2025
Annual report
Table of contents
Key figures
Report from the Board of Directors
Statement of income
Balance sheet
Statement of changes in equity
Statement of cash flow
Notes to the financial statements
Key information
15
17
21
1 Accounting policies
2 Risk management
3 Equity and related capital
4 Operating segments
24
Credit risk
25
26
27
29
5 Loans to and receivables from customers
6 Commitments by geographical areas
7 Credit risk exposure
8 Collateral
9 Impairment, losses and non-performance
30
Market risk
36
37
10 Market risk
11 Interest rate risk
12 Foreign exchange risk
38
Liquidity risk
13 Liquidity risk
39
Statement of income
41
42
43
14 Net interest income
15 Net gains and losses from financial instruments
16 Wages, compensations and fees
17 Taxes
44
Statement of financial position
46
48
49
51
53
18 Classification of financial instruments
19 Financial instruments at amortised cost
20 Financial instruments at fair value
21 Financial derivatives and hedge accounting
22 Issued covered bonds
23 Intragroup transactions
55
Other information
5724 Share capital
25 Events after the reporting date
58
Statement pursuant to section 5-5 of the Securities Trading Act
Independent Auditor’s report
Møre Boligkreditt AS
P.O.Box 121, NO-6001 Ålesund
Visiting address: Grimmergata 5, Ålesund
www.sbm.no/mbk
2
Key figures
Income statement
(Amounts in percentage of average assets)
2025 2024
NOK
million
% NOK
million
%
Net interest income 330 0.85 283 0.79
Other operating income -14 -0.04 -12 -0.03
Total operating expenses 65 0.17 60 0.17
Profit before impairment on loans 251 0.64 211 0.59
Impairment on loans 1 0.00 -6 -0.02
Pre-tax profit 250 0.64 217 0.61
Taxes 55 0.14 48 0.14
Profit after tax 195 0.50 169 0.47
Statement of financial position
(NOK million)
31.12.2025 31.12.2024
Total assets 39 657 38 778
Average assets 38 823 35 689
Loans to and receivables from customers 37 584 35 746
3
Report from the Board of Directors
Figures in brackets refer to the corresponding period last year.
OPERATIONS IN 2025
Møre Boligkreditt AS is a wholly owned subsidiary of Sparebanken Møre, a regional Norwegian savings
bank. Møre Boligkreditt AS is licensed to operate as a mortgage company and to issue covered bonds. Møre
Boligkreditt AS is Sparebanken Møre's most important source of long-term market funding and an
important part of the parent bank's funding strategy. Møre Boligkreditt AS is located at Grimmergata 5, in
the city of Ålesund.
Net mortgage lending to customers increased by NOK 1,838 million in 2025 and amounted to NOK 37,584
million at year end 2025 (NOK 35,746 million). Mortgages in the company's cover pool are secured by
Norwegian residential properties.
One new NOK 6,000 million covered bond loan was issued in 2025. Existing covered bond loans with
remaining outstanding volume of NOK 6,050 million at year end 2024 matured in 2025. Møre Boligkreditt AS
had 9 bond loans outstanding as at 31 December 2025 with a total bond loan debt of NOK 31,501 million
(NOK 31,503 million).
RATING
The rating agency Moody's has assigned Aaa-rating to all covered bond loans issued by Møre Boligkreditt
AS.
Moody’s has furthermore assigned long-term and short-term issuer ratings of A1/Prime-1, and long-term
and short-term Counterparty Risk Ratings of A1/Prime-1 to Møre Boligkreditt AS, aligned with the ratings
of the parent bank Sparebanken Møre.
THE MORTGAGE COMPANY’S ANNUAL FINANCIAL STATEMENTS
The financial statements of Møre Boligkreditt AS show a profit before tax of NOK 250 million (NOK 217
million). Net interest income amounted to NOK 330 million in 2025 (NOK 283 million). Total operating costs
amounted to NOK 65 million (NOK 60 million).
The ECL calculation as at 31 December 2025 shows expected credit loss of NOK 6 million (NOK 5 million).
Profit after tax amounted to NOK 195 million in 2025 (NOK 169 million). Tax amounted to NOK 55 million
(NOK 48 million). Total assets at the end of 2025 amounted to NOK 39,657 million (NOK 38,778 million).
Net cash flow from operating activities amounted to NOK -122 million in 2025 (NOK -1,956 million). The
main outflow and inflow are related to payments for mortgages from the parent bank and payments related
to instalments on loans and credit lines from customers.
As at 31 December 2025, the company's substitute assets included in the cover pool amounted to NOK 72
million (NOK 1,147 million). Over-collateralisation, calculated as the nominal value of the cover pool relative
to the nominal value of outstanding covered bond loan debt was 22.4 per cent as at 31 December 2025
(19.5 per cent).
Møre Boligkreditt AS’ liquidity portfolio consisting of Liquidity Coverage Ratio (LCR) eligible assets
amounted to NOK 265 million as at 31 December 2025, reporting total LCR of 1,044 per cent.
It is the opinion of the Board of Directors that the presented financial statements provide correct and
adequate information about the company's operations and status as at 31 December 2025.
4
CAPITAL STRENGTH
Paid in equity and retained earnings amount to NOK 2,319 million by year end 2025 (NOK 1,776 million). Risk
weighted assets amount to NOK 10,541 million (NOK 8,367 million). Net equity and subordinated loan
capital amount to NOK 2,065 million (NOK 1,550 million). This corresponds to a Common Equity Tier 1
capital ratio of 19.6 per cent as at 31 December 2025 (18.5 per cent). Møre Boligkreditt AS uses internal
rating based (IRB) models to calculate capital requirements for credit risk. The minimum capital adequacy
ratio for Møre Boligkreditt AS is 17.5 per cent.
Effective as of 1 July 2025, the floor for the average risk weight of Norwegian residential mortgages under
the IRB-model was increased from 20 per cent to 25 per cent, requiring the Issuer to hold more capital
against its residential mortgage exposures.
RISKS
Møre Boligkreditt AS is subject to a number of acts, regulations, recommendations and regulatory
provisions. These regulations largely stipulate restrictions concerning the scope of the company's various
risk exposures. The Board and the Managing Director of Møre Boligkreditt AS are responsible for ensuring
that proper risk management is established, and that such risk management is adequate and complies with
current laws and regulations. Risk management in Møre Boligkreditt AS is maintained by Sparebanken Møre
according to service agreements concluded between Møre Boligkreditt AS and Sparebanken Møre.
Risk management emphasizes identifying, measuring and managing the company's risk elements in a
manner that ensures that Møre Boligkreditt AS complies with the professional credit regulations and keeps
the various risks at a low level.
CREDIT RISK
Credit risk is defined as the risk of losses associated with customers or other counterparties being unable
to fulfil their obligations at the agreed time and pursuant to written agreements, and that the received
collateral is not covering outstanding claims.
The credit risk strategy adopted by the company defines which loans can be acquired by the company. The
strategy stipulates criteria for both borrowers and the collateral for the loans that can be acquired. At year-
end 2025, the mortgages in the cover pool had an average loan-to-value ratio of 57.4 per cent, calculated as
mortgage amount relative to the value of the property used as collateral. The Board regards the quality of
the loan portfolio as very good and the credit risk as low.
MARKET RISK
Market risk is the risk that will arise due to the mortgage company holding or assuming positions in
lending and financial instruments in which the values over time will be affected by changes in market
prices. Møre Boligkreditt AS must, pursuant to laws and regulations, have very low market risk and Board
approved restrictions concerning its maximum exposure to market risk. The company utilizes financial
derivatives to keep this type of risk at a low level. A specific market risk strategy has been adopted for
Møre Boligkreditt AS which establishes the limits for this type of risk. The company's positions in fixed
interest and foreign currencies are hedged with financial derivatives. The Board considers the overall
market risk as low.
LIQUIDITY RISK
Liquidity risk is the risk that Møre Boligkreditt AS may be unable to fulfil its obligations without incurring
significant additional costs, such as reduced asset values, forced sales or more expensive funding. The
company has adopted a liquidity risk strategy and established limits for long-term funding and short-term
liquidity risk limits. Bonds issued by Møre Boligkreditt AS have a soft bullet structure in which the
company has the opportunity to extend the term of its borrowing by up to 12 months. Møre Boligkreditt AS
reports LCR of 1,044 per cent by year-end 2025. The Board regards the company's liquidity risk as low.
OPERATIONAL RISK
Operational risk is the risk of losses due to inadequate or failing internal processes, human error, system
failures or external events. Møre Boligkreditt AS has entered into management agreements with
Sparebanken Møre. The services covered by these agreements include administration, production, IT
operations and financial and risk management. Although the operational risk of Møre Boligkreditt AS is
5
dependent of Sparebanken Møre's ability to manage this type of risk, Møre Boligkreditt AS independently
bears risk associated with errors in the deliveries and services provided by Sparebanken Møre. In order to
follow up operational risk in services provided by Sparebanken Møre, Møre Boligkreditt AS conducts
regular meetings with Sparebanken Møre to ensure proper implementation of management agreements
between the two parties. In addition, the annual internal control report of Sparebanken Møre is distributed
to Møre Boligkreditt AS providing the mortgage company with additional information relating to
operational risk in connection to services provided by the parent bank.
The evaluation of the management and control of operational risk is included in the Group's ICAAP. The
operational and established annual internal control report, both within Sparebanken Møre and by the
Managing Director of Møre Boligkreditt AS, are important tools for reducing operational risk. The internal
control reports will help identifying any operational risk and enable action to be taken. The Board regards
the company's operational risk as low to moderate.
CLIMATE RISK
Climate risk is the impact resulting from climate change, and climate risk will impact the company’s credit
risk. When assessing climate risk, two types of risks in particular must be assessed: physical risk and
transitional risk.
Physical climate risk arises as 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 the escalation of, climate
policies/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.
For additional information, see Sparebanken Møre’s consolidated annual report at www.sbm.no
CORPORATE GOVERNANCE STATEMENT
Møre Boligkreditt AS complies with the latest Norwegian Code of Practice for Corporate Governance. Møre
Boligkreditt AS was established as part of Sparebanken Møre's long-term funding strategy with the
purpose of funding the bank through issuing covered bonds. Møre Boligkreditt AS helps ensure that the
Sparebanken Møre Group properly manages its assets, as well as providing additional assurance that goals
and strategies are achieved and realized.
The Board ensures that risk management and internal control are adequate and systematic, and that they
have been established in compliance with the law and regulations, articles of association, ethical guidelines,
instructions, and external and internal guidelines. The Board sets principles and guidelines for risk
management and internal control for the various levels of activity pursuant to the company's risk bearing
capacity in order to assure that the strategies and guidelines are being followed. The Board systematically
and regularly assesses the strategies and guidelines for risk management.
In order to ensure that Møre Boligkreditt AS' risk management and internal control are carried out
satisfactorily, the Board continuously receives various types of reports throughout the year from
Sparebanken Møre's control bodies, as well as from internal and external auditors. The Board actively
participates in the annual implementation of the long-term strategic plan. The Board revises and approves
all the company's general risk management documents at least once a year. The Managing Director of Møre
Boligkreditt AS reports annually on the structure and efficiency of the company's internal control.
The overall responsibility for ensuring that principles of accounting and financial control are identified,
monitored and evaluated is outsourced to the Finance and Accounting department and the Risk
Management department in Sparebanken Møre. The responsibility for the preparation of financial
statements, and the reporting of these to the Managing Director in Møre Boligkreditt AS, is assigned to the
Finance and Accounting department in the parent bank.
The Board of Directors and the Chair of the Board are elected by the General Meeting and shall consist of
four to six members elected for a period of two years. After one year, at least half of the elected members
shall step down, based on the drawing of lots, while the remainder shall step down after one more year.
Board members can be re-elected.
6
The Chair of the Board in Møre Boligkreditt AS shall, by the end of October and in consultation with the
Managing Director, set out a proposed annual plan for the Board's work for the coming year and the main
items on the agendas of board meetings for the next calendar year. Each year, the Board evaluates its own
methods and professional competence to see if improvements can be made.
The Chair of the Board shall ensure that the Board of Directors convenes at least once every quarter and
otherwise as often as is called for by the nature of the company's activities, or when requested by a board
member. A valid Board resolution is passed by a majority of board members voting in favour of the
resolution. The annual General Meeting shall be held each year before the end of June.
The company's paid-in equity of NOK 2,150 million consists of 1,220,000 shares of NOK 1,250 fully paid in,
together with a share premium of NOK 625 million. With the consent of the Financial Supervisory Authority
of Norway, the General Meeting may raise additional share capital, subordinated loan capital and guarantee
capital.
Møre Boligkreditt AS is part of the Sparebanken Møre Group. The Group’s corporate governance is based
on the Norwegian Code of Practise for Corporate Governance. The corporate governance report is included
in Sparebanken Møre’s consolidated annual report, see www.sbm.no
The Norwegian Transparency Act, and compliance with fundamental human rights and decent working
conditions is reported for the Sparebanken Møre Group, including Møre Boligkreditt AS, and made available
in Sparebanken Møre’s annual report (Sustainability Report), see www.sbm.no. Statement on ethics and
corporate social responsibility in the consolidated annual report for Sparebanken Møre also includes Møre
Boligkreditt AS, see www.sbm.no
INTERNAL CONTROL
The Managing Director of Møre Boligkreditt AS is responsible for establishing proper risk management and
internal control based on the guidelines decided by the Board, making sure that these are adhered to, and
providing the Board with information about developments within the various areas. The Managing Director
reports on structure and efficiency of the company's internal control annually.
Møre Boligkreditt AS bases its internal control on an overall risk management process. The Board has
decided upon guidelines for establishing proper risk management and internal control and ensures that
risk management and internal control in Møre Boligkreditt AS are adequate and systematic, and that the
processes have been established in compliance with the law and regulations, articles of association,
instructions, and external and internal guidelines. The Board systematically and regularly assesses the
strategies and guidelines for risk management.
Procedures relating to critical areas within the company, as well as the level of achievement of both the
company's financial goals, and the qualitative goals relating to risk managing, are presented to the Board.
This ensures a close and accurate monitoring of the financial reporting and increases the possibility of
early risk detection. The Managing Director of Møre Boligkreditt AS has the primary responsibility for
managing risks associated with the company's operational and financial reporting, which is the foundation
for satisfactory quality in the financial reporting.
The internal control and risk assessment of the financial reporting is one of the areas of focus in the
Managing Director’s annual confirmation on the quality of, and the compliance with, internal controls. The
external auditor has an important role in the monitoring of internal controls related to financial reporting.
The financial statements provide additional information about the risk management and internal control of
Møre Boligkreditt AS.
PROFIT DISTRIBUTION POLICY
Møre Boligkreditt AS’ profit distribution policy states the following: “The company shall make a maximum
payment from the profit generated in the fiscal year, either in the form of a dividend or as a group
contribution. Such payments, however, shall not conflict with the requirements for liquidity and financial
strength of the company, and shall in any case abide by what is considered good and prudent business and
accounting practice.”
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GENERAL MEETING AND COMPANY BOARD
The General Meeting is the supreme body of Møre Boligkreditt AS. The General Meeting of Møre
Boligkreditt AS consists of the Board of Directors of Sparebanken Møre, Sparebanken Møre being the sole
owner of the company. The Board shall consist of four to six members elected for a period of two years. The
Board's responsibilities and tasks are set forth in a separate document which is discussed and revised by
the Board regularly. The document contains the dividing of responsibilities and tasks between the Board
and the Managing Director of the company. Each year, the Board evaluates its own methods and
professional competence.
BOARD LIABILITY INSURANCE
Møre Boligkreditt AS is covered by Sparebanken Møre Group’s board liability insurance with AIG. The
insurance covers previous, current and future board members, the Managing Director and members of the
corresponding bodies within the Group, including subsidiaries. Continuity date January 1, 2008.
The insurance does not cover losses as result of the insured's intentional actions or omissions, or cases
where the insured individual has obtained unjustified personal gain. In addition, the terms of the insurance
also stipulate other cases where the insurance will not apply. The insurance excludes liability in connection
with breaches of money laundering rules. The insurance does not cover claims for payment of fines, fees
and taxes, or other non-insurable matters in accordance with current legislation.
GOING CONCERN ASSUMPTION
The Board is of the opinion that the prerequisites for the going concern assumption exist, and the Board
confirms that the 2025 annual financial statements are prepared based on the going concern assumption.
EMPLOYEES
Møre Boligkreditt AS had no employees at year-end 2025. One man-year from Sparebanken Møre is
dedicated full time to the mortgage company. Furthermore a number of services are outsourced to
Sparebanken Møre, regulated by specific agreements between the mortgage company and the bank. No
special work environment measures have been implemented in Møre Boligkreditt AS.
EQUAL OPPORTUNITIES
The Sparebanken Møre Group strives for gender-neutral employment – and wage policy. The Board and
management in Sparebanken Møre systematically and actively work to promote equality. The Board of Møre
Boligkreditt AS consists of two men and two women by end of 2025.
POLLUTION OF THE EXTERNAL ENVIRONMENT
The activities of Møre Boligkreditt AS do not pollute the external environment. For additional information,
see Sparebanken Møre’s consolidated annual report.
OTHER FACTORS
As far as the Board is aware, no events have occurred after the end of the financial year 2025 of material
importance to the position and results of Møre Boligkreditt AS.
RESEARCH AND DEVELOPMENT
Møre Boligkreditt AS has no research and development activities.
CORPORATE SOCIAL RESPONSIBILITY
For information on corporate social responsibility, Møre Boligkreditt AS being a wholly owned subsidiary of
Sparebanken Møre, we refer to Sparebanken Møre 's consolidated annual report.
FUTURE PROSPECTS
From December 2024 to December 2025, the Norwegian Consumer Price Index (CPI) rose by 3.2 per cent,
while the CPI adjusted for tax changes and excluding energy products (CPI-ATE) increased by 3.1 per cent.
Thus, inflation remains well above Norges Bank’s long-term target of 2 per cent. According to the central
bank’s projected rate path, one or two policy rate cuts can be expected in 2026.
Unemployment in Norway remains low. In December 2025, the national registered unemployment rate
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stood at 2.1 per cent, compared to 1.8 per cent in the county of Møre og Romsdal. Unemployment is
expected to remain at relatively low levels in the coming quarters, both nationally and regionally.
The national twelve-month growth rate in household loan debt continues to trend upward, reaching 4.5 per
cent in November 2025. Seasonally adjusted, Norwegian house prices were unchanged in December. In
2025, nominal house price growth was 5 per cent nationally and 0.7 per cent in Møre og Romsdal. The
Board expects the growth in house prices to remain robust going forward.
Uncertainty surrounding future economic developments remains elevated. Geopolitical unrest and trade
policy uncertainties continue to represent potential sources of volatility in financial markets. The Board
anticipates this uncertainty to persist well into the next quarters.
DISTRIBUTIONS
Profit after tax amounted to NOK 195 million in 2025. Total comprehensive income after tax amounted to
NOK 212 million in 2025. The recommendation from the Board of Directors to the annual General Meeting is
a dividend payment of NOK 195 million.
Ålesund, 31 December 2025
12 February 2026
THE BOARD OF DIRECTORS OF MØRE BOLIGKREDITT AS
Kjetil Hauge
Elisabeth Blomvik
chairman
Kristian Tafjord
Sandra Myhre Helseth
Ole Kjerstad
managing director
9
Statement of income
STATEMENT OF INCOME
(NOK million)
Note 2025 2024
Interest income 14
23 2 095 1 987
Interest expenses 14 23 1 765 1 704
Net interest income 330 283
Net gains/losses from financial instruments 15
-14 -12
Total income 316 271
Wages, salaries and general administration expenses 16
3 3
Other operating expenses 23
62 57
Total operating expenses 65 60
Profit before impairment on loans 251 211
Impairment on loans 9
1 -6
Pre-tax profit 250 217
Taxes 17
55 48
Profit after tax 195 169
Earnings/diluted earnings per share (NOK) 159.57 150.88
STATEMENT OF COMPREHENSIVE INCOME
(NOK million)
2025 2024
Profit after tax 195 169
Items that may subsequently be reclassified to the income statement:
Basis swap spreads - changes in value 22 -38
Tax effect of basis swap spreads 17
-5 8
Total comprehensive income after tax 212 139
10
Balance sheet
Assets
(NOK million)
Note 31.12.2025 31.12.2024
872 1 911
37 584 35 746
277 208
Loans to and receivables from credit institutions 1)
Loans to and receivables from customers
Certificates and bonds
Financial derivatives
7 13 19 23
5 6 7 8 9 11 13 18 19 20
7 13 18 20
10 11 12 18 20 21
924 913
Total assets 39 657 38 778
1) NOK 826 million of a total of NOK 872 million in Loans to and receivables from credit institutions is the margin call balance on
financial derivatives paid in by counterparties according to CSA. (NOK 789 million of a total of NOK 1,911 million in 2024)
Liabilities and equity
(NOK million)
Note 31.12.2025 31.12.2024
13 19 23
5 538 5 199
12 13 18 19 22 23 31 501 31 503
10 11 12 18 20 21
83 144
17 52 0
1 1
Loans from credit institutions 2)
Debt securities issued
Financial derivatives
Tax payable
Incurred costs and prepaid income
Deferred tax 17
163 155
Total liabilities 37 338 37 002
Share capital 24
1 525 1 400
Share premium 625 250
Paid-in equity 2 150 1 650
-26 -43Liability credit reserve
Retained earnings 195 169
Total equity 3
2 319 1 776
Total liabilities and equity 39 657 38 778
2) NOK 826 million of a total of NOK 5,538 million in Loans from credit institutions is the margin call balance on financial derivatives
paid in by counterparties according to CSA. (NOK 789 million of a total of NOK 5,199 million in 2024)
Ålesund, 31 December 2025
12 February 2026
THE BOARD OF DIRECTORS OF MØRE BOLIGKREDITT AS
Kjetil Hauge
Elisabeth Blomvik
chairman
Kristian Tafjord
Sandra Myhre Helseth
Ole Kjerstad
managing director
11
Statement of changes in equity
31.12.2025
(NOK million)
Note Total
equity
Share
capital
Share
premium
Liability
credit
reserve
Retained
earnings
1 776 1 400 250 -43 169
-169
125 375
Equity as at 31 December 2024
Dividend paid
Share capital issue
Total comprehensive income for the period
-169
500
212 17 195
Equity as at 31 December 2025 3 24
2 319 1 525 625 -26 195
(NOK million)
Note Total
equity
Share
capital
Share
premium
Liability
credit
reserve
Retained
earnings
1 665 1 375 175 -13 128
-128
25 75
Equity as at 31 December 2023
Dividend paid
Share capital issue
Total comprehensive income for the period
-128
100
139 -30 169
Equity as at 31 December 2024 3 24
1 776 1 400 250 -43 169
The share capital consists of 1 120 000 shares at NOK 1 250, a total of NOK 1 400 million. All shares are owned by Sparebanken Møre.
The NOK 100 million capital increase was fully paid in 7 March 2024, and registered in the Norwegian Register of Business Enterprises
on 8 March 2024.
Proposed dividend as at 31 December 2024 amounted to NOK 169 million.
The share capital consists of 1 220 000 shares at NOK 1 250, a total of NOK 1 525 million. All shares are owned by Sparebanken Møre.
The NOK 500 million capital increase was fully paid in 18 March 2025, and registered in the Norwegian Register of Business
Enterprises on 24 March 2025.
Proposed dividend as at 31 December 2025 amounts to NOK 195 million.
31.12.2024
12
Statement of cash flow
(NOK million)
2025 2024
Cash flow from operating activities
Interest, commission and fees received 2 060 1 960
Interest, commission and fees paid -214 -168
Received interest, commission and fees related to certificates, bonds and other securities 34 28
Operating expenses paid -65 -60
Income taxes paid/received 0 0
Net cash inflow/outflow from loans to and receivables from other financial institutions -37 -228
Payment for acquiring loans from the parent bank -13 223 -13 004
Payment related to installment loans and credit lines to customers 11 385 9 621
Proceeds from the sale and settlement of certificates, bonds and other securities 4 818 4 985
Purchases of certificates, bonds and other securities -4 895 -5 047
Changes in other assets 15 -43
Net cash flow from operating activities -122 -1 956
Cash flow from financing activities
Paid interest, commission and fees related to issued bonds -1 552 -1 530
Net change in loans from credit institutions 340 761
Proceeds from issued covered bonds 5 994 8 909
Redemption of issued covered bonds -6 089 -5 859
Dividend paid -169 -128
Changes in other debt 22 2
Increase/reduction of share capital and premium 500 100
Net cash flow from financing activities -954 2 255
Net change in cash and cash equivalents -1 076 299
Cash balance, OB 1 122 823
Cash balance, CB 1) 46 1 122
1) NOK 826 million of a total of NOK 872 million in Loans to and receivables from credit institutions is the margin call balance on
financial derivatives paid in by counterparties according to CSA, and thus should not be included as cash balance at 31.12.2025 (NOK
789 million as at 31.12.2024).
13
The cash flow analysis is prepared on basis of the direct method with cash flows attributable to
operational, investment and financing activities. Cash flows from operational activities are net receipts and
payments from lending activities, purchase or sale of bonds and other securities and other payments
generated from operational activities. Cash flows from other securities transactions, issuance and
repayments of issued securities and equity are defined as financing activities.
Balance sheet items are currency-adjusted.
Cash and cash equivalents are defined as loans to and receivables from credit institutions with no agreed
period of notice. Loans to and receivables from credit institutions are mainly related to Sparebanken Møre.
14
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 goals, the location of disclosures and aggregation and
disaggregation.
1.3 CURRENCY
All amounts in the financial statements and notes are stated in NOK million, unless otherwise specified. The
company's functional currency and presentation currency is Norwegian kroner (NOK).
Changes in significant accounting policies and presentation
The company’s intention is to adopt relevant new and amended standards and interpretations when they
become effective, subject to EU approval before the financial statements are issued.
Accounting policies Note IFRS standard Basis for
measurement
Impairments Note 9 Impairment, losses and non-
performance
IFRS 9, IFRS 7 Amortised cost
Financial derivatives Note 21 Financial derivatives and hedge
accounting
IFRS 9, IFRS 7,
IFRS 13
Fair value
Classification of financial
instruments
Note 18 Classification of financial instruments IFRS 9, IFRS 7 Amortised cost/fair
value
Amortised cost Note 19 Financial instruments at amortised cost IFRS 9, IFRS 7 Amortised cost
Fair value Note 20 Financial instruments at fair value IFRS 9, IFRS 13,
IFRS 7
Fair value
Tax Note 17 Taxes IAS 12 Historical cost
Equity Note 24 Share capital IAS 1 Historical cost
Events after the reporting date Note 25 Events after the reporting date IAS 10 N/A
Note 1
Accounting policies
1.1 GENERAL INFORMATION
Møre Boligkreditt AS (the company) is part of the Sparebanken Møre Group. The company's Head Office is
located at Grimmergata 5, 6002 Ålesund, Norway.
The annual report was approved by the Board of Directors on 12 February 2026.
1.2 ACCOUNTING POLICIES
The company`s financial statements have been prepared in accordance with the IFRS® Accounting
Standards (IFRS), issued by the International Accounting Standards Board, and approved by the EU as at 31
December 2025.
How the company’s accounting policies are to be read
Møre Boligkreditt AS describes accounting policies in connection with relevant notes. See the table below
for an overview of accounting principles and the notes in which they are described, as well as reference to
relevant and important IFRS-standards.
15
1.4 USE OF ESTIMATES IN THE PREPARATION OF THE ANNUAL FINANCIAL STATEMENTS
In the preparation of the financial statements, management makes estimates and assumptions that affect
the financial statements and the reported amounts of assets and liabilities, income and costs. The
assessments are based on historical experience and assumptions deemed to be reasonable and sensible by
the management. There is a risk that actual outcome will deviate from estimated outcome.
Financial assets and liabilities of the company are allocated to different categories according to IFRS 9 by
the management. Normally this process requires limited judgement.
In the opinion of the management, the most important areas which involve critical estimates and
assumptions are as follows:
Impairment on loans
When measuring the expected credit losses (ECL) on loans as per IFRS 9, the Sparebanken Møre Group
employs significant judgement and estimates, particularly in assessing credit risk increases and in
estimating future cash flows and collateral values. These assessments are crucial for determining the level
of allowances for expected credit losses.
Judgements:
Credit Risk Assessment: A key judgement involves assessing whether there has been a significant 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 grading model, which assigns probabilities of
default (PD).
Development of the ECL Model: Judgements are made in the development of the ECL model, including the
selection of formulas and variable inputs, as well as the determination of associations between
macroeconomic scenarios and economic indicators (e.g., unemployment levels, collateral values) and their
impact on PD, exposure at default (EAD), and loss given default (LGD).
Estimation Uncertainty:
Future Cash Flows and Collateral Values: There is estimation uncertainty in predicting the amount and
timing of future cash flows and the valuation of collateral, influenced by changes in macroeconomic factors.
Macroeconomic Scenarios: Selecting forward-looking macroeconomic scenarios and assigning probability
weightings involves estimation uncertainty due to the inherent unpredictability of economic conditions and
their impact on PD, LGD, and EAD.
The ECL model of Sparebanken Møre Group is based on the Group’s internal ratings-based (IRB)
parameters and incorporates complex models with numerous underlying assumptions about variable inputs
and their interdependencies. The elements of the ECL model considered as accounting judgements and
estimates include the internal credit grading model, criteria for significant increase in credit risk, model
development, and the linkage of macroeconomic scenarios to economic inputs affecting credit risk
parameters.
The Group continuously evaluates these judgements and estimates based on available historical data and
forward-looking information, acknowledging that actual outcomes may vary, leading to potential
adjustments in future periods.
Fair value of financial instruments
The fair value of financial instruments that are not traded in an active market is determined by using
different valuation techniques. The company considers and chooses techniques and assumptions that as
far as possible are based on observable market data representing the market conditions on the balance
sheet date. When measuring financial instruments for which observable market data are not available, the
company makes assumptions regarding what market participants would use as the basis for valuing similar
financial instruments. The valuations require application of significant judgment when calculating liquidity
risk, credit risk and volatility among others. Changes in these factors would affect the estimated fair value
of the company’s financial instruments. For more information see note 20.
16
Note 2
Risk Management
Strategy
The Sparebanken Møre Group’s, and thereby Møre Boligkreditt AS’, long-term strategic development and
goal 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 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 as well as in the Board of Directors’ ongoing focus. Sparebanken Møre’s Board
of Directors has agreed overall guidelines for management and control throughout the Group.
Møre Boligkreditt AS shall have a low risk profile and revenue generation shall be a product of customer
related activities related to the company’s operations and purpose, not a product of financial risk-taking. In
addition, the company has introduced policies for each significant risk area: credit risk, market risk, liquidity
risk and counterparty risk. The risk strategies are adopted by the Board of Directors and revised at least
once a year or when special circumstances should warrant it. The approved risk policies operationalize the
business strategy set forth in the company's overall strategic plan. The company has established control
structures to ensure that the overall framework of the strategic plan is adhered to at all times.
Risk exposure and strategic risk management
Møre Boligkreditt AS takes into account the interaction between the various risk areas by setting desired
levels of exposure. Overall, it is the internal conditions, general conditions, customer base etc. in the Group
that form the basis for setting the desired overall risk exposure.
Based on an evaluation of the risk profile, management and control, Møre Boligkreditt AS has set the
following overall levels of risk exposure for the various risk areas:
• Credit risk: A low level of risk is accepted
• Market risk: A low level of risk is accepted
• Liquidity risk: A low level of risk is accepted
• Operational risk: A low to moderate level of risk is accepted
Møre Boligkreditt AS is exposed to several different types of risk. The most important risk groups are:
Credit risk
Credit risk is defined as the risk of loss due to customers or other counterparts being unable to meet their
obligations at the agreed time in accordance with the written agreements and that collateral held is not
covering the outstanding claims. This is the company’s most significant risk area. Møre Boligkreditt AS’
main credit risk is related to mortgages to customers with collateral in residential property and housing
associations. Møre Boligkreditt AS acquires the mortgages from Sparebanken Møre, originally granted to
customers by Sparebanken Møre, based on group policies and limits. At the time of the transfer of
mortgage portfolios, only mortgages that qualify as collateral for the issue of covered bonds, are accepted
by Møre Boligkreditt AS. The eligible value of the mortgage balance in the cover pool cannot exceed 80 per
cent of the total value of the property. The collateral value is monitored on an ongoing basis.
According to credit risk policies set by the Board of Directors, Møre Boligkreditt AS manages and controls
credit risk by setting limits on the amount of risk and by monitoring exposures in relation to such limits.
Collateral is taken to manage credit risk in the mortgage portfolios. According to the agreement relating to
the transfer of mortgages between Sparebanken Møre and Møre Boligkreditt AS, the day-to-day monitoring
of the mortgages are managed by Sparebanken Møre on behalf of Møre Boligkreditt AS.
17
The risk classification systems are used as decision support, monitoring and reporting. The risk parameters
used in the classification systems are an integrated part of the credit process and ongoing risk monitoring,
including the follow-up of credit strategies. Probability of default, PD, is used to measure quality.
The risk classification system is divided into ten non-default risk classes and 3 default risk classes. The
classification system is based on the probability of default which is an estimate of the likelihood of a
counterparty defaulting on its contractual obligations.
See also the Group’s Pillar 3 document published on www.sbm.no/investor-relations/.
Market risk
The risk of loss due to changes in fair value of financial instruments as a result of fluctuations in market
prices such as share prices, foreign exchange rates and interest rates. Møre Boligkreditt AS minimizes
currency risk through swap agreements with eligible counterparties. The Board of Directors sets risk limits,
positions are monitored on a daily basis, and quarterly exposure reports are prepared for the management
and for The Board of Directors. Fixed interest on the company's funding and fixed-rate mortgages to
customers are managed through interest rate swaps with eligible counterparties.
Liquidity risk
The risk that the company will encounter difficulty in meeting obligations associated with financial
liabilities that are settled by delivering cash or another financial asset. The Board of Directors sets annual
limits for the company's liquidity risk, which means preparing liquidity risk limits, contingency plans,
forecasts, stress tests, routines for monitoring limit utilisation and compliance with guidelines,
management reporting and monitoring of management and control systems.
LCR measures institutions' ability to survive a 30-day stress period. LCR has increased the importance of
high-quality liquid assets. The minimum regulatory requirement for LCR is 100 per cent.
The cover pool liquidity buffer shall cover the maximum cumulative net liquidity outflow over the next 180
days.
Operational risk
The risk of losses due to inadequate or failing internal processes, human error, system failures or external
events. Møre Boligkreditt AS has a management agreement with Sparebanken Møre. The services covered
by this include administration, production, IT operations and financial and risk management. Although the
operational risk of Møre Boligkreditt AS is dependent of Sparebanken Møre's ability to manage this type of
risk, Møre Boligkreditt AS independently bear risk associated with errors in the deliveries and services
provided by Sparebanken Møre.
The evaluation of the management and control of operational risk is of high focus in the Group's annual
ICAAP. The operational and established internal control system in the mortgage company is also an
important tool for reducing operational risk in terms of both identifying risk as well as follow-up.
The internal control system is designed to ensure reasonable certainty with respect to attaining goals
within the areas of strategic development, efficient operations, reliable reporting and compliance with acts
and regulations, including compliance with intragroup and company-specific guidelines and policies. A
well-functioning internal control system also ensures the mortgage company's risk exposure being within
the adopted risk profile. Reports are submitted to the company's Board concerning operations and the risk
situation throughout the year. The Managing Director submits an annual report to the Board containing an
overall assessment of the risk situation and an assessment of whether the internal controls are functioning
satisfactorily.
Climate risk
Climate risk is the impact resulting from climate change, and climate risk will impact the company’s credit
risk. 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,
18
precipitation, storms, landslides and avalanches, as well as rising sea levels.
Transitional risk is the risk associated with changes to, and the escalation of, climate
policies/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.
For additional information, see Sparebanken Møre’s consolidated annual report at www.sbm.no
Capital management
Møre Boligkreditt AS acquires mortgages from Sparebanken Møre funded through the issuance of covered
bonds, with paid in equity and a line of credit in the parent bank.
Capital adequacy rules and regulations
The EU’s capital adequacy directive’s purpose is 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. Capital adequacy is calculated and reported in line with the
EU capital requirements for banks and investment firms – CRD /CRR.
CRR III entered into force in Norway on 1 April 2025. The bank has implemented CRR III in its calculation of
capital adequacy as at the end of the second quarter of 2025.
The Ministry of Finance decided to increase the risk-weighted floor for mortgages from 20 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 effect on the bank's capital adequacy.
The capital adequacy directive is based on three pillars:
• Pilar 1 – Minimum requirement for equity and related capital
• Pilar 2 – Assessment of aggregate capital requirements and regulatory follow-up (ICAAP)
• Pilar 3 – Publication of information
Møre Boligkreditt AS applies the IRB Foundation Approach when calculating capital adequacy for credit
risk, the Standardised Approach for market risk and the Basic Indicator Approach for operational risk. Møre
Boligkreditt AS’ Board of Directors ensures that plans for the capitalization of the Company are in place,
both during economic downturns and periods of strong economic expansion. Capital assessments (ICAAP)
are conducted annually, and the company’s capital strategy is based on the risk in the company’s
operations, having taken into consideration different stress scenarios.
Reporting
Møre Boligkreditt AS 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 that are intended for
the Board of the company. The most important reports during the year are as follows:
ICAAP (Internal Capital Adequacy Assessment Process) is carried out and reported at least once a year.
Møre Boligkreditt AS is included in the assessments of the overall ICAAP for the Sparebanken Møre Group,
and the Managing Director of Møre Boligkreditt AS is involved in the process. The process is led by the Risk
Management department in Sparebanken Møre. Specific guidelines have been prepared for ICAAP in
Sparebanken Møre. ICAAP is reviewed by the bank's management team and the Board of Directors.
Møre Boligkreditt AS’ Internal Liquidity Adequacy Assessment Process (ILAAP) is included in the
company’s Internal Capital Adequacy Assessment Process (ICAAP).
A performance management report is prepared every month. The report presents the status and
performance of the most important aspects of goal achievement in Møre Boligkreditt AS. The report is an
integral part of the reporting to the Board of Directors.
A risk report is prepared every quarter and is a key element of Møre Boligkreditt AS' continuous monitoring
of its risk position. The risk report is reviewed by the Board of Directors in quarterly board meetings.
19
Internal control reports are produced annually. In the report, an assessment is made of whether or not the
internal control is adequate in relation to the risk tolerance. This includes an assessment and comments on
internal control work performed, a review of important risk areas, an assessment of compliance with
external and internal regulations, and suggestions for and planned improvement measures. The internal
control report is discussed by the Board of Directors. Møre Boligkreditt AS’ internal control report is
consolidated in the Group’s total internal control reporting.
Reports from external and internal auditors and from the independent surveyor, and also compliance
reports, are reviewed by the Board of Directors, as well as the Risk and Audit Committees of Sparebanken
Møre.
A reporting portal has been established in the Sparebanken Møre Group, and each member of staff with
customer responsibility have access to reports showing the position and development in the credit risk in
his or her portfolio. The portal has a hierarchical structure, allowing managers in Sparebanken Møre and
Møre Boligkreditt AS to monitor performance within their area of responsibility. The reports are also used
to analyse customers, portfolios and different industrial, commercial and other sectors.
Finance and accounting reports are prepared monthly (and include calculations of expected credit loss, as
well as quarterly loss reviews of portfolios with a focus on the need for individual impairment). The reports
are reviewed by the Board of Directors.
20
Note 3
Equity and related capital
The equity consists of paid-in share capital, share premium and retained earnings. Møre Boligkreditt AS
recognizes proposed dividends and group contributions as retained earnings until approved by the
company's General Meeting. Transaction costs associated with an equity transaction are recognized
directly against equity.
Møre Boligkreditt AS follows the EU’s capital adequacy regulations, CRR and CRD IV. The Sparebanken
Møre Group has been granted permission to use the Internal Ratings Based (“IRB”) Foundation approach
for credit risk to calculate the total risk-weighted assets. The average risk-weight on exposures secured in
residential property in Norway cannot be lower than 25 percent for banks using Internal Ratings Based
approach.
The legislation requires a minimum Common Equity Tier 1 of 14.0 per cent, including a 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. Minimum
capital adequacy ratio is 17.5 per cent. The current defined long-term target for Møre Boligkreditt AS is to
meet minimum capital requirements. Møre Boligkreditt AS has as of 31.12.2025 capital adequacy/Tier 1
capital ratio of 19.6 per cent.
Since 31.12.2023, the countercyclical buffer has been 2.5 per cent. The systemic risk buffer requirement is
4.5 per cent for banks using the standardised approach and IRB Foundation.
On 21 December 2021, Sparebanken Møre applied to the Financial Supervisory Authority to make changes
to the Group’s IRB models and calibration framework. A letter from the Financial Supervisory Authority
dated 22 June 2023 granted approval for the proposed models for the corporate market. Sparebanken Møre
incorporated the new models in the fourth quarter of 2023. In a letter dated 18 January 2024, the Financial
Supervisory Authority (FSA) rejected the application of model changes for the retail market. A new
application for the retail market was sent in May of 2025, taking the feedback from the FSA into account.
Banking package IV is applicable in the EU from 01.01.2025 with the implementation of the capital
requirements regulation CRR III and the capital requirements directive CRD VI. CRR III entered into force in
Norway on 1 April 2025. The bank implemented CRR III in its calculation of capital adequacy from and
including the second quarter of 2025.
The Department of Finance in Norway increased the risk weight floor for mortgages from 20 to 25 per cent,
effective from 1 July 2025. The company implemented the new mortgage floor from and including the third
quarter of 2025. This resulted in increased risk weights for mortgages and therefore has a negative effect
on capital adequacy.
21
-55 -53Expected IRB-losses exceeding ECL
Dividends -195 -169
Common Equity Tier 1 capital 2 065 1 550
Supplementary capital 0 0
Net equity and subordinated loan capital 2 065 1 550
Risk-Weighted Assets (RWA) by exposure classes
Credit risk - standardised approach 31.12.2025 31.12.2024
0 0
105 319
15 8
Regional governments or local authorities
Institutions (banks etc)
Covered bonds
Other items 0 0
Total credit risk - standardised approach 120 327
9 843 7 483
1 0
Credit risk - IRB Foundation
Retail - Secured by real estate
Retail - Other
Corporate lending 3 7
Total credit risk - IRB-Foundation 9 847 7 490
104 94Credit valuation adjustment risk (CVA) - market risk
Operational risk (Basic indicator Approach) 470 455
Risk weighted assets (RWA)
10 541 8 367
Minimum requirement Common Equity Tier 1 capital (4.5 %) 474 377
Tier 1 capital and supplementary capital 31.12.2025 31.12.2024
2 150 1 650
-26 -43
Share capital and share premium
Liability credit reserve
Other equity 195 169
2 319 1 776Total equity
Value adjustments of financial instruments at fair value -4 -4
22
Common Equity Tier 1 capital ratio 19.6 % 18.5 %
Leverage ratio 31.12.2025 31.12.2024
Leverage ratio 5.3 % 4.0 %
Møre Boligkreditt AS' capital requirements at 31 December 2025 are based on IRB-Foundation.
Buffer Requirement 31.12.2025 31.12.2024
264 209
264 209
Countercyclical buffer (2,5 %)
Capital conservation buffer (2.5 %)
Systemic risk buffer (4,5 %) 474 377
Total buffer requirements 1 001 795
Available Common Equity Tier 1 capital after buffer requirements 589 379
Capital adequacy as a percentage of the weighted asset calculation basis 31.12.2025 31.12.2024
19.6 % 18.5 %Capital adequacy ratio
Tier 1 capital ratio 19.6 % 18.5 %
23
Note 4
Operating segments
The business of Møre Boligkreditt AS mainly comprises operations within the retail banking market. Møre
Boligkreditt AS has mainly one operating segment.
Country-by-country reporting
Møre Boligkreditt AS comprises operations solely in Norway and mainly within the retail market. Total
income for 2025 amounted to NOK 316 million (NOK 271 million). Møre Boligkreditt AS has no employees at
the end of 2025 (no employees in 2024). Møre Boligkreditt AS remunerated Sparebanken Møre for two
man-years in 2025 and 2024. Reference is made to note 16. Pre-tax profit amounted to NOK 250 million
(NOK 217 million) and taxes amounted to NOK 55 million (NOK 48 million). Møre Boligkreditt AS has not
received any government grants/subsidies in 2025 or 2024.
24
Note 5
Loans to and receivables from customers
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 18.
2025 Gross
loans
assessed
at
amortised
cost
ECL Stage 1 ECL Stage 2 ECL Stage 3 Loans
assessed
at fair
value
Net loans
to and
receivables
from
customers
Loans to and receivables from customers 34 919 -1 -5 0 2 671 37 584
2024 Gross
loans
assessed
at
amortised
cost
ECL Stage 1 ECL Stage 2 ECL Stage 3 Loans
assessed
at fair
value
Net loans
to and
receivables
from
customers
Loans to and receivables from customers 33 126 -1 -3 -1 2 625 35 746
25
Note 6
Commitments by geographical areas
Geographical specification of loans
to customers
County of Møre og Romsdal Other Norway Total
2025 2024 2025 2024 2025 2024
Gross loans 26 961 26 255 10 629 9 496 37 590 35 751
In percentage 71.7 % 73.4 % 28.3 % 26.6 % 100.0 % 100.0 %
26
Note 7
Credit risk exposure
Net loans to and receivables from customers by risk classification (PD):
2024 0-0,5 % 0,5-2,5 % 2,5-5 % 5-99,9 % Credit-
impaired
commitments
ECL Total
Loans to and receivables from credit
institutions 1)
1 911 - - - - 1 911
Loans to and receivables from customers 33 037 2 110 366 233 5 -5 35 746
Total loans to and receivables 34 948 2 110 366 233 5 -5 37 657
1) NOK 789 million of a total of NOK 1,911 million in Loans to and receivables from credit institutions is the margin call balance on
financial derivatives paid in by counterparties according to CSA
Credit quality of certificates and bonds
2025 AAA AA+ AA- A- Not rated Total
Government guaranteed 128 - - - - 128
Credit institutions 149
- - - -
149
Certificates and bonds 277 - - - - 277
2024 AAA AA+ AA- A- Not rated Total
Government guaranteed 127 - - - - 127
Credit institutions 81
- - - -
81
Certificates and bonds 208 - - - - 208
2025 0-0,5 % 0,5-2,5 % 2,5-5 % 5-99,9 % Credit-
impaired
commitments
ECL Total
872 - - - - 872Loans to and receivables from credit
institutions 1)
Loans to and receivables from customers 35 253 1 803 280 250 4 -6 37 584
Total loans to and receivables 36 125 1 803 280 250 4 -6 38 456
1) NOK 826 million of a total of NOK 872 million in Loans to and receivables from credit institutions is the margin call balance on
financial derivatives paid in by counterparties according to CSA
27
Total credit risk exposure 31.12.2025 31.12.2024
872 1 911
37 584 35 746
277 208
Loans to and receivables from credit institutions 1)
Loans to and receivables from customers
Certificates and bonds
Financial derivatives 924 913
Total credit risk exposure balance sheet items 39 657 38 778
0 0Guarantees
Undrawn credit facilities customers 2 033 1 948
Total credit risk exposure off-balance sheet items 2 033 1 948
Total credit risk exposure 41 690 40 726
Total credit risk exposure is presented gross before any collateral and other possible set-offs.
1) NOK 826 million of a total of NOK 872 million in Loans to and receivables from credit institutions is the margin call balance on
f
inancial derivatives paid in by counterparties according to CSA as at 31.12.2025. (NOK 789 million of a total of NOK 1,911 milion in
2024)
28
Loan to value - 2025 Total in NOK million Total in percentage
0 % - 60 % 19 552 52.0 %
60 % - 70 % 7 633 20.3 %
70 % - 80 % 7 563 20.1 %
80 % - 90 % 2 667 7.1 %
90 % - 100% 155 0.4 %
Above 100 % 20 0.1 %
Total 37 590 100.0 %
Loan to value - 2024 Total in NOK million Total in percentage
0 % - 60 % 17 658 49.4 %
60 % - 70 % 7 295 20.4 %
70 % - 80 % 7 144 20.0 %
80 % - 90 % 3 374 9.4 %
90 % - 100% 221 0.6 %
Above 100 % 59 0.2 %
Total 35 751 100.0 %
In addition to collateralized residential properties, certificates and bonds are included in the substitute
assets in the cover pool presented in note 22. Reference is made to note 7 for credit quality of these
certificates and bonds.
Note 8
Co
llateral
Residential properties serve as collateral to mortgages in the cover pool. An objective valuation of the
residential properties is carried out at the time of granting the mortgage in the parent bank and is updated
quarterly with valuation provided by an AVM company thereafter.
Møre Boligkreditt AS is the legal and beneficial owner of each mortgage in the cover pool. Transfer of
mortgage portfolios are handled through a separate agreement between the company and the parent bank.
In cases where the collateral secures mortgages both for the company and the parent bank, Møre
Boligkreditt AS is ranked first under the current security.
Møre Boligkreditt has no repossessed assets or properties as at 31.12.2025.
The table below provide the distribution of mortgage volume in each LTV-bucket. The 0 % - 60 % LTV-
bucket contains only mortgages with a total LTV below 60 %. LTV above 100 % implies that the mortgage
volume exceeds the value of the collateral.
29
Note 9
Impairment, losses and non-performance
Methodology for measuring expected credit losses (ECL) according to IFRS 9
Møre Boligkreditt AS applies a three-stage approach when assessing ECL on loans to customers 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, and ECL for the next 12 months is calculated.
Stage 2: If a significant increase in credit risk since initial recognition is identified, but without objective
evidence of loss, the commitment is transferred to stage 2 and lifetime ECL is calculated.
Stage 3: If the credit risk increases further and there’s objective evidence of loss or if individual
impairments have been made, the commitment is transferred to stage 3 and lifetime ECL is calculated. As
opposed to stage 1 and 2, the effective interest rate is calculated on amortised cost (gross carrying amount
less loss allowance) instead of gross carrying amount.
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 an account in stage 3, all the customers’ accounts will
migrate to stage 3.
An increase in credit risk reflects both customer-specific circumstances and developments in relevant
macro risk drivers for the segment where the customer belongs. The assessment of what is considered to
be a significant increase in credit risk is based on a combination of quantitative and qualitative indicators
and backstops. The calculation of ECL is based on the following principles:
The loss provision for commitments which are not credit-impaired is calculated as the present value
of exposure multiplied by the probability of default (PD) multiplied by loss given default (LGD). PD,
LGD and exposure use the IRB framework as a starting point, 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. All customers within the
retail-banking segment are exposed to the same risk drivers.
For credit-impaired commitments in stage 3, individual provisions are performed for risk class N and
modelbased provisions for risk class M.
The model used for calculating ECL follows four steps: Segmentation, determination of macro adjustments,
staging 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. Møre Boligkreditt has mainly one operating segment (comprises mainly
(99 %) operation within the retail banking market).
Regression analyses of changes in the default rate on changes in relevant macro time series have been
performed. The established subpopulations of the ECL model are based on the macro time series used at
the reporting date.
The regression analyses are based on the company’s customer data base and historical PD and LGD
observations.
Calculation of expected credit loss
The determination of a significant increase in credit risk and the measurement of ECL are based on
parameters already used in credit risk management and for capital adequacy calculations: PD, LGD and
30
exposure. The parameters have been adjusted in order to give an unbiased estimate of ECL.
Probability of default (PD)
Møre Boligkreditt AS 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 probability-weighted estimate of ECL.
Møre Boligkreditt AS has as part of the Sparebanken Møre Group 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, modifications have been made to allow that the PDs used for IFRS 9 reflect
management’s current view of expected cyclical changes and that all PD estimates are unbiased.
Loss given default (LGD)
LGD represents the percentage of exposure which the company expects to lose if the customer fails to
meet his obligations, taking the collateral provided by the customer, future cash flows and other relevant
factors into consideration.
Similar to PDs, Møre Boligkreditt AS uses IRB LGDs for capital adequacy calculations. In order to convert
the IRB LGDs to IFRS LGDs, modifications have been made to remove the margin of conservatism to
produce unbiased projections rather than downturn projections, and to exclude regulatory floors.
These modifications imply that the LGDs used for IFRS 9 should reflect management’s current view and
that all LGD estimates are unbiased.
Exposure
Exposure is the share of the approved credit that is expected to be drawn at the time of any future default.
Exposure is adjusted to reflect contractual payments, and expected pre-payments, of principal and interest.
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
12 months macro adjusted weighted PD-calculations are used to determine if increase in risk has been
substantial.
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 always considered to have increased significantly if the customer has been granted
forbearance measures, though it is not severe enough to be individually assessed 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 are no
31
has made an individual impairment on a commitment as a result of a weakening of the debtor's
creditworthiness
agrees to changes in the terms and conditions because the debtor is having problems meeting
payment obligations, and this is assumed to significantly reduce the value of the cash flow
(forbearance)
has reasons to assume that the debtor will be subject to debt settlement or bankruptcy/involuntary
liquidation proceedings, or be placed in receivership
has other reasons to assume that the payment obligation will not be met (anticipated default)
Management override
Quarterly review meetings evaluate the basis for the accounting of ECL losses. If there are significant
events that will affect an estimated loss which the model has not taken into account, relevant factors in the
ECL model will be overridden.
Validation
The ECL model is subject to annual validation and review.
As a consequence of low levels of PDs and low LTVs almost the entire portfolio in Møre Boligkreditt AS is
assigned to stage 1 in the ECL-model, thus loss is calculated according to 12 months ECL for the major part
of the company’s portfolio.
Expected credit loss on loans is presented as a reduction of “Loans to and receivables from customers” in
the Statement of financial position.
longer present, and this is satisfied for at least one subsequent month (total 2 months).
An account migrates from stage 3 to stage 1 or stage 2 if the account no longer meets the conditions for
migration to stage 3.
Accounts that are not subject to the migration rules above are not expected to have significant change in
credit risk and retain the stage from the previous month.
Customers who are going through a probation period after default (at least 3 or 12 months), are kept in
stage 3 (risk class K).
Scenarios
Three scenarios are developed: Best, Basis and Worst. For each of the scenarios, expected values of
different parameters are given, for each of the next five years. The possibility for each of the scenarios to
occur is also estimated. After five years, the scenarios are expected to converge to a long-term stable level.
Changes to PD as a result of scenarios, may also affect the staging.
Macro factors and weighting of scenarios are subject to expert judgment and are important input factors in
the company’s loss model that can contribute to significant changes in the calculation of losses.
A framework has been developed for determining macro factors and scenarios in the ECL model to comply
with the requirement for forward-looking and expectation-based estimates. The company’s base case
scenario is based on reports from Norges Bank and Statistics Norway. Upside and downside scenarios are
designed with emphasis on development in economic conditions.
Definition of default and credit-impaired exposures in stage 3
The definition of credit-impaired is fully aligned with the regulatory definition of default.
A commitment is defined to be in default and credit-impaired (non-performing) 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 default.
A commitment is also defined to be in default (Unlikeliness to Pay) if Møre Boligkreditt AS:
32
Write-off
Loans and debt securities are 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
company 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 impairment. This assessment is carried out at the
individual asset level.
Recoveries of amounts previously impaired are included in “impairment on loans” in the statement of
income.
Impaired financial assets could still be subject to enforcement activities in order to comply with the
Group’s procedures for recovery of amounts due.
Forbearance
Mortgages granted relief in the form of temporary postponement of payments due to borrower’s inability to
make mortgage payments are not eligible for the cover pool or transfer to the mortgage company.
Specification of credit loss expense (NOK million) 2025 2024
Changes in Expected Credit Loss (ECL) - stage 1 0 -1
Changes in Expected Credit Loss (ECL) - stage 2 2 -6
Changes in Expected Credit Loss (ECL) - stage 3 -1 1
Total impairment on loans in the period 1 -6
Changes in ECL in the period (NOK million) - 31.12.2025 Stag
e 1 Stage 2 Stage 3 Total
ECL 31.12.2024 1 3 1 5
New loans 0 1 0 1
Disposal of loans 0 -1 -1 -2
Changes in ECL in the period for loans which have not migrated 0 0 0 0
Migration to stage 1 0 0 0 0
Migration to stage 2 0 2 0 2
Migration to stage 3 0 0 0 0
Other changes 0 0 0 0
ECL 31.12.2025 1 5 0 6
33
0
0
1
ECL 31.12.2023
New loans
Disposal of loans
Changes in ECL in the period for loans which have not migrated
Migration to stage 1
Migration to stage 2
Migration to stage 3
Other changes
-1
0
0
0
0
-3
0
0
0 0
-3
0
1
0
ECL 31.12.2024 1 3 1 5
31.12.2024 Stage 1 Stage 2 Stage 3 Total
Exposure 31.12.2023 28 066 3 751 9 31 826
11 033 389 - 11 422
-964 -6-7 191
1 758
-8 161
24
-502
-1 731
499 -
-3
-3
-
5
3
-
New loans
Disposal of loans
Migration to stage 1
Migration to stage 2
Migration to stage 3
Other changes -110
-2
7 - -103
Exposure as at 31.12.2024 * 33 051 1 949 5 35 005
* The tables above show exposures (incl. undrawn credit facilities) and are not including fixed rate loans assessed at fair value. The
figures are thus not reconcilable against balances in the statement of financial position.
Changes in ECL in the period (NOK million) - 31.12.2024 Stage 1 Stage 2 Stage 3 Total
2 9 0 11
1 1 0 2
-1 -2 0 -3
-2 0 -3
Changes in exposure in the period (NOK million)
31.12.2025 Stage 1 Stage 2 Stage 3 Total
Exposure 31.12.2024 33 051 1 949 5 35 005
10 210 509 - 10 719
-509 -1 -9 029-8 519
542 -539
-1 269 1 303
- 3
- 34
- - - -
New loans
Disposal of loans
Migration to stage 1
Migration to stage 2
Migration to stage 3
Other changes 136 14 150
Exposure as at 31.12.2025 * 34 151 2 727 4 36 882
34
31.12.2024 Stage 1 Stage 2 Stage 3 Total
32 202 112 0 32 314
819 1 361 0 2 180
30 476 2 508
Low risk (0 % - < 0.5 %)
Medium risk (0.5 % - < 3 %)
High risk (3 % - <100 %)
PD=100 % - - 3 3
33 051 1 949 5 35 005Total commitments before ECL
- ECL -1 -3 -1 -5
Loans to and receivables from customers 31.12.2024 *) 33 050 1 946 4 35 000
*) The tables above show exposures (incl. undrawn credit facilities) and are not including fixed rate loans assessed at fair value. The
figures are thus not reconcilable against balances in the statement of financial position.
Commitments (exposure) divided into risk groups based on probability of default (NOK million)
31.12.2025 Stage 1 Stage 2 Stage 3 Total
33 790 798 0 34 588
355 1 517 0 1 872
6 412 0 418
Low risk (0 % - < 0.5 %)
Medium risk (0.5 % - < 3 %)
High risk (3 % - <100 %)
PD = 100 % - - 4 4
34 151 2 727 4 36 882Total commitments before ECL
- ECL -1 -5 0 -6
Loans to and receivables from customers 31.12.2025 *) 34 150 2 722 4 36 876
35
Note 10
Market risk
The Board of Directors stipulates the long-term targets with regard to the company’s risk profile. Market
risk in the company is measured and monitored based on conservative limits, renewed and approved by the
Board at least annually.
Through its regular operations, the company is exposed to interest rate risk. Interest risk occurs in the
company's portfolio in connection with its activities relating to both mortgages in the cover pool and
issued bond debt in which different interest terms apply to the company's receivables and liabilities.
Depending on the relationship between the interest terms for receivables and liabilities, changes to interest
rates could result in increased income or expenses. In order to hedge its interest rate risks, the Issuer
enters into Interest Rate Swaps with various Swap Providers.
Møre Boligkreditt AS has funding in foreign currency. No foreign currencies had a material net position on
the company's balance sheet at the end of the year. The financial derivatives are recognised at fair value,
with value changes recognised in the profit and loss account and carried in the balance sheet on a gross
basis per contract as assets or liabilities respectively. The estimated fair value of financial OTC derivatives
is adjusted for counterparty credit risk (CVA) or for the company's own credit risk (DVA).
36
Note 11
Interest rate risk
The tables below show the potential effect of the change in market value of financial assets and liabilities of
the company due to a one percentage point increase in interest rates, specified both by duration and by
type of financial instruments. The calculation is based on current positions and market rates as of 31
December 2025:
Interest rate risk
31.12.2025 31.12.2024
Up to 1 month 17 15
1 - 3 months -27 -19
3 - 12 months 2 1
1 - 5 years 1 -1
Above 5 years -1 -2
Total -8 -6
Certificates and bonds 0 0
Loans to and receivables from customers with fixed rate -51 -58
Loans to and receivables from customers with floating rate -56 -54
Debt securities issued 54 55
Other liabilities 45 51
Total -8 -6
37
Note 12
Foreign exchange risk
Møre Boligkreditt AS has funding in foreign currency. Currency risk associated with this funding is hedged
and minimized by using currency swaps.
The table below shows the company’s balance sheet items specified by currency:
2025 (NOK million) Total NOK EUR
Loans to and receivables from credit institutions 872 499 373
Loans to and receivables from customers 37 584 37 584
Certificates and bonds 277 277
Other assets 924 924
Total assets 39 657 39 284 373
Loans from credit institutions 5 538 5 165 373
Debt securities issued 31 501 18 912 12 589
Other liabilities 299 299
Equity 2 319 2 319
Total liabilities and equity 39 657 26 695 12 962
Forward exchange contracts 12 589
Net exposure foreign exchange -
2024 (NOK million) Tota
l NOK EUR
Loans to and receivables from credit institutions 1 911 1 609 302
Loans to and receivables from customers 35 746 35 746
Certificates and bonds 208 208
Other assets 913 913
Total assets 38 778 38 476 302
Loans from credit institutions 5 199 4 897 302
Debt securities issued 31 503 18 929 12 574
Other liabilities 300 300
Equity 1 776 1 776
Total liabilities and equity 38 778 25 902 12 876
12 574Forward exchange contracts
Net exposure foreign exchange -
38
Remaining maturity as at 31.12.25 Up to 3
months
3-12
months
1-5 years Above 5
years
Total
873 0 0 0 873
861 2 903 15 261 40 770 59 795
Assets
Loans to and receivables from credit institutions*
Loans to and receivables from customers*
Certificates and bonds* 3 109 193 0 305
Total financial assets 1 737 3 012 15 454 40 770 60 973
64 192 5 538 0 5 7
94
Liabilities
Loans from credit institutions*
Debt securities issued* 219 9 901 24 589 0 34 709
Total financial liabilities 283 10 093 30 127 0 40 503
* In
cludes cash flows from nominal interest payments
31 370 764 8 1 173
Financial derivatives
Cash flow in
Cash flow out -163 -471 -1 094 -5 -1 733
Total financial derivatives -132 -101 -330 3 -560
Note 13
Li
quidity risk
Liquidity risk is the risk that Møre Boligkreditt AS will encounter difficulty in meeting obligations
associated with financial liabilities that are settled by delivering cash or other financial assets.
The Board of Møre Boligkreditt AS annually sets limits for management of liquidity risk in the company.
Pursuant to the Financial Institutions Act, a mortgage company which issues covered bonds must ensure
that the cash flow from the cover pool enables the company to always meet its payment obligations to
holders of covered bonds and counterparties to derivative agreements.
Mortgages acquired by Møre Boligkreditt AS are primarily financed through the issuing of covered bonds.
Mortgage volume serving as over-collateralisation, are financed through an overdraft facility in the parent
bank, Sparebanken Møre, or with paid in equity. The long-term overdraft facility in Sparebanken Møre has a
total limit of NOK 5 billion. Undrawn facility amounts to NOK 288 million as at 31.12.2025. Paid in equity
amounts to NOK 2,150 billion as at 31.12.2025.
Receivables from credit institutions and LCR eligible High Quality Liquid Assets (HQLA) equal to net
liquidity outflow next 30 days, are used as substitute assets in the cover pool, see note 22.
The cover pool liquidity buffer shall cover the maximum cumulative net liquidity outflow over the next 180
days as at 31.12.2025. Møre Boligkreditt AS reports 180 days net liquidity inflow of NOK 1,125 million.
As at 31.12.2025, the requirement for Liquidity Coverage Ratio for Norwegian covered bond companies is
100 % on total currency, 100 % in significant currencies and 50 % in NOK if significant currencies equal EUR
or USD. As at 31.12.2025, Møre Boligkreditt AS reports 1,044 % on total currency level and on NOK. There
are no LCR outflows in EUR as at 31.12.2025.
Minimum requirement for Net Stable Funding Ratio is 100 % on total currency level. As at 31.12.2025 Møre
Boligkreditt AS reports a NSFR of 109 % on total currency level.
39
Remaining maturity as at 31.12.24 Up to 3
months
3-12
months
1-5 years Above 5
years
Total
1 925 0 0 0 1 925
848 2 686 15 208 40 572 59 314
Assets
Loans to and receivables from credit institutions*
Loans to and receivables from customers*
Certificates and bonds* 128 3 85 0 216
Total financial assets 2 901 2 689 15 293 40 572 61 455
66 199 5 199 0 5 464
Liabilities
Loans from credit institutions*
Debt securities issued* 2 229 4 956 27 457 0 34 642
Total financial liabilities 2 295 5 155 32 656 0 40 106
35 426 1 111 21 1 593
Financial derivatives
Cash flow in
Cash flow out -193 -576 -1 861 -11 -2 641
Total financial derivatives -158 -150 -750 10 -1 048
* Includes cash flows from nominal interest payments
40
Note 14
Net interest income
2025 Assessed at amortised cost Assessed at fair
value
Total
Interest income from:
Loans to and receivables from credit institutions 18 0 18
Loans to and receivables from customers 1 877 166 2 043
Certificates, bonds and other interest-bearing securities 0 34 34
Interest income 1 895 200 2 095
Interest expenses in respect of:
Loans from credit institutions 207 0 207
Debt securities 1 552 0 1 552
Other interest expenses 6 0 6
Interest expenses 1 765 0 1 765
Net interest income 130 200 330
2024 Assessed at amortised cost Assessed at fair
value
Total
Interest income from:
Loans to and receivables from credit institutions 57 0 57
Loans to and receivables from customers 1 765 138 1 903
Certificates, bonds and other interest-bearing securities 0 27 27
Interest income 1 822 165 1 987
Interest expenses in respect of:
Loans from credit institutions 167 0 167
Debt securities 1 530 0 1 530
Other interest expenses 7 0 7
Interest expenses 1 704 0 1 704
Net interest income 118 165 283
41
Note 15
Net gains and losses from financial instruments
Net gains/losses from financial instruments 2025 2024
Change in value on fixed interest loans 26 6
Derivatives related to fixed interest loans -40 3
Change in value of issued covered bonds -34 -266
Derivatives related to issued covered bonds 41 253
Gains/losses on bonds -2 -3
Other gains/losses -5 -5
Net gains/losses from financial instruments -14 -12
The company’s funding must have a maximum of 3-months fixed interest rate and be in NOK. If funding is
done by issuances of fixed rate- or foreign exchange bonds, it is swapped into 3-months Nibor. The
company shall not take any currency risk.
Hedge accounting for financial liabilities with fixed interest rate 2025 2024
Changes in fair value of derivatives established to hedge changes in market interest rates 22 -20
Changes in fair value due to changes in market interest rates on hedged financial liabilities with fixed
interest rate
-22 20
For information regarding financial derivatives and hedge accounting in the balance sheet, see note 21.
Hedge accounting for financial liabilities in foreign currency 2025 2024
63 152Changes in fair value of derivatives established to hedge currency exsposure and market interest rates
on financial liabilities
Changes in fair value due to changes in the exchange rate and market interest rates in hedged financial
liabilities
-60 -155
42
Note 16
Wages, compensations and fees
(NOK thousand)
2025 2024
Total wages and other cash payments 2 894 2 773
1 132 1 078
348 358
105 91
- hereof salary to the Managing Director
- hereof other remuneration to the Managing Director
- hereof refunded premium regarding the pension plan for the Managing Director
- hereof remuneration to the Board of Directors 70 70
The Board of Directors 0 0
70 70
0 0
Kjetil Hauge, Chair
Sandra Myhre Helseth
Elisabeth Blomvik
Kristian Tafjord 0 0
Total fees paid to external auditor (all fees are stated including VAT of 25 %) 782 626
520 339
193 156
- hereof statutory audit services
- hereof other attestation services
- hereof other non-audit services 69 131
There are no loans or guarantees issued to members of the Board of Directors nor the Managing Director in Møre Boligkreditt AS.
T
he total benefit in kind relating to loans provided in Sparebanken Møre at a rate of interest lower than the interest rate wich triggers a
basis for taxing such benefits in kind to the Managing Director is included in other remuneration to the Managing Director, as well as
other relevant benefits, and amounts to TNOK 348 in 2025 (TNOK 358).
Møre Boligkreditt AS has no employees at the end of 2025. Møre Boligkreditt AS remunerated Sparebanken
Møre for the use of two man-years, but only the Managing Director of Møre Boligkreditt AS is dedicated full
time to the company. Several services are also outsourced to Sparebanken Møre, and these are regulated
by a specific agreement between the mortgage company and the bank. The above-mentioned payments and
other cash benefits, as well as employer's national insurance contributions, are cost refunds to
Sparebanken Møre. The employees are members of Sparebanken Møre's pension scheme. The scheme
satisfies the current requirements for mandatory occupational pensions. The company had as per 31
December 2025 no obligation to pay the Managing Director, the Chair of the Board of Directors or other
employees special remuneration upon them leaving the company or in the event of a change in their
employment relationship or duties. Nor do any obligations concerning bonuses, options or similar exist for
any of the aforementioned positions.
43
Note 17
Taxes
Taxes consist of payable taxes for the income year, any taxes payable for previous years and any changes
in deferred taxes.
A tax rate of 22 per cent is used as the prevailing tax rate in 2025. Realisation of deferred tax benefit is
based on future results liable to tax, based on empirical experience and prognoses, exceeding the tax
benefit in question in the case of reversal of any existing temporary differences. No temporary differences
exist in relation to items recognised against comprehensive income.
The entire tax-expense is related to Norway.
Specification of taxes in the Statement of income 2025 2024
250 217
0 0
Pre-tax profit
Permanent differences
Change in temporary differences -34 -179
Income subject to taxes 215 38
47 0
8 48
Tax payable at 22 per cent
Change in deferred taxes
Correction previous year 0 0
Total tax expense 55 48
Specification of taxes in the Statement of comprehensive income 2025 2024
Basis swap spreads - change in value 22 -38
Comprehensive income subject to taxes 22 -38
Total tax expense 5 -8
Specification of tax payable 2025 2024
47 0Tax payable in the Statement of income
Tax payable in the Comprehensive income 5 0
Total tax payable 52 0
44
3
737
-101
810
Financial liabilities
Financial instruments
Deficit to carry forward (income subject to tax included OCI) 0 -3
Net negative (-)/positive differences 740 706
Deferred tax asset (-) or liability as at 31 December (22 per cent) 163 155
Reconciliation of tax expense and pre-tax profit 2025 2024
55 48
0 0
22 per cent of pre-tax profit
Other permanent differences 22 per cent
Correction previous year 0 0
Total tax expense 55 48
Specification of temporary differences and computation of deferred taxes 2025 2024
45
Note 18
Classification of financial instruments
CLASSIFICATION AND MEASUREMENT
The company’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 any changes in value 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 assessed 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 rate loans, all lending and receivables are recorded in the accounts at amortised
cost, based on expected cash flows. The difference between the issue cost and the settlement amount at
maturity, is amortised over the lifetime of the loan.
Financial liabilities assessed at amortised cost
Debt securities, including debt securities included in fair value hedging and loans and deposits from credit
institutions, are assessed at amortised cost based on expected cash flows.
Financial instruments assessed at fair value, any changes in value recognised through the income statement
The company's portfolio of bonds in the liquidity portfolio is classified at fair value with any value changes
through the income statement, based on the business model of the company.
The portfolio of fixed interest rate loans is assessed at fair value to avoid accounting mismatch in relation
to the underlying interest rate swaps.
Financial derivatives are instruments used to mitigate any interest- or currency risk incurred by the
company. Financial derivatives are recorded at fair value, with any changes in value through the income
statement, and recognised gross per contract, as either asset or debt.
Changes in basis swaps effects for swaps included in fair value hedging are recognised in OCI.
Losses and gains as a result of value changes on assets and liabilities assessed at fair value with any value
changes being recognised in the income statement, are included in the accounts during the period in which
they occur.
46
277 208Certificates and bonds
Financial derivatives 97 128 827 785
Total financial assets 3 045 2 961 827 785 35 785 35 032
5 538 5 199
31 501 31 503
Loans from credit institutions
Debt securities issued
Financial derivatives 83 144
Total financial liabilities - - 83 144 37 039 36 702
Classification of financial instruments Financial instruments at
fair value through profit
or loss
Derivatives used as
hedging instruments
Financial instruments at
amortised cost
31.12.2025 31.12.2024 31.12.2025 31.12.2024 31.12.2025 31.12.2024
872 1 911Loans to and receivables from credit
institutions
Loans to and receivables from customers 2 671 2 625 34 913 33 121
47
Note 19
Financial instruments at amortised cost
Fair value of financial instruments at amortised cost 31.12.2025 31.12.2024
Fair value Book value Fair value Book
value
872 872 1 911 1 911Loans to and receivables from credit institutions
Loans to and receivables from customers 34 913 34 913 33 121 33 121
Total financial assets 35 785 35 785 35 032 35 032
5 538 5 538 5 199 5 199Loans from credit institutions
Debt securities issued 31 749 31 501 31 553 31 503
Total financial liabilities 37 287 37 039 36 752 36 702
Maturity of debt securities issued, nominal value 2025 2024
2025
6 050
2026 8 550 8 550
2027 2 908 2 908
2028 7 201 7 201
2029 5 894 5 894
2030 6 000 -
Total 30 553 30 603
48
Note 20
Financial instruments at fair value
LEVELS IN THE VALUATION HIERARCHY
Fi
nancial instruments at fair value 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 bonds and certificates in LCR-level 1, traded in active markets.
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 derivatives and bonds which are not
included in level 1.
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. Loans to customers are included in this category.
There have been no significant changes in the approach to the valuation of 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 4.9 million on fixed rate loans.
Financial instruments at fair value - 31.12.2025 Based on prices
in an active
market
Observable
market
information
Other than
observable
market
information
Level 1 Level 2 Level 3 Total
2 671 2 671
46 231 277
Loans to and receivables from customers
Certificates and bonds
Financial derivatives 924 924
Total financial assets 46 1 155 2 671 3 872
Financial derivatives 83 83
Total financial liabilities - 83 - 83
49
2 625 2 625
208 208
Loans to and receivables from customers
Certificates and bonds
Financial derivatives 913 913
Total financial assets 208 913 2 625 3 746
Financial derivatives 144 144
Total financial liabilities - 144 - 144
Reconciliation of movements in Level 3 during the period Loans to and receivables from customers
2 625
688
-662
0
0
Book value as at 31.12.2024
Purchase/increase
Sales/reduction
Transferred to Level 3
Transferred out of Level 3
Gains/losses during the period 20
Book value as at 31.12.2025 2 671
Reconciliation of movements in Level 3 during the period Loans to and receivables from customers
2 207
858
-431
0
0
Book value as at 31.12.2023
Purchase/increase
Sales/reduction
Transferred to Level 3
Transferred out of Level 3
Gains/losses during the period -9
Book value as at 31.12.2024 2 625
Financial instruments at fair value - 31.12.2024 Based on prices
in an active
market
Observable
market
information
Other than
observable
market
information
Level 1 Level 2 Level 3 Total
50
Note 21
Financial derivatives and hedge accounting
Offsetting
Møre Boligkreditt AS uses bilateral ISDA agreements with external counterparties when entering into
derivative contracts. The agreements allow for netting in each currency, ie. NOK and EUR. Credit Support
Annex (CSA) to the Schedule to the ISDA Master Agreement regulates posting of collateral for each
currency. The agreements are one-way, meaning that only the counterparty must provide collateral when
the market value fluctuates. Collateral from the counterparty shall be posted when the market value
breaches thresholds stated in the Credit Support Annex (CSA). Thresholds are zero in contracts entered
into by Møre Boligkreditt AS after 2017. The CSA agreements also contain rating clauses whereby the
counterparty must post additional collateral if the rating drops below defined rating triggers. If the rating
falls below a predetermined level, the counterparty must novate the contracts to another counterparty at
own expense. Netting agreements are not offset on the balance sheet, because the transactions are not
settled on a net basis.
The table below shows nominal values on financial derivatives according to type of derivative as well as
positive and negative market values. Positive market values are recognised as assets in the balance sheet,
whereas negative market values are recognised as liabilities:
2025 2024
Financial derivatives Nominal
value
Asset Liability Nominal
value
Asset Liability
Swaps
Interest rate swaps 2 848 61 0 2 742 92 0
Cross currency interest rate swaps 338 36 0 337 36 0
Hedge accounting
Interest rate swaps 1 000 0 49 2 050 9 67
Cross currency interest rate swaps 11 671 827 34 11 649 776 77
Total financial derivatives 15 857 924 83 16 778 913 144
Collateral received 826 789
51
2027 3 108 3 102
2028 1 000 248 1 000 247
2029 5 901 5 890
2030
2031
2032
2033
2034 2 848 2 742
3 848 12 009 4 792 11 986
For information regarding gains/losses on financial derivatives and hedge accounting, see note 15.
The table below provides details on the contractual maturity of financial derivatives based on nominal
values:
2025 2024
Maturity Interest rate swaps Cross currency swaps Interest rate swaps Cross currency swaps
2025 1 050
2026 2 752 2 747
52
Note 22
Issued covered bonds
Securities issued at floating interest rates are measured at amortised cost. Fair value hedge accounting is
used for the company’s securities issued at fixed rate terms, and changes in fair value (due to the hedged
risk) are recognised in profit and loss.
Cover pool (NOK million) 31.12.2025 31.12.2024
Eligible mortgages (nominal) 37 331 35 428
Substitute assets 72 1 147
Total collateralised assets 37 403 36 575
Covered bonds issued (NOK million) 31.12.2025 31.12.2024
Covered bonds (nominal) 1) 30 553 30 603
-of which own holding (covered bonds) 0 0
1) Swap exchange rates are applied for outstanding debt in currencies other than NOK
Covered bonds (NOK million)
ISIN code Curr. Nominal
value
31.12.2025
Interest Issued Maturity 31.12.2025 31.12.2024
NO0010588072 NOK - fixed NOK 4.75 % 2010 2025
XS0968459361 EUR 25 2013 2028 299
NO0010836489 NOK 1 000
fixed EUR 2.81 %
fixed NOK 2.75 % 2018 2028 957
- 1 060
299
940
NO0010853096 NOK 2019 2025
NO0010884950 NOK 2020 2025
XS2233150890 EUR 30 2020 2027 358
NO0010951544 NOK 6 000 2021 2026 6 037
XS2389402905 EUR 250 2021 2026 2 906
XS2556223233 EUR 250 2022 2027 2 981
NO0012908617 NOK 6 000 2023 2028 6 040
XS2907263284 EUR 500 2024 2029 5 901
- 2 010
- 3 006
359
6 063
2 826
2 965
6 043
5 932
NO0013571877 NOK 6 000
- 3M Nibor + 0.37 %
- 3M Nibor + 0.42 %
3M Euribor +0.75 %
3M Nibor + 0.75 %
fixed EUR 0.01 %
fixed EUR 3.125 %
3M Nibor + 0.54 %
fixed EUR 2,63 %
3M Nibor + 0.44 % 2025 2030 6 022 -
Total borrowings raised through the issue of securities (incl. accrued interest) 31 501 31 503
53
Over-collateralisation (in %) (Nominal calculation) 31.12.2025 31.12.2024
(Eligible mortgages + Substitute assets-Covered bonds) / Covered bonds 22.4 19.5
Liquidity Coverage Ration (LCR) 31.12.2025 31.12.2024
265 200
25 24
1044% 820%
1044% 820%
Liquid Assets
Net liquidity outflow next 30 days
LCR ratio -Total
LCR ratio - NOK
LCR ratio - EUR N/A N/A
Net Stable Funding Ratio (NSFR) 31.12.2025 31.12.2024
33 949 33 613
31 135 30 639
Available amount of stable funding
Required amount of stable funding
NSFR ratio 109% 110%
Changes in debt securities 31.12.2024 Issued Redemption Other
changes
31.12.2025
30 603 6 000 -6 050 30 553
148 -7 141
Covered bonds, nominal value
Accrued interest
Value adjustments 752 -6 -39 22 807
Total debt securities 31 503 5 994 -6 089 15 31 501
54
Note 23
Intragroup transactions
Møre Boligkreditt AS purchases services from Sparebanken Møre. There are also transactions between the
parties related to acquisition of loan portfolios and Sparebanken Møre providing loans and credits to the
mortgage company.
Loans from Sparebanken Møre are transferred at market value. If the purchased mortgage loans have fixed
interest rates, the purchase price is adjusted according to the value above/below par. Sparebanken Møre is
responsible for ensuring that the loans transferred to Møre Boligkreditt AS are properly established and in
accordance with the requirements specified in the agreement between the mortgage company and the
parent bank. In case of a violation of these requirements, the parent bank will be liable for any losses that
the mortgage company would experience as a result of the error. Sparebanken Møre and Møre Boligkreditt
AS have formalised the settlement of interest for transaction days from the date of the transfer of the loan
portfolio to the date of the settlement of the consideration.
Mortgages with fixed interest rates constitutes 7 per cent of the total mortgage volume and are hedged by
interest rate swap agreements with the parent bank. The company can also hedge fixed rate, and/or
borrowing in other currency than NOK, against the parent bank, using ISDA/CSA swap agreements. By end
of Q4-2025, a covered bond loan volume of EUR 500 million was hedged against the parent bank.
The pricing of the services provided by Sparebanken Møre to Møre Boligkreditt AS distinguishes between
fixed and variable expenses for the mortgage company. Fixed expenses are defined as expenses the
mortgage company must bear regardless of the activity related to the issuance of covered bonds, the
acquisition of portfolio, etc. Variable expenses are defined as expenses related to the size of the portfolio
acquired from Sparebanken Møre and the work that must be exercised by the bank's employees to deliver
satisfactory services given the number of customers in the portfolio.
Møre Boligkreditt AS is billed for expenses related to the lease of premises at Sparebanken Møre. It is
assumed that regardless of operations, a certain area of the bank attributable to the mortgage company is
utilised during the year. Regardless of the extent of the activity and the loan portfolio acquired by Møre
Boligkreditt AS, charges related to accounting, financial reporting, risk management, cash management,
financing, governance and general legal services will incur.
Sparebanken Møre bills the mortgage company based on actual salary expenses, including social security
contribution, pension expense and other social expenses. Parts of the mortgage company's expenses
related to services provided by Sparebanken Møre relates to the size of the portfolio acquired from
Sparebanken Møre. Management fee is calculated and billed monthly, in which the month's average
portfolio size forms the basis of billing.
The interest rate of the mortgage company's deposit and credit limit in Sparebanken Møre is based on 3
months NIBOR + a premium.
55
3 16
55 50
872 1 911
0 281
4 712 4 410
432 465
Interest paid to Sparebanken Møre related to bonded debt
Management fee paid to Sparebanken Møre
Balance sheet:
Deposits in Sparebanken Møre 1)
Covered bonds held by Sparebanken Møre as assets
Loan/credit facility in Sparebanken Møre
Intragroup hedging
Accumulated transferred loan portfolio from Sparebanken Møre 37 590 35 751
1) NOK 826 million of a total of NOK 872 million of deposits in Sparebanken Møre is the margin call balance on financial derivatives
paid in by counterparties according to CSA as at 31.12.2025. (NOK 789 million of a total of NOK 1,911 milion in 2024)
(NOK million)
31.12.2025 31.12.2024
18 57
Statement of income:
Interest and credit commission income from Sparebanken Møre related to deposits
Interest and credit commission income paid to Sparebanken Møre related to loan/credit facility 167
The most important transactions with Sparebanken Møre are as follows:
207
56
Total number of shares 1 January
Share capi
Note 24
Share capital
The share capital consists of 1,220,000 shares each with a nominal value of NOK 1,250. All shares are owned
by Sparebanken Møre. Møre Boligkreditt AS is included in the consolidated financial statements of
Sparebanken Møre and information about the consolidated financial statements can be obtained by
contacting one of the bank's offices or via the bank's website: www.sbm.no.
2025 2024
1 120 000 1 100 000Total number of shares 1 January
Share capital increase 100 000 20 000
Total number of shares 31 December 1 220 000 1 120 000
Dividend per share 159.51 150.88
The Board of Directors has proposed a dividend of NOK 195 million per 31.12.2025 (NOK 169 million in 2024).
57
Note 25
Events after the reporting date
New information about conditions that existed at the end of the reporting period shall be taken into
account in the annual financial statements. Events after the reporting date that do not affect the mortgage
company's position at that date but will affect the mortgage company's financial position in the future,
shall be disclosed if they are material.
No events of material significance for the financial statements for 2025 have occurred after the reporting
date. The company is not involved in any legal proceedings.
58
Statement pursuant to section 5-5 of the
Securities Trading Act
We hereby confirm that the company'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
company’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 company, as well as a description of the principal risks and uncertainties facing the
company.
Ålesund, 31 December 2025
12 February 2026
THE BOARD OF DIRECTORS OF MØRE BOLIGKREDITT AS
Kjetil Hauge
Elisabeth Blomvik
chairman
Kristian Tafjord
Sandra Myhre Helseth
Ole Kjerstad
managing director
59
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 Møre Boligkreditt AS
Independent Auditor’s Report
Opinion
We have audited the financial statements of Møre Bol
igkreditt AS (the Company), which comprise the
balance sheet as at 31 December 2025, the statement of income, statement of changes in equity and
statement of cash flows 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, and
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.
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 as
required by relevant laws and regulations in Norway and the International Ethics Standards Board for
Accountants’ International Code of Ethics for Professional Accountants (including 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 Møre Boligkreditt AS 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 pro
fessional 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.
Penneo Dokumentnøkkel: 5Y3GY-RQILV-DG4MU-6WDYT-UFNOA-PJ6OO
60
1. IT-Systems and application controls
The Key Audit Matter How the matter was addressed in our audit
The company is dependent on the IT
infrastructure in the financial reporting.
The Company uses a standard core system
delivered and operated by an external service
provider. Sound governance and control over
the IT systems is critical to ensure accurate,
complete and reliable financial reporting.
Furthermore, the IT systems support regulatory
compliance for financial reporting to authorities,
which is central to licensed businesses.
The system calculates interest rates on
borrowing and lending and the Company's
internal control systems are based on system
generated reports.
Due to the importance of the IT systems for the
Company's operations, the IT environment
supporting the financial reporting process is
considered a key audit matter.
In connection with our audit of the IT-system in
the Company, we have gained an understanding
of the control environment and tested that
selected general IT controls are functioning as
intended and support important application
controls. In our control testing, we have focused
on access management controls.
The independent auditor of the external service
provider has assessed and tested the
effectiveness of internal controls related to the IT
systems outsourced to external service provider.
We have obtained the attestation report (ISAE
3402) from the independent auditor to evaluate
whether the external service provider has
satisfactory internal control in areas of significant
importance to the Company. We have assessed
the independent auditor's competence and
objectivity, as well as evaluated the report in
order to assess possible deviations and
consequences for our audit.
We have requested the independent auditor of
the service provider to test a selection of
standard reports and application controls in the
core-system to assess whether:
o Standard system reports contain all
relevant data, and
o The application controls, including
controls related to interest rate, annuity-
and fee calculations, work as intended.
We have used our IT audit specialist in the work
to understand the control environment, test
controls and examine the reports.
Other Information
The Board of Directors and the Managing Director (management) are responsible for the information
in the Board of Directors’ report. 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.
In connection with our audit of the financial statements, our responsibility is to read the Board of
Directors’ report. The purpose is to consider if there is material inconsistency between the Board of
Directors’ report and the financial statements or our knowledge obtained in the audit, or whether the
Board of Directors’ report otherwise appears to be materially misstated. We are required to report if
there is a material misstatement in the Board of Directors’ report. 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.
Penneo Dokumentnøkkel: 5Y3GY-RQILV-DG4MU-6WDYT-UFNOA-PJ6OO
61
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 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 Company 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
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 basis 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 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 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 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.
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.
Penneo Dokumentnøkkel: 5Y3GY-RQILV-DG4MU-6WDYT-UFNOA-PJ6OO
62
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.
Oslo, 12 February 2026
KPMG AS
Anders Sjöström
State Authorised Public Accountant
(This document is signed electronically)
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63
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På vegne av: KPMG AS
Serienummer: bankid.no no_bankid:9578-5999-4-1408857
IP: 80.232.xxx.xxx
2026-02-12 14:00:40 UTC
Penneo Dokumentnøkkel: 5Y3GY-RQILV-DG4MU-6WDYT-UFNOA-PJ6OO
64
Møre Boligkreditt AS
A company in the Sparebanken Møre Group
P.O.Box 121, sentrum
NO-6001 Ålesund
Visiting address:
Grimmergata 5, 6002 Ålesund
www.sbm.no/mbk