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Føroya Banki has a long track record of adapting to market changes. This has led to significant M&A activity over the past 15 years. Today, the bank's focus is on the Faroe Islands and Greenland. The recently launched 2026 strategy plan reiterates this focus. We foresee 2025-26 annual lending growth of ~3.5%, curbing some of the headwinds from declining interest rates. We hence argue that 2025 could be the earnings trough. With solid asset quality and a Q3 2024 CET1 ratio of 25.1% – well above the 2026 target of 23% – we see scope for accelerated capital distribution. We estimate a 2024-26 ordinary dividend yield of 10-13% annually, and up to 10-22% including extraordinary dividends for 2024E-2025E. We see an improved outlook for 2026 NII, and hence lift 2026E net profit by 10%. Our Gordon growth-based fair value range is raised to DKK 205-250 (192-235). Marketing material commissioned by Føroya Banki.
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