Sparebanken Norge · OSL:SBNOR
Sparebanken Norge — Debt Investor Presentation (September 2026)
50 slides from Sparebanken Norge's debt investor presentation, September 2026
Slide 1: Debt Investor Presentation H1 2026
Sparebanken Norge Sparebanken Norge Boligkreditt Debt Investor Presentation H1 2026
Slide 2: Sparebanken Norge: A name that reflects our national ambitions
Sparebanken Norge Sparebanken Norge Boligkreditt The Norwegian Macro Economy Green bonds and ESG Sparebanken Norge A name that reflects our national ambitions About us.. From regional to national • We are the second largest Norwegian bank and the largest savings bank in Norway. • Not part of any com
Slide 3: A retail savings bank with low complexity
Sparebanken Norge Sparebanken Norge Boligkreditt The Norwegian Macro Economy Green bonds and ESG A retail savings bank with low complexity Retail market Corporate market 70% of gross lending 30% of gross lending Includes Bulder Bank Diversified portfolio Share of ownership: 100 % Share of ownership:
Slide 4: Robust Financials Key figures
Sparebanken Norge Sparebanken Norge Boligkreditt The Norwegian Macro Economy Green bonds and ESG Sparebanken Norge Q2 26 Robust Financials Key figures Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 • Good return on equity of 14.0 (17.1 ) % for the quarter Pre-tax profit (NOKm) 2,252 2,137 4,364 3,552 8,110
Slide 5: Norway's largest savings bank
Sparebanken Norge Sparebanken Norge Boligkreditt The Norwegian Macro Economy Green bonds and ESG Norway’s largest savings bank 505 435 265 244 168 Peer 1 Peer 2 Peer 3 Peer 4 Sparebanken Norge *Gross loans (bn. NOK) as of Q2 2026 from published reports Peers: Sparebank 1 Nord-Norge, Sparebank 1 Østl
Slide 6: We have delivered on our targets over time
Sparebanken Norge Sparebanken Norge Boligkreditt The Norwegian Macro Economy Green bonds and ESG We have delivered on our targets over time 20,1 % 16,5 % 15,5 % 15,0 % 14,6 % 14,2 % 14,0 % 13,7 % 13,5 % 13,1 % 12,2 % 12,3 % 11,9 % 11,0 % 2013 2 014 2015 2016 2 017 2018 2019 2020 2021 2022 2023 2024
Slide 7: Stable Net Interest Income
Sparebanken Norge Sparebanken Norge Boligkreditt The Norwegian Macro Economy Green bonds and ESG Stable Net Interest Income Net interest income (NOK million) 1 2 749 2 800 2 768 2 676 2 674 2 641 2 609 2 604 2 536 2 529 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 1 Pro forma 6
Slide 8: Strong lending growth over time
Sparebanken Norge Sparebanken Norge Boligkreditt The Norwegian Macro Economy Green bonds and ESG Strong lending growth over time Continuing to gain market share Retail customers1.2 Corporate customers1 NOK billion NOK billion 10,4 % 450 180 10,1 % 12,0 % 10,3 % 11,0 % 9,2 % 9,5 % 9,3 % 7,9 % 8,2 % 9
Slide 9: Strengthening our position in both retail and corporate banking
Sparebanken Norge Sparebanken Norge Boligkreditt The Norwegian Macro Economy Green bonds and ESG Strengthening our position in both retail and corporate banking 12-months growth in retail lending1.2 12-months growth in corporate lending1.2 7,4 % 9,2 % 8,2 % 5,9 % 5,3 % 6,3 % 5,5 % 4,4 % 4,6 % 3,5 %
Slide 10: A conservative lending portfolio dominated by retail customers
Sparebanken Norge Sparebanken Norge Boligkreditt The Norwegian Macro Economy Green bonds and ESG A conservative lending portfolio dominated by retail customers The closest investment to a pure-play retail savings bank in Norway Mortgages account for ~68% of the lending portfolio and Increased geogra
Slide 11: Corporate portfolio (incl. Brage Finans) – Breakdown
Sparebanken Norge Sparebanken Norge Boligkreditt The Norwegian Macro Economy Green bonds and ESG Corporate portfolio (incl. Brage Finans) – Breakdown ~ 505 bn NOK in lending to corporate- and retail Corporate portfolio well devirsified across different customers* sectors* 30 % Total corporate sector
Slide 12: CRE – Breakdown and LTV distribution
Sparebanken Norge Sparebanken Norge Boligkreditt The Norwegian Macro Economy Green bonds and ESG CRE – Breakdown and LTV distribution Breakdown CRE – c. 44 % of the corporate portfolio CRE – LTV distribution Buildings under Warehouses construction Hotels 5,0 % Industrial 71% 9,7 % 4,3 % 3,1 % Land p
Slide 13: Consistently low losses
Sparebanken Norge Sparebanken Norge Boligkreditt The Norwegian Macro Economy Green bonds and ESG Consistently low losses Losses on loans NOK million 180 0,16% 0,12% 160 0,11% 140 0,08% 0,06% 0,07% 0,06% 120 0,05% 0,05% 0,05% 0,06% 100 0,03% 0,03% 80 18 80 0,01% 19 13 60 20 18 17 -0,04% 40 22 85 16 6
Slide 14: Credit risk
Sparebanken Norge Sparebanken Norge Boligkreditt The Norwegian Macro Economy Green bonds and ESG Credit risk Defaults and other credit-impaired exposures Capitalized write-downs and loan loss provision ratio* NOK million 100% Model based write-downs 2 500 1,04% 5 000 Retail customers Corporate custo
Slide 15: Strong capital position
Sparebanken Norge Sparebanken Norge Boligkreditt The Norwegian Macro Economy Green bonds and ESG Strong capital position Common Equity Tier 1 (CET1) ratio¹ 18,4 % 18,1 % 18,1 % 18,1 % 17,5 % CET1 target 15.9% •The CET1 requirement will increase by 1 percentage point from 31 March 2027, when the bank
Slide 16: Strong growth in net commission income
Sparebanken Norge Sparebanken Norge Boligkreditt The Norwegian Macro Economy Green bonds and ESG Strong growth in net commission income Positive development in real estate brokerage, insurance commissions, payments and Borea Net commission income1 NOK million 556 27 521 478 14 447 452 33 133 435 397
Slide 17: Stable deposit coverage
Sparebanken Norge Sparebanken Norge Boligkreditt The Norwegian Macro Economy Green bonds and ESG Stable deposit coverage Retail customers1 Corporate customers1 Deposit Coverage 6% 12% 12% 12% 12% 5% 52% 11% 11% 10% 10% 3% 3% 3% 8% 9% 50% 50% 1% 1% 1% 50% 50% 50% 49% 137 -1% 127 127 127 129 -2% 48%48
Slide 18: Total deposits at NOK 231 bn per Q2 2026
Sparebanken Norge Sparebanken Norge Boligkreditt The Norwegian Macro Economy Green bonds and ESG Total deposits at NOK 231 bn. per Q2 2026, of which more than 64 % were covered by the Norwegian deposit guarantee scheme (DGS) c. 90 % of retail deposits are covered by DGS Corporate deposits – well div
Slide 19: Ambitious growth targets for 2026-2028
Sparebanken Norge Sparebanken Norge Boligkreditt The Norwegian Macro Economy Green bonds and ESG Ambitious growth targets for 2026-2028 Retail market (ex. Bulder) Corporate market Bulder 6–8% 8 – 10% 100 bn. annual loan gwoth incl. geographical expansion annual loan growth incl. geographical expansi
Slide 20: Maturity Profile Sparebanken Norge
Sparebanken Norge Sparebanken Norge Boligkreditt The Norwegian Macro Economy Green bonds and ESG Maturity Profile Sparebanken Norge (including Brage Finans) 70 60 50 40 bn NOK 30 20 10 0 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2038 Covered Bonds Senior unsecured Senior Preferred Senior Non
Slide 21: Sparebanken Norge Boligkreditt
Sparebanken Norge Boligkreditt Bloomberg ticker: SNOBNO
Slide 22: Sparebanken Norge Boligkreditt: Brief overview
Sparebanken Norge Sparebanken Norge Boligkreditt The Norwegian Macro Economy Green bonds and ESG Sparebanken Norge Boligkreditt Brief overview About us.. Geographical Diversification of the cover pool* • Wholly owned subsidiary of Sparebanken Norge – and a dedicated covered bond company • Credit fac
Slide 23: A robust cover pool…
Sparebanken Norge Sparebanken Norge Boligkreditt The Norwegian Macro Economy Green bonds and ESG A robust cover pool… Eligibility criteria Cover pool statistics* ▪ Employed retail clients and independent self-employed individuals ▪ Eligible mortgages in the Cover Pool: > 234 bn NOK ▪ Resident in Nor
Slide 24: Cover pool information
Sparebanken Norge Sparebanken Norge Boligkreditt The Norwegian Macro Economy Green bonds and ESG Cover pool information Amortisation – Covered Bonds and Cover Pool Low defaults over time 300 0,20% 6,0% Billions 0,18% 5,5% 250 5,0% 0,16% 4,5% 0,14% 200 4,0% 0,12% 3,5% 150 0,10% 3,0% 0,08% 2,5% 100 2,
Slide 25: Outstanding covered bonds
Sparebanken Norge Sparebanken Norge Boligkreditt The Norwegian Macro Economy Green bonds and ESG Outstanding covered bonds Frequent issuer with > 200 bn NOK eq. outstanding in EUR, NOK, SEK and USD EUR NOK SEK ISIN Issued (mn) Currency Issue Date Maturity Green ISIN Issued (mn) Currency Issue Date M
Slide 26: The Norwegian Macro Economy
The Norwegian Macro Economy
Slide 27: The Norwegian housing market
Sparebanken Norge Sparebanken Norge Boligkreditt The Norwegian Macro Economy Green bonds and ESG The Norwegian housing market Stable growth over time Resilient housing market Global Financial Crisis European Debt Crisis Oil Price Crash Covid-19 Pandemic Energy and Inflation Seasonally Adjusted and N
Slide 28: Credit growth
Sparebanken Norge Sparebanken Norge Boligkreditt The Norwegian Macro Economy Green bonds and ESG Credit growth Credit indicators 27
Slide 29: Labour market and (un)employment
Sparebanken Norge Sparebanken Norge Boligkreditt The Norwegian Macro Economy Green bonds and ESG Labour market and (un)employment Stable low unemplyment rate 28
Slide 30: Green Bonds, Green Bond Framework and ESG
Green Bonds, Green Bond Framework and ESG
Slide 31: Green Bonds: Key take aways
Sparebanken Norge Sparebanken Norge Boligkreditt The Norwegian Macro Economy Green bonds and ESG Green Bonds Key take aways New Green Bond Framework (December 2025) ▪ Aligned with the four core components of the ICMA Green Bond Principles 2025 and incorporates all best practices identified by Moody’
Slide 32: Eligible Green Loans Portfolio Overview – FY25
Sparebanken Norge Sparebanken Norge Boligkreditt The Norwegian Macro Economy Green bonds and ESG Eligible Green Loans Portfolio Overview – FY25 ~ 97% EUT aligned for Covered Bonds and ~ 99% for Senior Bonds All newly originated Eligible Green Loans are considered Fully Aligned with the EU Taxonomy a
Slide 33: Green Bond Allocation Report – FY25
Sparebanken Norge Sparebanken Norge Boligkreditt The Norwegian Macro Economy Green bonds and ESG Green Bond Allocation Report – FY25 Portfolio approach with signed amounts FY25 Allocation-Report: https://edge.sitecorecloud.io/sparebanken6a2b-spvno-production-d324/media/Investor-relations/IR-dokument
Slide 34: Impact Assessment by Multiconsult
Sparebanken Norge Sparebanken Norge Boligkreditt The Norwegian Macro Economy Green bonds and ESG Impact Assessment by Multiconsult FY24 Allocation Report FY24 Impact Report Effective May 2, 2025, Sparebanken Vest and Sparebanken Sør completed a legal merger. The respective covered bond companies als
Slide 35: External Review
Sparebanken Norge Sparebanken Norge Boligkreditt The Norwegian Macro Economy Green bonds and ESG External Review Second Party Opinion The framework is aligned with the four core components of the ICMA GBP 2025 International Capital Market Association’s (ICMA) Green Bond Principles (GBP) 2025, and in
Slide 36: Use of Proceeds
Sparebanken Norge Sparebanken Norge Boligkreditt The Norwegian Macro Economy Green bonds and ESG Use of Proceeds Green Buildings Renewable Energy 1. Residential buildings in Norway Loans, credit and investments to finance/refinance new or existing Hydropower in • Buildings built ≥2021 : NZEB-10% Nor
Slide 37: Process for Project Evaluation and Selection
Sparebanken Norge Sparebanken Norge Boligkreditt The Norwegian Macro Economy Green bonds and ESG Process for Project Evaluation and Selection Green Bond Committee Screening Eligibility • A dedicated Green Bond Committee has been • All customers must comply with the laws and • Projects financed and/o
Slide 38: Management of Proceeds
Sparebanken Norge Sparebanken Norge Boligkreditt The Norwegian Macro Economy Green bonds and ESG Management of Proceeds • The Green Bonds proceeds will be managed by Sparebanken Norge in a portfolio approach. • Sparebanken Norge intends to allocate the proceeds from the Green Bonds to a Portfolio of
Slide 39: Reporting
Sparebanken Norge Sparebanken Norge Boligkreditt The Norwegian Macro Economy Green bonds and ESG Reporting • Sparebanken Norge intends to make and keep readily available green bond reporting after a year from issuance, to be renewed annually until maturity of any outstanding green bonds. • The bank
Slide 40: EU Taxonomy: TSC, DNSH & MS
Sparebanken Norge Sparebanken Norge Boligkreditt The Norwegian Macro Economy Green bonds and ESG EU Taxonomy: TSC, DNSH & MS • Two out of three economic activities across two eligible categories align with the EU taxonomy criteria • Overall, 18 out of 23 EU Taxonomy criteria were met Green Buildings
Slide 41: Sustainability at Sparebanken Norge
Sustainability at Sparebanken Norge Net zero climate emissions by 2040
Slide 42: Significant ESRS Theme
Sparebanken Norge Sparebanken Norge Boligkreditt The Norwegian Macro Economy Green bonds and ESG Significant ESRS Theme Material sustainability topics Climate ▪ Climate change adaptation E1 Change ▪ Limitations of climate change Own ▪ Working conditions E S G S1 Workforce ▪ Gender equality and equal
Slide 43: Significant IRO identified on the theme of Climate Change
Sparebanken Norge Sparebanken Norge Boligkreditt The Norwegian Macro Economy Green bonds and ESG Significant IRO identified on the theme of Climate Change Time horizon IRO type IRO description K M L Value chain Risk Chronic physical climate risk is a credit risk for the bank, where, for example, ris
Slide 44: Strategy, restructuring plan and Sustainability Policy
Sparebanken Norge Sparebanken Norge Boligkreditt The Norwegian Macro Economy Green bonds and ESG Strategy, restructuring plan and Sustainability Policy Ambitious and dedicated efforts.. • Rebalance the portfolio and reduce its • New transition plan • Sustainability policy own emissions • New transit
Slide 45: Sustainable financing
Sparebanken Norge Sparebanken Norge Boligkreditt The Norwegian Macro Economy Green bonds and ESG Sustainable financing • The bank's credit framework • A risk classification of customers • Industry policy for real estate shall governs the bank's management is made based on the customers' ensure energ
Slide 46: Decarbonisation Measures (1/2)
Sparebanken Norge Sparebanken Norge Boligkreditt The Norwegian Macro Economy Green bonds and ESG Decarbonisation Measures (1/2) Area of Decarbonisation Measure application Time horizon mechanism Expected contribution to IRO and targets Criteria / references Sustainability assessment Corporate market
Slide 47: Decarbonisation Measures (2/2)
Sparebanken Norge Sparebanken Norge Boligkreditt The Norwegian Macro Economy Green bonds and ESG Decarbonisation Measures (2/2) Area of Decarbonisation Measure application Time horizon mechanism Expected contribution to IRO and targets Criteria / references Green loans for shipping Corporate market
Slide 48: Climate accounting (AR 48)
Sparebanken Norge Sparebanken Norge Boligkreditt The Norwegian Macro Economy Green bonds and ESG Climate accounting (AR 48) Historic Milestones and target years * Baseline year Comparison year N = 2025 % N / N-1 (2050) if Annual % target 2025 2030 ** • The financed climate 2025 -2024 GROUP financial
Slide 49: Summary and questions
Sparebanken Norge Sparebanken Norge Boligkreditt The Norwegian Macro Economy Green bonds and ESG Summary and questions Sustainability at the bank, sustainability library and other links • The 2025 reporting forms the baseline for the new transformation plan • The new transformation plan has been ini
Slide 50: Disclaimer
Sparebanken Norge Sparebanken Norge Boligkreditt The Norwegian Macro Economy Green bonds and ESG Disclaimer This presentation (the "Presentation") has been prepared by Sparebanken Norge (the "Bank") and its wholly owned covered bond subsidiary Sparebanken Norge Boligkreditt AS ("Boligkreditt" and, t
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