Sparebank 1 Smn · OSL:MING
Sparebank 1 Smn — Debt Investor Presentation (2025)
50 slides from Sparebank 1 Smn's debt investor presentation, 2025
Slide 1: Debt Presentation Third quarter 2025
Debt Presentation Third 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 down, but still above target
Inflation is down, but 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 Mid-Norway
Macro in Mid-Norway Unemployment Housing market dynamics Mid-Norway Wholly unemployed as a percentage of the labor force er enta e i eren e in listin sellin pri e nsol properties ep 23 ep 24 ep 25 20 2 4 5 Norge Trøndelag Møre og Romsdal Q4 5 Q4 Q4 Q4 Q4 9 Q4 20 Q4 2 Q4 22 Q4 23 Q4 24 Q3 25 Developm
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 • SpareBank 1 Nord Norge (1836) consists of 12 Tromsø banks Moodys: Aa3 • SpareBank 1 SMN (1823) Trondheim Moodys: Aa3 + 8 further banks • SpareBank 1 Østlandet (1845) Hamar Moodys: Aa3 • SpareB
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 SNN 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 Direct opera
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 onsists 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 historic
Slide 13: 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 14: Our most profitable synergy is providing financing
Our most profitable synergy is providing financing Accounting Advisors with specialized expertise offering services in accounting, finance, and • We have one customer – not four. By working technology. Accounting, HR- services, payroll, IT-solutions, across units, we create added value for both sust
Slide 15: One SMN – the strategy is to be further refined
One SMN – the strategy is to be further refined Key development areas Finance centres World-class customer experiences Mobile banking The ustomer’s first choice – simple, fast, and The foundation remains firm relevant We aim to be an independent regional bank with strong rooths in Central Artificial
Slide 16: Strategic positions for further growth in the corporate market
Strategic positions for further growth in the corporate market Commercial real estate brokerage • Market leader in Trøndelag and Møre & Romsdal • Strong local presence and market insight • Ambition to establish a national position Accounting and advisory services • One-stop shop – seamless delivery
Slide 17: Third quarter 2025
Third quarter 2025 Bank SpareBank 4 | seaitor Sh) Accounting Prt tte lll paints AAA 2 * UB MATT = a
Slide 18: Q3 2025 Year-to-date
Q3 2025 Year-to-date 15.9 % Lending growth Retail banking 0.8% 1.3% 15.3% Return on equity Corporate banking - 0.2% Return on equity NOK 1,171 mill Deposit growth Retail banking -0.3% -2.0% NOK 3,305 mill Profit after tax Corporate banking 2.1% Profit after tax Operating margin subsidiaries 17.8% Re
Slide 19: Achieving financial targets
Achieving financial targets Return on equity (per cent) Solidity (per cent) T ratio ayout ratio 59 0 44 0 23 50 9 3 2022 2023 2024 Q3 25 2022 2023 2024 Q3 25 Cost/income bank ex. finance (per cent) Cost/income subsidiaries ex. finance (per cent) en oms e ler i t Nor e pare ank e nskaps uset N 04 9 0
Slide 20: Solid profitability across all business segments
Solid profitability across all business segments Pre-tax profit year-to-date (mill NOK) Q324 Q325 345 0 03 2 202 2 4 etail bankin orporate bankin ealtor ountan y easin 20
Slide 21: 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 olume (NOKbn) eposit olume (NOKbn) en in mar in Quarterly ro t Quarterly ro t eposit mar in 2 3 0 4 3 2 2 34 2 2 50 2 09 59 4 20 3 44 3 9 24 55 2 0 09 0 90 0 Q3 24 Q4 24 Q 25 Q2 25
Slide 22: 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 olume (NOKbn) eposit olume (NOKbn) Quarterly ro t Quarterly ro t 55 24 2 42 02 09 0 09 02 24 24 2 43 2 45 3 40 33 39 3 5 4 4 2 34 0 0 0 94 0 0 9 0 04 0 45 0 44 0 45 0 43 Q3 24 Q
Slide 23: Results
Results Change Change from NOK mill Q3 25 Q2 25 Q1 25 Q4 24 Q3 24 from Q2 25 Q3 24 Net interest income 1.337 1.335 1.321 1.372 1.355 2 -18 Commission income and other income 619 730 648 580 553 -110 67 Operating Income 1.956 2.065 1.969 1.953 1.908 -109 48 Total operating expenses 833 917 859 901 81
Slide 24: Income
Income Net interest income and other income (NOKm) Commission income ommission in ome oli o N rin skre Net interest in ome 2,0 5 ,952 ,9 9 ,95 ,90 C ha nge C ha nge NOK mill Q3 25 Q2 25 Q1 25 Q4 24 Q3 24 f ro m Q 2 2 5 f ro m Q 3 2 4 25 4 9 52 5 0 525 Payment transmission income 87 80 80 107 79 7 8
Slide 25: Costs
Costs Total operating expenses per quarter (NOKm) Costs per category • Cost reduction from Q2 mainly driven by accrual for incurred costs to ank ubsi iaries bank Tietoevry for the period 2023 through Q2 2025, amounting to NOK 47 million, in Q2 2025 • Compared to Q3 2024 the group costs have increase
Slide 26: Broad product range and a diversified income platform
Broad product range and a diversified income platform Ownership interests Profit after tax (NOKm) ro it rom insuran e mer er remtin ika Ot er asso iate ompanies pare ank arkets pare ank or altnin N ank pare ank ruppen 5 452 2 0 2 40 4 22 2 3 23 4 9 3 20 9 2 0 3 9 5 4 4 3 99 4 59 Q3 24 Q4 24 Q 25 Q2
Slide 27: Well diversified lending portfolio dominated by mortgages
Well diversified lending portfolio dominated by mortgages Loans per sector as at 30. September 2025 and change last 12 months (NOKbn) ort a es 04 5 ort a es un e by o bon s 5 25 ommer ial real estate 2 23 ri ulture an orestry 35 03 orporate ustomers Transport an ot er ser i es 22 35 32 is eries 59 0
Slide 28: 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 Q3 2025 per Q4 2
Slide 29: 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 mort a es 0 5 isk ei t loor e e ts 5 54 4 25 0 20 5 2 4 54 20 0 00 20 0 29 0 2 3 20 5 2 4 9 9 3 9 5 Q3 24 Q3 25 Q3 24 Q4 24 Q 25 Q2 25 Q3 25 29
Slide 30: Losses
Losses Loan losses (NOKm) Distribution of losses in the quarter (NOKm) 5 4 etail bankin 35 30 32 2 24 20 2 orporate bankin Q3 23 Q4 23 Q 24 Q2 24 Q3 24 Q4 24 Q 25 Q2 25 Q3 25 pare ank inans i t Nor e 9 oan losses in per ent o len in (annualise ) 0 2 00 00 0 05 0 05 0 04 0 04 0 03 0 03 Q3 23 Q4 23 Q
Slide 31: Problem loans
Problem loans en in to ustomers in sta e 3 o ross len in 0 99 09 09 09 0 92 09 0 0 9 0 0 4 0 2 0 2,29 2,2 9 2,2 0 2,23 2,3 2, 3 2,204 2,044 2,0 5 2,0 5 ,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 31
Slide 32: Capital & Funding
Capital & Funding ANT Bank SpareBank 4 | seaitor Sh) Accounting
Slide 33: Moody’s rating Aa3 (outlook stable)
Moody’s rating Aa3 (outlook stable) Aa2 Aa3 A1 A2 A3 2021 2022 2023 2024 2025 33
Slide 34: Solidity
Solidity CET 1 Leverage ratio 9 3 25 25 ilar 2 ui an e 00 ilar 2 2 0 2 50 ounter y li al bu er 2 50 apital onser ation bu er 4 50 ystemi risk re uirement 4 50 illar min re uirement 2022 2023 2024 Q3 25 Tar et 2022 2023 2024 Q3 25 T e roups’ pillar 2 re uirement is , per enta e points, ereby ,0 pp mu
Slide 35: Development in CET1 capital and capital adequacy
Development in CET1 capital and capital adequacy CET1 ratio in per cent 3 9 3 0 2 25 49 4 4 25 ilar 2 ui an e 3 00 ilar 2 2 50 ounter y li al bu er 2 00 2 50 apital onser ation bu er 4 50 ystemi risk re uirement 4 50 illar min re uirement 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 T
Slide 36: 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 2 N NOK 43 2 3 N urr 4 0 2025 202 202 202 2029 2 9 urr o ere 0 4 3 5 09 00 NOK Q4 25 Q 2 Q2 2 Q3 2 Q4 2 Q 2 Q2 2 Q3 2 Q3 24 Q3 25 • Diver
Slide 37: 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 Q3 2025 04.01.2003 04.01.2004 03.01.2005 03.01.2006 03.01.2007 03.01.2008 02.01.2009 02.
Slide 38: MREL requirement fulfilled with a solid buffer
MREL requirement fulfilled with a solid buffer MREL FULFILMENT SUBORDINATION MREL FULFILMENT Total e uirement li ible instruments Total e uirement li ible instruments 38
Slide 39: Diversified deposit portfolio
Diversified deposit portfolio Deposits by sector (NOKbn) Deposits covered by the deposit guarantee scheme as at 30.06.25 (NOKbn) a e earners ubli se tor 49 4 orporate 33 22 3 9 5 4 45 4 4 20 22 9 3 20 2 52 5 50 44 5 Q4 20 Q4 2 Q4 22 Q4 23 Q4 24 Q3 25 a e earners orporate ubli se tor Public sector de
Slide 40: 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 41: 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 buil in s b
Slide 42: 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 43: 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 44: Reporting – Allocation (30 September 2025)
Reporting – Allocation (30 September 2025) 1 2 3 4 EU Taxonomy Use of Proceeds Reporting External Review Alignment Eligible Green Loan Portfolio (30 September 2025) Green Funding (30 September 2025) Amount Instrument Due Amount Issuance Date (NOK m) (ISIN) Date (NOK m)* XS2051032444 sep-19 sep-26 5,
Slide 45: Appendix
Appendix 45
Slide 46: High value creation over time
High value creation over time mpli it market alue (NOKbn) O ( ) , 5,3 4,4 3, 3,5 2,2 2,3 42 ,3 ,5 0, 3 0,0 30 3 2 20 20 3 0 20 5 20 20 20 20 9 2020 202 2022 2023 2024 i Q325 46
Slide 47: Balance sheet
Balance sheet NOKbn 30.9.25 30.9.24 Cash and receivables from central banks 1,1 1,1 Deposits with and loans to credit institutions 10,3 8,1 Net loans to and receivables from customers 184,3 178,6 Fixed-income CDs and bonds 35,1 36,0 Derivatives 6,1 6,6 Shares, units and other equity interests 1,0 0,
Slide 48: Subsidiaries
Subsidiaries Change Change NOK mill, SMN's share in parentheses Q3 25 Q2 25 Q1 25 Q4 24 Q3 24 from Q2 25 from Q3 24 EiendomsMegler 1 Midt-Norge (92.4%) 21 42 8 -1 8 -21 13 SpareBank 1 Regnskapshuset SMN (93.3%) -7 57 52 -3 -7 -64 0 SpareBank 1 Finans Midt-Norge (64.8%) 66 68 69 87 68 -2 -2 SpareBank
Slide 49: Product companies
Product companies Change Change NOK mill, SMN's share in parentheses Q3 25 Q2 25 Q1 25 Q4 24 Q3 24 from Q2 25 from Q3 24 SpareBank 1 Gruppen (19.5%) 136 114 59 99 86 22 50 Gain from merger between Fremtind/Eika 452 -452 SpareBank 1 Boligkreditt (23.2%) 41 16 24 23 37 25 4 SpareBank 1 Næringskreditt
Slide 50: Return on financial investments
Return on financial investments Change from Change from NOK mill Q3 25 Q2 25 Q1 25 Q4 24 Q3 24 Q2 25 Q3 24 Net gain/(loss) on stocks 42 23 25 44 -1 19 43 Net gain/(loss) on financial instruments 26 -3 -39 -47 -45 29 71 Net gain/(loss) on forex 6 -5 -2 42 24 11 -19 Net return on financial instruments