Sparebank 1 Ostlandet · OSL:SPOL
Sparebank 1 Ostlandet — SpareBank 1 Boligkreditt — Debt Investor Presentation (October 2025)
64 slides from Sparebank 1 Ostlandet's debt investor presentation, Oct 3, 2025
Slide 1: SpareBank 1 Boligkreditt – Covered Bond Issuer of the SpareBank 1 Banks
SpareBank 1 Boligkreditt Covered Bond Issuer of the SpareBank 1 Banks October 2025 03.10.2025
Slide 2: Table of contents
Table of contents 1 SpareBank 1 Alliance Overview 2 Macroeconomic overview Norway 3 Boligkreditt – Covered Bond Structure 4 Residential Real Estate Market 5 SpareBank 1 Banks Performance Review 6 Covered Bond Funding 7 Appendix I: Green Covered Bonds 2
Slide 3: SpareBank 1 Alliance Banks – local presence and national integration
SPAREBANK 1 ALLIANCE BANKS SpareBank 1 Alliance Banks – local presence and national integration The Alliance was founded in 1996 and consists today of 12 banks SpareBank 1 Lom og Skjåk (1873) SpareBank 1 Helgeland (1860) SpareBank 1 Nord Norge (1836) Tromsø, Moodys: Aa3 SpareBank 1 Hallingdal (1860)
Slide 4: Size and volume residential mortgage lending
SPAREBANK 1 ALLIANCE BANKS Size and volume residential mortgage lending 4 Total Assets exclude SpareBank 1 Gruppen (i.e. insurance assets). NOK converted to EUR with FX as of 30.06.25
Slide 5: Balance Sheet and Market Share
SPAREBANK 1 ALLIANCE BANKS Balance Sheet and Market Share Aggregated SpareBank 1 lending Development market shares residential mortgages Source: SpareBank 1 Banks financial reporting Source: Eiendomsverdi: • figures are based on the number of financed properties • Figures are pro forma for additions
Slide 6: Banks in Norway
SPAREBANK 1 ALLIANCE BANKS Banks in Norway Savings banks (Sparebank) • Banks compete for the same customer 78 Banks, incl. 3 alliances/groups base, but with larger commercial banks and independent banks focusing on larger corporations • ’ Commercial banks: larger Nordic banking or regional market an
Slide 7: Norwegian savings banks – characteristics
SPAREBANK 1 ALLIANCE BANKS Norwegian savings banks – characteristics • ’ 1820ies, retains local and regional character today • Sparebanks are universal banks, but only domestic lending, focus on residential mortgage lending • Savings banks are self-owned institutions, as well as investor owned • ‘ q
Slide 8: SpareBank 1 Alliance overview
SPAREBANK 1 ALLIANCE BANKS SpareBank 1 Alliance overview 8 other SpareBank 1 SpareBank 1 SpareBank 1 SpareBank 1 SpareBank 1 SMN Sør-Norge SNN Østlandet Banks Retail and corporate banking in Norway Holdco: SpareBank 1 Group Holdco: SpareBank 1 IT Direct operating subsidiaries & Operations** Product
Slide 9: Table of contents
Table of contents 1 SpareBank 1 Alliance Overview 2 Macroeconomic overview Norway 3 Boligkreditt – Covered Bond Structure 4 Residential Real Estate Market 5 SpareBank 1 Banks Performance Review 6 Covered Bond Funding 7 Appendix I: Green Covered Bonds 9
Slide 10: GDP Change
MACROECONOMIC OVERVIEW GDP Change GDP change and central bank policy rate GDP quarterly change q q 10 Source: Statistics Norway, Norges Bank. Policy rate expectations as per Norges Bank, GDP forecasts by SSB
Slide 11: Outlook Indicators
MACROECONOMIC OVERVIEW Outlook Indicators Purchasing Manager Index Consumer Confidence Central Bank Business Survey ( ) The PMI manufacturing index reflects Consumer confidence reflects quarterly The Norwegian CB business survey reflects current production, new orders, household financial expectatio
Slide 12: Energy
MACROECONOMIC OVERVIEW Energy Norwegian oil and gas resources Norwegian production in million Sm3 Oil equivalents Renewable Energy Export 12 Source: Norwegian government shelf directorate and Norwegian Petroleum
Slide 13: GDP Components
MACROECONOMIC OVERVIEW GDP Components GDP by expenditure, 2024 Per cent change in GDP components and forecast ( ) • Oil and gas investments at 15-20% of all investments have large swings which are related to energy markets dynamics and project pipelines as well as special sector tax rules. Investmen
Slide 14: Norwegian Exchange listed companies and employees by sector
MACROECONOMIC OVERVIEW Norwegian Exchange listed companies and employees by sector Industries of firms listed on the Oslo exchange (NOK bn market value) Employees in Norway by main sector (1000 persons) q 14 Source: Oslo Stock Exchange (October 28, 2024) and SSB (2023)
Slide 15: Labour Market
MACROECONOMIC OVERVIEW Labour Market Registered unemployment Long-term survey unemployment rate ( ) ( ) The peak in the survey unemployment rate happened during the recession of the early 1990ies, while the oil price decline in 2014-16 and the covid pandemic caused unemployment peaks 15 Source: Stat
Slide 16: Productivity and wages
MACROECONOMIC OVERVIEW Productivity and wages Labour productivity; output per hour worked, index Real wages Norway, index 2010=100 GDP per capita in constant USD at PPP 16 Source: Eurostat, US BLS, UK ONS, SSB.
Slide 17: Interest rates, inflation and bank sector losses
MACROECONOMIC OVERVIEW Interest rates, inflation and bank sector losses Interest rates and inflation Loan provisions and losses aggregated banking sector ( ) ( ) Part years are annualized 17 Source: SSB, SIFO
Slide 18: Household sector income, savings and mortgage affordability
MACROECONOMIC OVERVIEW Household sector income, savings and mortgage affordability Aggregate Household income, consumption and savings Mortgage affordability ( ) ( )( ) • Savings is the difference in disposable income and ( )( ) consumption • in addition occupational pension savings not in disp. inc
Slide 19: Sovereign Wealth Fund
MACROECONOMIC OVERVIEW Sovereign Wealth Fund The spending rule: ’ -oil & gas fiscal deficit ’ – financed by the fund The combined government surplus + fund cash income is high due to recent high energy prices ( ) ( ) 19 Source: Norges Bank Investment Management, Norwegian Finance Ministry
Slide 20: Table of contents
Table of contents 1 SpareBank 1 Alliance Overview 2 Macroeconomic overview Norway 3 Boligkreditt – Covered Bond Structure 4 Residential Real Estate Market 5 SpareBank 1 Banks Performance Review 6 Covered Bond Funding 7 Appendix I: Green Covered Bonds 20
Slide 21: Covered Bonds and Issuers in Norway
SPAREBANK 1 BOLIGKREDITT Covered Bonds and Issuers in • Solid, diversified AAA economy of 5.6 million • Mortgages with a history of a well people, trade and government surpluses, EU performing asset class inner market (EEA) member • Sound underwriting - also mandated by • EU Covered Bond Directive a
Slide 22: Specialized credit institution
SPAREBANK 1 BOLIGKREDITT Specialized credit institution Covered Bond Issuing Model Covered bonds outstanding, all currencies, Q1 2025 SpareBank 1 Banks • Mortgage originators, customer service • 100% Equity owners of Boligkreditt SpareBank 1 Boligkreditt • Mortgage acquiror • Licensed Credit Institu
Slide 23: Norwegian covered bond issuers
SPAREBANK 1 BOLIGKREDITT Norwegian covered bond issuers ( ) 23
Slide 24: Covered Bonds in the Norwegian context
SPAREBANK 1 BOLIGKREDITT Covered Bonds in the Norwegian context 24
Slide 25: EU harmonisation of covered bonds
SPAREBANK 1 BOLIGKREDITT EU harmonisation of covered bonds EU Regulatory Framework Norwegian Covered Bonds Framework • All of the EU Regulatory Framework in effect Covered Bonds Directive • The Covered Bond Directive (harmonization Directive) became effective in Norway from July 2022 Directive (EU)
Slide 26: Rating and cover pool
SPAREBANK 1 BOLIGKREDITT Rating and cover pool Covered Bond Rating SpareBank 1 Boligkreditt Cover Pool Overview Q2 2025 Assets Norwegian private residential mortgages for all types of residences SpareBank 1 Banks Aa3 Senior Ratings Number of 157,867 mortgages with a weighted mortgages average intere
Slide 27: SpaBol Balance sheet & P&L
SPAREBANK 1 BOLIGKREDITT SpaBol Balance sheet & P&L q Liquidity is governed by minimum 180 days of planned outflows q Current total capital requirement 18.1%, CET1 16.1% Net interest paid out to SpareBank 1 banks are deducted from mortgage interest income ( ) ( ) Loss provisions are IFRS 9 modelled
Slide 28: Structure and mortgage loans transfer
SPAREBANK 1 BOLIGKREDITT Structure and mortgage loans transfer other SpareBank 1 SpareBank 1 SpareBank 1 SpareBank 1 SpareBank 1 Net interest SMN Østlandet SNN Sor Norge Banks Commitments by the SpareBank 1 23.6% 23.6% 16.6% 8.0% 28.2% Boligkreditt pays Banks: Ownership shares in Boligkreditt as nea
Slide 29: Cover pool development
SPAREBANK 1 BOLIGKREDITT Cover pool development ’ mortgages and cover pool Liquidity in the cover pool Liquidity in EUR means some EUR denominated issued bonds are hedged with natural hedges 29
Slide 30: Balance sheet and cover pool
SPAREBANK 1 BOLIGKREDITT Balance sheet and cover pool Relative Balance Sheet 30.06.2025 Cover Pool composition 30.06.2025 q q q ( ) > (107.1%) • SpaBol issues European Covered Bonds (Premium) in accordance with CRR Art. 129: • Liquid assets cover 180 days of maturities and planned outflows. Liquidit
Slide 31: Cover pool mortgages of high quality
SPAREBANK 1 BOLIGKREDITT Cover pool mortgages of high quality Mortgages current average loan-to-value Geographical distribution North 19% Middle 17% West 17% East 43% South 4% Mortgage loan arrears (in pct. of pool balance) Granularity of mortgages (size, EUR in 1000) 31 31 Source: SpaBol Cover pool
Slide 32: Further cover pool mortgage statistics
SPAREBANK 1 BOLIGKREDITT Further cover pool mortgage statistics Residential occupancy status Employment status Mortgages and covered bonds remaining tenor (yrs) Mortgage payment frequency 32 32 Source: SpaBol Cover pool report 30.09.2024
Slide 33: Stress testing the cover pool – real estate valuation declines
SPAREBANK 1 BOLIGKREDITT Stress testing the cover pool – real estate valuation declines • In a scenario with declining real estate valuations, an increasing share of mortgages above the 75% legal limit become ineligible as cover assets • Accordingly, mortgages need to be ‘ q - ’ chart • Parts of the
Slide 34: Table of contents
Table of contents 1 SpareBank 1 Alliance Overview 2 Macroeconomic overview Norway 3 Boligkreditt – Covered Bond Structure 4 Residential Real Estate Market 5 SpareBank 1 Banks Performance Review 6 Covered Bond Funding 7 Appendix I: Green Covered Bonds 34
Slide 35: Overview and development
RESIDENTIAL REAL ESTATE MARKET Overview and development • (€ ) • Private banks are the dominant suppliers of mortgages Mortgage market • Scheduled repayment mortgages: ca.85% ( • Maturity for repayment, typical: 25-30 years • First priority security market, thorough documentation • Over 82% of house
Slide 36: Price development
RESIDENTIAL REAL ESTATE MARKET Price development ( ) ( ) • Regulatory rules for lending to households apply • Increased mortgage rates from 2021 to 2023 reduced price growth • Drivers for appreciation are population growth and construction, urbanization, income growth and the jobs market as well as
Slide 37: Transactions and inventory
RESIDENTIAL REAL ESTATE MARKET Transactions and inventory • Transactions: sum over the last twelve months • For sale: cumulative – an unsold unit offered for sale is counted for 270 days and then leaves the statistics 37 Source: Eiendomsverdi, SSB
Slide 38: New builds and population change
RESIDENTIAL REAL ESTATE MARKET New builds and population change • Population increases are mainly driven by immigration • New construction is low in comparison to the requirement, driving prices in central locations • The relatively low new builds influences the pricing on the market for used homes
Slide 39: Price development international comparison
RESIDENTIAL REAL ESTATE MARKET Price development international comparison Real estate price indexes, quarterly 39 Source: Eurostat
Slide 40: Affordability
RESIDENTIAL REAL ESTATE MARKET Affordability ( ) ( ) q • Average house prices for Norway, as adjusted by HH after-tax income have increased since 2010, but remained flat since 2016/2017. • Drivers of the real increase is primarily the price development in Oslo 40 Source: Eiendomsverdi, SSB
Slide 41: Affordability
RESIDENTIAL REAL ESTATE MARKET Affordability • The Family index shows which share of residential units are offered for sale that are affordable for a “ ” • “ ” income with children and current mortgage market lending regulations • Oslo has very few possibilities, but Commute Oslo is 30–40 min train
Slide 42: Household Sector Debt
RESIDENTIAL REAL ESTATE MARKET Household Sector Debt ( ) Assets do not include any pension claims ( * Disposable income is after tax and interest payments ) ( ) ( ( ) ) ( ) 42 Source: Statistics Norway, w y‘ Central Bank
Slide 43: Household Sector Debt
RESIDENTIAL REAL ESTATE MARKET Household Sector Debt • The share of highly indebted households are sinking in 2022 and 2023 • This data is updated annually in December for the previous year 43 Source: Statistics Norway
Slide 44: Table of contents
Table of contents 1 SpareBank 1 Alliance Overview 2 Macroeconomic overview Norway 3 Boligkreditt – Covered Bond Structure 4 Residential Real Estate Market 5 SpareBank 1 Banks Performance Review 6 Covered Bond Funding 7 Appendix I: Green Covered Bonds 44
Slide 45: Balance Sheet
SPAREBANK 1 ALLIANCE BANKS Balance Sheet Aggregated SpareBank 1 lending Aggregated SpareBank 1 lending and deposit growth Partial year periods are annualized Source: SpareBank 1 Banks financial reporting 45
Slide 46: Financing of the SpareBank 1 banks
SPAREBANK 1 ALLIANCE BANKS Financing of the SpareBank 1 banks Liabilities and capital of SpareBank 1, 4Q 2024 46 Note: aggregated from all SpareBank 1 Alliance banks financial reporting.
Slide 47: Income and costs
SPAREBANK 1 ALLIANCE BANKS Income and costs Net interest margin (lending and deposits) Net interest and commission income split Cost to income • Commission (non-lending) income comes from: • Savings products and mutual funds • Property and casualty insurance • Real estate agency • Accountancy servic
Slide 48: Capital and return
SPAREBANK 1 ALLIANCE BANKS Capital and return Capital ratios Return on equity Capital requirements SpareBank 1 banks Leverage ratios Q1 2025 q 48 Source: weighted aggregate all SpareBank 1 Alliance banks financial reporting. * Pillar 2 may vary by bank
Slide 49: Credit Quality
SPAREBANK 1 ALLIANCE BANKS Credit Quality Loan P&L write down charge: all lending (1) IFRS 9, Stage 3 of all lending (NPL): gross and net Loan P&L write down: lending to households (1) SpareBank 1 pre-loss results vs. credit charge ( ) 49 Source: financial reporting. Weighted averages of all Allianc
Slide 50: Balance sheet size and key figures
SPAREBANK 1 ALLIANCE BANKS Balance sheet size and key figures As of December 31, 2024 SpareBank 1 SpareBank 1 SpareBank 1 SpareBank 1 All other Alliance Figures in NOK mill. SMN SNN Østlandet Sør-Norge SB1 banks Aggregate Moodys' Issuer/sr. rating Aa3 Aa3 Aa3 Aa3 NR Total assets (incl. covered bond
Slide 51: SpareBank 1 Banks equity total return
SPAREBANK 1 ALLIANCE BANKS SpareBank 1 Banks equity total return Results of the regional savings banks (SpareBank 1 Alliance banks) performance due to: Total return since 2001 (01.01.2001 = 100), dividend adjusted • Continued improvements in cost efficiencies (low cost to income) • Fewer bank branch
Slide 52: Table of contents
Table of contents 1 SpareBank 1 Alliance Overview 2 Macroeconomic overview Norway 3 Boligkreditt – Covered Bond Structure 4 Residential Real Estate Market 5 SpareBank 1 Banks Performance Review 6 Covered Bond Funding 7 Appendix I: Green Covered Bonds 52
Slide 53: SpareBank 1 Boligkreditt Covered Bonds
COVERED BOND FUNDING SpareBank 1 Boligkreditt Covered Bonds ( ) Further information at spabol.no 53
Slide 54: SpaBol benchmark covered bonds (excl. NOK)
COVERED BOND FUNDING SpaBol benchmark covered bonds (excl. NOK) ( ) ( ) Excludes private placements 54
Slide 55: SpaBol NOK covered bonds
COVERED BOND FUNDING SpaBol NOK covered ( ) 55 Excludes bonds originally issued by Totens BK / SPB1 Ostlandet. NOK bonds are generally tapped.
Slide 56: SpaBol covered bonds
COVERED BOND FUNDING SpaBol covered bonds • EUR bonds are not tapped, but longer dated PPs possible • EUR benchmark bonds are generally fixed rate and up to 10 years and EUR 1 bn size • NOK Bonds are regularly tapped to target LCR cat. 1 size • Floating and fixed series available in NOK • Maturity p
Slide 57: Table of contents
Table of contents 1 SpareBank 1 Alliance Overview 2 Macroeconomic overview Norway 3 Boligkreditt – Covered Bond Structure 4 Residential Real Estate Market 5 SpareBank 1 Banks Performance Review 6 Covered Bond Funding 7 Appendix I: Green Covered Bonds 57
Slide 58: SpareBank 1 Boligkreditt Green Bond Rating
SpareBank 1 Boligkreditt Green Bond Rating ISS – Oekom Green Bond Rating ’ SpaBol ’ MSCI ESG rating SpaBol 58
Slide 59: ESG in the SpareBank 1 banks
ESG in the SpareBank 1 banks • ‘ teams and is inclusive in the credit modelling and lending decision process • SpareBank 1 Banks are foundational members of the UN Environmental Programme Principles of Responsible banking (which implements the Paris Agreement in the financial industry) and of the UN
Slide 60: SpaBol green mortgages portfolio
SpaBol green mortgages portfolio • Green volume of approx. NOK 32.5 bn. • Overall portfolio 293 bn, Green Ratio (mortgages only) 11.1% • EUR 1.75 bn and SEK 8.5 bn green covered bonds are oustanding • Building years 2009-2011 and EPC C were categorized as green until June 2021 («grandfathered volume
Slide 61: Green bond impact
Green bond impact Calculated energy related CO2 emissions (kgCO2/m2) ( ) ( ) 61 Source: Multiconsult August 2021
Slide 62: Green bond impact – national electricity production mix
Green bond impact – national electricity production mix 62 Source: Multiconsult Feb 2022, European Association of Issuing Bodies for 2020
Slide 63: New green mortgages offered
New green mortgages offered Increase energy efficiency Refurbishment of Construction of new in existing buildings older buildings energy efificent buildings (EPC A and B) Green Mortgage Terms Interest savings SpareBank 1 banks • Mortgages financing A and B EPC Generally / average 40 bps savings on a
Slide 64: SpareBank 1 Boligkreditt webpage & contact info
SpareBank 1 Boligkreditt webpage & contact info Bengt Olsen Arve Austestad Eivind Hegelstad Chair of the Board of Directors Boligkreditt Managing Director / CEO Director, CFO / Investor Relations CFO SpareBank 1 SNN Mobile: + 47 95 03 97 69 Mobile: + 47 95 41 33 79 Bengt.olsen@snn.no Arve.austestad@
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