Dnb Bank Asa · OSL:DNB
Dnb Bank Asa — Debt Investor Presentation (October 2026)
31 slides from Dnb Bank Asa's debt investor presentation, Oct 5, 2026
Slide 1: Capital - AT1, Tier 2, MREL
Capital - AT1 - Tier 2 - MREL 5 October 2026
Slide 2: DNB's outstanding USD Additional Tier 1 instruments
DNB’s outstanding USD Additional Tier 1 instruments - All AT1 instruments include an anytime call feature, which starts 6 months prior to the Reset Date*) Issue Date Type Amount Coupon Reset Date Called 30.05.2024 PerpNC5.5 USD 700 mn 7,375% 30.11.2029 26.03.2015 PerpNC5 USD 750 mn 5.75% 26.03.2020
Slide 3: DNB's outstanding NOK and SEK Additional Tier 1 instruments
DNB’s outstanding NOK and SEK Additional Tier 1 instruments - All AT1 instruments include an anytime call feature, which starts 6 months prior to the Reset Date*) Issue Date Type Amount Coupon Reset Date 18.08.2022 PerpNC5.5 NOK 2,750 mn 3M NIBOR +375 18.02.2028 18.08.2022 PerpNC5.5 NOK 500 mn 6.72%
Slide 4: DNB's outstanding dated Tier 2 instruments
DNB’s outstanding dated Tier 2 instruments - All Tier 2 instruments include an anytime call feature, which starts 3 months prior to the Reset Date*) Currency Issue Date Type Amount Reset Date EUR 28.11.2022 10.25NC5.25 750 mn 28.02.2028 EUR 13.06.2023 10.25NC5.25 500 mn 13.09.2028 EUR 02.04.2025 10.
Slide 5: DNB Senior Non-Preferred benchmark bonds 1/2
DNB Senior Non-Preferred benchmark bonds 1/2 Volume Tenor Call Date Maturity USD 750 mn 6.5NC5.5 2027 – Mar 2028 – Mar USD 1 000 mn 6NC5 2030 – Nov 2031 – Nov USD 750 mn 6NC5 2031 – Mar 2032 – Mar USD 750 mn 6NC5 2031 – Oct 2032 – Oct EUR 1 000 mn (Green) 5NC4 2027 – Jul 2028 – Jul EUR 1 000 mn 8NC7
Slide 6: DNB Senior Non-Preferred benchmark bonds 2/2
DNB Senior Non-Preferred benchmark bonds 2/2 Volume Tenor Call Date Maturity GBP 600 mn (Green) 6NC5 2031 – Jul 2032 – Jul JPY 6 000 mn 5NC4 2027 – Jun 2028 – Jun JPY 9 700 mn 6NC5 2028 – Sep 2029 – Sep NOK 2 100 mn (FRN + FXD) 8NC7 2028 – Jun 2029 – Jun NOK 7 200 mn (FRN + FXD) 6NC5 2031 – Jan 2032
Slide 7: Call of MREL Senior Preferred and Senior Non-Preferred bonds
Call of MREL Senior Preferred and Senior Non-Preferred bonds - DNB has called all bonds coming up for call Instrument Tenor Reset spread Call date Called SNP EUR 1,000 mn 4NC3 3m EURIBOR +63bp Feb. 2026 SNP USD 1,000 mn 6NC5 T+72bp May 2026 SNP USD 900 mn 4NC3 SOFR +195bp Oct. 2025 SNP USD 1,000 mn
Slide 8: Capital instruments previously issued by Sbanken
Capital instruments previously issued by Sbanken - Assumed by DNB Bank ASA following the merger between DNB and Sbanken effective 2 May 2023 AT 1 instruments: Issue Date Type Amount Coupon First Call Date 14.01.2022 PerpNC5 NOK 100 mn 3m NIBOR + 2.60% 14.01.2027 Tier 2 instruments: Issue Date Type A
Slide 9: DNB Group structure
DNB Group structure DNB Bank ASA Aa2/AA- DNB DNB Life DNB Asset Boligkreditt AS Insurance Management (Covered Bonds) AAA/Aaa DNB Boligkreditt ▪ 100% owned by DNB Bank and functionally an integrated part of the parent ▪ Mortgages originated in DNB Bank’s distribution network in accordance with the ba
Slide 10: DNB – Capital ratios
DNB – Capital ratios ▪ DNB has to meet all capital requirements on DNB Bank Group level (“DNB Group”) and DNB Bank ASA solo level (“DNB Bank”) ▪ DNB’s total capital consists of CET1 capital, AT1 capital and Tier 2 capital. As per the 2025 SREP, DNB Group’s total capital requirement was ~20.6% per 30
Slide 11: DNB delivers resilient and solid earnings
DNB delivers resilient and solid earnings Total income split H1 2026 Other income, 11% Net Net interest commissions income, 69% and fee, 20% Pre-tax operating profit before impairment NOK billion 60 56.1 56.2 55 53.1 50 45 40.3 40 34.1 33 35 30.8 31.7 31.9 29 28.5 28.3 30 26.7 25 25 21 22 21 19 20 1
Slide 12: Continued strong capital position – well above capital requirements
Continued strong capital position – well above capital requirements ▪ CET1 ratio of 17.4% per 30 June 2026, versus regulatory expectation of 16.4% ▪ SREP 2025: P2R: 1.7% (min. ~1.0% CET1), P2G: 1.0% ▪ Strong profitability: on average built >350 bps in CET1 capital annually last three years pre share
Slide 13: Strong capital position – Nordic peers comparison
Strong capital position – Nordic peers comparison ▪ Higher risk weighted density than Nordic peers Common equity tier 1 (CET1) capital Leverage ratio Per Q2 2026 Per Q2 2026 17.4% 17.4% 17.2% 17.2% 6.3%1) 6.3% 17.0% 15.7% 5.1% 4.6% 4.4% 4.3% Risk weighted density (REA / total assets) Per Q2 2026 30.
Slide 14: Continued strong capital position – well above capital requirements
Continued strong capital position – well above capital requirements ▪ SREP 2025: P2G reduced from 1.25% to 1.0%, P2R unchanged at 1.7% (min. ~1.0% CET1) ▪ 2025 – reductions in CET1 ratio (~270 bps): ▪ Carnegie (~120 bps), share buy-backs (~86 bps) and risk weight floors on residential real estate (~
Slide 15: CET1 well above MDA trigger level
CET1 well above MDA trigger level - MDA buffer must be seen in connection with DNB’s capital generation ▪ DNB has on average built >350 bps in CET1 capital annually last three years pre shareholder distributions ▪ 2025 – reductions in CET1 ratio (~270 bps): ▪ Carnegie (~120 bps), share buy-backs (~8
Slide 16: AT1 and Tier 2 capital
AT1 and Tier 2 capital ▪ SREP 2025: P2R set at 1.7%, to be fulfilled with ~1.0% CET1 (minimum), ~0.3% AT1 and ~0.4% Tier 2 ▪ Thus, DNB’s capital requirements can be met with AT1 capital of ~1.8% and Tier 2 capital of ~2.4% AT1 and Tier 2 Maximum utilisation of AT1 and Tier 2 Per Q2 2026 to fulfill c
Slide 17: Solid profitability should ensure AT1 coupon payments
Solid profitability should ensure AT1 coupon payments Profit Before Tax Dividend Share buy-back AT1 Coupon Payments 55 50 53 NOK billion 41 Dividends and share buy-backs in bps 32 33 31 Dividend Share buy-back 29 27 10 20251) 221 bps 86 bps 11 23 24 3 2024 222 bps 29 bps 2023 220 bps 96 bps 1 2022 1
Slide 18: EBA's 2025 EU-wide stress test – DNB performs very well
EBA’s 2025 EU-wide stress test – DNB performs very well - DNB amongst the best performing banks across Nordic and international peers ▪ Under the 2025 EU stress test1) DNB’s CET1 ratio increased by 26 bps2) ▪ In the Adverse Scenario, DNB’s CET1 ratio is always above the MDA (reduced by 212 bps in th
Slide 19: MREL requirement
MREL requirement ▪ DNB’s MREL requirement1) is ~37% of adjusted REA2) – leading to a need for minimum EUR ~15.1bn in MREL eligible debt as per end Q2 2026 ▪ DNB’s need for MREL eligible debt is influenced by excess CET1 capital ▪ As per Q2 2026 figures, the total MREL requirement can be fulfilled wi
Slide 20: MREL fulfillment as of 30 June 2026
MREL fulfillment as of 30 June 2026 MREL per Q2 2026 Reported Requirement1) Own funds and eligible liabilities as precentage of REA ~41.8% ~37.0% - Of which own funds and subordinated libabilities ~31.9% ~29.3% Adjusted Risk Exposure Amount2) (NOK mill) 1 028 570 1) The MREL requirement will vary ov
Slide 21: Further details DNB's capital requirements
Further details DNB’s capital requirements Counter-Cyclical Buffer (CCyB) ▪ CCyB in Norway increased to 2% with effect from 31 December 2022 and increased further to 2.5% with effect from 31 March 2023 ▪ Taking into account countercyclical buffers in other countries, DNB’s effective CCyB was ~2.18%
Slide 22: Implementation of CRR/CRD IV
Implementation of CRR/CRD IV ▪ Announced by Ministry of Finance December 2019. ▪ With the final implementation of CRR/CRD IV in Norway from 31 December 2019, the Basel I floor was removed and the capital requirements for exposures to Small and Medium sized enterprises were reduced (SME discount). ▪
Slide 23: ADI – Available distributable items
ADI – Available distributable items ▪ Items available for distribution is defined in the Norwegian Public Limited Liability Companies Act1): Following this definition, the ADI level is calculated as follows: ADI = total equity – share capital – fund for unrealised gains ▪ From 1 January 2019, DNB de
Slide 24: Implementation of BRRD and change in creditor hierarchy
Implementation of BRRD and change in creditor hierarchy ▪ The legislation implementing BRRD in Norway, entered into force 1 January 2019. ▪ The legislation sets forth that the resolution authorities shall establish a resolution plan for each institution with specific description of the tools availab
Slide 25: DNB's legacy perpetual bonds (discos)
DNB’s legacy perpetual bonds (discos) ▪ On 16 November 2023, DNB announced, with reference to the legislative proposal published by the Ministry of Finance of Norway on 10 November 2023 regarding the implementation of BRRD Article 48(7) in Norway, its intention to redeem its outstanding legacy perpe
Slide 26: Temporary write-down / conversion of AT1
Temporary write-down / conversion of AT1 ▪ The CET1 trigger for temporary write-down in DNB’s AT1 instruments is 5.125%. ▪ DNB’s CET1 ratio was 17.4% as of 30 June 2026 ▪ Separately, Norwegian Statutory Point of Non-Viability Rules (the Norwegian Financial Institutions Act § 20-14) are in line with
Slide 27: DNB is among the best rated banks globally
DNB is among the best rated banks globally Moody’s Investor Service S&P Global Ratings DNB Bank ASA1) DNB Bank ASA2) ▪ Counterparty Risk / Deposit Rating (LT): Aa13) ▪ Resolution Counterparty Rating (LT): AA- ▪ Senior Preferred Rating: Aa2 ▪ Senior Preferred Rating: AA- ▪ Outlook: Stable ▪ Outlook:
Slide 28: Funding contacts
Funding contacts Long Term Funding: Short Term Funding: ▪ Thor Tellefsen ▪ Kristoffer Vilbo Hansen Senior Vice President, Head of Long Term Funding Head of Liquidity Mgt. (Short Term Funding), Group Treasury Phone direct: + 47 24 16 91 22 Phone direct: +47 24 16 90 86 Mobile: + 47 915 44 385 Mobile:
Slide 29: Disclaimer (1/3)
Disclaimer (1/3) THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OF AMERICA AND THE DISTRICT OF COLUMBIA) (THE "UNIT
Slide 30: Disclaimer (2/3)
Disclaimer (2/3) This Presentation contains certain forward-looking statements relating to the business, financial performance and results of the Group and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not hist
Slide 31: Disclaimer (3/3)
Disclaimer (3/3) IN RELATION TO THE UNITED STATES AND U.S. PERSONS, THIS PRESENTATION IS STRICTLY CONFIDENTIAL AND IS BEING FURNISHED SOLELY IN RELIANCE ON APPLICABLE EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED. THE BONDS HAVE NOT AND WILL NOT BE R