Sparebanken Norge · OSL:SBNOR
Sparebanken Norge — Sparebanken Vest — Q1 2026 Earnings Presentation
43 slides from Sparebanken Norge's earnings presentation, Apr 30, 2026
Slide 1: Q1 2026 Quarterly presentation
Q1 2026 Quarterly presentation Bergen, 30 April 2026 CEO Jan Erik Kjerpeseth
Slide 2: Questions will be addressed after the presentation
Questions will be addressed after the presentation Send questions to: investorrelations@sbnorge.no
Slide 3: 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 4: A strong result — despite being in the middle of building Sparebanken Norge
A strong result — despite being in the middle of building Sparebanken Norge The quarterly result is impacted by: • CET1 well above target • Significant merger-related costs • Only partial realization of synergies • In the most intensive investment phase of national distribution Q1 2026
Slide 5: Strengthening our market position while merging
Strengthening our market position while merging Growth in lending to retail customers 20251,2 Growth in lending to corporate customers 20251,2 9,8 % 9,3 % 8,2 % 7,9 % 5,1 % 4,9 % 4,8 % 2,2 % 2,2 % 1,7 % Peer 1 SBNOR Peer 2 Peer 3 Peer 4 Peer 5 SBNOR Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 -0,1 % -0,9 % 1
Slide 6: A strong culture driving superior long-term returns
A strong culture driving superior long-term returns 3-year total return (including dividends) 5-year total return (including dividends) 154% 224% 182% 157% 100% 151% 97% 141% 92% 89% 83% 119% Sparebanken Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Sparebanken Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Norge* Norge*
Slide 7: Transformation 2028
Transformation 2028 - The biggest step forward National distribution AI accelerator and adoption AI-adopsjon med Target Digital credit approval 20-35% effektivisering 2028 Core system conversion and system modernisation New head office in Kristiansand Workforce adjustment
Slide 8: Solid banking performance
01 | Solid banking performance
Slide 9: Strong return on equity in the first quarter of the year
Strong return on equity in the first quarter of the year Return on equity1 Result per equity certificate (NOK)1 18,3 % 18,0 % 17,8 % 16,5 % 16,2 % 16,1 % 15,2 % 14,4 % 13,4 % 4,33 4,33 4,48 4,02 3,87 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 ROE ROTE 1 Pro forma ROTE = Return on Ta
Slide 10: Full effect of implemented 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 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 25 Q4 25 Q1 26 1 Pro forma
Slide 11: 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 0 28 38 0 39 87 0 40 38 59 81 43 45 62 44 51 41
Slide 12: Borea ahead of plan towards > NOK 34 bn. in AuM in 2028
Borea ahead of plan towards > NOK 34 bn. in AuM i 2028 Assets under Management (AuM) – NOK bn. 25,3 23,4 20,9 18,7 14,3 12,9 11,7 10,9 10,0 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26
Slide 13: Underlying cost growth of approx. 2.8%, including investments in new market areas
Underlying cost growth of approx. 2.8%, including investments in new market areas Cost-to-income ratio of 31.2% in the quarter (excluding merger costs) 1 020 29 1 036 44 - 57 Operating costs Merger costs Increased amortization Other cost increase Operating costs Q1 2025* of intangible assets Q1 2026
Slide 14: Conservative lending book dominated by retail customers
Conservative lending book dominated by retail customers Mortgages account for ~70 % of the lending portfolio and >99% of the Increased geographical diversification lowers concentration risk retail customer portfolio. Brage Finans Other 6% Oslo og Akershus 10% Vestfold og 15% Telemark Bulder 6% 15% R
Slide 15: 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% 0,05% 0,05% 120 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 16: 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 17: Strategic direction
02 | Strategic direction
Slide 18: Norway's best savings bank
Strategy hierarchy for Sparebanken Norge Vision Norway’s best savings bank Among the best Norwegian Best customer experiences Among the most attractive A key contributor to society Long-term savings banks in terms of and customer satisfaction in expertise environments in the that Norway would be poo
Slide 19: Financial targets 2026-2028
Financial targets 2026-2028 Return on equity Return on equity adjusted for (ROE) merger effects (ROTE 1) > 13,0 % > 15,0 % (among the top three best savings banks) (among the top two best savings banks) < 30 % > 15,9 % 2 ~ 50 % Cost/income CET1 capital ratio Distribution of results (excluding merger
Slide 20: Total merger costs estimated to NOK 380 million
Total merger costs estimated to NOK 380 million • The estimat includes the merger between Merger costs (NOK million)1 Sparebanken Vest and Sparebanken Sør, 400 25 380 78 and the merger between Sparebanken 350 Norge and Oslofjord Sparebank 300 23 254 250 • A large part of the remaining merger 200 cos
Slide 21: Realisation of cost synergies according to plan
Realisation of cost synergies according to plan Annual effect / cost synergy pace (NOK million) • The estimate of > NOK 425 million also includes the merger with Oslofjord Sparebank > 425 375 • A significant part of the cost synergies is related to technical integration, which is planned towards the
Slide 22: On track with capital synergies
On track with capital synergies • Approximately NOK 2.6 billion of announced capital Capital synergies (NOK billion) synergies related to the former Sparebanken Sør portfolio 0,8 3,4 • Remaining capital synergies of approximately NOK 2,6 0.8 billion mainly consist of IRB effects related to the corpo
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: 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 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: Strong growth in Brage Finans
Strong growth in Brage Finans 12-month lending growth of 14 %, with potential for further profitability improvement Net loans (NOK bn.) 31,0 30,2 26,2 23,5 20,4 17,0 2021 2022 2023 2024 2025 Q1 2026
Slide 27: The targets reflect the ambition to build a strong national savings bank
The targets reflect the ambition to build a strong national savings bank ~126 ~ 620 494 ~620bn. Lending balance target for Q4 2028 Loan portfolio Q1 2026 Organic growth Loan balance Q4 2028
Slide 28: Transformation 2028
03 | Transformation 2028
Slide 29: Transformation 2028
Transformation 2028 - The biggest step forward National distribution AI accelerator and adoption AI-adopsjon med Target Digital credit approval 20-35% effektivisering 2028 Core system conversion and system modernisation New head office in Kristiansand Workforce adjustment
Slide 30: Expanded geographic presence enables growth
Expanded geographic presence enables growth • Expanding at record pace – soon present in all major Norwegian cities • Well-established business communities in the cities and good acces to labour • Positiv development in lending volumes in the Oslo region since establishment New and ongoing establish
Slide 31: Launching a new lending process – setting the standard for future mortgages
Launching a new lending process – we are setting the standard for the mortgages of the future 35% 60% 58% Handled in the new Decided fully Reduced time loan process automatically from loan application to signing Efficient and value-adding advisory services Advisors handle exceptions only, freeing ca
Slide 32: Norway's most modern and scalable banking platform
Norway's most modern and scalable banking platform One shared, scalable and modern platform with a robust technological foundation A long-term, strategic partnership with Tieto that supports the ambition to be Norway’s most cost- efficient bank A catalyst to achieve growth targets and deliver best-i
Slide 33: New head quarter in Kristiansand
New head quarter in Kristiansand The work on the new head quarter in Kristiansand is starting in spring 2026, with completion planned for late 2028. • Collaborative contractor: BRG Entreprenør • Architect: Reiulf Ramstad Arkitekter
Slide 34: A strong foundation for Sparebanken Norge
A strong foundation for Sparebanken Norge Transformation 2028 National distribution AI accelerator delivering 20-35% efficiency gains We are fully invested in geographical expansion. With We will use AI to strengthen our competitiveness by the establishments in Oslo, Tromsø and Trondheim, we being a
Slide 35: Slide 35
Slide 36: The path to a strong WE
The path to a strong WE AUG SEPT OKT NOV JAN FEB MAR APR MAI JUN CAMP NORGE Leadership development HORISON Strategy meeting Breakfast Breakfast Breakfast Breakfast BREAKFAST seminar seminar seminar seminar SEMINAR Bergen Kristiansand Bergen Kristiansand WINNER Leadership Leadership training training
Slide 37: NO.1 Bestseller
NO.1 BESTSELLER THREE MILLION COPIES SOLD How 70 RADICAL great Boss CANDOR WITHOUT insnite teas 10 LOSING YOUR botneest wore HUMANITY "zest sinostng
Slide 38: An attractive workplace
An attractive workplace FUTURE LEADERS LEADERSHIP INTERNAL INCREASE IN DEVELOPMENT MOBILITY AND LOW NUMBERS OF TURNOVER IN 2025 APPLICANTS Developing leadership Leadership development Growing interest in job talent through a arenas are the most advertisements – both in new professional and practical
Slide 39: NOK 1.47 billion in customer dividends and NOK 1.5 billion in donations
NOK 1.47 billion in customer NOK 1.5 billion in donations dividends after 2025 will be distributed in 2026 Our customers have received a total of NOK 6 Approx. NOK 5.1 billion has been distributed to good causes billion in distributions since 2019 since 2018 1 467 1 470 1 528 1 355 932 806 782 519 3
Slide 40: Why invest in Sparebanken Norge?
Why invest in Sparebanken Norge? Uniquely positioned for further growth Leading in cost-effectiveness A low-risk lending portfolio Leading in digital innovation Bulder – the Norwegian challenger bank concept Significant donations and and customer dividends A culture of high performance Among the bes
Slide 41: Questions
Questions investorrelations@sbnorge.no
Slide 42: Investor contacts
Investor contacts Jan Erik Kjerpeseth CEO Tel: (+47) 951 98 430 jan.kjerpeseth@spv.no Hans Olav Ingdal CFO Tel: (+47) 948 09 328 hans.ingdal@spv.no Brede Borgen Kristiansen Director of Finance and Investor Relations Tel: (+47) 479 06 402 brede.kristiansen@spv.no
Slide 43: 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