olivLaw · European equity research
SpareBank 1 Østlandet SPOL.OL
Norway · Euronext Oslo Børs · ISIN NO0010751910 · Vertical: Listed companies from Norway
SpareBank 1 Østlandet is a Norwegian savings bank, self-owned, with equity certificates traded on Oslo Børs under the ticker SPOL. Its governance structure, with a representantskap, a board and election committees, sets it apart from listed commercial banks, and the merger on 1 November 2024 with Totens Sparebank changed the scale of its operations.
At the close of 06 Nov 2026, SpareBank 1 Østlandet (SPOL.OL) stock was 205.90 NOK (−0.79% on the day), with beta 0.40, 52-week range 175.50–214.50 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 58.7
- strong (55–70)
- Bollinger (20, 2)
- 194.00 – 206.84
- in the upper half of the band · %B 0.93 · band width 6.4%
- SMA 50 / 200
- 201.81 / 198.50
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.96 / 0.21
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +5.0% | −0.6% | +5.7 pp | — |
| 3 months | +7.3% | −4.2% | +11.5 pp | — |
| 6 months | +7.8% | +4.3% | +3.5 pp | — |
| Year to date | +0.0% | +7.5% | −7.5 pp | — |
| 1 year | +16.9% | +9.9% | +7.0 pp | −4.7% |
| 3 years | +61.9% | +49.8% | +12.0 pp | +12.7% |
| 5 years | +46.4% | +42.8% | +3.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 5.3 bn | 6.9 bn | 7.7 bn |
| Revenue YoY | unavailable | +30.0% | +10.2% |
| Net income | 2.1 bn | 3.2 bn | 3.4 bn |
| Net income YoY | unavailable | +49.2% | +5.3% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 40.2% | 46.2% | 44.1% |
| Free cash flow | 5.1 bn | 6.9 bn | 6.5 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 788.0 m NOK
- Financial debt
- unavailable NOK
- Net debt
- unavailable NOK
- Equity
- 27.8 bn NOK
- Total assets
- 214.7 bn NOK
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 12.5%
- ROA
- 1.6%
- FCF margin
- 85.2%
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 5.3 bn | 6.9 bn | 7.7 bn | esef· 21 Oct 2026verified |
| Operating income | 2.2 bn | 3.4 bn | 3.5 bn | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 131.0 m | 154.0 m | 166.0 m | esef· 21 Oct 2026verified |
| EBITDA | 2.4 bn ≈ | 3.5 bn ≈ | 3.7 bn ≈ | esef· 21 Oct 2026derived |
| Pre-tax income | 2.8 bn | 4.1 bn | 4.3 bn | esef· 21 Oct 2026verified |
| Income tax | 623.0 m | 696.0 m | 730.0 m | esef· 21 Oct 2026verified |
| Net income | 2.1 bn | 3.2 bn | 3.4 bn | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.4 bn | 1.5 bn | 788.0 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 610.0 m | 688.0 m | 630.0 m | esef· 21 Oct 2026verified |
| Total assets | 176.3 bn | 210.6 bn | 214.7 bn | esef· 21 Oct 2026verified |
| Total liabilities | 155.7 bn | 184.4 bn | 186.9 bn | esef· 21 Oct 2026verified |
| Equity | 20.7 bn | 26.2 bn | 27.8 bn | esef· 21 Oct 2026verified |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 5.2 bn | 7.2 bn | 6.6 bn | esef· 21 Oct 2026verified |
| Capex | 101.0 m | 232.0 m | 108.0 m | esef· 21 Oct 2026verified |
| Free cash flow | 5.1 bn ≈ | 6.9 bn ≈ | 6.5 bn ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -324.0 m | -834.0 m | 596.0 m | esef· 21 Oct 2026verified |
| Financing cash flow | -5.6 bn | -6.2 bn | -7.9 bn | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 12.5% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
13% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 12.5% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 44.1% | 97 (vs peers) | 50% |
| FCF conversion · Quality | 193.2% | 100 (on a fixed band) | 50% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality99/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SPAREBANK 1 ØSTLANDET (SPOL.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 7.7 bn NOK in 2025; YoY growth 10.2%; net margin 44.1%; ROE 12.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 12.5% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 44.1%
- FCF conversion: 193.2%
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −40% / −41% |
1- and 3-year price returns: for SPOL.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
SpareBank 1 Østlandet is a Norwegian savings bank, self-owned, with equity certificates traded on Oslo Børs under the ticker SPOL. Its governance structure, with a representantskap, a board and election committees, sets it apart from listed commercial banks, and the merger on 1 November 2024 with Totens Sparebank changed the scale of its operations 1.
SWOT
Strengths
- The savings bank structure provides a stable base of members and depositors, with broad representation in the supreme body and a direct link to the local community 1.
- Governance is organised through specialised committees, with a risk and internal control system reported regularly to the board 1.
- The equity certificates are freely transferable on Oslo Børs, offering liquidity and transparency for investors 1.
Weaknesses
- Integration after the November 2024 merger with Totens Sparebank involves challenges in aligning processes and systems 1.
- The governance structure with several categories of representatives may make decision-making slower than at banks with a simpler structure 1.
- The geographic concentration in eastern Norway exposes the bank to local economic developments.
Opportunities
- Regional consolidation could bring economies of scale and a wider customer base following the merger 1.
- The local role and cooperative model could support loyalty among customers seeking proximity banking.
- Digitalisation of services could reduce operating costs and extend access to customers beyond the region.
Threats
- Competitive pressure from large banks and digital providers could limit margins and market share.
- Growing regulatory requirements on governance and risk may raise compliance costs 1.
- A weak regional economic cycle could weigh on the quality of the loan portfolio.
Risks
- Post-merger integration riskmedium
Integrating operations and systems after the merger with Totens Sparebank could generate unforeseen costs or delays in realising synergies 1.
- Regional credit riskmedium
Concentration of activity in eastern Norway exposes the bank to deterioration in the local economy, which could increase credit losses.
- Regulatory and compliance riskmedium
Legal requirements on governance, diversity and internal control may change, and non-compliance could bring sanctions or additional costs 1.
- Liquidity and funding risklow
Reliance on deposits and funding markets could become more costly if market conditions deteriorate.
- Governance and succession risklow
Changes in the board or executive management could affect strategic continuity, particularly in the post-merger period 1.
Investment thesis
What would need to be true (bull case)
- If the integration with Totens Sparebank is completed smoothly, the bank could benefit from economies of scale and a wider customer base 1.
- The savings bank model, with broad representation and community ties, could support customer loyalty and deposit stability.
- Equity certificates freely transferable on Oslo Børs may offer liquidity and an access route for investors interested in the model.
What would break the thesis
- Post-merger integration could consume resources and delay expected benefits if systems and processes do not align quickly 1.
- Geographic concentration could amplify the impact of a regional economic slowdown on loan quality.
- Competitive pressure from large and digital banks could limit the bank's growth and margins.
What to watch
- Progress of the integration with Totens Sparebank and reported synergies2026
- Development of loan portfolio quality in eastern NorwayNext annual report
- Composition of the board and committees after the 2026 elections2026
- Possible changes in regulatory requirements on governance and risk2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The bank operates as a savings bank, an institution largely owned by its members, and its highest authority is the representantskap, made up of representatives of equity certificate holders, depositors, employees and public authorities 1. Equity certificate holders have 12 members on the representantskap, while depositors have 14, employees 10 and public representatives 4 1. The board is responsible for strategy, budget and appointing the chief executive, and the chief executive is not a board member 1.
Governance is organised through committees: audit, risk and remuneration, together with a risk management and compliance function reporting quarterly to the board 1. Internal audit is outsourced, and financial reporting is handled by a division led by the chief financial officer, organised independently of the business areas 1.
The bank aims for a moderate risk profile and high-quality risk monitoring so that no single event should seriously damage its financial position 1. The equity certificates are freely transferable on Oslo Børs, with no transfer restrictions in the articles of association 1.
Segments
Equity certificates and ownership structure
The equity certificates represent the bank's voting capital, each certificate giving one vote in the election of representatives, and are registered in VPS 1. Legal rules require that at least one fifth and no more than two fifths of the representantskap members be elected by certificate holders 1.
Risk and internal control
The risk management and compliance function, the risk committee and internal audit form the second and third lines of defence, with periodic reporting to the board 1. The bank sets its risk tolerance through targets and limits per risk category, including rating, return on equity and common equity tier 1 ratio 1.
Market context
The bank's activity is concentrated in eastern Norway, where it maintains customer relations and ties to local communities, and its savings bank role gives it a direct link to the local environment 1. The sources provided do not detail market share or market size in figures, so the analysis remains qualitative.
The cooperative structure and the 2024 merger with Totens Sparebank have broadened the bank's member and customer base, with a former Totens Sparebank board member kept on the board for a two-year period 1. The effects of this integration on market share could become clearer in future reports.
Trends
- Consolidation of the regional banking sectormixed
The 1 November 2024 merger between regional banks points to a consolidation trend, which could bring economies of scale and a wider customer base, but also integration complexity 1.
- Governance and diversity requirementsmixed
Rules on gender balance on the board and suitability criteria for members require careful selection of leadership, which may raise administrative costs but strengthens shareholder confidence 1.
- Focus on risk managementheadwind
The bank reports quarterly to the board on risk developments and exposure, and internal control requirements increase if the regulatory environment tightens, which could slow expansion 1.
- Community engagement and local roletailwind
The savings bank status, with public authority and customer representation in the supreme body, supports the link to the local community and may sustain demand for proximity banking services 1.
Competitive position
The sources provided do not explicitly name the bank's competitors and include no comparative market share data. Based on the governance structure and regional profile, competition appears to be mainly with other Norwegian regional savings banks.
The bank's differentiation from competitors could come from its cooperative model, its link to the local community and the quality of its risk management, aspects described in the annual report without being quantified in the sources provided 1.
- Other Norwegian savings banks
Regional banks of the same type with a similar cooperative governance model; the sources do not name them.
- Large Norwegian commercial banks
National-scale institutions competing for corporate and retail customers in the region; not identified in the sources provided.
- Digital banks and fintech providers
Online banking providers that may attract customers with digital offers; not mentioned in the sources provided.
- Nordic banks operating in Norway
Financial groups from other Nordic countries present in the Norwegian market with substantial funding capacity; not detailed in the sources provided.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / SpareBank 1 Østlandet · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.