Sparebanken Norge · OSL:SBNOR
Sparebanken Norge — Investor Day (August 2026)
86 slides from Sparebanken Norge's investor day presentation, Aug 11, 2026
Slide 1: Capital Markets Day 2026
Capital Markets Day 2026 Kristiansand, 11 August 2026
Slide 2: Agenda
Agenda 14:00 Introduction CFO Hans Olav Ingdal 14:05 Part 1: Presentation of the results for the second quarter of 2026 and Q/A CEO Jan Erik Kjerpeseth 14:50 Break 15:10 Part 2: Presentations by the bank's partly-owned product companies Frende Forsikring, CEO Vegar Styve Brage Finans, CFO Bodil Huus
Slide 3: Q2 2026 Quarterly presentation
Q2 2026 Quarterly presentation CEO Jan Erik Kjerpeseth Kristiansand, 11 August 2026
Slide 4: Questions will be addressed after the presentation
investorrelations@sbnorge.no Questions will be addressed after the presentation
Slide 5: Laying the foundation for a strong national savings bank
Laying the foundation for a strong national savings bank The results in 2026 are impacted by • CET1 well above target • Significant merger-related costs • Only partial realization of synergies • In the most intensive investment phase of national distribution 2026
Slide 6: At the same time, we achieve strong financial results
At the same time, we achieve strong financial results 20,1 % 16,5 % 15,5 % 15,0 % 14,6 % 14,2 % 14,0 % 13,7 % 13,5 % 13,1 % 12,2 % 12,3 % Target 11,9 % 11,0 % 13.0% 2013 2 014 2015 2016 2 017 2018 2019 2020 2021 2022 2023 2024 2025* YTD 2026 ROE ROE target * Pro forma ROE 2025 for Sparebanken Norge,
Slide 7: Strengthening our position in both retail and corporate banking
Strengthening our position in both retail and corporate banking 12-month growth in retail lending1.2 12-month growh in corporate lending1.2 8,7 % 8,7 % 7,1 % 5,6 % 5,4 % 5,0 % 5,0 % 5,0 % 3,5 % 1,6 % 1,4 % Sparebanken Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Norge Sparebanken Peer 1 Peer 2 Peer 3 Peer 4 P
Slide 8: Solid banking performance
01 | Solid banking performance
Slide 9: Strong return on equity in the first half of the year
Strong return on equity in the first half of the year Return on equity1 Result per equity certificate1 NOK 18,3 % 17,8 % 16,5 % 4,48 16,2 % 16,1 % 16,0 % 4,33 15,2 % 14,4 % 4,02 14,0 % 3,87 3,87 13,4 % Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 ROE ROTE 1 Pro forma ROTE = Return on
Slide 10: Strong lending growth over time – continuing to gain market share
Strong lending growth over time – continuing to gain market share Retail customers1.2 Corporate customers1 NOK billion NOK billion 10,4 % 450 180 10,1 % 12,0 % 10,3 % 11,0 % 9,2 % 9,5 % 9,3 % 7,9 % 8,2 % 9,0 % 170 8,6 % 8,7 % 7,5 % 7,1 % 7,4 % 7,1 % 7,4 % 400 8,3 % 8,2 % 160 352 153 6,0 % 341 345 7,
Slide 11: Higher money market rates put short-term pressure on NII
Higher money market rates put short-term pressure on NII Net interest income1 NOK million 2749 2800 2768 2671 2679 2641 2609 2604 2529 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 1 Pro forma
Slide 12: Strong growth in net commission income
Strong growth in net commission income Positive development in real estate brokerage, insurance commissions, payments and Borea Net commission income1 NOK million 556 27 521 478 14 447 452 33 133 435 397 36 410 22 14 384 193 26 51 41 38 113 148 114 190 45 169 127 26 137 46 57 40 36 31 37 158 43 44 3
Slide 13: Low underlying cost growth
Low underlying cost growth Cost/income ratio of 30.8% in the quarter (excluding merger costs) Underlying cost growth of about 2.2% including investment in new market areas 1 050 15 21 1 053 - 33 Operating costs Merger costs Increased amortization Other cost increase Operating costs Q2 2025* of intan
Slide 14: Conservative loan portfolio with low risk
Conservative loan portfolio with low risk Mortgages account for ~68 % of the lending portfolio Increased geographical diversification lowers and >99% of the retail customer portfolio. concentration risk 15% 15% 25% Corporate customers, Vestland bank 37% 10% Agder Brage Finans Rogaland Retail custome
Slide 15: Consistently low losses
Consistently low losses Losses on loans NOK million 180 0,16% 0,12% 160 0,11% 140 0,08% 0,06% 0,07% 0,06% 120 0,05% 0,05% 0,05% 0,06% 100 0,03% 0,03% 18 80 80 0,01% 19 13 60 20 18 17 -0,04% 40 22 85 16 60 61 50 52 20 39 42,6 36 32 -0,09% 19 0 -3 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25* Q3 25 Q4 25** Q1
Slide 16: Strong capital position
Strong capital position Common Equity Tier 1 (CET1) ratio¹ 18,4 % 18,1 % 18,1 % 18,1 % 17,5 % CET1 target 15.9% The CET1 requirement will increase by 1 percentage point from 31 March 2027, when the bank becomes systemically important Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 1 CET1 ratio including ret
Slide 17: Strategic direction
02 | Strategic direction
Slide 18: Ambitious growth targets for 2026-2028
Ambitious growth targets for 2026-2028 Similar expectations for subsidiaries and affiliates Retail market (ex. Bulder) Corporate market Bulder 6–8% 8 – 10% 100 bn. annual loan gwoth incl. geographical expansion annual loan growth incl. geographical expansion home mortgage volume by year-end 2028 Fre
Slide 19: Norway's best savings bank
Strategy hierarchy for Sparebanken Norge Vision Norway's best savings bank Among the best Norwegian Long-term Best customer experiences Among the most attractive A key contributor to society savings banks in terms of and customer satisfaction expertise environments in the that Norway would be poorer
Slide 20: Financial targets
Financial targets 2026-2028 >13,0 % >15,0 % Egenkapitalavkastning Be among the top three Return on equity adjusted for merger savings banks on ROE and Return on equity (ROE) among the top two on ROTE effects (ROTE) <30 % >15.9 % ~50 % Cost percentage CET1 capital ratio Distribution of results exclud
Slide 21: Merger costs according to plan
Merger costs according to plan • Merger costs are estimated at NOK 380 million. This Merger costs NOK million includes the mergers between Sparebanken Vest 25 380 and Sparebanken Sør and between Sparebanken 52 Norge and Oslofjord Sparebank 49 254 Forecast of • A large proportion of the remaining mer
Slide 22: Cost synergy realisation on track
Cost synergy realisation on track • Expects cost synergies of NOK 425 million, including Annualised synergy run-rate NOK million merger with Oslofjord Sparebank 425 • A significant proportion of synergies relate to technical 375 integration planned towards the end of 2026. This will provide a higher
Slide 23: Transformation 2028
03 | Transformation 2028
Slide 24: A strong foundation for Sparebanken Norge
A strong foundation for Sparebanken Norge Transformation Program 2028 New head office Redefined strategic Kristiansand partnership with Tieto AI accelerator – Digital credit amplified action approval National Workforce adjustment distribution
Slide 25: A strong foundation for Sparebanken Norge
A strong foundation for Sparebanken Norge Transformation Programme 2028 New head office Redefined strategic Kristiansand partnership with Tieto AI accelerator – Digital credit amplified action approval National Workforce adjustment distribution
Slide 26: One team in two cities – new head office in Southern Norway
Transformation Programme 2028 | New head office in Kristiansand One team in two cities – new head office in Southern Norway Creates pride and contributes to a strong performance culture An attractive employer that draws top talent A community builder that helps develop the region Expected to be comp
Slide 27: A strong foundation for Sparebanken Norge
A strong foundation for Sparebanken Norge Transformation Program 2028 New head office Redefined strategic Kristiansand partnership with Tieto AI accelerator – Digital credit amplified action approval National Workforce adjustment distribution
Slide 28: The most modern and scalable banking platform in Norway
Transformation Programme 2028 | Redefined partnership with Tieto The most modern and scalable banking platform in Norway One common, scalable and modern platform built on a robust technology foundation A long-term strategic partnership with Tieto, supporting our ambition to become the most cost-effi
Slide 29: A strong foundation for Sparebanken Norge
A strong foundation for Sparebanken Norge Transformation Program 2028 New head office Redefined strategic Kristiansand partnership with Tieto AI accelerator – Digital credit amplified action approval National Workforce adjustment distribution
Slide 30: Amplified action through AI acceleration
Transformation Programme 2028 | AI acceleration Amplified action through AI acceleration Ambition With Norway's most ambitious technology platform as the foundation, AI will accelerate our transformation journey toward becoming Norway's best savings bank. What we have done The next step Systematic d
Slide 31: A strong foundation for Sparebanken Norge
A strong foundation for Sparebanken Norge Transformation Program 2028 New head office Redefined strategic Kristiansand partnership with Tieto AI accelerator – Digital credit amplified action approval National Workforce adjustment distribution
Slide 32: Digital credit approval example
Transformation Programme 2028 | Digital credit approval Petter 27 years old "How much can I increase the certificate by, if I provide 50,000 more in equity?" The question comes at 9 p.m. on a Sunday, the day before a round of bidding for an apartment. The answer comes in seconds – without anyone in
Slide 33: The expectation is tailor-made in the second
Transformation Programme 2028 | Digital credit approval The expectation is tailor-made in the second - a future we have been building towards since 2023 The groundwork has been done and the … Now they are working on the first gains have been delivered... transformative towards the customer Autumn 20
Slide 34: A strong foundation for Sparebanken Norge
A strong foundation for Sparebanken Norge Transformation Programme 2028 New head office Redefined strategic Kristiansand partnership with Tieto AI accelerator – Digital credit amplified action approval National Workforce adjustment distribution
Slide 35: Aligning capacity with our strategy and target state
Transformation Programme 2028 | Workforce adjustment Aligning capacity with our strategy and target state We free up capacity to be competitive going forward Staff and support, Retail Market South Ensure that we have the right and Direct Banking dimensioning and expertise Ongoing process, reduction
Slide 36: Targeting flat cost development from 2026 to 2028
Transformation Programme 2028 | Workforce adjustment Targeting flat cost development from 2026 to 2028 Estimates of Group operating costs 2026 2027 2028 MNOK MNOK MNOK 4.300 Low estimate 4.150 Low estimate 4.300 Low estimate 4.400 4.300 4.400 High estimate High estimate High estimate 2026 figures in
Slide 37: A strong foundation for Sparebanken Norge
A strong foundation for Sparebanken Norge Transformation Programme 2028 New head office Redefined strategic Kristiansand partnership with Tieto AI accelerator – Digital credit amplified action approval National Workforce adjustment distribution
Slide 38: We are building a national savings bank at record speed
Transformation Programme 2028 | National distribution We are building a national savings bank at record speed 1Q 2Q In line with the work communicated … Since then, we've ... ... Within a year, we will be in place in in April... Strong leadership team Tromsø in place Managers with solid experience Q
Slide 39: A strong foundation for Sparebanken Norge
A strong foundation for Sparebanken Norge Transformation Programme 2028 New head office Redefined strategic Kristiansand partnership with Tieto AI accelerator – Digital credit amplified action approval National Workforce adjustment distribution
Slide 40: Solid banking performance | Strategic direction | Transformation 2028
01 | Solid banking performance 02 | Strategic direction 03 | Transformation 2028
Slide 41: Q&A
Q&A investorrelations@sbnorge.no
Slide 42: Break
Break
Slide 43: Part 2: Presentations of the bank's partly owned product companies
Part 2: Presentations of the bank's partly owned product companies
Slide 44: Q&A
Q&A investorrelations@sbnorge.no
Slide 45: Frende Forsikring
What we have achieved What we aim to achieve How we get there Frende Forsikring
Slide 46: Frende Forsikring combines strong local savings banks with customer-oriented insurance
What we have achieved Frende Forsikring combines the power of strong, local savings banks with profitable, customer-oriented and forward-leaning insurance operations Simple, human and close to the customer since launch in 2007 Owners (and distributors) Established by savings banks with strong local
Slide 47: We have grown significantly in recent years
What we have achieved We have grown significantly in recent years and are strengthening our market position Significant growth in premium volume Strengthening our market position Premium volume over the past 5 years, Frende Market share trend (%), non-life insurance Group 75% Retail 4.895 Total 2.80
Slide 48: Solid results and high returns - over time
What we have achieved Solid results and high returns - over time Profit more than doubled in the past year High returns over time Profit before tax for the last 5 years, Frende Group Return on equity (ROE) last 5 years, Frende Group 104% 785 29,4 667 20.1 432 384 146 2021 2022 2023 2024 2025 2021 20
Slide 49: Q2 results show Frende continues to grow and improve profitability
What we have achieved Q2 results show that Frende continues to grow significantly and is markedly improving profitability 14.8% growth in premium volume over the past 12 Solid growth in premium 14,8% months volume 4.895 4.264 Main drivers: New distributors Frende Significant improvement in loss rati
Slide 50: We have a strong distribution network across Norway
What we have achieved We have a strong distribution network across Norway. Together, we stay close to our customers High customer satisfaction over time • Won EPSI six times • Best-in-class claims handling; best in EPSI five times • Low attrition among Sparebanken Norge customers • bytt.no customer
Slide 51: We will grow significantly, strengthen profitability and deepen customer relationships
What we aim to achieve We will grow significantly, strengthen profitability and further deepen our customer relationships NOK 6 billion Minimum 18% return on The most satisfied in premium volume by equity customers 2028
Slide 52: Increased strategic ambition sets new guidelines for cooperation with Sparebanken Norge
How we get there Increased strategic level of ambition sets new guidelines for cooperation with Sparebanken Norge The ambition is to significantly increase the coverage ratio in the bank, which contributes to the companies' overall targets for growth and ROE. Together, we will make Frende Forsikring
Slide 53: Technology will be central in the future
How we get there Technology will be central in the future. Frende is well positioned Establishing a new technology platform Forward-leaning and safe use of – among the most modern in the market technology, AI and data • Continue to use AI to automate claims processes ✓ Increased flexibility, includi
Slide 54: Frende is evolving and will create significantly more value
How we get there Frende is evolving and will create significantly more value for customers, owners and distributors in the years ahead Leveraging modern Build further on a forward- Unlock significantly more of technology and a new core looking culture led by the potential together with system motiva
Slide 55: Sparebanken Norge Capital Markets Day
Sparebanken Norge Capital Markets Day 11 August 2026
Slide 56: This is what we have succeeded with at Brage Finans
This is what we have succeeded with at Brage Finans Nationwide finance company, owned by solid banks. Diversified, low-risk lending portfolio. Stable, positive, development in key figures. “A+” rating with a “Stable” outlook. Market share as of 30.06.2026 of 9.9% (new sales figures from finfo)
Slide 57: Historical milestones Brage Finans AS
Historical milestones Brage Finans AS Portfolio growth (NOK million) 29 834 25 957 23 390 20 375 16 956 14 150 Concession 11 973 16 June 2010 9 248 3 331 2010 2015 2018 2019 2020 2021 2022 2023 2024 2025 Leasing/loans Leasing/loans Distribution Eco- Scope: 10 banks in Nationwide Financial Rogaland B
Slide 58: Key figures for Q2 2026
Key figures for Q2 2026 (Q2 2025) Net loan portfolio Profit before tax NOK 32.4 (28.4) bn NOK 164 (160) mill. New sales leasing and loans Return on Equity (RoE) NOK 4.1 (3.5) bn. 10.9 (11.5) % Cost percentage Leverage ratio 25 (26) % 14.1 (14.3) %
Slide 59: Distribution strategy – Three channels
Distribution strategy – Three channels Owner banks Advisors Dealers Direct Retailers of capital goods Salespeople at Brage Finans Own sales force Car dealers Self-service Self-service Agents Customers of other banks
Slide 60: The owners of Brage Finans
The owners of Brage Finans Ce Sparebank O8°norD nM Haugesund VARIG Sparebank FORSIKRING NORDMORE OG ROMSDAL AF icrge \ v g . fim@ NIDAROS ‘ORLAND SPAREBANK Sagne og Greipstad Sparebank ws Sparebank Luster Sparebank S) Steep spoon (p stbank BIR VOSS " SPAREBANK 2 LILLESANDS | Trandelag Ke SPAREBANK D
Slide 61: Brage Finans is represented all over the country
Brage Finans is represented all over the country Brage Finans sales offices: • Tromsø • Kristiansand • Trondheim • Arendal • Ålesund • Porsgrunn • Bergen • Sandefjord • Stavanger • Oslo Brage Finans also has salespeople in Østfold, Innlandet and Buskerud.
Slide 62: Strategic goals
Strategic goals
Slide 63: Strategic goals 2026 - 2028
Strategic goals 2026 - 2028 Long-term Objectives Brage Finans will be the preferred financing partner in Norway Return on equity Cost percentage Portfolio growth ≥13% <25% ≥12%
Slide 64: Key strategic factors – the road to 2028
Key strategic factors – the road to 2028 Long-term Objectives Brage Finans will be the preferred financing partner in Norway Harnessing the potential of New distributors and partners Further develop IT systems existing distribution channels • Streamline and automate processes • All owner banks must
Slide 65: From 10 to 30bn AuM in two years with large potential for further growth
From 10 to 30bn AuM in two years with large potential for further growth Capital Markets Day, 11 August 2026 This presentation is considered marketing material
Slide 66: Borea at a glance
Borea at a glance Active manager with local roots and an integral part of the owner banks' savings initiatives 20+ years of history Local anchoring Own fund platform Part of the owner Experience gained through Proximity to customers and Own management, own funds banks multiple market cycles business
Slide 67: 2026: New growth phase with strong capital inflows and good profitability
2026: New growth phase with strong capital inflows and good profitability Results that strengthen the owner banks' value creation Total assets (CB) Net new subscriptions so far in 2026 Number of funds 30.5 billion NOK 5.4 billion 17 OB 2026: NOK 23.3 billion Up from 5 (June 2024) Revenue so far this
Slide 68: The results show that the strategy is working
The results show that the strategy is working Three areas where we have delivered Growth Product Results • Strong growth in total assets • Increased utilisation of specialist • Competitive returns over time expertise in finance, high-yield • High net subscriptions throughout • High customer satisfac
Slide 69: From ownership transaction to complete fund platform in less than two years
From ownership transaction to complete fund platform in less than two years Key milestones from June 2024 to the present Jun–Oct 2024 Jan 2026 Oct 2026 Ownership of The local bank Customer advisors Sparebanken Norge collaboration and employed in Oslo, agreed, approved and Sparebanken Møre starting 1
Slide 70: The next phase: an even more important role in the owner banks' savings strategy
The next phase: an even more important role in the owner banks' savings strategy One unified goal, with three ambitions that build on what we have delivered Target image Borea will be the natural first choice in savings for the customers of the owner banks, and one of the leading asset management en
Slide 71: Now we will extract the full effect of the platform
Now we will extract the full effect of the platform More capital in and continuous improvement of operations 1 2 3 Win more from existing Strengthen distribution Scale the business efficiently customer base nationally • Closer cooperation with the • Distribution through the owner • Technology and au
Slide 72: What we have built gives the owner banks a higher return on ownership
What we have built gives the owner banks a higher return on ownership From the starting point in 2026 to the goal in 2030 2026 2030 The starting point The goal • Solid history and a strong foundation • A significantly larger manager • Strong growth in assets under management • A key part of the owne
Slide 73: Norne Securities
Norne Securities Sparebanken Norge Capital Markets Day NORNE SECURITIES · AUGUST 2026
Slide 74: About Norne in brief
ABOUT NORNE IN BRIEF - Started in 2008 in Bergen - Owned by 21 savings banks, Must AS and the employees - Partner in savings, investments and capital market services for the owner banks, as well as direct customers - 2025: Turnover of NOK 159 million and profit after tax of NOK 20 million The compan
Slide 75: Norne today: > NOK 40bn
NORNE TODAY What have we succeeded with? 1 Our position 2 Key figures Development last year (H1 26 vs. H1 25) > NOK > 200,000 40bn Total customers + 17 % + 40 % in turnover in profit AUM Development last 5 years (5Y CAGR) No.1 No.1 No.1 No.1 Equity M&A for Divestment Market Making + 17 % in turnover
Slide 76: Ambitions towards 2031
AMBITIONS TOWARDS 2031 Leading platform for easy and long-term savings High customer satisfaction Double AUM on the savings platform NORNE in 2031 Preferred advisor for Further develop a common savings banks culture and specialist expertise First choice for the owner banks' corporate customers ROE-a
Slide 77: The way forward
THE WAY FORWARD How will we achieve our goals by 2031? The savings and investment platform Norne Capital Markets Clearer strategic direction: Advice for savings banks: - Discontinuing management of own funds - Develop your team - Reduces operational complexity Long-term savings → increased AUM per D
Slide 78: In the short term: strategic priorities in 2026 and 2027
IN THE SHORT TERM Strategic priorities in 2026 and 2027 Further develop Growth in the Build a strong Further develop and strengthen direct channel and resilient and strengthen cooperation with organization and the position in owner banks and platform for advising savings sister companies future grow
Slide 79: Part 3: Panel discussion on the realisation of Sparebanken Norge
Part 3: Panel discussion on the realisation of Sparebanken Norge
Slide 80: More people want to be part of Norway's most ambitious banking project
More people want to be part of Norway's most ambitious banking project Attracting the best people National brand with a A national community from all over the country local affiliation builder We will have the people who Building a national savings A savings bank that makes a are passionate about th
Slide 81: More people want to be part of Norway's most ambitious banking project
More people want to be part of Norway's most ambitious banking project Nelly Sundfær Maske Raymond Brendeløkken Regional Director, Trondheim Regional Director, Tromsø Stine Egeli Øvrebø Pål Ekberg Head of AI Acceleration Head of Southern Norway and EVP Retail Banking South
Slide 82: Why invest in Sparebanken Norge?
Why invest in Sparebanken Norge? Uniquely positioned for further growth Leading in cost-effectiveness Low risk in the loan portfolio Leading in digital innovation Bulder – the Norwegian challenger bank concept Significant donations and customer dividends A culture of high performance Among the best
Slide 83: A strong culture driving superior long-term returns
A strong culture driving superior long-term returns Total return including dividends over the last 3 Total return including dividends over the last 5 years years 137% 212% 188% 105% 94% 141% 85% 137% 81% 127% 121% 75% Sparebanken Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Sparebanken Peer 1 Peer 2 Peer 3 Pe
Slide 84: Thank you for your attention!
Thank you for your attention!
Slide 85: Investor relations
Investor relations Jan Erik Kjerpeseth Hans Olav Ingdal Brede Borgen Kristiansen CEO CFO Director of Finance and Tel.: (+47) 951 98 430 Tel.: (+47) 948 09 328 Investor Relations jan.kjerpeseth@spv.no hans.ingdal@spv.no Tel.: (+47) 479 06 402 brede.kristiansen@spv.no
Slide 86: Disclaimers
Disclaimers The statements in this presentation may include forward-looking statements, such as forward-looking statements. These statements are based on management's current views and assumptions, and involve both known and unknown risks and uncertainties. Although Sparebanken Norge believes that t