audit Committee The Board All employees Risk report, including ESG risk Quarterly Group Management Risk and Audit Committee The Board Skills development Annually Group Management Employees Regulatory matters – via the Compliance Report Quarterly Group Management The Board Supply chain due diligence Annually Group Management The Board ESG factors included as part of the decision basis in a number of individual customer cases Monthly Group Management The Board Progress on sustainability action plan Quarterly Sustainability Committee The Sustainability Department reports overall status on the area, in addition to specialist units reporting specifically for matters they follow up and are respon- sible for. This applies to Product and Service Develop- ment which provides information about the status of the follow-up of partners under the Transparency Act, Economic Crime Department on matters related to anti-money laundering and fraud, HR in relation to mat- ters related to own employees and the Credit Depart- ment on matters related to ESG scores and climate risk in the business portfolio. Larger loans to corporate customers are assessed by the Bank’s Credit Commit- tee, where the customer’s ESG score and the purpose and effect of the transaction are assessed against the bank’s impacts, risks and opportunities. Customers with high/red ESG risk scores and generally larger transactions above a set limit are considered by the Board of Directors. The most comprehensive ESG-related matter dealt with by the Board and Group Management in 2025 was preparation and approval of the first version of the Group’s transition plan. 44 Sparebanken Møre Annual report 2025 Sustainability Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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Integration of sustainability performance into remuneration schemes Information concerning remuneration for the board members, as well as salary and other remuneration for senior positions at Sparebanken Møre can be found in Sections 11-12 of the “Corporate governance report”. Our guidelines for remuneration of senior executives are publicly available on the bank’s website. The levels of remuneration at Sparebanken Møre should contrib- ute to the Group achieving its targets and encourage appropriate conduct in line with the bank’s strategy. Sustainability objectives, as defined in the overarching sustainability strategy, are included in the job descrip- tions and leadership agreements for senior executives. The sustainability parameters vary for each executive, and goal attainment is assessed at the discretion of the Chief Executive Officer, following consultation with the Bank’s Remuneration Committee. Due diligence A due diligence assessment is a process in which the Bank identifies, prevents, mitigates, remedies and reports on how actual and potential negative impacts of the Bank’s activities and operations are managed. Sparebanken Møre conducts due diligence assess- ments in accordance with the Norwegian Transparency Act and the OECD Guidelines for Responsible Business Conduct. 5. Communicate how impacts are managed 4. Monitor execution and results 6. Ensure or collaborate on, remediation and replacement where required 3. Stop, prevent or mitigate negative impacts/harm 1. Embed accountability in policies and systems 2. Map and assess negative impacts/harm from own activities, supply chain and business associates 1 5 2 34 6 The principle of due diligence is relevant to sustainabil- ity work, and in the table below key elements are stated in the bank’s due diligence for impact on people and the environment and efforts have been made to explain these in the sustainability report. Key elements of due diligence Incorporating due diligence into governance, strategy and the business model Collaborating with affected stakeholders in all key due diligence steps Identifying and assessing negative impacts Implementing measures to address negative impacts Monitoring of the effectiveness of the measures and communication The overarching governing document is the Bank’s guideline for internal corporate governance, which sets out the principles for Sparebanken Møre’s conduct. The guideline for ethics and corporate social respon- sibility describes responsibilities, implementation and follow up of due diligence assessments. The guideline provides direction for how we shall act and manage matters related to ethical assessments, human rights, workers’ rights, equality, social conditions, climate and environment, and the prevention of money laundering and corruption. Due diligence in the upstream value chain: Sparebanken Møre maps, assesses and follows up its suppliers and partners in accordance with the Trans- parency Act, and additional information about this work is provided in the appendix “Statement on the Transparency Act. Due diligence in own operations: Sparebanken Møre has a number of guidelines ensur- ing equal treatment of employees and preventing discrimination and harassment, as well as promoting diversity, equality and inclusion. The execution of due diligence assessments in our own operations is described in chapter S1 – Own workforce. Due diligence in the downstream value chain: The Bank has several governing documents for due dili- gence assessments related to credit, investment and societal activities. Sound credit assessments and high quality advisory services are a high priority and benefit both customers and the Bank. Due diligence assess- ments are also conducted for all new customer rela- tionships in accordance with requirements for com- pliance with internal guidelines and the Anti Money Laundering and Counter Terrorist Financing Act. Assessment of money laundering risk is also an inte- grated part of the Bank’s credit approval processes. Due diligence assessments for the downstream value chain are further described in chapter E1 – Climate change, S3 – Affected Communities, S4 – Customers and end-users, and G1 – Business conduct. 45 Sparebanken Møre Annual report 2025 Sustainability Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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Risk management and internal control for sustainability reporting Sparebanken Møre’s general process for risk manage- ment and internal control is described in section 10 of the “Corporate governance report”. Reporting of internal control is described in the Board’s annual report. Sparebanken Møre uses a comprehensive risk management process as the basis for its internal con- trol. In order to carry out comprehensive risk manage- ment within Sparebanken Møre, the global internal control standard COSO model is used. Sustainability and ESG issues are integrated into the bank’s internal control system. The product and service portfolio, activities, measures, communica- tion, risk management and reporting are planned and managed at an overarching level by the Sustainability Department in consultation with the various profes- sional environments. ESG factors are risk assessed at least once a year and incorporated into the risk assessment system for the various disciplines, such as credit for retail and corpo- rate customers, anti-money laundering and financial crime, the market and liquidity portfolio, investment and management, operational risk and partner and supplier management. Quarterly reports are submitted on the achievement of KPIs as defined in the strategic scorecard, and all targets have a defined owner in Group Management (ADLG). ESG risk status is reported quarterly to the Board as part of the bank’s risk report, and is also incorporated into the ILAAP and ICAAP . The Group’s material impacts, risks and opportunities, as well as how these are managed, are reported annually in the Group annual report. The bank’s Board of Directors receives an annual summary report on internal control within the Group, based on reports from managers in all material areas. Risk mitigation measures are defined and followed up through risk assessments and must be in line with the Group’s transition plan. Governance documents, measurement methods and measurement parameters are revised on an annual basis. Deviations from strategic KPIs and targets set in the transition plan are assessed and handled by the steering committee or by the Bank’s Board and management. Unwanted events and deviations from established routines/guidelines are reported in the bank’s incident database. Risk assessment of sustainability reporting is part of the bank’s operational risk assessment. Risks consid- ered relevant to sustainability reporting are listed in the table: Risk description Short-term status Risk of operational losses and sanctions for non-compliance in the bank's reporting of target achievement and sustainability claims Risk of reputational damage for Sparebanken Møre due to ESG-related breaches Incorrect credit/risk assessments due to lack of data and/or poor data quality Risk mitigation measures for the Group’s sustainability reporting involve continuous efforts to improve data quality and documentation of sustainability work. Collecting customer data is challenging due to the lack of reporting requirements for SMEs and the use of estimates is a known risk factor with respect to inac- curacies in sustainability reporting. 46 Sparebanken Møre Annual report 2025 Sustainability Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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Strategy, business model and supply chain The Sparebanken Møre Group is a full-service pro- vider of financial services within the areas of lending, deposits and investments, payment services, financial advisory services, wealth management, insurance brokerage and real estate brokerage. We also distribute community dividends annually, in accordance with our mandate as a savings bank. As a bank, we offer few physical products, but are indirectly involved in the activities our customers engage in. This makes our downstream value chain particularly diverse and complex. Sparebanken Møre is an independent and non-allied bank, aiming to enter into partnerships for products and services where this best serves both customers and the Bank. Sparebanken Møre has 25 branches, of which 24 branches (including the head office) and the majority of the Bank’s employees are located in Møre og Romsdal, and one branch with 8 employees is located in Oslo. Lending is the Bank’s main activity, but financial advi- sory services and knowledge sharing—based on the expertise we have developed over many years as a strong regional player—also constitute an essential part of our business model. Sparebanken Møre is an active supporter of the local community through the distribution of community divi- dends and active engagement with the organisations receiving funding, which also represents an opportu- nity for the Bank. As a bank, we also have an important statutory role in detecting and preventing financial crime, and we work actively to prevent money launder- ing, corruption, fraud and scams. For detailed information on scale and financial break- down of the Bank’s business areas, please refer to Note 4 – Operating segments and Note 5 – Loans by customer groups. Sparebanken Møre does not provide financing to customers involved in the manufacture of controversial weapons, pornography or tobacco, or who operate in violation of public laws, regulations and manda- tory environmental requirements. The bank does not provide financing to customers whose main activi- ties involve extracting energy from fossil fuels (coal, oil shale and tar sands) or to customers whose main activities and income are linked to cryptocurrency. If we have reason to believe that customers are not complying with the bank’s Code of Conduct or are otherwise operating their business in a manner contrary to generally accepted good ethical conduct, have acted dishonestly in relation to the bank or are known to have acted dishonestly in relation to other parties, or where it is known that the company or owners have been involved in criminal activities, they may also be excluded from financial services provided by Sparebanken Møre. Sustainability Strategy The savings bank model contains within itself both the strength and power to contribute to sustainable social development. Sparebanken Møre has also committed itself to being a driving force in this work through the bank’s overarching vision. Through knowledge, offer- ing product and services, engagement and returning a significant contribution back to the community, we shall create value for the benefit of people, business and society. Three strategic focus areas have been defined for the 2025-2028 strategy period. Sustainability has been incorporated into all strategic focus areas. Our role as a driving force remains strong, and the goal is for Sparebanken Møre to be a driving force for sustainable change, with a primary focus on the bank’s lending and its own operations – where we have the strongest impacts. ” Our vision is to be the leading contributor to creative enthusiasm in Nordvestlandet. Every day. 47 Sparebanken Møre Annual report 2025 Sustainability Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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Downstream Business • Small, medium-sized and large companies • Entrepreneurs Retail customers • Mortgages and other financing for private households Local communities • Sponsorships and community dividends for initiatives in our region Ownership • Ownership interests in product companies Own operations Own workforce • Attractive workplace with competent employees Properties • Own, lease, operate, and maintain your own premises Products and services • Real estate brokerage • Securities, funds and insurance brokerage • Loans and financing • Savings, investments and deposits • Payment solutions • Advisory services Upstream Suppliers and partners • Service providers • Product company • Fund providers II services Resources • Electricity, water, waste disposal • Office supplies and other purchased goods • ICT equipment Investors and finance • Funding • Equity • Deposits The figure shows a simplified overview of Sparebanken Møre’s value chain: 48 Sparebanken Møre Annual report 2025 Sustainability Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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Stakeholders and their views When formulating directions and strategies for Sparebanken Møre’s work, the bank wants to know what is important to our stakeholders. Engagement with stakeholder groups is a prerequisite for the public’s trust in the bank. Sparebanken Møre’s key stakeholders are shown in the figure: Employees, management, and Board Capital market* Rating agencies and analysts Suppliers Partners Competitors Authorities Organisations and clubs Researchs and academia Industry and special interest organisations Customers Media In 2024, a comprehensive stakeholder survey was conducted as a basis for the Group’s double materiality assessment. In 2025, we actively sought input in order to update the materiality assessment; mainly from internal stakeholders, as well as indirectly from customers through work on the transition plan and industry analyses. The Group’s employees are in continuous dialogue with their external stakeholders, and their input on the double materiality assessment will be influenced by these stakeholders’ concerns. The Board and Group Executive Management were informed of the stakeholders’ input through a presentation of the results from the various parts of the comprehensive stakeholder analysis in 2024. They were also briefed on the results of the revised double materiality assessment, industry assessments and customer survey conducted by EPSI in 2025. The table shows a summary of stakeholders, engagement and results: Who How What are they concerned about How the bank interacts with stakeholders Customers • Customer meetings with advisors and customer service • Social media • Events • Survey • Climate, the environment, and the circular economy • Financial inclusion and financial health • Gift funds • Business development • Fighting fraud • Development of products and conditions that contribute to transition • System for preventing financial crime • Business talks, advice and local branches • Competence programme and competence sharing • Transition plan Employees, the Board and management • Performance reviews and inclusion in strategy process • Annual survey • Annual risk assessment HR • Circular economy • Climate change and greenhouse gas emissions • Working conditions and terms • Work/leisure balance • Equal treatment and opportunities • Gift funds • Competence mapping, programme and competence platform for all employees • Employees are a strategic main focus • Climate report and climate emissions targets for own operations • Reporting employee survey results to the Board and management 49 Sparebanken Møre Annual report 2025 Sustainability Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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Who How What are they concerned about How the bank interacts with stakeholders Capital market, rating agencies and analysts • General Meeting • Events • Rating processes • Stock exchange announcements and quarterly presentations • Dialogue in rating processes and follow • Reporting and data quality • Continuous improvement • Transparent, ethical and financially competitive business operations • Transparent and comprehensive sustainability and financial reporting • Audit processes • Risk reporting and management Suppliers • Regular follow-up meetings • Contract meetings • Events/webinars • Circular economy • Climate change • Working conditions and terms, gender equality and diversity • Contribution to local communities • ICT security • ESG assessment in product development and change • ESG requirements for suppliers and due diligence in the supply chain Industry and special interest organisations • Project meetings • Events • Conferences and other meeting places • Employment and local communities • Competence and networking • Transitions to a sustainable society • Circular economy • Digitalisation • Competency sharing through programmes, conferences and lectures • Gift funds and “Næringsteft” programme • Digital solutions and services • Effective operations as a strategic focus Competitors • Interdisciplinary reference groups • Competence and transition • Sustainable business model • Sustainability reporting • Participation in interdisciplinary collaborations across banks • Sharing experience and opportunities within sustainability • Cooperation on conferences, etc Authorities • Councils, committees and supervision • Reporting, disclosures and audits • Governance, control and reporting in line with requirements and expectations • Consultation statements and dialogue meetings Clubs and organisations • Events, board meetings, follow-up on allocated funds • Desktop survey • Gift funds • Competence sharing • Support for clubs and organisations • Allocation of scholarships to young talents • Support for environmental measures • Competence sharing Research and academia • Events • Board positions • Cooperation • Desktop survey • Recruitment • Demographics • Climate change • Competence sharing • Local branch and workplaces • Climate change is a material topic in Sparebanken Møre’s sustainability work and reporting. Media • Interview • Press releases • Ongoing engagement • Responsible and transparent business operations • Competence and transition • Accessible, accurate and relevant information • Quick response to enquiries • Press releases 50 Sparebanken Møre Annual report 2025 Sustainability Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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Interaction between material topics and strategy Sparebanken Møre is a bank with a diversified portfolio and thus also a wide range of identified material topics that provide the basis for the materiality assessment. The Group’s material topics have been reviewed with the Board and management, and are part of the bank’s basis for the strategic process. Sparebanken Møre’s overarching sustainability strat- egy has been updated on the basis of the revised double materiality assessment. The results of the finan- cial materiality assessment are also taken account of when updating current risk strategies. The results of the assessments have been shared as a basis for the Group’s environmental analysis and subsequent strat- egy process for 2026. Process for identifying and assessing material topics In 2025, Sparebanken Møre revised its double material- ity assessment from the previous year. The methodology used in the revision is similar to that used in 2024, albeit with a greater focus on risk assess- ments and the broader involvement of professional staff in the process. We also conducted a comparison of our results with those of other actors in the same industry with respect to materiality assessments and the reasons for the assessed materiality. The value chain included in the materiality assess- ments comprises critical partners and suppliers upstream, own operations and downstream through loans and the distribution of gift funds. The bank’s investment portfolio is partially included, but will be fully incorporated into the revision of the double materiality assessment in 2026. The loan portfolio is significantly larger than the investment proportion of the bank’s activities and has therefore been prioritised in the work. A bottom-up methodology has been used, whereby identified impacts are assessed based on severity, scope, possibility of recovery and probability. Severity indicates the degree of harm or improvement to people and the environment as a result of the impact. Scope provides a picture of the number of people, species or the geographical area that will be affected. Recovery opportunities indicate the extent to which it is possible to bring people, society, climate and the environment back to a situation similar to what it was before the impact occurred. All the impacts, risks and opportunities were also placed on the expected time horizon for when the impact could have an impact. The time horizon used in the double materiality assessment is shown in the table below: Time horizon Short ≤ 1 year Medium 1-5 years Long ≥ 5 years Severity is weighted more than probability for impact involving possible or actual human rights violations. Identified risks and opportunities are assessed based in terms of scale and likelihood The scale range indi- cates the potential financial impact triggered by the risk or opportunity. Assessment of the scale of the financial effect is in line with assessment of financial effect in other risk assessments carried out in Spare- banken Møre. When assessing the scale of the credit risks, the bank’s credit exposure to the specific sector has also been used as a basis. Sources for identifying risks and opportunities are input from stakeholders, identified impacts as the basis for risk or opportunity, dependencies for Spare- banken Møre that entail a risk or opportunity, and other external factors such as megatrends that may have an effect on the bank’s strategy and financial position. In addition, risks and opportunities are considered for two scenarios. The scenarios are based on the Network for Greening the Financial Systems (NGFS) two sce- narios “Delayed Transition” and “Current Policies”. «Delayed Transition» results in a situation of sudden strict regulations and policy guidelines, requirements and fees. «Current policies» is an assumed situation in which political policies are at a similar level as today and we are expe- riencing a rise in temperature, climate change and the physical consequences it will have for the environment and society. Threshold values have been set in consultation with the Board and management and has been added to a level that is considered significant for Sparebanken Møre’s further strategy work and reporting. The result of scoring each impact, risk and opportunity deter- mines which overarching ESRS topic is material for Sparebanken Møre. The process and material topics are reviewed and approved by the Risk and Audit Committee before being finally adopted by the bank’s Board of Directors. 51 Sparebanken Møre Annual report 2025 Sustainability Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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Results of materiality assessment The number of material topics in the Sparebanken Møre Group has been adjusted downwards in the revised materiality assessment. Assessments and reasons for changes are described in the table: ESRS Material 2024 Material 2025 Assessment E1 Climate change Yes Yes Impact on the climate through greenhouse gas emissions in own operations and through lending/investments has been assessed as high. Climate change poses a potential financial risk to Sparebanken Møre. primarily through the lending portfolio. E2 Pollution No No Pollution is almost financially material based on the fish farming, agriculture and industry industries, but after considering total exposure, the actual degree of pollution at the bank’s largest customers in the sectors and the bank’s possibility of influence, the topic was considered not material. E3 Water and marine resources No No The Group does not have high water consumption in its own operations and is not considered particularly water-dependent. Based on the degree of impact and financial impact, E3 is not considered material for Sparebanken Møre in this assessment. E4 Biodiversity and ecosystems Yes No The bank has an impact on loss of biodiversity through the loan portfolio, especially for construction, power and water supply, fisheries and maritime. However, the bank’s ability to have an impact is limited because land use and development are determined by the municipality/county and building permits are granted before the bank becomes involved. Nature dependency and vulnerability for customers are integrated into ESG assessments of businesses and are monitored as a potential financial risk for the bank in the long term, but are not considered a material topic at present. E5 Resource use and the circular economy Yes No As a bank, we contribute financial resources to a widespread linear business sector and private consumption. This has an indirect impact on both resource use and waste generation through our customers. Measures to increase the circular economy are addressed under the topic E1 Climate Change, and the topic is therefore classified as non-material as formulated for E5. S1 Own employees Yes Yes Positive impact on own employees by preventing discrimination and harassment, good working conditions, health, diversity and competence building. The financial risk associated with this impact is the risk of incorrect decisions due to inadequate sustainability expertise. We are a large workplace that contributes to employment throughout our region, and it is essential that we offer good working conditions and a stable, attractive and safe workplace. S2 Employees in the value chain Yes No We have an impact on working conditions in the value chain through our lending to companies. However, working conditions, terms and HSE are strictly regulated, and institutions other than us as a bank are responsible for monitoring this through supervision and sanctions. This topic is assessed in our ESG risk assessment of corporate customers, but is not considered a material topic for the bank as a whole. Reports on working conditions and human rights in our supply chain will be submitted in line with the requirements of the Transparency Act independent of this materiality assessment. S3 Affected communities Yes Yes Positive impact on local communities through gift funds for local communities and contributing to more jobs through funding of local businesses. Financial opportunity due to local presence, and a contributor to decent living conditions through real estate brokerage and mortgages. S4 Consumers and end-users Yes Yes Positive impact on consumers through knowledge about personal finances, access to products, services and information, financial inclusion for various groups in society, privacy and information security. G1 Business condu- ct Yes Yes Actual positive impact by preventing economic crime internally and in the downstream value chain. Sustainable finance Yes No Sector-specific chapters have been put on hold due to the EU's Omnibus proposal. 52 Sparebanken Møre Annual report 2025 Sustainability Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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Material impact Impact Time ESRS Sub-topic Value Chain Circular processes in local business P MT E1 Climate change Climate change mitigation Downstream Greenhouse gas emissions from lending A ST E1 Climate change Climate change mitigation Downstream Greenhouse gas emissions from own operations A ST E1 Climate change Climate change mitigation Own operations Being an attractive workplace A ST S1 Own employees Working conditions, negotiations, health, safety and the environment, training and career, and diversity, equality and inclusion. Own operations Supporters of local communities A ST S3 Affected communities Society’s economic, social and cultural rights Downstream Financial inclusion A ST S4 Customers and consumers Social inclusion of customers and consumers Downstream Financial health A ST S4 Customers and consumers Social inclusion of customers and consumers Downstream Preventing financial crime A ST G1 Business conduct Business Conduct Own operations Downstream Financial risk/opportunity Impact Time ESRS Sub-topic Value Chain Physical risk residential housing portfolio P R ST E1 Climate change Climate adaptation Downstream Physical risk corporate portfolio P R ST E1 Climate change Climate adaptation Downstream Energy supply (in Møre og Romsdal) A R ST E1 Climate change Energy Upstream, Own operations, Downstream Greater competitive advantage via local presence P O ST S3 Affected communities Access to products and services Own operations, Downstream ST Short-term MT Medium-term LT Long-term P Potential A Actual Positive impact Negative impact R Risk O Opportunity The table below shows the material impacts, risks and opportunities associated with material sustainability topics, sub-topics and their position in the value chain. The relevant time frame and type of impact can be found in the information provided in the table. The following topic chapters describe the Group’s work on material sustainability topics in more detail. 53 Sparebanken Møre Annual report 2025 Sustainability Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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In subsequent thematic chapters, the group's work on significant sustainability topics is described in more detail The figure below shows the ranking of ESRS topics based on their scores in the double materiality assess- ment: The topics that fall below the materiality threshold are considered immaterial to the Group, given their scope and probability based on current insights and understanding. An index is included in the appendix where all infor- mation requirements that have been answered in line with the requirements in the ESRS are specified with a chapter reference to relevant information, as well as an index for data points that originate from other EU legislation. Strategies and governing documents related to sustainability Title: Purpose – ESG Scope Related content Internal corporate governance Goal achievement and risk management Own operations Financial Institutions Act CRR/CRD The Financial Supervisory Authority of Norway’s modules NUES* Conduct and corporate social responsibility Ethical standards for busi- ness conduct, personal behaviour, and corporate responsibility Upstream, own opera- tions and downstream Accounting Act Transparency Act NUES Euronext Overarching sustainability strategy Overarching sustainability strategy is the governing document for the Group’s work on sustainability. Upstream, own opera- tions and downstream UN Sustainable Development Goals Finance Norway’s “Roadmap for Green Competi- tiveness in the Financial Sector” UNEP FI PRB OECD Guidelines for Multinational Enterprises OECD Guidelines for Multinational Enterprises on Responsible Business Conduct Eco-Lighthouse Women in Finance Charter Conflicts of inte- rest Identifying, preventing and managing conflicts of inter- est in the Group Upstream, own opera- tions and downstream Financial Institutions Act EBA Guidelines on Internal Governance Equality, diversity and non-discrimi- nation Guidelines for promot- ing equality, diversity and preventing discrimination Upstream, own opera- tions and downstream Equality and Anti-Discrimination Act Accounting Act Credit risk stra- tegy/Responsible lending policy Responsible lending prin- ciples and management of ESG risk in the credit portfolio Downstream UN Sustainable Development Goals Finance Norway’s “Roadmap for Green Competi- tiveness in the Financial Sector” UNEP FI PRB OECD Guidelines for Multinational Enterprises OECD Guidelines for Multinational Enterprises on Responsible Business Conduct Responsible in- vestments Responsible investment principles and management of ESG risk in the invest- ment portfolio Downstream UNEP FI PRB UN Sustainable Development *NUES: The Norwegian Corporate Governance Board’s recommendations on corporate governance Material Impact S 1 S 3 G 1 E 1 E 3 E 2 S 2 E 4 E 5 S 4 Financial materiality 54 Sparebanken Møre Annual report 2025 Sustainability Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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Strategic objectives and status As an employer, investor, lender and provider of finan- cial products and services, the bank should contribute to sustainable growth by reinforcing positive impacts and reducing negative impacts on the climate and nature, people and society in general. At the same time, it is largely a matter of mitigating the risk of the transi- tion to a more sustainable society having a negative impact on the bank through the activities and custom- ers to whom we provide financing and in whom we invest. Sparebanken Møre’s strategy is intended to provide a basis for strategic decisions, ESG risk management and ongoing operational work. The bank’s strategic focus areas are followed up and addressed further in relevant governing documents, guidelines and procedures. The Group’s transition plan, which was first adopted in 2025, is part of the sustainability strategy and elabo- rates on how the bank will work internally and with customers to achieve its goal of net zero greenhouse gas emissions by 2050. Based on the bank’s overall goal of being a driving force for sustainable transition, our material topics, selected Sustainable Development Goals (SDGs), and PRB impact analysis are linked to strategic goals and scorecards for the strategy period as outlined below. Net Zero 2050 Good financial health and financial inclusion Positive ripple effects in local community Competence building for transition An attractive place to work The scorecard was launched in 2025, so we only have the status of goal achievement for the reporting year. The objectives are operationalised through specific action plans and measures in all of the bank’s sections/divisions. These are regularly monitored by the bank’s Board and Group Management. Details about goals and status on goal achievement are provided in the topic chapters. Strategic scorecard for Sparebanken Møre Target description, KPI Objective Topic E Greenhouse gas emissions reduction in own operations Net zero emissions by 2050 E1 Climate emissions reduction in the lending portfolio Net zero emissions by 2050 E1 Energy efficiency in residential and commercial buildings 16 % reduction in energy consumption in the real estate portfolio by 2030 E1 Number of green/energy loans in the retail market (sustain- able financing) 2,000 loans by 2028 E1 Lending in line with the framework for sustainable financ- ing to corporate customers (% of volume) 30 % by 2028 E1 Proportion of new fund sales with a sustainability profile 20 % by 2028 E1 S Gender balance at each level Minimum 40/60 S1 Equal pay between genders 95 % or better S1 High employee satisfaction – measured via a working envi- ronment survey 8 or better on a scale of 1-10 S1 High employee loyalty eNPS score of at least 40 S1 Employee sick leave 4 % or lower S1 PSI score – contribution to the local community Score of 90 % or better S3 Recovery rate of engagements in GREP 90 % S4 Loan defaults (retail and corporate combined) Below the national average S4 Gender balance in fund savings - reduced capital gap 10 % increase in women’s savings pro- portion in relation to men annually S4 G EPSI score – service quality corporate* 60 % or higher EPSI score - sustainability index 1st place ESG scoring conducted for corporate EAD in excess of NOK 8 million 100 % of all customers with exposure of NOK 8 million or more must be scored E1 Development and competence score – measured via a working environment survey 8 or better on a scale of 1-10 S1 Completed anti-money laundering course tailored to roles 100 % of the bank's employees must have completed annually G1 Satisfaction with competence programmes offered to corporate customers 8 or better on a scale of 1-10 S4 A target was achieved in 2025 and is now being continued as standard practice. The goal of inviting both parties for financial counselling in order to achieve good financial health in relationships is now standard practice at Sparebanken Møre. *) The bank’s activities related to the region’s business community and measures for achieving its goals are described in the Board of Directors’ annual report under ”Business areas”. 55 Sparebanken Møre Annual report 2025 Sustainability Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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E – Climate and the environment E1 Climate change The chapter contains information about our strategic work on greenhouse gas emissions and energy consumption. We describe our governance model for climate efforts, our guidelines, the measures we implemented in 2025, and the measures planned for 2026. Finally, results and targets are presented, and information is provided about the bank’s greenhouse gas accounting and energy consumption. Material topics, impacts and risks related to the climate and environment: Material impact ESRS Sub-topic Greenhouse gas emissions through lending E1 Climate change mitigation Greenhouse gas emissions from own operations E1 Climate change mitigation Circular processes in the local business sector E1 Climate change mitigation Financial risk or opportunity ESRS Sub-topic Financed greenhouse gas emissions and transition risk E1 Climate change mitigation Physical climate risk in retail housing portfolio E1 Climate change adaptation Physical climate risk in the corporate portfolio E1 Climate change adaptation Energy supply (in Møre og Romsdal) E1 Energy 56 Sparebanken Møre Annual report 2025 Sustainability Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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E1-4 Strategy, business model and governance of material climate-related conditions The financial industry has been assigned the role of being a driving force behind the transition to a low- emission society. This presents a transition risk if the Group’s business model is not adapted to meet expec- tations and requirements, while also supporting the bank’s customers transition. The bank finances and manages using knowledge about and assessment of risks and opportunities in terms of climate and the environment. This is part of the bank’s risk management process and specifies how the bank is managed with a view to minimising factors that negatively affect society and climate, and how we can contribute positively to transition. Each year, the Board adopts the “General sustainability strategy for Sparebanken Møre”, which will form the basis for both strategic decisions and ongoing opera- tional work related to climate change, climate adapta- tion and energy consumption and efficiency. Responsibility for the implementation of climate- related strategies, policies and measures is similar to that of other sustainability topics and is described in “General introduction”. The bank has the greatest climate impact and risk in the loan portfolio. The most important management documents in the credit process are the credit risk strategy and the credit manual. The credit risk strategy is revised annually. The target frameworks in the strat- egy and status of credit risk must will be monitored, including through the bank’s monthly risk reports. The credit manual is updated on an ongoing basis. In assessing sustainability in terms of credit provision to business customers, ESG and climate risk form a central part. The bank’s risk appetite in this area is moderate, similar to overall credit risk. E1-1 Transition plan for minimising climate change Sparebanken Møre has set itself a climate target of reducing emissions from its own operations by 55 % by 2030, in line with Norway’s climate targets. For the loan and investment portfolio, the goal is to achieve net zero greenhouse gas emissions by 2050. The work on the transition plan is anchored in the bank’s sustainability strategy, based on the principles of the GHG Protocol, PCAF, Finance Norway, and the Science Based Targets initiative (SBTi). Where possible, the Sectoral Decarbonisation Approach (SDA) and the SBTi framework are used to set sector-specific targets for 2030. This makes it possible to assess how the bank’s loan portfolio is developing in relation to scientifically based transition pathways that are tailored to each individual industry. This provides a more accurate basis for prioritising measures and monitoring emission trends over time. Corporate The corporate portfolio represents the largest share of our total greenhouse gas emissions. A very small proportion of the corporate customers in our portfolio publish their own climate reports. We have estimated emissions from the various industries we finance and set our own pathways and emission targets where we have sufficient data. Where we have not set spe- cific targets, the overarching goal of net zero by 2050 applies. We recognise that the goals we have set will require extensive measures on both our part and the industries’. The transition plan provides direction based on current knowledge and will change as data availability, knowledge levels and requirements evolve. Retail Banking Division Although emissions from the retail market are signifi- cantly lower than those from industry, it represents a large customer base with a material overall impact. Measures for reducing emissions in the loan portfolio include advice and products that promote energy effi- ciency, sharing know-how and intensive programmes for reducing emissions, although the effects of these measures have not yet been quantified. Own operations The plan for reducing emissions and measures in our own operations is more detailed and clearer because we have operational control. The bank’s direct emis- sions from its own operations are relatively low, although it is still our ambition to lead the way as a responsible actor. The implemented measures mainly involve improving the energy efficiency of owned and leased premises and using local suppliers. Further measures are also being developed. Dependencies and embodied emissions Sparebanken Møre provides loans to a large portfolio of properties. These include both commercial proper- ties and private homes. Approximately two-thirds of the portfolio has a poor energy label or none at all and may need renovation and to be made more energy efficient in the coming years. This would result in emissions during the process and possibly embodied emissions if zero-emission solutions are not chosen for renovated buildings. Business depends on stability and predictability in political decisions. For many companies, meeting the demands made by the transition society is facing will entail high investment costs. Given that products and solutions can have a long service life, making invest- ment decisions can be particularly challenging. We depend on proactive politicians working with the business sector, as well as their facilitation within the framework they are able to influence. This transition plan is the first version of how we will achieve net zero emissions by 2050. The plan is based on the best data and methods currently available to us, although we know that data, knowledge, technol- ogy and frameworks are evolving rapidly. Future work 57 Sparebanken Møre Annual report 2025 Sustainability Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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on the next versions of the transition plan will involve higher-quality data and measures for reducing emis- sions with clearer cost-benefit assessments. E1-2 and E1-3 climate risk and scenario analysis The scope of climate risk assessments was expanded in 2025, and several employees were involved in the work. In January 2025, the European Banking Authority (EBA) published guidance on ESG risk management, which provided direction for the work on climate risk throughout the year. A risk-based assessment was conducted based on two scenarios (NGFS: “Delayed Transition” and “Current Policies”) in order to examine how the Group will be impacted in the various scenarios and what the pos- sible financial consequences could be. Credit risk The time horizons used are the same as those for impacts in materiality assessments: short (1 year), medium (1-5 years) and long (>5-10 years). The main factors used as a basis for risk assessments within credit risk are: • Physical climate risk (flooding, landslides, stormwater, sea level rise and storm tides) • Introduction of, and rise in, CO2 tax • Transition costs • Demands for building energy efficiency (both from authorities and tenants) • Energy deficits • Ocean temperatures rising • Land use and needs Our qualitative risk assessments concluded that physi- cal climate risk and energy deficits are the most mate- rial risk factors, while greenhouse gas emissions are where we have the greatest impact. Although green- house gas emissions are a risk factor with an uncertain outcome, they were included in one of the extended risk assessments conducted in 2025 in order to pro- vide better source data for materiality assessments going forward. Two portfolio-level risk analyses were carried out in 2025. One analysis stress-tested physical climate risk for residential properties and the impact on property values, and another assessed debt-servicing capacity if CO2 taxes were to increase and transition pressure were to intensify for offshore vessels. Both analyses show that there may be significant risk at the individual customer level, but overall these factors did not constitute a material risk in any of the scenarios. Funding risk Quarterly measurements were introduced in 2025 in order to assess how ESG risk can impact the value of financial instruments in the bank’s liquidity portfolio. The same scenario was used for the liquidity portfolio as that for credit risk, although with slightly adjusted time horizons suited to the portfolio: short (1-3 years), medium (3-10 years) and long (>10 years). We acknowledge that assessing risk factors in isola- tion does not provide a complete picture, and we will continue to monitor the status of selected risk indicators and stress-test the effect of risk factors, even when the initial analyses do not result in material impacts for the relevant risk categories Established ESG-risk indicators are: Physical risk score for properties Greenhouse gas emissions for corporate customers (estimated data) Energy label for property (estimated and actual data) ESG score for corporate customers with exposure > NOK 8 million Achievement of the bank’s strategic ESG KPIs ESG-related risk in the liquidity portfolio Framework for ESG assessments of corporate customers ESG risks in the business portfolio, including climate risk, are assessed for all industries and the bank’s largest exposures within each industry annually in our industry analysis. A climate risk assessment is conducted in connection with credit applications from business and industry. An assessment must be made of how the customer/industry is impacted by physical and transition risks, and how this in turn may impact the customer’s costs and income (debt servic- ing capacity), as well as the value of assets pledged as collateral to the bank (e.g. real estate and business assets). Customers with exposure of more than NOK 8 million will be subject to ESG scoring. Customers clas- sified with high ESG risk are closely monitored with a customised action plan. 58 Sparebanken Møre Annual report 2025 Sustainability Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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The ESG scoring system was revised in 2025 and now provides a more granular maturity assessment of customers in the areas of climate and environment, social issues and corporate governance. Customers are assessed based on the following factors: Strategy and business model Impacts, risks and opportunities Expertise and resources Action plan Reporting and documentation Industry-specific factors The Group’s goal was for 100 % of customers with commitments of more than NOK 8 million to be scored in the new system by the end of 2025. At the end of 2025, 99.3 % of the current portfolio had been scored. The bank is in the process of integrating the assess- ment of climate risk (physical risk and transition risk) into the credit process for the retail market. The main focus will be on physical risk, as well as more active assessment and customer advisory services related to the energy performance of homes. This work will be completed in the first half of 2026. Climate Risk Reporting ESG risk/climate-related risk is included in the bank’s quarterly risk reports that are presented to the Board. Furthermore, the Board’s Risk Committee receives status updates in presentations by the Leader of the Sustainability Department. ESG factors are also included as part of a number of individual matters that are presented for the Board. Sustainability and climate risk are a fixed point in the structure and reporting of credit matters to the board. The Board’s work on risk management and internal control is described in the “Corporate governance report”. Climate risk is a risk driver within several of the bank’s established risk areas; credit risk, market risk, liquidity risk and operational risk. ESG risk is included in the assessment of risk profile and capital requirements (ICAAP reporting and SREP assessment). A description of the bank’s climate impact and climate risk, as well as the management of these, are included in the bank’s annual sustainability report. Sparebanken Møre is Eco-Lighthouse certified and reports annually through the Eco-Lighthouse platform. Energy efficiency measures implemented in own operations are part of this annual reporting, and the measures are part of Sparebanken Møre’s environmental management. The Board considers the bank’s overall risk picture for ESG risk drivers to be moderate and within acceptable risk tolerance levels. 59 Sparebanken Møre Annual report 2025 Sustainability Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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E1-5 Measures and resources related to climate management The bank can have an impact through customer requirements, competence sharing and dialogue. This is done, for example, by analysing customers’ sustainability and climate- related risk when processing applications for loans and credit, as well as in the follow-up of existing customers. Sparebanken Møre’s transition plan contains more detailed actions related to the mitigation of climate change through emission reductions. The table below lists measures implemented in 2025, as well as ongoing and planned measures with specified time frames. Topic Measures: Time horizon Effect Climate change mitigation Sparebanken Møre’s transition plan to a low-emission society. 2025 Decarbonisation paths for own operations and the downstream supply chain, as well as measures to achieve goals. First version adopted in 2025. Sparebanken Møre’s transition plan to a low-emission society. 2025 Decarbonisation paths for own operations and the downstream supply chain, as well as measures to achieve goals. First version adopted in 2025. Launch of sustainability-linked loans for several of the bank's industries’ 2025-2026 Performance on sustainability parameters will affect loan conditions and contribute to restructuring. Circular preparedness: How to secure value chains and profitability in uncertain times 2026 Competence programme for business actors Energy efficiency loans, green mortgage loans, and energy construction loans for retail market customers Introduced Loans with favourable terms, conditions and requirements for energy efficiency/ high energy performance. Green commercial building loans Introduced Loans with favourable termsare available for new buildings, renovation, energy efficiency improvements and buildings with good energy ratings. Climate adaptation Incorporate physical risk as part of the retail market credit rating process 2025-2026 Physical climate risk is taken into account in the credit process. Physical risk training provided to credit specialists in 2025. Auditing the bank’s ESG scoring tool for business 2025 More thorough assessment of customers’ ESG work and possible risk to the bank. Completed in 2025. Energy Energy efficiency requirements for premises in Sparebanken Møre’s lease contract portfolio, both for renegotiation and new agreements Continuous Work with landlords to boost the energy labels of office premises. Refurbishment of own head office 2025-2027 BREEAM Excellent standard and energy use halved for the head office after renovation, the project also has a significant target for emission reductions in addition to energy efficiency. Measures in the bank’s branch network Kristiansund: replaced windows and installed sunscreening Ulsteinvik: replaced windows Sykkylven: new ventilation system Hareid: new, modern premises opened in January Brattvåg: new windows in December 2025. 2025 Reduced energy consumption Green Arena Møre – cooperation with Energiråd 2024-2027 Programme for support and expertise in the energy efficiency of commercial buildings with an estimated 25 % improvement in energy efficiency for the participants’ commercial buildings. Expanded to southern Sunnmøre in 2025. No estimated emission reductions have yet been calculated for measures related to climate change mitigation. Measure emission reductions achieved through measures based on competence building and cooperation is difficult. 60 Sparebanken Møre Annual report 2025 Sustainability Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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E1-6 Climate-related targets and metrics The table shows strategic goals related to the climate and environment, as well as status by the end of 2025. Strategic goals related to the climate and environment Unit Target When Status at year-end 2025 Greenhouse gas emissions reduction in own operations % Net zero 2050 -20.2 % (38.5 % from 2019) Climate emissions reduction in the loan portfolio % Net zero 2050 -15.1 % from 2023 to 2024 Energy efficiency in residential and commercial buildings % 16 2030 1.9 % reduction in energy consumption per square metre in the private housing portfolio from 2024 to 2025. Number of loans in line with the framework for sustainable financing for retail customers Number 2,000 2028 The status at the end of 2025 was 1,478 loans. Lending in line with the framework for sustainable financing to corporate customers (% of volume) % 30 2028 8.70 %, as planned. New products based on the framework will be launched in 2026 and contribute to the achievement of objectives. Proportion of new fund sales with a sustainability profile % 20 2028 3 % of new sales in 2025 were funds with a sustainability profile (Article 9 funds in accordance with SFDR). Strategic goals will be adapted to the revised labelling scheme when it comes into effect. EPSI score - sustainability index 1st place Annually 1st place in 2025 in the EPSI survey for banking and finance. ESG scoring of corporate customers with EAD > NOK 8 million % 100 Annually 99.3 % of corporate customers will be scored in 2025 using the new ESG assessment model. 61 Sparebanken Møre Annual report 2025 Sustainability Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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Climate risk indicators The distribution of energy labels and physical risk scores in the private homes portfolio are ESG risk indicators that are monitored quarterly and summarised every year in the annual report. No limits have been set for the distribution of labels or risk scores, although the aim of the monitoring is to identify any increase in the proportion of homes with poor energy labels and/or high physical risk scores, which represent an increased risk in the portfolio. The figure shows the distribution of energy labels (actual and estimated where actual labels are not available) in 2025 compared with 2024. % Distribution of energy rating in retail portfolio 0 5 10 15 20 25 Share object Dec. 25Share object Dec. 24 GFEDCBA The figure shows the distribution of physical risk scores in the private homes portfolio in 2025 compared with 2024. There has been no change in the distribution of physical risk scores over these 2 years. Scores range from 0 to 6, with 6 being the highest risk score. A property may have several risk scores; only the distribution of the highest risk score per property is shown here. Distribution Physical risk score in retail portfolio 0 5 10 15 20 25 30 35 40 6543210 Share object Dec. 25Share object Dec. 24 % Approximately one quarter of the bank’s commercial properties have a known energy label. The distribution of energy labels where available is shown in the table. Energy labels % distribution A 1 % B 6 % C 5 % D 4 % E 2 % F 3 % G 3 % Statistics for the distribution of energy labels for commercial properties in Norway (enova.no) show that a large proportion of buildings nationwide have energy labels of D-G, and in many cases there is significant potential for energy efficiency improvements. The low coverage rate for energy labels is a challenge. 62 Sparebanken Møre Annual report 2025 Sustainability Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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Detailed emission reduction targets: Industry Sub-industry Scope Unit of measure Base year Emissions target (% reduction to 2020) Method Scenario Maritime As of the end of 2025, we are awaiting updated guidelines from the Green Shipping Programme (Grønt Skipsfartsprogram) and relevant authorities in order to provide a more precise assess- ment of emissions reduction targets in the seafood industry and the maritime industry.Seafood Real estate and construction Real estate 1 and 2 kgCO2e/m2/year 2024 45 % SDA SBTi 1.5°C / CRREM scenario Contractor 3 kgCO2e/m2 2024 35 % SDA SBTi 1.5°C / CRREM scenario Agriculture Not set Agriculture's climate plan Industry Not set Trade and services Not set Retail customers Housing 1 and 2 kgCO2e/m2/year 2024 25 % SDA Own operations 1 tCO2e 2024 100 % Absolute Contraction SBTi 1.5°C scenario 2 tCO2e 2024 15 % Absolute Contraction SBTi 1.5°C scenario 3 (kat. 1-14) tCO2e 2024 10 % Absolute Contraction SBTi 1.5°C scenario E1-7 Energy consumption and energy mix Sparebanken Møre owns or leases premises which all use electricity as their main energy source. The head office in Ålesund also uses district heating as a heat source, although it is currently undergoing complete renovation and head office employees are spread across three temporary locations in Ålesund city centre. Electricity consumption overall in 2025 was reduced by 9 % compared with 2024, and a 16 % reduction com- pared to the 2019 base year. The change in electricity consumption was due to the introduction of energy efficiency measures such as lowering the temperature at night, the upgrading of several offices, co-locating some offices and some offices moving to more energy-efficient buildings. 63 Sparebanken Møre Annual report 2025 Sustainability Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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The table below shows the proportion of renewable energy in Sparebanken Møre’s energy consumption in 2025 and historic data from 2024: Energy consumption and energy mix Data 2024 2025 Scope 1 – Renewable energy MWh 3.3 3.3 - of which proportion from renewable sources % 19 19 Scope 2 – Renewable energy (location-based) MWh 2,723 2,528.3 - of which proportion from renewable sources % 87.3 89.3 Scope 2 – Renewable energy (market-based) MWH 2,854 176 - of which proportion from renewable sources % 91.5 6.2 In scope 1, the bank’s company car diesel consumption and the proportion of renewables is based on the share of biofuel in Norwegian diesel in line with Norwegian sales requirements. Sparebanken Møre has, for several years, purchased guarantees of origin for 100 % of the electricity it pur- chases, thereby ensuring that all of the electricity it purchases comes from renewable sources. Nowadays, there are more and more premises where electricity is included in overhead costs and where we cannot cover our own electricity consumption with a guarantee of origin. At the same time, the Group is strongly focused on reducing energy consumption and has decided to prioritise energy efficiency in its investments from 2025 onwards. None of the bank’s premises are in buildings with self-produced energy. Major renovation of the head office in Ålesund will be conducted during the period 2025-2027. The aim is for the new head office to be BREEAM Excellent certified and have a lower energy consumption than the current building. In 2024, the head office accounted for 25.9 % of the bank’s total electricity consumption and 100 % of the bank’s district heating consumption. E1-8 Greenhouse gas emissions in scopes 1, 2 and 3 As a bank, we have our largest greenhouse gas emis- sions indirectly through customers and activities we finance via lending. Sparebanken Møre has measured its greenhouse gas emissions in its own operations since 2019 and its financed emissions since 2022. Limitations used in the calculations: Scope 1: Direct emissions from fuel purchased for group-owned vehicles Scope 2: Emissions from purchased energy for the Group’s owned and leased premises, as well as leased parts of communal areas. Some locations do not have their own electricity meters, so estimates based on purchased energy per square metre for the remaining premises were used. Scope 3: The material categories for the Group are considered to be purchased goods and services, fixed assets, emissions related to energy production, busi- ness travel, commuting and waste. The category of financed emissions includes loans for residential properties and corporate customers. In 2025, the Group changed its business model and acquired ownership in several companies. Financed emissions from investments relate to ownership in associated companies and only include scope 1 and location-based scope 2 emissions. These emissions will first be calculated for 2026 and included in line with the stake throughout the year. Table showing the bank’s total greenhouse gas emis- sions in 2025 compared with 2024, emissions in tCO2e: Climate report 2024 (tCO2e) 2025 (tCO2e) Change (%) Scope 1 Total 3.9 4 +2.5 Scope 2 Total 41.9 30.5 -27.2 Scope 3 Total 570,958 484,676 -15.1 Total emissions 571,004 484,711 -15.1 *The methodology for financed emissions has been changed. For information, see the section on financed emissions. Climate report for own operations Sparebanken Møre produces an energy and climate report based on the international standard developed by the Greenhouse Gas Protocol Initiative (GHG pro- tocol). The climate report shows tonnes of CO2 that are direct and indirect emissions related to the Group and include scopes 1, 2 and 3, except for category 15 “Financed emissions”, which is discussed in a separate section. 64 Sparebanken Møre Annual report 2025 Sustainability Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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Sparebanken Møre’s climate report for scopes 1, 2 and significant categories within scope 3: Category 2019 (tCO2e) 2024 (tCO2e) 2025 (tCO2e) % change from 2024 (2019) Scope 1 Total 5.2 3.9 4.0 2.5 % Scope 2 Total 61.3 41.9 30.5 -27.2 % Electricity location based 54.5 39.3 29.2 District heating 6.9 2.7 1.2 Scope 3 Total 1,146 889 710.6 -20 % Purchased goods and services 212 175 96.8 Fixed assets 370 430 345 Emissions related to energy production 10 19.4 18.5 Waste 15 5 15.3 Business travel 161 114 91 Employees’ commuting to work 379 146 144 Total greenhouse gas emissions from own operations 1,213 935 746 -20.2 % (-38.5 %) Change in greenhouse gas emissions Electricity consumption was reduced from 2024 to 2025 through the upgrading of office premises, downsizing of some premises and co-location. Cost- based emissions from purchased goods and services were cut by reducing the amount of consumables and office supplies, as well as by reducing the amount of marketing materials. Fixed assets are an item that fluctuates significantly from year to year and causes a major impact when comparing individual years. Any permanent reduction in this category will only become apparent over a longer period of time, although there has been a downward trend in emissions from capital goods/fixed assets over the last 4 years for the Sparebanken Møre Group. The increase in waste volumes and emissions from waste was due to emptying the head office in connection with its total renovation and relocation to temporary premises. A large part of the inventory that still had good remaining service lives – everything from office furniture and seating to PC monitors, books and other office supplies – was reused internally at temporary locations or passed on to employees, local organisations, cultural actors, foundations and schools. This produced both environmental benefits and value in the local community. For example, glass walls, ceiling panels, ceiling lights and carpet tiles were dismantled and reused in other bank premises that were scheduled for renovation. This combination of reusing fixtures and fittings and recycling building materials shows how the total renovation has been carried out with a strong focus on circular economy – and how targeted efforts can contribute to reducing emissions, even during a demanding relocation and renovation phase. As previously mentioned, Sparebanken Møre’s head office is being renovated over a 2-year period from 2025-2027 and temporary premises and the increased use of working from home will impact the commutes of half of the bank’s employees. Therefore, no new survey has been carried out for means of transport and travel in 2025 and the next survey will not be carried out until the new head office is reopened. Therefore, the distribution of means of transport and travel from the 2023 survey and fuel distribution for petrol and diesel in Norway from Statistics Norway have been used in the calculation of employees’ commuting for work, weighted for the number of FTEs as of 31.12.25. A detailed energy and climate report is published on our website sbm.no/berekraft. Financed greenhouse gas emissions through loans and investments Sparebanken Møre complies with the principle of reporting climate accounts for financed emissions (scope 3, category 15) emissions based on available data and data quality but recognises that this is an area where gathering reliable and consistent data remains challenging. Data quality is a vital factor when it comes to calculat- ing financed greenhouse gas emissions as accurately as possible and publishing comparable data. The data quality categories were taken from Finance Norway’s guide1 and correspond to the data quality hierarchy defined by the Partnership for Carbon Accounting Financials (PCAF). 1 https://www.finansnorge.no/dokumenter/maler-og-veiledere/veileder-for-beregning- av-finansierte-klimagassutslipp/ 65 Sparebanken Møre Annual report 2025 Sustainability Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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Retail Banking Division Sparebanken Møre’s financed emissions through loans to private housing amounted to 4,338 tCO2e in 2025. Scenarios CO2-factor (gCO2e/kWh) Weighted port- folio emissions per year (tCO2e) NVE’s climate decla- ration for physically delivered electricity (location based) 12 (2023: 15) 4,388 (2024: 5,361) NVE declaration of goods for electricity suppliers (market based) 535 (2023: 599) 155,821 (2024: 177,594) Methodology Sparebanken Møre uses data from Eiendomsverdi in its calculations of energy consumption and greenhouse gas emissions in the retail housing portfolio. Eiendoms- verdi collaborates with Simien to combine data on Norwegian housing with Simien’s estimation model. Estimated energy consumption in the portfolio is based on the assumed use of the housing, normal maintenance and upgrading of housing based on average historical renovation, heating source, as well as other relevant information. Energy use and greenhouse gas emissions are estimated based on the assumed use of the homes, as well as adjustments for climate zones and an assumed upgrade of homes based on the original construction year. The data used in the calculations was obtained before 01.01.26, i.e. before the changes to the Energy Labelling Regulations came into force. The methodology used to calculate greenhouse gas emissions in the private homes portfolio corresponds to data quality level 4 in the PCAF data quality hierarchy. Corporate Sparebanken Møre’s financed emissions through its corporate loan portfolio totalled 479,577 tCO2e in 2025, a reduction of 15 % compared with the previous year (564,708 in 2024). For the 2024 financial year, greenhouse gas emissions in the business portfolio were estimated using Statistics Norway’s calculation of total emissions from industries and Sparebanken Møre’s loans to the respective industry as a proportion of Norwegian banks’ and financial institutions’ lending to the industry. For the 2025 financial year, the methodology was changed to improve the data quality in emissions calculations. Customers’ own reported climate report data is now used where available, combined with estimated emissions data based on industry averages. According to Finance Norway’s guidelines for calculating financed greenhouse gas emissions and the generic data quality hierarchy, the company’s self-reported emissions will correspond to data quality level/PCAF score 1 or 2, depending on whether the climate reports have been verified. Estimated emissions based on industry averages correspond to a data quality score of 4. Sector Loans (NOK million) Estimated proportion of emissions from the portfolio (tCO2e) Weighted average data quality Carbon intensity (tCO2e per NOK million of lending) Scope 1+2+3 Agriculture and forestry 55 16420 4.7 298.5 Mining and extraction 2 353 4 176.5 Fisheries and hunting 6688 45721 3.5 6.8 Manufacturing 2878 175884 4 61.1 Construction 1525 22238 4 14.6 Retail trade and hotels 1019 36931 4.1 36.2 Supply/offshore/international shipping 1622 38396 3.6 23.7 Property management 11297 22605 4 2.0 Professional/financial services 1326 25834 3.9 19.5 Private/public services 2874 23683 4.3 8.2 Transport and storage, excl. international shipping and supply 1855 43882 4 23.7 Industry code unknown 596 27632 4.4 46.4 66 Sparebanken Møre Annual report 2025 Sustainability Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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Both the 2023 and 2024 figures were recalculated using the new calculation methods in order to enable comparisons with the old methods. The weighted PCAF score shows the average data quality in the portfolio per sector, where the data quality score is weighted against the volume of emissions. Financed emissions in the corporate portfolio come with a 1-year delay, meaning that the annual report for 2025 will show emissions based on 2024 data. This is because several customers who report their own greenhouse gas emissions publish this information after the Sparebanken Møre Group publishes its annual report for the same period. The established base year for the new methodology is 2023. The method used involves several assumptions and weaknesses, the most important of which are discussed here: • The correlation between lending and climate emissions can vary. If a general corporate loan is used for specific emission reducing measures, this is not taken account of in the model. The model uses the total activities in the industry in its calculations. • The source data may contain errors through individual customers being registered with an industry code that does not reflect their actual activity and therefore results in a misleading emissions estimate. • The reason for the change in emissions may be that some businesses have changed their industry code from one year to the next. Emissions for each industry per year change with a change in activity or updating of emissions factors, and changes in activity may not be reflected in changed lending, so emissions per million loans increase or decrease with the changed activity. Climate emission data that is regularly updated across the bank’s entire corporate portfolio involves large amounts of data and data processing. The technique known as “green coding” is used in the processing of financed greenhouse gas emissions. This means that the code is scalable, easy to manage, secure, fast and ultimately reduces the footprint of big data calculations and updates. Sparebanken Møre’s share of lending to the various industries is almost the same in 2025 compared with 2024. Sparebanken Møre has not yet purchased any carbon credits and does not claim to have achieved climate neutrality. E1-10 Internal carbon pricing and E1-11 Expected financial effects In 2025, two analyses were conducted where a transition scenario and a physical risk scenario were simulated based on parameters in the bank’s IRB models. Sparebanken Møre has used data shared by Norges Bank in Staff Memo 3/2024, taken from the NGFS Net Zero 2050 scenario, converted to NOK. Sparebanken Møre’s customer portfolio of ocean-going vessels was stressed with the factors transition costs and CO2 tax over a period of 25 years. The results were then assessed against the bank’s model for expected losses. In 2025, Sparebanken Møre’s private homes portfolio was used as a basis for stress testing physical risk scores, based on an assumed fall in property values in three different future scenarios with rising average temperatures and climate change. The results were then assessed against the bank’s model for expected losses. None of the scenarios had any significant financial impact that needs to be taken account of, although such analyses look at individual factors in isolation and it is acknowledged that the real picture in future scenarios will be more complex and may have a different overall impact on the loss situation for banks than that simulated here. ESG risk indicators are monitored and included in Sparebanken Møre’s risk management system in order to identify changes in a situation that may have financial implications. For the fifth year in a row, Sparebanken Møre tops EPSI Norway’s sustainability index – a full 5 points ahead of number 2 «Over time, the bank has managed to build a strong role in sustainability by being clear, concrete and capable of contributing to customers’ practical work with sustainability.» Sitat EPSI RetailCorporate 60.7 73.5Avg. Avg. 63.1 77.7 SBM SBM 67 Sparebanken Møre Annual report 2025 Sustainability Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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S – Social conditions Sparebanken Møre has three material topics within social conditions. Own workforce (ESRS S1) Affected communities (ESRS S3) Consumers and end-users (ESRS S4) S1 Own Workforce S1-1 Policies related to own workforce Employees are Sparebanken Møre’s most important resource. Their competence and efforts are essen- tial for the bank’s success and for creating value for customers, owners, and the society we are part of. Together, we support each other and contribute to a positive work environment. Employees shall be involved, respected, and given the opportunity to influ- ence and develop. Their engagement drives us forward – both as individuals and as a bank. We value diversity and believe employees with diverse backgrounds, experiences, characteristics and per- spectives provide even better solutions and experi- ences for our customers. Sparebanken Møre has a number of guidelines that are designed to ensure equal treatment, diversity and inclusion for all employees, as well as prevent discrimination and harassment. In our ‘Guidelines for Equality, Diversity and Anti- Discrimination’, we have committed to ensuring that we work proactively to promote diversity, equality and inclusion. The guidelines state that all of the bank’s employees must feel that they are treated equally and have equal rights and opportunities. They also describe how one should work for diversity, equality and inclusion, work against harassment and all forms of discrimination, including discrimination on the basis of gender, pregnancy, leave of absence for birth or adoption, care responsibilities, ethnicity, religion, beliefs, disability, sexual orientation, gender identity and expression, and combinations of these areas. At the same time, the guidelines are designed to ensure that the Group operates in accordance with the applicable rules and legislation relating to equality, diversity and anti-discrimination at any given time. This includes recognised standards for corporate social responsibility and binding national and international agreements and conventions, including the UN Univer- sal Declaration of Human Rights, ILO Conventions and the UN Sustainable Development Goals. It is expected that the bank and all its stakeholders have zero toler- ance against all forms of discrimination, and that they are not involved in human trafficking, forced labour, child labour or any other involuntary labour under any circumstances. The Code of Conduct and CSR Policy provide guid- ance on how employees should act and handle situa- tions involving ethical considerations, human rights, labour rights, equality, social conditions, the external environment and combating money laundering and corruption. The “Guidelines for the remuneration scheme in Spare- banken Møre” and “Guidelines for the remuneration scheme for executive persons in Sparebanken Møre” are designed to ensure that remuneration contributes to the Group’s achievement of its objectives and pro- motes the desired behaviour in line with the bank’s strategy. The bank’s remuneration policy must be based on equal pay for equal work regardless of gen- der and background, and any individual differences in remuneration must, as far as possible, be based on objective and known criteria. Sparebanken Møre has established a physical secu- rity framework. This includes a number of guidelines for safeguarding the health and safety of our own employees in the workplace and for preventing occu- pational injuries, such as the “Guidelines for preventive work against violence and threats”, ‘Procedure for the physical and technical security of Sparebanken Møre’s premises”, “Procedure for safety during customer meet- ings in and outside Sparebanken Møre’s premises”, “Procedure for safety during telephone and digital cus- tomer meetings” and “Procedure for education, training and exercises”. The latter routine is intended to ensure 68 Sparebanken Møre Annual report 2025 Sustainability Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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that employees are familiar with the security measures implemented by the bank and can use them correctly when necessary to achieve adequate security in work situations. (Also see S-1 13 HSE system and data). With the exception of the guidelines relating to remuneration schemes, all the guidelines described in section S-1 apply to all employees of Sparebanken Møre, Sparebanken Møre’s subsidiaries and any temporary staff. Training, competence enhancement and development Competence and adaptation shall contribute to sound corporate governance, high-quality advisory services, and ensure that the Group is able to meet changes in customer behaviour, technological and regulatory developments, and shifts in the competitive landscape in an effective and efficient manner. Sparebanken Møre and Møremegling have their own joint Møre Academy, which is solely responsible for onboarding new employees and training the Group’s employees, managers and board members. A central skills plan is drawn up annually, with its own skills budget, based on the overarching strategy and any new legal requirements that impact the area of compe- tence. Basic competence requirements have been pre- pared for all bank employees, and role competencies for various professional roles. Competency require- ments are evaluated regularly, focusing on what will be important competencies going forward. Competency documentation is carried out each year in connection with performance reviews, and individual competency plans are laid to cover the ongoing skills gaps of the bank’s employees. This helps each employee and man- ager take responsibility for their own and their team’s skills development. S1-2 Processes for engaging with own wor- kers and workers’ representatives, including whistle blowing channels for own workers Engagement with own workforce Sparebanken Møre seeks to facilitate an open culture of expression. A good climate for speaking up is impor- tant for the working environment, individual well-being, and for ensuring that the organisation can operate in the best possible way. Employees of Sparebanken Møre and the bank’s sub- sidiaries are involved in the Group’s strategy process, including by providing input to the bank’s strategy via the bank’s intranet and by participating in the bank’s annual strategy meetings. Employees then draw up their own plans for the year based on the bank’s strategy. The bank’s annual employee surveys are important sources for mapping various aspects of the working environment, including employee well-being, engage- ment, leadership and the physical working environ- ment. The survey provides a concrete starting point for prioritising various improvement measures. For 2025, we scored 8.1 on a scale from 1-10 in the employee satisfaction survey (ESS), which indicates a very good working environment. We can also see that our employ- ees are highly likely to recommend Sparebanken Møre as a place to work. Engagement with employee representatives Sparebanken Møre has a close cooperation with the bank’s employee representatives, which consists of six elected representatives divided by region and busi- ness area, as well as a chief employee representative. Employee representatives must, inter alia, exercise the employee representative function as described in the Main Agreement and the Central (S1-7), safeguard the interests of members, be active contributors in debates with management and negotiate with man- agement in the cases where they have local bargaining rights. Two out of eight board members are employee representatives and make up 25 % of the bank’s Board of Directors. Fixed quarterly meetings are held between the Board’s management, all elected repre- sentatives and the bank’s safety representative. Sparebanken Møre also has a number of internal com- mittees that help to ensure diversity and equality and prevent discrimination against the bank’s employees in relation to pay and working conditions. The Remu- neration Committee is elected by and from among the Board’s members and is tasked with contributing to thorough and independent consideration of matters relating to the remuneration of personnel. The Hiring Committee deals with pay and working conditions upon recruitment and assesses employees’ pay condi- tions on an annual basis. The Working Environment Committee is responsible for ensuring that the bank’s working environment provides a healthy and meaning- ful work situation for employees, as well as for helping tailor the employment relationship to fit the individual employee’s requirements and life situation. All of the aforementioned committees have employee repre- sentatives as permanent members. Whistleblowing channels for employees At Sparebanken Møre, employees should feel confident that raising concerns about unacceptable conditions is a natural part of each individual’s responsibility in the workplace. The bank has robust whistleblowing procedures designed to ensure safe and responsible reporting. Employees have a statutory right under the Working Environment Act to report unacceptable conditions in the workplace, and in some cases they also have a statutory duty to report, including in situ- ations involving suspected bullying, harassment, or discrimination. Any such concerns must be followed up as early as possible. The whistleblowing procedures are easily accessible to all employees via the intranet. All employees also receive regular training in these procedures through e-learning courses. A survey conducted among the bank’s employees in 2024 shows that 86.8 % respond that they feel 69 Sparebanken Møre Annual report 2025 Sustainability Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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confident in notifying if they discover misconduct in the workplace. (Also see S1-16). In addition to reporting concernes, all employees are encouraged to report unwanted events and suggest improvement via the designated internal platform. An unwanted event is defined as an event that occurs as a result of inadequate or failing internal processes or systems, human error or external circumstances, and that impacts the bank. The consequences may occur in one or more areas: • Finances • Breaches of statutory requirements • Operational management • Reputation • Life and health of employees, customers and partners S1-3 Measures/action plans for impacts on own workers and related risks An annual assessment of the risk of discrimination and any barriers to equality is conducted in collaboration with Group Management and the bank’s employee representatives. This includes the Equality and Anti- Discrimination Ombudsperson using a mapping tool developed to identify discrimination risks and barriers to equality in relation to recruitment, pay and work- ing conditions, promotion, development opportuni- ties, facilitation and the ability to combine work and family life. The HR Department analyses the findings, assesses the causes of identified risks and decides on measures in cooperation with employee representa- tives. Significant changes to rights that affect employ- ees must be approved by Group Management and employee representatives, and possibly be approved by the bank’s Board. As in previous years, the biggest discrimination risk and barrier to gender equality was the underrepresen- tation of women in senior positions. This is also the main reason for wage disparities between women and men. A discrimination risk related to the recruitment of underrepresented groups was also identified. Meas- ures implemented over time have resulted in a gradual improvement in these conditions. The most important measures implemented in 2025 for reducing discrimina- tion risks and barriers to equality are described below. Sparebanken Møre’s goal is to achieve gender balance throughout the organisation, defined by having at least 40 % of each gender at all levels. Each executive person’s job description and management agreement include gender balance targets, and the achievement of these targets is assessed annually by the CEO. At the end of the year, the goal had been achieved for most levels, with the exception of Level 2 and Level 5; where the bank had an average female proportion of 25 % and 70 %, respectively. The bank’s annual pay review process is intended to minimise the pay gap between women and men. In the last few years, dedicated funds have been set aside for equalising larger pay differences. In parallel with a generational shift, this measure has contributed to a gradual positive trend. Women’s fixed salary as a per- centage of men’s was between 87 % (level 4) and 101 % (level 2) as of 31.12.25. The goal is that by 2028, there will be at least 95 % equal pay between the genders at all levels of seniority. Sparebanken Møre has designed and applies a recruit- ment process based on a DNV certified model. All interview candidates must be asked the same ques- tions, which ensures the fairest and most objective possible assessment of candidates. In job adverts, it has been important to emphasise that the Group wants to be a diverse enterprise, and that we are looking for employees with different backgrounds, experience, attributes and perspectives. In recent years, new employees have had a significantly broader range of experience and education than before, although rela- tively few applications are received from people with minority backgrounds. Competence and development opportunities are included as a regular part of the reviews with line man- agers. In 2025, one application for support for further education was considered and granted. As part of the risk mapping of critical competence, an annual review is conducted of substitutes and pos- sible successors for executive persons and roles that include key personnel risk. To ensure gender balance with respect to promotions, we work according to the principle that lists of successors and substitutes must include at least 40 % of each gender. In 2025, 71 substi- tutes and possible successors were identified, of which 42.3 % were women and 57.7 % were men. Onboarding new employees Training new employees is a priority as inadequate training may result in poorer quality advice and a poorer understanding of the bank’s tasks, with the effect that the bank fails to maintain the standards required in relation to customer expectations, legisla- tion and mandatory authorisations. New employees are onboarded by signing an employ- ment contract, and can access digital preboarding through our own onboarding portal, Møreporten. Here they get useful and simple information that makes them feel welcome from the first contact, and can also provide feedback in regular pulse checks. The onboard- ing program runs throughout the first year, with an induction day for new hires, an individual training plan and an offer to test personal preferences. They also participate in their own Employee Development Pro- gramme (EDP), where they gain insight into the bank’s method for setting and evaluating their own goals and action plans, as well as authorisation courses for those who work with personal customers. Customer advisors in the Retail Banking Division, as well as others who are in a position that requires authorisation, are authorised in various disciplines defined by the Financial Industry Authorisation Scheme (FinAut) See status in table below: 70 Sparebanken Møre Annual report 2025 Sustainability Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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Authorisation scheme Number of persons authorised Proportion (%) authorised by target group Savings and investment 158 90 % Credit 141 82 % Non-life insurance 146 86 % Personal insurance 145 85 % Damage insurance Corporate 3 75 % Personal insurance Corporate 3 75 % The individual authorisation is maintained through annual competency updates in the six authorisation schemes, as well as ethics and good practice. This represents around 4,000 hours of updates in 2025. The competency updates contribute towards IDD require- ments that regulate the distribution of insurance. 15 hours of annual further and continuing education is required for insurance advisors. This is automatically documented in each advisor’s profile in FinAut. Competency development for all employees All of the Group’s employees have access to a digital learning platform, Videocation. This contains over 300 video courses within a wide range of disciplines, which are suitable for the Group as an independent savings bank with many professional functions and real estate brokerage. The training is easily accessible and helps video courses to be conducted when appropriate and in the way that best suits. In order to ensure that the know- ledge is applied, both mandatory and recommended playlists have been prepared with courses adapted to different audiences. Skills are developed through mixed learning, where employees acquire the knowledge on their own, and then are trained together with colleagues in morning meetings and in other arenas. This is, for example, a teaching method used to develop the bank’s advice to financially vulnerable customers. Sustainability expertise programs have been completed, AML training using their own Competency app, and e-learning in internal policies such as information secu- rity, privacy, conflicts of interest, and HSE. Relevant sub- ject topics are on the agenda in Møreteamen (morning meeting), which is carried out 1-2 times a month for the bank’s employees, and in addition, professional classes are held in various systems 1-2 times a year for advisors in the retail market. The divisions in the retail market and corporate sectors have their own forums where advisors meet twice a year for professional refresher training. The bank has had ongoing collaboration with NTNU to identify areas of expertise that may be relevant to offer continuing education and training within. Areas identi- fied are digital transformation, AI and machine learning, data analytics and statistics, IT security and agile work processes. A course in practical project management has been completed for professionals in head office functions. The Group stimulates further and continu- ing education by providing financial support through its own study scheme. The bank has employees who participate in industry programmes for sustainability and technology, and in industry programmes for digital transformation in the financial industry. Both are pro- grammes that have come as a result of grants in last year’s state budget. Since 2014, 39 employees have participated in a higher education course with support from the bank, and one study contract was entered into in 2025. Several studies have been studies in sustainability and technology. The gender distribution among those who have taken further education is 61 % women and 39 % men. Each year, the Group has three young talents and their leadership mentors in the external network Talent Sunnmøre and five participants in U37 Sunnmøre. The Group has its own internal network for employees under the age of 39, “Young Promising”, which holds two or three meetings a year. Career guidance is offered to employees via a dedicated career portal available on the Group’s intranet. Management development programme In order to achieve results and develop employees, man- agement is an important success factor. The Group has launched its own leadership development programme called #TetterePå. The program is conducted intensively over one year, with meetings in cross-groups, topics in all management groups and a review of everyone’s pref- erences in their own team. New managers participate on their own HR day where strategy, management and follow-up structure are on the agenda. Managers receive refresher training in the form of a quarterly newsletter, which is based on management as a field of expertise on the basis of the bank’s management values. A separate introductory course has been developed for new board members, which is also made available to existing board members and the bank’s management through its own digital competence portal. The aca- demic content of the course is evaluated each year and updated as necessary; etc. for new competence require- ments for board members. Annual competence training in anti-money laundering regulations is also mandatory for the Group’s board members. 71 Sparebanken Møre Annual report 2025 Sustainability Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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S1-4 Goals to reinforce positive impact and reduce risk The overview below shows targets for how significant negative impacts should be managed and positive impacts strengthened. Strategic goals related to own employees Unit Target When Status Minimum of each gender at each position level % >=40 2028 The overall status is men/women 44 %/56 %, although two levels are outside the target range when viewed in isolation. Equal pay between the genders % >=95 2028 Fixed salary 86 %, total compensation 84 %. High employee satisfaction - WES score >=8.0 2028 Status 2025: 8.1 High employee loyalty - eNPS >=40 2028 Status 2025: 50 Sick leave among employees % <=4% 2028 Total sick leave in 2025: 5.7 % Skills and development index – courses tailored to roles/ requirements score 8.2 2028 Status 2025: 8.2 *In addition, a target of a minimum 40 % of each gender on successor and substitute lists applies. In addition to strategic and quantified KPIs, the organi- sation is working towards qualitative targets that help set the direction for its work with its own employees. Diversity Increase the percentage of underrepresented groups in own workforce and senior management Whistleblowing All employees shall feel safe to report any misconduct S1-5 Information about own worker The table below shows the number of employees by contract type as of 31.12.251 1 The table shows the number of employees (“head count”). For an overview of FTEs, see Note 18. Permanent full-time employee Permanent part-time employee Total permanent employees Temporary employees Employees with hourly wages Women Men Women Men Women Men Women Men Women Men Sparebanken Møre 215 178 17 2 232 180 2 2 5 11 Møre Eiendomsmegling 6 13 2 0 8 13 0 3 0 0 Permanent employees includes employees who are on sick leave or other leave Survey of part-time employees in 2024 show that none of these involuntarily work part-time. A new survey will be conducted in 2026. 72 Sparebanken Møre Annual report 2025 Sustainability Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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S1-7 Collective agreement coverage and negotiations Sparebanken Møre is a member of the employer organisation the Confederation of Norwegian Enterprise (NHO) and Finance Norway, and is thus covered by the Main Agreement (HA) and the Central Agreement (SA). The agreements apply between the Norwegian Business Administration (NHO) and Finance Norway on the one hand and the Finance Sector Union of Norway on the other (the main contracting parties). The Main Agreement includes, together with the rules of the Labour Dispute Act, provisions on conflict and dispute resolution and labour struggles, local collective agreements (corporate agreements) and the rights and obligations of elected representatives. The Central Agreement regulates conditions related to wage and working conditions, such as holidays, work- ing hours, leave, co-determination, layoffs and more. The Company Agreement sets out pay and working conditions that are not regulated in the Central Agreement or the Main Agreement, cf. Chapter 4. The Company Agreement is negotiated locally between the elected representatives and the management of the bank. All employees of the bank are covered by the above collective agreements. S1-8 Diversity calculations The table below shows the gender balance per level of seniority as at 31.12.25 in terms of number of employees and percentage. Number of men Number of women % men % women Level 1 1 0 100 % 0 % Level 2 5 2 71 % 29 % Level 3 33 30 52 % 48 % Level 4 63 62 50 % 50 % Level 5 37 88 30 % 70 % Level 6 41 51 45 % 55 % Total 180 233 44 % 56 % The bank’s Board of Directors 4 4 50 % 50 % S1-9 Adequate pay According to the bank’s Company Agreement, per- manent employees must not be placed at a salary level lower than salary level 40, which as of 01.05.25 amounts to NOK 512,688. S1-10 Social schemes All employees are covered by a number of insurance and social schemes that go beyond statutory schemes. These shall insure against loss of income in the event of major life events such as illness, parental leave, pensions, work accidents and disability. Other social benefits include company health services, psychological assistance, health/treatment insurance, employee loans, company sports teams, a support scheme for gym subscriptions, the potential for flexible work hours, working from home and company holiday homes/apartments that employees with families can use. 73 Sparebanken Møre Annual report 2025 Sustainability Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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S1-12 Training, upskilling and development The competence work is highlighted and measured using the Møre Academy’s annual wheel. This is a practical monitoring tool for planning, implementing and documenting training measures. The skills work is also measured through authorisations achieved and completed skills updates, e-learning courses and other skills measures. Other mandatory courses are followed up by the Møre Academy, and reports are produced on the implementation of key competence measures. The table below lists the time spent on documented training in 2025. The average number of training hours per employee is 41. The table also highlights the target audience for the individual training activities. Most competence measures apply to all employees, and gender distribution among the bank’s employees is 55 % female and 45 % male as of 19.12.25. Summary of time spent on training Total time (h) 2025 Target group Anti-money laundering competency training 1 188 All employees TetterePå-management development 914 All managers JTI team reviews 234 All departments Videocation mandatory playlists 718 All employees (figures from RM and CM) Advisor meetings RM 1169 Everyone in the RM division Copilot – pilot and project group 281 Pilot group Anti-money laundering and the origin of funds in financing for homes 207 Everyone in RM, plus selected departments IDD – Insurance Training Fremtind 1 573 Everyone has insurance authorisation Authorisations 2 335 Newly hired advisors at RM Competency Update FinAut 2 674 Employees with authorisations Nanolearning – Jungle Map/Secure Practice 549 All employees New employee training – course days including MU and JTI 849 New employees Møreteamen – Morning meetings w/training 3 603 All employees Cm course on bank guarantees organised by Spama 273 All employees of CM CM Forum 863 All employees of CM CB Industry Day 318 All employees of CM Total hours 17 746 Time in hours per employee, based on 433 FTEs as at 31.12.25 41 In addition to the earning activities listed in the table above, Sparebanken Møre’s employees take part in many voluntary courses, as well as external courses and conferences over the course of a year. The bank currently does not have a system for mapping and including these courses in the calculation of hours per employee used for training and competence development. 74 Sparebanken Møre Annual report 2025 Sustainability Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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S1-13 HSE system and data The framework for physical security described in S1-1 applies to all bank employees, subsidiaries and any temporary staff. The monitoring and follow-up system for health, safety and the environment forms an integral part of the bank’s other internal control procedures. Improvement measures within these areas are implemented when- ever weaknesses are identified. Each department must prepare its own risk and vulnerability analysis each year. This must identify dangers and problems, assess risks and draw up plans that reduce the risk factors. One occupational injury was reported in 2025, as well as some instances of threats to bank’s employees. These were followed up immediately. With the excep- tion of these events, no other similar incidents, work- related injury, accidents or fatalities were registered or reported during 2025. Sparebanken Møre is working to be an inclusive workplace for employees in all age groups and phases of life. The bank is affiliated with the “IW scheme” (Inclusive Workplace). As an IW company, the goal is to continuously work to improve the working environ- ment, prevent and reduce absence due to illness and prevent exclusion and dropout from the labour market. Workstations and duties must be adapted when health or other causes dictate it. Sparebanken Møre has an agreement with an occupa- tional health service, which includes, for example, health checks, access to occupational medicine clinics and follow-up of/adaptations for employees who are on sick leave or who are at risk of ending up on such leave. The occupational health services provider submits annual proposals concerning any areas needing improvement with respect to the working situation/ergonomics. The 2025 report showed a high level of well-being at work. In 2025, total sick leave in the bank was 5.7 %. S1-14 Work/life balance All employees have the right to take parental leave in line with Norwegian law. For permanent employees with a salary above 6G, the excess is covered by the bank. The table to the right shows the use of parental leave during the reporting period, divided by gender. Parental leave Men 2.28 % Women 2.19 % Total 2.23 % S1-15 Remuneration The table below shows women’s pay as a percentage of men’s at different position levels. Fixed salary % 2025 Fixed salary % 2024 Total compensation % 2025 Total compensation % 2024 Level 1 NA NA NA NA Level 2 101 % 97 % 98 % 104 % Level 3 95 % 95 % 93 % 93 % Level 4 87 % 89 % 85 % 87 % Level 5 94 % 94 % 94 % 92 % Level 6 94 % 96 % 93 % 96 % Total 86 % 86 % 84 % 84 % As the table shows, Sparebanken Møre’s unadjusted gender-based pay gap is 86 % for fixed salaries and 84 % for total compensation (which includes fixed salaries, overtime, bonuses, one-off allowances and car allowances). This is on a par with 2024. The ratio of total annual compensation to the highest paid person/ median total annual compensation for all employees (excluding the highest paid person) is 4.5. S1-16 Incidents, complaints and violations of human rights There have been no reports of incidents or complaints received related to discrimination due to gender, racial or ethnic origin, nationality, religion or belief, dis- ability, age, sexual orientation or other relevant forms of discrimination during the reporting period. There have been no reports of or identified cases of serious incidents related to human rights violations, such as forced labour, human trafficking or child labour. 75 Sparebanken Møre Annual report 2025 Sustainability Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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S3 Affected communities S3-1 Policies related to affected communities STRATEGY AND GOVERNANCE In Sparebanken Møre, community engagement is rooted in vision and values, in overall strategies, guidelines and procedures. The bank’s dividend policy provides guidelines for how the profit from the bank should be allocated, and the profit allocation should ensure that all equity owners are secured equal treat- ment. Unless the bank’s financial strength dictates otherwise, it is expected that about 50 % of this year’s profits can be distributed as dividends. Each year, the CEO presents a proposal for the alloca- tion of the annual profit to the Board of Directors, after which the Board submits its recommendation to the General Meeting for final approval. In the allocation of Sparebanken Møre’s 2024 annual result, NOK 332 million was set aside as community dividend. Of this amount, NOK 60 million was allocated to the Spare- banken Møre Foundation, and the remainder was distributed to non-profit initiatives in the region. As a result, the bank is a significant contributor to ini- tiatives within, for example, humanitarian projects and health purposes (5 %), sports, physical activity and outdoor activities (49 %), climate, environment and nature conservation (1 %), skills and research (9 %), the arts and culture (16 %), business development (14 %) and other (1 %) (2025 distribution in brackets). The bank has chosen to divide the community dividend into the following concepts: TEFT funds, TEFT grants and Næringsteft. Sparebanken Møre has 25 branches and the bank’s business model is based on our presence and being close to our customers. This is also an opportunity because as a bank we can understand our customers’ situation, risks and opportunities in the local context. A report from Menon Economics1 highlights that the contribution savings banks make to value creation supports our business model. The report shows that 1 Menon Economics 119-2024 a company is 3 % more likely to be granted a loan by a savings bank that is geographically present in the company’s municipality. Another important factor is that these companies do not expose the banks to any increased risk. Maintaining the bank’s close relation- ship with customers and communities is closely linked to the bank’s business model and strategy going forward. Community engagement in percentage terms other business development art and culture expertise and research climate, environment and nature conservation sports, physical - and outdoor activities humanitarian measures and health purposes 51 1 16 14 9 49 Community engagement 1900 Applications for support 332 NOK million gifts for the public good 300 Collaboration with teams and organisations 76 Sparebanken Møre Annual report 2025 Sustainability Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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Organisation The Communications and CSR Unit in the Communica- tions and Group Support Section is responsible for the strategy, follow-up and reporting for gift funds. The work is carried out in close cooperation with the Marketing Department in the Business Development Section, CM and the local bank branches, which follow up teams and organisations with which the bank has cooperation agreements. The Board receives at least two annual reports on the status and progress of the work with the gift funds. Governing documents Møre 2028 (corporate strategy) Guidelines for the use of dividend funds for local communities Guidelines for TEFT funds Code of Conduct and CSR Policy Guidelines for identifying and managing conflicts of interest Brand strategy Various procedures – including payment procedures, cooperation agreements, sponsorship work, etc. S3-2 Engagement, dialogue and reporting The bank has two fixed application deadlines annually for those who want to apply for support for community dividends, and information and application forms are available at sbm.no. In addition, separate application deadlines are set for individual projects. Applications are managed through a proprietary IT system, Gaveweb, a system that provides the ability to manage applica- tions, and provides an overview of history. In 2025, the bank began work on replacing the current Gaveweb, and s new solution is scheduled to launch towards the end of 2026. Applications received are mainly processed by the nearest local bank branch. The bank’s advisors often live in the communities they are part of, attend events and are committed participants in local teams and organisa- tions. Larger-scale applications and applications for the benefit of the entire region are considered in a collabo- ration between local bank accounts and the Communi- cation and community involvement department. This shows that the bank is an important supporter when it comes to the development of sustainable local communities in line with UN SDG 11. In addition to this, many of the projects involve initiatives related to good health and quality of life, equal opportunities, good edu- cation, less inequality and exclusion. The applications cover a wide range of goals and include support for local outdoor measures such as building and improving hik- ing trails, constructing temporary forest shelters for hik- ers made of natural materials and other measures aimed at improving hiking destinations in the region. Sports clubs often apply for support for maintaining facilities or constructing new ones and buying equipment, as well as support for hosting events. Cultural organisations generally apply for support to put on events and to purchase technical equipment, instruments, costumes and so on. The bank also sup- ports organisations that are engaged in various forms of relief work within the county, and has formalised several such larger collaborations. We do this to help those who have been left behind and to support organisations who focus on physical health and exclusion. To ensure predictability and accountability for sustain- ability responsibilities, Sparebanken Møre has coopera- tion agreements with around 200 partners both large and small within sports and culture. All new coopera- tion agreements entered into in 2025 have been built around ESG related to the reduction of climate and environmental emissions good financial management (G), measures for gender equality, diversity and inclusion (S). There are different levels of expertise and commit- ment related to the area of sustainability in the various organisations, but we are experiencing positive devel- opments and increased focus. The bank has collated relevant information for busi- nesses in an online Sustainability Portal in order to pro- vide customers with advice on sustainability. Voluntary teams and organisations are very important for creating good growth conditions and for the development of local communities, and the portal was further refined in order to also help teams and organisations with this important work. Notification channel that people in affected communities can use The bank’s business model with many local bank branches and a decentralised structure provides ample opportunities to consider what purposes should receive support for the benefit of the local community. Such a structure helps to ensure that the funds are used for their intended purpose. The bank strives for as much equal treatment as possible between applicants with the same purpose, and established guidelines and procedures for allocation contribute to this work. The local bank branches are also close to local stakeholders and can capture feedback that applicants or community representatives may have. The bank also has its own media contact policy to ensure a quick response, consistent messaging and high-quality information that is communicated to edito- rial media. Feedback channels and notifications can otherwise be made through the bank’s branch network and large number of advisors, by telephone, website, chat, email or other direct contact with the desired department or employee. 77 Sparebanken Møre Annual report 2025 Sustainability Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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S3-3 Activities and measures In 2025, the strategy for community dividend was revised, partly in light of how society’s needs have developed and partly due to a desire to review how community dividends can best be managed to provide the greatest possible value for the development of Nordvestlandet. The establishment of Sparebankstif- telsen Sparebanken Møre and Stiftelsen TEFT Møre also necessitated certain changes. The revision of the strategy was based on a review and analysis of internal documents and external literature, a statistical analysis of trends in Nordvestlandet and a series of internal and external surveys. Qualitative inter- views were also conducted with various social actors from areas such as the voluntary sector, culture, educa- tion, business and the public sector. The bank’s business model with many local bank branches and a decentral- ised structure provides ample opportunities to consider what initiatives should receive support for the benefit of the local community. Being close also helps to ensure that the funds are used for their intended purpose. The analysis provided an overall picture of key trends, strengths, and challenges in Nordvestlandet. In particular, it highlighted where the region stands in terms of expertise, business development, culture, health, volunteering and use of nature. It also provided insights into opportunities for improvements to the current organisation of the bank’s gift foundation. The strategy has resulted in revised priority areas, where all areas share the overarching objective of creating attractive and inclusive local communities, as well as supporting sustainable regional development. In 2025, the bank and the foundations explored how they can complement each other in an ecosystem that ensures that the community dividends benefit local communities and regional development. In 2026, the guidelines and procedures used to allocate the funds will be updated in accordance with the revised strategy. S3-4 Targets and objectives Commissioned by the Norwegian Savings Banks Asso- ciation, Menon Economics1 assessed the socioeco- nomic value of the savings bank sector’s contributions to public-benefit purposes. According to the report from Menon, the savings bank sector allocated more than NOK 4 billion to public-benefit purposes in 2023. Based on collected data, they estimate that every Norwegian krone granted by the savings bank sector generates a little over three kroner in return to society. Sparebanken Møre is the largest contributor to public-benefit pur- poses in the Nordvestlandet region, and such ripple effects therefore constitute a significant and meaning- ful contribution to this part of the countryOn behalf of Sparebankforeningen, Menon Economics investigated the socio-economic value of the savings bank industry’s contribution to good causes. According to Menon, in 2023 the savings bank industry distributed more than NOK 4 billion to good causes. Based on the collected data, they have calculated that NOK 1 allocated from the savings banking industry gives just over NOK 3 back to society. Sparebanken Møre is the largest contributor to good causes in Nordvestlandet, and such ripple effects therefore make a major and significant contribution to this part of the country. In 2025, the bank received approximately 1,900 appli- cations for support for good causes in our region, and approximately 51 % of the applications were approved. In the annual EPSI survey, customers provide feedback on how they perceive the bank’s work on sustainable community development. In 2024, the bank performs very positively on the question “Does Sparebanken Møre take social responsibility” compared to the indus- try average, including the younger part of the customer group. Several respondents also responded without prompting that they connect the bank with local sus- tainability, youth work and that it is a supporter of local activity and engagement in sports and culture. Accord- ing to the same survey, customers also believe that the bank’s contribution to society through research, sponsorship of sports and culture, etc., is the most important are it should work on. In the annual EPSI survey2, customers provide feedback on how they perceive the bank’s work on sustainable community development. In a larger sustainability questionnaire in 2024, the bank performs very positively on the question ‘Does Sparebanken Møre take social responsibility?’ compared with the industry average, including among the younger customer segment. Sev- eral respondents also state, on their own initiative, that they associate the bank with local sustainability, youth initiatives, and being a supporter of local activities and engagement within sports and culture. According to the same survey, customers also believe that the bank’s contributions to society through research, sponsorships in sports and culture, etc., are among the most impor- tant areas the bank should prioritise. The goal is for the bank to maintain its position in customers’ minds as socially engaged and for this to be reflected in EPSI’s “Contributions to local communi- ties” indicator from the annual bank survey. The target is for this to exceed 90 %. 2 EPSI-undersøkelsen: Kundetilfredshet i bankbransjen Strategic target for affected communities Unit Target When Status EPSI score – contributes positively to the local community (social dividend) % 90 2028 New target set for 2026. The EPSI score for 2025 was 87 % for corporate custom- ers and 84 % for retail customers. 1 Menon Economics 99-2024 78 Sparebanken Møre Annual report 2025 Sustainability Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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S4 Consumers and end-users S4-1 Policies related to customers and end-users Financial inclusion and economic well being Sparebanken Møre’s division handles the bank’s direct contact with consumers of the bank’s products and services to private individuals. The Retail Market (RM) Division consists of 25 branches in addition to the Cus- tomer Service Department, Digital Credit Department, GREP Department, Retail Bank and RM Staff. RM Staff is responsible for assisting the division man- ager with the development, quality assurance, operation and implementation of the bank’s strategy to ensure that we achieve the bank’s goals, including the Group’s sustainability strategy. The bank manager for the Hareid & Ulstein branch is currently RM’s member of the bank’s sustainability committee. She has a special responsibil- ity for picking up on signals from the departments and customers and conveying these to the bank’s Sustaina- bility Department. She will also disseminate information from the committee to all departments in collaboration with RM Staff and local bank managers. Sparebanken Møre’s strategic plan Møre 2028 provides the overall guidelines for the bank’s credit risk. The bank’s Credit Risk Strategy is also closely linked to the bank’s overall sustainability strategy and defines the bank’s lending policy. The Norwegian Financial Contracts Act provides provisions within the duty of guidance, duty of explanation and duty of rejection, and assessments regarding these obligations must be carefully documented through the bank’s credit assessments. The credit risk strategy also defines some frameworks for the concept of Grep, which is intended to address commitments with increased risk, where the customer experiences a loss of control over their own finances. The Financial Industry Authorization Scheme covers the bank’s advisers and has established an industry standard for good conduct, ensuring that customers’ interests and needs are safeguarded in the best pos- sible way. The bank follows this industry standard and has developed methodology to ensure compliance with legislation and to uphold customer rights, while also ensuring that customer meetings serve as an arena for sound financial advice The bank’s Code of Conduct and CSR Policy states that the Group shall contribute to a sustainable social community and that Sparebanken Møre shall promote financial inclusion and good financial health for various socio-economic groups. The bank shall promote financial inclusion by enabling everyone to have access to basic banking services that are accessible and reasonably priced. Through our product portfolio, we facilitate home purchases, insur- ance, savings and investment in phases of life where finances are considered to be challenging. Privacy and information security We have to collect and process personal information and sensitive customer data in order to operate as a financial institution. The Board and CEO bear overall responsibility for personal data processing in the Group and for ensuring that such processing complies with statutory requirements. This includes ensuring that approved goals and strategies in this area are made known and that the responsibility for compliance with privacy legislation and internal proce- dures are satisfactorily organised. The Board has approved “Guidelines for the processing of personal data at Spare- banken Møre.” The guidelines provide guidance for Spare- banken Møre, including its subsidiaries, on the processing of personal data in line with current legislation and guid- ance from the Norwegian Data Protection Authority. Sparebanken Møre has appointed a data protection officer for the Group. The Data Protection Officer plays a key role in ensuring the organisation’s compliance with privacy legislation, provides independent advice to management and employees and also monitors compliance. The Data Protection Officer is the organi- sation’s point of contact for data subjects and works with the Norwegian Data Protection Authority. In 2026, the bank’s day-to-day privacy management will be strengthened with the formalisation of a specialist group led by a privacy coordinator. The Data Protection Officer will be one of its members. Møre Eiendomsmeg- ling AS has its own privacy coordinator. The risk that the Group may incur public sanctions, financial losses or reputational damage as a result of breaches in compliance with laws, regulations and standards, including data protection legislation (Com- pliance risk), is assessed as “low risk” in the bank’s risk appetite. Risk appetite reflects the level of risk the Board of Directors is willing to accept for the Group to achieve the objectives set out in its long-term strategy. Data protection is a separate area within the compli- ance risk assessment. The assessment is carried out annually and is otherwise updated continuously when changes in the risk landscape occur. Information security is a fundamental prerequisite for achieving Sparebanken Møre’s strategic goals and for ensuring stable and secure services for customers and society. In 2025, the Group conducted a compre- hensive update of its Information Security Guidelines, modernising their content, structure and requirements. The new version clearly describes the objectives, principles and requirements related to protecting the confidentiality, integrity, availability and traceability of information. The guidelines are based on DORA, NIS2, the Personal Data Act and Zero Trust principle, and they provide a robust foundation for a comprehensive information security management system (ISMS). As part of this, the bank has also updated several related guidelines and procedures in line with DORA, including areas such as event management, continuity management, supplier monitoring, access manage- ment and systematic security testing. This ensures 79 Sparebanken Møre Annual report 2025 Sustainability Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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resilience, as well as the targeted and regulatory- based management of operational and digital risk. In recent years, significant investments have been made in the area of security. This has provided the Group with a significant boost in terms of security based on the Zero Trust principle, and strengthened device protec- tion, identity security and access management. S4-2 Engagement, dialogue and reporting Sparebanken Møre has physical branches distributed across Møre og Romsdal, as well as one branch in Oslo. The bank has dedicated, permanent advisors for approximately 59,000 retail customers, most of whom receive annual follow-up. Direct contact with customers is important to the bank to provide the best possible advice and guidance. Customers also contact the bank through its customer service centre. In addition to the system of dedicated advisors, a new routine was estab- lished in 2025 requiring that both parties to a joint loan be invited to advisory meetings to ensure transparency and shared insight into their joint finances. Section 3-53 of the Norwegian Financial Contracts Act requires banks to have procedures in place for handling complaints and claims from customers and Sparebanken Møre has effective procedures for han- dling complaints and claims from customers. A written description of the procedures is available to custom- ers. Enquiries are answered in a written document and include all customer questions. Customers and other affected parties may submit their request in writing, via our website or on paper to a physical branch, or by telephone to an advisor or customer service. Anyone who has filed a complaint, claim or notification shall receive a response within 15 days. It is the bank’s Compliance Officer, with the bank’s internal lawyer if appli- cable, who makes the first assessment of the complaint and further allocation of responsibilities and processing. Incoming cases are reported quarterly to the bank’s Board of Directors and management, as well as annually to the Financial Supervisory Authority of Norway. The bank itself has an annual review of incom- ing complaints, claims and notifications to uncover any systematic reasons that must be addressed internally within the bank. Sparebanken Møre’s privacy policy is publicly available at the bank’s website, sbm.no. A privacy statement is a written statement that describes how the bank processes personal data. It is intended to provide data subjects (customers, employees or others) with clear and understandable information about the processing. It also provides information about submitting ques- tions or complaints to either Sparebanken Møre or directly to the Norwegian Data Protection Authority. S4-3 Activities and measures In 2025, Sparebanken Møre implemented several measures in order to improve its expertise and offer better services to its customers, with a clear focus on sustainability and responsible advice. This year’s annual authorisation process for advisors included a special section on responsible advice through an e-learning course on finances and mental health. This is intended to ensure that advisors are better equipped to deal with customers in difficult financial situations. In addition to this topic, e-learning in ethics and good practice is provided to everyone. Skills development also took place through the use of playlists in Videoca- tion and joint meetings on Teams. These are available both live and as recordings to ensure broad participa- tion. The topics raised in one such joint meeting at the end of 2025 included “Møre Refinancing.” Møre Refinancing offers customers an opportunity to consolidate unsecured debt and credit card debt into a single loan with a lower interest rate and better terms. The bank can grant refinancing even in cases of high debt ratios and marginal debt servicing capacity, as long as the total cost is lower for the customer. By the end of 2025, 170 loans had already been granted with a total payout of approximately NOK 32 million and an average saving per customer of NOK 12,843. During the year, the bank continued and refined the measures that were initiated in 2024, including the Møre Standard for meetings with customers experi- encing financial difficulties. This standard places a strong emphasis on the early identification of needs and close follow-up. If the bank identifies customers experiencing payment difficulties, structured meetings are held with both the borrower and co-borrower in which specific measures are set, a budget is drawn up and a follow-up plan is agreed on. Another important initiative being continued is the “Grep” department. Grep assists individuals facing significant financial challenges. The advisors have specialised expertise in assessing financial situations and identifying solutions that help customers regain control. The process begins with an initial assessment meeting, followed by a review of the customer’s debt situation and a solution-oriented meeting where an action plan is prepared and signed. Follow-up takes place quarterly, or more frequently if needed. Grep has already helped customers avoid forced sales and find sustainable solutions to debt problems, underscoring the bank’s social responsibility. Providing responsible advice to customers via digital channels is also important to Sparebanken Møre. For example, customers are offered written explanations and explanatory videos about credit products tailored to their prior knowledge. This helps to improve under- standing and confidence in the loan process. Further- more, we have published articles on our website about personal finances that can inspire customers to make informed choices. Customer satisfaction is high, as confirmed by the 2025 EPSI survey in which we scored 72.5, well above the industry average of 67.2. One of the largest increases from 2024 was seen in relation to the statement “Spare- banken Møre keeps you well informed about matters that affect your customer relationship”. This reflects the bank’s commitment to proximity and its ability to utilise its expertise in its dealings with customers. 80 Sparebanken Møre Annual report 2025 Sustainability Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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As part of its social responsibility work, Sparebanken Møre has continued its involvement in schools through the programmes “Economics and Career Choice” and “ØkonoMIN” in collaboration with Young Entrepreneur- ship. The advisors teach school pupils about personal finances, budgeting, saving and the consequences of financial choices, such that young people are better equipped to make good decisions as adults. In 2026, the bank will continue its work on skills devel- opment, responsible advice and proactive customer engagement. We plan to further refine the Møre Stand- ard with a greater focus on, for example, well-managed personal finances and assessments of physical risk in the credit process, as well as continued teaching in schools. Sparebanken Møre will continue to be a driv- ing force behind sustainable solutions and contribute to financial security for its customers. Privacy and information security Sparebanken Møre has established an annual schedule for privacy protection activities. The schedule provides a structured overview of set times for privacy activities, tasks and deadlines throughout the year. Training is one of the scheduled activities, where mandatory training for new employees and annual refresher courses for all employees are fixed items on the agenda. Work on increasing the information security awareness of every employee is ongoing. The area of ICT contrib- utes technological solutions that help reduce the risk of employees making mistakes. Employees therefore receive regular training that includes testing. The MailRisk solution tests and challenges the employee’s vigilance via phishing campaigns. The solution pro- duces a risk score (human cyber risk) that is monitored and reported on monthly. The Group requires resilience and must be able to withstand cyber-attacks. It must also be able to restore operations quickly. Resilience is built up through testing and training in disaster plans, alone and together with partners and suppliers, such as Nordic Financial CERT. In general, the financial sector in the Nordic region has experienced a complex and dynamic threat landscape, where a combination of geopolitical condi- tions, digital dependency and a growing ecosystem of advanced threat actors demands a lot in relation to preparedness, cooperation and continuous security improve ments. This underscores the importance of Sparebanken Møre’s membership of Nordic Financial CERT, which provides the Group with access to early warnings, analyses, situational awareness and coordi- nated responses across Nordic financial institutions. S4-4 Targets and objectives related to consumers and end-users Why these targets were chosen: We have tried to establish targets for the status of customers’ and consumers’ financial health. Custom- ers starting to experience financial difficulties are measured upon being declared financially healthy via the GREP concept and transferred to traditional cus- tomer follow-up. The target is monitored over time, as the follow-up period in Grep often exceeds 12 months. Measuring defaults results in the monitoring of pay- ment challenges in the portfolio, and low defaults are considered an indicator of good financial health among the bank’s customers. Saved funds provide security against financial hard- ship, and equality in terms of the amounts saved is a measure of whether both female and male customers have adequate security should changes results in a greater financial strain for a period of time. Strategic targets for consumers and end-users Unit Target When Status Customers enrolled in Grep declared financially healthy % 90 2028 38 % of GREP customers have been declared financially healthy since the programme began. Defaults below the national industry average for retail and corporate loans < National average 2026/ annually The national average for 2025 has not yet been published. Financial equality – reduced gap between proportion of savings between genders % improvement per year 10 2026 Women's proportion of savings in relation to men's increased from 45 % to 54 % from 2024 to 2025. Privacy Breaches of personal data security are reported in line with established procedures and designated reporting channels. The status of breaches is reported quarterly to the bank’s Group Management. 23 personal data security breaches were reported in 2025. The assessments of all of these nonconformities was that they “will not pose a risk to the rights and free- doms of natural persons”, ref. Article 33 of the General Data Protection Regulation, and no nonconformities were reported to the Norwegian Data Protection Authority. 81 Sparebanken Møre Annual report 2025 Sustainability Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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G - Governance G1 Business conduct G1-1 Strategy and policies related to business conduct Management of internal financial crime and business conduct The bank has established the Code of Conduct and CSR Policy and Internal Corporate Governance, which describe, for example, the requirements for employee conduct, management and control in the bank. The Code of Conduct and CSR Policy state that: The Group shall under no circumstances cooperate with, make investments in, or enter into agreements with companies that may be involved in corruption, tax evasion, or other forms of financial crime. The same applies to contact or cooperation with customers and others who may be connected to such activities. The Group has zero tolerance for corruption, bribery, influ- ence trading, and the use of facilitation payments. • Everyone has a responsibility to immediately report any suspected cases in accordance with internal or external reporting procedures. • Each employee have a personal responsibility to understand their obligations pursuant to the anti- money laundering regulations and associated internal rules and routines, and to contribute to preventing, identifying and reporting all suspicious transactions that could be linked to proceeds of crime, or that may be used to finance terrorist acts, to a superior and the Anti-Money Laundering Officer. • As employees we must not perform services on our own behalf. By performing services on our own behalf, we mean that employees must not complete orders or transactions, change terms and conditions or conclude agreements for themselves or for close associates. • Insider information is information that can influence the price of securities and that is not publicly available or widely known in the market. Employees or elected representatives must not use or contribute to others using insider information about the Group or other companies as the basis for trading in securities. Internal financial crime can take many forms and occur in different systems. Key factors in preventing and miti- gating the risk associated with internal financial crimi- nality are the culture in the bank, internal controls in individual processes and the consequences for employ- ees resulting from the bank’s zero-tolerance policy. Internal Corporate Governance, as well as the associ- ated “Internal Control Guidelines”, describe, for exam- ple, the bank’s system for operational risk. Operational risk is the risk of losses due to inadequate or failing internal processes, human error, systemic or human failures or external events. The operational risk strategy sets a zero risk appetite for internal fraud. Opportunities for internal financial crime arise due to access to systems in which transactions can be carried out and access to information that can be used indi- rectly. The bank has established an “Access Manage- ment Procedure” to ensure that employees only have access to the systems that they specifically need for their work. Internal controls are conducted in line with procedures for the processes supported by each sys- tem, as well as checks on employees’ entries against their own and close associates’ accounts. The bank has a general duty of confidentiality in rela- tion to the processing of information. This is intended to prevent the dissemination of information, internally and externally. The bank has also drawn up “Guidelines for the management of inside information”. These describe the obligations of the bank and its employees when inside information is generated. The bank has identified employees with expanded access to transaction systems and administrative access to the systems. Additional follow-up of these is planned for 2026. Financial crime in the portfolio Financial crime, which includes workplace crime, terrorist financing, money laundering and fraud, is a growing and serious social problem and a threat to the welfare society. Combating financial crime is an impor- tant and demanding task, and we work on prevention to reduce financial losses for society, our customers and the bank. This is also to maintain confidence in the bank’s products and services. Financial crime is not just a legal problem, it is also a barrier to sustainable development. When resources are misused through corruption, tax evasion or money laundering, society’s ability to invest in the environ- ment, social justice and economic stability is weak- ened. The UN estimates that billions of USD are lost to financial crime every year, funds that could have been used to achieve the Sustainable Development Goals. The Sparebanken Møre Group believes that preventing the bank and society from being misused for financial crime is an important part of our social responsibil- ity, and as a financial institution we are subject to a number of laws and requirements related to combat- ing corruption and other types of financial crime, such as laundering the proceeds of criminal activities and financing terrorist activities. Sparebanken Møre’s obligations related to financial crime are regulated by the Anti-Money Laundering Act, the reg- ulations on sanctions and associated regulations and the Financial Contracts Act. The area was also a top priority in Sparebanken Møre in 2025, and we are constantly striving to strengthen our compliance with the anti-money laun- dering regulations. The bank has, for example, invested in and implemented new and modern KYC (Know Your Cust- mer) and anti-money laundering solutions to strengthen compliance, with a focus on both quality and efficiency. The bank also adapts to new changes and methods for managing the risk of money laundering. The rapid digitali- sation of society poses an increasing threat to financial institutions in that criminals can also quickly develop new forms of fraud, among other things. 82 Sparebanken Møre Annual report 2025 Sustainability Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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Sparebanken Møre must conduct itself in accordance with high ethical standards and shall not be associated with activities, customers or industries of dubious repute. G1-2 Activities and measures related to business conduct Activities and measures targeted at internal business conduct The bank conducts a number of activities in order to establish, maintain and ensure the desired risk cul- ture and ethical assessments and choices. Additional activities are also planned for 2026. The main activities are described below: The desired risk culture is described in general terms in the Code of Conduct and CSR Policy and in Internal Corporate Governance. The descriptions of the desired risk culture are further specified in the bank’s strategy documents, which describe what the risk culture should entail for the individual areas. Employees are provided with training on each governing document with which they are required to comply. The plan is to intensify training in 2026 due to the observations made in the management confirmations of internal control in 2025. All new employees complete an onboarding pro- gramme to familiarise themselves with the bank and its expectations and requirements concerning their con- duct. Starting in 2025, new employees receive training in control functions with a focus on the obligations of, and requirements for, employees in order to ensure that employees are familiar with regulatory requirements. Every year, every manager in the bank must confirm their internal control processes. This is designed to identify whether or not processes are being performed in line with their descriptions and whether relevant risks are being managed appropriately. In 2026, we plan to conduct newly developed security interviews with employees with expanded access to systems in which transactions can be carried out and employees with administrative access. Work on combatting financial crime in the portfolio To ensure that the bank’s work to combat financial crime is effective and that it is carried out using a risk-based approach, an overall business-oriented risk assessment is prepared annually within money laun- dering, terrorist financing, sanctions and fraud against the bank’s customers. The risk assessment is dynamic and is updated continuously if the risk to the bank changes. In the business-oriented risk assessment, inherent risks are presented and necessary measures are defined to handle the identified risk. The risk profile is constantly changing and methods for committing financial crime are evolving. A business-oriented risk assessment forms the basis for the bank’s content in the current framework in the anti-money laundering area. The framework consists of policies, procedures and work processes, and is designed to ensure that the bank prevents, detects and reports instances of financial crime. The frame- work also ensures that processes around customer follow-up and customer measures that are an impor- tant part of ensuring sufficient quality and risk-based approach to the anti-money laundering work at Spare- banken Møre are in place. Regular internal controls are conducted to ensure compliance with the framework, and we also conduct annual internal audits in this area. Training Proper and adequate competence is of central importance to succeed in detecting financial crime. All employees of Sparebanken Møre and board mem- bers undergo annual basic training in anti-money laundering, terrorist financing, sanctions and fraud to ensure that the bank has the expertise necessary to deal with new threats and regulatory changes at all times. In addition, further training and updating of knowledge is carried out for those who have specialist roles in the work on financial crime. In 2025, the train- ing programme was expanded to focus on new fraud methods, the use of AI and changes in regulations. The Group’s specialists in this area have access to special- ist training materials. All of our stakeholders must feel confident that we have a high level of expertise, that we can prevent, identify and manage risks in the area of financial crime, and that the services offered are safe to use. Artificial Intelligence (AI) In an increasingly digitalised society, artificial intel- ligence is a topic gaining more and more attention. Artificial intelligence (AI) represents a risk of criminals quickly reaching out to many people, and enables the use of more sophisticated and compelling practices in carrying out fraud, among other things. For example, AI can clone websites in seconds and customise them based on the original, to give the user the impres- sion that they are genuine. On the other hand, AI can provide the bank with significant opportunities to streamline monitoring. It can help identify suspicious transactions and patterns so that the bank has oppor- tunities to detect and prevent money laundering, ter- rorist financing and fraud through the development of systems using AI. In 2026, Sparebanken Møre will work to use even more AI to streamline monitoring of suspi- cious conditions and for conducting risk assessments. G1-3 and G1-4 Metrics and objectives Targets and objectives for work with internal focus The risk appetite for internal fraud sets a target of zero internal fraud. The risk of possible events occurring is analysed and followed up on a quarterly basis. No cases of internal fraud were identified in 2025. The working environment survey completed by all employees includes three questions regarding the internal risk culture that provide an indication of the degree of compliance with objectives and risk frame- works, as well as the risk culture. The Group scores an average of >8 out of 10, i.e. a high degree of compliance and a good risk culture. 83 Sparebanken Møre Annual report 2025 Sustainability Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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In 2026, the Group will develop its risk culture framework further. It will more clearly state what the Group means by risk culture and what is considered a good risk culture. Trends in reported incidents are also monitored in the Group’s platform for quality management and noncon- formity management. Targets and objectives for work with an external focus Employee expertise in anti-money laundering is a strategically important measure for detecting and preventing financial crime. Strategic goal for anti-money laundering expertise Unit Target When Status Completed anti-money laundering course tailored to roles % completion 100 2026/ annually Status for 2025: 100 % In 2025, a total of 12,641 situations were investigated based on suspicion of money laundering, terrorist financing and the circumvention of sanctions. In the same period, 275 cases were reported to the Financial Intelligence Unit of the Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime. Rapported to økokrimSuspicious circumstances 2025 ? ? 6/82% 146 / 18% 12,366 / 97.8 % 275/ 2.2 % Around 4,362 instances of external fraud were recorded in 2025. Compared to 2024, we thus see a 26 % increase in the number of cases of attempted fraud directed at the bank’s customers. Through sys- tems and information to customers that have enabled them to stop in time, Sparebanken Møre has stopped approximately 90 % of cases of attempted fraud directed at the bank’s customers. In 2025, account fraud amounting to NOK 6.8 million was stopped thanks to an effective system solution. Effective cooperation between banks and govern- ments is key to stopping fraudsters. Sparebanken Møre therefore works closely with both the financial industry, the police and other government agencies to secure customers from fraud. Number of inquiries regarding possible fraud 360 243 305 289 367 322 452 484 354 429 445 312 0 100 200 300 400 500 DecNovOctSepAugJulyJuneMayAprMarchFebJan Evaluation and reporting The work is monitored closely and reported on by employees in the first and second lines of defence, the bank’s Group Management and internal and external auditors. The Anti-Money Laundering Officer reports developments in this area monthly to the CEO and the bank’s Board of Directors. Annual internal evaluations are conducted when revising policies and procedures, and periodic independent evaluations of compliance in the area is conducted by auditors or supervisory authorities. Further work Prevention of financial crime will continue at full strength in 2026. Significant investments have been made in new system solutions designed to make it easier to prevent and detect financial crime, as these are considered necessary measures to manage identified risks in the enterprise-wide risk assessment. In 2025, the Bank implemented parts of these new system solutions, and the effects are expected to become visible in early 2026. Going forward, the focus will be on deploying the remaining solutions and optimising the new ones. We will also continue to further develop and strengthen electronic monitoring and ensure sufficient quality and a risk-based approach to anti-money laundering efforts. Continuous assessments will also be carried out to consider new technology that can improve and simplify the work of preventing and combating financial crime. This is to the benefit of both customers and society. Raising awareness and enhancing competence among our customers is also important from a societal perspective. Sparebanken Møre contributes to this by providing information in the bank’s customer channels and social media. The bank is quick to provide informa- tion and recommendations in local newspapers and radio, and we are proactive and advise our customers on how to protect themselves against fraud. 84 Sparebanken Møre Annual report 2025 Sustainability Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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Roy Reite CHAIR Bjørn Følstad Kåre Øyvind Vassdal DEPUTY CHAIR Marie Rekdal Hide Jill Aasen Terje Bøe Anne Jorunn Vatne Birgit Midtbust Trond Lars Nydal CEO FUTURE PROSPECTS The uncertainty surrounding international politics persists and is likely to remain a key issue well into 2026. Relations between nations are in flux, which is affecting the security and geopolitical landscape. The Norwegian economy is well-positioned to face this uncertainty. Unemployment remains low and is expected to rise only moderately in the coming period. Growth in the Norwegian economy is expected to remain strong, supported by a further increase in household purchasing power. Increased activity in interest rate sensitive sectors, such as construction and civil engineering, is also expected to make a contribution. The business sector in Nordvestlandet got off to a strong start in 2026. Both shipyards and other actors in the maritime cluster have healthy order books, which will also have positive ripple effects on the broader economy. The bank will continue to be a strong and committed supporter of our customers and at the same time deliver good, sustainable returns for our investors. To achieve this, we will continue to focus on efficient and effective operations throughout 2026 as well. Sparebanken Møre’s long-term strategic financial performance targets are a return on equity of above 13 per cent and a cost income ratio of under 40 per cent. The bank’s return on equity for 2025 ended at 12.5 per cent, while its cost income ratio was 41.6 per cent. THANK YOU The Board of Directors would like to thank all of the Group’s employees and elected representatives for their good contributions in 2025. The Board of Directors would also like to thank Sparebanken Møre’s customers, investors and other associates for our good partnership throughout the year. Ålesund, 11 March 2026 THE BOARD OF DIRECTORS OF SPAREBANKEN MØRE 85 Sparebanken Møre Annual report 2025 Board of Directors’ Report Statement and results CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance STATEMENT AND RESULTS 27 Board of Directors’ Report 27 Nature of the business 28 Strategy and goals 28 Key framework conditions 29 Results 31 Proposed allocation of profit for the year 32 Equity certificates and dividends 32 Business areas 35 Subsidiaries 36 Foundations 36 Financial investments 36 Research and development 36 Corporate governance 36 Risk and capital management 41 Employees and working environment 41 Directors’ and officers’ liability insurance 41 Going concern 41 Events after the balance sheet date 42 Sustainability Report 42 General introduction to our sustainability work 56 E – Climate and the environment 68 S – Social conditions 82 G - Governance 85 Future prospects 85 Thank you 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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Statement of income GROUP PARENT BANK 2024 2025 (NOK million) Note 2025 2024 5 968 6 055 Interest income 4 188 4 226 3 897 4 041 Interest expenses 2 513 2 434 2 071 2 014 Net interest income 15 1 675 1 792 271 305 Commission income and income from banking services 305 271 40 34 Commission expenses and expenses from banking services 33 39 56 46 Other operating income 63 58 287 317 Net commission and other income 16 335 290 43 59 Net gains/losses from financial instruments 17 237 198 330 376 Total other income 572 488 2 401 2 390 Total income 4 2 247 2 280 525 538 Wages, salaries etc. 18 20 508 494 55 62 Depreciation and impairment of non-financial assets 30 31 32 66 65 375 393 Other operating expenses 19 29 30 35 368 347 955 993 Total operating expenses 942 906 1 446 1 397 Profit before impairment on loans 1 305 1 374 20 47 Impairment on loans, guarantees etc. 9 10 41 37 1 426 1 350 Pre-tax profit 4 1 264 1 337 340 320 Taxes 21 264 292 1 086 1 030 Profit after tax 1 000 1 045 1 023 970 Allocated to equity owners 940 982 63 60 Allocated to owners of Additional Tier 1 capital 60 63 9,95 9,57 Result per EC (NOK) 1) 34 9,28 9,55 9,95 9,57 Diluted earnings per EC (NOK) 1) 34 9,28 9,55 1) Calculated using the EC-holders share (49.1 %) of the period's profit to be allocated to equity owners (48.4 % as per 31.12.2024) Statement of comprehensive income GROUP PARENT BANK 2024 2025 (NOK million) Note 2025 2024 1 086 1 030 Profit after tax 1 000 1 045 Other income/expenses reversed in ordinary profit: -38 22 Change in value on basis swap spreads 0 0 8 -5 Tax effect of change in value on basis swap spreads 21 0 0 Other income/expenses not reversed in ordinary profit: 9 -1 Pension estimate deviations 20 -1 9 -2 0 Tax effect of deviations on pension estimates 21 0 -2 1 063 1 046 Total comprehensive income after tax 999 1 052 1 000 986 Allocated to equity owners 939 989 63 60 Allocated to owners of Additional Tier 1 capital 60 63 Annual accounts 86 Sparebanken Møre Annual report 2025 Statement of income Statement and results CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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Balance sheet Assets GROUP PARENT BANK 31.12.2024 31.12.2025 (NOK million) Note 31.12.2025 31.12.2024 447 968 Cash and receivables from Norges Bank 968 447 673 676 Loans to and receivables from credit institutions, on a call basis 675 673 29 636 Loans to and receivables from credit institutions, with a fixed maturity 5 349 4 438 702 1 312 Total loans to and receivables from credit institutions 29 6 024 5 111 86 875 89 469 Net loans to and receivables from customers 4 5 6 7 8 9 10 18 29 51 884 51 232 12 144 15 479 Certificates, bonds and other interest-bearing securities 22 24 15 202 12 217 1 393 1 361 Financial derivatives 25 868 985 199 149 Shares and other securities 22 24 149 199 0 0 Equity stakes in subsidiaries 29 2 622 1 671 0 0 Deferred tax asset 21 24 8 61 71 Intangible assets 32 71 59 220 330 Fixed assets 109 158 80 85 Overfunded pension liability 85 80 214 194 Other assets 33 194 205 102 335 109 418 Total assets 11 12 13 14 22 23 24 78 200 72 372 87 Sparebanken Møre Annual report 2025 Balance sheet Statement and results CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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Liabilities and equity GROUP PARENT BANK 31.12.2024 31.12.2025 (NOK million) Note 31.12.2025 31.12.2024 1 243 1 501 Loans and deposits from credit institutions, on a call basis 1 547 2 365 751 701 Loans and deposits from credit institutions, with a fixed maturity 701 751 1 994 2 202 Total loans and deposits from credit institutions 29 2 248 3 116 36 310 40 108 Deposits from customers, on a call basis 40 369 36 460 13 240 13 227 Deposits from customers, with a fixed maturity 13 283 13 239 49 550 53 335 Total deposits from customers 4 6 18 28 29 53 652 49 699 38 906 41 968 Bonds issued 22 23 24 26 10 468 7 683 719 480 Financial derivatives 25 828 1 080 23 24 Pension liabilities 20 24 23 349 333 Tax payable 21 279 347 148 138 Deferred tax liability 21 0 0 763 707 Other liabilities 9 30 662 686 1 283 1 202 Total provisions and other liabilities 965 1 056 857 857 Subordinated loan capital 23 27 857 857 93 309 100 044 Total liabilities 11 12 13 14 22 23 24 26 69 018 63 491 996 996 EC capital 34 996 996 -5 -5 ECs owned by the bank 34 -5 -5 379 380 Share premium 380 379 750 750 Additional Tier 1 capital 27 750 750 2 120 2 121 Total paid-in equity 2 121 2 120 3 687 3 805 Primary capital fund 3 805 3 687 125 125 Gift fund 125 125 2 306 2 421 Dividend equalisation fund 2 421 2 306 -43 -26 Liability credit reserve 0 0 831 928 Other equity 710 643 6 906 7 253 Total retained earnings 7 061 6 761 9 026 9 374 Total equity 3 9 182 8 881 102 335 109 418 Total liabilities and equity 78 200 72 372 Ålesund, 11 March 2026 THE BOARD OF DIRECTORS OF SPAREBANKEN MØRE Roy Reite Chair Kåre Øyvind Vassdal Deputy Chair Jill Aasen Anne Jorunn Vatne Bjørn Følstad Marie Rekdal Hide Terje Bøe Birgit Midtbust Trond Lars Nydal CEO 88 Sparebanken Møre Annual report 2025 Balance sheet Statement and results CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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Statement of changes in equity GROUP 31.12.2025 Total equity EC capital Share premium Additional Tier 1 capital Primary capital fund Gift fund Dividend equalisation fund Liability credit reserve Other equity Equity as at 31.12.2024 (notes 3 and 34) 9 026 991 379 750 3 687 125 2 306 -43 831 Changes in own equity certificates 5 1 2 2 Distributed dividend to the EC holders -311 -311 Distributed dividend to the local community -332 -332 Interest paid on issued Additional Tier 1 capital -60 -60 Equity before allocation of profit for the year 8 328 991 380 750 3 689 125 2 308 -43 128 Allocated to the primary capital fund 117 117 Allocated to the dividend equalisation fund 113 113 Allocated to the owners of Additional Tier 1 capital 60 60 Allocated to other equity 30 30 Proposed dividend allocated to the EC holders 349 349 Proposed dividend allocated to the local community 361 361 Profit for the year 1 030 0 0 0 117 0 113 0 800 Change in value on basis swap spreads 22 22 Tax effect of change in value on basis swap spreads -5 -5 Pension estimate deviations -1 -1 Tax effect of pension estimate deviations 0 Total other income and expenses from comprehensive income 16 0 0 0 -1 0 0 17 0 Total profit for the period 1 046 0 0 0 116 0 113 17 800 Equity as at 31 December 2025 (notes 3 and 34) 9 374 991 380 750 3 805 125 2 421 -26 928 89 Sparebanken Møre Annual report 2025 Statement of changes in equity Statement and results CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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GROUP 31.12.2024 Total equity EC capital Share premium Additional Tier 1 capital Primary capital fund Gift fund Dividend equalisation fund Liability credit reserve Other equity Equity as at 31.12.2023 (notes 3 and 34) 8 680 985 359 650 3 475 125 2 205 -13 894 Changes in own equity certificates -7 -1 1 -5 -2 Distributed dividend to the EC holders -371 -371 Distributed dividend to the local community -376 -376 Issued Additional Tier 1 capital 350 350 Redemption of Additional Tier 1 capital -250 -250 Interest paid on issued Additional Tier 1 capital -63 -63 Convertion of ECs to Sparebankstiftelsen Sparebanken Møre 0 7 19 -26 Equity before allocation of profit for the year 7 963 991 379 750 3 444 125 2 203 -13 84 Order of corretion to the primary capital fund 132 132 Allocated to the primary capital fund 107 107 Allocated to the dividend equalisation fund 100 100 Allocated to the owners of Additional Tier 1 capital 63 63 Allocated to other equity 41 41 Proposed dividend allocated to the EC holders 311 311 Proposed dividend allocated to the local community 332 332 Profit for the year 1 086 0 0 0 239 0 100 0 747 Change in value on basis swap spreads -38 -38 Tax effect of change in value on basis swap spreads 8 8 Pension estimate deviations 9 5 4 Tax effect of pension estimate deviations -2 -1 -1 Total other income and expenses from comprehensive income -23 0 0 0 4 0 3 -30 0 Total profit for the period 1 063 0 0 0 243 0 103 -30 747 Equity as at 31 December 2024 (notes 3 and 34) 9 026 991 379 750 3 687 125 2 306 -43 831 90 Sparebanken Møre Annual report 2025 Statement of changes in equity Statement and results CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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PARENT BANK 31.12.2025 Total equity EC capital Share premium Additional Tier 1 capital Primary capital fund Gift fund Dividend equalisation fund Other equity Equity as at 31.12.2024 (notes 3 and 34) 8 881 991 379 750 3 687 125 2 306 643 Changes in own equity certificates 5 1 2 2 Distributed dividend to the EC holders -311 -311 Distributed dividend to the local community -332 -332 Interest paid on issued Additional Tier 1 capital -60 -60 Equity before allocation of profit for the year 8 183 991 380 750 3 689 125 2 308 -60 Allocated to the primary capital fund 117 117 Allocated to the dividend equalisation fund 113 113 Allocated to the owners of Additional Tier 1 capital 60 60 Proposed dividend allocated to the EC holders 349 349 Proposed dividend allocated to the local community 361 361 Profit for the year 1 000 0 0 0 117 0 113 770 Change in value on basis swap spreads 0 Tax effect of change in value on basis swap spreads 0 Pension estimate deviations -1 -1 Tax effect of pension estimate deviations 0 Total other income and expenses from comprehensive income -1 0 0 0 -1 0 0 0 Total profit for the period 999 0 0 0 116 0 113 770 Equity as at 31 December 2025 (notes 3 and 34) 9 182 991 380 750 3 805 125 2 421 710 91 Sparebanken Møre Annual report 2025 Statement of changes in equity Statement and results CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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PARENT BANK 31.12.2024 Total equity EC capital Share premium Additional Tier 1 capital Primary capital fund Gift fund Dividend equalisation fund Other equity Equity as at 31.12.2023 (notes 3 and 34) 8 546 985 359 650 3 475 125 2 205 747 Changes in own equity certificates -7 -1 1 -5 -2 Distributed dividend to the EC holders -371 -371 Distributed dividend to the local community -376 -376 Issued Additional Tier 1 capital 350 350 Redemption of Additional Tier 1 capital -250 -250 Interest paid on issued Additional Tier 1 capital -63 -63 Convertion of ECs to Sparebankstiftelsen Sparebanken Møre 0 7 19 -26 Equity before allocation of profit for the year 7 829 991 379 750 3 444 125 2 203 -63 Order of corretion to the primary capital fund 132 132 Allocated to the primary capital fund 107 107 Allocated to the dividend equalisation fund 100 100 Allocated to the owners of Additional Tier 1 capital 63 63 Proposed dividend allocated to the EC holders 311 311 Proposed dividend allocated to the local community 332 332 Profit for the year 1 045 0 0 0 239 0 100 706 Change in value on basis swap spreads 0 Tax effect of change in value on basis swap spreads 0 Pension estimate deviations 9 5 4 Tax effect of pension estimate deviations -2 -1 -1 Total other income and expenses from comprehensive income 7 0 0 0 4 0 3 0 Total profit for the period 1 052 0 0 0 243 0 103 706 Equity as at 31 December 2024 (notes 3 and 34) 8 881 991 379 750 3 687 125 2 306 643 92 Sparebanken Møre Annual report 2025 Statement of changes in equity Statement and results CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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GROUP PARENT BANK 2024 2025 (NOK million) Note 2025 2024 Cash flow from operating activities 5 758 5 767 Interest, commission and fees from customers received 15 16 3 950 4 029 -1 943 -1 978 Interest, commission and fees to customers paid 15 16 -1 994 -2 012 542 649 Interest received on certificates, bonds and other securities 617 530 -2 038 -2 131 Interest paid on issued bonds and subordinated loan capital 15 -581 -523 14 6 Dividend and group contribution received 17 175 146 -883 -832 Operating expenses paid 18 19 20 30 -781 -746 -269 -348 Income taxes paid 21 -347 -268 245 -637 Receipts/payments(-) on loans to and receivables from other financial institutions -940 -288 -4 810 -3 015 Receipts/payments(-) on loans/leasing to customers -1 274 -1 691 -484 415 Receipts/payments(-) on customers utilised credit facilities 621 -202 2 140 3 785 Receipts/payments(-) on deposits from customers 3 952 2 189 18 640 20 390 Proceeds from the sale of certificates, bonds and other securities 16 751 16 120 -19 221 -24 581 Purchases of certificates, bonds and other securities -19 687 -16 574 0 0 Receipts of other assets 33 0 0 -7 9 Payments of other assets 33 2 1 330 -231 Receipts/payments(-) of other debt -121 156 -1 986 -2 732 Net cash flow from operating activities 345 866 Cash flow from investing activities 0 0 Proceeds from the sale of fixed assets and intangible assets 31 32 0 0 -71 -180 Purchase of fixed assets and intangible assets 31 32 -26 -72 0 0 Receipts/payments(-) on investment i subsidiaries 29 -951 -100 -71 -180 Net cash flow from investing activities -977 -172 Cash flow from financing activities 268 208 Receipts/payments(-) on deposits from Norges Bank and other financial institutions -868 566 -7 819 -6 391 Redemption of debt securities 26 -1 601 -1 959 10 675 10 259 Proceeds from bonds issued 26 4 265 1 766 -250 0 Redemption of Additional Tier 1 capital 27 0 -250 348 0 Proceeds from Additional Tier 1 capital issued 27 0 348 -63 -60 Interest paid on issued Additional Tier 1 capital 27 -60 -63 -371 -311 Payment of cash dividends to EC owners 34 -311 -371 -515 -310 Payment of dividend funds 30 -310 -515 9 10 Payment upon sale of own equity certificates 34 10 9 -15 0 Payment upon purchase of own equity certificates 34 0 -15 2 267 3 406 Net cash flow from financing activities 1 125 -484 210 493 Net change in cash and cash equivalents 493 210 353 563 Cash balance as at 01.01 563 353 563 1 056 Cash balance as at 31.12 *) 1 056 563 Statement of cash flow *) NOK 581 millon of NOK 676 million from "Loans to and receivables from credit institutions, on a call basis" in the balance sheet is related to CSA agreements and should therefore not be counted as cash in the cash balance as at 31.12 ( As at 31.12.2024, the CSA agreements amounted to NOK 557 million). The cash flow statement shows cash receipts and disbursements. The statement is prepared according to the direct method. The cash flows are classified as operating activities, investing activities or financing activities. Cash is defined as cash-in- hand and receivables from Norges Bank, as well as loans to and receivables from credit institutions without an agreed maturity(with the exception of CSA agreements). Cash flows from operating activities are defined as current interests, fees and commissions related to lending, borrowing and deposits, interest related to cash and cash equivalents, disbursed operating expenses and taxes paid, as well as receipts and disbursements of securities. Investment activities are defined as cash flows from investments in fixed assets as well as inflows and disbursements from other assets. Cash flows related to borrowing, issuance and repayment of subordinated loans and bond debt, as well as equity, are defined as financing activities. There has been a change to the cash flow statement for 2025. The item "Receipts/ payments(-) of other debt has been moved from financing activites to operational activitites. The figures for the 2024 financial year have been changed accordingly. 93 Sparebanken Møre Annual report 2025 Statement of cash flow Statement and results CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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Notes GENERAL INFORMATION 1 Accounting principles 1.1 GENERAL INFORMATION Sparebanken Møre, which is the parent company of the Group, is a savings bank registered in Norway. The bank’s Equity Certificates (ECs) are listed on the Oslo Stock Exchange. The Group consists of Sparebanken Møre (the parent bank) and its subsidiaries Møre Boligkreditt AS, Møre Eiendomsmegling AS, Sparebankeiendom AS and Storgata 41-45 Molde AS. The Sparebanken Møre Group provides banking services for retail and corporate customers and real estate brokerage through a large network of branches in Nordvestlandet, which is the region defined as the bank’s geographic home market, in addition to an office in Oslo. The company’s Head Office is located at Parkgata 2, 6003 Ålesund, Norway. Figures are presented in MNOK unless otherwise stated. The final annual accounts were approved by the Board of Directors on 11 March 2026 and are scheduled for consideration by the annual General Meeting on 8 April 2026. The Group’s operations are described in note 4. 1.2 ACCOUNTING PRINCIPLES The Group’s and the parent bank’s annual accounts have been prepared in accordance with the IFRS®Accounting Standards, which have been stipulated by the International Accounting Standards Board, and implemented by the EU as at 31 December 2025. How to read the accounting principles: Sparebanken Møre describes the accounting principles in conjunction with each note. See the table below for an overview of the various principles and the notes in which they are described, as well as reference to relevant and important IFRS standards. Accounting principle Note IFRS-standard Impairments Note 9 Losses on loans and guarantees IFRS 9, IFRS 7 Financial derivatives Note 25 Financial derivatives IFRS 9, IFRS 7, IFRS 13 Hedging Note 26 Debt securities IFRS 9, IFRS 7 Classification of financial instruments Note 22 Classification of financial instruments IFRS 9, IFRS 7 Amortised cost Note 23 Financial instruments at amortised cost IFRS 9, IFRS 7 Fair value Note 24 Financial instruments at fair value IFRS 9, IFRS 13, IFRS 7 Operating segments Note 4 Operating segments IFRS 8 Revenue recognition Note 16 Net commission and other income IFRS 15, IFRS 9 Leases Note 30 Other liabilities IFRS 16 Pensions Note 20 Pensions IAS 19 Fixed assets Note 31 Fixed assets IAS 16, IAS 36 Intangible assets Note 32 Intangible assets IAS 38, IAS 36 Taxes Note 21 Taxes IAS 12 Equity Note 34 ECs and ownership structure IAS 1 Events after the reporting date Note 36 Events after the reporting period IAS 10 Calculation basis The calculation basis for preparing the financial statements is historical cost, with the exception of the following items (AC = Amortised Cost, FVPL= Fair Value through Profit and Loss): ASSETS Category Cash and receivables from Norges Bank AC Loans to and receivables from credit institutions AC Loans to and receivables from customers AC/FVPL Certificates, bonds and other interest-bearing securities FVPL Financial derivatives FVPL Shares and other securities FVPL LIABILITIES Category Loans and deposits from credit institutions AC Deposits from customers AC/FVPL Bonds issued AC Financial derivatives FVPL Subordinated loan capital AC Consolidation The consolidated financial statements comprise Sparebanken Møre and all companies in which Sparebanken Møre has control. In the parent bank’s accounts, investments in subsidiaries are valued at cost. 94 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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Changes to accounting policies and presentation There were no material changes to the accounting policies for 2025. Certain aggregations have been made in the balance sheet to make the balance sheet clearer. Comparable figures for the previous financial year have been restated accordingly. The following changes have been made: «Equity stakes in financial institutions(subsidiaries)» and «Equity stakes in other Group companies» have been merged into “Equity stakes in subsidiaries”. «Machinery, equipment, fixtures and fittings and vehicles” and “Buildings and other real estate” have been merged into “Fixed assets». «Incurred costs and prepaid income” and “Provisions against guarantee-liabilities” have been included in “Other liabilities». In the cash flow statement, the item “Receipts/payments (-) of other debt has been moved from financing activities to operating activities. Future standards The standards and interpretations that have been adopted by the date for presenting the consolidated financial statements, but that will enter into force on a future date, are specified below. The Group intends to implement the relevant amendments at the time they enter into force, provided that the EU approves the amendments prior to the presentation of the consolidated financial statements. IFRS 18 IFRS 18 is the new standard for the presentation of financial statements and will apply from 2027. The standard aims to improve communication in financial statements and provide a better basis for analysing and comparing companies. The standard will result in new presentation requirements for the income statement, management-defined performance measures, the location of disclosures and aggregation and disaggregation. Annual improvement project IASB has in its annual improvement projects adopted minor changes to a number of standards. None of these changes are regarded as being of material significance for the financial position or profit of the Sparebanken Møre Group. 1.3 FOREIGN EXCHANGE FOREIGN EXCHANGE The Group presents its accounts in Norwegian kroner (NOK). The functional currency for the parent bank and its subsidiaries is NOK. 1.4 COMMENTS ON SOME TERMS USED IN THE ANNUAL FINANCIAL STATEMENTS Liability credit reserve Currency swaps (basis swaps) are used in connection with long-term loans in foreign currencies where the currency is converted to Norwegian kroner. Changes in the value of currency swaps during hedge accounting due to changes to the basis spreads are recognised in other comprehensive income (OCI) and in equity in accordance with IFRS9. 1.5 USE OF ESTIMATES IN THE PREPARATION OF THE ANNUAL FINANCIAL STATEMENTS Certain accounting principles are regarded as particularly important in order to illustrate the Group’s financial position due to the fact that the management is required to make difficult or subjective assessments, applying estimates which mainly relate to matters which are initially uncertain. In the opinion of the management, the most important areas which involve critical estimates and assumptions are as follows: Expected credit loss (ECL) on loans Measurement of ECL according to IFRS 9 requires an assessment when it comes to significant increase in credit risk and determining the level of impairment, particularly with regards to estimates of amounts and timing of future cash flows and collateral. These estimates are driven by various factors, where changes can result in different levels of provisions. Assessmets: Credit risk assessment: A key assessment involves judging whether there has been a material increase in credit risk, triggering the measurement of financial assets at a lifetime ECL rather than a 12-month ECL. This assessment is based on the Group's internal credit rating model, which assigns probabilities of default (PD). Development of the ECL model: Assessments are made in the development of the ECL model, including the selection of formulas and variable inputs, as well as the determination of relationships between macroeconomic scenarios and economic indicators (e.g. unemployment rates, values of collateral) and their impact on PD, exposure at default (EAD), and loss given default (LGD). Estimates: Future cash flows and values of collateral: There is estimate uncertainty when predicting the amount and timing of future cash flows and valuation of collateral, influenced by changes in macroeconomic factors. Macroeconomic scenarios: The selection of forward- looking macroeconomic scenarios and the assignment of probability weightings involve estimate uncertainty due to the inherent unpredictability of economic conditions and their impact on PD, LGD, and EAD. Sparebanken Møre's ECL model is based on the group's internal ranking-based (IRB) parameters and incorporates complex models with numerous underlying assumptions about variable input data and their interdependencies. The elements of the ECL model that are considered accounting assessments and estimates include the internal credit rating model, criteria for significant increases in credit risk, model development, and the linking of macroeconomic scenarios to financial inputs that affect credit risk parameters. The Group continually evaluates these assessments and estimates based on available historical data and forward- looking information and recognises that actual results may vary, leading to potential adjustments in future periods. Further information on the ECL model, loss calculations and associated sensitivities is presented in note 9. Fair value of financial instruments – including derivatives For financial instruments which are not traded in active markets, various evaluation methods are applied in order to ascertain fair value. Further information and a description of the techniques used may be found in note 24. Reference is also made to notes 11-14 and 22-27, dealing with financial instruments. 95 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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2 Risk management Strategy Sparebanken Møre’s long-term strategic development and target achievement are supported by high quality risk- and capital management. The overall purpose of risk management and -control is to ensure that goals are achieved, to ensure effective operations and the handling of risks which can prevent the achievement of business- related goals, to ensure internal and external reporting of high quality, and to make sure that the Group operates in accordance with relevant laws, rules, regulations and internal guidelines. Risk-taking is a fundamental aspect of banking operations, which is why risk management is a central area in the day-to-day operations and in the Board of Directors’ ongoing focus. Sparebanken Møre’s Board of Directors has agreed overall guidelines for management and control throughout the Group. The Group shall have a low to moderate risk profile and revenue generation shall be a product of customer-related activities, not financial risk taking. In addition, the bank has introduced separate policies for each significant risk area: credit risk, counterparty risk, market risk, funding risk and operational risk. The risk strategies are agreed by the Board of Directors and revised at least once a year, or when special circumstances should warrant it. The Group has established a follow-up and control structure, which shall ensure that the overall framework of the strategic plan is adhered to. Corporate culture, organisation and responsibility The risk management process is based on the bank’s and the Group’s corporate culture. This includes management philosophy, management style and the people in the organisation. The staff’s integrity, value basis and ethical attitudes represent fundamental elements in a well- functioning corporate culture. Well-developed control and management measures cannot compensate for poor corporate culture. Against this background, Sparebanken Møre has established clear ethical guidelines and a clear value basis, which have been communicated well throughout the organisation. Sparebanken Møre is organised in three lines of defence. 1. All business/operational and support entities except the Risk Management and Compliance unit are considered the first line of defence. 2. The second line of defence for risk management in the Group is addressed by departments in the Risk Management and Compliance unit. 3. The third line of defence is the internal auditor that is independent of the Group Management. Organising the Group in this way is designed to contribute to the management and control of its activities and ensure that responsibilities are adequately divided between the institution’s business areas, thereby preventing conflicts of interest. Ensuring the high quality of the institution’s three lines of defence is essential for effective management and control. Weaknesses in the lines of defence increase the risk of serious vulnerabilities not being identified. To ensure that the three lines of defence function as intended, the functions of the second and third lines of defence must be independent of the areas and units they control. The lines of defence report directly to the Group Management and/or the Board. Appropriate internal control procedures, mechanisms and processes must be designed, developed, maintained and evaluated within all three lines of defence. Sparebanken Møre attaches a great deal of importance to independence in the risk management. The responsibility for, and execution of risk management and control is therefore shared between the Board of Directors, the management and the operative units. The Board of Directors of Sparebanken Møre bears the overall responsibility for ensuring that the bank and the Group have adequate primary capital based on the desired levels of risk and the Group's activities, and for ensuring that Sparebanken Møre is adequately capitalized based on regulatory requirements. The Board shall also ensure that risk management and internal control is adequate and systematic, and that this is established in compliance with laws and regulations, articles of association, instructions, and external and internal guidelines. The Board also sets out the principles and guidelines for risk management and internal control for the various levels of activity. The Audit and Risk Committees are elected by and amongst the members of the Board of Directors. The committees are sub-committees of the Board. Their purpose is to carry out more thorough assessments of designated areas and report the results to the Board. The Audit and Risk Committees shall ensure that the institution has independent and effective external and internal auditors, and satisfactory financial statement reporting and risk management routines, complying with pertinent laws and regulations. The CEO is responsible for ensuring the establishment of appropriate risk management and internal control based on assessments, agreed principles and guidelines introduced by the Board. The CEO is responsible for ensuring that good control environments are established in all levels of the bank and shall continuously monitor changes to the bank's risks and ensure that these are properly addressed in accordance with the Board's guidelines. The CEO shall ensure that the bank's risk management and internal control is documented according to current laws, rules, regulations and statutes, and shall, at least once a year, prepare an overall assessment of the risk situation, which shall be presented to the Board for their consideration. The Risk Management department is responsible for preparing and designing systems, guidelines and procedures for identifying, measuring, reporting and following up the bank’s most important inherent risks. The department is responsible for ensuring that the total risk exposure of Sparebanken Møre, including results of conducted stress tests, is reported to the CEO and the Board of Directors. Further, the department bears the primary responsibility for the IRB process in the Group. It is also a key setter of conditions and adviser in the strategy process concerning risk assessments, risk tolerance and operationalisation of the bank's overall goals regarding risks. The department is also responsible for working with the ICAAP , the Recovery Plan and the bank’s crisis manageability. The department forms part of the Risk management and Compliance unit, reporting directly to the CEO. Pursuant to the requirements in the Financial Institutions Act, Sparebanken Møre has an own compliance function. Each year, the Board of Directors of Sparebanken Møre approves compliance instructions, and an annual work- and action plan is prepared for the function. The department is responsible for coordinating annual internal control confirmations from the operational managers. The head of Compliance reports to the CEO in Sparebanken Møre but is organisationally subordinate to the EVP of the Risk management and Compliance unit. The Financial Reporting and Accounting department is responsible for the Group's total financial management/ reporting and accounting and is part of the Finance unit. Sparebanken Møre`s operative managers of significant 96 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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business areas shall actively engage in the process assessing whether established risk management and internal control are carried out as required. It is assumed that all managers at every level of the organisation are monitoring the approved control measures within their area of responsibility. Sparebanken Møre`s Credit Committee deals with larger commitments and matters of a special nature and shall provide an independent proposal to the person holding the power of attorney. The Credit Committee attaches special importance to the identification of risk in connection with each credit application and makes its own assessment regarding credit risk. In addition, consideration is made whether commitments are in accordance with the Group’s credit risk strategy, credit policy, credit-granting rules and regulations and credit handling routines. The internal auditing is a monitoring function which, independent of the rest of the bank’s administration, deals with systematic risk assessments, controls and examination of the Group’s internal control in order to ascertain whether it appears appropriate and satisfactory. The bank`s Board approves the resources and annual plans of the internal auditing. The internal auditor shall also discuss the plan and scope of the audit work with the Audit and Risk Committee. The internal audit in Sparebanken Møre is outsourced to EY. Capital structure Sparebanken Møre’s equity and related capital is composed with regards to several considerations. The most important considerations are the Group’s size, the internationally orientated industry and commerce in Nordvestlandet and a stable market for long-term funding. Furthermore, the Group’s long-term strategic plan, and its’ impact, is a significant provider of conditions in relation to which capital structure Sparebanken Møre should adopt. Assessments of risk profile, capital requirements and profitability are always based on the Group's long-term strategic plan. The Group's capital requirements are calculated at least in the annual ICAAP . Sparebanken Møre’s total capital shall comply with the Group`s accepted risk tolerance. The ICAAP clarifies all the alternatives the Group can implement if the Group's capital adequacy is subject to stress. The alternatives are listed in a prioritized order, with description of measures and indication of planned implementation if necessary. Sparebanken Møre's aim is to achieve financial results which provide a good and stable return on equity. The results shall ensure that all equity owners receive a competitive long-term return in the form of dividends and capital appreciation on the equity. The equity owners' share of the annual profits set aside as dividend funds, shall be adjusted to the equity situation. Sparebanken Møre's allocation of earnings shall ensure that all equity owners are guaranteed equal treatment. Capital adequacy rules and regulations The capital adequacy regulations aim to strengthen the stability in the financial system through more risk-sensitive capital requirements, better risk management and control, more stringent supervision and more information provided for the market. The capital adequacy directive is based on three pillars: • Pillar I – Minimum requirement for equity and related capital • Pillar II – Assessment of aggregate capital requirements and regulatory follow-up (ICAAP) • Pillar III – Publication of information Sparebanken Møre`s capital adequacy is calculated according to the IRB Foundation Approach for credit risk. Calculations related to market risk are based on the Standardised Approach and operational risk on the Standardised Approach as redefined in CRR3. Sparebanken Møre’s Board of Directors insists that the Group must be well capitalised, both during economic downturns and periods of strong economic expansion. Capital assessments (ICAAP) are conducted every year, and the Group’s capital strategy is based on the risk in the Group’s operations, taking into account different stress scenarios. Reference is also made to note 3 concerning "Capital adequacy" for further descriptions, as well as comments related to changes in the regulations. Risk exposure and strategic risk management Sparebanken Møre is exposed to several different types of risk. The most important risk areas are: • Credit risk: This is the Group’s biggest area of risk. Credit risk is defined as the risk of loss due to customers or other counterparties being unable to meet their obligations at the agreed time, and in accordance with written agreements, and due to the collateral security held not covering the outstanding claims. Counterparty risk is also included in this area of risk. • Concentration risk: The risk of losses resulting from concentration on: large individual customers, specific industries, geographical areas, collateral with the same risk characteristics, counterparties in interbank operations or trading in financial derivatives. • Market risk: The risk of loss involving market values relating to portfolios of financial instruments as a result of fluctuations in share prices, foreign exchange rates and interest rates. • Funding risk: The risk of the Group being unable to meet its obligations and/or fund increases in assets without incurring significant extra costs in the form of fall in prices of assets which have to be sold, or in the form of particularly expensive funding. The level of the institution`s capital is a key condition to attract necessary funding at any time. • Operational risk: The risk of loss due to insufficient or failing internal processes and systems, or due to human error or external events. Sparebanken Møre tries to take account of the interaction between the various risk areas when setting desired levels of exposure. Overall, it is the internal conditions, general conditions, customer base, etc. within the Group which form the basis for setting the desired overall risk exposure. Based on an evaluation of the risk profile, management and control, Sparebanken Møre has set the following overall levels of risk exposure for the various risk areas: • Credit risk: A moderate level of risk is accepted • Concentration risk: A moderate level of risk is accepted • Market risk: A moderate level of risk is accepted • Funding risk: A low level of risk is accepted • Operational risk: A low to moderate level of risk is accepted Risk appetite means the risk the Board is willing to take in order for the Group to achieve the objectives set out in the Group's long-term strategic plan. Credit risk Credit risk represents Sparebanken Møre’s biggest risk area. This risk area also includes counterparty risk. The Group is exposed to this type of risk through its lending products for the retail market and corporate customers, and through the activities of Sparebanken Møre's Finance unit. The credit risk strategy focuses on risk sensitive limits, which have been designed in such a way that they manage the Group’s risk profile within the credit area in the most 97 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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appropriate and effective manner. Furthermore, limits, guidelines, and power of attorney regulations have been established, which underpin and support Sparebanken Møre’s credit risk strategy and long-term strategic plan. The core values of Sparebanken Møre are “Close, Committed and Capable”. These values are to be reflected in all contact with the market, create added value for the customers and contribute to creating a positive view of Sparebanken Møre. The credit policy is intended to promote a credit culture in which creditworthiness is viewed in a long-term perspective, where general and industry economic fluctuations are taken into account. Sparebanken Møre shall have a high ethical standard, and shall not be associated with activities, customers or industries of dubious reputation. The Group is open to all types of customers within defined market areas, and discrimination based on the customer`s age, gender, nationality, religion or marital status shall not occur. Sparebanken Møre has defined Møre og Romsdal and municipalities in Western Norway north of Nordfjorden as its market area for business sector engagement. However, it is allowed to financially support investments/ businesses outside its core region when, from an ownership perspective, they are linked to individuals or companies in/ from our region, Nordvestlandet. Commitments outside the Group's market area will also be considered part of the deliberate diversification of the portfolio in terms of segment and geographical exposure. In such cases the Group's strategy sets clear limits for the maximum risk level for an individual commitment. People who have left the region but still have ties or their origins in Møre og Romsdal are an important focus area. Other potential customers with whom we have a good relationship may also be offered financing in line with applicable guidelines. People we know well and/or have natural ties to our market area are offered financing in line with applicable guidelines. This is contingent on the bank being able to satisfactorily follow up the customer relationship. The Risk Management department has established monthly portfolio management reports which ensure that any discrepancies from the strategic targets incorporated in the credit risk strategy are identified. The EVPs of the Corporate Banking Division and the Retail Banking Division respectively, have independent responsibility for the ongoing monitoring of the position, in order to identify discrepancies in relation to the same strategic targets, and in order to implement measures in the case of any deviations. The Board of Directors is responsible for the Group’s granting of loans and credits. Within certain limits, power of attorney is delegated to the bank’s CEO for the operational responsibility for decisions in credit matters. Within his powers of attorney, the CEO may further delegate powers of attorney. The grant authorisations are personal and graded after criteria like the size of grant, the limit of the commitment (corporate customers), the customers total debt (retail customers), and class of risk. The power of attorney is also related to the employee`s job level. Sparebanken Møre actively uses internal reports in order to monitor the level and development of the Group’s credit portfolio. Each member of staff with customer responsibility has access to reports which show the position and development in the credit risk in his or her portfolio. The reports are prepared on a hierarchical basis, enabling the bank’s management to monitor the development within their own area of responsibility. The reports are also used to analyse customers, portfolios and different sectors. The Group has prepared separate risk models for the corporate and retail markets, which are used in monthly measuring and reporting of credit risk. The Group has also developed application score models for the two customer segments, which are being used in the credit granting process. The bank has been approved to use internal models for its’ risk management and capital calculations (IRB) and was in 2015 granted permission to use internal rating methods, IRB Foundation for credit risk. There are mainly three central parameters within credit risk for which models are applied: 1. Probability of default (PD): PD is calculated per customer and states the probability of the customer defaulting on his or her outstanding commitment during the next 12 months. A separate PD is calculated for each customer, based on statistical models using variables of both external and bank-internal information, in the form of both financial key figures and non-financial criteria. 2. Degree of loss in the case of default (LGD): LGD indicates the proportion of the commitment that is expected to be lost in the case of default. The assessments take into consideration the values of the collateral provided by the customer, and the costs that will arise when collecting defaulted commitments. 3. Expected exposure in the case of default (EAD): EAD indicates the level of exposure which is expected on a commitment if and when it defaults. The abovementioned parameters form the basis for calculation of expected loss (EL) and are included in the computation of economic capital. By classifying customers according to probability of default, and by estimating the level of loss and the requirement for economic capital at customer level, the Group obtains information about the level and development of the aggregate credit risk in the total portfolio. In-house migration analyses show the development of the number of customers and EAD between different risk classes during different periods. A commitment is defined to be in default or credit-impaired (non-performing) according to the capital adequacy regulations if a claim is more than 90 days overdue and the overdue amount exceeds the highest of 1 per cent of the exposure (loans and undrawn credits) and NOK 1,000 for the retail market and NOK 2,000 for the corporate market. Breaches of covenants can also trigger defaults. The definition of default is similar to the one used to calculate expected credit losses according to IFRS 9. Treasury risk Treasury risk is part of Sparebanken Møre's total credit risk. Board-adopted limits for the Group's credit exposure in this area have been defined. Credit exposure is linked to bonds and certificates in the Group's liquidity portfolio, short-term lending to other banks, including accounts held in foreign banks, and exposure in connection with financial derivatives which are signed to neutralise already present interest- and currency risk which the bank has assumed. The portfolio consists of reputable domestic and foreign relationships. Credit quality is considered high, mainly due to exposures towards issuers with high ratings and low capital weight. See note 7 for an overview of the credit quality of the Group’s liquidity portfolio. Sparebanken Møre's policy is that, especially in relation to placements in international banks and other debtors outside Norway, the Group shall use assessments carried out by the official ratings agencies. The credit risk shall be at a minimum, and if a counterparty's status is changed to a negative outlook or their rating falls, Sparebanken Møre carries out a new internal assessment of existing lines of credit. If necessary, the line of credit, and any exposure, is reduced or eliminated. Treasury risk is also viewed in connection with the funding indicators LCR and NSFR. The LCR regulations entail a movement towards lower risk weighted counterparties, 98 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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including state- and state guaranteed papers and covered bonds. The pre-classification process emphasises considering banks with which Sparebanken Møre has a mutual (reciprocity) and long business relationship. It is also necessary to have sufficient competition in products and instruments that are traded, as well as diversification in market and geography for the Group. If changes occur in general conditions, the market, economic trends or Sparebanken Møre's activities which have a material effect on the Group's risk positions, limits must be assessed and possibly set for investment opportunities. This involves, for example, not investing in some countries, groups of countries, individual counterparties, counterparties with certain attributes, etc. Sparebanken Møre and Møre Boligkreditt AS require the signing of CSA (Credit Support Annex) agreements before trading of derivatives against any counterparties. CSA agreements are part of an ISDA agreement and help to regulate the counterparty risk associated with changes in market conditions. This provides Sparebanken Møre with collateral for any given exposure. The agreements with counterparties define when the collateral shall be transferred between the parties. Sparebanken Møre practices cash collateral in relation to its counterparties. The market value of all derivatives signed between Sparebanken Møre and the counterparty is settled according to the different CSA-agreements and the counterparty risk will then largely be eliminated. EMIR - European Market Infrastructure Regulation –will ensure regulation and control of the market for derivatives traded outside regulated markets by requiring reporting of transactions to transaction records, and requirements for settlement (clearing) through central counterparties (CCPs). Sparebanken Møre has entered into an agreement with SEB as a clearing broker and clears derivatives through the London Clearing House. Market risk Sparebanken Møre’s market risk is managed through defined position limits for each risk area. Management of market risk is set out in Sparebanken Møre’s market risk strategy. The strategy is adopted by the Board of Directors and provides the overall guidelines for the Group’s activities in the capital market, including the framework for Sparebanken Møre’s total exposures within currency, interest rate and shares. The Group’s market risk can be divided into the following areas: • Interest rate risk: Consists of market risk associated with positions in interest-bearing financial instruments, including derivatives with underlying interest instruments. Interest rate risk related to the liquidity portfolio, as well as hedging transactions related to it, are considered separately and will have its own set of risk parameters. See note 12 for the Group's interest rate risk. • Equity risk: Consists of market risk on positions in equity instruments. Shares in subsidiaries are not included. Sparebanken Møre has no trading portfolios. The financial risk of Sparebanken Møre is considered to be low. • Currency risk: Consists of the risk of losses when exchange rates change. All financial instruments and other positions with currency risk are included in the assessment. Currency risk on the banking book, that is, foreign exchange risk arising as a result of hedging customer trading, including lending/deposits, is considered separately and has its own set of risk parameters. Sparebanken Møre`s exposure to currency risk is a result of mismatch between the underlying business and hedging transactions, as well as the necessary reserves of the Group's bank accounts in foreign banks. Changes in exchange prices in the market cause changes in the value of Sparebanken Møre`s currency position. The currency position also includes Sparebanken Møre`s cash holdings of notes denominated in foreign currencies. Sparebanken Møre has no trading portfolio of FX contracts. Sparebanken Møre`s currency risk is low and well within the limits specified in the regulations. See note 13 for the Group's currency risk. • Spread risk: Defined as the risk of changes in market value of bonds and commitments as a result of general changes in credit spreads. • Total market risk: The overall risk assessment is obtained by comparing the assessments of areas of interest rates, equities and foreign exchange. The Financial Supervisory Authority of Norway`s (FSA) methodology in this area form the basis for assessing the overall market risk. Assessments are based on three risk factors: • Exposure • Risk spreading • Market liquidity Any diversification effects between asset classes are not taken into account. The Board of Directors annually approves a total limit for the market risk of Sparebanken Møre. The framework is adapted to the Group's activity level and risk tolerance. If required, the overall framework may be changed more frequently than the annual review. Total limit for market risk is defined as the maximum loss on a stress scenario where the FSA`s methodology is applied. The approved overall market risk limit is delegated to the CEO. The EVP of Finance is responsible for the administration of the limits within the various sub-portfolios being in compliance at all times. The Finance unit has an independent responsibility for ongoing monitoring of positions within the various portfolios and daily follow up, or with the frequency required in relation to the level of activity. The Risk Management department has the primary responsibility for monitoring, reporting and control of the market risk area. If activities exceed limits or strategy, written reporting instructions are to be followed. Back Office is responsible for transaction control and processing of payment transactions. SimCorp Dimension (SCD) is the principal risk management system in Sparebanken Møre within the market risk area. The system provides current status of market development. All financial instruments are recorded in the system and monitored continuously. The Risk Management department is responsible for good quality in the valuation of financial instruments. Reporting of the market activity is part of Sparebanken Møre`s periodic "Risk Report" to management, Risk Committee and Board of Directors. Monthly earnings performance reports are prepared, as well as actual risk exposure within each portfolio, both individually and aggregated. The reports are compared against maximum activity frame and overall market risk limit (stress frame). The Board is also given a quarterly record of any violation of the framework, the strategy or laws and regulations. There is no performance-based compensation to any person working in the market risk area beyond what is included in Sparebanken Møre`s general bonus scheme which deals with, and is equal to, all employees of the Group. 99 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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Funding risk Liquidity may be defined as the Group’s ability to fund increases in assets and to meet its obligations as funding requirements occur. Sparebanken Møre is liquid when it is able to repay its debt as it falls due. Management of the Group’s funding risk is based on the overall financing strategy, which is evaluated and approved by the Board of Directors at least once a year. The strategy reflects the low risk level accepted for this risk area. The Group's funding risk requires special monitoring. This is due to the Group's special position as a manager of deposits for small and non-professional participants, as well as the central role the Group plays in payment systems. The banks’ duty to accept deposits from a non-specific base of depositors and the fact that these deposits are normally available on the same day, means that they face considerably greater risk than other financial institutions. The authorities' loan schemes and safety net for banks are based on these precise factors. The costs of reducing funding risk must be viewed in the context of the advantages lower funding risk provides. One fundamental prerequisite for maintaining the trust of depositors and other lenders is that the institutions always have sufficient liquidity to cover current liabilities. LCR measures the bank's ability to survive a 30-day stress period. LCR has increased the importance of high-quality liquid assets. NSFR measures the longevity of the bank's funding and has resulted in a greater proportion of stable and long-term funding. In this context, deposits are not regarded as an equally stable source of funding, which means that the quality of the deposits will increase in importance. This also means that the bank to a greater extent, fund themselves through bond issues with a higher maturity. The Group also regularly reports on the trends for liquidity indicators to the supervisory authorities in line with the disclosure requirements. The Group's long-term strategic plan sets out a liquidity strategy protecting the structure and volume of the LCR and NSFR requirements. The internal targets set by Sparebanken Møre are an LCR of 110 per cent and NSFR of 105 per cent. The Authority’s requirements for LCR and NSFR amount to 100 per cent. At year-end 2025, the LCR indicator for the Group was 177 per cent and NSFR 123 per cent. In the composition of the external funding, priority is given to having a relatively high share of maturities above one year. The Funding of Sparebanken Møre is organised within the Finance unit. The unit controls the funding on a day-to- day basis, and has the responsibility to meet the funding requirements in Sparebanken Møre, including utilization of the mortgage company Møre Boligkreditt AS. Liquidity control management is maintained by both the Finance unit and by the Risk Management department. In this respect, there is a distinction between the overall and the daily operational cash management and control. The daily operational management responsibility is handled by the Finance unit, while the overall risk management, including strategies and framework controls, are handled by the Risk Management department. Upon the occurrence of abnormal situations regarding liquidity, either in the market or within Sparebanken Møre, the bank's emergency task group comes together. The group consists of the following persons: • CEO • EVP Finance • EVP Communications and Group Support • EVP Risk Management and Compliance • Head of Risk Management The Board receives monthly reports on the liquidity situation, including several key figures. In addition, early warning signals are reported by viewing the development of financial strength, balance sheet- and income statement- development, losses/defaults and the development of cost of funds. The funding risk is attempted reduced by spreading funding on different markets, sources, instruments and maturities. In order to ensure the Group's funding risk is kept at a low level, lending to customers must primarily be financed by customer deposits and long-term securities issued. There is a major focus on efforts to increase ordinary deposits in all customer-related activities throughout the bank. The deposit-to-loan ratio in Sparebanken Møre was 59.4 per cent at year-end. The Board shall be informed of the bank’s liquidity situation on a monthly basis, and immediately of any important events which may affect the bank’s current or future liquidity situation. The reporting tries to identify the funding situation during normal operations, identify any “early warning” signs and assess the bank’s stress capacity. Møre Boligkreditt AS has a license from the FSA to operate as a mortgage company, and the company provides the Group with increased diversification of its funding sources. Operational risk Defined as the risk of loss due to inadequate or failing internal processes or systems, human error or external events. Operational risk includes all the potential sources of losses related to Sparebanken Møre's current operations. Operational risk is categorised into the following categories: • Internal fraud • External fraud • Employment conditions and safety at work • Customers, products and business conduct • Damage to assets • Interruptions to operations and/or systems • Settlements, delivery or other transaction processing The Board of Directors of Sparebanken Møre has decided that a low to moderate risk profile is accepted related to operational risk. A seperate strategy is established for this risk area, and there are several documents which support the Group’s risk management. These documents include the ICT-area, contingency plans for personnel and property and framework for physical security. For the Compliance department, board-adopted instructions, work schedules and action plans have been established. Operational responsibility for managing and controlling operational risk, and thus also the quality of Sparebanken Møre's operations, is borne by each manager involved. This responsibility follows from job descriptions and various guidelines and routines. All managers annually confirm to the CEO the quality of and compliance with internal controls within their area of responsibility. They also suggest areas for improvement which are incorporated into special action plans. The CEO presents the report to the Risk Committee and the Board of Directors. The annual ICAAP involves a review of the Group's material risk areas, including operational risk. The Group’s established internal control routines are an important tool for reducing operational risk, both for detection and follow-up. 100 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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Climate risk Sustainability risk is defined as the risk of the bank incurring losses as a result of exposure to our counterparties (customers, partners or suppliers) that are adversely impacted by ESG factors. These may be environmental (E), including physical climate and natural changes, transitioning to a zero-emission society and the assignment of responsibilities in the event of environmental incidents. Social risk (S) entails losses resulting from counterparties being adversely impacted by social factors such as labour rights, human rights, indigenous peoples, etc., while governance risk (G) entails the counterparty being adversely impacted as a result of insufficient management and control. ESG risk in our own activities comes under operational risk, compliance risk and liquidity risk and is treated in a similar manner. ESG risk is indirectly managed as credit risk, reputational risk and market risk. Climate risk is the impact resulting from climate change. Climate risk will also affect the bank's credit risk, market risk and reputational risk. It is therefore crucial that the bank understands how climate risk will affect the business model and profitability of corporate customers. At the same time, the bank will be a driving force to ensure that the customer does not have a negative impact on the climate and that the customer implements the necessary transition to a low-emission society. When assessing climate risk, two types of risks in particular must be assessed: physical risk and transitional risk: • Physical climate risk arises as a result of more frequent and severe episodes of drought, flooding, precipitation, storms, landslides and avalanches, as well as rising sea levels. • Transitional risk is the risk associated with changes to, and escalation of, climate policy/regulations, the development of new technologies and changed customer preferences (consumers) and investor requirements that may result in sudden changes in the market value of financial assets and in especially assets associated with carbon-intensive activities. Sustainability risk is followed up via the bank’s established internal control system. The reporting complies with the bank’s procedure for regular risk reporting and internal control reporting as described below. Sustainability risk is also discussed in the bank’s annual reporting for the various business areas. Reference is also made to the section “Sustainability and corporate social responsibility” in the annual Board of Directors’ Report. Internal control Internal control shall be designed to provide reasonable assurance regarding goal attainment in the areas of strategic development, targeted and efficient operations, reliable reporting and compliance with laws and regulations, including compliance with intercompany guidelines and policies. Furthermore, a well-functioning internal control shall ensure that the Group’s risk exposure is kept within the adopted risk profile. The internal control in Sparebanken Møre is organised in a decentralized manner with Risk Management and Compliance as the coordinating unit and responsible for the annual reporting to the Risk Committee and the Board of Directors. The Compliance department monitors how the Group operationalises relevant laws and regulations in operational context, and how the Group’s staff adhere to relevant rules and regulations, laws, licenses, agreements, standards for different industrial and commercial sectors, internal instructions etc. in the day-to-day operations. The Risk Management department is responsible for developing systems, guidelines and procedures in order to identify, measure, report and follow up on the Group’s most important inherent risks. Reports on the Group’s operations and risk situations throughout the year are submitted to the Risk Committee and the Board of Directors on an ongoing basis. The bank’s CEO annually submits an overall assessment to the Board regarding the risk situation and whether the established internal control features function in a satisfactory manner. This report is based on confirmations received from managers at different levels throughout Sparebanken Møre. Sparebanken Møre’s Internal Auditor reports on a regularly basis to the Risk Committee and the Board of Directors on the Group’s internal control. Discretionary Portfolio Management The Group provides portfolio management for investment clients. The portfolio management is performed on behalf of clients, and related assets belong to the clients and not the Group. Discretionary Portfolio Management is organised under the Wealth Management unit. Financial derivatives Sparebanken Møre utilizes financial derivatives in order to handle risk incurred as a result of the bank’s ordinary operations. In the case of customer transactions, these shall as a main principle immediately be covered by an opposite transaction in the market. The following derivatives are in use in Sparebanken Møre: • Forward exchange contracts An agreement to buy or sell a certain amount in a foreign currency, against a certain amount in another currency, at a rate agreed in advance, with payment at a certain time later than two working days after the agreement was entered into. • Swaps A transaction in which two parties agree to swap cash flows for an agreed amount over a certain period of time. In an interest rate swap, only the interest rate involved is swapped. In the case of an interest rate and currency swap, both the interest rate and currency terms are swapped. The risk relating to these financial instruments involves the credit risk of covering counterparties which are given prior credit clearance by the Board of Directors as well as operational risk. These instruments are primarily utilized to provide the bank's customers with reliable cash flows and a desired risk position in the various markets. Limits for financial instruments involving customers are established by the staff responsible for the customers in question. The limits shall fix a maximum amount for the bank’s exposure against each individual customer in relation to the customer’s business volume in financial instruments and the market- related development in these. Each member of staff responsible for the customer in question, is responsible for the establishment of the limit and must make sure that such a limit has been subject to the necessary formal credit-handling procedures, and that a sufficient level of collateral and/or other security has been established to cover the limit. Furthermore, the member of staff responsible for the customer in question, together with the dealer involved, are both responsible for making sure that the credit risk as a result of the customer’s exposure to financial instruments is at all times within the limits which have been agreed. For all customers trading in financial instruments, a set-off agreement must be obtained. The purpose of this agreement is to reduce the bank’s credit exposure to the customer by having all contracts netted so that the bank ends up with just a net exposure towards the customer. It is the member of staff responsible for the customer in question who is responsible for establishing a set-off agreement with the customer, making sure that all customers using this type of financial instrument are made aware of the bank’s usual business terms and conditions. 101 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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The Risk Management department is responsible for follow-up and for all internal reporting and reporting to the relevant authorities relating to the bank’s exposure to different counterparties as a result of trading in financial instruments. Reporting Sparebanken Møre focuses on correct, complete and timely reporting of the risk and capital situation. Based on this, a number of different types of periodic reporting have been established, which are intended for the Group's management and Board, as well as reporting intended for the individual segments and departments, including customer account managers. The most important reports during the year are as follows: ICAAP is carried out and reported at least once a year. The Board actively participates in the review and establishes ownership of the process, including through ICAAP's key role in the long-term strategic planning. Specific guidelines have been prepared for ICAAP in Sparebanken Møre. ICAAP is reviewed by the bank's management team, the Risk Committee and the Board of Directors. A balanced scorecard report is prepared every month. This illustrates the status and performance of the most important factors for Sparebanken Møre's target attainment. The report is being submitted to bank managers and the bank`s management team, and it is an integral part of the financial reporting to the Board of Directors. A risk report is prepared every month. This is a key element of Sparebanken Møre's continuous monitoring of its risk situation. The quarterly risk report is expanded. The report is dealt with by the bank`s management team, the Risk Committee and the Board of Directors. Internal control reports are prepared annually. In this, an assessment is made of whether the internal control is adequate in relation to the risk tolerance. This includes an assessment of and comments on own work on internal control, a review of all important risk areas, an assessment of own compliance with external and internal regulations, and suggestions for and planned improvement measures. The internal control reports are dealt with by the bank`s management team, the Risk Committee and the Board of Directors. Compliance reports are prepared regularly and contain elements linked to an assessment of compliance risk and control, testing of compliance and the results of these tests, reassessments and plans for implementing guidelines, the follow-up of observations from external and internal auditors, the follow-up of observations from the FSA, deviation management in internal control, etc. The compliance reports are dealt with by the bank`s management team, the Risk Committee and the Board of Directors. Reports from external and internal auditors are dealt with by the bank`s management team, the Audit and Risk Committees and the Board of Directors. Both internal and external auditors have regular meetings with the committees. A reporting portal has been established in Sparebanken Møre, in which each member of staff with customer responsibility has access to reports which show the position and development of credit risk in his or her portfolio. The portal has a hierarchical structure, allowing managers in Sparebanken Møre to monitor performance within their area of responsibility. In addition, these reports are used to analyse customers, portfolios and industries. The portal also gives information to the members of the staff with customer responsibility of the customers positions and limits related to exposure in financial instruments. Financial reports are prepared monthly, including deviations against budgets and forecasts. These reports are reviewed by the bank`s management team, the Audit Committee and the Board of Directors. 102 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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3 Capital adequacy Capital adequacy is calculated and reported in line with the EU capital requirements for banks and investment firms – CRD /CRR. Sparebanken Møre has authorisation from the Financial Supervisory Authority of Norway to use internal rating methods, the IRB Foundation Approach, for credit risk. Market risk calculations are based on the Standardised Approach (TSA) and operational risk is based on a redefined Standardised Approach according to CRR3. The use of IRB involves comprehensive requirements for the bank’s organisation, expertise, risk models and risk management systems. The EU capital requirements regulations have been enacted in Norway, and Sparebanken Møre reports, among other things, its capital adequacy requirements and liquidity requirements in accordance with these regulations. CRR3 entered into force in Norway on 1 April 2025. The bank has implemented CRR3 in its calculation of capital adequacy as of the second quarter of 2025. The new LGD for institutions, elimination of the scaling factor in the risk-weighted formula and a lower conversion factor for deducted approvals for institutions had a positive effect on the bank’s capital adequacy. The Ministry of Finance decided to increase the risk-weighted floor for mortgages from 20 per cent to 25 per cent with effect from 1 July 2025. The bank implemented a new mortgage floor from and including the third quarter 2025. The floor is having a negative impact on the bank's capital adequacy in the order of 1.5 percentage points. On 21 December 2021, Sparebanken Møre applied to the Financial Supervisory Authority to make changes to the bank’s IRB models and calibration framework. The bank received a response to the application on 22 June 2023 in which the Financial Supervisory Authority approved the proposed models for the corporate market. On 18 January 2024, the bank received a response to its application concerning models for the retail market. The Financial Supervisory Authority believes that the models applied to the retail market do not meet the criteria for proper level calibration, ref. the Capital Requirements Regulation Articles 179-182. The Financial Supervisory Authority therefore found no basis for permitting the applied for amendments. Based on feedback from the Financial Supervisory Authority, the bank adjusted new models and submitted an application to the Financial Supervisory Authority for model and calibration changes for retail customers on 9 May 2025. Sparebanken Møre's capital adequacy (Group) at year end 2025 was well above the regulatory capital requirements and also above the internally set minimum target for the Common Equity Tier 1 capital. Primary capital amounted to 21.5 per cent (21.1 per cent) and Tier 1 capital 19.5 per cent (19.0 per cent), of which Common Equity Tier 1 capital amounted to 17.7 per cent (17.2 per cent). Sparebanken Møre’s leverage ratio was 7.2 per cent (7.4 per cent). Figures in brackets are as at 31.12.2024. Sparebanken Møre’s internal minimum Common Equity Tier 1 capital ratio requirement is 16.15 per cent. The requirement consists of a minimum requirement of 4.5 per cent, a capital conservation buffer of 2.5 per cent, a systemic risk buffer of 4.5 per cent and a countercyclical buffer of 2.5 per cent. The Financial Supervisory Authority conducted a SREP in 2025. The individual Pilar 2 requirement for Sparebanken Møre has been set at 1.6 per cent, and the expected capital adequacy margin (P2R) has been set at 1.25 per cent. At least 56.25 per cent of the new Pillar 2 requirement that resulted from the aforementioned SREP must be met with Common Equity Tier 1 capital (0.9 per cent), while a minimum of 75 per cent must be met with Tier 1 capital. Sparebanken Møre has an internal target for Common Equity Tier 1 capital (CET1). As a minimum this must equal the sum of the Pillar 1 and Pillar 2 requirements plus the capital requirement margin (P2R). The Group’s Pillar 3 document, which is available on Sparebanken Møre’s website, provides further information. In January 2025, a new application was submitted for the acquisition of equity certificates. Sparebanken Møre received a response to this application on 25 February 2025. New permission to acquire equity certificates was granted for a total amount of up to NOK 42 million. Authorisation was granted on the condition that the buybacks would not reduce CET1 capital by more than NOK 42 million. Sparebanken Møre deducted NOK 42 million from CET1 capital from when the date authorisation was granted and to when it expired on 30 June 2025. On 7 July 2025, a new application was submitted for the acquisition of equity certificates. A response to the application was received on 24 October 2025. Authorisation was granted on the condition that the buybacks would not reduce CET1 capital by more than NOK 59.8 million. Sparebanken Møre deducted NOK 59.8 million from CET1 capital between the date authorisation was granted and the date authorisation expired on 31 December 2025. MREL One key element of the crisis management rules is that capital instruments and debt can be written down and/or converted to equity (bail-in). The Financial Institutions Act, therefore, requires the bank to meet a minimum requirement regarding the sum of its own funds and convertible debt at all times (MREL – minimum requirement for own funds and eligible liabilities) such that the bank has sufficient primary capital and convertible debt to handle crisis without the use of public funds. The MREL requirement must be covered by own funds or debt instruments with a lower priority than ordinary, unsecured, non-prioritised debt (senior debt). The requirements for risk-weighted and unweighted MREL are set out in sections 20-4, first paragraph, 20-5 and 20-6 of the Financial Institutions Regulations. Both requirements must be met at all times, cf. section 20-4, first paragraph of the Financial Institutions Regulations. The requirement that results in the highest amount is binding. In December 2025, the Financial Supervisory Authority set Sparebanken Møre’s effective MREL requirement at 35.7 per cent and the minimum requirement for subordination at 28.7 per cent, similar to the previous requirement reported in December 2024. 103 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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GROUP PARENT BANK 31.12.2024 31.12.2025 31.12.2025 31.12.2024 996 996 EC capital 996 996 -5 -5 - ECs owned by the bank -5 -5 379 380 Share premium 380 379 750 750 Additional Tier 1 capital (AT1) 750 750 2 306 2 421 Dividend equalisation fund 2 421 2 306 125 125 Gift fund 125 125 3 687 3 805 Primary capital fund 3 805 3 687 311 349 Proposed dividend 349 311 332 361 Proposed dividend for the local community 361 332 -43 -26 Liability credit risk 0 0 188 218 Other equity 0 0 9 026 9 374 Total equity 9 181 8 881 Tier 1 capital (T1) -123 -240 Goodwill, intangible assets, other deductions -240 -122 -19 -21 Value adjustments of financial instruments at fair value -29 -26 -73 -55 Deduction for remaining permission for acquistion of own equity certificates -55 -73 -750 -750 Additional Tier 1 capital (AT1) -750 -750 -376 -260 Expected IRB-losses exceeding ECL acc. to IFRS 9 -205 -323 -311 -349 Deduction for proposed dividend -349 -311 -332 -361 Deduction for proposed dividend for the local community -361 -332 7 042 7 338 Total Common Equity Tier 1 capital (CET1) 7 193 6 944 750 750 Additional Tier 1 capital - classified as equity 750 750 0 0 Additonal Tier 1 capital - classified as debt 0 0 7 792 8 088 Total Tier 1 capital (T1) 7 943 7 694 Tier 2 capital (T2) 857 857 Subordinated loan capital of limited duration 857 857 857 857 Total Tier 2 capital (T2) 857 857 8 649 8 945 Net equity and subordinated loan capital 8 800 8 551 RISK WEIGHTED ASSETS (RWA) by exposure classes GROUP PARENT BANK 31.12.2024 31.12.2025 31.12.2025 31.12.2024 Credit risk - The Standardised Approach (TSA) 370 728 Regional governments or local authorities 728 370 0 25 Public sector companies 25 0 270 430 Institutions (banks etc) 1 297 1 091 0 0 Companies (corporate customers) 0 103 607 683 Covered bonds 668 627 348 377 Equity 377 348 515 505 Other commitments 2 905 2 114 2 109 2 748 Total credit risk - TSA 6 000 4 653 Credit risk - IRB Foundation 12 910 16 522 Retail - Secured by real estate 6 704 6 277 256 214 Retail - Other 213 253 21 630 18 412 Corporate lending 19 087 21 623 34 797 35 148 Total credit risk - IRB Foundation 26 004 28 153 135 113 Credit value adjustment risk (CVA) - market risk 31 46 3 962 3 546 Operational risk (the Basic Indicator Approach) 3 154 3 862 41 003 41 555 Risk weighted assets (RWA) 35 189 36 714 1 845 1 870 Minimum requirement Common Equity Tier 1 capital (4.5 %) 1 584 1 652 Buffer Requirements 1 025 1 039 Capital conservation buffer, 2.5 % 880 918 1 845 1 870 Systemic risk buffer, 4.5 % 1 584 1 652 1 025 1 039 Countercyclical buffer, 2.5 % 880 918 3 895 3 948 Total buffer requirements 3 343 3 488 1 301 1 520 Available Common Equity Tier 1 capital after buffer requirements 2 266 1 804 Capital adequacy as a percentage of risk weighted assets (RWA) 21.1 21.5 Capital adequacy ratio 25.0 23.3 19.0 19.5 Tier 1 capital ratio 22.6 21.0 17.2 17.7 Common Equity Tier 1 capital ratio 20.4 18.9 Leverage ratio(LR) 105 407 112 990 Basis for calculation of leverage ratio 81 268 74 772 7.4 7.2 Leverage Ratio 9.8 10.3 104 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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4 Operating segments The operations in the Group are divided into three strategic business areas/segments, according to type of services, customers and products involved, also being reporting segments according to IFRS 8. The classification corresponds to the structure in the ongoing reporting to the CEO and the Board of Directors, defined as the primary decision makers. The different operating segments partly sell different products, have a somewhat different risk profile, but target many of the same groups of customers. The classification into different operating segments and financial information relating to segments are presented in the table below. Most of the income and operating expenses involved apply to the bank’s different operating segments according to actual usage or according to activity-based distribution formulae. Key distribution keys are FTEs, working capital, lending, deposits, number of customers and customer transactions, which are used for example for charging the units’ costs. The column “Other” consists of head office activities not allocated to reporting segments, including effects on the equity and treasury activities. Customer commitments towards employees as well as the subsidiaries Sparebankeiendom AS and Storgata 41-45 Molde AS, are also reported in the column “Other”. Customer income which is generated by the segments (e.g. currency gains, interest rate hedging income, income from Discretionary Portfolio Management, etc.) is first recognised as income at head office (“Other”) and then distributed (less associated expenses) to the segments based on customer affiliation. The segment income is presented under “Other income”. The Group does not carry out trading on its own account, meaning that all income is a result of external customer transactions. Dividends from securities, changes in the value of shares, bonds and financial derivatives are not allocated to the customer segments and are in the table presented in the column named “Other”. Segment profit is presented before taxes. Taxes are not allocated to the segments. Transactions between different operating segments are based on market values/prices, similar to transactions with subsidiaries. Please see note 29 for additional information on terms. The Group is divided into the following three reporting segments: Reporting segments Company name Product/Operations Corporate Sparebanken Møre Financing, payment transmissions, saving/placement, advisory services etc. Retail Sparebanken Møre Financing, payment transmissions, saving/placement, advisory services etc. Møre Boligkreditt AS Financing (mortgage loans) Real estate brokerage Møre Eiendomsmegling AS Real estate brokerage services Geographical segments The Group’s operations are mainly limited to Nordvestlandet which is defined as the Group’s home market. In view of this, the balance sheet and income statement figures are not split into geographical segments. Activities outside Nordvestlandet are no different from the Group’s other activities in terms of risk or return. Please see note 2 and note 6 for further information. Result - 2025 Group Eliminations Other 2) Corporate Retail 1) Real estate brokerage Interest income 3) 6 055 -239 2 812 1 406 2 075 1 Interest expenses 4 041 -239 2 427 674 1 179 0 Net interest income 2 014 0 385 732 896 1 Total other income 376 -71 130 124 149 44 Total income 2 390 -71 515 856 1 045 45 Depreciations 62 -9 42 3 26 0 Other operating expenses 931 -62 199 182 564 48 Total operating expenses 993 -71 241 185 590 48 Profit before impairment on loans 1 397 0 274 671 455 -3 Impairment on loans 47 0 0 51 -4 0 Pre-tax profit 1 350 0 274 620 459 -3 Taxes 320 Profit after tax 1 030 Key figures - 31.12.2025 Group Eliminations Other 2) Corporate Retail 1) Real estate brokerage Gross loans to customers 1) 89 721 0 1 466 28 128 60 127 0 Expected credit loss on loans -252 0 -1 -191 -60 0 Net loans to customers 89 469 0 1 465 27 937 60 067 0 Deposits from customers 1) 53 335 -317 1 422 18 215 34 015 0 Guarantee liabilities 2 430 0 0 2 429 1 0 Expected credit loss on guarantee liabilities 11 0 0 11 0 0 Deposit-to-loan ratio 59.4 0.0 97.0 64.8 56.6 0.0 Man-years 393 0 152 55 165 21 105 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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Result - 2024 Group Eliminations Other 2) Corporate Retail 1) Real estate brokerage Interest income 3) 5 968 1 2 543 1 363 2 061 0 Interest expenses 3 897 0 2 095 643 1 159 0 Net interest income 2 071 1 448 720 902 0 Total other income 330 -70 101 113 138 48 Total income 2 401 -69 549 833 1 040 48 Depreciations 55 -15 43 3 24 0 Other operating expenses 900 -54 160 180 564 50 Total operating expenses 955 -69 203 183 588 50 Profit before impairment on loans 1 446 0 346 650 452 -2 Impairment on loans 20 0 0 59 -39 0 Pre-tax profit 1 426 0 346 591 491 -2 Taxes 340 Profit after tax 1 086 Key figures - 31.12.2024 Group Eliminations Other 2) Corporate Retail 1) Real estate brokerage Gross loans to customers 1) 87 127 -103 1 553 27 423 58 254 0 Expected credit loss on loans -252 0 0 -188 -64 0 Net loans to customers 86 875 -103 1 553 27 235 58 190 0 Deposits from customers 1) 49 550 -150 1 234 16 104 32 362 0 Guarantee liabilities 2 208 0 0 2 207 1 0 Expected credit loss on guarantee liabilities 11 0 0 11 0 0 Deposit-to-loan ratio 56.9 145.6 79.5 58.7 55.6 0.0 Man-years 402 0 155 59 166 22 1) The subsidiary, Møre Boligkreditt AS, is part of the bank’s Retail segment. The mortgage company’s main objective is to issue covered bonds for both national and international investors, and the company is part of Sparebanken Møre’s long-term financing strategy. Key figures for Møre Boligkreditt AS are displayed in a separate table. 2) Consists of head office activities not allocated to reporting segments, customer commitments towards employees as well as the subsidiaries Sparebankeiendom AS and Storgata 41-45 Molde AS, managing the buildings owned by the Group. 3) In 2025, the Group implemented a change in the methodology for the distribution of selected revenue elements between two of the Group’s reporting segments. The change represent an adjustment of the internal distribution model and has no impact on the Group’s total revenues. In accordance with the requirements of IFRS 8 Operating segments, the comparative figures for 2024 have been revised to reflect the updated allocation methodology. MØRE BOLIGKREDITT AS Statement of income 2025 2024 Net interest income 330 283 Other operating income -14 -12 Total income 316 271 Operating expenses 65 60 Profit before impairment on loans 251 211 Impairment on loans, guarantees etc. 1 -6 Pre tax profit 250 217 Taxes 55 48 Profit after taxes 195 169 Balance sheet 31.12.2025 31.12.2024 Loans to and receivables from customers 37 584 35 746 Equity 2 319 1 776 Country-by-country reporting GROUP (NOK million) 31.12.2025 31.12.2024 Name of the company Sparebanken Møre Sparebanken Møre Area of operation Norway Norway Geografical location Norway Norway Revenue/total income 2 390 2 401 Man-years 393 402 Pre tax profit 1 350 1 426 Taxes 320 340 Government grants/ subsidies received None received None received 106 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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Credit risk 5 Loans by sector In the financial statements, the loan portfolio with agreed floating interest rate is measured at amortised cost, while the loan portfolio with fixed-interest rate is measured at fair value. For more information about classification and measurement, see note 22. GROUP 2025 2024 Sector/industry Gross loans assessed at amortised cost ECL Stage 1 ECL Stage 2 ECL Stage 3 Loans assessed at fair value Net loans Gross loans assessed at amortised cost ECL Stage 1 ECL Stage 2 ECL Stage 3 Loans assessed at fair value Net loans Agriculture and forestry 827 0 0 -13 37 851 769 0 0 -12 49 806 Fisheries 5 394 -3 -63 -4 1 5 325 4 993 -6 -39 0 2 4 950 Manufacturing 4 105 -3 -9 -21 4 4 076 3 650 -4 -19 -9 6 3 624 Building and construction 1 242 0 -1 -3 3 1 241 1 371 -2 -3 -9 4 1 361 Wholesale and retail trade, hotels 1 095 0 -2 0 16 1 109 1 458 -1 -5 -5 18 1 465 Supply/offshore 1 041 0 0 0 0 1 041 1 277 -2 -8 0 0 1 267 Property management 9 804 -5 -4 -16 18 9 797 9 588 -8 -5 -5 106 9 676 Professional/financial services 1 391 0 -4 0 24 1 411 1 241 -1 -7 -3 35 1 265 Transport and private/public services/abroad 4 916 -5 -2 -11 128 5 026 4 627 -3 -14 -6 61 4 665 Total corporate customers 29 815 -16 -85 -68 231 29 877 28 974 -27 -100 -49 281 29 079 Retail customers 56 080 -4 -20 -59 3 595 59 592 53 602 -6 -16 -54 4 270 57 796 Loans to and receivables from customers 85 895 -20 -105 -127 3 826 89 469 82 576 -33 -116 -103 4 551 86 875 PARENT BANK 2025 2024 Sector/industry Gross loans assessed at amortised cost ECL Stage 1 ECL Stage 2 ECL Stage 3 Loans assessed at fair value Net loans Gross loans assessed at amortised cost ECL Stage 1 ECL Stage 2 ECL Stage 3 Loans assessed at fair value Net loans Agriculture and forestry 775 0 0 -13 37 799 713 0 0 -12 49 750 Fisheries 5 379 -3 -63 -4 1 5 310 4 975 -6 -39 0 2 4 932 Manufacturing 4 087 -2 -8 -20 4 4 061 3 629 -4 -18 -10 6 3 603 Building and construction 1 148 0 0 -3 3 1 148 1 263 -2 -3 -8 4 1 254 Wholesale and retail trade, hotels 1 057 -1 -2 -1 16 1 069 1 130 -1 -5 -4 18 1 138 Supply/offshore 1 041 0 0 0 0 1 041 1 277 -2 -8 0 0 1 267 Property management 9 797 -5 -4 -16 18 9 790 9 678 -8 -5 -5 106 9 766 Professional/financial services 1 329 0 -3 0 24 1 350 1 186 -1 -7 -3 35 1 210 Transport and private/public services/abroad 4 598 -4 -4 -12 128 4 706 4 595 -3 -14 -7 61 4 632 Total corporate customers 29 211 -15 -84 -69 231 29 274 28 446 -27 -99 -49 281 28 552 Retail customers 12 326 -2 -9 -47 10 342 22 610 12 264 -2 -9 -47 10 474 22 680 Loans to and receivables from customers 41 537 -17 -93 -116 10 573 51 884 40 710 -29 -108 -96 10 755 51 232 107 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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6 Commitments broken down into geographical areas Møre og Romsdal Remaining parts of Norway Foreign countries Total GROUP as at 31.12. 2025 2024 2025 2024 2025 2024 2025 2024 Gross loans to customers 66 520 64 547 22 803 22 147 398 433 89 721 87 127 In percentage 73.6 74.1 26.0 25.4 0.4 0.5 100.0 100.0 Deposits to customers 42 582 40 183 9 582 8 482 1 171 885 53 335 49 550 In percentage 79.8 81.1 18.0 17.1 2.2 1.8 100.0 100.0 Møre og Romsdal Remaining parts of Norway Foreign countries Total PARENT BANK as at 31.12. 2025 2024 2025 2024 2025 2024 2025 2024 Gross loans to customers 44 287 42 819 7 439 8 246 384 400 52 110 51 465 In percentage 85.0 83.2 14.3 16.0 0.7 0.8 100.0 100.0 Deposits to customers 42 899 40 332 9 582 8 482 1 171 885 53 652 49 699 In percentage 79.9 81.1 17.9 17.1 2.2 1.8 100.0 100.0 108 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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7 Commitments broken down into risk classes Commitments (EAD) broken down into risk classes (PD): GROUP 2025 0-0.5 % 0.5-2.5 % 2.5-5 % 5-99.9 % Credit-impaired commitments Provision for expected credit losses Total Retail customers 60 425 3 608 764 691 218 -83 65 623 Corporate customers 13 997 11 950 3 164 1 106 188 -180 30 225 Total commitments* 74 422 15 558 3 928 1 797 406 -263 95 848 GROUP 2024 0-0.5 % 0.5-2.5 % 2.5-5 % 5-99.9 % Credit-impaired commitments Provision for expected credit losses Total Retail customers 58 063 4 162 810 709 210 -76 63 878 Corporate customers 12 582 11 871 3 699 1 783 301 -187 30 049 Total commitments* 70 645 16 033 4 509 2 492 511 -263 93 927 PARENT BANK 2025 0-0.5 % 0.5-2.5 % 2.5-5 % 5-99.9 % Credit-impaired commitments Provision for expected credit losses Total Retail customers 19 447 1 554 452 429 214 -58 22 038 Corporate customers 13 743 11 939 3 163 1 106 188 -179 29 960 Total commitments* 33 190 13 493 3 615 1 535 402 -237 51 998 PARENT BANK 2024 0-0.5 % 0.5-2.5 % 2.5-5 % 5-99.9 % Credit-impaired commitments Provision for expected credit losses Total Retail customers 23 250 2 008 434 471 206 -58 26 311 Corporate customers 12 374 11 796 3 698 1 783 301 -186 29 766 Total commitments* 35 624 13 804 4 132 2 254 507 -244 56 077 *) The tables above are based on loans to amortised cost and fair value (incl. undrawn credit facilities and guarantees with conversion factors according to EAD (exposures at default)) at the reporting date. The figures are thus not reconcilable against ”Net loans to and receivables from customers” in the balance sheet, or to exposure in note 9 Losses on loans and guarantees 109 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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Credit quality on certificates, bonds and other interest-bearing securities GROUP 2025 AAA AA+ AA AA- A A- Total Public sectors 1 843 1 109 2 083 - 50 - 5 085 Credit institutions 7 569 764 - 77 - 101 8 511 Other financial companies 1 883 - - - - - 1 883 Certificates, bonds and other interest-bearing securities 11 295 1 873 2 083 77 50 101 15 479 GROUP 2024 AAA AA+ AA AA- A A- Total Public sectors 766 666 1 287 - - - 2 719 Credit institutions 6 708 633 - 74 - 126 7 541 Other financial companies 1 883 - - - - - 1 883 Certificates, bonds and other interest-bearing securities 9 357 1 299 1 287 74 - 126 12 144 PARENT BANK 2025 AAA AA+ AA AA- A A- Total Public sectors 1 843 1 109 2 083 - 50 - 5 085 Credit institutions 7 420 636 - 77 - 101 8 234 Other financial companies 1 883 - - - - - 1 883 Certificates, bonds and other interest-bearing securities 11 146 1 745 2 083 77 50 101 15 202 PARENT BANK 2024 AAA AA+ AA AA- A A- Total Public sectors 766 666 1 287 - - - 2 719 Credit institutions 6 907 507 - 74 - 126 7 615 Other financial companies 1 883 - - - - - 1 883 Certificates, bonds and other interest-bearing securities 9 556 1 174 1 287 74 - 126 12 217 Total credit risk GROUP PARENT BANK 31.12.2024 31.12.2025 31.12.2025 31.12.2024 405 933 Cash and receivables from Norges Bank 933 405 702 1 312 Loans to and receivables from credit institutions 6 024 5 111 86 875 89 469 Loans to and receivables from customers* 51 884 51 232 12 144 15 479 Certificates, bonds and other interest-bearing securities 15 202 12 217 1 393 1 361 Financial derivatives 868 985 101 519 108 554 Credit risk on balance sheet items 74 911 69 950 2 197 2 430 Guarantee liabilities to customers* 2 430 2 197 6 003 6 629 Undrawn credit facilities 4 797 4 621 8 200 9 059 Total guarantee liabilities and undrawn credit facilities 7 227 6 818 109 719 117 613 Total credit risk 82 138 76 768 *) The figures are net of expected credit loss (ECL) 110 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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8 Commitments broken down into level of security Collateral and other risk reducing measures In addition to the assessment of debt servicing level, the Group accepts different kinds of collateral in order to reduce risk depending upon the market and type of transaction involved. The main principle for value assessment of collateral is based on the realisation value of the asset in question, and what that value is deemed to be when the bank needs the security. Except of commitments where individual loss assessment has been made in stage 3, the value of the collateral is calculated on the assumption of a going concern. When assessing the value of collateral, estimated sales expenses are taken into consideration. In calculations of expected credit loss on loans, the bank's valuation of the security objects is considered. The bank uses the IRB-system as a proxy to develop the model cal- culating expected credit loss (the ECL-model) according to IFRS 9. The model takes into account the internal and exter- nal expenses related to follow-up of non-performing com- mitments and expenses related to realization of collateral (LGD model). Even though a commitment is fully secured, all customers have an expected credit loss calculation. Additional information is presented in note 9. The main types of collateral used: mortgage on property (residential and commercial), guarantees, sureties, registered moveable property (chattels), charge on goods (stocks), operating equipment and licenses or set- off agreements. Guarantees represent a minor part of the bank’s risk exposure; guarantors relating to private persons (consumer guarantees), companies (professional), guarantee institutes and banks are accepted. Collateral and other security is updated at least once every year or, in the case of the retail customers, when a new credit proposal is dealt with. In the case of corporate customers, the security involved is updated either when a new credit proposal is dealt with or when certain commitments are followed up. Value assessment is part of the credit decision. When calculating capital requirement for credit risk, the bank does not apply set-off relating to exposure on, or off, the balance sheet. In addition to an assessment of debt servicing level and future realisation value of collateral, the financial commitment terms (covenants) are included in most credit agreements for large corporate customers. These conditions are a supplement to reduce risks and to ensure proper monitoring and control of commitments. Information regarding repossessed assets is presented in note 33. The table below shows the percentage distribution of gross loans with different levels of security. For example, the line “0 % - 60 %” implies that loans are less than 60 per cent of the value of the security object. “Above 100 %” implies that the loan amount exceeds the value of the security object. The bank's guidelines for valuation of collateral objects are utilized. This means that the security objects have been carefully considered in relation to the market value. Level of security GROUP - 31.12.2025 Retail customers Corporate Total NOK million % NOK million % NOK million % 0 % - 60 % 27 897 46.7 16 809 55.9 44 707 49.8 60 % - 70 % 9 997 16.8 4 055 13.5 14 052 15.7 70 % - 80 % 10 183 17.1 2 638 8.8 12 821 14.3 80 % - 90 % 7 275 12.2 1 941 6.5 9 215 10.3 90 % - 100 % 2 240 3.8 2 205 7.3 4 445 5.0 Above 100 % 1 939 3.2 2 367 7.9 4 305 4.8 Not secured 144 0.2 31 0.1 175 0.2 Total (gross loans) 59 675 100.0 30 046 100.0 89 721 100.0 GROUP - 31.12.2024 Retail customers Corporate Total NOK million % NOK million % NOK million % 0 % - 60 % 26 015 45.0 14 689 50.2 40 704 46.7 60 % - 70 % 10 301 17.8 4 098 14.0 14 399 16.5 70 % - 80 % 9 783 16.9 2 529 8.6 12 312 14.1 80 % - 90 % 7 727 13.4 2 964 10.1 10 691 12.3 90 % - 100 % 1 705 2.9 1 174 4.0 2 879 3.3 Above 100 % 2 176 3.8 3 701 12.7 5 877 6.7 Not secured 165 0.3 100 0.3 265 0.3 Total (gross loans) 57 872 100.0 29 255 100.0 87 127 100.0 Collateralisation is a variable that indicates the level of over-collateralisation in relation to the volume of outstanding covered bonds. 31.12.2025 31.12.2024 Cover pool related to covered bonds issued by Møre Boligkreditt AS Pool of eligible loans 37 331 35 428 Supplementary assets 72 1 147 Total collateralised assets 37 403 36 575 Covered bonds Covered bonds (nominal value) 30 553 30 603 Over-collateralisation in % (nominal value) Over-collateralisation in % 22.4 19.5 111 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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9 Losses on loans and guarantees Methodology for measuring expected credit loss (ECL) according to IFRS 9 Sparebanken Møre has developed an ECL-model based on the IRB-parameters in the Group, dividing the commitments into three stages when calculating expected credit loss (ECL) on loans to customers and financial guarantees in accordance with IFRS 9: Stage 1: At initial recognition and if there’s no significant increase in credit risk, the commitment is classified in stage 1 with 12-months ECL. Stage 2: If a significant increase in credit risk since initial recognition is identified, but without evidence of loss, the commitment is transferred to stage 2 with lifetime ECL measurement. Stage 3: If the credit risk increases further, including evidence of loss, the commitment is transferred to stage 3 with lifetime ECL measurement. The commitment is considered to be credit-impaired or defaulted. The definition of default is similar to the one used in the capital adequacy regulations (risk classes M, N and K). As opposed to stage 1 and 2, the effective interest rate in stage 3 is calculated on net impaired commitment (total commitment less expected credit loss) instead of gross commitment. Staging is performed at account level and implies that two or more accounts held by the same customer can be placed in different stages. If the customer has one account in stage 3 (risk class M and N), all of the customer`s accounts will migrate to stage 3. A customer who recovers from risk class M or N, will be placed in risk class K and have to go through a probationary period of 3 or 12 months. Customers in risk class N have been subject to individual loss assessment with impairment. In connection with individual loss assessment, 3 scenarios based on calculation of the present value of future cash flow after realisation of collateral are prepared. Based on the scenarios, weighted loss provision is calculated. If the weighted present value of cash flow after realisation of collateral is positive, model-based loss provisions according to the ECL model is used. An increase in credit risk, reflects both customer-specific circumstances and development in relevant macro factors for the particular customer segment. The assessment of what is considered to be a significant increase in credit risk is based on a combination of quantitative and qualitative indicators. The calculation of expected credit losses is based on the following principles: • The loss provision for commitments which are not individually assessed is calculated as the present value of EAD multiplied by the probability of default (PD) multiplied by loss given default (LGD). PD, LGD and EAD use the IRB framework as a starting point(“proxy”) but are converted into being point-in-time and forward-looking as opposed to through the cycle and conservative. • Past, present and forward-looking information is used to estimate ECL. The bank’s data warehouse has a history of observed PD and LGD on the loan portfolio. This forms the basis for creating estimates of future values for PD. For this purpose, Sparebanken Møre’s loan portfolio is divided into 4 segments (the retail portfolio and 3 industry specific corporate portfolios). All customers within a segment are exposed to the same risk drivers. Loans to the retail segment are mainly secured with collateral in real estate and the volume of unsecured loans is marginal. The model used for calculating ECL follows four steps: Segmentation, staging, determination of macro adjustments, migration and calculation of ECL. Segmentation and macro adjustments The assessment of significant increase in credit risk and the calculation of ECL incorporates past, present and forward-looking information. Each segment is subject to separate macro adjustments. Regression analysis of changes in the default rate on changes in relevant macro time series have been performed. Regression analyses are statistical analysis methods to describe the relationship between one or more independent variables and a dependent variable (default). It is based on the established subpopulations in the ECL model and the macro-time series used at present. The regression analyses are based on the bank’s customer data base and historical observations of PD and selected macroeconomic factors published by Statistics Norway and Norges Bank. The following macroeconomic variables have been used to develop macro factors for retail and corporate customers respectively: Retail customers: • Unemployment rate • Consumer price index • Household interest rate burden Corporate customers: • Money market rate • Euro exchange rate • Export market indicator • Gross investment in dwellings • Unemployment rate Three scenarios have been developed: Base (table 1), Best (table 2) and Worst (table 3). For each of the scenarios, expected values of different parameters are given, for each of the next four years. 112 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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Base case scenario 2025-2029 (Table 1) Year Unemployment rate CPI Households interest rate burden Export market indicator NOK per EUR Money market rate Gross investment in dwellings (households) Residential property price growth 0 (2025) 4.37 2.98 8.13 1.93 11.68 4.32 4.06 5.04 1 (2026) 4.30 2.36 7.74 1.90 11.78 4.03 4.50 4.90 2 (2027) 4.20 2.57 7.41 1.90 11.78 3.65 6.10 5.30 3 (2028) 4.00 2.22 7.23 2.00 11.78 3.49 6.00 4.30 4 (2029) 3.80 2.00 7.00 2.00 11.78 3.30 6.10 4.10 Best case scenario 2025-2029 (Table 2) Year Unemployment rate CPI Households inte- rest rate burden Export market indicator NOK per EUR Money market rate Gross investment in dwellings (households) Residential property price growth 0 (2025) 4.37 2.98 8.13 1.93 11.68 4.32 4.06 5.04 1 (2026) 3.20 2.00 6.00 6.00 13.00 2.50 10.20 7.00 2 (2027) 3.00 1.90 5.50 6.50 13.00 2.00 8.10 8.00 3 (2028) 2.90 1.60 5.00 7.00 13.00 1.50 7.10 9.00 4 (2029) 2.90 1.50 4.50 8.00 13.00 1.50 6.60 9.00 Worst case scenario 2025-2029 (Table 3) Year Unemployment rate CPI Households inte- rest rate burden Export market indicator NOK per EUR Money market rate Gross investment in dwellings (households) Residential property price growth 0 (2025) 4.37 2.98 8.13 1.93 11.68 4.32 4.06 5.04 1 (2026) 5.10 5.97 13.00 -8.00 10.00 6.50 0.20 -5.00 2 (2027) 6.10 4.61 12.00 -3.00 10.00 6.00 3.10 -10.00 3 (2028) 6.40 3.19 12.00 -1.00 10.00 5.50 4.60 -10.00 4 (2029) 6.40 2.77 11.50 0.00 10.00 5.00 5.30 -5.00 Probability of default (PD) Sparebanken Møre applies several different models to determine a customer’s PD. The choice of model depends on whether it is a retail or corporate customer. PD models are key components both in calculating the ECL and in assessing whether a significant increase in credit risk has occurred since initial recognition. These models fulfil the IFRS 9 requirement to provide an unbiased estimate of ECL. Sparebanken Møre has been granted permission to use internal rating-based approach (IRB) models for determining PD in capital adequacy calculations. In order to apply these PDs for IFRS 9 purposes, calibrations have been made to allow that the PDs used for IFRS 9 reflect management’s current view of cyclical changes. Loss given default (LGD) LGD represents the percentage of exposure which the Group expects to lose if the customer defaults, taking the collateral provided by the customer, future cash flows and other relevant factors into consideration. As for PD, Sparebanken Møre uses IRB LGDs for capital adequacy calculations for the mass market portfolio. For the corporate portfolio, a LGD template is used for capital adequacy calculations. The bank has an internal LGD for the corporate portfolio being downturn projected and used for internal corporate governance. Since IRB LGD includes the downward adjustment and safety margins, IFRS LGD has been reduced to ensure an unbiased estimate. Default The definition of default under IFRS 9 is similar to that used in the capital adequacy legislation. See Note 2 under “Credit risk”. To assess the best estimate for loss calculation in line with IFRS 9, there may be a need to override commitments in default in line with the capital adequacy regulations. The proportion of overridden commitments will be stated in note 9, part 5. A commitment will be deemed an anticipated default if it is likely that the borrower’s debt servicing capacity will not cover its total liabilities through ordinary operations (unlikeliness to pay). It may not be possible to identify a single individual incident, rather the overall impact of multiple incidents may have caused the financial assets to become credit-impaired. Provisions will be made for guarantee liabilities if the liability is likely to be settled and the liability can be reliably estimated. The best estimate is used when estimating the provision. 113 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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Recourse claims related to a guarantee where a provision has been made are capitalised as an asset with a maximum value equal to the provision. A commitment is subject to forbearance (payment relief due to payment difficulties) if the bank grants changes to the commitment terms as a result of the debtor having difficulty fulfilling its payment obligations. A performing (not in default) forbearance will be in stage 2, while a non-performing (in default) forbearance will be in stage 3. Exposure Exposure is the share of the approved credit that is expected to be drawn at the time of any future default. The exposure is adjusted to reflect contractual payments of principal and interest. Instalment loans with a repayment plan are also adjusted in line with the expected early repayment. The proportion of undrawn commitments expected to have been drawn at the time of default is reflected in the credit conversion factor. Significant increase in credit risk The assessment of a significant increase in credit risk is based on a combination of quantitative and qualitative indicators. A significant increase in credit risk has occurred when one or more of the criteria below are met: Quantitative criteria A significant increase in credit risk is determined by comparing the PD at the reporting date with the PD at initial recognition. If the actual PD is higher than initial PD, an assessment is made of whether the increase is significant. Significant increase in credit risk since initial recognition is considered to have occurred when either • PD has increased by 100 % or more and the increase in PD is more than 0.5 percentage points, or • PD has increased by more than 2.0 percentage points • The customer’s agreed payments are overdue by more than 30 days The macro-adjusted PD in year 1 compared with the PD at initial recognition is used to determine whether the risk has increased significantly. Qualitative criteria In addition to the quantitative assessment of changes in the PD, a qualitative assessment is made to determine whether there has been a significant increase in credit risk, for example if the commitment is subject to special monitoring. Credit risk is considered to have increased significantly if the customer has been granted forbearance measures, even if this does not result in an individual loss assessment in stage 3. Positive migration in credit risk An account migrates from stage 2 to stage 1 if: • The criteria for migration from stage 1 to stage 2 is no longer present, and • This is satisfied for at least one subsequent month (total 2 months) A customer migrates from stage 3 to stage 1 or stage 2 if the customer no longer meets the conditions for migration to stage 3. Accounts that are not subject to the migration rules above are not assumed to have significant change in credit risk and retain the stage from the previous month. Scenarios The expected default is calculated for each of the scenarios: Base, Best, and Worst. The expected probability of each of the three scenarios occurring is also specified. From and including the fifth year, the scenarios are expected to converge towards a long-term stable level. a) The baseline scenario assumes that the development in the Norwegian economy is in line with Statistics Norway’s forecasts in ‘Economic Trends 2025/4’ and Norges Bank’s forecasts in ‘Monetary Policy Report 4/25’ (Table 1). At its meeting on 17 December 2025, Norges Bank decided to keep its policy rate unchanged. There is some uncertainty surrounding the economic outlook, although if the economy develops roughly in line with what the committee envisages, interest rates will be lowered further over the course of next year. The policy rate forecast in the Monetary Policy Report for the fourth quarter of 2025 remains largely unchanged. The forecast is consistent with the policy rate being lowered once or twice next year and continuing towards just above 3 per cent towards the end of 2028. Norges Bank estimates that economic growth among Norway's trading partners will be roughly the same in the coming years as it was in 2025. At the same time, there are signs that inflation and wage growth among trading partners will continue to slow. Furthermore, Norges Bank estimates that mainland Norway’s GDP growth will be somewhat lower in the coming years than in 2025. With wages expected to rise more than prices in the future and interest rates falling slightly, household purchasing power will continue to increase in the coming years. Investment in housing is also expected to rise in the coming years, although the level at the end of 2028 will probably still be significantly lower than before it began to fall in 2022, according to Norges Bank. A slight increase is expected in the number of registered unemployed over the next couple of years, although the unemployment rate will probably remain close to current levels. With a gradual decline in wage growth going forward, inflation is expected to slow and be close to 2 per cent in 2028. In its discussion of the risk picture, Norges Bank emphasised that unpredictable conditions for international cooperation and trade are generating uncertainty about the outlook for both inflation and growth, internationally and domestically. If the developments in the labour market turn out to be weaker than projected or if there are prospects that inflation will come down towards target more rapidly, interest rates may be cut more quickly. On the other hand, if the growth in companies' costs remains high for longer, or the NOK weakens more than expected, inflation may remain higher for longer than is currently anticipated. In that case, a higher interest rate may be required. The bank’s expected probability of default (future PD) is shown in Table 4. The bank’s expected credit loss (ECL) under this scenario (100% weighting) is estimated to be NOK 157.7 million. 114 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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Sparebanken Møre’s expected level of credit-impaired commitments (rate) for the Base scenario (Table 4) Year 0 (2025) 1 (2026) 2 (2027) 3 (2028) 4 (2029) Retail banking 0.37 % 0.32 % 0.26 % 0.23 % 0.20 % Real estate industry 1.95 % 1.84 % 1.63 % 1.45 % 1.28 % Manufactouring 2.00 % 1.92 % 1.81 % 1.76 % 1.71 % Other sectors 2.26 % 2.17 % 2.04 % 1.81 % 1.61 % b) The bank’s best-case scenario assumes that the Norwegian economy is performing significantly better than in the base scenario. This means that market interest rates and household interest rates are decreasing. Unemployment is generally expected to remain at a somewhat lower level than in the base scenario. Overall, the bank’s probability of default (future PD) is expected to decrease slightly over the course of the forecast period, ref. Table 4. The bank’s expected credit loss (ECL) under this scenario (100% weighting) is estimated to be NOK 141.3 million. Sparebanken Møre’s expected level of credit-impaired commitments (rate) for the Best case scenario (Table 5) Year 0 (2025) 1 (2026) 2 (2027) 3 (2028) 4 (2029) Retail banking 0.37 % 0.10 % 0.08 % 0.06 % 0.05 % Real estate industry 1.95 % 0.76 % 0.73 % 0.72 % 0.73 % Manufactouring 2.00 % 1.20 % 1.08 % 0.97 % 0.92 % Other sectors 2.26 % 1.12 % 0.99 % 0.94 % 0.94 % The bank's worst-case scenario is based on the Financial Supervisory Authority of Norway's stress test of Norwegian banks as described in Economic Outlook June 2025 (also assessed and adjusted by the bank's chief economist). This assumes high tariff barriers between countries, which lead to higher prices for imported goods and major disruption to supply chains, which in turn contributes to inflationary pressure. Trade barriers result in reduced international trade and lower oil prices. International inflation (trade-weighted) is expected to rise. Central banks would be expected to raise policy key rates to curb inflation. This would result in higher market rates, repricing in the financing and real estate markets and a downturn in the real economy internationally. Norway is strongly impacted by international developments and is hit by a significant drop in demand from abroad, higher import prices and higher tariffs on export goods. Exports of traditional goods and services therefore fall sharply, contributing to a decrease in mainland GDP and business investment. Lower oil prices also lead to a major decrease in oil investments. Imports fall, mitigating some of the downturn in the Norwegian economy. The level of credit-impaired commitments (future PD) in the bank is expected to rise markedly in the first few years, both in the retail market and the corporate market, before subsequently decreasing towards the end of the period, ref. Table 6. The bank’s expected credit loss (ECL) in this scenario (100% weighting) is estimated to be NOK 313.0 million. Sparebanken Møre’s expected level of credit-impaired commitments (rate) for the Worst case scenario (Table 6) Year 0 (2025) 1 (2026) 2 (2027) 3 (2028) 4 (2029) Retail banking 0.37 % 3.12 % 3.19 % 4.08 % 3.42 % Real estate industry 1.95 % 3.49 % 5.62 % 6.32 % 6.16 % Manufactouring 2.00 % 4.82 % 3.44 % 2.87 % 2.52 % Other sectors 2.26 % 3.48 % 6.21 % 7.36 % 7.36 % Macro factors and scenario weights are important input factors for the bank’s loss model that can contribute to significant changes in the loss estimate and require a high degree of judgement. A framework has been developed for determining macro factors and scenarios in the ECL model in order to satisfy the requirement for expected and forward-looking estimates. Changes in PD resulting from the scenarios can also affect assignment to stages. Measuring ECL for each stage requires both information about previous events and current conditions, as well as expected events and future financial conditions. Estimating and using forward-looking information requires a great deal of judgement. Every macroeconomic scenario used includes a projection for a 4-year period. In 2025, the bank's ECL model implemented measures to ensure that the LGD levels in the ECL model are influenced by the scenarios (development of property prices). Scenario weights The scenarios are weighted based on our best estimates of probability for the various outcomes represented. The estimates are updated quarterly and were at those levels in the assessments as at 31.12.25. Both the best case and worst case are deemed to occur every 25 years. Here, “best” and “worst” mean the strongest and weakest cyclical developments. The ECL as at 31.12.25 is based on a scenario weight of 70 per cent for the base scenario (normal development), 20 per cent weight for the worst-case scenario and 10 per cent weight for the best-case scenario. Given the war between Ukraine and Russia and the uncertainty this entails, the weights for the best case were changed from 20 per cent to 10 per cent and for the worst case from 10 per cent to 20 per cent, from the first quarter of 2022. Since then, the weights have been maintained. The reasons for this include the persistence of geopolitical tensions, both in Europe and elsewhere. The effects of the US administration's trade and security policies have also contributed to uncertainty and created asymmetric downside risks for the global economy. The US and the Trump administration moderated their policies in several areas over the course of 2025. This is also true in the case of trade policy, where the overall tariff rates appear to be much lower than was feared before the summer of 2025. As a result, growth forecasts for the global economy have been gradually revised upwards and are now roughly back to where they were at the start of 2025. This suggests that global economic growth will be slightly below trend. At the same time, the uncertainty remains high. The Norwegian economy is experiencing a moderate upturn, largely driven by increased household purchasing power. Growth in the mainland economy is expected to be just below 115 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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2 % in 2025. This is slightly above the growth trend in the Norwegian economy. Growth is expected to remain at around this level in the coming years. At the same time, the latest key figures paint a picture of a slightly weaker upturn compared with the previous quarter. To sum up, there remains great uncertainty about how the economy will perform going forward, both in Norway and globally. The bank’s expected credit loss (ECL) excluding individually assessed losses under the weighted scenario is estimated at NOK 180 million. Management override Quarterly ECL quality assurance meetings are held to review the basis for recognising ECL. If there are material events or other weaknesses in the model that will affect an expected loss and that are not taken account of in the model, the relevant variables in the ECL model will be overridden. In 2025, the overrides in the ECL model amount to an increase in model-calculated losses of NOK 55 million. Customer specific overrides were implemented to take account of information not taken account of in the model. Validation The Group continuously develops and reviews the risk management system and the credit granting process to ensure high quality over time. An independent quantitative and qualitative validation of the Group’s IRB-model and the ECL-model is carried out. The quantitative validation shall ensure that the estimates used for measuring probability of default, exposure at default and loss given default maintain a sufficiently good quality. Analyses are carried out, assessing the models’ ability to rank the customers according to risk (discrimination capability), and the ability to set the correct level on the risk parameters. In addition, the stability of the estimates in the models and the cyclical sensitivity of the models are analysed. The quantitative validations will in some cases be supplemented by more qualitative assessments. This is especially true if the capture of statistical data is limited. The results of the validation processes are included in the further development of the ECL- model. Individual assessment in stage 3 If there is an indication that a loan is credit-impaired, an individual assessment in stage 3 is made. In case of individual assessment in stage 3, the impairment amount is calculated as the difference between the carrying amount (principal + accrued interest at the valuation date) and the present value of future cash flows, discounted at the effective interest method over the commitments` expected lifetime. Three scenarios (best, base and worst) are used. When losses are expected to be less than NOK 500,000, the ECL-model is used to calculate expected losses in stage 3. Individually assessed loss provisions in stage 3 amount to MNOK 83 as at 31.12.2025. Model calculated loss provisions amount to MNOK 44 as at 31.12.2025. The discounting rate for loans with floating interest rates is equal to the effective rate of interest at the time of default. For loans with fixed interest rates, the discounting rate is equal to the original, effective interest rate. For commitments which have altered interest rates as a result of debtors’ financial problems, the effective rate of interest ruling before the commitment’s interest rate was altered is applied. When estimating future cash flows, a possible takeover and sale of related collateral is taken into consideration, also including costs relating to the takeover and sale. When evaluating security coverage there should be a qualified assessment of the collateral`s nature and market value, taking into account the costs of the acquisition and sale. Realisation values for different collateral in a realizable situation are determined by the use of best judgment. Timing for liquidation of loans with impairment is based on judgment and experiences from other liquidation engagements and bankruptcies. Impairment of commitments is recognised in the income statement as losses on loans. Reversal of impairment will result in reversal of amortised cost and is recognised as a correction of losses. Write-off When all collateralized assets have been realised and it is undoubtedly that the bank will receive more payments on the commitment, the loss is confirmed. However, the claim against the customer will continue to exist and will be followed up, unless the bank has agreed to debt forgiveness for the customer or the customer has gone bankrupt and the estate is settled. Loans and debt securities are also written off (either partially or in full) when there is no reasonable expectation of recovering a financial asset in its entirety or a portion thereof. This is generally the case when the Group determines that the borrower does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off. This assessment is carried out at the individual asset level. Recoveries of amounts previously written off are included in “Impairment on loans, guarantees etc.” in the Statement of income. Financial assets that are written off could still be subject to enforcement activities in order to comply with the Group’s procedures for recovery of amounts due. Climate-related risk and calculation of ECL The bank is in the process of enhancing the ECL model to simulate ECL resulting from climate-related risk in various scenarios. The ECL model is used to simulate the financial consequences of climate-related risk for the retail and the corporate market. Stress testing has been conducted for commitments in excess of a certain size linked to the rental of commercial property, ocean-going vessels and the private homes portfolio. In the stress tests, PD (capacity to service debt) and LGD (collateral) were stressed in the various scenarios. The bank has continued to identify and map climate-related risk in the loan portfolio and various industries. In 2025, an initial version of a transition plan was established to ensure that the bank's loan portfolios achieve the goal of zero emissions by 2050. Climate risk has been integrated into the sustainability report, the annual ICAAP report and quarterly internal reporting. The ECL model must be based on expectations, and the bank is of the opinion that qualitative climate-related risk analyses currently involve a high degree of uncertainty, and these are thus not taken account of when assessing ECL, although the model is used for stress testing climate-related risk. The bank will strive to find good methods for implementing climate-related risk in the ECL model for the corporate portfolio. 116 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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Losses on loans and guarantees GROUP PARENT BANK 2024 2025 Specification of losses on loans, guarantees etc. 2025 2024 -14 -13 Changes in ECL - stage 1 -12 -12 5 -8 Changes in ECL - stage 2 -14 29 5 6 Changes in ECL - stage 3 5 -4 3 13 Changes in individually assessed impairments 13 3 30 47 Confirmed losses, previously impaired 47 30 4 17 Confirmed losses, not previously impaired 17 4 -13 -15 Recoveries -15 -13 20 47 Total impairment on loans and guarantees 41 37 Changes in ECL in the period GROUP 2025 Stage 1 Stage 2 Stage 3 Total ECL 01.01.2025 34 123 106 263 New commitments 8 48 2 58 Disposal of commitments and transfer to stage 3 (individually assessed) -8 -28 -11 -47 Changes in ECL in the period for commitments which have not migrated -12 -16 10 -18 Migration to stage 1 2 -26 -2 -26 Migration to stage 2 -3 15 -4 8 Migration to stage 3 0 -1 12 11 Changes stage 3 (individually assessed) - - 14 14 ECL 31.12.2025 21 115 127 263 - of which expected losses on loans to retail customers 4 20 59 83 - of which expected losses on loans to corporate customers 16 85 68 169 - of which expected losses on guarantees 1 10 0 11 GROUP 2024 Stage 1 Stage 2 Stage 3 Total ECL 01.01.2024 48 120 98 266 New commitments 14 40 3 57 Disposal of commitments and transfer to stage 3 (individually assessed) -15 -28 -10 -53 Changes in ECL in the period for commitments which have not migrated -14 26 1 13 Migration to stage 1 4 -46 -6 -48 Migration to stage 2 -3 16 -7 6 Migration to stage 3 0 -3 23 20 Changes stage 3 (individually assessed) - - 2 2 ECL 31.12.2024 34 125 104 263 - of which expected losses on loans to retail customers 6 16 54 76 - of which expected losses on loans to corporate customers 27 100 49 176 - of which expected losses on guarantees 1 9 1 11 PARENT BANK 2025 Stage 1 Stage 2 Stage 3 Total ECL 01.01.2025 30 117 97 244 New commitments 7 46 2 55 Disposal of commitments and transfer to stage 3 (individually assessed) -8 -28 -10 -46 Changes in ECL in the period for commitments which have not migrated -10 -18 11 -17 Migration to stage 1 2 -24 -2 -24 Migration to stage 2 -3 11 -2 6 Migration to stage 3 0 -1 6 5 Changes stage 3 (individually assessed) - - 14 14 ECL 31.12.2025 18 103 116 237 - of which expected losses on loans to retail customers 2 9 47 58 - of which expected losses on loans to corporate customers 15 84 69 168 - of which expected losses on guarantees 1 10 0 11 PARENT BANK 2024 Stage 1 Stage 2 Stage 3 Total ECL 01.01.2024 42 88 98 228 New commitments 12 38 4 54 Disposal of commitments and transfer to stage 3 (individually assessed) -13 -20 -16 -49 Changes in ECL in the period for commitments which have not migrated -11 31 1 21 Migration to stage 1 3 -33 -2 -32 Migration to stage 2 -3 15 -5 7 Migration to stage 3 0 -2 15 13 Changes stage 3 (individually assessed) - - 2 2 ECL 31.12.2024 30 117 97 244 - of which expected losses on loans to retail customers 2 9 47 58 - of which expected losses on loans to corporate customers 27 99 49 175 - of which expected losses on guarantees 1 9 1 11 117 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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Changes in ECL in the period divided into Retail and Corporate GROUP 2025 Stage 1 Stage 2 Stage 3 Retail Cor- porate Retail Cor- porate Retail Cor- porate Total ECL 01.01.2025 6 28 16 109 54 50 263 New commitments 2 6 5 43 1 1 58 Disposal of commitments and transfer to stage 3 (individually assessed) -2 -6 -5 -23 -9 -2 -47 Changes in ECL in the period for commitments which have not migrated -1 -10 1 -18 1 9 -18 Migration to stage 1 0 2 -3 -23 -2 0 -26 Migration to stage 2 -1 -3 7 7 -2 0 8 Migration to stage 3 0 0 -1 0 10 2 11 Changes stage 3 (individually assessed) - - - - 6 8 14 ECL 31.12.2025 4 17 20 95 59 68 263 GROUP 2024 Stage 1 Stage 2 Stage 3 Retail Cor- porate Retail Cor- porate Retail Cor- porate Total ECL 01.01.2024 11 37 54 66 47 51 266 New commitments 3 11 3 37 2 2 58 Disposal of commitments and transfer to stage 3 (individually assessed) -4 -11 -16 -14 -6 -4 -55 Changes in ECL in the period for commitments which have not migrated -5 -9 -10 36 1 -1 12 Migration to stage 1 1 3 -17 -28 -6 -1 -48 Migration to stage 2 0 -3 4 13 -3 -3 8 Migration to stage 3 0 0 -2 -1 16 7 20 Changes stage 3 (individually assessed) - - - - 3 -1 2 ECL 31.12.2024 6 28 16 109 54 50 263 PARENT BANK 2025 Stage 1 Stage 2 Stage 3 Retail Cor- porate Retail Cor- porate Retail Cor- porate Total ECL 01.01.2025 2 28 9 108 47 50 244 New commitments 1 6 2 44 1 1 55 Disposal of commitments and transfer to stage 3 (individually assessed) -1 -7 -3 -25 -8 -2 -46 Changes in ECL in the period for commitments which have not migrated 0 -10 0 -17 0 10 -17 Migration to stage 1 0 2 -1 -23 -2 0 -24 Migration to stage 2 0 -3 3 7 -1 0 6 Migration to stage 3 0 0 -1 0 4 2 5 Changes stage 3 (individually assessed) - - - - 6 8 14 ECL 31.12.2025 2 16 9 94 47 69 237 PARENT BANK 2024 Stage 1 Stage 2 Stage 3 Retail Cor- porate Retail Cor- porate Retail Cor- porate Total ECL 01.01.2024 6 36 23 65 47 51 228 New commitments 1 11 1 37 3 2 55 Disposal of commitments and transfer to stage 3 (individually assessed) -2 -11 -10 -19 -4 -4 -50 Changes in ECL in the period for commitments which have not migrated -3 -8 4 36 -7 -1 21 Migration to stage 1 0 3 -10 -23 -2 0 -32 Migration to stage 2 0 -3 3 13 -2 -3 8 Migration to stage 3 0 0 -2 -1 9 6 12 Changes stage 3 (individually assessed) - - - - 3 -1 2 ECL 31.12.2024 2 28 9 108 47 50 244 118 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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Changes in exposure during the period GROUP 2025 Stage 1 Stage 2 Stage 3 Retail Cor- porate Retail Cor- porate Retail Cor- porate Total Commitments at 01.01.2025 53 542 28 113 3 550 5 964 210 210 91 589 New commitments 16 518 7 735 899 1 986 44 119 27 301 Disposal of commitments -14 544 -7 526 -872 -1 939 0 -4 -24 885 Migration to stage 1 1 009 1 069 -928 -1 014 -83 -81 -28 Migration to stage 2 -2 203 -2 587 2 244 2 611 -12 -60 -7 Migration to stage 3 -12 -6 -40 -6 48 9 -7 Overridden migration commitments 0 337 0 -337 0 0 0 Other changes 343 1 268 13 22 1 -5 1 642 Commitments at 31.12.2025* 54 653 28 403 4 866 7 287 208 188 95 605 GROUP 2024 Stage 1 Stage 2 Stage 3 Retail Cor- porate Retail Cor- porate Retail Cor- porate Total Commitments at 01.01.2024 46 918 24 147 7 046 6 703 222 203 85 239 New commitments 16 731 9 024 418 1 709 81 110 28 073 Disposal of commitments -12 221 -6 055 -1 778 -1 825 -33 -30 -21 942 Migration to stage 1 3 185 2 388 -3 142 -2 461 -40 -1 -71 Migration to stage 2 -1 075 -1 386 1 087 1 804 -17 69 482 Migration to stage 3 -18 -51 -64 -151 80 103 -101 Overridden migration commitments 0 0 0 91 0 -91 0 Other changes 22 46 -17 94 -83 -153 -91 Commitments at 31.12.2024* 53 542 28 113 3 550 5 964 210 210 91 589 PARENT BANK 2025 Stage 1 Stage 2 Stage 3 Retail Cor- porate Retail Cor- porate Retail Cor- porate Total Commitments at 01.01.2025 11 978 26 859 917 5 852 206 210 46 022 New commitments 4 500 7 324 303 1 925 87 175 14 314 Disposal of commitments -4 669 -7 198 -255 -1 904 -93 -61 -14 180 Migration to stage 1 303 1 042 -235 -988 -75 -81 -34 Migration to stage 2 -460 -2 524 460 2 532 -5 -60 -57 Migration to stage 3 -5 -5 -10 -3 15 6 -2 Overridden migration commitments 0 337 0 -337 0 0 0 Other changes 29 1 259 8 24 0 -1 1 319 Commitments at 31.12.2025* 11 676 27 094 1 188 7 101 135 188 47 382 PARENT BANK 2024 Stage 1 Stage 2 Stage 3 Retail Cor- porate Retail Cor- porate Retail Cor- porate Total Commitments at 01.01.2024 11 288 23 128 1 958 6 453 213 203 43 243 New commitments 3 660 8 587 93 1 679 75 110 14 204 Disposal of commitments -3 510 -5 796 -543 -1 725 -162 -179 -11 915 Migration to stage 1 803 2 313 -803 -2 384 -15 1 -85 Migration to stage 2 -251 -1 372 259 1 790 -9 69 486 Migration to stage 3 -9 -51 -35 -147 43 99 -100 Overridden migration commitments 0 0 0 91 0 -91 0 Other changes -3 50 -12 95 61 -2 189 Commitments at 31.12.2024* 11 978 26 859 917 5 852 206 210 46 022 *) The tables above are based on loans to amortised cost (incl. undrawn credit facilities and guarantees) at the reporting date. The figures are thus not reconcilable against ”Net loans to and receivables from customers” in the balance sheet, or to exposures in note 7 Commitments broken down into risk classes. 119 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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Commitments (exposure) divided into risk groups based on probability of default GROUP 2025 Stage 1 Stage 2 Stage 3 Total 31.12.2025 Low risk (0 % - < 0.5 %) 69 318 2 535 - 71 853 Medium risk (0.5 % - < 3 %) 12 091 6 974 - 19 065 High risk (3 % - <100 %) 1 647 2 644 - 4 291 PD=100 % - - 396 396 Gross commitments before ECL 83 056 12 153 396 95 605 - ECL -21 -115 -127 -263 Net commitments *) 83 035 12 038 269 95 342 Gross commitments with overridden migration 337 -337 0 0 GROUP 2024 Stage 1 Stage 2 Stage 3 Total 31.12.2024 Low risk (0 % - < 0.5 %) 66 507 379 - 66 886 Medium risk (0.5 % - < 3 %) 13 886 5 597 - 19 483 High risk (3 % - <100 %) 1 262 3 447 - 4 709 PD=100 % - 91 420 511 Gross commitments before ECL 81 655 9 514 420 91 589 - ECL -34 -125 -104 -263 Net commitments *) 81 621 9 389 316 91 326 Gross commitments with overridden migration 0 91 -91 0 PARENT BANK 2025 Stage 1 Stage 2 Stage 3 Total 31.12.2025 Low risk (0 % - < 0.5 %) 25 727 1 503 - 27 230 Medium risk (0.5 % - < 3 %) 11 428 4 896 - 16 324 High risk (3 % - <100 %) 1 615 1 890 - 3 505 PD=100 % - - 323 323 Gross commitments before ECL 38 770 8 289 323 47 382 - ECL -18 -103 -116 -237 Net commitments *) 38 752 8 186 207 47 145 Gross commitments with overridden migration 337 -337 0 0 PARENT BANK 2024 Stage 1 Stage 2 Stage 3 Total 31.12.2024 Low risk (0 % - < 0.5 %) 25 188 137 - 25 325 Medium risk (0.5 % - < 3 %) 12 502 3 904 - 16 406 High risk (3 % - <100 %) 1 147 2 637 - 3 784 PD=100 % - 91 416 507 Gross commitments before ECL 38 837 6 769 416 46 022 - ECL -30 -117 -97 -244 Net commitments *) 38 807 6 652 319 45 778 Gross commitments with overridden migration 0 91 -91 0 *) The tables above are based on loans to amortised cost (incl. undrawn credit facilities and guarantees) at the reporting date. The figures are thus not reconcilable against ”Net loans to and receivables from customers” in the balance sheet, or to exposures in note 7 Commitments broken down into risk classes. 120 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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Sensitivity analysis – model-based loss provisions GROUP - 2025 Scenario weights Retail Corporate Total Worst Basis Best ECL ECL ECL Normal development 20 % 70 % 10 % 52 128 180 Negative development 70 % 20 % 10 % 107 181 287 Positive development 10 % 20 % 70 % 38 99 137 100 % weighting base scenario 0 % 100 % 0 % 35 112 147 100 % weighting worst case scenario 100 % 0 % 0 % 144 220 364 100 % weighting best case scenario 0 % 0 % 100 % 29 80 109 GROUP - 2024 Scenario weights Retail Corporate Total Worst Basis Best ECL ECL ECL Normal development 20 % 70 % 10 % 52 143 195 Negative development 70 % 20 % 10 % 81 180 261 Positive development 10 % 20 % 70 % 45 122 167 100 % weighting base scenario 0 % 100 % 0 % 43 131 174 100 % weighting worst case scenario 100 % 0 % 0 % 99 206 305 100 % weighting best case scenario 0 % 0 % 100 % 39 108 147 Forbearance split into ECL stages GROUP/PARENT BANK 2025 Stage 1 Stage 2 Stage 3 Total Forbearance Retail 0 245 26 271 Forbearance Corporate 0 1 321 7 1 328 Total forbearance 31.12.2025 0 1 566 33 1 599 GROUP/PARENT BANK 2024 Stage 1 Stage 2 Stage 3 Total Forbearance Retail 0 269 33 302 Forbearance Corporate 0 554 7 561 Total forbearance 31.12.2024 0 823 40 863 121 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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10 Credit-impaired commitments The accounting policies regarding assessments of loans are disclosed in note 9. Overdue commitments and overdrafts are continuously monitored. Commitments where a probable deterioration of customer solvency is identified are considered credit-impaired and transferred to stage 3 with lifetime ECL measurement. Credit-impaired commitments The table shows total commitments in default for more than 90 days and other credit-impaired commitments (less than 90 days). Customers who have been in default must go through a probation period with 100 per cent PD for at least three months before they are scored as non-defaulted. These customers are included in gross credit-impaired commitments. GROUP 31.12.2025 31.12.2024 Total Retail Corporate Total Retail Corporate Gross commitments in default for more than 90 days 168 113 55 159 81 78 Gross other credit-impaired commitments 238 105 133 352 129 223 Gross credit-impaired commitments 406 218 188 511 210 301 ECL on commitments in default for more than 90 days 38 20 18 40 20 20 ECL on other credit-impaired commitments 89 38 51 76 31 45 ECL on credit-impaired commitments 127 58 69 116 51 65 Net commitments in default for more than 90 days 130 93 37 119 61 58 Net other credit-impaired commitments 149 67 82 276 98 178 Net credit-impaired commitments 279 160 119 395 159 236 Total gross loans to customers - Group 89 721 59 675 30 046 87 127 57 872 29 255 Guarantees - Group 2 430 1 2 429 2 208 1 2 207 Gross credit-impaired commitments in % of loans/ guarantees 0.44 % 0.37 % 0.58 % 0.58 % 0.36 % 0.97 % Net credit-impaired commitments in % of loans/ guarantees 0.30 % 0.27 % 0.37 % 0.45 % 0.27 % 0.77 % GROUP 31.12.2025 31.12.2024 Commitments with probation period Total Retail Corporate Total Retail Corporate Gross commitments with probation period 70 29 41 147 44 103 Gross commitments with probation period in % of gross credit-impaired commitments 17 % 13 % 22 % 29 % 21 % 34 % 122 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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PARENT BANK 31.12.2025 31.12.2024 Total Retail Corporate Total Retail Corporate Gross commitments in default for more than 90 days 164 109 55 155 77 78 Gross other credit-impaired commitments 238 105 133 352 129 223 Gross credit-impaired commitments 402 214 188 507 206 301 ECL on commitments in default for more than 90 days 38 20 18 40 20 20 ECL on other credit-impaired commitments 89 38 51 76 31 45 ECL on credit-impaired commitments 127 58 69 116 51 65 Net commitments in default for more than 90 days 126 89 37 115 57 58 Net other credit-impaired commitments 149 67 82 276 98 178 Net credit-impaired commitments 275 156 119 391 155 236 Total gross loans - Parent bank 52 107 22 667 29 440 51 465 22 738 28 727 Guarantees - Parent bank 2 430 1 2 429 2 208 1 2 207 Gross credit-impaired commitments in % of loans/guarantees 0.74 % 0.94 % 0.59 % 0.96 % 0.91 % 0.99 % Net credit-impaired commitments in % of loans/guarantees 0.50 % 0.69 % 0.37 % 0.74 % 0.69 % 0.78 % PARENT BANK 31.12.2025 31.12.2024 Commitments with probation period Total Retail Corporate Total Retail Corporate Gross commitments with probation period 70 29 41 147 44 103 Gross commitments with probation period in % of gross credit-impaired commitments 17 % 14 % 22 % 29 % 21 % 34 % Quantitative information on collateral and other credit enhancements on credit-impaired commitments GROUP 2025 Credit-impaired commitments Provision for expected credit losses Assessed value of collateral Retail 218 -58 182 Corporate 188 -69 158 Total 406 -127 340 GROUP 2024 Credit-impaired commitments Provision for expected credit losses Assessed value of collateral Retail 210 -51 152 Corporate 301 -65 353 Total 511 -116 505 123 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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Market risk 11 Market risk The bank’s Board of Directors stipulates the long-term targets with regards to the bank`s risk profile. These targets are made operational through powers of attorney and limits delegated within the organisation. Sparebanken Møre manages market risk and handles powers of attorney, limits and guidelines relating to financial instruments based on board adopted strategy documents. The strategy documents are subject to periodical reviews and are revised/adopted once every year by the bank’s Board of Directors. In addition, the documents shall be passed on to, approved and understood by the operative units, the bank’s control functions and administration. In order to ensure the necessary quality and independence, the development of risk management tools and the execution of the risk reporting are organised in a separate unit, independent of the operative units. Market risk in the Group is measured and monitored based on conservative limits, renewed and approved by the Board at least annually. Interest rate risk is presented in note 12, foreign exchange risk in note 13 and financial derivatives in note 25. 12 Interest rate risk Interest rate risk occurs due to the fact that the Group may have different interest rate periods on its assets and liabilities. Sparebanken Møre measures interest rate risk through analyses, showing the impact on the overall result of a 1 percentage point parallel shift in the yield curve. In this way, it is possible to quantify the risk incurred by the bank and the effect it has on the result there being changes in the interest rates in the market. The analysis is based on the remaining maturity for the interest-bearing part of the balance sheet. The longer funds are fixed in the case of a placement, the greater is the potential loss or gain following an increase or a fall in the interest rates in the market. The Group has a short interest-fixing period overall and the interest rate risk is deemed to be low. The table below shows the potential impact on the overall result of changes in value of financial assets and liabilities for the Group by an increase in interest rates of one percentage point. The calculation is based on the current positions and market interest rates at 31 December and confirms the bank's low risk tolerance for changes in value due to interest rate developments. Interest rate risk is calculated in accordance with the “EBA Guidelines on IRRBB and CSRBB(EBA/GL/2022/14)”). Interest rate risk GROUP PARENT BANK 31.12.2024 31.12.2025 Maturity buckets 31.12.2025 31.12.2024 11 13 Up to 1 month -4 -4 -51 -63 1 - 3 months -35 -32 22 6 3 - 12 months 4 21 93 106 1 - 5 years 105 95 154 189 Above 5 years 189 155 229 251 Total 259 234 -14 -21 Certificates, bonds and other interest-bearing securities -21 -14 -19 -76 Loans to and receivables from customers, with fixed interest rate -25 -12 -86 -98 Other loans -42 -32 283 317 Deposits from customers 317 282 64 65 Bonds issued 11 9 1 64 Other balance sheet items 19 1 229 251 Total 259 234 124 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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13 Foreign exchange risk Sparebanken Møre measures foreign exchange risk on the basis of its net positions in the different currencies. It is a main principle that all transactions involving customers must be hedged immediately by doing opposite transactions in the market so that the bank’s foreign exchange risk is reduced to a minimum. The bank does not trade on its own account as far as foreign currency instruments are concerned. All balance sheet items in foreign currencies are converted into Norwegian kroner based on traded price on the balance sheet date. Current income and costs are converted into Norwegian kroner at the exchange rates at the transaction date. Net realised and unrealised gains or losses are included in the income statement. Throughout the year, unintentional foreign exchange risk has been at a minimum level. GROUP - 2025 Total NOK Currency Of which: USD EUR DKK CHF Other Cash and receivables from Norges Bank 968 968 0 0 Loans to and receivables from credit institutions 1 312 1 223 89 18 20 14 5 32 Loans to and receivables from customers 89 469 85 799 3 670 2 010 523 581 264 292 Certificates and bonds 15 479 14 720 759 706 53 Other assets 2 190 2 141 49 17 19 7 3 3 Total assets 109 418 104 851 4 567 2 045 1 268 602 272 380 Loans and deposits from credit institutions 2 202 2 192 10 9 0 1 0 Deposits from customers 53 335 52 373 962 224 705 10 23 Debt securities issued 41 968 29 360 12 608 12 608 0 Other liabilities 1 682 1 675 7 4 3 0 Subordinated loan capital 857 857 0 0 Equity 9 374 9 374 0 0 Total liabilities and equity 109 418 95 831 13 587 237 13 316 11 0 23 Forward exchange contracts 9 012 -1 827 12 055 -600 -270 -346 Net exposure foreign exchange -8 -19 7 -9 2 11 Effect of a 10 per cent exchange rate change -1 GROUP - 2024 Total NOK Currency Of which: USD EUR DKK CHF Other Cash and receivables from Norges Bank 447 447 0 Loans to and receivables from credit institutions 702 586 116 36 40 7 13 20 Loans to and receivables from customers 86 875 82 965 3 910 2 060 836 401 318 295 Certificates and bonds 12 144 11 466 678 604 74 Other assets 2 167 2 117 50 19 16 5 1 9 Total assets 102 335 97 581 4 754 2 115 1 496 413 332 398 Loans and deposits from credit institutions 1 994 1 983 11 10 1 Deposits from customers 49 550 48 612 938 224 695 6 13 Debt securities issued 38 906 26 351 12 555 12 555 0 Other liabilities 2 002 1 967 35 28 7 Subordinated loan capital 857 857 0 0 Equity 9 026 9 026 0 0 Total liabilities and equity 102 335 88 796 13 539 262 13 250 6 0 21 Forward exchange contracts 8 782 -1 873 11 759 -401 -331 -372 Net exposure foreign exchange -3 -20 5 6 1 5 Effect of a 10 per cent exchange rate change 0 125 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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PARENT BANK - 2025 Total NOK Currency Of which: USD EUR DKK CHF Other Cash and receivables from Norges Bank 968 968 0 0 Loans to and receivables from credit institutions 6 024 5 935 89 18 20 14 5 32 Loans to and receivables from customers 51 884 48 214 3 670 2 010 523 581 264 292 Certificates and bonds 15 202 14 443 759 706 53 Other assets 4 122 4 073 49 17 19 7 3 3 Total assets 78 200 73 633 4 567 2 045 1 268 602 272 380 Loans and deposits from credit institutions 2 248 2 238 10 9 0 1 0 Deposits from customers 53 652 52 690 962 224 705 10 23 Debt securities issued 10 468 10 468 0 0 Other liabilities 1 793 1 786 7 4 3 0 Subordinated loan capital 857 857 0 0 Equity 9 182 9 182 0 0 Total liabilities and equity 78 200 77 221 979 237 708 11 0 23 Forward exchange contracts -3 596 -1 827 -553 -600 -270 -346 Net exposure foreign exchange -8 -19 7 -9 2 11 Effect of a 10 per cent exchange rate change -1 PARENT BANK - 2024 Total NOK Currency Of which: USD EUR DKK CHF Other Cash and receivables from Norges Bank 447 447 0 Loans to and receivables from credit institutions 5 111 4 995 116 36 40 7 13 20 Loans to and receivables from customers 51 232 47 322 3 910 2 060 836 401 318 295 Certificates and bonds 12 217 11 539 678 604 74 Other assets 3 365 3 315 50 19 16 5 1 9 Total assets 72 372 67 618 4 754 2 115 1 496 413 332 398 Loans and deposits from credit institutions 3 116 3 105 11 10 1 Deposits from customers 49 699 48 761 938 224 695 6 13 Debt securities issued 7 683 7 683 0 0 Other liabilities 2 136 2 101 35 28 7 Subordinated loan capital 857 857 0 0 Equity 8 881 8 881 0 0 Total liabilities and equity 72 372 71 388 984 262 695 6 0 21 Forward exchange contracts -3 773 -1 873 -796 -401 -331 -372 Net exposure foreign exchange -3 -20 5 6 1 5 Effect of a 10 per cent exchange rate change 0 126 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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14 Liquidity risk The management of Sparebanken Møre’s funding structure is defined in an overall financing strategy which is evaluated and agreed by the Board of Directors at least once every year. In this strategy document, the bank’s targets relating to the maintenance of its financial strength are described, and actual limits for the bank’s liquidity management within different areas are defined. Liquidity management also includes stress tests according to which the liquidity effect of different scenarios is simulated by quantifying the probability of refinancing from the various sources of funding involved. Part of the bank’s strategy is to apply diversification to its funding with regards to sources, markets, financial instruments and maturities, the object being to reduce the overall risk. To ensure the Group's liquidity risk being kept at a low level, lending to customers should primarily be funded by customer deposits and long-term debt securities. Liquidity risk is managed through both short-term limits that restrict net refinancing needs, and a long-term management target. The Group`s deposit-to-loan ratio, calculated including transferred mortgages to Møre Boligkreditt AS, amounted to 59.4 per cent at the end of 2025, opposed to 56.9 per cent at the end of 2024. The average residual maturity of the portfolio of sen- ior bonds and covered bonds were respectively 2.15 years and 3.21 years at the end of 2025, compared with 2.17 years and 3.12 years one year earlier. The bank also has holdings of securities, which are included as part of the ongoing liquidity manage- ment. See additional information in note 22 and 24. In the table, deposits, including interest, are placed in the earliest maturity bucket for disbursement. Undrawn credits, loan commitments and guarantees are placed in the maturity bucket “Up to 1 month”. Payment of principal and interest on loans is placed in the respective maturity buckets, and the drawn portion of credits is placed in the maturity bucket in which the credit matures. Liquidity risk Liquidity risk 31.12.2025 GROUP Up to 1 month 1 to 3 months 3 to 12 months 1 to 5 years Above 5 years Total Assets Cash and receivables from Norges Bank 968 968 Loans to and receivables from credit institutions 1 312 1 312 Loans to and receivables from customers 1 687 1 342 7 709 34 100 81 459 126 297 Certificates and bonds 531 1 624 1 993 11 974 1 043 17 165 Total assets 4 498 2 966 9 702 46 074 82 502 145 742 Liabilities Loans and deposits from credit institutions 2 202 2 202 Deposits from customers 47 213 2 969 50 182 Debt securities issued 1 010 1 284 10 201 34 392 46 887 Subordinated loan capital 5 8 38 912 963 Loan commitments, guarantees and undrawn credits 7 973 7 973 Total liabilities 58 403 4 261 10 239 35 304 0 108 207 Financial derivatives Cash inflow 157 238 1 390 3 847 557 6 189 Cash outflow 118 376 1 505 4 133 552 6 684 Total financial derivatives 39 -138 -115 -286 5 -495 Liquidity risk 31.12.2024 GROUP Up to 1 month 1 to 3 months 3 to 12 months 1 to 5 years Above 5 years Total Assets Cash and receivables from Norges Bank 447 447 Loans to and receivables from credit institutions 702 702 Loans to and receivables from customers 1 101 1 132 7 374 33 629 82 548 125 784 Certificates and bonds 432 1 016 1 738 10 425 241 13 852 Total assets 2 682 2 148 9 112 44 054 82 789 140 785 Liabilities Loans and deposits from credit institutions 1 994 1 994 Deposits from customers 42 957 2 800 9 45 766 Debt securities issued 28 2 289 6 758 34 781 43 856 Subordinated loan capital 6 8 41 974 1 029 Loan commitments, guarantees and undrawn credits 4 633 4 633 Total liabilities 49 618 5 097 6 808 35 755 0 97 278 Financial derivatives Cash inflow 65 276 1 854 4 507 399 7 101 Cash outflow 59 450 2 071 5 131 383 8 094 Total financial derivatives 6 -174 -217 -624 16 -993 127 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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Liquidity risk 31.12.2025 PARENT BANK Up to 1 month 1 to 3 months 3 to 12 months 1 to 5 years Above 5 years Total Assets Cash and receivables from Norges Bank 968 968 Loans to and receivables from credit institutions 6 024 6 024 Loans to and receivables from customers 1 193 915 5 766 23 018 35 798 66 690 Certificates and bonds 529 1 622 1 884 11 782 1 043 16 860 Total assets 8 714 2 537 7 650 34 800 36 841 90 542 Liabilities Loans and deposits from credit institutions 2 248 2 248 Deposits from customers 47 529 2 970 50 499 Debt securities issued 1 010 1 065 300 9 803 12 178 Subordinated loan capital 5 8 38 912 963 Loan commitments, guarantees and undrawn credits 6 140 6 140 Total liabilities 56 932 4 043 338 10 715 0 72 028 Financial derivatives Cash inflow 157 208 1 020 3 083 549 5 017 Cash outflow 118 214 1 034 3 039 546 4 951 Total financial derivatives 39 -6 -14 44 3 66 Liquidity risk 31.12.2024 PARENT BANK Up to 1 month 1 to 3 months 3 to 12 months 1 to 5 years Above 5 years Total Assets Cash and receivables from Norges Bank 447 447 Loans to and receivables from credit institutions 5 111 5 111 Loans to and receivables from customers 535 714 5 469 23 061 36 983 66 762 Certificates and bonds 305 1 016 1 735 10 339 241 13 636 Total assets 6 398 1 730 7 204 33 400 37 224 85 956 Liabilities Loans and deposits from credit institutions 3 116 3 116 Deposits from customers 43 105 2 801 9 45 915 Debt securities issued 28 59 1 803 7 325 9 215 Subordinated loan capital 6 8 41 974 1 029 Loan commitments, guarantees and undrawn credits 2 845 2 845 Total liabilities 49 100 2 868 1 853 8 299 0 62 120 Financial derivatives Cash inflow 65 240 1 428 3 398 378 5 509 Cash outflow 59 257 1 495 3 271 371 5 453 Total financial derivatives 6 -17 -67 127 7 56 128 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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Statement of income 15 Net interest income Interest income is recognised as income using the effective interest rate method. This implies interest income being recognised when received plus amortisation of establishment fees. The effective interest rate is set by discounting contractual cash flows within the expected term. Recognition of interest income using the effective interest rate method is used both for balance sheet items valued at amortised cost, and balance sheet items valued at fair value through the income statement, with the exception of establishment fees on loans at fair value which are recognised as income when earned. Changes in value related to balance sheet items that are valued at fair value through profit or loss are included in “Net gains/losses from financial instruments” in the income statement. Interest income on impaired commitments is calculated using the effective interest rate on the impaired value. Interest income on financial instruments is included in the line item "Net interest income". Net interest income GROUP 2025 PARENT BANK 2025 Measured at fair value Measured at amortised cost Total Measured at fair value Measured at amortised cost Total Interest income: 57 57 Loans to and receivables from credit institutions 263 263 239 5 046 5 285 Loans to and receivables from customers 3 244 3 171 73 713 713 Certificates, bonds and other interest-bearing securities 681 681 952 5 103 6 055 Total interest income 4 188 3 434 754 Interest expenses: 69 69 Liabilities to credit institutions 86 86 6 1 786 1 792 Deposits from and liabilities to customers 1 801 1 795 6 2 077 2 077 Debt securities issued 528 528 53 53 Subordinated loan capital 53 53 50 50 Other interest expenses 45 45 6 4 035 4 041 Total interest expenses 2 513 2 507 6 946 1 068 2 014 Net interest income 1 675 927 748 GROUP 2024 PARENT BANK 2024 Measured at fair value Measured at amortised cost Total Measured at fair value Measured at amortised cost Total Interest income: 43 43 Loans to and receivables from credit institutions 210 210 220 5 072 5 292 Loans to and receivables from customers 3 395 3 314 81 633 633 Certificates, bonds and other interest-bearing securities 621 621 853 5 115 5 968 Total interest income 4 226 3 524 702 Interest expenses: 75 75 Liabilities to credit institutions 132 132 7 1 725 1 732 Deposits from and liabilities to customers 1 733 1 726 7 1 983 1 983 Debt securities issued 468 468 56 56 Subordinated loan capital 56 56 51 51 Other interest expenses 45 45 7 3 890 3 897 Total interest expenses 2 434 2 427 7 846 1 225 2 071 Net interest income 1 792 1 097 695 129 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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16 Net commissions and other income Guarantee commissions are recognised as they occur, equal to interest income. All fees related to payment transactions are recognised as income when the transaction occurs. Fees and charges from sales or brokerage of equities, equity funds, insurance, property or other investment objects that do not generate balance sheet items in the bank’s accounts, are recognised as income when the income generating activity is completed. Customer trades involving financial instruments will generate income in the form of margins and broker’s commissions, which are recognised as income when the trade has been executed. Dividends on equities are recognised as income when the dividend is finally approved. GROUP PARENT BANK 2024 2025 2025 2024 27 34 Guarantee commission 34 27 33 36 Income from the sale of insurance products (non-life/ personal) 36 33 15 18 Income from the sale of shares in unit trusts/securities 18 15 55 67 Income from Discretionary Portfolio Management 67 56 99 108 Income from payment transfers 109 99 42 42 Other fees and commission income 42 42 271 305 Commission income and income from banking services 305 271 -40 -34 Commission expenses and expenses from banking services -33 -39 47 42 Income from real estate brokerage 0 0 9 4 Other operating income 63 58 56 46 Total other operating income 63 58 287 317 Net commision and other income 335 290 The following tables list commission income and costs covered by IFRS 15 broken down by the largest main items and allocated per segment. Net commission and other income - 2025 Group Other Corporate Retail Real estate brokerage Guarantee commission 34 -1 35 0 0 Income from the sale of insurance products (non-life/personal) 36 2 3 31 0 Income from the sale of shares in unit trusts/securities 18 2 1 15 0 Income from Discretionary Portfolio Management 67 3 34 30 0 Income from payment transfers 108 9 28 71 0 Other fees and commission income 42 1 19 22 0 Commission income and income from banking services 305 16 120 169 0 Commission expenses and expenses from banking services -34 -11 -2 -21 0 Income from real estate brokerage 42 0 0 0 42 Other operating income 4 4 0 0 0 Total other operating income 46 4 0 0 42 Net commision and other income 317 9 118 148 42 Net commission and other income - 2024 Group Other Corporate Retail Real estate brokerage Guarantee commission 27 1 26 0 0 Income from the sale of insurance products (non-life/personal) 33 3 3 27 0 Income from the sale of shares in unit trusts/securities 15 2 1 12 0 Income from Discretionary Portfolio Management 55 3 27 25 0 Income from payment transfers 99 7 23 68 0 Other fees and commission income 42 3 21 18 0 Commission income and income from banking services 271 19 101 151 0 Commission expenses and expenses from banking services -40 -16 -2 -22 0 Income from real estate brokerage 47 0 0 0 47 Other operating income 9 5 0 4 0 Total other operating income 56 5 0 4 47 Net commision and other income 287 8 99 133 47 130 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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17 Net gains and losses from financial instruments GROUP PARENT BANK 2024 2025 Note 2025 2024 17 1 Interest hedging (for customers) 4 20 31 20 Currency hedging (for customers) 20 31 14 6 Dividend received 29 175 146 -9 1 Net gains/losses on equities 1 -9 -8 25 Net gains/losses on bonds 27 -6 -6 39 Change in value of fixed-rate loans 24 13 -11 -1 -46 Derivatives related to fixed-rate loans -7 -4 -252 -74 Change in value of issued bonds -40 14 259 88 Derivatives related to issued bonds 48 6 -2 -1 Net gains/losses related to buy back of issued bonds 1 0 0 0 Other change in value -5 11 43 59 Net gains/losses from financial instruments 237 198 Changes in value of financial instruments in fair value hedging recognised in the income statement GROUP PARENT BANK 2024 2025 2025 2024 -122 -122 Value secured debt securities with changes in value recognised in the income statement -39 14 120 124 Financial derivatives applied in hedge accounting 39 -12 -2 2 Total 0 2 131 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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18 Salaries GROUP PARENT BANK 2024 2025 (NOK million) 2025 2024 358 364 Wages, salary, holiday pay and other cash-based benefits 339 333 3 3 Fees paid to members of the Board of Directors 3 3 18 17 Bonus/profit sharing 1) 17 18 24 35 Pension expenses (note 20) 35 23 88 86 Employers' social security contribution and Financial activity tax 82 84 34 33 Other personnel expenses 32 33 525 538 Total wages and salary expenses 508 494 2024 2025 Manning levels: 2025 2024 402 393 Number of man-years as at 31.12 372 380 401 398 Number of man-years employed in the financial year 376 379 1) Part of the bonus (approximately 50 %) for 2025 and 2024 was given in the form of equity certificates (MORG). The equity certificates (ECs) were purchased in the market at market price, a total of 87.917 in 2025 and 91.376 ECs in 2024. As at 31.12.2025, the bank had no obligations in relation to its Chief Executive Officer (CEO), the members of the Board of Directors or other employees regarding any special payment on termination or change of employment or positions, except a 6-month severance pay for the CEO. Furthermore, there are no accounting-related obligations relating to bonuses, profit sharing, options or similar for any of the abovementioned persons. Regarding the bonus schemes in the Group, see the discussion in the NUES document paragraph 12, in addition to a discussion in the bank’s remuneration report. The CEO’s contract includes a 6-month period of notice. Reference is also made to note 20, containing a description of pension schemes. All salaries and other remuneration for the Group’s employees and related parties are charged to the income statement at the end of the accounting year. Pension costs are an accounting-related expense for the bank, including the payment of premiums relating to the various pension schemes. GROUP – Wages, salaries, other remuneration, pensions Salaries to the CEO amounted to NOK 3,510,911 in 2025 (2024: NOK 3,297,650). The estimated value of benefits in kind totalled NOK 312,966 (2024: NOK 314,743). In addition, NOK 181,775 has been charged to the income statement related to the CEO’s pension agreement (2024: NOK 157,523) (note 20). The CEO has a retirement age of 65 years and an annual pension amounting to 70 per cent of final salary will be paid in the period from 65 to 67 years. The CEO is also included in the bank’s ordinary defined contribution pension scheme. Remuneration to the Board of Directors GROUP (NOK thousand) 2025 2024 Remuneration to the Board of Directors 2 671 2 078 Loans, deposits and guarantees GROUP (NOK million) 31.12.2025 31.12.2024 Loans Deposits Loans Deposits Board of Directors 20 3 29 2 Employees 1 522 153 1 543 161 Ordinary customer terms and conditions have been applied to loans and other commercial services provided for members of the Board of Directors. No guarantees have been issued to any of the members of the Board of Directors or employees. Interest rate subsidy of loans to the employees The total benefit in kind relating to loans provided at a rate of interest lower than the interest rate (average 5.2 per cent in 2025) which triggers a basis for taxing such benefits in kind to the employees has been estimated at NOK 23,951,549 (2024: NOK 24,110,739). Interest income and interest expenses related to the Board of Directors (NOK thousand) 2025 2024 Interest income 1 065 1 353 Interest expenses 81 76 132 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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Wages, salaries and other remuneration PARENT BANK (NOK thousand) Wages/salaries Other remuneration 2025 2024 2025 2024 Board of Directors Roy Reite, Chair of the Board 576 455 Kåre Øyvind Vassdal, Deputy Chair 371 301 Birgit Midtbust 305 251 Terje Bøe 266 209 Jill Aasen 338 261 Anne Jorunn Vatne 222 - Marie Rekdal Hide, employee representative 265 204 Bjørn Følstad, employee representative 242 185 Former members of the Board: Therese Monsås Langset 86 212 Total remuneration to the Board of Directors 2 671 2 078 0 0 CEO Trond Lars Nydal 3 511 3 298 313 315 Executive Management EVP , Corporate Banking Division, Linda Strømmen 1 396 - 165 - EVP , Retail Banking Division, Elisabeth Blomvik 1 634 1 552 473 483 EVP , Finance, John Arne Winsnes 1) 2) 2 131 2 122 128 147 EVP , Risk Management and Compliance, Erik Røkke 1) 1 530 1 422 367 374 EVP , Organizational Development, Kjetil Hauge 1 519 1 426 376 383 EVP , Business Support, Ove Skjeret 1 634 1 522 207 199 Former member of the Executive Management: EVP , Corporate Banking Division, Terje Krøvel 2 030 1 915 441 417 Total remuneration to the Executive Management 11 874 9 959 2 157 2 003 Other employess with tasks of significant importance for the bank's risk exposure Managing Director Møre Boligkreditt AS, Ole Kjerstad 1 088 1 078 402 358 Head of Treasury, Ove Ness 1 124 1 123 375 307 Head of Credit, Signe Lade Sølvik 1 330 1 167 226 287 Other employees with controller responsibilites Head of Compliance, Olav Heggheim 917 858 361 308 Head of Risk Management, Kåre Helvik Morken 1 178 1 129 226 159 Former other employees with controller responsibilities: Head of Operational Risk, Laila Hurlen - 1 000 - 56 1) Employees with tasks of significant importance for the bank’s risk exposure 2) Employed until 31.12.2025 Loans (NOK thousand) Loans 31.12.2025 31.12.2024 Board of Directors Roy Reite, Chair of the Board - - Kåre Øyvind Vassdal, Deputy Chair - 3 564 Birgit Midtbust 4 852 5 430 Terje Bøe 9 790 10 193 Jill Aasen - - Anne Jorunn Vatne - - Marie Rekdal Hide, employee representative 5 306 4 679 Bjørn Følstad, employee representative - - Former board memcber: Therese Monsås Langset - 5 249 CEO Trond Lars Nydal 1 902 3 117 Employees 1 521 754 1 542 526 Loans and other commercial services to members of the Board of Directors are subject to ordinary customer terms. No guarantees have been issued to the members of the Board of Directors, CEO or employees. Loans to the CEO and employee representatives are granted on employee terms. 133 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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19 Operating expenses excl. personnel expenses The table gives an overview of key expenses GROUP PARENT BANK 2024 2025 (NOK million) 2025 2024 17 20 Operating expenses own and rented premises 19 15 7 7 Maintenance of fixed assets 6 7 209 233 IT-expenses 227 204 44 37 Marketing expenses 37 44 37 35 Purchase of external services (incl.fees to external auditor) 25 30 9 10 Expenses related to postage, telephone and newspapers etc. 10 9 6 6 Travel expenses 5 5 13 17 Capital tax 17 13 33 28 Other operating expenses 22 20 375 393 Total other operating expenses 368 347 Specification of fees paid to External Auditor (including value added tax) GROUP PARENT BANK 2024 2025 (NOK thousand) 2025 2024 2 481 3 207 Fees for statutory audit 2 123 1 842 671 503 Fees for other attestation services 80 468 927 182 Fees for other non-audit services 55 728 4 079 3 892 Fees to External Auditor (including value added tax) 2 258 3 038 134 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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20 Pensions The Group has two pension plans, a defined benefit plan and a defined contribution plan. The Group also participates in the statutory early retirement pension (SERP) scheme. The Group`s pension plans meet the requirements in the regulations regarding pensions. Defined benefit pension scheme in own pension fund The existing benefit-based pension plan was closed to new members as at 31 December 2009. With effect from 31.12.2015, the benefit-based scheme was further closed by transferring all employees born in 1959 or later from the defined benefit scheme to the defined contribution scheme. The discount rate is based on the interest rate on corporate bonds with high credit ratings. The portion of the Group’s pension scheme which is defined benefit, entitles employees to agreed future pension benefits equal to the difference between 70 per cent of final salary at vesting age of 67 years and estimated benefits from the Norwegian National Insurance Scheme, assuming full vesting (30 years). This liability comprises 0 (2024: 8) active members and 282 (2024: 285) pensioners at the end of 2025. Contribution based pension scheme The Group`s contribution-based pension schemes are delivered by DNB and a percentage of income is paid into the scheme, depending on the individual's level of income, and the payments are expensed as they occur. The contribution-based pension scheme has contribution rates of 7 per cent of salary in the range up to 7.1 times the national insurance basic amount (G) and 15 per cent of salary in the range from 7.1 to 12 G. Pension payments are expensed as they occur and are recognised in Wages, salaries etc. in the income statement. The bank's subsidiary Møre Eiendomsmegling AS has a contribution-based pension scheme for its employees. The contribution represents 3 per cent of the employee's salary. The Group`s costs related to the contribution-based pension schemes amounted to NOK 28 million in 2025 (NOK 25 million in 2024). Pension agreement for the bank`s CEO The CEO has a retirement age of 65 years and during the period between 65 to 67 years, it will be paid an annual pension amounting to 70 per cent of final salary. The CEO is also included in the bank’s ordinary defined contribution pension scheme. Statutory early retirement pension (SERP) The SERP scheme is not an early retirement scheme, but a scheme that provides a lifelong addition to the ordinary pension. Employees covered by the scheme, and who meets the requirements, can choose to join the SERP scheme from the age of 62, including in parallel with continuing to work, and by working until 67 years old it provides additional earnings. The SERP scheme is a defined benefit based multi-enterprise pension scheme and is funded through premiums which are determined as a percentage of pay. The premium for 2025 was set at 2.7 per cent of total payments between 1 G (G = the national insurance basic amount) and 7.1 G to the company`s employees between 13 and 61 years old. For 2026 the premium is set at 2.7 per cent. The scheme does not involve the building up of a fund and the level of premiums is expected to increase in the coming years. At the moment, there is no reliable measurement and allocation of the liabilities and funds in the scheme. The scheme is treated in the financial statements as a contribution-based pension scheme in which premium payments are expensed on an ongoing basis and no provisions are made in the financial statements. Premium payments amount to NOK 4 million in 2025 (NOK 4 million in 2024). The figures in the table below are equal for the parent bank and the Group. Financial and actuarial assumptions Liabilities Expenses 31.12.2025 31.12.2024 2025 2024 Discount rate/expected return on pension resources 4.30 4.10 4.10 4.20 Wages and salary adjustment 4.00 3.30 3.30 3.75 Pension adjustment 0 0 0 0 Adjustment of the National Insurance`s basic amount 3.75 3.25 3.25 3.50 Employers` social security contribution 19.10 19.10 19.10 19.10 Table for mortality rate, etc K 2013BE K 2013BE K 2013BE K 2013BE Disability tariff IR02 IR02 IR02 IR02 Pension expenses in ordinary result 2025 2024 Present value of pension accruals during the year, including administration expenses 0 1 Interest expenses of incurred pension liabilities 10 10 Expected return on pension resources -11 -11 Net pension expenses for the pension fund -1 0 Change in present value of pension accruals relating to other pension schemes 0 -6 Pension expenses charged to the profit and loss, incl. payments to the defined-benefit- and the SERP-schemes 37 31 Total pension expenses 35 25 Specification of estimate deviations in comprehensive income 2025 2024 Change in discount rate 5 -3 Change in other financial assumptions -4 12 Estimate deviations on pension funds 0 0 Total estimate deviations (positive figure is income, negative figure is expense) 0 9 135 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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Total pension liabilities/-funds 31.12.2025 31.12.2024 Pension liabilities 226 240 Value of pension resources -312 -320 Net pension liabilities/-funds relating to the pension fund -85 -80 Net pension liabilities relating to members of the bank's executive management/bank managers 24 23 Total net pension liabilities/-funds -62 -57 -Of which presented under assets: "Overfunded pension liability" -85 -80 -Of which presented under liabilities: "Pension liabilities" 24 23 Sensitivity analysis Change in the discount rate in % Effect on the liability in % as at 31.12.2025 Effect on the pension expenses in % in 2025 The funded plan (Pension Fund) 0.5 -4.8 - The funded plan (Pension Fund) -0.5 5.1 - Unfunded schemes (Other schemes) 0.5 -4.7 -3.7 Unfunded schemes (Other schemes) -0.5 5.0 3.9 The sensitivity analysis above is based on a change in the discount rate, given that all other factors remain constant. Sensitivity calculations are performed using the same method as the actuarial calculation for the calculation of the pension liability in the balance sheet. Management of the Pension Fund`s resources Sparebanken Møre has its own pension fund managing payments of the pension benefits at a vesting age of 67 years. The capital shall be managed in consideration of security, the diversification of risk, return and liquidity. The Pension Fund shall manage the assets in such a way that the correct compliance with the insurance liabilities involved is secured and safeguarded. In particular, the management of the Pension Fund shall ensure security over time against the background of the Pension Fund’s long-term liabilities. The Pension Fund has invested in 16,469 (16,469) ECs issued by Sparebanken Møre. Beyond this, the Pension Fund has not invested in financial instruments issued by Sparebanken Møre or in properties owned or used by the bank. The Pension Fund has a deposit of NOK 15 million in Sparebanken Møre in 2025 (NOK 15 million). Investment profile - pension resources 31.12.2025 31.12.2024 Fair value % Fair value % Shares 159 22.7 133 19.6 Fund shares 121 17.2 114 16.8 Bonds/certificates (listed) 394 56.0 400 58.9 Bank deposits 29 4.1 32 4.7 Total pension resources 703 100.0 679 100.0 NOK 312 million (NOK 320 million) of the total pension resources of NOK 703 million (NOK 679 million) are related to the defined benefit scheme in Sparebanken Møre. The remaining pension resources (excluding the paid-in equity of NOK 139 million in the Pension Fund) are related to issued paid-up policies, administered by Sparebanken Møre’s Pension Fund. Return on pension resources in % 31.12.2025 31.12.2024 Total pension resources 9.00 6.91 136 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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21 Taxes Tax expense consists of income tax payable and changes in deferred tax. Sparebanken Møre is subject to financial tax and has therefore a tax rate of 25 per cent both for 2025 and 2024. The subsidiaries, however, have a tax rate of 22 per cent both for 2025 and 2024. For the parent bank this means that both tax payable and deferred taxes are calculated at a tax rate of 25 per cent for all the years, while the tax rate applied for the subsidiaries is 22 per cent. The entire tax expense is related to Norway. Tax expense recognised in the income statement GROUP PARENT BANK 2024 2025 2025 2024 349 328 Tax payable on profit for the period 279 347 -9 -8 Changes in deferred taxes in the income statement -16 -55 0 0 Changes in estimates related to prior years 0 0 340 320 Tax expense 263 292 23.8 23.7 Effective tax rate (tax expense as a percentage of pre tax profit) 20.9 21.9 Tax expense recognised in the comprehensive income GROUP PARENT BANK 2024 2025 2025 2024 2 0 Changes in deferred taxes due to pension estimate deviations 0 2 -8 5 Tax effect on tax payable related to changes in value on basis spreads 0 0 -6 5 Tax expense in comprehensive income 0 2 Specification of the difference between the pre-tax profit and the income subject to tax GROUP PARENT BANK 2024 2025 2025 2024 1 426 1 350 Pre tax profit 1 263 1 336 -5 -9 Non-taxable income and non-deductable expenses related to shares -178 -137 -63 -59 Deductable interests on Additional Tier 1 capital treated as equity -59 -63 28 26 Other non-taxable income and non-deductable expenses 26 28 44 31 Changes in temporary differences 63 221 1 430 1 339 Taxable income 1 115 1 386 349 328 Tax payable on ordinary profit (25 % for the parent bank and 22 % for the subsidiaries) 279 347 0 5 Tax payable on comprehensive income (25 % for the parent bank and 22 % for the subsidiaries) 0 0 349 333 Tax payable 279 347 Specification of temporary differences and the computation of deferred tax GROUP PARENT BANK 31.12.2024 31.12.2025 31.12.2025 31.12.2024 Temporary differences relating to: -10 -11 Fixed assets -8 -11 273 278 Pension liabilities 278 273 628 592 Other temporary differences -148 -82 891 859 Net negative (-) / positive differences recognised in the income statement 122 180 -216 -217 Share of net pension liability recognised in other comprehensive income -217 -216 5 0 Limited partnerships 0 5 680 642 Total negative (-) / positive differences -95 -31 -5 -1 Loss carried forward 0 0 148 138 Deferred tax asset (-) or liability (25 % for the parent bank and 22 % for the subsidiaries) -24 -8 137 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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Reconciliation of tax expense and pre-tax profit GROUP PARENT BANK 2024 2025 2025 2024 350 330 25 % of pre-tax profit (22 % for the subsidiaries) 316 334 -1 -2 Equities 25 % (22 %) -43 -34 -9 -8 Other non-taxable income and non-deductable expenses 25 % (22 %) -8 -9 0 0 Changes in estimates related to prior years 0 0 340 320 Total tax expense 264 292 138 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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Balance sheet 22 Classification of financial instruments Financial assets and financial liabilities are recognised in the balance sheet at the date when the Group becomes a party to the contractual provisions of the instrument. A financial asset is derecognised when the contractual rights to the cash flows from the financial asset expire, or the company transfers the financial asset in such a way that risk and profit potential of the financial asset is substantially transferred. Financial liabilities are derecognised from the date when the rights to the contractual provisions have been fulfilled, cancelled or expired. CLASSIFICATION AND MEASUREMENT The Group’s portfolio of financial instruments is at initial recognition classified in accordance with IFRS 9. Financial assets are classified in one of the following categories: • Amortised cost • Fair value with value changes through the income statement The classification of the financial assets depends on two factors: • The purpose of the acquisition of the financial instrument • The contractual cash flows from the financial assets Financial assets measured at amortised cost The classification of the financial assets assumes that the following requirements are met: • The asset is acquired to receive contractual cash flows • The contractual cash flows consist solely of principal and interest With the exception of fixed interest rate loans, all lending and receivables are recorded in the accounts at amortised cost, based on expected cash flows. The difference between the initial cost and the settlement amount at maturity, is amortised over the lifetime of the loan. LOANS AND RECEIVABLES All loans and receivables are measured in the balance sheet at fair value at first assessment, with the addition of directly attributable transaction costs for instruments which are not measured at fair value with value changes recognised in the income statement. Fair value when first assessed is normally the same as the transaction price. When determining the loan’s value at the time of transaction (transaction price), direct transaction costs are deducted and subject to accrual accounting over the lifetime of the loan as part of the loan’s effective interest rate. Loans are subsequently measured at amortised cost by applying the effective interest rate method. The effective rate of interest is the rate at the signing time which exactly discounts estimated, future cash flows over the loan’s expected lifetime, to the net book value of the loan. By conducting this calculation, all cash flows are estimated, and all contractual terms and conditions of the loan are taken into consideration. Financial liabilities measured at amortised cost Debt securities, including debt securities included in fair value hedging, loans and deposits from credit institutions and deposits from customers (with a maturity of less than one year), are valued at amortised cost based on expected cash flows. The portfolio of own bonds is shown in the accounts as a reduction of the debt. Financial instruments measured at fair value, any changes in value recognised through the income statement The Group's portfolio of bonds in the liquidity portfolio is classified at fair value with any value changes through the income statement. The portfolio is held solely for liquidity management and is traded to optimize returns within current quality requirements of the liquidity portfolio. The portfolio of fixed interest rate loans is measured at fair value to avoid accounting mismatch in relation to the underlying interest rate swaps. Fixed-rate deposits from customers with maturity in excess of one year are classified at fair value and hedged by interest rate swaps. Financial derivatives are contracts signed to mitigate an existing interest rate or currency risk incurred by the bank. Financial derivatives are recognised at fair value, with any changes in value through the income statement and recognised gross per contract, as either asset or liability. The portfolio of shares is measured at fair value with any value changes through the income statement. Losses and gains resulting from changes in value of the assets and liabilities measured at fair value, with changes in value recognised in the income statement, are accounted for in the period in which they occur. 139 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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GROUP - 31.12.2025 Fair value through profit or loss Hedge accounting Amortised cost Total book value Cash and receivables from Norges Bank 968 968 Loans to and receivables from credit institutions 1 312 1 312 Loans to and receivables from customers 3 826 85 643 89 469 Certificates and bonds 15 479 15 479 Shares and other securities 149 149 Financial derivatives 815 546 1 361 Total financial assets 20 269 546 87 923 108 738 Loans and deposits from credit institutions 2 202 2 202 Deposits from customers 133 53 202 53 335 Financial derivatives 396 84 480 Debt securities issued 41 968 41 968 Subordinated loan capital 857 857 Total financial liabilities 529 84 98 229 98 842 GROUP - 31.12.2024 Fair value through profit or loss Hedge accounting Amortised cost Total book value Cash and receivables from Norges Bank 447 447 Loans to and receivables from credit institutions 702 702 Loans to and receivables from customers 4 551 82 324 86 875 Certificates and bonds 12 144 12 144 Shares and other securities 199 199 Financial derivatives 573 820 1 393 Total financial assets 17 467 820 83 473 101 760 Loans and deposits from credit institutions 1 994 1 994 Deposits from customers 131 49 419 49 550 Financial derivatives 516 203 719 Debt securities issued 38 906 38 906 Subordinated loan capital 857 857 Total financial liabilities 647 203 91 176 92 026 PARENT BANK - 31.12.2025 Fair value through profit or loss Hedge accounting Amortised cost Total book value Cash and receivables from Norges Bank 968 968 Loans to and receivables from credit institutions 6 024 6 024 Loans to and receivables from customers 10 573 41 311 51 884 Certificates and bonds 15 202 15 202 Shares and other securities 149 149 Financial derivatives 780 88 868 Total financial assets 26 704 88 48 303 75 095 Loans and deposits from credit institutions 2 248 2 248 Deposits from customers 133 53 519 53 652 Financial derivatives 828 0 828 Debt securities issued 10 468 10 468 Subordinated loan capital 857 857 Total financial liabilities 961 - 67 092 68 053 PARENT BANK - 31.12.2024 Fair value through profit or loss Hedge accounting Amortised cost Total book value Cash and receivables from Norges Bank 477 477 Loans to and receivables from credit institutions 5 111 5 111 Loans to and receivables from customers 10 755 40 477 51 232 Certificates and bonds 12 217 12 217 Shares and other securities 199 199 Financial derivatives 950 35 985 Total financial assets 24 121 35 46 065 70 221 Loans and deposits from credit institutions 3 116 3 116 Deposits from customers 131 49 568 49 699 Financial derivatives 1 021 59 1 080 Debt securities issued 7 683 7 683 Subordinated loan capital 857 857 Total financial liabilities 1 152 59 61 224 62 435 140 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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23 Financial instruments at amortised cost Fair value of the instruments traded in active markets is based on traded price on the balance sheet date. For those financial instruments not traded in an active market, own valuations based on current market conditions are applied, alternatively valuations from another market player. GROUP 31.12.2025 31.12.2024 Fair value Book value Fair value Book value Cash and receivables from Norges Bank 968 968 447 447 Loans to and receivables from credit institutions 1 312 1 312 702 702 Loans to and receivables from customers 85 643 85 643 82 324 82 324 Total financial assets 87 923 87 923 83 473 83 473 Loans and deposits from credit institutions 2 202 2 202 1 994 1 994 Deposits from customers 53 202 53 202 49 419 49 419 Debt securities issued 42 135 41 968 39 197 38 906 Subordinated loan capital and Additional Tier 1 capital 870 857 866 857 Total financial liabilities 98 409 98 229 91 476 91 176 PARENT BANK 31.12.2025 31.12.2024 Fair value Book value Fair value Book value Cash and receivables from Norges Bank 968 968 447 447 Loans to and receivables from credit institutions 6 024 6 024 5 111 5 111 Loans to and receivables from customers 41 311 41 311 40 477 40 477 Total financial assets 48 303 48 303 46 035 46 035 Loans and deposits from credit institutions 2 248 2 248 3 116 3 116 Deposits from customers 53 519 53 519 49 568 49 568 Debt securities issued 10 531 10 468 7 731 7 683 Subordinated loan capital and Additional Tier 1 capital 870 857 866 857 Total financial liabilities 67 168 67 092 61 281 61 224 141 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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24 Financial instruments at fair value LEVELS IN THE VALUATION HIERARCHY Financial instruments are classified into different levels based on the quality of market data for each type of instrument. Level 1 – Valuation based on prices in an active market Level 1 comprises financial instruments valued by using quoted prices in active markets for identical assets or liabilities. This category includes listed shares and mutual funds, as well as bonds and certificates. Level 2 – Valuation based on observable market data Level 2 comprises financial instruments valued by using information which is not quoted prices, but where prices are directly or indirectly observable for assets or liabilities, including quoted prices in inactive markets for identical assets or liabilities. This category mainly includes debt securities issued, derivatives and bonds. Level 3 – Valuation based on other than observable market data Level 3 comprises financial instruments which cannot be valued based on directly or indirectly observable prices. This category mainly includes loans to customers (for the parent bank, this include loans prepared for transfer to Møre Boligkreditt), as well as shares. Approach to the valuation of financial instruments in level 3 of the fair value hierarchy: Fixed rate loans There have been no significant changes to the approach to valuing fixed-rate loans in 2025. Fair value is calculated based on contractual cash flows discounted at a market interest rate matching the rates applicable to the corresponding fixed-rate loans at the balance sheet date. In the income statement, the change in value is presented under Net gains/losses from financial instruments. A change in the discount rate of 10 basis points would result in a change of approximately NOK 7 million on fixed rate loans. Shares Shares presented in level 3 of the valuation hierarchy are primarily the bank's investment in Vipps AS (NOK 101 million) and the bank's ownership interest in Norne Securities AS (NOK 11 million). The tables below show financial instruments at fair value. GROUP - 31.12.2025 Level 1 Level 2 Level 3 Total Cash and receivables from Norges Bank - Loans to and receivables from credit institutions - Loans to and receivables from customers 3 826 3 826 Certificates and bonds 1 434 14 045 15 479 Shares 7 142 149 Financial derivatives 1 361 1 361 Total financial assets 1 441 15 406 3 968 20 815 Loans and deposits from credit institutions - Deposits from customers 133 133 Debt securities issued - Subordinated loan capital and Additional Tier 1 capital - Financial derivatives 480 480 Total financial liabilities - 480 133 613 GROUP - 31.12.2024 Level 1 Level 2 Level 3 Total Cash and receivables from Norges Bank - Loans to and receivables from credit institutions - Loans to and receivables from customers 4 551 4 551 Certificates and bonds 1 427 10 717 12 144 Shares 6 193 199 Financial derivatives 1 393 1 393 Total financial assets 1 433 12 110 4 744 18 287 Loans and deposits from credit institutions - Deposits from customers 131 131 Debt securities issued - Subordinated loan capital and Additional Tier 1 capital - Financial derivatives 719 719 Total financial liabilities - 719 131 850 142 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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PARENT BANK - 31.12.2025 Level 1 Level 2 Level 3 Total Cash and receivables from Norges Bank - Loans to and receivables from credit institutions - Loans to and receivables from customers 10 573 10 573 Certificates and bonds 1 388 13 814 15 202 Shares 7 142 149 Financial derivatives 868 868 Total financial assets 1 395 14 682 10 715 26 792 Loans and deposits from credit institutions - Deposits from customers 133 133 Debt securities issued - Subordinated loan capital and Additional Tier 1 capital - Financial derivatives 828 828 Total financial liabilities - 828 133 961 PARENT BANK - 31.12.2024 Level 1 Level 2 Level 3 Total Cash and receivables from Norges Bank - Loans to and receivables from credit institutions - Loans to and receivables from customers 10 755 10 755 Certificates and bonds 1 219 10 998 12 217 Shares 6 193 199 Financial derivatives 985 985 Total financial assets 1 225 11 983 10 948 24 156 Loans and deposits from credit institutions - Deposits from customers 131 131 Debt securities issued - Subordinated loan capital and Additional Tier 1 capital - Financial derivatives 1 080 1 080 Total financial liabilities - 1 080 131 1 211 GROUP - Level 3 reconciliation Loans to and receiv- ables from customers Shares Deposits from customers Book value as at 31.12.2024 4 551 193 131 Purchases/additions 194 11 2 Sales/reduction -958 -66 0 Transferred to Level 3 0 0 0 Transferred from Level 3 0 0 0 Net gains/losses in the period 39 4 0 Book value as at 31.12.2025 3 826 142 133 PARENT BANK - Level 3 reconciliation Loans to and receiv- ables from customers Shares Deposits from customers Book value as at 31.12.2024 10 755 193 131 Purchases/additions 100 11 0 Sales/reduction -296 -66 2 Transferred to Level 3 0 0 0 Transferred from Level 3 0 0 0 Net gains/losses in the period 14 4 0 Book value as at 31.12.2025 10 573 142 133 Shares, equity certificates and other securities GROUP/PARENT BANK - 2025 Stake Number of shares Acquistion cost Book value/ market value Vipps Holding AS 1.16 % 18 987 50 101 Norne Securities AS 6.97 % 1 283 963 11 11 Novela Kapital I AS 15.00 % 1 101 173 11 9 Ålesund Stadion II AS 19.60 % 211 697 172 8 8 Sparebank 1 Nordmøre 0.42 % 37 756 4 7 Other 16 13 Total 100 149 GROUP/PARENT BANK - 2024 Stake Number of shares Acquistion cost Book value/ market value Vipps Holding AS 1.16 % 18 987 50 99 Eksportfinans ASA 1.35 % 3 551 33 66 Novela Kapital I AS 15.00 % 1 101 173 11 9 VN Norge AS 1.55 % 15 524 246 087 881 900 - 5 Sparebank 1 Nordmøre 0.42 % 37 756 4 5 Other 24 15 Total 122 199 143 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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Certificates and bonds GROUP PARENT BANK 31.12.2024 31.12.2025 31.12.2025 31.12.2024 Public sectors 2 717 5 050 Acquistion cost 5 050 2 717 2 719 5 085 Book value 5 085 2 719 Credit institutions 7 440 8 387 Acquistion cost 8 111 7 515 7 541 8 511 Book value 8 234 7 615 Other financial companies 1 909 1 883 Acquistion cost 1 883 1 909 1 884 1 883 Book value 1 883 1 883 Total certificates and bonds 12 066 15 320 Acquistion cost 15 044 12 141 12 144 15 479 Book value 15 202 12 217 144 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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25 Financial derivatives Financial derivatives are contracts entered into in order to hedge an already existing interest- or foreign exchange risk incurred by the bank. Financial derivatives are recognised at fair value, with value changes recognised in the income statement, and are capitalized on a gross basis per contract as assets or liabilities respectively. Changes in value of basis swaps in hedge accounting which are caused by changes in basis spreads are recognised in other compre hensive income as a cost of hedging. This means that value changes in basis spreads do not affect ordinary profit but are recognised separately under equity. This is done to provide a more representative picture of the financial effect of the hedging. When basis swaps are liquidated or expire, any accumulated effect in other comprehensive income will be reclassified to the income statement, depending on the underlying transaction. The estimated fair value of financial OTC derivatives is adjusted for counterparty credit risk (CVA) or for the Group's own credit risk (DVA). The calculation of fair value of financial derivatives is based on valuation models in which the price of underlying, interest and currency, are obtained in the market. The table shows the financial derivatives’ nominal values and their market values. In the accounts, financial derivatives are presented as an asset or as a liability, depending on whether the derivative has a positive or a negative value. The table shows the value of derivative contracts, covered by set- off agreements or secured by cash under the Credit Support Annex (CSA). For customer transactions, limits are established based on necessary formal credit-handling procedures where sufficient security is demanded for the limit. For banking counterparties, the counterparty risk associated with changes in market conditions is regulated through CSA agreements. Sparebanken Møre requires the signing of CSA agreements before trading of derivatives against any interbank counterparty. This provides Sparebanken Møre with collateral for any given exposure. The agreements with counterparties define when the collateral shall be transferred between the parties. Sparebanken Møre practices cash collateral against their counterparties. The market value of all derivatives signed between Sparebanken Møre and the counterparty is settled according to the different CSA-agreements. As at 31.12.2025, Sparebanken Møre had provided cash collateral for both non-cleared and cleared derivatives of NOK 581 million (NOK 533 million) and received cash collateral of NOK 616 million (380 million). The subsidiary Møre Boligkreditt AS had received a cash collateral of NOK 826 million (NOK 789 million). GROUP 2025 2024 Nominal value Asset Liability Nominal value Asset Liability Interest rate instruments Interest rate swaps 16 074 253 210 18 705 381 233 Total interest rate instruments 16 074 253 210 18 705 381 233 Foreign exchange instruments Foreign exchange swaps 6 468 445 137 6 561 454 184 FX Forward exchange contracts 10 959 117 49 9 864 151 140 Total foreign exchange instruments 17 427 562 186 16 425 605 324 Hedging instruments Interest rate swaps 4 400 88 49 5 100 44 125 Foreign exchange swaps 5 698 458 35 5 939 363 37 Total hedging instruments 10 098 546 84 11 039 407 162 Total financial derivatives 43 599 1 361 480 46 169 1 393 719 PARENT BANK 2025 2024 Nominal value Asset Liability Nominal value Asset Liability Interest rate instruments Interest rate swaps 16 074 253 271 21 446 381 326 Total interest rate instruments 16 074 253 271 21 446 381 326 Foreign exchange instruments Foreign exchange swaps 6 647 410 508 11 935 418 555 FX Forward exchange contracts 10 959 117 49 9 864 151 140 Total foreign exchange instruments 17 606 527 557 21 799 569 695 Hedging instruments Interest rate swaps 3 400 88 - 3 050 35 59 Foreign exchange swaps - - - - - - Total hedging instruments 3 400 88 - 3 050 35 59 Total financial derivatives 37 080 868 828 46 295 985 1 080 145 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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As at 31.12.2025, the following swaps were used in fair value hedging of interest rate risk. Nominal value is quoted in respective currencies as indicated in the table. The swaps are also included in the table ”Maturity of financial derivatives, nominal value” GROUP - 2025 Currency Up to 1 month 1-3 months 3-12 months 1-5 years Over 5 years Nominal amount NOK 1 275 4 400 Average fixed interest rate 4.40 % 4.16 % Nominal amount EUR 1 625 Average fixed interest rate 2.65 % GROUP - 2024 Currency Up to 1 month 1-3 months 3-12 months 1-5 years Over 5 years Nominal amount NOK 2 550 2 550 Average fixed interest rate 2.71 % 4.41 % Nominal amount EUR 1 555 Average fixed interest rate 2.40 % PARENT BANK - 2025 Currency Up to 1 month 1-3 months 3-12 months 1-5 years Over 5 years Nominal amount NOK 3 400 Average fixed interest rate 5.08 % Nominal amount EUR Average fixed interest rate PARENT BANK - 2024 Currency Up to 1 month 1-3 months 3-12 months 1-5 years Over 5 years Nominal amount NOK 1 500 1 550 Average fixed interest rate 1.28 % 5.49 % Nominal amount EUR Average fixed interest rate Maturity of financial derivatives, nominal value GROUP 2025 2024 Maturity Interest rate and foreign exchange swaps Forward exchange contracts Interest rate and foreign exchange swaps Forward exchange contracts 2025 4 877 8 346 2026 5 063 10 827 5 533 1 412 2027 9 114 115 9 132 99 2028 3 122 15 2 736 5 2029 9 459 2 8 745 2 2030 2 187 1 214 2031 1 480 1 376 2032 758 751 2033 583 1 452 2034 316 323 2035 392 0 2037 166 166 32 640 10 959 36 305 9 864 PARENT BANK 2025 2024 Maturity Interest rate and foreign exchange swaps Forward exchange contracts Interest rate and foreign exchange swaps Forward exchange contracts 2025 3 827 8 346 2026 2 513 10 827 2 787 1 412 2027 8 793 115 11 560 99 2028 1 922 15 1 488 5 2029 6 512 2 8 745 2 2030 2 187 1 214 2031 1 480 1 376 2032 758 751 2033 582 1 452 2034 316 3 065 2035 392 2037 166 166 25 621 10 959 36 431 9 864 146 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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26 Debt securities The debt securities in the parent bank consist of bonds quoted in Norwegian kroner. Møre Boligkreditt AS has issued covered bonds quoted in NOK and EUR. The bank’s loans at floating interest rates are measured at amortised cost. Loans at fixed interest rates are measured by using fair value hedging for changes in fair value due to changes in market rates, with value changes recognised in the income statement. The bank hedges the value of interest rate and FX-risk on an individual basis. There is a clear, direct and documented connection between value changes relating to the hedging instrument and the hedged object. The connection is documented through a test of the hedging effectiveness when entering into the transaction and through the period of the hedging. Hedging gains and losses result in an adjustment of the book value of hedged loans. The hedging adjustments are amortised over the remaining period of the hedging by adjusting the loans’ effective interest rate if the hedging no longer is effective, if hedging is discontinued or by other termination of hedging. By applying this principle, a correct accounting presentation is established, in accordance with the bank’s interest rate and FX management and the actual financial development. Changes in debt securities GROUP Balance at 31.12.24 Issued Overdue/ redeemed Other changes Balance at 31.12.25 Bonds and certificates, nominal value 36 773 10 250 -7 647 39 376 Accrued interests 220 72 292 Value adjustments 1 913 9 1 256 -878 2 300 Total debt securities 38 906 10 259 -6 391 -806 41 968 PARENT BANK Balance at 31.12.24 Issued Overdue/ redeemed Other changes Balance at 31.12.25 Bonds and certificates, nominal value 7 650 4 750 -1 597 10 803 Accrued interests 73 78 151 Value adjustments -40 -485 -4 43 -486 Total debt securities 7 683 4 265 -1 601 121 10 468 Maturity of securities-based debt, nominal value GROUP PARENT BANK NOK Currency Total Maturity NOK Currency Total 7 903 2 550 10 453 2026 1 903 - 1 903 1 900 2 908 4 808 2027 1 900 - 1 900 10 200 201 10 401 2028 3 200 - 3 200 2 050 5 894 7 944 2029 2 050 - 2 050 7 250 - 7 250 2030 1 250 - 1 250 29 303 11 553 40 856 Total 10 303 - 10 303 An overview of contractual non-discounted cash flows is presented in note 14. 147 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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27 Subordinated loan capital and Additional tier 1 capital GROUP AND PARENT BANK ISIN Currency Issue Maturity Terms 31.12.2025 NO0012847815 NOK 22.02.2023 2028 3 mnth NIBOR + 1.75 503 NO0012490012 NOK 06.04.2022 2027 3 mnth NIBOR + 1.60 354 Subordinated loan capital 857 ISIN Currency Issue Maturity Terms 31.12.2025 NO0012526286 NOK 19.05.2022 2027 3 mnth NIBOR + 3.50 400 NO0013177931 NOK 12.03.2024 2029 3 mnth NIBOR + 3.10 350 Additional Tier 1 capital 750 Additional Tier 1 capital NO0012526286 and NO0013177931 are classified as equity in the balance sheet and are included in the Tier 1 capital. Based on the fact that the bank has a unilateral right not to pay interest or principal to investors, they do not qualify as debt according to IAS 32. The interest expense is not presented in the income statement, rather as a reduction of retained earnings. The expense is recognised by payment. Interests totalling NOK 60 million has been paid in 2025 (NOK 63 million). NOK 60 million (NOK 63 million) of the profit after tax in 2025 are allocated to the owners of Additional Tier 1 capital. There is no option to convert the subordinated loan capital/Additional Tier 1 capital to equity certificate capital. The Group had no investments in subordinated loan capital in other enterprises (including credit institutions) at the end of 2025. Securities documents and loan agreements are made available on the bank's website. Changes in subordinated loan capital GROUP AND PARENT BANK Book value 31.12.24 Issued Matured/ redeemed Other changes Book value 31.12.25 Subordinated loan capital, nominal value 850 - - - 850 Accrued interest 7 - - - 7 Value adjustments - - - - - Total subordinated loan capital 857 - - - 857 Changes in Additional Tier 1 capital (classified as equity) GROUP AND PARENT BANK Book value 31.12.24 Issued Matured/ redeemed Other changes Book value 31.12.25 Additional Tier 1 capital, nominal value 750 - - - 750 Accrued interest - - - - - Value adjustments - - - - - Total Additional Tier 1 capital (classified as equity) 750 - - - 750 148 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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28 Deposits from customers Deposits with agreed floating interest rate are measured at amortised cost, deposits with fixed-interest rate and maturity of less than one year are measured at amortised cost and fixed-interest rate deposits with maturity in excess of one year are measured at fair value and hedged by interest rate swaps. For more information about classification and measurement, see note 22. GROUP Deposits from customers PARENT BANK 31.12.2024 31.12.2025 Sector/industry 31.12.2025 31.12.2024 332 336 Agriculture and forestry 336 332 1 727 2 013 Fisheries 2 013 1 727 3 820 3 992 Manufacturing 3 992 3 820 861 1 120 Building and construction 1 120 861 1 196 1 336 Wholesale and retail trade, hotels 1 336 1 196 2 690 4 748 Property management 5 065 2 840 6 111 5 051 Transport and private/public services 5 051 6 111 251 227 Public entities 227 251 2 413 3 016 Other 3 016 2 412 19 401 21 839 Total corporate/public entities 22 156 19 550 30 149 31 496 Retail customers 31 496 30 149 49 550 53 335 Total deposits from customers 53 652 49 699 149 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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29 Subsidaries Transactions involving subsidiaries These are transactions between the parent bank and wholly owned subsidiaries made at arm’s length and at agreed prices. Settlement of financing costs and -income between the different seg- ments is done on an ongoing basis using the parent bank’s funding cost. The internal rate of interest for this is defined as the effective 3-month NIBOR + a funding supplement for long-term financing (5.28 per cent in 2025 and 5.62 per cent in 2024). Rent is allocated according to the floor space used for each segment, based on the same principles and the same prices as those applicable to the parent bank, at market rent. Other services (office supplies, IT-equipment etc.) are bought by the segment involved from the parent bank at the same price as the parent bank obtains from external suppliers. There are transactions between Sparebanken Møre and Møre Bolig- kreditt AS related to the transfer of loan portfolios to Møre Boligkreditt AS, interest rate and currency hedging agreements entered into under the ISDA regulations and associated margining agreements, as well as Sparebanken Møre providing credits to the mortgage company. The economic conditions for the transfer of loans from Sparebanken Møre are market value. If mortgages with fixed interest rates are purchased, the price will be adjusted for premium/discount. Sparebanken Møre is responsible for ensuring that loans transferred to Møre Boligkreditt AS are properly established and in accordance with the requirements set forth in the agreement between the mortgage company and the parent bank. In case of violation of these require- ments, the bank will be liable for any losses that the mortgage com- pany would experience as a result of the error. Sparebanken Møre and Møre Boligkreditt AS have formalised settlement of interest for trans- action days from the date of transfer of the portfolio of loans to the date of settlement of the consideration. In addition to paid-in equity in the form of cash deposits from Spare- banken Møre of NOK 2.15 billion pr 31.12.2025, Møre Boligkreditt AS has a credit facility in Sparebanken Møre with an allocated limit of NOK 5 billion. The pricing of services provided to Møre Boligkreditt AS from Spare- banken Møre distinguishes between fixed and variable costs for the mortgage company. Fixed costs are defined as costs which the mort- gage company must bear, regardless of the activity related to the is- suance of covered bonds, acquisition of portfolio etc. Variable costs are defined as costs related to the size of the portfolio acquired from Sparebanken Møre, and the work that must be exercised by the bank`s staff to provide adequate services given the number of customers in the portfolio. GROUP STRUCTURE Parent bank Home country Core operations Sparebanken Møre Norway Banking Ownerhship in credit institutions Company Home country Core operations Ownership share Voting share Book value 2025 Book value 2024 Møre Boligkreditt AS Norway Funding 100 % 100 % 2 150 1 650 Ownership in other subsidiaries Company Home country Core operations Ownership share Voting share Book value 2025 Book value 2024 Møre Eiendomsmegling AS Norway Real estate brokerage 100 % 100 % 9 9 Sparebankeiendom AS Norway Real estate management 100 % 100 % 428 9 Storgata 41-45 Molde AS Norway Real estate management 100 % 100 % 35 3 Total ownership in other subsidiaries 472 21 Total ownership in subsidiaries 2 622 1 671 1) Storgata 41-45 Molde AS was demerged from Sparebankeiendom AS with effect from 1 January 2022 The most important transactions that have been eliminated in the Group accounts are as follows: PARENT BANK 2025 2024 Statement of income Net interest and credit commission income from subsidiaries 183 131 Received dividend from subsidiaries 169 132 Administration fee received from Møre Boligkreditt AS 55 50 Rent paid to Sparebankeiendom AS and Storgata 41-45 Molde AS 9 15 Balance sheet as at 31.12. Claims on subsidiaries 4 712 4 513 Covered bonds 0 281 Liabilities to subsidiaries 1 189 2 061 Intragroup right-of-use of properties in Sparebankeiendom AS and Storgata 41-45 Molde AS 12 59 Intragroup hedging 432 465 Accumulated loan portfolio transferred to Møre Boligkreditt AS 37 590 35 751 150 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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30 Other liabilities GROUP PARENT BANK 31.12.2024 31.12.2025 31.12.2025 31.12.2024 101 113 Incurred costs and prepaid income 107 96 11 11 Provisions against guarantee liabilities 11 11 373 394 Gift funds (concluded, not paid) 394 373 63 64 Lease liability 77 124 150 63 Accounts payable 13 18 65 62 Other liabilities 60 64 763 707 Total other liabilities 662 686 Rental of business premises The bank rents 25 of its business premises from external lessors, as well as 2 from the bank’s wholly owned real estate management companies, Sparebankeiendom AS and Storgata 41-45 Molde AS. Please see note 31 for further information about the business premises. PARENT BANK 2025 2024 Rent paid to: Sparebankeiendom AS and Storgata 41-45 Molde AS 9 18 Other external lessors 26 16 Duration of rental agreements Rental agreements with external lessors are mainly of 5-years duration (some of 1 and 2 year) with a mutual 12 months’ notice period and at market prices. Rental agreements with the subsidiaries Sparebankeiendom AS and Storgata 41-45 Molde AS have a 5-year duration. Rent is at market price. Rental agreements according to IFRS 16 The Group implemented IFRS 16 Leases in 2019. The standard requires lessees to recognise assets and liabilities for most leases. The standard affects the Group's accounting for lease of property. The Group has taken advantage of the opportunity not to capitalise leases related to low- value assets and/or short-term assets (less than 1 year). These include, for example, office machines and coffee makers. The discount rate used is equivalent to the bank’s marginal loan rate. Right-of-use assets are recorded under “Fixed assets” in the balance sheet, while the related lease liabilities are recorded under “Other liabilities”. Right-of-use assets according to IFRS 16 GROUP PARENT BANK 2024 2025 2025 2024 46 61 Right-of-use assets OB 120 116 7 15 Adjustments -23 11 28 9 Additions 10 28 3 0 Disposals 0 3 17 24 Depreciations 33 32 61 62 Right-of-use assets CB 74 120 Lease liability according to IFRS 16 GROUP PARENT BANK 2024 2025 2025 2024 47 63 Lease liability OB 124 119 8 15 Adjustments -25 11 28 9 Additions 10 28 3 0 Disposals 0 3 18 26 Lease payments 36 34 2 3 Interests 3 3 63 64 Lease liabilities CB 77 124 Maturity analysis, undiscounted cash flow PARENT BANK 2025 2024 Less than 1 år 30 37 1-2 years 19 34 2-3 years 13 27 3-4 years 6 23 4-5 years 4 5 More than 5 years 10 8 Total undiscounted cash flow 83 134 Other significant agreements The Group has outsourced most of the operations within the IT-area. Sparebanken Møre has an agreement with TietoEVRY, for delivery of the bank`s IT services. Sparebanken Møre continues the cooperation of a complete range of banking solutions and operating services from TietoEVRY. TietoEVRY delivers solutions that support key banking services such as deposits, financing, card and payment processing, accounting and reporting, message distribution and customer interaction services, self-service channels and solutions for branch offices. In addition, TietoEVRY delivers operation of all banking systems and infrastructure. 151 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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31 Fixed assets Fixed assets are valued at historical cost, including direct attributable cost, less accumulated depreciation and impairment. Depreciation is calculated by applying the straight-line method over the following time profile: Fixed assets Time profile depreciation Building plots and sites No depreciaton Holiday properties No depreciaton Buildings 50 years Technical installations 10 years Fixtures and fittings 8-10 years Cars 5 years Office machines 5 years IT-equipment 3-5 years Buildings and plots are fully owned by the bank’s two subsidiaries, Sparebankeiendom AS and Storgata 41-45 Molde AS. The buildings are intended for own use relating to the operations of the bank and are therefore not defined as investment properties. The buildings are also including holiday properties used by the employees. The buildings related to the operations of the bank are located in the Group’s geographical home market, Nordvestlandet. The aggregate floor space is about 7.800 square meters. Only smaller parts of the premises are vacant, and there are only commercial premises in the buildings. Renovation work is currently in progress at the bank’s head office in the centre of Ålesund, owned by Sparebankeiendom AS. As a result, there is no operational activity in the building during the renovation period. Costs related to the renovation are capitalised on an ongoing basis, and depreciation will commence upon re occupation of the building. The buildings are recognised in the accounts at historical cost less accumulated depreciation and impairment. There is no evidence of impairment of the Group`s buildings. GROUP 31.12.2025 Total Buildings, incl. tech.install., building plots/holiday cabins Cars/IT/office machines Fixtures and fittings Acquisition cost as at 01.01 427 311 40 76 Additions 121 116 4 1 Disposals -9 -9 0 0 Acquisition cost as at 31.12 557 437 44 77 Accumulated depreciation and impairment as at 01.01 268 167 33 68 Depreciation during the year 11 5 3 3 Impairment during the year 0 0 0 0 Disposals 0 0 0 0 Accumulated depreciation and impairment as at 31.12 279 172 36 71 Carrying amount as at 31.12 278 265 7 6 Straight-line depreciation period (years) 10-50 3-5 8-10 Fully depreciated fixed assets in use (acquisition cost) 138 52 27 58 152 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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GROUP 31.12.2024 Total Buildings, incl. tech.install., building plots/holiday cabins Cars/IT/office machines Fixtures and fittings Acquisition cost as at 01.01 415 303 38 74 Additions 12 8 2 2 Disposals -1 0 -1 0 Acquisition cost as at 31.12 427 311 41 76 Accumulated depreciation and impairment as at 01.01 256 159 30 64 Depreciation during the year 13 7 2 3 Impairment during the year 0 0 0 0 Disposals 1 0 1 0 Accumulated depreciation and impairment as at 31.12 267 167 33 68 Carrying amount as at 31.12 160 144 8 8 Straight-line depreciation period (years) 10-50 3-5 8-10 Fully depreciated fixed assets in use (acquisition cost) 138 52 27 58 PARENT BANK 31.12.2025 Total Buildings, incl. tech.install., building plots/holiday cabins Cars/IT/office machines Fixtures and fittings Acquisition cost as at 01.01 174 60 39 75 Additions 8 3 4 1 Disposals 0 0 0 0 Acquisition cost as at 31.12 181 63 43 75 Accumulated depreciation and impairment as at 01.01 136 36 33 67 Depreciation during the year 10 4 3 3 Impairment during the year 0 0 0 0 Disposals 0 0 0 0 Accumulated depreciation and impairment as at 31.12 146 41 36 70 Carrying amount as at 31.12 34 22 7 6 Straight-line depreciation period (years) 10-50 3-5 8-10 Fully depreciated fixed assets in use (acquisition cost) 95 10 27 57 PARENT BANK 31.12.2024 Total Buildings, incl. tech.install., building plots/holiday cabins Cars/IT/office machines Fixtures and fittings Acquisition cost as at 01.01 164 53 38 73 Additions 10 7 2 2 Disposals -1 0 -1 0 Acquisition cost as at 31.12 175 60 40 74 Accumulated depreciation and impairment as at 01.01 126 32 31 63 Depreciation during the year 9 4 2 3 Impairment during the year 0 0 0 0 Disposals 1 0 1 0 Accumulated depreciation and impairment as at 31.12 136 36 32 65 Carrying amount as at 31.12 39 24 7 8 Straight-line depreciation period (years) 10-50 3-5 8-10 Fully depreciated fixed assets in use (acquisition cost) 95 10 27 57 153 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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32 Intangible assets Intangible assets consist of capitalised costs relating to the acquisition of software, licenses etc. Capitalised intangible assets are carried at cost, reduced by any depreciation and impairment. Intangible assets are depreciated on a straight-line basis over estimated useful life. Estimated useful life is normally 5 years. Purchased software is capitalised at acquisition cost plus the costs incurred in order to prepare the software for use. Impairment assessments are conducted annually. Expenses relating to the maintenance of software and IT-systems are expensed on an ongoing basis. GROUP PARENT BANK 2024 2025 (NOK million) 2025 2024 255 282 Acquisition cost as at 01.01 279 253 26 34 Additions 34 26 0 0 Disposals 0 0 281 316 Acquisition cost as at 31.12 313 279 196 221 Accumulated depreciation and impairment as at 01.01 220 195 25 24 Depreciations 23 25 0 0 Impairments 0 0 0 0 Disposals 0 0 221 245 Accumulated depreciation and impairment as at 31.12 243 220 59 61 Carrying amount as at 01.01 60 58 61 71 Carrying amount as at 31.12 71 60 20 20 Straight-line depreciation rates in per cent 20 20 5 5 Economic life – number of years 5 5 33 Other assets In connection with the legal recovery of non-performing loans and guarantees, the bank in some cases repossesses assets which have been provided as security for such commitments. Such assets are assessed at their estimated realisation value at the time of repossession. Any deviation from the carrying amount of the non-performing or impaired commitment at the time of acquisition, is classified as impairment on loans. Repossessed assets amount to NOK 12 million (NOK 5 million in 2024). This consists of properties of NOK 8 million (NOK 1 million) and plots of NOK 4 million (NOK 4 million). These properties have mainly been acquired/repossessed as part of the bank’s realisation of collateral security. Sparebanken Møre does not wish to remain the owner of repossessed properties. If an acceptable price is not obtained, effort is made to rent out the properties. Capital contributions to Sparebanken Møre’s Pension Fund are not included as part of the pension funds in the defined benefit scheme. This is equity that Sparebanken Møre as a sponsor has provided to satisfy the Pension Fund’s financial strength requirements. GROUP PARENT BANK 31.12.2024 31.12.2025 (NOK million) 31.12.2025 31.12.2024 5 12 Repossessed assets 12 5 139 139 Paid-in equity in Sparebanken Møre`s Pension Fund 139 139 70 43 Other receivables 43 61 214 194 Total other assets 194 205 154 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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34 ECs and ownership structure The earnings per equity certificate (EC) is calculated as the ratio between the year’s profit attributable to the owners of equity certificates according to the EC fraction in the parent company, and the number of issued ECs at year-end, adjusted for any issues that do not entitle to full dividend. The diluted earnings per EC is no different to the earnings per EC. GROUP 2025 2024 Earnings per EC (NOK) 1) 9.57 9.95 Diluted earnings per EC (NOK) 9.57 9.95 EC-holders' share of the profit: Profit 970 1 023 EC-holders' share of the profit according to the EC-fraction 2) 476 495 Weighted number of ECs - the bank's own portfolio 245 400 223 112 Number of own ECs as at 31.12 231 141 259 658 Number of own ECs as at 01.01 259 658 186 565 Nominal value per equity certificate (NOK) 20 20 Weighted average of outstanding ECs 49 550 121 49 392 034 Number of outstanding ECs as at 31.12 *) 49 564 379 49 535 862 Number of outstanding ECs as at 01.01 49 535 862 49 248 205 Weighted average number of ECs issued 49 795 520 49 615 145 Number of ECs as at 31.12 *) 49 795 520 49 795 520 Number of ECs as at 01.01 49 795 520 49 434 770 *) After the convertion of equity certificates to the foundation Sparebankstiftelsen Sparebanken Møre, the number of equity certificates increased from 49,434,770 to 49,795,520 1) Earnings per Equity Certificate (EC) is calculated as the EC holders’ proportion of the result divided by the number of issued ECs at year-end, adjusted for any issues that are not entitled to full dividend. 2) The EC ratio has been computed based on figures for the parent bank which provide the basis for allocation of profit to the EC holders. The ratio is calculated as the sum of the EC capital, the share premium fund and the dividend equalisa- tion fund, divided by the parent bank’s total equity excluding Additional Tier 1 capital and proposed dividend- and gift funds (other equity). The EC ratio was 49.1 per cent at the end of the year (49.1 per cent). Equity Certificates (ECs) At the end of 2025, Sparebanken Møre’s EC capital totalled NOK 996 million, consisting of 49,795,520 equity certificates, each with a nominal value of NOK 20. In addition to this, the EC holders’ capital consists of the dividend equalisation fund, amounting to NOK 2,421 milli- on and the share premium fund, totalling NOK 380 million. According to the bank’s by-laws, there are no limitations with regards to voting rights. Furthermore, no rights/options exist that may result in the issuance of new ECs. Own Equity Certificates Nominal value of own ECs is shown in the balance sheet separately, as a reduction to issued ECs. Purchase price in excess of nominal value is posted against the primary capital fund and the dividend equalisation fund in accordance with historically adopted distribution. Los- ses and gains from transactions involving own ECs are posted directly against the primary capital fund and the dividend equalisation fund according to their mutual relationship. Costs relating to equity transactions Transaction costs relating to an equity transaction are posted directly against equity. Dividend policy Sparebanken Møre aims to achieve financial results providing a good and stable return on the bank’s equity. The results shall ensure that the owners of the equity receive a competitive long-term return in the form of dividends and capital appreciation on their equity. Dividends consist of cash dividends to equity certificate holders and dividend funds for the local community. The share of profits allocated to dividends is adapted to the bank’s capital strength. Unless solvency indicates otherwise, the aim is that about 50 per cent of the year’s profit can be distributed as dividends. Sparebanken Møres allocation of earnings shall ensure that all equity owners are guaranteed equal treatment. There are no special agreements between the bank and its owners. The Board of Directors cannot refuse purchase or sale of ECs unless this is covered by the stipulations contained in the Companies Act. Classification of dividends Dividends on ECs and dividend funds for the local community are classified as other equity until the Board of Directors’ proposal has been agreed by the bank’s annual General Meeting. Information about own equity certificates Date Purchase Sale Price Own portfolio Share of EC capital Remarks 01.01.2025 259 658 0.52 % Opening balance (of which 50,000 ECs allocated to market maker agreement) 19.02.2025 82 382 101.50 177 276 0.36 % Transferred to employees in connection with the remuneration scheme 11.03.2025 1 189 97.50 176 087 0.35 % Bonus to the CEO 17.03.2025 4 346 103.50 171 741 0.34 % Bonuses for senior executives 31.10.2025 - 21.11.2025 59 400 101.28 231 141 0.46 % Buyback program 1-2025, to the remuneration scheme 31.12.2025 231 141 0.46 % Closing balance (of which 50,000 ECs allocated to market maker agreement) OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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EC holders' share of the profit Earnings per equity certificate (EC) is calculated as the EC holders' proportion of the profit divided by the number of issued ECs at year-end, adjusted for any issues during the year, not entitled to full dividend. The EC holders' proportion of the profit corresponds to the EC capital's, the dividend equalisation fund’s and the share premium fund's proportion of the bank's total equity, excluding Additional Tier 1 capital and proposed dividend- and gift funds (other equity), at the beginning of the year. If the EC capital is expanded during the year in the form of an offering, a time-weighted proportion of the increase is included from and including the payment date. EC capital Sparebanken Møre’s EC capital totals NOK 995,910,400, consisting of 49,795,520 certifi- cates, each with nominal value of NOK 20. The EC capital was raised through the following transactions: Year Issue Changes in EC capital Total EC capital Number of ECs 1988 Public issue 100.0 100.0 1 000 000 1993 Public issue 100.0 200.0 2 000 000 1994 Public issue 150.0 350.0 3 500 000 1996 Public issue 100.0 450.0 4 500 000 1996 Issue, the bank's staff 1.7 451.7 4 516 604 1998 Public issue 100.0 551.7 5 516 604 1998 Issue, the bank's staff 0.9 552.6 5 526 154 2008 Dividend issue 42.3 594.9 5 949 153 2009 Rights issue 58.5 653.4 6 534 264 2010 Scrip issue 130.7 784.1 7 841 116 2013 Rights issue 148.6 932.7 9 327 603 2013 Repair issue 54.1 986.8 9 868 144 2013 Issue, the bank's staff 1.9 988.7 9 886 954 2022 Split *) 0.0 988.7 49 434 770 2024 Conversion of ECs to the foundation Sparebankstiftelsen Sparebanken Møre 7.2 995.9 49 795 520 The 20 largest EC holders in Sparebanken Møre as at 31.12.25 (grouped) Number of ECs Share of EC capital in % Sparebankstiftelsen Tingvoll 4 838 376 9.72 Verdipapirfondet Eika egenkapital 3 862 238 7.76 Spesialfondet Borea utbytte 2 359 089 4.74 Wenaasgruppen AS 2 200 000 4.42 Kommunal Landspensjonskasse 1 692 107 3.40 MP Pensjon 1 672 018 3.36 Verdipapirfond Pareto Aksje Norge 1 486 742 2.99 Wenaas EFTF AS 800 000 1.61 Beka Holding AS 750 500 1.51 J.P . Morgan SE (nominee) 659 187 1.32 Lapas AS 641 490 1.29 BKK Pensjonskasse 507 600 1.02 Forsvarets personellservice 461 000 0.93 Sparebankstiftelsen Sparebanken Møre 360 750 0.72 Hjellegjerde Invest AS 300 000 0.60 U Aandahls Eftf AS 250 000 0.50 Sparebanken Møre*) 231 141 0.46 PIBCO AS 229 500 0.46 Borea Nordisk Utbytte Verdipapirfond 204 406 0.41 Borghild Hanna Møller 201 438 0.40 Total 20 largest EC holders 23 707 582 47.61 Total 49 795 520 100.00 *) hereof 50,000 ECs loaned to Arctic according to market making-agreement The share of equity certificates held by foreign nationals was 4.0 per cent at the end of 2025. 156 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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Key financial figures (Parent bank) 2025 2024 2023 2022 2021 Price at OSE 117.00 97.00 84.00 84.41 444.00 Number of ECs issued *) 49 795 520 49 795 520 49 434 770 49 434 770 9 886 954 EC capital (NOK mill.) 995.90 995.90 988.70 988.70 988.70 EC percentage (annual average) 49.1 48.4 49.7 49.7 49.7 EC percentage 31.12 49.1 49.1 49.7 49.7 49.7 Dividend per EC, in NOK *) 7.00 6.25 7.50 4.00 16.00 Dividend per EC, in NOK as a % of price at OSE 31.12 6.0 6.4 8.9 4.7 3.6 Effective return (%) 2) 27.1 24.4 4.3 -1.3 54.6 Dividend in % of EC-owners share of profit 75.5 75.6 72.6 47.2 51.6 Profit per EC, in NOK *) 9.28 9.55 10.34 8.48 30.98 Book value per EC, in NOK 1) *) 85.1 81.5 80.7 74.8 350 P/E 3) 12.2 9.8 8.3 11.3 14.3 P/BV 1) 1.38 1.19 1.04 1.13 1.27 *) The figures for 2022 are calculated based on the split(1:5) dated 1 April 2022, where the number of equity certificates increased from 9,886,954 to 49,434,770. 1) Group figures, incl. proposed dividend 2) Calculated as the total of this year’s change in stock price and dividend paid this year, divided by the stock price at the end of previous year. 3) Calculated based on the Group’s profit. Number of ECs EC capital Share premium 2025 2024 2025 2024 2025 2024 Change in ECs and share premium: Ordinary ECs as at 01.01 49 795 520 49 434 770 996 989 379 359 Changes 0 360 750 0 7 1 20 Ordinary ECs as at 31.12 *) 49 795 520 49 795 520 996 996 380 379 Bank's own ECs: Own ECs as at 01.01 259 658 186 565 5 4 Changes -28 517 73 093 0 1 Own ECs as at 31.12 *) 231 141 259 658 5 5 *) After the conversion of equity certificates to the foundation Sparebankstiftelsen Sparebanken Møre, the number of equity certificates increased from 49,434,770 to 49,795,520 Distributed and proposed dividend Total amount (NOK thousand) Dividend paid on ECs NOK 13.50 per EC in 2021 133 474 NOK 16.00 per EC in 2022 158 191 NOK 4.00 per EC in 2023 197 739 NOK 7.50 per EC in 2024 370 761 NOK 6.25 per EC in 2025 311 222 Proposed dividend NOK 16.00 per EC in 2021 158 191 NOK 4.00 per EC in 2022*) 197 739 NOK 7.50 per EC in 2023 370 761 NOK 6.25 per EC in 2024 311 222 NOK 7.00 per EC in 2025 348 569 *) After the split dated 1 April 2022, the number of equity certificates (ECs) increased from 9,886,954 to 49,434,770, i.e. 1 EC before the split equals 5 ECs after the split. 157 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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35 Transactions with related parties Sparebanken Møre has not paid remuneration for work other than the directorship to Board members in 2025. Board member Birgit Midtbust is employed as a senior lawyer in the law firm Schjødt AS, branch Ålesund. The law firm Schjødt AS has invoiced Sparebanken Møre for legal services in 2025, totalling NOK 837,390 (of this, NOK 812,733 has been recharged to customers who, according to loan agreements, must cover costs of legal assistance in preparing loan documentation). The transactions were entered into on ordinary market terms as if they had been carried out between independent parties. For further information on transactions between the parent bank and subsidiaries, see note 29. For information on remuneration to executive management and elected representatives, see note 18. 36 Events after the reporting period No events have occurred after the reporting date that will materially affect the figures presented as at 31 December 2025. Statement pursuant to section 5-5 of the securities trading act We hereby confirm that the Group’s and the bank’s annual financial statements for the period 1 January to 31 December 2025, to the best of our knowledge, have been prepared in accordance with applicable accounting standards and that the information in the financial statements provides a true and fair view of the Group’s and the bank’s assets, liabilities, financial position and results as a whole. We also hereby declare that the annual report provides a true and fair view of the financial performance and position of the Group and the bank, as well as a description of the principal risks and uncertainties facing the Group and the bank. Ålesund, 11 March 2026 THE BOARD OF DIRECTORS OF SPAREBANKEN MØRE Roy Reite CHAIR Kåre Øyvind Vassdal DEPUTY CHAIR Jill Aasen Anne Jorunn Vatne Marie Rekdal Hide Bjørn Følstad Terje Bøe Birgit Midtbust Trond Lars Nydal CEO 158 Sparebanken Møre Annual report 2025 Notes Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes GENERAL INFORMATION 94 1 Accounting principles 96 2 Risk management 103 3 Capital adequacy 105 4 Operating segments CREDIT RISK 107 5 Loans by sector 108 6 Commitments broken down into geographical areas 109 7 Commitments broken down into risk classes 111 8 Commitments broken down into level of security 112 9 Losses on loans and guarantees 122 10 Credit-impaired commitments MARKET RISK 124 11 Market risk 124 12 Interest rate risk 125 13 Foreign exchange risk LIQUIDITY RISK 127 14 Liquidity risk STATEMENT OF INCOME 129 15 Net interest income 130 16 Net commissions and other income 131 17 Net gains and losses from financial instruments 132 18 Salaries 134 19 Operating expenses excl. personnel expenses 135 20 Pensions 137 21 Taxes BALANCE SHEET 139 22 Classification of financial instruments 141 23 Financial instruments at amortised cost 142 24 Financial instruments at fair value 145 25 Financial derivatives 147 26 Debt securities 148 27 Subordinated loan capital and Additional tier 1 capital 149 28 Deposits from customers 150 29 Subsidaries 151 30 Other liabilities 152 31 Fixed assets 154 32 Intangible assets 154 33 Other assets OTHER INFORMATION TO THE FINANCIAL STATEMENTS 155 34 ECs and ownership structure 158 35 Transactions with related parties 158 36 Events after the reporting period 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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Appendices Transparency Act Statement This statement covers the 2025 financial year. 1. Background The Transparency Act came into force on 01.07.22. It is designed to mitigate the risk of human rights violations and ensure decent working conditions in one’s own operations, in value chains and at one’s partners. The Act is also intended to ensure access to information. All businesses covered by the Act are required to conduct due diligence and report on it on an annual basis. 2. About Sparebanken Møre [and subsidiaries] The objective of Sparebanken Møre is to perform transactions and services that are normal or natural for a savings bank to perform, and that comply with the applicable legislative framework and licences that have been granted. Sparebanken Møre can also perform investment services and associated services in accordance with the provisions of the Norwegian Securities Trading Act. The Group is a full-service provider of financial products and services within the areas of financing, deposits and other forms of invest- ments, payment transfers, financial advisory services, asset management, insurance, and real estate broker- age. Sparebanken Møre has local branches spread across Møre og Romsdal, as well as a branch in Oslo. The Board of Sparebanken Møre ensures that the Group carries out a comprehensive strategy process every year that defines its objectives, strategies and risk profile. The Board has also adopted a series of different strategies and governing documents that are designed to provide a basis for good and effective internal risk management. The Board has adopted an overarching sustainability strategy for Sparebanken Møre that provides a basis for both strategic decisions and ongoing operational work. Sparebanken Møre consists of the parent company and four subsidiaries, all of which are wholly owned by Sparebanken Møre. Møre Eiendomsmegling pro- vides real estate brokerage services, primarily within the purchase and sale of residential properties. Møre Boligkreditt’s purpose is to acquire loans with security in homes from Sparebanken Møre and finance these through the issue of covered bonds (OmF). Spare- bankeiendom AS and Storgata 41-45 Molde AS own and manage the bank’s building stock. Møre Eiendoms- megling AS Møre Boligkreditt AS Storgata 41-45 Molde AS Sparebank- eiendom AS Appendices 159 Sparebanken Møre Annual report 2025 Appendices Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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Møre Boligkreditt has an independent obligation to publish a statement in line with the Transparency Act. Møre Boligkreditt has no employees of its own, but has hired a general manager from Sparebanken Møre. Since its inception, the company has purchased administrative functions and services from Spare- banken Møre, including services related to the admin- istration of the residential mortgage portfolio, account- ing and invoicing services, regulatory reporting, control functions, finance and liquidity management services, etc. In addition, Sparebanken Møre performs tasks and services within the area of ICT, including general IT services such as infrastructure, networks, communi- cation and security solutions, ICT solution operation, maintenance and management and the procurement of hardware and software, etc. This means that the supply chain in these areas largely matches Spare- banken Møre’s supply chain. The strategy and guide- lines described above also apply to Møre Boligkreditt. In this report, we describe Sparebanken Møre’s opera- tions and its supply chain, the bank’s approach to due diligence and what activities have been implemented in the bank, including a description of the surveying and risk assessments that have been conducted. Finally, we will explain Sparebanken Møre’s future work on the Transparency Act. WHISTLEBLOWING CHANNEL Internal whistleblowing channel Sparebanken Møre’s whistleblowing procedures are designed to facilitate safe and secure whistleblowing. In addition to internal whistleblowing report recipients, an external whistleblowing reception centre has been established through an agreement with a law firm. Employees have gone through whistleblowing proce- dures by e-learning courses. Whistleblowing channel for the value chain Sparebanken Møre has established a channel for, and procedures for receiving, complaints and notifica- tions from customers and other external stakeholders. A written description of the procedures is available on the bank’s website. Enquiries are answered in a written document and include all questions received. Customers and other interested parties may submit their request in writing, via our websites or on paper to a physical branch, or by telephone to their contact person or customer service. Anyone who has filed a complaint, claim or notification shall receive a response within 15 days. It is the bank’s Compliance Officer, with the bank’s internal lawyer if applicable, who makes the first assessment of the complaint and further allocation of responsibilities and processing. Incoming cases are reported quarterly to the bank’s Board of Directors and management, as well as annu- ally to the Financial Supervisory Authority of Norway. The bank itself has an annual review of incoming complaints, claims and notifications to uncover any systematic reasons that must be addressed internally within the bank. 3. Our due diligence work The due diligence principle is incorporated into Spare- banken Møre’s work, and the table below lists key elements of the bank’s due diligence. Our due diligence concerning the impact on people and the environ- ment is described in the bank’s sustainability report, and further information about this work can be found in the bank’s annual report, which supplements this statement. Key elements of due diligence Incorporating due diligence into governance, strategy and the business model Collaborating with affected stakeholders in all key due diligence steps Identifying and assessing negative impacts Implementing measures to address negative impacts Monitoring of the effectiveness of the measures and communication The overarching governing document is the bank’s Internal Corporate Governance, which sets out the rules for Sparebanken Møre’s conduct. The Code of Conduct and CSR Policy describe the responsibilities, implementation and follow-up of due diligence at three levels: • In our own operations • With customers and suppliers • In the society we are part of the Code of Conduct and CSR Policy provide guidance on how we should act and handle situations involving ethical considerations, human rights, labour rights, equality, social conditions, the external environment and combating money launder- ing and corruption. Sparebanken Møre shall conduct risk-based due dili- gence in line with applicable regulations and the OECD Guidelines for Multinational Enterprises. As part of the assessment, the bank must implement, follow up and communicate any measures designed to stop, prevent or minimise negative impacts. The figure below illus- trates the bank’s value chain: 160 Sparebanken Møre Annual report 2025 Appendices Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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Downstream Business • Small, medium-sized and large companies • Entrepreneurs Retail customers • Mortgages and other financing for private households Local communities • Sponsorships and community dividends for initiatives in our region Ownership • Ownership interests in product companies Own operations Own workforce • Attractive workplace with competent employees Properties • Own, lease, operate, and maintain your own premises Products and services • Real estate brokerage • Securities, funds and insurance brokerage • Loans and financing • Savings, investments and deposits • Payment solutions • Advisory services Upstream Suppliers and partners • Service providers • Product company • Fund providers II services Resources • Electricity, water, waste disposal • Office supplies and other purchased goods • ICT equipment Investors and finance • Funding • Equity • Deposits The figure shows a simplified overview of Sparebanken Møre’s value chain: 161 Sparebanken Møre Annual report 2025 Appendices Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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Due diligence in the upstream value chain: We have worked to further strengthen the integration of due diligence into the bank’s already well-established supplier monitoring. Good management systems are necessary for success and due diligence must be an integral part of daily operations The bank has a management system that meets the requirements of the Transparency Act for the bank’s suppliers and partners through the following documents and guidelines: • Criteria for selection and assessment of partners (Partner Strategy) • Guidelines for Sustainability at the supplier level • Procedure for Disclosure Requirement – Transparency Act • ICT management system with supplier follow-up procedure • Procedure for follow-up of suppliers and associated agreements Due diligence in own operations: In Sparebanken Møre’s ‘Guidelines for Equality, Diversity and Anti-Discrimination’, we have committed to ensuring that we work proactively to promote diversity, equality and inclusion, and operate in accordance with the applicable regulations and legislation that address equality, diversity and non-discrimination. This includes recognised standards for corporate social responsibility and binding national and international agreements and conventions, including the UN Universal Declaration of Human Rights, ILO Conventions and the UN Sustainable Development Goals. It is expected that the bank and all its stakeholders have zero tolerance against all forms of discrimination, and that they are not involved in human trafficking, forced labour, child labour or any other involuntary labour under any circumstances. We strive for diversity, equality and inclusion and work to combat harassment and all forms of discrimination, including discrimination on the basis of gender, pregnancy, leave of absence for birth or adoption, care responsibilities, ethnicity, religion, beliefs, disability, sexual orientation, gender identity and expression, and combinations of these areas. A more detailed description of the Group’s internal work can be found in Chapter S1 Own Workforce in Sparebanken Møre’s annual report. Due diligence in the downstream value chain: The bank has a number of governing documents for due diligence in our credit, investment and social activities. Good credit ratings and good advice are top priorities and benefit both customers and the bank. Due diligence is also carried out for all new customer relationships in line with the appli- cable requirements for compliance with internal guidelines and the Act relating to Measures to Combat Money Launder- ing and Terrorist Financing (Anti-Money Laundering Act). Assessing money laundering risk is also an integral part of the bank’s credit granting processes. Sparebanken Møre’s overarching sustainability strategy and guidelines for responsible investment are intended to ensure that the bank, through its own investments and securities activities, does not contribute to violations of human and labour rights, corruption, terrorist financing, tax evasion, serious environmental harm or other unethical actions. Our portfolios will not invest in companies involved in the develop- ment, testing, production, storage or transport of controver- sial weapons, or the production of components exclusively intended for controversial weapons. This includes landmines, cluster munitions, nuclear weapons or biological and chemical weapons. Nor will we invest in companies involved in pornog- raphy, alcohol or tobacco. We also strive to exclude companies that take unacceptable risks related to, for example, human rights violations, serious environmental harm, corruption and other violations of fundamental ethical norms. Companies on the Government Pension Fund Global’s exclusion list following a decision by the Executive Board of Norges Bank will not be part of the portfolio managed by Sparebanken Møre. We expect our fund providers to exclude companies that are not compatible with the requirements for sustainability, corporate governance, human rights and transparency. The bank’s fund providers must submit an annual ESG report detailing the work that has been carried out. If any of the funds offered are in breach of the bank’s guidelines, this must be disclosed in the ESG report. 162 Sparebanken Møre Annual report 2025 Appendices Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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4. Surveying and risk assessments of our supply chain The bank complies with the following process for conducting due diligence based on OECD guidelines. The process must be carried out both as part of the periodic supplier follow-up of individual suppliers in addition to conducting an assessment of selected parts of the supplier portfolio annually. Supplier assessments are conducted by the contract manager, and annual reviews are conducted by the Product and Service Development Department as part of producing the annual report in line with the Transparency Act. The process is illustrated as follows: Overarching risk assessment Obtain more information Document reason for low risk Document reason for low risk Plan actions in line with risk and supplier Take action Follow up the impact of action Document action and learning process Risk? Risk? YES YES NO NO Overall risk is assessed based on the following criteria: • nature of the business, product type/service (based on DFØ’s high-risk product list) • type of agreement (ongoing/one-time purchase) and scope of agreement/purchase • geography of suppliers and subcontractors (based on countries on Freedom House’s list) • known cases of negative impacts (corruption, non- compliance and social dumping) • whether they have published strategies or policy documents related to the Transparency Act and management of working conditions and human rights If suppliers themselves are covered by the Transpar- ency Act, we examine their disclosures to see how they work on human rights and decent working condi- tions. This gives us an overall assessment of the risk of human rights violations at the various suppliers. Based on the criteria, an assessment is made of whether there is a risk of violations of human rights and decent working conditions. If the risk is low, the assessments are documented after the first step and the supplier is followed up in line with the standard annual assessment process. When potential risks are identified, we collect more information for a more thorough assessment. We have developed a questionnaire for this purpose, although we often also take the opportunity to call and ask follow-up questions, or discuss the matter at periodic meetings. We assess the residual risk based on the informa- tion obtained. If the risk is assessed as being low, the assessments are documented and the supplier is fol- lowed up in line with the standard annual assessment process. If the risk is still assessed as medium or high, we define actions in line with the supplier and the identified risk. The measures are carried out in the following order: • Dialogue and follow-up meetings • Site audit, if appropriate • Amendments to agreements • In the final instance: Termination of agreement Our experience is that dialogue and follow-up meetings produce good results. It is important to have regular meetings and clear follow-up points with the suppliers. The process follows annual wheels for suppliers in accordance with the procedure for following up sup- pliers. For suppliers that provide a function, solution or service defined as critical or important in the “Partner and Supplier Overview”, the Contract and Partner Manager shall assess the risk at least every three years in connection with other periodic assessment of the supplier. The analysis shall also be updated when the supplier makes major changes, such as changes in subcontractors or introduction of new products that may affect the risk profile. For suppliers of deliveries that are not defined as critical or important, the content of the follow-up and frequency of the delivery can be adapted to the nature, complexity and duration of the delivery. 5. Due diligence findings The bank finds that the Transparency Act has had a clear effect on how well companies document and disclose their work on basic human rights and decent working conditions. Information and governing docu- ments are often easily accessible on websites and a large proportion of the Group’s suppliers are them- selves subject to the Transparency Act and have thus published their due diligence report. This has made the bank’s work on due diligence in the value chain easier and we have to a greater extent tried to familiarise ourselves with the work being done instead of mass mailing surveys. 163 Sparebanken Møre Annual report 2025 Appendices Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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In our annual review, we have focused on suppliers and business partners in the categories of consulting firms and providers of legal services, consumables and property and maintenance. The reason for this selection is that these factors have been assessed as posing a significant risk based on media coverage and product category: Consulting firms and providers of legal services: risk of overtime use in excess of legal limits Consumables: products and subcontractor risk Property and maintenance: risk of breaches of decent working conditions. • We have conducted an overall assessment of 67 suppliers. • 33 of these suppliers were assessed as posing some risk, either because they supply products and/or services that are on DFØ’s high-risk list or because they have operations/subcontractors with operations in countries included on Freedom House’s list of countries with little freedom and extensive human rights violations. After reviewing the reports and other publicly available information, we consider the residual risk to be low. All suppliers provide a clear account of their work on human rights and decent working conditions, both internally within their own operations and at their subcontractors. • We can see that two suppliers have not publicly disclosed information about their work on basic human rights and decent working conditions. These suppliers are subject to special follow-up. No actual violations of human rights or decent working conditions were identified among the Group’s suppli- ers and business partners during the reporting period. 6. Follow-up of fund providers In recent years, the media and a range of special interest groups have focused on the funds offered by Norwegian banks to see whether they invest in companies whose activities contribute to violations of international law and human rights in the Occupied Territories. Sparebanken Møre regularly monitors its fund provid- ers and influences them in light of the above through dialogue about active ownership. We have a conscious relationship with the funds we offer our customers, as well as the value of good cooperation with suppliers and partners. We will continue to monitor suppliers in these positions and ensure that our funds have the lowest possible negative impact on fundamental human rights. 7. Own operations As far as our own operations are concerned, we comply with Norwegian regulations, including the Working Environment Act. Sparebanken Møre has taken a con- scious approach to HSE work for many years, is subject to the activity and reporting duties and has reported on our work in line with this since 2021. Please see the bank’s annual report for 20251, which contains the lat- est reporting on this issue. We have not made any findings related to negative working environments or human rights violations internally. Annual HSE and working environment sur- veys are conducted, and the results of these are closely monitored by both the bank’s Group Management and the Board. Measures are implemented as necessary. 1 Link to ARP reporting 8. Future work Due diligence is an ongoing task and part of the contin- uous monitoring of suppliers, as well as part of annual assessments. We conduct ongoing assessments of suppliers when entering into new agreements or amending existing agreements. Fundamental human rights and working conditions are fixed agenda items in regular meet- ings with suppliers. If regular meetings have not been agreed, we will convene meetings on these topics. At the time of reporting, two suppliers are being fol- lowed up for failing to publish a statement on their work on human rights and decent working conditions. The statement is signed by Sparebanken Møre’s Board of Directors as part of the annual report. 164 Sparebanken Møre Annual report 2025 Appendices Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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Taxonomy Report 2025 Sparebanken Møre Taxonomy Report The EU Taxonomy Regulation (EU 2020/852) is a tool for the classification of sustainable economic activities. Taxonomy reporting shall show whether a company’s activities are in line with long-term European climate and environmental targets, and for banks and investors to show what are sustainable investments. In 2025, sim- plifications were adopted in the Taxonomy Regulation to reduce the reporting burden for companies subject to it. The main points of the simplification are the introduc- tion of a materiality threshold, simpler reporting tem- plates, simpler DNSH criteria for pollution and the post- ponement of detailed KPIs for financial institutions. In order for an activity to be considered sustainable, it must contribute significantly to the achievement of at least one of six climate and environmental objectives: At the same time, the activity must not cause significant harm to the other five environmental objectives (DNSH) and meet minimum social and governance requirements. Prerequisites Sparebanken Møre is not subject to the Taxonomy Regulation given how the limits have been set after the amendments, and is therefore reporting voluntarily for the 2025 financial year. For credit institutions, reporting in line with the tax- onomy shall be submitted on a proportionately con- solidated basis in line with EU 575/2013. For 2025, this means that we at Sparebanken Møre include reported figures from our wholly-owned subsidiaries. For an overview of which companies this applies to, please refer to the annual report’s note 29 – Subsidiaries. When assessing taxonomy compatibility for mortgages for households, energy requirements are estimated based on energy rating and energy demand limits for the different energy ratings. Only 43 % of the homes in the portfolio have an actual energy label, and of these, 89% have simple self-registration of an energy label. This is an improvement from 2024, although the pro- portion with a registered energy label remains lower than desired. Both of these parameters cause some uncertainty in data quality. We have therefore chosen Reducing and preventing GHG emissions Protection and restoration of biodiversity and ecosystems Climate adaptation Sustainable use and protec- tion of water and marine resources Transition to circular economy, waste prevention and recycling Prevention and control of pollution to also include houses with an estimated energy label. For houses built before 2021, calculated energy needs are compared with threshold values for Norway’s 15% most energy-efficient houses, published by Eien- domsverdi, used to define Sparebanken Møre’s share of taxonomy aligned loans to residential properties. For houses constructed in 2021 or later, the NZEB -10 % criterion is used as a basis. Regardless of the year of construction, houses with energy label A are included in the housing stock considered Taxonomy-aligned. When assessing “no significant harm” to the other environmental objectives, in this case physical climate risk pursuant to Appendix A of the Taxonomy, houses with physical risk scores of 5 and 6, defined by Eien- domsverdi, are considered non-Taxonomy-aligne1 . The risk score is set based on whether the main build- ing or other parts of the site are in the risk zone, as well as the probability of the risk occurring. Unfortunately, we do not have a system for obtaining actual climate adaptation data for the homes in our portfolio, so it is possible that some of the non-compliant homes have taken measures for, for example, flood protection, but are still not included in Sparebanken Møre’s taxonomy- compliant share of lending to households. A very small proportion of Sparebanken Møre’s corpo- rate portfolio is itself subject to the CSRD and Taxonomy reporting. With the introduction of new threshold values under the Omnibus proposal, none of the Group’s cus- tomers will be affected given the current portfolio. Key indicators for credit institutions Sparebanken Møre is not required to report on KPIs for the 2025 financial year in accordance with Delegated Commission Regulation (EU) 2021/2178, Annex V. For the 2025 financial year, the bank is voluntarily reporting on the key indicator, Green Asset Ratio (GAR). 1 Eiendomsverdi’s risk scoring only takes into account the most common risks that are assumed to be able to damage Norwegian homes. All climate-related hazards listed in Appendix A to the taxonomy have not been assessed because they are not considered relevant for private homes in Sparebanken Møre’s portfolio. 165 Sparebanken Møre Annual report 2025 Appendices Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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Annex VI TEMPLATE FOR THE KPIS OF CREDIT INSTITUTIONS Template number Name 0 Summary of KPIs 1 Assets for the calculation of GAR 2 GAR sector information 3 GAR KPI stock 4 GAR KPI flow 5 KPI off-balance sheet exposures 6 KPI on fees and commissions income from services other than lending and asset management 7 KPI Trading book portfolio Template 0: Summary of KPIs to be disclosed by credit institutions under Article 8 Taxonomy Regulation Disclosure reference date/period t Total exposure to Taxonomy- aligned activities (currency) KPI (2) (%)" KPI (3) (%)" % coverage (over total assets) (4) (%) non assessed exposures (% of covered assets) (5) (%)" non assessed exposures (% of covered assets) (5) (%)" Turnover-based CapEx-based Turnover- based CapEx- based Turnover-based CapEx-based Main KPI Green asset ratio (GAR) stock 15,2 Additional KPIs GAR (flow) Trading book Financial guarantees Assets under management Fees and commissions income (1) (1) fees and commissions income from services other than lending and AuM (2) based on the Turnover KPI of the counterparty (3) based on the CapEx KPI of the counterparty (4) % of assets covered by the KPI over banks´ total assets (5) in accordance with Article 7(8) of this Regulation Note 1: Across the reporting templates: cells shaded in black should not be reported. Note 2: Fees and Commissions (sheet 6) and Trading Book (sheet 7) KPIs shall only apply starting 2028. 166 Sparebanken Møre Annual report 2025 Appendices Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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Disclosure reference date/period t a b c d e f g h I j k l m n o p Stock/ Flow (Million EUR) Total [gross] carrying amount Of which Taxonomy- eligible Of which Taxonomy- aligned Non- assessed exposures Breakdown per environmental objective Of which Use of Proceeds Of which transitional Of which enabling Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Pollution (PPC) Biodiversity and Ecosystems (BIO) Of which financing non- material activities of counter- parties (4) Of which exposures financing counter- parties reporting in accordance with Article 7 (9) Of which not assessed considered non-material by the credit institution (5) 1 GAR - Covered assets in both numerator and denominator 103 399 417 000 2 Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation" 61 929 679 000 3 Financial undertakings 1 907 169 000 4 Loans and advances 1 907 169 000 5 Debt securities, including UoP 6 Equity instruments 7 Non-financial undertakings 342 926 000 0 8 Loans and advances 342 926 000 9 Debt securities, including UoP 10 Equity instruments 11 Households 59 679 584 000 58 032 163 861 15 709 533 331 12 of which loans collateralised by residential immovable property 58 054 800 000 57 987 400 000 15 709 533 331 13 of which building renovation loans 14 of which motor vehicle loans 116 493 338 44 763 861 15 Local governments financing 16 Housing financing 17 Other local government financing 18 Collateral obtained by taking possession: residential and commercial immovable properties 12 157 000 19 Exposures included on a voluntary basis (6) 20 Total GAR assets 103 399 417 000 21 Assets not covered for GAR calculation 41 457 581 000 22 Central governments and Supranational issuers 5 085 172 000 23 Central banks exposure 933 140 000 24 Trading book 25 Undertakings and entities not subject to CSRD 26 SMEs and undertakings (other than SMEs) not subject to CSRD disclosure obligations 27 Loans and advances 28 414 427 000 28 of which loans collateralised by commercial immovable property 11 783 853 000 29 of which building renovation loans 30 Debt securities 31 Equity instruments 32 Non-EU country counterparties not subject to CSRD disclosure obligations 33 Loans and advances 34 Debt securities 35 Equity instruments 36 Derivatives 1 360 542 000 37 On demand interbank loans 675 326 000 38 Cash and cash-related assets 34 562 000 39 Other categories of assets (e.g. Goodwill, commodities etc.) 10 972 724 000 40 Total assets 109 417 729 000 Off-balance sheet exposures (stock) to Undertakings subject to CSRD disclosure obligations and local governments 41 Financial guarantees 2 430 000 000 42 Assets under management 43 Of which debt securities 44 Of which equity instruments 1. The following accounting categories of financial assets should be considered: Financial assets at amortised cost, financial assets at fair value through other comprehensive income, investments in subsidiaries, joint ventures and associates, financial assets designated at fair value through profit or loss and non-trading financial assets mandatorily at fair value through profit or loss, and real estate collaterals obtained by credit institutions by taking possession in exchange in of cancellation of debts. 2. Credit institutions shall duplicate this template for reporting on stocks for the calculation of GAR stock, and reporting on new assets for the calculation of GAR flow. 3. Credit institutions shall duplicate this template for turnover based and CapEx based disclosures. 4. in accordance with Article 7(8)(a) and (b) of this Regulation 5. in accordance with Article 4(1a) of this Regulation 6. in accordance with Article 7(3) of this Regulation 167 Sparebanken Møre Annual report 2025 Appendices Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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ESRS Index ESRS DR Other legislation Topic Comment Chapter reference ESRS 2 BP-1, BP-2 GOV 1-4 SBM 1-3 IRO 1-2 GDR-A,M,T General requirements Also see the reference to information provided in the chapters ”Operations” and ”Organisation and management structure”, as well as sections 8-10 in the ”Corporate governance report”. General information ESRS E1 E1-1-E1-11 Climate change Expected financial consequences have only been partially reported for 2025. E1 Climate change ESRS S1 S1-1-S1-16 ARP Own employees S1-6: The bank has several subcontractors who perform various types of work for the bank. The assignments are mainly administrative tasks within IT, HR and finance, and make up a small proportion of the bank’s tasks performed within a year. These are not tasks that are given to subcontractors on a fixed basis, but as required. The bank does not currently have an overview for reporting purposes of how many workers this entails. S1-11: Persons with disabilities are welcome as employees of Sparebanken Møre, and our premises and workplaces are largely adapted or can be adapted as needed. Currently, the bank does not have data on the proportion of employees with disabilities. S1 Own Workforce ESRS S3 S3-1-S3-4 Affected communities Measures and targets are being prepared, not fully reported for 2025. S3 Affected Communities ESRS S4 S4 SBM-3 S4-1-5 Consumers and end-users Measures and targets are being prepared, not fully reported for 2025. S4 Consumers and end-users ESRS G1 G1-1-G1-4 Business conduct G1 Business conduct 168 Sparebanken Møre Annual report 2025 Appendices Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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Summary – PRB Responsible Banking Progress Statement PRB Signatories Sparebanken Møre FY2025 Principle 1: Adaptation For the strategy period 2025-2028, the Møre 2028 corporate strategy defines three strategic priority areas, with sustainability incorporated into all strategic priority areas. The overarching sustainability strategy is Sparebanken Møre’s governing document for sustainability work throughout the Group. The strategy defines clear frameworks and responsibilities, sets common goals and aims to reduce negative and strengthen positive ESG impacts. It integrates sustainability into all operations, strengthens risk management, supports transition and lays the foundation for sustainable growth and development. The strategy is anchored in key international, European and national frameworks, including the UNEP FI Principles for Responsible Banking, the CSRD/ESRS, the EU Taxonomy, and Norwegian Acts such as the Transparency Act, the Accounting Act and the Climate Act. It supports the bank’s work on the UN Sustainable Development Goals, particularly goals 8, 9, 10, 11, 12, 13 and 17. Links and references Read the Sustainability Report, pp. 46-48. Read the Overarching Sustainability Strategy – available at sbm.no/berekraft Principle 2: Impact and objectives Sparebanken Møre identifies its most significant impacts via an annual double materiality assess- ment that combines impact assessments, risk assessments and stakeholder engagement. The analysis shows both how the bank’s activities impact the climate, nature, people and governance, and how these factors represent financial risks and opportunities. The most important impacts include emissions from loans and own operations, circular processes in the local business sector, financial inclusion and financial health, social contributions and the prevention of financial crime. Physical climate risk in the residential and commercial property portfolio and the regional energy situation have also been identified as material financial risk areas. Links and references Read the Sustainability Report, p. 55. See ESG score card in Overarching Sustainability Strategy and Transition Plan v.1.0. available at sbm.no/ berekraft. Principle 3: Customers Sparebanken Møre works responsibly with its customers by integrating sustainability and ESG considerations into all key processes. The bank sets clear expectations through its sustainability strategy and uses ESG risk assessments, industry insights and customer analyses within credit, advisory services and product development, particularly in sectors with significant impacts. Customers receive targeted advice and support in their transition efforts, and the bank offers products that promote sustainable activities. Progress in key areas such as financed emissions, energy performance, financial inclusion and financial health is regularly monitored through defined KPIs. Ongoing customer dialogue, engagement and competence programmes are key tools, and processes are continuously being strengthened in line with the updated strategy and regulatory requirements. Links and references Read Sustainability Report pp. 42-82 for more details at the customer level, especially section E1. Also see the Transition Plan v. 1.0 available at sbm.no/ berekraft 169 Sparebanken Møre Annual report 2025 Appendices Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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Principle 4: Stakeholders Sparebanken Møre engages in systematic stake- holder engagement that includes employees, cus- tomers, the capital markets, suppliers, authorities, organisations, academia, industry actors, the media and nature as a “silent stakeholder.” The engage- ment provides a key basis for the double materiality assessment and is used to understand the bank’s impacts, prioritise material topics, set targets and further develop measures and transition plans. This work is carried out through direct engagement, partnerships, industry forums and ongoing interac- tion with internal resources, the business commu- nity and social actors, and helps the bank achieve regulatory expectations and sustainable develop- ment in the region. Changes during the reporting year are reflected in the annual risk assessment, updated materiality analysis, adjusted targets and in line with regulatory requirements and strategic needs. Links and references Read the Sustainability Report, pp. 49-51. Principle 5: Management and culture The Board of Directors bears overall responsibility for the sustainability work and monitors strategies, goal achievement and ESG risk through established processes and reporting, with the Risk Committee acting as the bank’s ESG committee. The CEO bears operational responsibility and has delegated imple- mentation to the Head of Risk Management and Compliance, while divisional and section managers have a clear responsibility for implementation, goal follow-up and action plans in their own units. ESG risk is included in the Group’s risk management, ICAAP/ILAAP and quarterly reporting, and targets and KPIs are anchored in management agreements to ensure clear accountability and effective imple- mentation of transition and action plans. A responsi- ble banking culture is fostered through competence programmes for the Board, Group Management and all employees, including mandatory courses in sus- tainability, ESG risk, sustainable finance and advi- sory practices, as well as competence requirements through authorisation schemes and internal training courses. This helps to integrate sustainability into day-to-day decisions, customer work and product development. Changes in the reporting year include updated targets, strengthened ESG processes and further professionalisation of competence measures and organisation of sustainability work in line with new regulations and updated strategies. Links and references Read the Sustainability Report pp. 43-45+75 Principle 6: Transparency and accountability Sparebanken Møre believes transparency and accountability are very important in sustainability work. Although the bank is in pool 2 for the introduc- tion of the CSRD and will not be subject to reporting requirements until the 2027 financial year under the “Stop the Clock” Directive, the Group has chosen to continue reporting in line with the CSRD and ESRS standards. In 2025, the bank conducted an updated double materiality assessment, which included a comparison of material topics at comparable banks, and strengthened its work on ESG risk manage- ment and assessments of material financial risks in the areas of the climate, environment, social condi- tions and governance. Sparebanken Møre reports consolidated figures for the entire Group, with clear reference to the value chain where relevant. We also comply with the requirements of the Transparency Act and the duty to disclose information and report on activities. The Sustainability Report for 2025 has not been audited by an external third party, and the bank clearly states where the reporting deviates from full ESRS compliance. This supports transparent and responsible reporting practices, which are continu- ously developed in line with regulatory requirements and best practice. Sparebanken Møre also has an extensive library at sbm.no/berekraft and sbm.no/ESG where supplementary information is published. Links and references Read the Sustainability Report, p. 42 170 Sparebanken Møre Annual report 2025 Appendices Statement and results CONTENTS 2 Words from the CEO OPERATIONS STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 42 General introduction to our sustainability work 42 Basis for sustainability reporting 43 The role of the Board, Group Management and committees 45 Integration of sustainability performance into remuneration schemes 45 Due diligence 46 Risk management and internal control for sustainability reporting 47 Strategy, business model and supply chain 49 Stakeholders and their views 51 Interaction between material topics and strategy 51 Process for identifying and assessing material topics 52 Results of materiality assessment 54 Strategies and governing documents related to sustainability 55 Strategic objectives and status 56 E – Climate and the environment 56 E1 Climate change 68 S – Social conditions 68 S1 Own Workforce 76 S3 Affected communities 79 S4 Consumers and end-users 82 G - Governance 82 G1 Business conduct 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 159 Transparency Act Statement 165 Taxonomy Report 2025 Sparebanken Møre 168 ESRS Index 169 Summary – PRB 171 Auditors statement
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KPMG AS Dronning Eufemias gate 6A P.O. Box 7000 Majorstuen N-0306 Oslo Telephone +47 45 40 40 63 Internet www.kpmg.no Enterprise 935 174 627 MVA To the General Meeting of Sparebanken Møre Independent Auditor’s Report Report on the Audit of the Financial Statements Opinion We have audited the financial statements of Sparebanken Møre, which comprise: • the financial statements of the parent company Sparebanken Møre (the Company), which comprise the balance sheet as at 31 December 2025, the statement of income, statement of comprehensive income. statement of changes in equity and statement of cash flow for the year then ended, and notes to the financial statements, including material accounting policy information, and • the consolidated financial statements of Sparebanken Møre and its subsidiaries (the Group), which comprise the balance sheet as at 31 December 2025, the statement of income, statement of comprehensive income, statement of changes in equity and statement of cash flow for the year then ended, and notes to the financial statements, including material accounting policy information. In our opinion • the financial statements comply with applicable statutory requirements, • the financial statements give a true and fair view of the financial position of the Company as at 31 December 2025, and its financial performance and its cash flows for the year then ended in accordance with IFRS Accounting Standards as adopted by the EU, and • the consolidated financial statements give a true and fair view of the financial position of the Group as at 31 December 2025, and its financial performance and its cash flows for the year then ended in accordance with IFRS Accounting Standards as adopted by the EU. Our opinion is consistent with our additional report to the Audit Committee. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company and the Group as required by relevant laws and regulations in Norway and the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (includin g International Independence Standards) (IESBA Code) as applicable to audits of financial statements of public interest entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit Regulation (537/2014) Article 5.1 have been provided. We have been the auditor of Sparebanken Møre for 8 years from the election by the general meeting of the shareholders on 21 March 2018 for the accounting year 2018. Key Audit Matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. 1 . Expected credit losses on loans and guarantees within the commercial banking segment Reference is made to disclosure 2 Risk management, disclosure 5 to 10 relating to credit risk and the Board’s annual report, section on credit risk. Description Our audit approach The Group’s total expected credit losses on loans and guarantees that are not credit-impaired amounted to NOK 112 million as of 31 December 2025. Expected credit losses on loans and guarantees that are credit-impaired amounted to NOK 68 million as of 31 December 2025. For loans and guarantees, IFRS 9 requires that the Group calculates expected credit losses for the next 12 months for loans that have not experienced a significant increase in credit risk (stage 1), and expected credit losses over the remaining lifetime for loans that have experienced a significant increase in credit risk (stage 2). The Group applies models for the calculation of expected credit losses in stage 1 and 2. The models are complex and include large volumes of data. At the same time, the calculations involve management judgment, particularly related to the following parameters: • Probability of default (PD), • Loss given default (LGD), • Exposure at default (EAD), • Definition of significant increase in credit risk, • Weighting of different forward‑looking scenarios. As an IRB bank, Sparebanken Møre has developed its own models for estimating PD, LGD and EAD. Based on these approved IRB models, the Group has developed its own model We have obtained an understanding of the Group’s definitions, methods and control activities for the recognition and measurement of expected credit losses and have assessed whether these are in accordance with the requirements of the standards. We have, among other things: • assessed the Group’s validation of IRB models and ECL models and whether this has been performed in a professionally sound manner, • evaluated and tested the Group’s documentation of models for calculating expected credit losses in accordance with IFRS 9, • evaluated whether the results of the ECL models are a reasonable basis for estimating losses, • tested the completeness and accuracy of the data used in the ECL models, • evaluated the weighting of different scenarios and the sensitivity to different weightings, • recalculated the mathematical accuracy of the ECL models. In our work related to the evaluation of validations and model documentation for ECL stage 1 and 2, we have involved specialists. To assess management’s judgments underlying expected credit losses for stage 1 and 2, we Auditors statement 171 Sparebanken Møre Annual report 2025 Auditors statement Statement and results CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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for calculating expected credit losses (ECL). For loans and guarantees where there has been a significant increase in credit risk and where there are indications of credit impairment (stage 3), the Group performs an individual assessment of expected credit losses for each engagement. These assessments involve significant judgment on the part of management. Key elements of management’s assessments include: • identification of credit-impaired exposures, • assumptions for determining expected future cash flows, including the valuation of collateral. Based on the size of the gross loan portfolio, inherent credit risk, the magnitude of impairments and the estimates that form the basis for management’s assessments, we consider expected credit losses to be a key audit matter. have, among other things: • evaluated and tested management’s controls over the model calculations, • performed analyses of key metrics, • evaluated the calculated expected credit losses against comparable banks. We have obtained an understanding of how the Group identifies and follows up credit-impaired exposures (stage 3). For a selection of credit-impaired exposures, we have recalculated expected credit losses and evaluated management’s assumptions regarding expected future cash flows against external valuations. To assess whether the bank has identified all exposures subject to individual impairment assessment, we have reviewed publicly available information, assessed our understanding of the engagements in the commercial portfolio that are credit-impaired. We evaluated whether the note disclosures related to IFRS 9 and ECL are adequate in accordance with the requirements of IFRS 7. 2. IT systems and application controls Reference is made to note 30 Other liabilities and the section on other significant agreements. Description Our audit approach Sparebanken Møre is dependent on the bank’s IT infrastructure functioning as intended. The bank uses a standard core banking system that is provided and operated by an external service provider. Sound governance and effective control over the IT systems are of significant importance to ensure accurate, complete and reliable financial reporting. Furthermore, the IT systems support regulatory compliance related to reporting to authorities, which is essential for the bank as a licensed entity. The system, among other things, calculates interest on deposits and loans (so‑called application controls), and the bank’s internal control systems are based on system‑generated reports. Based on the significance of the IT systems to the bank’s operations, we have identified this In connection with our audit, we have obtained an understanding of the control environment and tested that selected general IT controls operate as intended and support key application controls. In our testing, we have placed particular emphasis on access management. An independent auditor at the service provider has assessed and tested internal controls related to the IT systems at the external service provider. We have obtained an assurance report (ISAE 3402) from the independent auditor in order to assess whether the service provider has satisfactory internal controls in areas of significant importance to Sparebanken Møre. We have assessed the auditor’s competence and objectivity and reviewed the reports to evaluate any deviations and their potential implications for our audit. We have requested the independent auditor at area as a key audit matter in our audit. the service provider to test a selection of standard reports and key functionalities in the core banking system in order to assess: o whether selected standard reports from the system contain all relevant data, and o whether key functionalities, including controls related to interest calculations, annuities and fees, operate as intended. We have inquired of management regarding their evaluation and follow‑up of the independent auditor’s reports at the service providers to ensure that any findings are appropriately addressed. In our work to obtain an understanding of the control environment, test controls and review the reports, we have involved our IT audit specialists. . Other Information The Board of Directors and the Managing Director (management) are responsible for the information in the Board of Directors’ report and the other information accompanying the financial statements. The other information comprises information in the annual report, but does not include the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the information in the Board of Directors’ report nor the other information accompanying the financial statements. In connection with our audit of the financial statements, our responsibility is to read the Board of Directors’ report and the other information accompanying the financial statements. The purpose is to consider if there is material inconsistency between the Board of Directors’ report and the other information accompanying the financial statements and the financial statements or our knowledge obtained in the audit, or whether the Board of Directors’ report and the other information accompanying the financial statements otherwise appears to be materially misstated. We are required to report if there is a material misstatement in the Board of Directors’ report or the other information accompanying the financial statements. We have nothing to report in this regard. Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors’ report • is consistent with the financial statements and • contains the information required by applicable statutory requirements. Our opinion on the Board of Directors' report applies correspondingly to the statement on Corporate Governance. Responsibilities of Management for the Financial Statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Company’s and the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that 172 Sparebanken Møre Annual report 2025 Auditors statement Statement and results CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: • identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error. We design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a b asis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's and the Group's internal control. • evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. • conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's a nd the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company and the Group to cease to continue as a going concern. • evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves a true and fair view. • obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with the Board of Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the Audit Committee with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with the Board of Directors, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Report on Other Legal and Regulatory Requirements Report on Compliance with Requirement on European Single Electronic Format (ESEF) Opinion As part of the audit of the financial statements of Sparebanken Møre, we have performed an assurance engagement to obtain reasonable assurance about whether the financial statements included in the annual report, with the file name 5967007LIEEXZX5PU005 -2025-12-31-1-no, have been prepared, in all material respects, in compliance with the requirements of the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) and regulation pursuant to Section 5-5 of the Norwegian Securities Trading Act, which includes requirements related to the preparation of the annual report in XHTML format, and iXBRL tagging of the consolidated financial statements. In our opinion, the financial statements, included in the annual report, have been prepared, in all material respects, in compliance with the ESEF regulation. Management’s Responsibilities Management is responsible for the preparation of the annual report in compliance with the ESEF regulation. This responsibility comprises an adequate process and such internal control as management determines is necessary. Auditor’s Responsibilities Our responsibility, based on audit evidence obtained, is to express an opinion on whether, in all material respects, the financial statements included in the annual report have been prepared in compliance with ESEF. We conduct our work in compliance with the International Standard for Assurance Engagements (ISAE) 3000 – “Assurance engagements other than audits or reviews of historical financial information”. The standard requires us to plan and perform procedures to obtain reasonable assurance about whether the financial statements included in the annual report have been prepared in compliance with the ESEF Regulation. As part of our work, we have performed procedures to obtain an understanding of the Company’s processes for preparing the financial statements in compliance with the ESEF Regulation. We examine whether the financial statements are presented in XHTML-format. We evaluate the completeness and accuracy of the iXBRL tagging of the consolidated financial statements and assess management’s use of judgement. Our procedures include reconciliation of the iXBRL tagged data with the audited financial statements in human-readable format. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Oslo, 11 March 2026 KPMG AS Anders Sjöström State Authorised Public Accountant Note: This translation from Norwegian has been prepared for information purposes only. 173 Sparebanken Møre Annual report 2025 Auditors statement Statement and results CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement
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Editorial team: Sparebanken Møre Layout: Havnevik AS Photo: Tony Hall, Tone Molnes, Andreas Winter, Kristin Støylen, Oclin Media, Memoria, TYD, Sparebanken Møre Illustrations: Havnevik AS CONTENTS 2 Words from the CEO OPERATIONS 6 2025 – Highlights 7 Key Figures Group 9 Organisation and management 10 The Board of Directors 13 Executive Management 17 Subsidaries 18 Corporate governance STATEMENT AND RESULTS 27 Board of Directors’ Report 42 Sustainability Report 86 Annual accounts 86 Statement of income 87 Balance sheet 89 Statement of changes in equity 93 Statement of cash flow 94 Notes 158 Statement pursuant to section 5-5 of the securities trading act 159 Appendices 171 Auditors statement