Dnb Bank Asa · OSL:DNB
Dnb Bank Asa — Debt Investor Presentation (October 2026)
92 slides from Dnb Bank Asa's debt investor presentation, Oct 5, 2026
Slide 1: Debt Investor Presentation
Debt Investor Presentation 5 October 2026
Slide 2: Contents
Contents ▪ DNB – A brief overview ▪ The Norwegian economy ▪ Financial targets, performance and capital ▪ Loan book and asset quality ▪ ESG and sustainability ▪ Funding ▪ Appendices: ▪ Green bond framework ▪ Cover pool portfolio information and LCR eligibility ▪ Luminor, ESG and digitalisation 2
Slide 3: DNB – A brief overview
DNB — A brief overview DNB 3
Slide 4: H1 2026 Highlights
H1 2026 Highlights ▪ Resilient and solid earnings ▪ Pre-tax operating profit before impairment NOK 26 686 mill ▪ Impairments NOK -982 mill ▪ Profit for the period NOK 19 681 mill ▪ Solid profitability with ROE of 14.3% ▪ CET1 ratio: 17.4% ▪ CET1 capital expectation: ~16.4% (including Pillar 2 Guidan
Slide 5: DNB – Norway's leading financial services group
DNB – Norway’s leading financial services group ▪ ~25% market share in Norway ▪ 34% owned by the Norwegian Government ▪ Credit Ratings: ▪ Moody’s: Aa2 (stable outlook) ▪ S&P: AA- (stable outlook) ▪ ESG Ratings: ▪ Sustainalytics: 17.0 (Low Risk) Mgt. Score: 65.6 (Strong) ▪ ISS ESG Corporate Rating: C
Slide 6: 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 7: The Norwegian economy
The Norwegian economy DNe 7
Slide 8: Norwegian economy continues to demonstrate resilience
Norwegian economy continues to demonstrate resilience ▪ Mainland GDP growth expected to come in around 1.5% in coming years ▪ Unemployment expected to remain low and stable throughout forecast period ▪ Expected real wage growth supporting both consumption and savings growth Mainland real GDP growth
Slide 9: Key policy rate and inflation
Key policy rate and inflation ▪ Inflation (headline and core) for 2025 was 3.1%, well above Norges Bank’s target of 2.0% ▪ Inflation holding up YTD 2026 with average headline inflation of ~3.2% and average core inflation of ~3.1% ▪ Key policy rate raised to 4.5% in September 2026. The central bank’s
Slide 10: Norwegian economy well equipped to handle potential headwinds
Norwegian economy well equipped to handle potential headwinds ▪ Norway has a net wealth above 4x GDP -> will be utilised in an economic downturn ▪ Only ~9% of Norwegian mainland export goes to the U.S., lower than other Nordic countries, 56% goes to the EU ▪ Including oil and gas exports only ~4% of
Slide 11: Financial targets, performance and capital
Financial targets, performance and capital 11
Slide 12: Financial targets 2025 – 2027
Financial targets 2025 – 20271) Key performance indicator Cost/income ratio <40% Capital level CET1 capital ratio2 >16.4% Dividend policy Payout ratio >50% Ambition to increase the nominal dividend per share YoY 1) Launched on DNB’s Capital Markets day 24 November 2024. ROE target changed from 13% t
Slide 13: 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 14: DNB earnings in the context of peers
DNB earnings in the context of peers DNB’s profitability v.s. selected peers Balance sheet size per 30 June 2026 (EUR bn eqv) Pre-tax operating profit after impairments (EUR bn eqv) 7.2 7.0 712 6.5 669 6.3 4.7 4.8 3.7 349 343 3.3 3.0 3.1 3.1 2.2 2.3 1.9 1.5 1.4 SHB DNB Nordea Rabobank 2020 2024 2025
Slide 15: Portfolio rebalancing has resulted in reduced exposure towards cyclical industries
Portfolio rebalancing has resulted in reduced exposure towards cyclical industries Reduced exposure towards cyclical industries Impairment provisions 2011 - 2025 USD billion Per cent 21 20 8 0.28 6 0.19 0.05 2012 Q2 2026 2014 Q2 2026 Shipping Oil, gas and offshore Impairment in % of net loans 5-year
Slide 16: Robust and well-diversified portfolio – 99.4% in stage 1 and 2
Robust and well-diversified portfolio – 99.4% in stage 1 and 2 Net loans and financial commitments Stage 3 net loans and financial commitments Stage 1-2-3 NOK billion Per cent 1.25 1.17 3094 0.97 0.91 0.85 0.84 0.81 0.70 0.59 0.60 NOK billion 23.9 22.9 21.2 19.2 19.5 153 19 Stage 1 Stage 2 Stage 3 3
Slide 17: Impairment – Continued low impairment levels
Impairment – Continued low impairment levels Impairment of financial instruments per segment, NOK million H1 2026 2025 2024 2023 2022 2021 2020 Write-down ratio (%) 0.09 0.12 0.06 0.13 (0.01) (0.05) 0.60 Personal customers (84) (218) (345) (276) (413) (75) (65) Commercial real estate (152) (190) (25
Slide 18: Commissions and fees – strong performance
Commissions and fees – strong performance ▪ Carnegie was included in DNB’s consolidated figures from and including March 2025 ▪ Ambition: >9% annual growth through the cycles (lifted from 4-5% on the CMD 2024) NOK million 16,399 Real estate broking 1,169 12,466 Investment banking 5,400 services 11,1
Slide 19: Continued strong income from DNB Carnegie and Wealth management
Continued strong income from DNB Carnegie and Wealth management ▪ Total DNB Carnegie income up 5.3 per cent from Q2 25 – strong customer revenue more than weighed up for weaker risk mgt. revenues ▪ Total Wealth Management income up 10.1 per cent from Q2 25 – strong contribution from both asset manag
Slide 20: Key financial ratios
Key financial ratios H1 2026 2025 2024 2023 2022 2021 2020 Return on equity (%) 14.3 15.9 17.5 15.9 14.7 10.7 8.4 Cost income (%) 39.5 38.0 35.2 35.0 39.0 43.0 41.5 Net interest margin (%) 1.72 1.84 1.90 1.84 1.54 1.38 1.45 Write-down ratio (%) 0.09 0.12 0.06 0.13 (0.01) (0.05) 0.60 Common equity ti
Slide 21: 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 22: 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 23: 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 24: 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 25: 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 26: 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 53 50 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 27: 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 28: 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 29: Loan book and asset quality
Loan book and asset quality 29
Slide 30: Loan book
Loan book EAD by segments as of 30 June 2026 Commercial Bank, insurance and real estate Shipping portfolio management 10% 2% Oil, gas and 5% offshore 3% Reducing exposure in cyclical industries Power and USD billion renewables 21 4% 20 Healthcare Personal 2% customers* 48% Public sector 1% Fishing,
Slide 31: Mortgage lending in DNB is based on cash flow
Mortgage lending in DNB is based on cash flow Willingness to repay the loan 1. Credit history Capability of repaying the loan All new mortgages are stress tested for increased interest rates: • Until 2023: 5%-points stress test 2. • From 2023: 3%-points stress test, with a stress test floor of 7% 3
Slide 32: House prices in Norway
House prices in Norway ▪ House prices have increased by 4.2% YTD, after a 5% increase in 2025. Last 3 years house prices are up by 12.5% ▪ House prices are supported by continued low unemployment and strong wage settlements: ~5% wage increase for 2025 ▪ DNB Carnegie expects wage growth above 4% for
Slide 33: Norwegian lending regulation
Norwegian lending regulation - Regulation applicable from 1 January 2025 ▪ Total debt max 5x gross income ▪ Max 90% LTV ▪ Debt servicing capacity ‒ 3% interest rate increase (stress test floor of 7%) ▪ Amortisation requirement above 60% LTV ‒ 2.5% of approved loan or principal payment as for 30 year
Slide 34: A very robust residential loan portfolio
A very robust residential loan portfolio Loan-to-Value (LTV) Per cent of residential mortgage book, 30 June 2026 40% 23% 22% 15% 2% 0-40 40-60 60-75 75-90 >90 Includes mortgages in DNB Bank and DNB Boligkreditt 34
Slide 35: A robust cover pool
A robust cover pool - Max 80% LTV limit to enter the cover pool, in accordance with the Covered Bond Directive 100% 83% 79% 80% 57% 62% 60% 51% 52% High OC 40% 37% 20% 0% 2020 2021 2022 2023 2024 2025 Q2 2026 70% LTV below 55% 60% 53% 52% 54% 53% 52% 52% 51% (Weighted average) 50% 40% 2020 2021 2022
Slide 36: Interest only and non-performing loans in the cover pool
Interest only and non-performing loans in the cover pool Per cent 100 80 60 40 22.4 23.0 21.0 21.3 23.2 22.5 22.2 22.5 20 0 2019 2020 2021 2022 2023 2024 2025 Q2 2026 Interest Only Balance (%) 0.4% Non-Performing loans in DNB Boligkreditt 90+ days in arrears 0.3% 0.2% 10 bps 0.1% 0.0% 2008 2009 2010
Slide 37: Commercial Real Estate (CRE) – 10.2% of total customer EAD
Commercial Real Estate (CRE) – 10.2% of total customer EAD Total loan portfolio1) – EAD NOK 2,594 billion CRE portfolio – EAD NOK 265 billion Per cent, as of 30 June 2026 Per cent of DNB’s total EAD, as of 30 June 2026 Retail Stores Other 0.9 % 1.8 % Hotels 1.5 % 10.2% Warehouses/logistics 1.3 % 0.5
Slide 38: Commercial Real Estate portfolio – Risk distribution
Commercial Real Estate portfolio – Risk distribution Net loans and financial commitments Stage 1-2-3 NOK billion, net of accumulated impairment provisions 279 283 25 19 3 3 Stage 1 Stage 2 Stage 3 31.12.2023 31.12.2024 31.12.2025 30.06.2026 EAD distribution by probability of default (PD) NOK billion
Slide 39: Oil-related portfolio – 3.1% of total customer EAD
Oil-related portfolio – 3.1% of total customer EAD Total loan portfolio1) – EAD NOK 2,594 billion Oil-related portfolio – EAD NOK 81 billion Per cent, as of 30 June 2026 Per cent of DNB’s total EAD, as of 30 June 2026 1.9% Oil & Gas 2) 0.4% Oilfield 3.1% services 0.8% Offshore 3) EAD distribution by
Slide 40: Shipping portfolio – 2.1% of total customer EAD
Shipping portfolio – 2.1% of total customer EAD Total loan portfolio1) – EAD NOK 2,594 billion Shipping portfolio2) – EAD NOK 55 billion Per cent, as of 30 June 2026 Per cent of DNB’s total EAD, as of 30 June 2026 Other shipping Crude oil tankers 0.5% 0.7% 2.1% Gas 0.3% 0.3% 0.3% 0.04% Dry bulk Chem
Slide 41: ESG and Sustainability
ESG and Sustainability Ratings: ▪ Sustainalytics: 17.0 (Low Risk) Mgt. Score: 65.6 (Strong) ▪ ISS ESG Corporate Rating: C+ (Prime) ▪ MSCI ESG Ratings: AAA ▪ CDP: A- (Leadership) 41
Slide 42: DNB will be a driving force for sustainable transition
DNB will be a driving force for sustainable transition Net zero emissions in By 2030 mobilise 2050 NOK 1500 bn from our financing and investment activities and own to the sustainable transition through lending and operations facilitation Transition plan outlining DNB’s science-based Increase total a
Slide 43: Transition plan launched in October 2023 – 2030 targets for lending
Transition plan1) launched in October 2023 – 2030 targets2) for lending Segment 2030 interim targets Emission scope Home mortgages -47% kgCO2e/m²/year 1 and 2 Housing cooperatives -50% kgCO2e/m²/year 1 and 2 Commercial real estate -29% kgCO2e/m²/year 1 and 2 Shipping -36% g CO2/tonne nautical mile 1
Slide 44: Selected sector specific targets for DNB's lending portfolio
Selected sector specific targets for DNB’s lending portfolio Mortgages Upstream oil and gas 3.69 (emissions intensity) 1 (committed lending amounts in per cent) 4 0.9 100% kg CO2e/m2/year 3 0.8 76% NOKm 3.03 0.7 82% 2 2.39 1.95 0.6 1 0.5 58% 0 0.4 CRREM CO2 Norway trajectory Target value DNB histori
Slide 45: Attainment financing target and EU taxonomy reporting
Attainment financing target and EU taxonomy reporting Finance and facilitate NOK 1,500 bn for sustainable activities by 2030 Transition loans Green guarantees 1,500 Sustainability-linked 1,033 1 loans 22 104 1,000 Green loans 13 17 Renewables and other 19 500 sustainable activities Clean transportat
Slide 46: DNB sustainability – Online resources
DNB sustainability – Online resources ▪ CSR and sustainability at DNB ▪ DNB's Sustainability reports ▪ DNB Group - Annual report 2025 ▪ DNB’s Transition Plan ▪ DNB Green Finance Framework 46
Slide 47: Funding
Funding DNB 47
Slide 48: DNB funding structure
DNB funding structure ▪ Well diversified deposit base ▪ ~70% of deposits in NOK ▪ ~80% of personal customer deposits are placed in saving accounts ▪ Solid headroom to LCR / NSFR requirements Net stable funding ratio and Ratio of deposits to net loans Average life of long-term funding liquidity cover
Slide 49: Issuance of long-term debt and outstanding volumes
Issuance of long-term debt and outstanding volumes Volumes issued Outstanding volumes per Q2 20262) YTD 2026 2025 2024 Volume EUR bn Tenor EUR bn Tenor EUR bn Tenor EUR bn Covered Bond 4.0 5.3 5.7 4.8 6.3 4.9 Covered Bonds ~28.9 Senior Preferred1) 2.0 4.4 1.9 3.9 1.9 5.0 Senior Preferred ~9.0 Senior
Slide 50: A well established international Covered bond issuer
A well established international Covered bond issuer Volume Tenor Maturity EUR 1 500 mn 7 years 2027 – Oct EUR 1 000 mn 7 years 2028 – May EUR 1 250 mn 5 years 2028 – Nov EUR 1 250 mn 5 years 2029 – Mar EUR 1 500 mn 4.5 years 2029 - Sep EUR 1 500 mn 5 years 2030 – Jan EUR 1 000 mn 5 years 2030 – Jun
Slide 51: DNB Senior Preferred benchmark bonds
DNB Senior Preferred benchmark bonds Volume Tenor Call Date Maturity USD 1 150 mn 6NC5 2029 – Nov 2030 - Nov USD 350 mn FRN 6NC5 2029 – Nov 2030 - Nov EUR 1 000 mn (Green) 6NC5 2027 – Jan 2028 – Jan EUR 1 000 mn (Green) 6NC5 2028 – Mar 2029 – Mar EUR 650 mn FRN 4NC3 2028 – Aug 2029 – Aug EUR 750 mn
Slide 52: 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 53: 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 54: 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 55: DNB green bond framework
DNB green bond framework ▪ Structured in line with the Green Bond Principles and ~61% aligned with the EU Taxonomy ▪ Can be used for issuing Tier 2, Senior Preferred, Senior Non-Preferred and Covered Bonds ▪ Second Party Opinion and EU Taxonomy Assessment provided by Sustainalytics ▪ Impact Assessme
Slide 56: DNB green bonds 1/2
DNB green bonds 1/2 Type Volume Tenor Call date Maturity Covered SEK 7 150 mn 3 years 2027 – Jan FXD and FRN Covered SEK 5 750 mn 5 years 2029 – Jan Covered SEK 11 400 mn 5 years 2029 – Sep FXD and FRN Covered SEK 8 500 mn 5 years 2030 – Aug FXD and FRN Covered EUR 1 500 mn 10 years 2031 – Jan Cover
Slide 57: DNB green bonds 2/2
DNB green bonds 2/2 Type Volume Tenor Call date Maturity Senior Preferred EUR 750 mn 5NC4 2030 – Jun 2031 – Jun Senior Preferred EUR 750 mn 6NC5 2031 – Jan 2032 – Jan Senior Preferred NOK 1 000 mn 6NC5 2031 – Jun 2032 – Jun Senior Non-Preferred CHF 140 mn 5NC4 2027 – Jun 2028 - Jun Senior Non-Prefer
Slide 58: 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 59: 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 60: Appendix A: Green bond framework
Appendix A: Green bond framework 60
Slide 61: Summary
Summary DNB’s Green Finance Framework – Issuance of green covered-, senior- and tier 2 bonds Proceeds will be used to finance green residential buildings, renewable energy and clean transportation Structured in line with the ICMA Green Bond Principles and partially aligned with the EU Taxonomy Secon
Slide 62: Use of proceeds - overview
Use of proceeds - overview DNB Boligkreditt AS DNB Bank ASA Green Residential Green Residential Renewable Energy Clean Transportation Buildings Buildings New or existing New or existing ▪ Solar power projects ▪ Zero Carbon Vehicles residential buildings in residential buildings in Norway: Norway: ▪
Slide 63: Green Residential Buildings
Green Residential Buildings ~NOK 130 bn eligible green assets ▪ Identification of the most energy efficient (low carbon) buildings: ▪ Residential buildings completed in the period from 2012 to 2020 (complying with TEK10 & TEK17 building codes)1) ▪ Residential buildings completed in 2021 or later com
Slide 64: Renewable Energy
Renewable Energy ~NOK 35 bn eligible green assets ▪ Solar power ~NOK 11 bn ▪ Photovoltaic and concentrated solar power energy projects ▪ Wind power ~NOK 11 bn ▪ Onshore and offshore wind energy projects ▪ Hydro power ~NOK 3 bn One of the following requirements are met: ▪ the facility is a run of riv
Slide 65: Clean Transportation
Clean Transportation ~NOK 59 bn eligible green assets ▪ Zero carbon vehicles ▪ Fully electric, hydrogen or otherwise zero direct (tailpipe) emissions vehicles for the transportation of passengers or freight ▪ Zero carbon transportation infrastructure ▪ Infrastructure related to zero direct (tailpipe
Slide 66: Second party opinion
Second party opinion ▪ “Sustainalytics is confident that DNB is well positioned to issue green bonds and loans and that the DNB Bank ASA Green Finance Framework is robust, transparent and in alignment with the four core components of the Green Bond Principles 2021 and Green Loan Principles 2023” ▪ “
Slide 67: EU taxonomy assessment
EU taxonomy assessment Performed by Alignment % ~61% aligned (NOK ~138bn / NOK ~224bn total portfolio) Eligible Green Renewable Energy Green Residential Buildings Clean Transportation Asset Category (Wind, Solar & Hydropower) EEA + UK Rest of World Geography Norway Norway, Sweden, Denmark 22% of Ren
Slide 68: Management of proceeds
Management of proceeds Eligible green Green bonds asset portfolio (fully allocated at issuance) ▪ The proceeds of the green finance instruments issued will be managed in a portfolio approach ▪ DNB will strive, over time, to achieve a level of allocation for the Eligible Green Loan Portfolio which ma
Slide 69: Allocation
Allocation Portfolio date: 31 December 20251) Green Loan Portfolio: Green Buildings NOK ~130 bn Renewable Energy2) NOK ~35 bn Clean Transportation NOK ~59 bn Total eligible green loan portfolio NOK ~224 bn Total outstanding Green Bonds NOK ~195 bn Percentage of Eligible Green Loan Portfolio allocate
Slide 70: Impact – Avoided CO2 emissions
Impact – Avoided CO2 emissions Portfolio date: 31 December 20251) Eligible portfolio Total annual avoided emissions Eligible Project Category (approx. NOK m) in tons of CO2 /year Green Buildings 114 773 8 2601) Renewable Energy 30 833 1 289 3922) Clean Transportation 57 467 153 4501) Total 203 073 1
Slide 71: Reporting – Allocation
Reporting – Allocation Eligible Green Loan Portfolio (portfolio date 31 December 2025) Outstanding Green Bonds per asset class (as of September 2026) 1) Amount (approx. NOKm) Instrument Amount (approx. NOKm) Green Buildings DNB 106 302 Covered Bonds 59 618 Boligkreditt Green Buildings DNB Bank ASA 2
Slide 72: Reporting – Impact
Reporting – Impact Portfolio date: 31 December 20251) Share of Share of Direct Indirect Eligible Total Total Eligible Total Total Eligibilit emissions emissions Eligible Green Eligibility Estimated installed annual Eligible Green Green Green y for avoided vs avoided vs portfoli Covered for Green red
Slide 73: Appendix B: Cover pool portfolio information, LCR and ECB eligibility
Appendix B: Cover pool portfolio information, LCR and ECB eligibility 73
Slide 74: DNB's Covered bond programme
DNB’s Covered bond programme ▪ DNB’s Covered Bond Programme is now a European Covered Bond (Premium) Programme in accordance with the Covered Bond Directive ▪ DNB has implemented the common Harmonised Transparency Template of the European Covered Bond Council which is available on the DNB website an
Slide 75: DNB Boligkreditt Covered bonds – cover pool data
DNB Boligkreditt Covered bonds – cover pool data Rating (Moody’s/S&P) Aaa/AAA Cover pool size (NOK million) 748,975 Outstanding Covered bonds, NOK million 492,262 No. of mortgages in the cover pool 349,023 Cover pool data Average loan balance (NOK thousands) 2,121 Regulatory overcollateralisation re
Slide 76: Well diversified residential mortgage book within Norway
Well diversified residential mortgage book within Norway DNB Boligkreditt cover pool as of 30 June 2026 Eastern Norway: 68% Western Norway: 15% Northern Norway: 9% Southern Norway: 3% Mid-Norway: 5% 76
Slide 77: Portfolio characteristics
Portfolio characteristics Key Characteristics Overcollateralisation Total cover pool, nominal balance* (mill.) 748,975 Cover pool size: Number of mortgages 349,023 Residential mortgages, loan balance (mill.) 740,222 Number of borrowers 304,013 Substitute assets 8,753 Average loan balance (thousands)
Slide 78: Portfolio characteristics cont.
Portfolio characteristics cont. Loan Size Concentration Risk Private individuals Loan balance (mill.) Number of loans % ≤ 1,000,000 52,964 116,434 10 largest exposures 0.3 % > 1,000,000 ≤ 2,000,000 128,592 85,669 10 largest exposures excl. housing cooperatives 0.1 % > 2,000,000 ≤ 3,000,000 161,985 6
Slide 79: Portfolio characteristics cont.
Portfolio characteristics cont. Seasoning Non Performing % Non performing loans 0.10% Up to 12months 18.0 % ≥ 12 - ≤ 24 months 13.6 % Arrears ≥ 24 - ≤ 36 months 9.6 % ≥ 30 - < 60 days 0.14% ≥ 36 - ≤ 60 months 16.8 % ≥ 60 - < 90 days 0.03% ≥ 60 months 42.0 % ≥ 90 - < 180 days 0.04% Total 100.0 % ≥ 18
Slide 80: Cover pool sensitivity analysis and overcollateralisation history
Cover pool sensitivity analysis and overcollateralisation history Stresstest - House price decline House price decline Current 10% 20% 30% Total cover pool balance (nominal, NOK mill.) 748.965 748.965 748.965 748.965 WA indexed LTV (%) 51.0% 56.6% 63.7% 72.8% Eligible cover pool balance (nominal, NO
Slide 81: Covered bonds qualify for Level 1-assets pursuant to LCR (1/2)
Covered bonds issued by DNB Bolikreditt AS qualify for Level 1-assets pursuant to LCR regulation (slide 1 of 2) Covered bonds issued by DNB Boligkreditt AS fulfil the requirements to qualify as Level 1-assets pursuant to Commission Delegated Regulation (EU) 2015/61 regarding liquidity coverage requi
Slide 82: Covered bonds qualify for Level 1-assets pursuant to LCR (2/2)
Covered bonds issued by DNB Bolikreditt AS qualify for Level 1-assets pursuant to LCR regulation (slide 2 of 2) With reference to Article 10(1)(f) of the LCR-regulation, DNB Boligkreditt AS confirms the following (cont.): ▪ Covered bonds issued by DNB Boligkreditt AS are assigned a credit assessment
Slide 83: ECB eligibility and CRR compliance of covered bonds
ECB eligibility and CRR compliance of covered bonds issued by DNB Boligkreditt AS ▪ All covered bonds issued by DNB Boligkreditt AS are premium covered bonds and fulfil the eligibility criteria for marketable assets set by the Eurosystem and are thus eligible for Eurosystem monetary policy operation
Slide 84: Appendix C: Luminor, ESG and Digitalisation
Appendix C: Luminor, ESG and Digitalisation 84
Slide 85: Divestment of DNB's shareholding in Luminor
Divestment of DNB’s shareholding in Luminor ▪ On 20 July 2026, DNB announced it would divest its 19.95% shareholding of Luminor Holding AS to OTP Bank Plc. ▪ Luminor is currently accounted for through the equity method in DNB’s financial statements. DNB will classify its investment in Luminor as hel
Slide 86: ESG in the credit process
ESG in the credit process ▪ ESG is part of the risk assessment for all corporate loans: ▪ EAD>NOK 50 million: Sector-specific ESG risk assessment models for material sectors, including SMEs ▪ EAD between NOK 50 and 8 million: Comments on ESG risk factors must be included in all credit proposals ▪ EA
Slide 87: Diversity and inclusion
Diversity and inclusion ▪ Established internal goal in 2015 of 40% female representation on management levels 1-4 ▪ Q2 2026: 37% share of women at management levels 1-4 ▪ Q2 2026: 50% and 42% proportion of women on the Board of Directors and in the Group Management, respectively ▪ Using purchase pow
Slide 88: ESG ratings
ESG ratings • ‘DNB corporate governance practices lead most global peers’ • Corporate Governance: ‘DNB Bank ASA falls into the highest scoring range for all the companies we assess relative to global peers, indicating that the company’s corporate governance practices are generally well aligned with
Slide 89: DNB is monetising on a strong digital platform
DNB is monetising on a strong digital platform Leading position on digital channels in the Norwegian Transformed branch network market Mobile bank Number of branch offices ▪ ~30% of Norwegians above 17 actively 220 using the DNB banking apps ▪ 71% of all transfers in personal banking are executed in
Slide 90: Disclaimer (1/3)
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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
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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