Sparebank 1 Smn · OSL:MING
Sparebank 1 Smn — Debt Investor Presentation (2026)
51 slides from Sparebank 1 Smn's debt investor presentation, Oct 13, 2026
Slide 1: Debt Presentation Fourth quarter 2025
Debt Presentation Fourth quarter 2025
Slide 2: Disclaimer
Disclaimer This presentation contains certain forward-looking statements relating to the business, financial performance and results of SpareBank 1 SMN and/or the industry in which it operates. Forward- looking statements concern future circumstances and results and other statements that are not his
Slide 3: Content debt presentation
Content debt presentation 1 Norwegian Economic Overview 2 About SpareBank 1 SMN 3 Third quarter 2025 4 Capital and Funding 5 Appendix 3
Slide 4: Norwegian Economic Overview
Norwegian Economic Overview 4
Slide 5: Robust Norwegian economy
Robust Norwegian economy GDP Mainland Norway. Growth Unemployment rate 5 Source: Macrobond, Statistics Norway, NAV
Slide 6: Inflation is still above target
Inflation is still above target CPI and CPI-ATE Key policy rate 6 Source: Macrobond, Statistics Norway, Norges Bank
Slide 7: Overview and price development housing market
Overview and price development housing market • Total size approximately NOK 3,900 billion 4Q 2024 (€350 bn) Residential real estate price, 12 months change • Scheduled repayment mortgages: ca.85% MORTGAGE MARKET • Typical maturity: 25 years • First priority security market, thorough documentation •
Slide 8: Macro in Central Norway
Macro in Central Norway Unemployment Housing market dynamics Mid-Norway Wholly unemployed as a percentage of the labor force 2,0 2, ,9 , ,9 , , , ,5 Norge Trøndelag Møre og Romsdal Q4 5 Q4 Q4 Q4 Q4 9 Q4 20 Q4 2 Q4 22 Q4 23 Q4 24 Q4 25 Development in housing prices Number of bankruptcies in Trøndelag
Slide 9: About SpareBank 1 SMN
About SpareBank 1 SMN Bank SpareBank 4 | seaitor Sh Accounting
Slide 10: SpareBank 1 Alliance Banks – local presence and national integration
SpareBank 1 Alliance Banks – local presence and national integration The Alliance was founded in 1996 and consists of 12 banks SpareBank 1 Nord Norge (1836) Tromsø, Moodys: Aa3 SpareBank 1 SMN (1823) Trondheim, Moodys: Aa3 SpareBank 1 Østlandet (1845) Hamar, Moodys: Aa3 SpareBank 1 Sor-Norge (1839)
Slide 11: Part of the SpareBank 1 Alliance
Part of the SpareBank 1 Alliance Other SpareBank 1 SpareBank 1 SpareBank 1 SpareBank 1 SpareBank 1 SMN Sør-Norge Nord-Norge Østlandet Banks Retail and corporate banking in Norway; approx. 1.1 mill retail and 100,000 corporate/SMEs exclusively in Norway SpareBank 1 Group SpareBank 1 Development Direc
Slide 12: SpareBank 1 SMN
SpareBank 1 SMN City of Trondheim The Norw. Uni. of Science and Tech Main industries Region • T e re ion’s consists of two counties in the middle of Norway: Trøndelag and Møre and Romsdal • Population is approx. 760,000 people or 14 % of the Norwegian total • The main town of Trondheim is an histori
Slide 13: Our mission
Our mission Customers Owners Community Mid-Norway’s leading finance Among the top performers in the Creating long-term value centre Nordics 13
Slide 14: We are building the market's most comprehensive finance centre
We are building the market’s most comprehensive finance centre Growth journey 2023-26: Kredittbanken Berg Økonomi Targeted investments in markets, customer Sparebanken a part of Regnskapshuset Møre joined as a offerings, and distribution capacity shareholder 2026 2023 2024 2025 SB1 Søre Sunnmøre SB1
Slide 15: SpareBank 1 SMN Financial Group
SpareBank 1 SMN Financial Group Retail banking Corporate Banking Support and development Subsidiaries Related companies and the SpareBank 1 Alliance Leading real estate agent in Mid Norway SpareBank 1 Sparebank 1 Boligkreditt Gruppen FACTORING SpareBank 1 FORSIKRING SpareBank 1 Næringskreditt Market
Slide 16: Fourth quarter 2025
SpareBank 14 Fourth quarter 2025 SpareBank 4 seator SMN A
Slide 17: Q4 2025
Q4 2025 2025 13.7 % 14.8 % Lending growth Retail banking 3.8% 4.7% Return on equity Return on equity Corporate banking 2.3% NOK 1,061 mill 4,367 mill Deposit growth Retail banking 3.7% 8.4% Profit after tax Profit after tax Corporate banking 1.8% Operating margin subsidiaries 16.8% 140 mill Regnskap
Slide 18: Achieving financial targets
Achieving financial targets Return on equity (per cent) Solidity (per cent) T ratio ayo t ratio 4 0 90 44 0 23 50 15.9% > 9 3 2022 2023 2024 2025 2022 2023 2024 2025 Cost/income bank ex. finance (per cent) Cost/income subsidiaries (per cent) en oms e ler i t Nor e pare ank e nskaps set N 9 0 5 90 5
Slide 19: Solid profitability growth across all business segments
Solid profitability growth across all business segments Pre-tax profit year-to-date (mill NOK) 2024 2025 2 2 203 0 29 2 43 2 039 etail bankin orporate bankin ealtor cco ntancy pare ank inans i t Nor e 19
Slide 20: Growth and margins in Retail Banking - quarterly
Growth and margins in Retail Banking - quarterly Lending volume (NOKbn) Deposit volume (NOKbn) Margins vs NIBOR3M en in ol me (NOKbn) eposit ol me (NOKbn) en in mar in Q arterly ro t Q arterly ro t eposit mar in 3 4 3 2 0 2 92 34 2 2 50 2 0 20 3 44 3 22 2 9 24 2 0 09 09 0 Q4 24 Q 25 Q2 25 Q3 25 Q4 2
Slide 21: Growth and margins in Corporate Banking - quarterly
Growth and margins in Corporate Banking - quarterly Lending volume (NOKbn) Deposit volume (NOKbn) Margins vs NIBOR3M en in ol me (NOKbn) eposit ol me (NOKbn) Q arterly ro t Q arterly ro t 55 2 24 24 02 09 02 24 2 43 2 45 09 2 34 2 29 4 40 33 39 3 5 5 4 4 29 0 94 09 0 9 0 0 0 45 0 44 0 45 0 43 04 Q4
Slide 22: Results
Results Change Change from NOK mill 2025 2024 Change Q4 25 Q3 25 Q2 25 Q1 25 Q4 24 from Q3 25 Q4 24 Net interest income 5.343 5.373 -31 1.349 1.337 1.335 1.321 1.372 12 -23 Commission income and other income 2.602 2.392 210 605 619 730 648 580 -15 25 Operating Income 7.945 7.766 179 1.954 1.956 2.06
Slide 23: Income
Income Net interest income and other income (NOKm) Commission income ommission income oli o N rin skre Net interest income 2,0 5 ,952 ,9 9 ,95 ,954 25 52 5 0 525 5 NOK mill 2025 2024 Change Q4 25 Q3 25 Q2 25 Q1 25 Q4 24 C ha nge f ro m Q 3 2 5 C ha nge f ro m Q 4 2 4 Payment transmission income 336
Slide 24: Costs
Costs Total operating expenses per quarter (NOKm) Costs per category • The cost increase from the third quarter was mainly driven by wealth tax ank bsi iaries bank • Compared with the fourth quarter of 2024, costs have been reduced by 3.4 per cent • Excluding the provision for accrued costs to Tieto
Slide 25: Broad product range and a diversified income platform
Broad product range and a diversified income platform Ownership interests Profit after tax (NOKm) pare ank arkets pare ank r ppen pare ank or altnin N ank Ot er associate companies 2 2 2 0 2 25 22 9 9 4 3 9 3 99 59 3 4 4 5 0 2 4 40 4 3 23 2 Q4 24 Q 25 Q2 25 Q3 25 Q4 25 25
Slide 26: Well diversified lending portfolio dominated by mortgages
Well diversified lending portfolio dominated by mortgages Loans per sector As at 31. desember 2025 and change last 12 months (NOKbn) a e earners 02 0 2 ort a es n e by co bon s 33 55 ommercial real estate 25 0 ric lt re an orestry 3 02 orporate c stomers Transport an ot er ser ices 2 05 32 is eries
Slide 27: Commercial property, construction, building
Commercial property, construction, building Share of commercial real estate exposure Rental properties make up 77 per cent of the banks CRE in the corporate lending book* exposure, mainly to retail trade, industry/storage and offices Distribution of property per Distribution of area Q4 2025 per Q4 2
Slide 28: Robust mortgage portfolio
Robust mortgage portfolio Loan-to-value ratio in the mortgage portfolio* Risk weight mortgages Share of mortgages by LTV T 0 isk ei t loor e ects 0 5 isk ei t mort a es 5 4 4 25 0 25 0 3 2 4 54 20 0 20 5 20 0 02 29 5 2 0 20 5 2 4 2 2 9 9 3 99 59 Q4 24 Q4 25 Q3 24 Q4 24 Q 25 Q2 25 Q3 25 Q4 25 * The d
Slide 29: Losses
Losses Loan losses (NOKm) Distribution of losses in the quarter (NOKm) 5 etail bankin 0 4 30 32 orporate bankin 2 2 24 20 2 pare ank inans i t Nor e 9 Q4 23 Q 24 Q2 24 Q3 24 Q4 24 Q 25 Q2 25 Q3 25 Q4 25 oan losses in per cent o len in (ann alise ) 0 2 0 09 00 0 05 0 05 0 04 0 04 0 03 0 03 Q4 23 Q 24
Slide 30: Problem loans
Problem loans en in to c stomers in sta e 3 o ross len in 0 99 09 09 09 0 92 09 0 0 9 0 0 0 4 0 2 0 2,29 2,2 9 2,2 0 2,3 2,2 2,23 2,204 2,0 5 2,0 5 2, 3 2,044 ,9 4 , Q4 22 Q 23 Q2 23 Q3 23 Q4 23 Q 24 Q2 24 Q3 24 Q4 24 Q 25 Q2 25 Q3 25 Q4 25 30
Slide 31: Capital & Funding
Capital & Funding ANT Bank SpareBank 4 | seaitor Sh) Accounting
Slide 32: Moody's rating Aa3 (outlook stable)
Moody’s rating Aa3 (outlook stable) Aa2 Aa3 A1 A2 A3 2021 2022 2023 2024 2025 32
Slide 33: Solidity
Solidity CET 1 Leverage ratio 9 3 5 90 00 illar 2 i ance 0 90 illar 2 2 0 0 2 50 o ntercyclial b er 2 50 apital conser ation b er 4 50 ystemic risk re irement 4 50 illar min re irement 2022 2023 2024 2025 Tar et 2022 2023 2024 2025 33
Slide 34: Development in CET1 capital and capital adequacy
Development in CET1 capital and capital adequacy CET1 ratio in per cent 3 9 3 0 2 49 4 4 5 90 3 00 illar 2 i ance 0 90 illar 2 2 2 50 o ntercyclial b er 00 2 50 apital conser ation b er 4 50 ystemic risk re irement 4 50 illar min re irement 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Slide 35: Strong liquidity and funding structure
Strong liquidity and funding structure Capital markets funding (NOKbn) Maturity structure*) (NOKbn) Liquidity Coverage Ratio (LCR) *) SP, SNP. Final maturity T T2 5 0 3 N NOK 93 5 2 3 5 N c rr 4 2 202 202 202 2029 2030 rr 22 0 3 o ere 4 3 NOK 5 0 0 2024 2025 00 Q 2 Q2 2 Q3 2 Q4 2 Q 2 Q2 2 Q3 2 Q4 2
Slide 36: EUR Issuance history
EUR Issuance history EUR mln NOK bn 500 300 450 250 400 350 200 300 250 150 200 100 150 100 50 50 - - 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 04.01.2003 04.01.2004 03.01.2005 03.01.2006 03.01.2007 03.01.2008 02.01.2009 02.01.
Slide 37: MREL requirement fulfilled with a solid buffer
MREL requirement fulfilled with a solid buffer MREL FULFILMENT SUBORDINATION MREL FULFILMENT Total e irement li ible instr ments Total e irement li ible instr ments 37
Slide 38: Diversified deposit portfolio
Diversified deposit portfolio Deposits by sector (NOKbn) Deposits covered by the deposit guarantee scheme as at 31.12.25 (NOKbn) a e earners blic sector orporate 4 4 33 22 3 9 5 4 45 4 4 22 9 2 3 2 52 5 50 44 4 Q4 20 Q4 2 Q4 22 Q4 23 Q4 24 Q4 25 a e earners orporate blic sector Public sector deposit
Slide 39: SMN Green Finance Framework
SMN Green Finance Framework • Structured and aligned with the four core components of the Green Bond Principles 2021 and the Green Loan Principles 2023 • Second Party Opinion and EU taxonomy assessment provided by Sustainalytics • Eligible categories • Residential buildings • Commercial buildings •
Slide 40: Use of Proceeds: Eligible Assets (1/2)
Use of Proceeds: Eligible Assets (1/2) 1 2 3 4 EU Taxonomy Use of Proceeds Reporting External Review Alignment Green Buildings Renewable Energy Clean Transportation • Residential buildings • Loans to finance or refinance equipment, • Loans to finance or refinance production, – esi ential b il in s b
Slide 41: Use of Proceeds: Eligible Assets (2/2)
Use of Proceeds: Eligible Assets (2/2) 1 2 3 4 External Review EU Taxonomy Use of Proceeds Reporting Alignment Environmentally Sustainable Management of Living Natural Eco-efficient and Circular Economy adapted Products, Resources and Land Use Production Technologies and Processes Companies must ben
Slide 42: Second Party Opinion
Second Party Opinion 1 2 3 4 EU Taxonomy Use of Proceeds Reporting External Review Alignment • “Sustainalytics is of the opinion that the SpareBank 1 SMN Green Finance Framework is credible and impactful and aligns with the four core components of the Green Bond Principles 2021 and the Green Loan Pr
Slide 43: Reporting – Allocation (31 December 2025)
Reporting – Allocation (31 December 2025) 1 2 3 4 EU Taxonomy Use of Proceeds Reporting External Review Alignment Eligible Green Loan Portfolio (31 December 2025) Green Funding (31 December 2025) Amount Instrument Due Amount Issuance Date (NOK m) (ISIN) Date (NOK m)* XS2051032444 sep-19 sep-26 5,914
Slide 44: Appendix
Bank SpareBank 4 | teattor SMN Accounting Appendix
Slide 45: High value creation over time
High value creation over time mplicit market al e (NOKbn) et rn on e ity ( ) i i en per (NOK) , 4, 4,4 3, 3,5 44 2,2 2,3 3 ,3 ,5 0, 0,0 30 3 2 20 20 3 0 2,00 2,50 3,50 ,50 ,50 4,40 5, 0 5,00 4,40 2,25 3,00 20 5 20 20 20 20 9 2020 202 2022 2023 2024 2025 45
Slide 46: Over NOK 1.2 billion allocated to community purposes
Over NOK 1.2 billon allocated to community purposes Dividend basis 3,609 NOKm 67 % 33 % ECC capital Community owned capital 2,411 NOKm 1,198 NOKm 19.08 per ECC Dividend Retained community Retained ECC capital Community dividend 1,947 NOKm owned capital 464 NOKm 968 NOKm 13.50 per ECC 230 NOKm Payout
Slide 47: Balance sheet
Balance sheet NOKbn 31.12.25 31.12.24 Cash and receivables from central banks 0,1 0,7 Deposits with and loans to credit institutions 2,2 9,2 Net loans to and receivables from customers 183,5 179,3 Fixed-income CDs and bonds 35,2 36,7 Derivatives 5,6 7,2 Shares, units and other equity interests 1,3 1
Slide 48: Subsidiaries
Subsidiaries Change from Change from NOK mill, SMN's share in parentheses Q4 25 Q3 25 Q2 25 Q1 25 Q4 24 Q3 25 Q4 24 EiendomsMegler 1 Midt-Norge (92.4%) 6 21 42 8 -1 -15 6 SpareBank 1 Regnskapshuset SMN (93.3%) 4 -7 57 52 -3 11 7 SpareBank 1 Finans Midt-Norge (64.8%) 85 66 68 69 87 19 -2 SpareBank 1
Slide 49: Product companies
Product companies Change from Change from NOK mill, SMN's share in parentheses Q4 25 Q3 25 Q2 25 Q1 25 Q4 24 Q3 25 Q4 24 SpareBank 1 Gruppen (19.5%) 137 136 114 59 99 1 38 SpareBank 1 Boligkreditt (22,2%) 24 41 16 24 23 -17 0 SpareBank 1 Næringskreditt (12.7%) 1 2 3 3 4 -1 -3 BN Bank (35.0%) 62 70 8
Slide 50: Return on financial investments
Return on financial investments Change from Change from NOK mill Q4 25 Q3 25 Q2 25 Q1 25 Q4 24 Q3 25 Q4 24 Net gain/(loss) on stocks 18 42 23 25 44 -24 -26 Net gain/(loss) on financial instruments -30 26 -3 -39 -47 -56 17 Net gain/(loss) on forex 22 6 -5 -2 42 16 -20 Net return on financial instrume
Slide 51: Equity certificate, key figures
Equity certificate, key figures Key figures 2025 2024 2023 2022 ECC ratio 66,8 % 66,8 % 66,8 % 64,0 % Total issued ECCs (mill) 144,19 144,21 144,20 129,29 ECC price 206,05 171,32 141,80 127,40 Market value (NOKm) 29.711 24.706 20.448 16.471 Booked equity capital per ECC 138,30 128,09 120,48 109,86 P