Sparebanken Norge · OSL:SBNOR
Sparebanken Norge — Sparebanken Vest — Q3 2025 Earnings Presentation
47 slides from Sparebanken Norge's earnings presentation, Nov 7, 2025
Slide 1: Presentation of accounting figures Q3 2025
Presentation of accounting figures Q3 2025 November 7, 2025 CEO Jan Erik Kjerpeseth
Slide 2: Questions will be addressed after the presentation
Questions will be addressed after the presentation Please send questions to: investorrelations@sbnorge.no
Slide 3: Strong ROE and solid CET1 ratio
Strong ROE and solid CET1 ratio ROE1 Profit per equity certificate (NOK)2 30,0 % 8,0 0,25 7,0 25,0 % 17,8 % 0,2 6,0 20,0 % 17,9 % 16,5 % 4,78 16,9 % 15,6 % 5,0 4,45 4,18 14,2 % 14,5 % 0,15 3,87 4,01 15,0 % 4,0 0,1 3,0 10,0 % 2,0 5,0 % 0,05 1,0 0,0 % 0 0,0 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 24 Q4 24 Q1
Slide 4: Solid performance despite merger effects and significant investments
Solid performance despite merger effects and significant investments Operating cost Capital synergies Merger costs Increased costs synergies (from 2027) (from 2028) (2024-2027) new markets (2026) > 425 MNOK > 3 400 MNOK < 380 MNOK ~ 100 MNOK
Slide 5: 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) 159% 260% 112% 109% 103% 219% 97% 88% 197% 186% 182% 174% Sparebanken Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Sparebanken Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Norge* Norge
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Slide 7: Rapid and efficient merger process while we simultaneously capture market share
Rapid and efficient merger process while we simultaneously capture market share Growth in lending to retail customers Growth in lending to corporate 9,0 % year-to-date1,2 customers year-to-date1,2 8,0 % 6,4 % 7,2 % 7,0 % 6,8 % 6,0 % 5,0 % 4,5 % 3,8 % 4,0 % 3,6 % 3,0 % 2,3 % 2,0 % 1,2 % 1,2 % 1,0 % 0
Slide 8: Agenda
Agenda Solid banking operations Strategic direction Strong start
Slide 9: Strong lending growth and increasing market share
Strong lending growth and increasing market share Retail customers1,2 Corporate customers1 11,2 % 10,9 % 10,6 % 10,3 % 9,5 % 10,4 % 10,1 % 10,4 % 9,0 % 9,1 % 9,6 % 8,5 % 8,2 % 7,9 % 7,5 % 7,7 % 6,9 % 7,1 % 331 314 322 141 143 303 309 138 290 298 134 278 283 132 133 129 125 120 Q3 23 Q4 23 Q1 24 Q2 2
Slide 10: Good growth in deposits within the retail customer segment
Good growth in deposits within the retail customer segment Retail customers1, 2 Corporate customers1 12,4 % 12,4 % 12,0 % 11,7 % 11,4 % 11,2 % 15,8 % 12,0 % 160 150 10,1 % 15,0 % 10,1 % 140 10,0 % 6,6 % 130 7,0 % 126 125 6,6 % 4,2 % 117 7,0 % 2,9 % 2,3 % 2,5 % 5,0 % 113 112 114 120 -0,4 % 0,0 % 110
Slide 11: Good growth increases net interest income
Good growth increases net interest income Nominal net interest (NOK million) 1) 3000 2900 2800 2760 2711 2700 2636 2644 2600 2574 2568 2502 2500 2469 2400 2371 2300 2200 2100 2000 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 1) Proforma
Slide 12: Conservative loan portfolio dominated by retail customers
Conservative loan portfolio dominated by retail customers Residential mortgages account for ~ 70% of the loan book and more Increased geographical diversification reduces concentration risk than 99% of the retail customer portfolio Brage Finans Other Oslo og 6% Vestfold og 10% Akershus Bulder Telema
Slide 13: A very active start to Q4 2025 with 2.9 billion NOK in increased mortgage loan volume
A very active start to Q4 2025 with 2.9 billion NOK in increased mortgage loan volume so far 75.0 bn. 44 % 64 % Mortgage loan volume (NOK) Average loan-to-value Knowledge of the concept 140 000 26.5 % Total number of customers Deposits-to-loans ratio Figures on November 6, 2025. Awareness figures fr
Slide 14: Underlying cost growth is approximately 4.7 %
Underlying cost growth is approximately 4.7 % Cost-to-income ratio in the quarter of 29.4% - 28.8% adjusted for merger costs 41 990 48 19 24 1 858 Operating costs Consolidation Merger costs Increased amortization Increased in costs in Other cost increase Operating costs Q3 2024* Frende of intangible
Slide 15: Consistently low loan losses
Consistently low loan losses 180 0,16% 0,12% 160 0,11% 140 0,07% 0,07% 0,07% 0,06% 0,06% 0,05% 0,05% 120 0,06% 0,03% 0,03% 100 80 0,01% 80 19 13 60 18 28 20 -0,04% 18 22 40 16 59 60 -0,09% 14 52 50 49 20 44 38 35 20 20 0 -0,14% Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25* Q3 25 Parent bank
Slide 16: Improved results driven by solid revenue growth
Improved results driven by solid revenue growth 63 124 43 -24 -43 2 303 2 245 -89 -16 Pre-tax result Q3 24* Net interest income Commission income Associated Finance result Merger-related Other operating costs Write-downs Pre-tax result Q3 25 companies depreciations *Proforma
Slide 17: Agenda
Agenda Solid banking operations Strategic direction Strong start
Slide 18: Financial targets 2026-2028
Financial targets 2026-2028 Return on equity (ROE) Return on equity adjusted for merger effects (ROTE 1) > 13,0 % > 15,0 % (among the top three best savings banks) (among the top two best savings banks) < 30 % > 16,0 % 2 ~ 50 % Cost/income CET1 capital ratio Dividend policy (excluding merger costs)
Slide 19: Update on cost synergies in mergers
Update on cost synergies in mergers • Cost synergy realization is advancing as expected Annual effect / pace cost synergies (NOK million) • The estimate of > NOK 425 million also includes the merger with Oslofjord Sparebank > • A significant part of cost synergies is linked to technical integration
Slide 20: Total merger costs estimated at NOK 380 million
Total merger costs estimated at NOK 380 million • The estimate includes the mergers Merger costs (NOK million)1 between Sparebanken Vest and 400 25 380 103 Sparebanken Sør, as well as between 350 Sparebanken Norge and Oslofjord 300 Sparebank 250 65 200 157 • A significant share of the estimated 150
Slide 21: Status capital synergies
Status capital synergies • Approximately NOK 2.0 billion of the communicated Capital synergies (NOK billion) capital synergies related to the former Sør portfolio have been realised as a result of the implementation of CRR3/Basel IV. 1,3 3,4 • The remaining capital synergies of approximately 2,1 NOK
Slide 22: The name «Sparebanken Norge» signals national ambitions
The name «Sparebanken Norge» signals national ambitions 0-1 years • We are the largest non-allied savings bank in Norway • Cost-efficient operations provide an attractive competitive position in the Norwegian market. Combined with the best people and the most scalable technology, we aim to make Spar
Slide 23: Ambitious expectations for 2026-2028
Ambitious expectations 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-e
Slide 24: The targets reflect the ambition to build a strong national savings bank
The targets reflect the ambition to build a strong national savings bank ~146 ~ 620 ~620bn. 474 Total loan portefolio Q4 2028 Loan portfolio Q3 2025 Organic growth Loan balance Q4 2028
Slide 25: Norway’s best savings bank
Sparebanken Norges vision Norway’s best savings bank Among the best Norwegian Among the most attractive Best customer experiences and Long-term savings banks in terms of banking customer satisfaction in Norway expertise environments in the goals operations and return on equity Norwegian financial in
Slide 26: Agenda
Agenda Solid banking operations Strategic direction Strong start
Slide 27: Our competitive advantage: From Talk to Action
Our competitive advantage: Best at turning good intentions into action. From Talk to Action.
Slide 28: Systematic investment in leadership development to set direction
Systematic investment in leadership development to set direction Breakfast Sessions – Leadership Training - Winning Practices – Horizon leadership training
Slide 29: Horizon (Horisont)
Horizon (Horisont)
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Slide 31: The journey toward one strong “We”
The journey toward one strong “We” AUG SEPT OCT NOV JAN FEB MAR APR MAY JUN CAMP NORWAY Leadership development HORIZON Strategy session Breakfast Breakfast Breakfast Breakfast PROFESSIONAL session session session session BREAKFAST Bergen Kr.Sand Bergen Kr.Sand SESSIONS Leadership Leadership training
Slide 32: Vi ønsker alle velkommen til
Vi gnsker alle velkommen til the Hold av datoen! Vi kommer tilbake med mer informasjon om et spennende program, pamelding og praktisk informasjon om ikke sa lenge. Feststemt hilsen fra festkomiteen i Sparebanken Norge
Slide 33: We gathered 1,200 employees for a merger celebration in Grieghallen
We gathered 1,200 employees for a merger celebration in Grieghallen
Slide 34: New organizational structure effective from October 2025
New organizational structure effective from 1 October 2025 Organisational design for the rest of the organisation 1 Preparation for placement Functioning in roles Formal placement 2 Feedback and Basic individual Preliminary Preparation for placement transition Final placement assessment placement di
Slide 35: An attractive ecosystem that builds distribution power to the entire Norwegian financial sector
An attractive ecosystem that builds distribution power to the entire Norwegian financial sector
Slide 36: Seven mutual fire insurance companies transition to Frende Forsikring
Seven mutual fire insurance companies transition to Frende Forsikring • Seven local mutual fire insurance companies choose Frende Forsikring as a new partner from January 1, 2026 • Provides access to new customer portfolios and stronger local distribution • Confirms Frende as a serious and national
Slide 37: Brage Finans has taken a national position
Brage Finans has taken a national position Market share equipment lease new sale Market share car loans new sales 13,2 % 10,4 % 7,0 % 6,5 % Q3 24 Q3 25 Q3 24 Q3 25 *Finfo is a trade association for finance companies in Norway. It is a member network for companies that offer, among other things, car
Slide 38: Brage Finans strengthens distribution capacity
Brage Finans strengthens distribution capacity
Slide 39: Brage Finans will be financed by Sparebanken Norge
Brage Finans will be financed by Sparebanken Norge Annual financing synergies of approxemately NOK 90 million Maturity profile of bond loans Brage Finans (NOK million) 6300 5700 3450 1500 750 2025 2026 2027 2028 2029
Slide 40: Borea is ahead of schedule to exceed NOK 34 billion in AuM by 2028
Borea is ahead of schedule to exceed NOK 34 billion in AuM by 2028 Assets under management (AuM) – NOK billion • Borea Asset Management became a part 20,9 of the group from the fourth quarter of 2024 18,7 14,3 • Solid return and net subscription in the 10,9 11,7 12,9 quarter 9,1 9,5 10,0 • Distribut
Slide 41: Eiendomsmegler Norge
Eiendomsmegler Norge The management team of Eiendomsmegler Norge has been established, and the legal merger was completed on November 1, 2025 6 689 properties mediated 223 FTEs NOK 470 million in revenue 160 real estate agents 44 locations *2024-figures combined for both companies
Slide 42: Strong momentum in new market areas
Strong momentum in new market areas • Oslo: 42 employees will move into Inkognitogata on 8 December 2025. • Molde og Kristiansund: Recruitment is on-going. Head of Retail Market has been appointed. • Tønsberg: Ken Andersen, Head of the local initiative, is now in place. Head of Corporate Market is a
Slide 43: All-time high subscription of ~ NOK 70 million in the employee ownership program
All-time high subscription of ~ NOK 70 million in the employee ownership program 85 percent of the employees hold equity sertificates
Slide 44: 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 Significant gifts and and customer dividends A culture of high performance Among the best in return
Slide 45: Questions
Questions investorrelations@sbnorge.no
Slide 46: 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 Finance and Investor Relations Tel: (+47) 479 06 402 brede.kristiansen@spv.no
Slide 47: 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