Pareto Bank Asa · OSL:PARB
Pareto Bank Asa — Q3 2026 Earnings Presentation
38 slides from Pareto Bank Asa's earnings presentation, October 2026
Slide 1: Financial Results – Third Quarter 2026
PARETO BANK Financial Results – Third Quarter 2026
Slide 2: Highlights, Financials, Business Area Update & Outlook
Highlights Financials Business Area Update & Outlook 2
Slide 3: Highlights
THIRD QUARTER 2026 Highlights • Profit after tax NOK 27.7m (NOK 176.8m in Q3-25). • Return on equity after tax 1.2% (13.0%). • Total impairments and losses of NOK 195.8m (NOK 15.1m). Individual impairments NOK 130.2m (NOK 16.6m) mainly within residential property development. Write downs of NOK 134.
Slide 4: Financials
Highlights Financials Business Area Update & Outlook 4
Slide 5: Key Figures
KEY FIGURES Profit after tax (NOKm) Return on Equity * CET1 ratio 21.3% 21.0% 176.8 20.2% 19.8% 19.7% 13.0% 119.7 8.3% 76.7 5.0% 36.9 27.7 2.0% 1.2% Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Net interest income (NOKm) Cost/Income ratio Loss ratio ** 1.
Slide 6: Income Statement
INCOME STATEMENT P&L (NOKm) Q3-26 Q3-25 YTD-26 YTD-25 • Interest income down with lower lending volumes and Net interest income 285.2 304.4 872.6 969.3 activity driven fees. Net other operating -6.2 1.2 15.6 11.8 income • Fair value losses higher than last year, with losses on Total net income 279.0
Slide 7: Change in Quarterly Net Interest Income
CHANGE IN QUARTERLY NET INTEREST INCOME (NOKm) 288.0 2.5 285.2 6.6 1.0 5.0 1.7 1.2 - 3.2 - 12.9 - 4.7 Q2-26 Lending volume Deposit volume Market funding Surplus liquidity Fee income Lending rate Deposit rate Other Interest days Q3-26 7
Slide 8: Interest Margins
INTEREST MARGINS Lending and deposit margins 5.7% 5.7% 5.6% 5.4 5.5%% 5.3% 4.9 % 4.8 % 4.8 % 4.7 % 4.4 % 0.4% 0.4% 0.0% 0.1% -0.1% Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Lending margin NO Lending margin SE Deposit margin Net interest margin 8 Note: Lending and deposit margins relative to average 3M NIBOR and
Slide 9: Quarterly Change in Stage 2, 3 and Impairments
QUARTERLY CHANGE IN STAGE 2, 3 AND IMPAIRMENTS Stage 2 and 3 and provisions for stage 3 lending (NOKm) Impairments and losses on loans and guarantees (NOKm) 201.0 195.8 405 155.9 1,120 872 722 105.5 761 2,259 1,555 1,652 724 1,322 594 975 464 343 272 15.1 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Stage 3 Stage
Slide 10: Solidity and Capital Requirements
SOLIDITY AND CAPITAL REQUIREMENTS Per cent 2200.00% • Long-term CET1 target of 1.3 15.7%, in line with the 2100.00% 21.0 20.4 NFSA expectation. 2000.00% 19.7 • Pareto Bank holds a 1900.00% buffer above this target. 1800.00% • Limited retained profits 1700.00% during Q1-Q3’26 due to high 2025 dividen
Slide 11: Business Area Update & Outlook
Highlights Financials Business Area Update & Outlook 11
Slide 12: A Niche Player Financing Medium-Sized Enterprises
A NICHE PLAYER FINANCING MEDIUM-SIZED ENTERPRISES Exposure (NOKm) SHIP FINANCING NOK 1,333m 6% RESIDENTIAL FINANCING NOK 3,811m 17% 32% COMMERCIAL PROPERTY RESIDENTIAL DEVELOPMENT FINANCING FINANCING NOK 3,200m 14% NOK 7,351m 32% CORPORATE FINANCING NOK 7,257m 12 Note: Excludes a limited amount of m
Slide 13: Quarterly Exposure per Business Area
QUARTERLY EXPOSURE PER BUSINESS AREA (NOKbn) 9.7 8.1 8.2 7.9 7.7 7.4 7.3 7.0 6.5 6.6 4.7 4.3 4.2 3.8 3.4 3.4 3.5 3.2 3.2 2.7 1.4 1.6 1.3 1.3 1.3 Residential development financing Residential financing Commercial property financing Corporate financing Ship financing Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 13 N
Slide 14: Ship Financing
SHIP FINANCING Exposure (NOKm) Total NOK 1,333m (Q2-26: NOK 1,605m) FLAT TO DECREASING EXPOSURE EXPECTED FOR Q4-26. Offshore Subsea 304 LTV 34% • Volume decline in Q3-26 with some projects that did not materialize as expected. LTV 52% Ind. Shipping 278 • Stable activity in Q4-26 with continued tough
Slide 15: Corporate Financing
CORPORATE FINANCING Corporate exposure (NOKm) Total NOK 7,257m (Q2-26: NOK 7,660m) FLAT EXPOSURE EXPECTED FOR Q4-26. 10% Real Estate 2% 2% Investment Company 4% Retail • Volume down in Q3-26 as some processes did not 8% 43% IT/Telecommunications materialize as expected. Health Services 9% Financial
Slide 16: Commercial Property Financing
COMMERCIAL PROPERTY FINANCING Commercial property exposure (NOKm) Total NOK 3,200m FLAT TO SLIGHTLY FALLING EXPOSURE IN Q4-26. NORWAY • Risk appetite remains low and demand limited. • Transaction volumes are primarily driven by unleveraged buyers as long-term interest rates have risen. SWEDEN 3,200
Slide 17: Residential Property Financing
RESIDENTIAL PROPERTY FINANCING Residential property exposure (NOKm) Total NOK 11,162m DECREASE IN VOLUME EXPECTED TO CONTINUE IN Q4-26. NORWAY 427 Land w/ houses • Volume is expected to decline as projects are completed and pipeline of new projects as well as risk appetite are low. • A continued wea
Slide 18: Sweden
SWEDEN Exposure Sweden branch (NOKm) Total NOK 5,501m Real Estate Corporate MODERATE GROWTH AND STEADY DEAL FLOW IN Q4-26. • Stable exposure in Q3-26, as expected. 2,576 • Approved commitments and solid pipeline of ongoing processes support continued growth through year-end and 1,836 into 2027. • Ne
Slide 19: Total Return
TOTAL RETURN 980 Price Annual Equity Total Return Change Return Pareto 780 171 % 388 % 13 % Bank OSEBX 291 % 291 % 11 % Index 580 380 180 -20 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 OSEBX PARB 19 Bloomberg as of 30.09.2026.
Slide 20: Appendix
APPENDIX (Pareto bank
Slide 21: Long-Term Ambitions
LONG-TERM AMBITIONS ROE Dividend 15% min. 50% 14.6 % 14.0 % 98.4% 13.8 % 13.6 % 12.4 % 52.9% 49.4% 50.1% 50.0% 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 21
Slide 22: ROE and Leverage Ratio
ROE AND LEVERAGE RATIO Profitability with increasing solidity 16.0 % 15.9 % 16.0 % 15.6 % 14.8 % 15.0 % 25.0 % 14.3 % 14.6 % 14.0 % 14.0 % 13.8 % 13.6 % 13.0 % 12.7 % 12.4 % 20.4 % 12.0 % 20.0 % 18.2 % 18.2 % 17.1 % 17.1 % 16.5 % 10.0 % 15.7 % 16.3 % 16.0 % 14.3 % 14.6 % 15.0 % 8.6 % 13.7 % 8.0 % 12
Slide 23: Lending Growth
LENDING GROWTH Per business area (NOKm) 25,000 Ship 20,000 Corporate * 15,000 Commercial 10,000 Residential ** 5,000 Residential development 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 *) Including securities financing 23 **) Residential financing repo
Slide 24: Largest Shareholders
LARGEST SHAREHOLDERS 30 September 2026 Name Shares % Total • The Company has 76,782,423 shares outstanding. One class 1 Pareto AS 15,356,484 20.00 % of shares where each share carries one voting right. 2 Société Générale 6,156,149 8.02 % • Diversified investor base with 6,088 shareholders. 3 AWC AS
Slide 25: The Share
THE SHARE Earnings per share (NOK) Book value per share (NOK) 2.13 68.45 67.60 66.21 1.39 0.84 61.03 60.77 0.32 0.19 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 25
Slide 26: Quarterly Income Statement
QUARTERLY INCOME STATEMENT P&L (NOKm) Q3-26 Q2-26 Q1-26 Q4-25 Q3-25 Net interest income 285.2 288.0 299.4 310.6 304.4 Net other operating income -6.2 10.8 10.9 3.7 1.2 Total net income 279.0 298.8 314.3 314.3 305.6 Total operating expenses 50.7 52.9 56.3 54.0 59.2 Operating profit before 228.3 245.9
Slide 27: Quarterly Balance Sheet
QUARTERLY BALANCE SHEET (NOKm) Q3-26 Q2-26 Q1-26 Q4-25 Q3-25 Loans to credit institutions 1,636 1,677 2,213 1,589 1,841 Loans to customers 17,934 19,406 19,249 18,774 18,983 Bonds and other securities 2,861 2,862 2,861 4,668 5,692 Shareholdings in associated companies 33 33 33 33 34 Other assets 319
Slide 28: Margins and Interest Contribution
MARGINS AND INTEREST CONTRIBUTION Margins per business area Interest contribution per business area Estimated annualized margins including commissions, excluding front and back-end fees over 3M NOKm, estimated interest contribution including commissions, excluding front and back-end fees over 3M Nib
Slide 29: Real Estate Financing Exposure
REAL ESTATE FINANCING EXPOSURE Geographical residential property exposure Total NOK 11,162m* Geographical commercial property exposure Total NOK 3,200m* 7% 13% 3% 7% 4% 5% 38% Oslo 7% Sweden Akershus Oslo Sweden Akershus Vestfold Vestland 11% 54% Buskerud Vestfold Others Others 23% 29% 29 *) Residen
Slide 30: Sweden
SWEDEN Exposure Sweden branch (NOKm) Total NOK 5,501m Lending Sweden branch (NOKm) Total NOK 4,055m 2,576 1,732 Corporate financing Corporate financing 2,556 1,639 Commercial property 1,738 Commercial property 1,393 financing 2,017 financing 1,720 352 348 Residential financing Residential financing
Slide 31: Liquidity Buffer
LIQUIDITY BUFFER Low credit and market risk (NOKm) Comments • Cash on hand. • Highly liquid bonds. • Low credit risk. • No interest rate or foreign 1,621 exchange risk. 1,888 Cash (Norges Bank & DNB) • Access to central bank Bonds issued by government & PSEs facilities and repo market. Covered bonds
Slide 32: Funding
FUNDING Sources (NOKm) Deposits & senior debt NOKm, Deposits 10,259 Percent customer deposits of net lending to customers Senior debt 6,535 69.7% AT1 & T2 debt 1,129 62.2% 57.2% Other debt 173 55.9% 6,737 53.6% Equity capital 4,686 6,743 7,250 7,582 6,535 Key funding and liquidity ratios • Deposits
Slide 33: Customer Deposits
CUSTOMER DEPOSITS Deposits by size (NOKm) Deposits by product (NOKm) > NOK 20m 2,344 215 NOK 10 - 20m 547 235 198 NOK 5 - 10m 579 233 Floating rate retail 158 NOK 2 - 5m 1,026 1,915 1,852 NOK 0 - 2m 1,034 1,981 Floating rate corporate 1,105 0 1,000 2,000 3,000 4,000 Floating rate Fixed rate 4,144 Sa
Slide 34: Market Funding
MARKET FUNDING Market funding maturities (NOKm) * Cost of new market funding ** 300 121 111 250 90 575 80 70 63 2,300 2,053 48 0 43 36 1,400 31 33 28 750 2027 2028 2029 2030 3M 6M 12M 2Y 3Y 5Y Senior Call on Subordinated Capital 30.06.2026 30.09.2026 *) Net of own holdings as of 30.09.2026. 34 **) F
Slide 35: Commitments by Size
COMMITMENTS BY SIZE Commitment size per customer (NOKm) Distribution of commitments by size (NOKm) 433 2% < 10 359 19% 18% 4,334 10 - 50 4,222 4,644 50 - 100 < 10 4,247 10 - 50 2,646 50 - 100 100 - 150 3,101 100 - 150 13% 150 - 200 3,777 150 - 200 18% 200 - 250 3,798 > 250 1,781 200 - 250 2,911 5,90
Slide 36: Commitments by Risk Classification
COMMITMENTS BY RISK CLASSIFICATION Risk classification (NOKm) * Risk classification 10% 4,902 Low risk 5,474 5% 24% 15,732 Moderate risk 14,280 Low risk Moderate risk High risk 1,914 High risk Impaired 1,086 975 Impaired 2,259 62% Q3-25 Q3-26 36 *) Risk classification of credit exposure according to
Slide 37: Historic Track Record of Credit Quality
HISTORIC TRACK RECORD OF CREDIT QUALITY • No losses from 2008 to 2012. 2008 0.00% 2009 0.00% • Total confirmed losses limited to NOK 415m during 19 years of 2010 0.00% operation. 2011 0.00% 2012 0.00% • Accumulated lending amounted to approx. NOK 211 billion during 2013 0.28% Commercial the past 19
Slide 38: Pareto Bank
( Pareto bank