Sparebank 1 Ostlandet · OSL:SPOL
Sparebank 1 Ostlandet — Q2 2026 Earnings Presentation
42 slides from Sparebank 1 Ostlandet's earnings presentation, Aug 13, 2026
Slide 1: Quarterly presentation Q2 2026
Quarterly presentation 2026 Q2
Slide 2: Clear Measures to Strengthen The Group's Position
Clear Measures to Strengthen The Group’s Position Q1 Q2 Organisational change at management levels 2 New Group executive The merger with EM1 to 4 completed, and the management announced in Helge Leiro Baastad elected Telemark was completed in new organisation is February and start of the as new Chai
Slide 3: Together for Our Customers
Together for Our Customers When crisis strikes
Slide 4: AI in Customer Service Saves 10,000 Working Hours
AI in Customer Service Saves 10,000 Working Hours • Transcription and AI-summaries give advisors more time to spend with customers • Simplifies and streamlines everyday work • AI is now embedded in the Group’s core operations
Slide 5: Sharpening Focus on Core Operations
Sharpening Focus on Core Operations – Sale of a 55% stake in Forretningspartner The transaction provides Forretningspartner with stronger opportunities for growth and further development Strengthens the bank’s focus on its core business, improves capital efficiency and supports higher returns Contin
Slide 6: Strong growth in mutual fund savings
Strong growth in mutual fund savings • Attractive product offering and strong distribution network 42,6 % SpareBank 1 Forvaltning Alliance company with a dynamic • Strong growth in AUM strengthens the foundation for SB1NO ownership stake ownership model future earnings and customer loyalty Net subsc
Slide 7: 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 nemp o ed t bour o ice e rowth In tion I ouse prices Source: Norges
Slide 8: SpareBank 1 Sør-Norge's Business survey
SpareBank 1 Sør-Norge’s Business survey • Businesses continue to expect growth and increased net hiring • Lower investment activity and moderated profitability • Geopolitical uncertainty and rising energy prices affect sectors differently 53 48 53 56 53 50 53
Slide 9: Operational efficiency
Operational efficiency Merger synergy target: NOK 550 million Personnel synergies Operational synergies Funding synergies • The Group is on track with the • Cost efficiency • SR-Boligkreditt planned FTE reduction of 100 in relation to the merger • Product harmonisation • Senior debt • Re e se o ddit
Slide 10: 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 r
Slide 11: SpareBank 1 Sør-Norge
SpareBank 1 Sør-Norge Lending volume in NOK billion % CAGR *Pro forma 11
Slide 12: A quarter marked by strong lending growth and solid cost control
A quarter marked by strong lending growth and solid cost control Result 30 June 2026 Result 2. quarter 2026 12.7 % 2.6 % 17.51 % 12.3 % 13.2% excl. goodwill from merger 13.6% excl. goodwill from merger Return in equity after tax Quarterly lending growth Retail market Corporate market 2.5 % 3.3 % CET
Slide 13: Solid quarterly result
Solid quarterly result Return on equity Earnings per share 13
Slide 14: Net interest income
Net interest income Change from previous quarter (MNOK) Net interest margin 14
Slide 15: Group
Group Lending volume Deposit volume Margins o ume in bi ion months rowth o ume in bi ion months rowth endin m r in eposit m r in ombined Definition margins: Average customer rate including fees, compared with money market rates. Figures include transferred loans to credit institutions and commission
Slide 16: 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. 16
Slide 17: Corporate market
Corporate market Lending volume Deposit volume Margins v 12 months lending growth adjusted for currency effects 4.4 %. Definition margins: Average customer rate including fees, compared with money market rates. Figures include transferred loans to credit institutions and commission received. 17
Slide 18: Net commission and other income
Net commission and other income Change from previous quarter (MNOK) Revenue growth driven by high activity Strong performance in Eiendoms- Megler 1 • A clear ambition to become the market leader in Southern Norway Change from Q2 2025 (MNOK) 18
Slide 19: Net income on financial investments
Net income on financial investments Change from previous quarter (MNOK) Solid results from ownership interests Income from ownership interests Change from Q2 2025 (MNOK) Income from financial instruments • Minor value change on derivatives during the quarter 19
Slide 20: 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 21: Operating expenses
Operating expenses Change from previous quarter (parent bank) (MNOK) Effective cost management The Group is ahead of Plan with the FTE reduction ersonne IT r etin Adm ther e penses e penses e penses Cost to income ratio (Group) Change from Q2 2025 (parent bank) (MNOK) er er ersonne IT Adm ther e pen
Slide 22: 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 oss pro isions s sh re o ross commitments in t e o ns nd in nci commitments in t e 22
Slide 23: Capital adequacy
Capital adequacy Solid capital ratio Capital ratios • The CET 1 capital ratio is 17.51% as of 30 June 2026 • The minimum requirement for the CET 1 capital ratio is 16.74% as of 30 June 2026, including Pillar 2 guidance requirement of 1.00% Tier 2 2.38% • The leverage ratio is 7.24% as of 30 June 202
Slide 24: Solid liquidity
Solid liquidity SB1 Sør-Norge Ticker: SRBANK E T € bn. 162% E € bn. Moodys: Aa3 & P-1 Annu issu nce ~ € bn. S&P: A-1 Liquidity coverage ratio SR-Boligkreditt E T € bn. OMF (Covered Bonds) Ticker: SRBANK Moodys: Aaa Annu issu nce ~ € bn. 128% Net stable funding ratio Annual funding maturity • Average
Slide 25: A profitable and efficient financial group
A profitable and efficient financial group Industry-leading return on 1 equity target of 14 % 2 Cost-efficient operations Disciplined and profitable risk 3 management 4 Optimal capital strategy 5 Modern relationship banking
Slide 26: APPENDIX
APPENDIX 1) Loan portfolio 2) Risk 3) SB1NO 26
Slide 27: Well-diversified lending portfolio
Well-diversified lending portfolio • Gross loans increased to NOK 435 billion from NOK 413 billion year over year • 12 months lending growth is 5.3% • Low offshore, oil and gas exposure • Commercial real estate – low concentration risk and good credit quality un un Loans before impairments, nominal
Slide 28: 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 28
Slide 29: Lending to commercial real estate
Lending to commercial real estate Commercial real estate portfolio 11.6% 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 30: APPENDIX
APPENDIX 1) Loan portfolio 2) Risk 3) SB1NO 30
Slide 31: 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 91.3% of the exposure is within 85% of the assessed value of m
Slide 32: 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 33: 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 34: 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 orpor te m r et Ret i m r et *Pro fo
Slide 35: APPENDIX
APPENDIX 1) Loan portfolio 2) Risk 3) Other 35
Slide 36: 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 FinStart Nordic Kreditt- SpareBank 1 banken ASA F
Slide 37: Balance sheet
Balance sheet 37 Bal e sheet (MNOK) 30.06.2025 Cash and balances with central banks 819 Balances with credit institutions 26,363 Loans to customers 417168 386,104 Certificates and bonds 77,809 73,891 Financial derivatives 6,319 5,638 Shares, ownership stakes and other securities 1,856 2,475 Investme
Slide 38: SB1NO
SB1NO • Total market value at Development in Price/Book Relative share price development 2. quarter 2026 is NOK 71,9 billion 240 1,6 200 230 1,5 180 220 1,4 Index 100 = jun 30th 2025 210 160 1,3 200 140 1,2 NOK p/B 190 120 1,1 180 100 170 1,0 Price 0,9 80 OSEBX 160 P/B 0,8 60 SB1NO 150 140 0,7 40 Ju
Slide 39: SB1NO
SB1NO • Number of shares issued 371.70 million • Trading volume in Q2 2026: 3.1% (4.8%) Figures in parentheses as of 30 June 2025. 39
Slide 40: 20 largest shareholders as at 30 June 2026
20 largest shareholders as at 30 June 2026 • Ownership interests: • International: 17.7% (16.1%) • 10 largest: 55.1% (55.1%) • 20 largest: 63.7% (63.2%) • Number of shareholders: 23.127 (24.023) • Employees owning 1.6% (1.5%) as at 30 June 2026 Figures in parentheses as of 30 June 2025. 40
Slide 41: Disclaimer
Disclaimer This presentation contains forward looking statements that reflect m n ement’s current iews with respect to cert in uture e ents nd potential financial performance. Although SpareBank 1 Sør-Norge believes that the expectations reflected in such forward looking statements are reasonable, n
Slide 42: Contact Details
Contact Details Management Christen Tranes Gate 35 Tel: +47 915 02002 Inge Reinertsen Postboks 250 www.sb1sornorge.no CEO 4068 Stavanger +47 909 95 033 inge.reinertsen@sb1sornorge.no Eirik Børve Monsen CFO +47 916 39 831 eirik.monsen@sb1sornorge.no Investor Relations Morten Forgaard Investor Relatio
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