Sparebank 1 Sor-norge Asa · OSL:SB1NO
Sparebank 1 Sor-norge Asa — SpareBank 1 Sør-Norge — Q1 2026 Earnings Presentation
48 slides from Sparebank 1 Sor-norge Asa's earnings presentation, 2026
Slide 1: Quarterly presentation Q1 2026
Quarterly presentation 2026 Q1 SB1NO/SRBANK SR-Boligkreditt
Slide 2: Agenda
1 SpareBank 1 Sør-Norge 2 SR-Boligkreditt 3 Norwegian economy 4 Sustainability and Green Bond framework 5 Appendix 2 SB1NO/SRBANK SR-Boligkreditt
Slide 3: Market overview
Market overview Banks in Norway Alliances Largest banks by lending volume (2024) Savings bank • All credit decisions are made at the local banks, no cross • Multiple alliances and Market share (lending volume) independent banks guarantees SpareBank 1 Alliance, • Economies of scale related 12 indepen
Slide 4: Financial targets
Financial targets Long-term target ROE > 14% Cost- and capital Customer growth in Growth in other Joint effort in the Diversified effective South of Norway income SpareBank 1 alliance portfolio > 16.74% < 35% ~ 50%* > NOK 550 million CET 1 Cost to income Dividend share Operational synergies Capital
Slide 5: SpareBank 1 Sør-Norge lending volume
SpareBank 1 Sør-Norge Lending volume in NOK billion % CAGR *Pro forma 5 SB1NO/SRBANK SR-Boligkreditt
Slide 6: Solid quarter with growth and positive cost development
Solid quarter with growth and positive cost development Result 31 March 2026 1.3 % 38.3 % 17.67 % 11.8 % 12.7% excl. goodwill from merger Quarterly lending growth Retail market Corporate market 0.9 % 1.9 % Cost to income ratio CET 1 capital ratio Return on equity after tax 4.0 % MNOK 59 NOK 4.1 MNOK
Slide 7: Solid quarterly result
Solid quarterly result Return on equity Earnings per share 7 SB1NO/SRBANK SR-Boligkreditt
Slide 8: Net interest income
Net interest income Change from previous quarter (MNOK) Net interest margin 8 SB1NO/SRBANK SR-Boligkreditt
Slide 9: Well-diversified lending portfolio
Well-diversified lending portfolio • Gross loans increased to NOK 424 billion from NOK 408 billion year over year • 12 months lending growth is 3.7% • Low offshore, oil and gas exposure • Commercial real estate – low concentration risk and good credit quality Loans before impairments, nominal amount
Slide 10: Group
Group Lending volume Deposit volume Margins Definition margins: Average customer rate including fees, compared with money market rates. Figures include transferred loans to credit institutions and commission received. 10 SB1NO/SRBANK SR-Boligkreditt
Slide 11: Net commission and other income
Net commission and other income Change from previous quarter (MNOK) Solid activity despite seasonal variations and reduced arrangement fees Strong performance in Eiendoms- Megler 1 • A clear ambition to become the market leader in Southern Norway Change from Q1 2025 (MNOK) 11 SB1NO/SRBANK SR-Boligkr
Slide 12: Operating expenses
Operating expenses Change from previous quarter (parent bank) (MNOK) Effective cost management The Group is on track with the planned FTE reduction Cost to income ratio (Group) Change from Q1 2025 (parent bank) (MNOK) 12 SB1NO/SRBANK SR-Boligkreditt
Slide 13: Loans and financial commitments
Loans and financial commitments Change in gross loans and financial Impairments on loans and Changes in gross loans and commitments financial commitments financial commitments defined as Stage 3 13 SB1NO/SRBANK SR-Boligkreditt
Slide 14: Capital adequacy
Capital adequacy Solid capital ratio Capital ratios • The CET 1 capital ratio is 17.67% as of 31 March 2026 • The minimum requirement for the CET 1 capital ratio is 16.74% as of Tier 2 31 March 2026, including Pillar 2 guidance requirement of 1.00% 2.52% Tier 1 • The leverage ratio is 7.40% as of 31
Slide 15: Solid liquidity
Solid liquidity SB1 Sør-Norge € bn. Ticker: SRBANK € bn. Moodys: Aa3 & P-1 ~€ bn. S&P: A-1 y SR-Boligkreditt Ticker: SRBANK € bn. OMF (Covered Bonds) Moodys: Aaa ~€ bn. • LCR 158%, • NSFR 132% • NOK 37 billion net refinancing need over the next 12 months • Deposit to loan ratio 56.7% Annual funding
Slide 16: SR-Boligkreditt
1 SpareBank 1 Sør-Norge 2 SR-Boligkreditt 3 Norwegian economy 4 Sustainability and Green Bond framework 5 Appendix 16 SB1NO/SRBANK SR-Boligkreditt
Slide 17: Overview SR-Boligkreditt
FORTROLIG Overview SR-Boligkreditt • SR-Boligkreditt is a wholly owned subsidiary of SpareBank 1 Sør-Norge and a dedicated covered bond company. Its objective is to purchase mortgages and to finance these by issuing covered bonds (European Covered Bond Premium). • Loans are transferred to SR-Boligkr
Slide 18: Cover pool characteristics
FORTROLIG Cover pool characteristics Assets/status • 100 % mortgages on Norwegian private residential properties • 100 % performing loans Cover pool • NOK 134 bn: Residential mortgages 130.3 (97.2%), Substitute assets 3.7 bn (2.8%) Mortgages and rate • 61,745 loans at a weighted average interest rat
Slide 19: Eligibility criteria
FORTROLIG Eligibility criteria Type of properties • Primary residential property in Norway (including detached houses, terraced houses, apartments and cooperative housing units) • The mortgage property shall not be "buy-to- “ (mortgages to individuals owning more than 3 properties) Collateral • LTV-
Slide 20: Cover pool characteristics
FORTROLIG Cover pool characteristics Current LTV Loan performance 0% 0% 23,5 % 22,5 % 22,5 % Performing loans 17,3 % 12,9 % 100 % Delinquent loans (arrears 31 to 90 days) Gross non performing loans 1,2 % (arrears 90 days +) 0,1 % 0-40 % 40-50 % 50-60 % 60-70 % 70-80 % 80-100 % 100 % + Geography Prop
Slide 21: Norwegian Economy
1 SpareBank 1 Sør-Norge 2 SR-Boligkreditt 3 Norwegian Economy 4 Sustainability and Green Bond framework 5 Appendix 21 SB1NO/SRBANK SR-Boligkreditt
Slide 22: Key economic indicators
FORTROLIG Key economic indicators G y G G Sources: Statistics Norway and Norges Bank Norges Bank 26 March 2026 & Statistics Norway 17 March 2026. 22 SB1NO/SRBANK SR-Boligkreditt
Slide 23: Macro
Macro • Unemployment remains low • High wage growth, moderate going forward • Inflation declining, still above the target level • Stable house price growth and solid activity Unemployment rate Inflation and wage growth House prices y Source: Norges Bank and Statistisk Sentralbyrå (SSB) SB1NO/SRBANK
Slide 24: Macro in Southern Norway
Macro in Southern Norway SpareBank 1 Sør- ’ business Unemployment rate Number of bankruptcies survey Main index of 54 percent as of the 4 quarter of 2025 House price development Index change 12 month (%) Prices by city per square meter (EUR) CET 1 capital 2026 2026 y Sources: Eiendom Norge, Eiendoms
Slide 25: Market – Commercial real estate
Market – Commercial real estate Office vacancy Prime yield Rental prices Transaction volume (TNOK per sq.m) (NOK billion) Source: Entra, WPS, og EM1 Sør-Norge AS 25 SB1NO/SRBANK SR-Boligkreditt
Slide 26: Sustainability and Green Bond framework
1 SpareBank 1 Sør-Norge 2 SR-Boligkreditt 3 Norwegian economy 4 Sustainability and Green Bond framework 5 Appendix 26 SB1NO/SRBANK SR-Boligkreditt
Slide 27: Sustainable financing
Sustainable financing Target: Sustainable lending constitutes 25% of the group’ l Sustainable lending constitutes 20.6%** of total lending volume lending volume by the end of 2030* Target Total lending NOK 407 bill Retail market • Green residential buildings • Green car loans Corporate market • Lend
Slide 28: ESG ratings
ESG ratings • "Prime status" and rating C+ by ISS-ESG (September 2025) • Sustainalytics: ESG Risk Rating: "Low risk"; ESG Risk Score: 13.4 *Some of the above ratings relate to SpareBank 1 SR-Bank, as they have not yet been adjusted to cover SpareBank 1 Sør-Norge 28 SB1NO/SRBANK SR-Boligkreditt
Slide 29: Green Bond Framework Highlights
Green Bond Framework Highlights Use of Management Project Evaluation External Proceeds of Proceeds and Selection Reporting Review Green buildings, The Green Bonds Green Bond Sør-Norge intends ISS has issued a renewable energy, Second Party proceeds will be committee to make and keep Opinion on the S
Slide 30: Use of Proceeds overview
Use of Proceeds overview SR-Boligkreditt SpareBank 1 Sør-Norge Green Covered Bonds Green Senior Bonds Green buildings Green buildings Renewable Energy Clean Transportation • Loans to finance or refinance new or • Loans to finance or refinance new or • Loans, credit and investments to • Loans aiming
Slide 31: Allocation Report – Q1 2026
Allocation Report – Q1 2026 *EURNOK = 11.2024 as of 31/03/2026 31 SB1NO/SRBANK 31 SR-Boligkreditt
Slide 32: Appendix
1 SpareBank 1 Sør-Norge 2 SR-Boligkreditt 3 Norwegian economy 4 Sustainability and Green Bond framework 5 Appendix 32 SB1NO/SRBANK SR-Boligkreditt
Slide 33: Loan to value ratio and RWA on home mortgage loans
Loan to value ratio and RWA on home mortgage loans Loan to value ratio on home mortgage loans Risk weight home mortgages • The proforma figures for SpareBank 1 Sør-Norge show that • RWA on home mortgages reflects a solid portfolio with a 88.9% of the exposure is within 85% of the assessed value of m
Slide 34: Profile of the loan portfolio
Profile of the loan portfolio Loan portfolio distributed Loan portfolio distributed by risk class by size of loan • SpareBank 1 Sør-Norge has a solid loan portfolio. • The loan portfolio consists mainly of small and medium- Probability of sized loans. Default (PD) % Probability of default (PD) throu
Slide 35: Risk profile
Risk profile - Portfolio distributed by risk class Retail market Corporate market 14.6% 14.1% 15.2% 14.1% 15.0% 14.0% 13,8 % 14,4 % 14,8 % 43.1% 44.7% 46.5% • The quality of the retail market portfolio is considered to be very good • The quality of the corporate market portfolio is considered to be
Slide 36: Retail market
Retail market* Lending volume Deposit volume Margins *Including loans and deposits to employees Definition margins: Average customer rate including fees, compared with money market rates. Figures include transferred loans to credit institutions and commission received. 36 SB1NO/SRBANK SR-Boligkredit
Slide 37: Corporate market
Corporate market Lending volume Deposit volume Margins v 12 months lending growth adjusted for currency effects 0,7%. Definition margins: Average customer rate including fees, compared with money market rates. Figures include transferred loans to credit institutions and commission received. 37 SB1NO
Slide 38: Lending to commercial real estate
Lending to commercial real estate Commercial real estate portfolio 11.5% of total lending Commercial real estate for lease volum Low concentration risk 92% of volume has a PD under 2.5% Commercial real estate for lease Commercial real estate NOK Bill (NOK billion) for sale Well differentiated across
Slide 39: Net income on financial investments
Net income on financial investments Change from previous quarter (MNOK) Income from ownership interests • Reduction mainly driven by a weaker insurance and financial result in SB1 Gruppen AS Income from ownership interests Change from Q1 2025 (MNOK) Income from financial instruments • Positive value
Slide 40: Impairments on loans and financial commitments
Impairments on loans and financial commitments Impairments on loans and financial commitments in the Impairments on loans and financial income statement commitments in the income statement (MNOK) Impairments on loans and financial commitments in the balance sheet *Pro forma 40 SB1NO/SRBANK SR-Boligk
Slide 41: Impairment ratio
Impairment ratio *Data prior to 2024 relates to SpareBank 1 SR-Bank ASA 41 SB1NO/SRBANK SR-Boligkreditt
Slide 42: SpareBank 1 Sør-Norge ASA
SpareBank 1 Sør-Norge ASA Fully owned companies Partly owned companies BN Bank SB1 Markets EiendomsMegler 1 SpareBank 1 SR-Boligkreditt Sør-Norge Sør-Norge ForretningsPartner 42.5% 28.1% Real estate agency Accounting and advisory Covered Bond Funding EiendomsMegler 1 FinStart Nordic Kreditt- SpareBa
Slide 43: Significant synergies
Significant synergies Personnel synergies The Group is on track with the ongoing FTE reduction. The Group is on track in realisation of funding, operational and personnel synergies. The total planned reduction amounts to 150 FTEs. Total synergies are estimated at NOK 550 million annually by 2027. Et
Slide 44: Balance sheet
Balance sheet 44 SB1NO/SRBANK SR-Boligkreditt
Slide 45: SB1NO
SB1NO • International ownership Development in Price/Book Relative share price development is 17.7% per 210 1,6 1. quarter 2026 200 1,5 200 180 190 • Total market value at 1,4 Index 100 = mar 31st 2025 180 160 1,3 1. quarter 2026 is NOK 170 1,2 140 NOK p/B 160 120 79,0 billion 150 1,1 1,0 100 140 Pr
Slide 46: SB1NO
SB1NO • Number of shares issued 375.46 million • Trading volume in Q1 2026: 5.2% (4.9%) Figures in parentheses as of 31 March 2025. 46 SB1NO/SRBANK SR-Boligkreditt
Slide 47: 20 largest shareholders as at 31 March 2026
20 largest shareholders as at 31 March 2026 • Ownership interests: • International: 17.7% (16.7%) • 10 largest: 54.6% (54.3%) • 20 largest: 63.3% (62.6%) • Number of shareholders: 22.739 (23.696) • Employees owning 1.5% (1.5%) as at 31 March 2025 Figures in parentheses as of 31 March 2025. 47 SB1NO/
Slide 48: Disclaimer
Disclaimer This presentation contains forward looking statements that reflect ’ potential financial performance. Although SpareBank 1 Sør-Norge believes that the expectations reflected in such forward looking statements are reasonable, no assurance can be given that such expectations will prove to h
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