Abg Sundal Collier Holding Asa · OSL:ABG
Abg Sundal Collier Holding Asa — Heder Bank — Investor Presentation (May 2026)
56 slides from Abg Sundal Collier Holding Asa's investor presentation, May 7, 2026
Slide 1: Company Presentation
COMPANY PRESENTATION 7 MAY 2026 HEDER BANK — COMPANY PRESENTATION — 2026
Slide 2: Disclaimer and important information (I/II)
Disclaimer and important information (I/II) THIS DOCUMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES OF AMERICA, ITS TERRITORIES OR POSSESSIONS, JAPAN, AUSTRALIA, CANADA, OR TO ANY RESIDENT THEREOF, OR ANY JURISD
Slide 3: Disclaimer and important information (II/II)
Disclaimer and important information (II/II) The Company and its advisors hereby expressly disclaim any liability whatsoever towards investors in connection with this Company Presentation and the Subsequent Offering. The Company and its advisors make no undertaking, representation or warranty, expre
Slide 4: Table of contents
Table of contents Introduction Strategy Customers, product, market Regulatory matters Financial plan Governance Risk factors HEDER BANK — COMPANY PRESENTATION — 2026 4
Slide 5: Founding partners
Founding partners Gustav Gotteberg Klaus-Anders Nysteen Deputy CEO Chairman Gustav Gotteberg is a former Senior Partner at Boston Klaus-Anders Nysteen has experience as CEO of Kredinor, Consulting Group (BCG), where he led the Nordic Financial and Group CEO of Hoist Finance, Lindorff Group, Entra In
Slide 6: Heder Bank – Key investment highlights
Heder Bank – Key investment highlights 1 Attractive positioning with low risk and high returns 2 Clear market need supported by regulatory tailwinds 3 Fast track to profitability with the lowest cost New brand and digital frontrunner, offering solutions free 4 from technical debt 5 Competent and exp
Slide 7: Three stages of value creation in Heder Bank
Three stages of value creation in Heder Bank Startup Growth Sustainable profitability Transformation to Heder Bank Scaling to profitability Normalised growth, ROE and dividends 57 49 8.7% 39 16% 15% 10% 21 0.9% 3% 11 0.3% 0.2% 0.2% 1 0.4% 2025 2026 2027 2028 2029 2030 Cost to gross loans ROE Gross l
Slide 8: Heder Bank delivers on the objectives of all stakeholders
Heder Bank delivers on the objectives of all stakeholders Customers Regulatory Investors • Our customers have their • Low risk • Venture upside with personal finances in order • Compliance by design limited risk • High customer satisfaction Society Employees • We are the bank our • Enjoyable work en
Slide 9: Key milestones since strategic repositioning
Key milestones since strategic repositioning ✓1 The Mybank portfolio has been off-loaded ✓2 Regulatory risk is significantly reduced ✓3 Digitally leading, scalable platform with no technical debt ✓4 Competent and professional team in place ✓5 Private placement of NOK 220m in gross proceeds successfu
Slide 10: Table of contents
Table of contents Introduction Strategy Customers, product, market Regulatory matters Financial plan Governance Risk factors HEDER BANK — COMPANY PRESENTATION — 2026 10
Slide 11: Strategy and Financial targets 2030
Strategy Financial targets 2030 Digital mortgage monoliner – without cross-selling NOK 50-80bn loans (~2% market share) Brand and customer experience creates loyalty 20% Cost / Income Rapid growth in a segment characterised by low risk and high 15-20% ROE profitability Scalable platform with complia
Slide 12: Heder Bank takes ownership of its own category
Heder Bank takes ownership of its own category Low • The market exceeds NOK 4,000bn and is growing faster than GDP • The interest margin has remained stable at around 2% over time • Competitors operate with a significantly higher cost base Costs • Competition is relatively low • Clearly communicat
Slide 13: Heder Bank is delivering on the needs most important for customers
Heder Bank is delivering on the needs that are most important for the customers Comparison of the bank's customer satisfaction in given categories Most important for the customers Importance for the customers Least important for the customers 1 2 3 4 5 6 7 Low transaction Illustrative Digital soluti
Slide 14: Strong return on equity with low-risk exposure
Strong return on equity with low-risk exposure, enabled by scalable cost structures and capital efficiency Lending margin in line with the market Significantly lower costs than competitors Strong return on equity Lending margin 5.0% Costs to gross loans 2.00% 15.9% 4.0% 15.1% 1.50% 3.0% 9.8% 1.00% 2
Slide 15: We are establishing new partnerships
We are establishing new partnerships ✓ BBL Bank Private Banking Access to Vestbo’s Members receive tailored Residential mortgage Entry-level product: Everyday bank for clients members products production deposit account Deposit generation and Distribution of mortgages Operating account for Heder Ban
Slide 16: Favourable market funding over time
Favourable market funding over time. NIBOR is typically closer to deposit rates than lending rates within the interest rate corridor Historical interest margin relative to NIBOR Calculated interest margin1 over time for a pure mortgage bank 3.5 9% 3.0 8% 7% 2.5 6% 2.0 5% 1.5 4% 1.0 3% 0.5 2% 0.0 1%
Slide 17: Conservative assumptions relative to historical margin levels
Conservative assumptions relative to historical margin levels Lending margin Deposit margin NIM Heder Bank Market historical 2.00% 3.00% 3.00% 1.50% 2.00% AVG: 1.34% 2.00% AVG: 1.93% AVG: 1.00% 2030 1.00% 0.75% 2026 1.00% 2030 2030 0.50% 0.00% 2026 2026 0.00% -1.00% 0.00% 2013 2015 2017 2019 2021 20
Slide 18: Sbanken and Bulder have demonstrated growth targets are realistic
Sbanken and Bulder have demonstrated that the growth targets are realistic Loans outstanding Heder Bank's growth ambitions towards 56bn in gross loans compared with Bulder and Sbanken, NOKm CAGR 120,000 14% 100,000 44% 80,000 60,000 40,000 20,000 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2
Slide 19: Net interest margin and capital availability are prerequisites for profitability
Satisfactory net interest margin and capital availability for growth are the prerequisites for strong profitability 1 Growth is achievable and proven by previous market entries 2 Net interest margin will be comparable to competitors once scale and product reach is established 3 Heder Bank will be an
Slide 20: Table of contents
Table of contents Introduction Strategy Customers, product, market Regulatory matters Financial plan Governance Risk factors HEDER BANK — COMPANY PRESENTATION — 2026 20
Slide 21: Proven Product Market Fit
Proven Product Market Fit We have succeeded in the market with our product, communication and brand In record time we have been able to establish a strong brand and launched products which the market have shown to lack. This has resulted in tangible actions from the customers Achieved solely using o
Slide 22: Our core story
Our core story. The starting point for all our communication Our core story Less than 30% of employees in Norwegian companies uses the company’s values in their daily work. And 73% experience low to none cohesion between externally communicated values and managements actions. That’s why we have repl
Slide 23: Go to market strategy
Go to market strategy Go to market strategy has until now been built on PR, our own channels and direct through digital channels So far, we have not paid for advertising. This have been a conscious strategy to build know how regarding what works and not. Therefore, we have built the needed prerequis
Slide 24: Heder Bank focuses on mortgages and deposits
Heder Bank focuses on mortgages and deposits Current products Future products • Credit lines (HELOC)/ home equity credit • Interest rate steps <40%→75% • Holiday / secondary housing • Amortising mortgages <55% Private • Everyday banking • Flexible savings accounts • Cards • Savings accounts with bin
Slide 25: Customer insight regarding loans
Customer insight regarding loans: All loans are at or under 55% LTV, with weighted average at 41% LTV Share of total loans Average loan size Weighted average LTV Average area score 0% to 19% 4% NOK 1.1m 14% 18.3 20% to 29% 6% NOK 3.3m 26% 18.6 30% to 39% 14% NOK 3.9m 35% 18.5 40% to 49% 47% NOK 5.3m
Slide 26: Customer insight regarding deposits
Customer insight regarding deposits: Heder Bank has developed a brand which creates trust Conversion rate on application process for savings accounts Heder Bank has developed a swift onboarding process +19pp 56% ✓ Speed ~37% ✓ Simple onboarding and KYC ✓ Compliance by design ✓ Click through ✓ Rule-b
Slide 27: Customer feedback has been overwhelmingly positive
Customer feedback have been overwhelmingly positive “This bank is going to go far. Great People! I’m looking forward to the launch of your “ Very satisfied! I have been looking for a bank “ Impressed by how simple and seamless the setup was – exactly how modern banking everyday bank. Then I’ll switc
Slide 28: Satisfied customer reviews enabled by a solid tech-foundation
Satisfied customer reviews enabled by a solid tech-foundation Digital platform devoid of legacy technology Simplified architecture and dashboard examples • New technology stack built on top of Netcompany/SDC and Azure • Integrated towards shared segment infrastructure • Streamlined interface built w
Slide 29: Functionality daily banking services – Overview and status
Functionality daily banking services – Overview and status of Heder Bank Customer Accounts Payments Cards Admin / CS Onboarding Savings account (flex) Transfers between accounts Physical debit cards Log in on behalf of customer Logged-in pages Saving account fixed term Payments out of the bank Virtu
Slide 30: Table of contents
Table of contents Introduction Strategy Customers, product, market Regulatory matters Financial plan Governance Risk factors HEDER BANK — COMPANY PRESENTATION — 2026 30
Slide 31: Regulatory tailwinds
Regulatory tailwinds ✓ New mortgage lending regulation effective from Mortgage RW standard vs IRB-banks - new regulations 1 January 2025 50% ✓ CRR3 effective from 1 April 40% The savings banks committee has proposed to ? end the “customer dividend” (interest rebate) 30% RW ✓ Implementation of the EU
Slide 32: Pillar 2 - Comparison
Pilar 2 - Comparison Pillar 2 capital requirement Pillar 2 capital requirement FSA expectations to capital Company Concept (%) (% of CET1) requirements margins Individual banks DNB Bank ASA 1.70 0.96 1.00 Sbanken Eika Gruppen AS 2.30 1.29 1.00 Penni Fana Sparebank 2.10 1.18 1.00 Himla Sparebanken No
Slide 33: Table of contents
Table of contents Introduction Strategy Customers, product, market Regulatory matters Financial plan Governance Risk factors HEDER BANK — COMPANY PRESENTATION — 2026 33
Slide 34: Financial plan: 16% ROE and NOK 57bn in loans in 2030
Financial plan: 16% ROE and NOK 57bn in loans in 2030 NOKm 600 556.4 30% 15.1% 15.9% 9.8% 411.6 10% 400 3.2% 243.1 -10% -14.4% 200 120.4 -30% 19.9 35.0 -42.7% 0 -50% 2025 2026 2027 2028 2029 2030 NII ROE NOKm 60,000 56,524 2.50% 48,506 2.0% 2.00% 38,621 40,000 1.50% 21,391 1.1% 1.00% 10,883 1.0% 20,
Slide 35: The transformation from MyBank to Heder Bank
The transformation from MyBank to Heder Bank Gross loans NOKm MyBank Heder Bank 1,325 1,247 1,211 1,184 1,216 2017 … 2024 2024 2025 1,092 1,050 947 911 887 849 • Original strategy; Consumer 748 771 • New strategy credit • New brand • Revised strategi; Refinancing loans • New equity • 2022-2024: Enha
Slide 36: The number of risk factors has been significantly reduced
The number of risk factors have been significantly reduced from 2024 Area Risk factors 2024 Current Compliance Ownership limitations New capital requirements (CRR3) is not implemented Regulatory risk from 2025 AML FSA dialog about capital requirements Lower than expected growth Marked risk loans Mar
Slide 37: Significant scaling advantages compared to traditional banks
Significant scaling advantages compared to traditional banks Operational expenses / gross loans Cost / income ratio 100.0% 4.0% 3.5% 80.0% Digital solutions results in 3.0% immediate economics of scale 2.5% 60.0% In 2028/29 our cost to income Already in 2027, our costs ratio is at a competitive leve
Slide 38: Our loan portfolio will stabilise with a good mix and higher margins
Our loan portfolio will stabilise with a good mix and higher margins Loan volumes split by segments Average margins on loans1 NOKm 1.80% 60,000 1.60% 50,000 1.40% 1.20% 40,000 1.00% 30,000 0.80% 0.60% 20,000 0.40% 0.20% 10,000 0.00% 2025 2026 2027 2028 2029 2030 0 Mortgage loans Credit lines (HELOC)
Slide 39: Strong growth in deposits/current accounts
Strong growth in deposits/ current accounts within the period Fundingmix towards 2030 Average margin for funding1 NOKm 70,000 1.20% 1.00% 60,000 0.80% 50,000 0.60% 40,000 0.40% 0.20% 30,000 0.00% 20,000 -0.20% 10,000 -0.40% -0.60% 0 2025 2026 2027 2028 2029 2030 2025 2026 2027 2028 2029 2030 Deposit
Slide 40: Financial plan
Financial plan Year 2025 2026 2027 2028 2029 2030 P&L Income1 20 35 120 243 412 556 Operational expenses -86 -97 -92 -100 -103 -107 Loan losses, guarantees and other commitments -33 0 -1 -1 -1 -1 Profit before tax -98 -63 28 141 308 449 Net profit -98 -63 28 141 274 337 Balance Gross loans 1,251 10,
Slide 41: P&L in bps until 2030
P&L in bps until 2030 Year 2025 2026 2027 2028 2029 2030 P&L Income 1.89% 0.58% 0.75% 0.81% 0.94% 1.06% Operational expenses -8.13% -1.61% -0.57% -0.33% -0.24% -0.20% Loan losses, guarantees and other commitments -3.09% -0.01% 0.00% 0.00% 0.00% 0.00% Profit before tax -9.33% -1.04% 0.17% 0.47% 0.71%
Slide 42: Heder Bank becomes increasingly profitable as scale is achieved
Heder Bank becomes increasingly profitable as scale is achieved Growth Profitable operations Scaling towards profitability Normalised growth, ROE and dividends NOKm Equity 2,500 Strong dividend- Strong profitability capacity 2,000 combined with growth 1,500 Break even 2027 1,000 500 0 2026 2027 2028
Slide 43: Indicative capital plan
Indicative capital plan Equity 550 400 400 0 0 2026 2027 2028 2029 2030 AT1 & T2 175 50 100 85 65 50 125 50 0 50 50 60 40 25 25 2026 2027 2028 2029 2030 AT1 T2 Source: Company information HEDER BANK — COMPANY PRESENTATION — 2026 43
Slide 44: Risk matrix
Risk matrix High Important risk factors: A A Future equity raises F C B Growth and market development C Profitability and margins Consequence I B D Regulatory (suitability/capital requirements) E Technology and integrations D G E H F Reputation G Operations H Stock exchange listing Low I Organisatio
Slide 45: Building investor comfort for long-term margins
Building investor comfort for long-term margins is Heder Bank’s key to success NII and NIM C/I-Ratio Net income 600 3% 500% 400 556 450% 431% 350 337 500 2.03% 2% 400% 300 274 412 350% 250 400 200 2% 300% 278% 150 141 300 250% 1.06% 243 0.95% 100 1% 200% 0.80% 50 28 200 0.71% 150% 0 120 0.69% 1% 100
Slide 46: Concluding remarks
Concluding remarks Highlights Financial targets 2030 Gross outstanding loans of NOK 50-80bn (~2% market 1 Highly attractive position with low risk and strong returns ✓ share) 2 Clear market demand and regulatory tailwinds ✓ 20% Cost / Income 3 Near term profitability with the market leading cost bas
Slide 47: Table of contents
Table of contents Introduction Strategy Customers, product, market Regulatory matters Financial plan Governance Risk factors HEDER BANK — COMPANY PRESENTATION — 2026 47
Slide 48: An experienced management group
An experienced management group Anette Willumsen Gustav Gotteberg Birte Thorsnes Øygard Malin Nesse CEO Deputy CEO Legal / HR Complaince Marius Hauken Christian Braathen 120 years of Cathrine Redisch Kvamme Product User experience / CTO Branding and marketing combined relevant experience from bankin
Slide 49: And equally seasoned Board of Directors
And equally seasoned Board of Directors Klaus-Anders Nysteen Izabella Kibsgaard-Petersen Espen Selvikvåg Berge Eivind Dragesund Rørvik Chair of the board 160 years of combined industry and board experience Georg Pal Jørgen Pedersen Maria Borch Helsengreen Cathrine Klouman Source: Company information
Slide 50: Table of contents
Table of contents Introduction Strategy Customers, product, market Regulatory matters Financial plan Governance Risk factors HEDER BANK — COMPANY PRESENTATION — 2026 50
Slide 51: Risk factors (I/V)
Risk factors (I/V) 1.1 Risk relating to the business of the Company and the industry in which it operates 1.1.1 Fluctuations and/or adverse development in economic conditions and markets may adversely affect the Company's business and results of operations The Company's business and financial perfor
Slide 52: Risk factors (II/V)
Risk factors (II/V) 1.1.6 Cyber-crime may have a material adverse effect on the Company's business, results of operations, financial position and/or prospects Due to its reliance on digital solutions and interfaces, the Company is exposed to the risk of cyber-crime in the form of, for example, Troja
Slide 53: Risk factors (III/V)
Risk factors (III/V) 1.2 Financial risk 1.2.1 The Company's business is significantly affected by credit risk The Company is subject to credit risk (the risk that the Company's borrowers and other counterparties are unable to fulfil their payment obligations). Adverse changes in the credit quality o
Slide 54: Risk factors (IV/V)
Risk factors (IV/V) 1.3 Risk relating to laws and regulations 1.3.1 The Company is subject to extensive regulation that is subject to change The Company's business is subject to ongoing regulatory and associated risks. The Company is subject to financial services laws and regulations (including, but
Slide 55: Risk factors (V/V)
Risk factors (V/V) 1.3.4 The Company is subject to Norwegian provisions on ownership control Pursuant to the Norwegian Act No. 17 on Financial Undertakings and Financial Groups of 10 April 2015 ("FUA"), acquisition of qualifying holdings in a financial institution is subject to prior approval by the
Slide 56: Thank you!
THANK YOU! HEDER BANK — COMPANY PRESENTATION — 2026