Al Sydbank A/s · OMXCOP:ALSYDB
Al Sydbank A/s — Sydbank — Merger or Acquisition (October 2025)
30 slides from Al Sydbank A/s's merger presentation, Oct 27, 2025
Slide 1: Deeply Rooted, Strong Future
27 October 2025 M een | Sydbank, Arbeigernes Tatsbantc & Vestjysk Bank Deeply Rooted, Strong Future Sydbank
Slide 2: Introduction to the merger
Introduction to the merger + Sydbank A/S ("SB’), Arbejdernes Landsbank A/S ("AL") and Vestjysk Bank A/S ("VB"), who separately represent "Denmark's Commercial Bank’, Danes’ preferred private customer bank’ and "Denmark's strongest local bank”, merge and create the fourth largest Danish bank to remai
Slide 3: Contents
Contents The Future Bank The Transaction The Synergies Timeline and Summary
Slide 4: Deeply Rooted, Strong Future
The Future Bank Deeply Rooted, Strong Future Well-run and efficient bank operations on a stronger platform The Danes’ preferred commercial and private customer bank through presence, relationships, competences and social responsibility Platform Value proposition Strengthened position Larger platform
Slide 5: A merger with compelling reasoning
The Future Bank A merger with compelling reasoning Focus on efficient operations and a prudent cost discipline The rationale for the future bank The future bank in numbers (pro forma basis) Financial objectives 5 * The future bank combines Sydbank’s label as "Denmark's Commercial Bank”, Arbejdernes
Slide 6: A common set of values...
A common set of values... .. built on unique and complementary market positions Sydbank Leite ‘WestiyskBANK Denmark's Commercial Bank The Dane's preferred private customer bank Denmark's strongest local bank Best commercial bank in Denmark!2 The Dane's favourite bank for 16 years straight! Acknowled
Slide 7: Solid and capable credit intermediation
Solid and capable credit intermediation DKK 375bn of intermediation across lending and mortgages Sydbank Lead ‘WestiyskBANK Intermediation per 30 June 2025 Intermediation per 30 June 2025 Intermediation per 30 June 2025 Total intermediation of DKK 191bn Total intermediation of DKK 102bn Total interm
Slide 8: Introduction to Sydbank
The Future Bank Introduction to Sydbank Denmark’s Commercial Bank Ownership (23 October 2025) Sydbank in brief Sydbank in figures! 9 aa Bank lending, DKKbn Established in 1970 5th largest bank in with headquarters in Denmark Aabenraa 44.2% Costs (core earnings) as % of total income 14.6 Tangible equ
Slide 9: Introduction to Arbejdernes Landsbank
The Future Bank Introduction to Arbejdernes Landsbank The Dane’s preferred private customer bank Arbejdernes Landsbank in brief Arbejdernes Landsbank in figures! Ownership (23 October 2025) 9 52.8 11.9 wa - . Minority shareholders . hes 33% Bank lending, Tangible equity, T%e 3F DKKbn? DKKbn23 raghev
Slide 10: Introduction to Vestjysk Bank
The Future Bank Introduction to Vestjysk Bank Denmark's strongest local bank Vestjysk Bank in brief Vestjysk Bank in figures! Ownership (23 October 2025) 9 Established in 1874 with headquarters in Herning é Strong local and regional position in Jutland 10 27 October 2025 Kgs 10* largest bank in Denm
Slide 11: The new bank in the Danish market
The Future Bank The new bank in the Danish market AL Sydbank secures autonomy and a position amongst the largest banks Largest banks! by lending before consolidation ‘25 H1, DKKbn Largest banks! by lending after consolidation ‘25 H1, DKKbn * Multiple years of active consolidation in the Danish bank
Slide 12: Leading profitability in the market
The Future Bank Leading profitability in the market One of Denmark’s most efficient and profitable banks Danish SIFI banks with substantial bank lending and their return on tangible equity after consolidation’, DKKbn + Industry collaborations and partnerships, such as data platforms and distribution
Slide 13: Leading experience and identity
The Future Bank Leading experience and identity Operating on the background of the leading banks in the country The board! The executive management The future bank’s identity / OX 1} Aabenraa ZA Sydbank \ J \ / i Headquarters Logo Ellen Trane Norby Mark Luscombe Frank Mortensen Jom Adam Maller Chair
Slide 14: Denmark's strongest branch network
The Future Bank Denmark's strongest branch network The future bank has a complementary network of branches The future bank's branch network The future bank in numbers (pro forma) Q Sydbank branch . @ Arbejdernes Landsbank branch Q Vestiysk Bank branch Greater} CCopentagen Complementary network of br
Slide 15: The shareholders of the future bank
The Future Bank The shareholders of the future bank Expansion of the group of shareholders, supporting core values The shareholder base of the future bank Pro forma ownership * The current large shareholders in Arbejdernes Landsbank will SS stiyskK BANK constitute 39% of the shareholder base of the
Slide 16: A strong financial player
The Future Bank A strong financial player Attractive synergies improving earnings per share by ~23% Pro forma presentation of the future bank Financial items (DKKbn) and contributions Sydbank E ©) Net interest and fee income 58% . 72 124 124 2 PI Costs 51% (3.3) (3.5) (68) (5.6) g z Profit before ta
Slide 17: A responsible capitalisation
The Future Bank A responsible capitalisation Focus on attractive capitalisation for customers and shareholders Financial objectives Pro forma capital position for the future bank RoTE 9 9 Return on tangible equity! on >15.0% 16.7% 05% 17.2% 715.0% CET1 CET1 ratio objective in the level of 15.0%, whi
Slide 18: Contents
Contents The Future Bank The Transaction The Synergies Timeline and Summary
Slide 19: The Transaction
The Transaction Transaction structure AL and VjB will be merged into Sydbank Illustration of the transaction structure Background for the transaction structure * The merger is completed with a share issuance in Sydbank, which is received by the shareholders in Arbejdernes Landsbank and the minority
Slide 20: The Transaction: Assessment of rationale
The Transaction Assessment of rationale The merger is attractive for all parties Sydbank Why is the merger attractive for SB shareholders? VL Arbejdernes Landsbank Why is the merger attractive for AL shareholders? ‘WestiyskBANK Why is the merger attractive for VjB shareholders? + 57% ownership in th
Slide 21: Contents
Contents The Future Bank The Transaction The Synergies Timeline and Summary
Slide 22: The Synergies
The Synergies Significant annual synergies Operational cost synergies of ~DKK 1,200m before tax Sources for the run rate synergies, DkKm Commentary Total annual synergies before tax in the level of DKK 1,200m, which is expected to be phased in over a period of C3] ta] 24 months, which is the expecte
Slide 23: The Synergies: Attractive capital synergies
The Synergies Attractive capital synergies A positive REA effect of DKK 12-18bn as a result of IRB models Capital synergies (based on H1 2025 figures), DKKbn Commentary @ The effect from the application of IRB models for the 67.6 132.7 (1) future bank will release a substantial amount of capital Twe
Slide 24: Phase in of annual synergies
The Synergies Phase in of annual synergies The annual synergies are expected to be realised after two years Incorporation of synergies, DKKm Commentary 24 f 25% J 2026 27 October 2025 i Annual synergies, 2027 © Annual synergies phased in 100% 1,200 1,000 ; 2028 + Integration is expected to take arou
Slide 25: Limited integration costs
The Synergies Limited integration costs DKK 1,500-2,500m as a conservative cost level Merger costs, DKKm Commentary + The transaction is expected to entail merger costs in the tange of DKK 1,500-2,500m + Change of data central to a common platform for the future bank is expected to be the largest on
Slide 26: Contents
Contents The Future Bank The Transaction The Synergies Timeline and Summary
Slide 27: Timeline and Summary
Timeline and Summary Completion of merger expected in 2025 Overall timeline for the transaction 2-4 December 2025 December 2025 Extraordinary general Expected completion of the merger and meeting for the merging share issuance in Sydbank, as well as parties first day of trading for the new shares 27
Slide 28: Summary of the merger
Timeline and Summary Summary of the merger + Securing a strengthened future position through the merger of Denmark's Commercial Bank, the Danes’ preferred bank and Denmark's strongest local bank Rationale + AL Sydbank will achieve a market leading return on equity and deliver a double-digit EPS accr
Slide 29: Consolidated financials
Timeline and Summary Consolidated financials AL Sydbank will become a leading bank in the Danish market Financial objectives Pro forma financials as of 2025 H1 and 2025 H1 (LTM) Highlights? DKKbn Sydbank Pro forma Income statement 2025 H1 (LTM) Net interest income 31 39 71 Net fee and commission inc
Slide 30: Forward-looking statements
Forward-looking statements This presentation contains statements concerning expectations of future developments, including future income as well as expected business events. Such statements are by their nature uncertain and associated with risks as many factors - of which some may be beyond Sydbank’