Sparebanken Norge · OSL:SBNOR
Sparebanken Norge — Debt Investor Presentation (May 2026)
62 slides from Sparebanken Norge's debt investor presentation, May 2026
Slide 1: Sparebanken Norge
Sparebanken Norge May 2026 John Hopp, Head of Treasury at Sparebanken Norge & CEO at Sparebanken Norge Boligkreditt Hege Yndestad Tysnes, COO at Sparebanken Norge Boligkreditt Thomas Colliander, Senior Finance Manager at Sparebanken Norge
Slide 2: The name “Sparebanken Norge” reflects our national ambitions
The name “Sparebanken Norge” reflects our national ambitions Tromsø • We are the second largest Norwegian bank and the largest savings bank in Norway. Mo i Rana • Not part of any complex alliance. • Cost-efficient operations provide an attractive competitive position in the Norwegian market. • We ai
Slide 3: A retail savings bank with low complexity
A retail savings bank with low complexity Retail market Corporate market 70% of gross lending 30% of gross lending Includes Bulder Bank Diversified portfolio Share of ownership: 100 % Share of ownership: 100 % Covered Bond Company Estate agency Strong cooperation with the bank Mainly general insuran
Slide 4: Sparebanken Norge at a glance
Sparebanken Norge at a glance About us Moody’s debt ratings • May 2nd 2025 Sparebanken Vest and Sparebanken Sør merged and formed Sparebanken • Senior Unsecured Debt: Aa3 (Stable) Norge. • Senior Non-Preferred Debt: A3 (Stable) • Norway’s largest savings bank, second largest Norwegian Bank, and thir
Slide 5: 10 Reasons to invest in Sparebanken Norge
10 Reasons to invest in Sparebanken Norge 1. Savings bank leader: Norway’s largest savings bank with ~EUR 50bn in total assets and strong credit ratings (Aa3 Senior / AAA covered). 2. Simple and transparent structure: Fully owned covered bond subsidiary; no exposure to complex banking alliances. 3.
Slide 6: Key take aways Q1
Sparebanken Norge Key take aways Q1 26 Key Figures Q1 2026 Q1 2025* 2025 • Good return on equity of 16.1 % for the quarter Pre-tax profit (NOKm) 2,112 1,415 8,110 • Solid net interest income of NOK 2,641 million for the quarter Profit per equity certificate 4,48 4,78 16,78 Net interest (annualised)
Slide 7: Norway's largest savings bank
Norway's largest savings bank 494 424 261 241 164 Sparebanken Norge Sparebank 1 Sør-Norge Sparebank 1 SMN Sparebank 1 Østlandet Sparebank 1 Nord-Norge Gross loans (bn. NOK) as of Q1 2026 7
Slide 8: We have delivered on our targets over time
We have delivered on our targets over time 24,0 % 22,0 % 20,1 % 20,0 % 18,0 % 16,5 % 16,1 % 16,0 % 15,5 % 14,6 % 14,2 % 14,0 % 14,0 % 13,7 % 13,5 % 13,1 % 12,3 % Target 12,2 % 11,9 % 12,0 % 13,0 % 11,0 % 10,0 % 8,0 % 6,0 % 2013 2 014 2015 2016 2 017 2018 2019 2020 2021 2022 2023 2024 2025* Q1 2026 R
Slide 9: Strong lending growth and increasing market share
Strong lending growth and increasing market share Retail customers1, 2 Corporate customers1 10,9 % 10,4 % 10,1 % 10,4 % 10,3 % 9,2 % 9,5 % 9,3 % 8,2 % 9,0 % 8,7 % 7,5 % 7,9 % 8,6 % 8,3 % 7,1 % 7,4 % 7,1 % 341 345 149 335 146 317 325 142 144 306 312 139 300 292 134 135 133 130 Q1 24 Q2 24 Q3 24 Q4 24
Slide 10: A conservative lending portfolio dominated by retail customers
A conservative lending portfolio dominated by retail customers - The closest investment to a pure-play retail savings bank in Norway Residential mortgages account for c.70% of the loan book and more than Increased geographical diversification reduces concentration risk 99% of the retail customer por
Slide 11: Corporate portfolio (incl. Brage Finans) - Breakdown
Corporate portfolio (incl. Brage Finans) - Breakdown Other Offshore 9,9 % 0,8 % Hotel and restaurant 2,0 % Agriculture and forestry 3,0 % Energy and small-scale hydropower 3,2 % CRE Land- based transport 39,0 % 3,5 % Retail customers Corporate sector Retail trade 345bn NOK 149bn NOK 4,7 % c. 70 % c.
Slide 12: CRE – Breakdown & LTV Distribution
CRE –Breakdown & LTV Distribution Breakdown CRE - c. 39 % of the corporate portfolio CRE - LTV distribution Industrial Hotels 3,3 % 4,8 % Warehouses 69,0 % 5,0 % Multi-purpose 29,2 % Buildings under construction 8,9 % Land plots 10,8 % 19,0 % Offices Stores 6,2 % 5,8 % 16,2 % 10,8 % Residential 11,0
Slide 13: Low payment arrears among retail customers
Low payment arrears among retail customers Strong collateral coverage, solid house price growth, and limited use of interest-only loans in the mortgage portfolio contribute to reduced credit risk Mortgage loan delinquencies (90 days) remains low Loan portfolio distribution by loan-to-value (LTV) rat
Slide 14: Consistently low losses
Consistently low losses 180 0,16% 0,12% 160 0,11% 140 0,08% 0,07% 0,07% 0,06% 0,06% 0,05% 120 0,05% 0,05% 0,06% 0,03% 100 18 80 0,01% 80 19 13 60 28 20 -0,04% 18 17 40 22 85 60 61 -0,09% 50 52 16 20 46 43 39 32 19 0 -0,14% Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25* Q3 25 Q4 25** Q1 26 Parent bank an
Slide 15: Credit risk
Credit risk Defaults and other credit-impaired exposures Capitalised write-downs and loan loss provision ratio 1,05% 5 000 100% 96% 2 500 Write-downs as % of default and other potential bad debts 0,91% 0,90% 4 000 2 000 80% Capitalised write-downs (MNOK) Share of gross lending 0,75% 0,71% 3 000 65%
Slide 16: Strong growth in deposits within retail customer segment
Strong growth in deposits within retail customer segment Retail customers1, 2 Corporate customers1 12,2 % 12,3 % 11,6 % 11,8 % 11,2 % 11,0 % 9,9 % 9,6 % 8,2 % 6,0 % 5,1 % 127 127 127 129 3,0 % 3,1 % 3,0 % 119 1,1 % 1,4 % 1,2 % 115 113 116 101 -2,4 % 107 99 98 98 100 99 94 96 93 Q1 24 Q2 24 Q3 24 Q4
Slide 17: Strong growth in deposits within retail customer segment
Strong growth in deposits within retail customer segment Retail customers1, 2 Corporate customers1 Deposit Coverage3 12,2 % 12,3 % 11,6 % 11,8 % 11,2 % 11,0 % 9,9 % 9,6 % 8,2 % 52% 6,0 % 5,1 % 50% 127 127 127 129 50% 50% 50% 3,0 % 3,1 % 3,0 % 50% 119 1,1 % 1,4 % 1,2 % 49% 115 113 116 48% 48% 101 -2,
Slide 18: Total deposits at NOK 222 bn. per Q1 2026
Total deposits at NOK 222 bn. per Q1 2026, of which more than 60 % were covered by the Norwegian deposit guarantee scheme (DGS) c. 90 % of retail deposits are covered by DGS* Corporate deposits – well diversified between sectors Retail - not DGS Corporate - Other financial undertakings Primary indus
Slide 19: Full effect of repricing and two fewer interest-days impact net interest income
Full effect of implemented repricing and two fewer interest-days impact net interest income in the quarter Net interest as a percentage of average assets under management was 1.79 Net interest income (NOK million) 1) 2749 2800 2768 2609 2671 2679 2641 2536 2604 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3
Slide 20: Strong growth in net commission income
Strong growth in net commission income Solid growth in insurance commissions, payments, and Borea Net commission income 1) 556 27 478 447 452 33 133 435 397 36 410 22 14 384 26 51 41 38 113 148 114 307 190 45 30 169 127 26 137 46 40 36 91 31 37 158 43 39 28 38 40 87 59 81 43 38 45 62 44 51 41 134 14
Slide 21: Maturity profile per Q1 2026 (incl. Brage Finans)
Maturity profile per Q1 2026 (incl. Brage Finans) 70 000 59 826 60 958 60 000 54 281 50 000 43 662 40 000 33 517 30 000 22 328 20 000 8 420 10 000 2 150 1 120 300 650 - 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2038 Covered Bonds Senior Unsecured Senior Preferred Senior Non-Preferred Tier 2
Slide 22: Strengthened capital position in the quarter
Strengthened capital position in the quarter The CET1 requirement will increase by 1 percentage point from 31 March 2027, when the bank becomes systemically important Common Equity Tier 1 (CET1) ratio¹ 20% 18,4 % 18,1 % 18,1 % 17,9 % 17,5 % 18% 16% 14% 12% CET1 Target 15,9 % 10% 8% 6% 4% 2% 0% Q1 20
Slide 23: Ambitious growth targets for 2026-2028
Ambitious growth targets for 2026-2028 Similar expectations apply to subsidiaries and associated companies Retail Market (ex. Bulder) Corporate Market Bulder 6–8% 8 – 10 % 100 bn. annual loan growth incl. geographic expansion annual loan growth incl. geographic expansion home mortgage volume by year
Slide 24: Slide 24
Slide 25: Bulder increased its deposit-to-loan ratio in the quarter
Bulder increased its deposit-to-loan ratio in the quarter 76.5 bn. 43 % 69 % Volume mortgages Average LTV Knowledge of the concept 149 700 28.7 % 11 % Marginal ROE* Q1 2026 Total numbers of customers Deposit-to-loan ratio (target in 2027: >15 %) Numbers as of April 29, 2026. Awareness figures from K
Slide 26: Sparebanken Norge Boligkreditt
Sparebanken Norge Boligkreditt SNOBNO
Slide 27: Brief information about Sparebanken Norge Boligkreditt
Brief information about Sparebanken Norge Boligkreditt Overview Tromsø • Wholly owned subsidiary of Sparebanken Norge – and a dedicated covered bond company • Credit facility provided by Sparebanken Norge Mo i Rana • Loans transferred to Boligkreditt as true sale on a non-recourse basis • Cover pool
Slide 28: Eligibility criteria for the cover pool
Eligibility criteria for the cover pool Criteria Cover pool Statistics ▪ Employed retail clients and independent self-employed individuals ▪ Eligible Cover Pool Assets: 223 bn NOK ▪ Resident in Norway ▪ Total Cover Pool Balance: 238 bn NOK Customer ▪ No negative credit history ▪ Conservative loan po
Slide 29: Cover pool information
Cover pool information Amortisation – Covered Bonds and Cover Pool Low deafults over time 300 0,20% 6 Billions 250 5 0,15% 200 4 150 0,10% 3 100 2 0,05% 50 1 0 0,00% 0 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Mar-26 Mar-27 Mar-28 Mar-29 Mar-30 Mar-31 Mar-32 Ma
Slide 30: Outstanding Covered Bonds
Outstanding Covered Bonds Key take-aways • NOK, SEK and EUR • Frequent issuer • >200bn in NOK eq. outstanding • Green and conventional covered bonds EUR NOK SEK ISIN Issued (mn) Currency Issue Date Maturity Green ISIN Issued (mn) Currency Issue Date Maturity Green ISIN Issued (mn) Currency Issue Dat
Slide 31: The Norwegian Macro Economy
The Norwegian Macro Economy 31
Slide 32: Norway: Inflation still well above the long term target of 2 percent
Norway: Inflation still well above the long term target of 2 percent 32
Slide 33: Norway: Unemployment rate at a low level
Norway: Unemployment rate at a low level 33
Slide 34: Norway: Moderate growth in Mainland-GDP
Norway: Moderate growth in Mainland-GDP 34
Slide 35: Norway: Real Estate Prices and Credit Growth
Norway: Real Estate Prices and Credit Growth 35
Slide 36: Norway: Trade balance surplus remains elevated
Norway: Trade balance surplus remains elevated Exports of energy and seafood 36
Slide 37: Investor contacts
Investor contacts John Hopp Head of Treasury CEO Sparebanken Norge Boligkreditt AS Tel: (+47) 450 81 776 john.hopp@spv.no Hege Yndestad Tysnes COO Sparebanken Norge Boligkreditt Tel: (+47) 986 62 571 Hege.Tysnes@spv.no Thomas Colliander Senior Finance Manager, Treasury Tel: (+47) 990 28 618 thomas.c
Slide 38: Green Bond Investor Presentation
Green Bond Investor Presentation May 2026
Slide 39: Agenda
Agenda Green Bond Framework: • Eligible Green Loans Portfolio • Green Bond Allocation Report (FY25) • Allocation & Impact Report (FY24) • Green Bond Framework Sustainability at Sparebanken Norge: • Ambition • Sustainability in the Annual Report (CSRD) • Significant ESRS Theme • Strategy, restructuri
Slide 40: Green Bonds
Green Bonds Key Takeaways • New Green Bond Framework as of December 2025 - Second Party Opinion – Green Bond Framework Assigned SQS2 Sustainability Quality Score (Very good) by Moody’s - The framework is aligned with the four core components of the International Capital Market Association's (ICMA) G
Slide 41: Green Bond Framework
Green Bond Framework
Slide 42: Eligible Green Loans Portfolio Overview – FY25
Eligible Green Loans Portfolio Overview – FY25 All newly originated Eligible Green Loans are considered Fully Aligned with the EU Taxonomy as per Moody’s assessment FY25 Allocation-Report: https://edge.sitecorecloud.io/sparebanken6a2b-spvno-production-d324/media/Investor-relations/IR-dokumenter/Gree
Slide 43: Green Bond Allocation Report – FY25
Green Bond Allocation Report – FY25 FY25 Allocation-Report: https://edge.sitecorecloud.io/sparebanken6a2b-spvno-production-d324/media/Investor-relations/IR-dokumenter/Green-Bond-Programme/2025/Allocation-Report-2025.pdf 43
Slide 44: FY24 Allocation Report and FY24 Impact Report
FY24 Allocation Report FY24 Impact Report Effective May 2, 2025, Sparebanken Vest and Sparebanken Sør completed a legal merger. The respective covered bond companies also merged, with Sparebanken Vest Boligkreditt as the acquiring entity. The merged company is now named Sparebanken Norge, and its co
Slide 45: External Review
External Review SPO • The framework is aligned with the four core components of the International Capital Market Association's (ICMA) Green Bond Principles (GBP) 2025, and incorporates all best practices identified by Moody's Ratings. • The framework demonstrates a significant contribution to sustai
Slide 46: Use of Proceeds – Green Buildings and Renewable Energy
Use of Proceeds – Use of Proceeds – Green Buildings Renewable Energy Eligibility Criteria Eligibility Criteria 1. Residential buildings in Norway Loans, credit and investments to finance/refinance new or existing Hydropower in • Buildings built ≥2021 : NZEB-10% Norway (boreal regions) that meet one
Slide 47: Process for Project Evaluation and Selection
Process for Project Evaluation and Selection Green Bond Committee Screening Eligibility • A dedicated Green Bond Committee has been • All customers must comply with the laws and • Projects financed and/or refinanced through the established consisting of the Head of agreements that apply in Norway an
Slide 48: Management of Proceeds
Management of Proceeds • The Green Bonds proceeds will be managed by Sparebanken Norge in a portfolio approach. Portfolio of Eligible Green • Sparebanken Norge intends to allocate the proceeds from the Green Bonds to a portfolio of loans that meet the use of proceeds eligibility Loans criteria and i
Slide 49: Reporting
Reporting • Sparebanken Norge intends to make and keep readily available green bond reporting after a year from issuance, to be renewed annually until maturity of any outstanding green bonds. • The bank intends to show the allocation and impact of the green bond proceeds to the Eligible Green Loan P
Slide 50: EU Taxonomy: TSC, DNSH & MS
EU Taxonomy: TSC, DNSH & MS • Two out of three economic activities across two eligible categories align with the EU taxonomy criteria • Overall, 18 out of 23 EU Taxonomy criteria were met Green Buildings Renewable Energy EU Economic Activity 7.2 Renovation of existing 7.7 Acquisition and ownership 4
Slide 51: Sustainability at Sparebanken Norge
Sustainability at Sparebanken Norge
Slide 52: Net zero climate emissions by 2040
Sparebanken Norge Net zero climate emissions by 2040
Slide 53: Sustainability in the annual report (CSRD)
Sustainability in the annual report (CSRD)
Slide 54: Significant ESRS Theme
Significant ESRS Theme Climate change adaptation E1 Climate Change Limitations of climate change Working conditions S1 Own Workforce Gender equality and equal opportunities Information-related consequences for consumers and end users S4 Consumers and Social inclusion for consumers and end users end
Slide 55: Significant IRO identified on the theme of Climate Change
Significant IRO identified on the theme of Climate Change Negative impact: • Financed climate emissions Risk: • Physical risk • Transition risk Opportunity: • Strong ESG focus 55
Slide 56: Strategy, restructuring plan and Sustainability Policy
Strategy, restructuring plan and Sustainability Policy • Rebalance the portfolio and reduce • New transition plan • Sustainability policy its own emissions • New transition plan will be based on • The bank shall actively contribute to reducing • To achieve the bank's strategic goals, the bank Spareb
Slide 57: Sustainable financing
Sustainable financing • The bank's credit framework • A risk classification of customers • Industry policy for real estate governs the bank's management is made based on the shall ensure energy efficiency of financed emissions, customers' inherent risk related by requiring action plans for restructu
Slide 58: Measures
Measures Sustainability assessment Corporate mar- Initiated, Integrated risk Identity transition _Internal industry-spe- form ket (exposure = ongoing management needs and ensure cific assessment NOK 5 milion) that climate and form; due diligence. sustainability risks are incorporated into credit dec
Slide 59: Climate accounting (AR 48)
Climate accounting (AR 48) Historic Milestones and target years * Compariso N = 2025 % N / N- Annual % Baseline (2050) if n year -2024 financial 1 (2025/ 2025 2030 ** target / year 2025 relevant GROUP year 2024) baseline year Gross GHG emissions in Scope 1 (tonnes 3 13,6 0 -100% N/A N/A N/A N/A CO2e
Slide 60: Summary and questions
Summary and questions •The 2025 reporting forms the baseline for the new transformation plan •The new transformation plan has been initiated in 2025 and will be an important strategic area for the bank's further work on sustainability in 2026 •The framework for sustainable products will be updated i
Slide 61: Sustainability library and other links
Sustainability library and other links Sustainability Library https://www.spv.no/english/about-sparebanken-norge/csr/Sustainability-library Sustainability https://www.spv.no/english/about-sparebanken-norge/csr Sustainability policy https://edge.sitecorecloud.io/sparebanken6a2b-spvno-production-d324/
Slide 62: Disclaimer
Disclaimer The statements in this presentation may include forward-looking statements, e.g. about expectations of the future. These statements are based on the management’s current views and assumptions and involve both known and unknown risks and uncertainties. Although Sparebanken Norge believes t
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