Sparebanken Norge · OSL:SBNOR
Sparebanken Norge — Debt Investor Presentation (March 2026)
58 slides from Sparebanken Norge's debt investor presentation, March 2026
Slide 1: Sparebanken Norge & Sparebanken Norge Boligkreditt
Sparebanken Norge & Sparebanken Norge Boligkreditt 1
Slide 2: The name Sparebanken Norge reflects our national ambitions
The name “Sparebanken Norge” reflects our national ambitions Tromsø • We are the second largest Norwegian bank and the largest savings bank in Norway. Mo i Rana • Not part of any complex alliance. • Cost-efficient operations provide an attractive competitive position in the Norwegian market. • We ai
Slide 3: A retail savings bank with low complexity
A retail savings bank with low complexity 100%-owned covered bond company Retail market Corporate market 70% of gross lending 30% of gross lending Includes Bulder Bank Diversified portfolio Share of ownership: 100 % Estate agency Strong cooperation with the bank Mainly general insurance Leasing and
Slide 4: Sparebanken Norge at a glance
Sparebanken Norge at a glance • May 2nd 2025 Sparebanken Vest and Sparebanken Sør merged and formed Sparebanken Norge. • Norway’s largest savings bank, second largest Norwegian Bank, and third largest bank in Norway. • 200+ year history. Established in 1823 and listed on the Oslo Stock Exchange sinc
Slide 5: Norway's largest savings bank
Norway's largest savings bank 487 418 259 239 163 Sparebanken Norge Sparebank 1 Sør-Norge Sparebank 1 SMN Sparebank 1 Østlandet Sparebank 1 Nord-Norge Gross loans (bn. NOK) as of Q4 2025 5
Slide 6: The targets reflect the ambition to build a strong national savings bank
The targets reflect the ambition to build a strong national savings bank ~ 133 ~ 620 ~ 487 ~620bn. Goal: total lending by Q4 2028 (ca. EUR 55 billion) Loan portfolio Q4 2025 Organic growth Loan balance Q4 2028 6
Slide 7: Strong lending growth & increasing market share
Strong lending growth & increasing market share Retail customers1, 2 Corporate customers1 10,9 % 10,5 % 10,3 % 9,5 % 9,3 % 10,4 % 10,1 % 10,4 % 9,0 % 9,2 % 9,6 % 8,6 % 8,3 % 7,9 % 8,2 % 7,5 % 7,1 % 7,4 % 335 341 325 144 146 312 317 142 300 306 139 286 292 134 135 133 130 126 Q4 23 Q1 24 Q2 24 Q3 24
Slide 8: Strong growth increases net interest income
Strong growth increases net interest income Nominal net interest (NOK million) 1) 3000 2900 2800 2800 2749 2768 2700 2671 2679 2609 2604 2600 2536 2501 2500 2400 2300 2200 2100 2000 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 1) Pro forma 8
Slide 9: A conservative lending portfolio dominated by retail customers
A conservative lending portfolio dominated by retail customers - The closest investment to a pure-play retail savings bank in Norway Residential mortgages account for c.70% of the loan book and more than Increased geographical diversification reduces concentration risk 99% of the retail customer por
Slide 10: Corporate portfolio (incl. Brage Finans) - Breakdown
Corporate portfolio (incl. Brage Finans) - Breakdown Agriculture and forestry Hotel and restaurant 2,9 % Offshore 2,1 % 0,9 % Energy and small-scale hydropower 3,1 % Land- based transport 3,5 % Retail trade 4,2 % Aquaculture/fish farming 5,0 % Property 39,7 % 341 bn NOK 146 bn NOK Retail customers C
Slide 11: Breakdown of the Property and Shipping & Offshore portfolio
Breakdown of the Property and Shipping & Offshore portfolio Property (c. 39.7% of the corporate portfolio) Offshore and Shipping (c. 6.7% of the corporate portfolio) Industrial Large Tankers 1,7 % Other Hotels 2,9 % LPG 1,6 % 4,4 % Product tankers 2,3 % Warehouses 3,8 % 4,4 % Offshore Dry bulk wind/
Slide 12: Consistently low losses
Consistently low losses 180 0,16% 0,12% 160 0,11% 140 0,07% 0,07% 0,06% 0,07% 0,06% 120 0,05% 0,05% 0,05% 0,06% 0,03% 100 80 0,01% 80 19 13 18 60 28 20 -0,04% 17 18 22 40 56 60 61 -0,09% 50 52 16 46 43 20 39 32 19 0 -0,14% Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25* Q3 25 Q4 25** Parent bank an
Slide 13: Low payment arrears among retail customers
Low payment arrears among retail customers Strong collateral coverage, solid house price growth, and limited use of interest-only loans in the mortgage portfolio contribute to reduced credit risk Mortgage loan delinquencies (90 days) remain below 0.1% Loan portfolio distribution by loan-to-value (LT
Slide 14: Strong growth in net commission income
Strong growth in net commission income Solid growth in broker commissions and insurance income, as well as the acquisition of Borea Asset Management Net commission income 1) 556 27 478 447 452 33 133 397 36 410 22 384 361 26 51 41 38 113 148 190 66 307 45 30 169 127 26 137 40 36 95 31 91 37 158 39 2
Slide 15: Strong growth in deposits within the retail customer segment
Strong growth in deposits within the retail customer segment Retail customers1, 2 Corporate customers1 12,2 % 12,3 % 11,6 % 11,8 % 11,2 % 11,0 % 12,0 % 160 150 15,0 % 9,9 % 9,6 % 9,9 % 140 10,0 % 130 127 127 127 6,0 % 6,7 % 5,1 % 119 7,0 % 3,0 % 3,1 % 3,0 % 5,0 % 115 113 116 120 1,1 % 1,4 % 1,2 % 11
Slide 16: Total deposits at NOK 225,6 bn. per Q4 25
Total deposits at NOK 225,6 bn. per Q4 25, of which more than 60 % were covered by the Norwegian deposit guarantee scheme (DGS) c. 90 % of retail deposits are covered by DGS* Corporate deposits – well diversified between sectors Power and water Hotel and restaurants supply 1% 3% Commerce Corporate -
Slide 17: Cost ratio of 29.6 % in 2025 (excl. merger costs)
Cost ratio of 29.6 % in 2025 (excl. merger costs) Underlying cost ratio is approx. 3.8 % including investments in new market areas 139 4264 130 84 194 3657 60 Operating costs Consolidation Merger costs Increased amortization Increased in costs in Other cost increase Operating costs 2024* Frende of i
Slide 18: Maturity profile (as of March 9th 2026)
Maturity profile (as of March 9th 2026) -including Brage Finans MATURITY PROFILE COVERED BONDS & SENIOR (NOK BN) 49,3 50 45 40,4 40 37,0 35 30 26,9 25 24,0 20 15,7 15 13,9 10,8 10 8,1 8,4 6,1 5,4 4,3 5,0 5,6 5 4,1 1,7 2,1 2,2 0,5 0,8 0,3 0,7 0,3 0 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 --
Slide 19: A strong margin above regulatory requirements
A strong margin above regulatory requirements The CET1 requirement will increase by 1 percentage point from 31 March 2027, when the bank becomes systemically important Common Equity Tier 1 (CET1) ratio¹ 18,4 % 18,1 % 17,9 % 17,7 % 17,5 % Capital adequacy target 15,9 % Requirement 14,9 % Q4 2024 Q1 2
Slide 20: 20
20
Slide 21: NOK 14.7 billion in loan growth for Bulder in 2025
NOK 14.7 billion in loan growth for Bulder in 2025 75.8 bn. 44 % 63 % Volume mortgages Average LTV Knowledge of the concept 144 500 26.8 % 11 % Marginal ROE* in 2025 Total numbers of customers Deposits coverage ratio (target in 2027: >15 %) Numbers as of January 29, 2026. Awareness figures from Kant
Slide 22: All financial targets for 2025 have been achieved
All financial targets for 2025 have been achieved Target Actual* Return on equity (ROE) after tax > 13,0 % 15,5 % Adjusted for merger effects (ROTE) > 15,0 % 16,9 % Dividend payout ratio Approx. 50 % 73 % Common Equity Tier 1 ratio > 15,9 % 17,5 % (CET1 ratio) Cost-income ratio < 30 % 29,6 % (exclud
Slide 23: Ambitious expectations for 2026-2028
Ambitious expectations for 2026-2028 Retail Market (ex. Bulder) Corporate Market 6–8% 8 – 10 % annual loan growth incl. geographic expansion annual loan growth incl. geographic expansion Bulder Brage Finans 100 bn. > 12 % home mortgage volume by year-end 2028 annual growth 23
Slide 24: Financial targets 2026-2028
Financial targets 2026-2028 Return on equity (ROE) Return on equity adjusted for merger effects (ROTE 1) > 13,0 % > 15,0 % (among the top three best savings banks) (among the top two best savings banks) < 30 % > 15,9 % 2 ~ 50 % Cost/income CET1 capital ratio Distribution of (excluding merger costs)
Slide 25: Sparebanken Norge Boligkreditt
Sparebanken Norge Boligkreditt SNOBNO 25
Slide 26: Brief information about Sparebanken Norge Boligkreditt
Brief information about Sparebanken Norge Boligkreditt Overview • Wholly owned subsidiary of Sparebanken Norge – and a dedicated covered bond company • Credit facility provided by Sparebanken Norge • Loans transferred to Boligkreditt as true sale on a non-recourse basis • Cover pool 100 % prime Norw
Slide 27: Eligibility criteria for the cover pool
Eligibility criteria for the cover pool Criteria Cover pool Statistics ▪ Employed retail clients and independent self-employed individuals ▪ Conservative loan portfolio ▪ Resident in Norway ▪ Non-performing Loans: 0,27 % Customer ▪ No negative credit history ▪ Weighted Average LTV – indexed: c. 52,8
Slide 28: Cover pool information
Billions 0 50 100 150 200 250 des. 25 feb. 26 apr. 26 jun. 26 aug. 26 okt. 26 des. 26 feb. 27 apr. 27 jun. 27 aug. 27 okt. 27 des. 27 Covered Bonds feb. 28 apr. 28 jun. 28 Cover pool information aug. 28 okt. 28 Amortisation – Covered Bonds and Cover Pool des. 28 feb. 29 apr. 29 jun. 29 aug. 29 Plann
Slide 29: Outstanding Covered Bonds
Outstanding Covered Bonds Key take-aways • NOK, SEK and EUR • Frequent issuer • >200bn in NOK eq. outstanding • Green and conventional covered bonds EUR NOK ISIN Issued (mn) Currency Issue Date Maturity Green ISIN Issued (mn) Currency Issue Date Maturity Green XS2069304033 500 EUR 24.10.2019 26.10.2
Slide 30: Green Bonds
Hf isseeranen Green Bonds
Slide 31: Green Bonds
Green Bonds Key Takeaways • New Green Bond Framework as of December 2025 - Second Party Opinion – Green Bond Framework Assigned SQS2 Sustainability Quality Score (Very good) by Moody’s - The framework is aligned with the four core components of the International Capital Market Association's (ICMA) G
Slide 32: External Review
External Review SPO • The framework is aligned with the four core components of the International Capital Market Association's (ICMA) Green Bond Principles (GBP) 2025, and incorporates all best practices identified by Moody's Ratings. • The framework demonstrates a significant contribution to sustai
Slide 33: Use of Proceeds – Green Buildings and Renewable Energy
Use of Proceeds – Use of Proceeds – Green Buildings Renewable Energy Eligibility Criteria Eligibility Criteria 1. Residential buildings in Norway Loans, credit and investments to finance/refinance new or existing Hydropower in • Buildings built ≥2021 : NZEB-10% Norway (boreal regions) that meet one
Slide 34: Process for Project Evaluation and Selection
Process for Project Evaluation and Selection Green Bond Committee Screening Eligibility • A dedicated Green Bond Committee has been • All customers must comply with the laws and • Projects financed and/or refinanced through the established consisting of the Head of agreements that apply in Norway an
Slide 35: Management of Proceeds
Management of Proceeds • The Green Bonds proceeds will be managed by Sparebanken Norge in a portfolio approach. Portfolio of Eligible Green • Sparebanken Norge intends to allocate the proceeds from the Green Bonds to a portfolio of loans that meet the use of proceeds eligibility Loans criteria and i
Slide 36: Reporting
Reporting • Sparebanken Norge intends to make and keep readily available green bond reporting after a year from issuance, to be renewed annually until maturity of any outstanding green bonds. • The bank intends to show the allocation and impact of the green bond proceeds to the Eligible Green Loan P
Slide 37: EU Taxonomy: TSC, DNSH & MS
EU Taxonomy: TSC, DNSH & MS • Two out of three economic activities across two eligible categories align with the EU taxonomy criteria • Overall, 18 out of 23 EU Taxonomy criteria were met Green Buildings Renewable Energy EU Economic Activity 7.2 Renovation of existing 7.7 Acquisition and ownership 4
Slide 38: 10 Reasons to invest in Sparebanken Norge
10 Reasons to invest in Sparebanken Norge 1. Norway's largest savings bank: ca. EUR 50 billion in total assets (Rated: Aa3 senior / AAATPI:4 covered) 2. Simple structure: Covered Bond company 100%-owned by parent - NOT part of a complex bank alliance 3. Low-Cost Leader: <30% cost-income ratio - Norw
Slide 39: The Norwegian Macro Economy
The Norwegian Macro Economy 39 39
Slide 40: Norway: Inflation still well above the long term target
Norway: Inflation still well above the long term target of 2 percent 40
Slide 41: Norway: Unemployment rate at a low level
Norway: Unemployment rate at a low level 41
Slide 42: Norway: Moderate growth in Mainland-GDP
Norway: Moderate growth in Mainland-GDP 42
Slide 43: Norway: Real Estate Prices and Credit Growth
Norway: Real Estate Prices and Credit Growth 43
Slide 44: Norway: Trade balance surplus remains elevated
Norway: Trade balance surplus remains elevated Exports of energy and seafood 44
Slide 45: Bærekraft i Sparebanken Norge
Bærekraft i Sparebanken Norge 45
Slide 46: Agenda
Agenda Ambisjon Bærekraft i årsrapport (CSRD) Vesentlige ESRS tema Strategi, omstillingsplan og Bærekraftpolicy Bærekraftig finansiering og tiltak Klimaregnskap Oppsummering og spørsmål Bærekraftsbibliotek og andre linker 46
Slide 47: Vår ambisjon: Netto null klimautslipp innen 2040
Vår ambisjon Netto null klimautslipp innen 2040 47
Slide 48: Bærekraft i årsrapport (CSRD)
Bærekraft i årsrapport (CSRD) Basert på offentliggjøring ved innkalling til generalforsamling. Ikke endelig vedtatt. https://newsweb.oslobors.no/message/667473 Øvrig rapportering: ESG templates i Pillar 3 – Offentliggjøres halvårlig (i tilknytning til Årsrapport og Halvårsrapport) 48
Slide 49: Vesentlige ESRS Tema
Vesentlige ESRS Tema ESRS Underemne Tilpasning til klimaendringer E1 Klimaendringer Begrensninger av klimaendringer Arbeidsvilkår S1 Egen arbeidsstyrke Likestilling og like muligheter Informasjonsrelaterte konsekvenser for forbrukere og sluttbrukere Sosial inkludering for forbrukere og sluttbrukere
Slide 50: Vesentlige IRO identifisert under tema Klimaendringer
Vesentlige IRO identifisert under tema Klimaendringer Negativ påvirkning: • Finansierte klimautslipp Risiko: • Fysisk risiko • Omstillingsrisiko Mulighet: • Sterk ESG satsing 50
Slide 51: Strategi, omstillingsplan og Bærekraftpolicy
Strategi, omstillingsplan og Bærekraftpolicy • Vri porteføljen og redusere eget utslipp • Ny omstillingsplan • Bærekraftpolicy • For å nå bankens strategiske mål, må • Ny omstillingsplan vil ta utgangspunkt i • Banken skal aktivt bidra til å redusere banken vri porteføljen. Sparebanken Norges klimar
Slide 52: Bærekraftig finansiering
Bærekraftig finansiering • Bankens kredittrammeverk • Det gjøres en risikoklassifisering • Bransjepolicy for eiendom skal styrer bankens håndtering av av kunder basert på kundenes sikre energieffektivisering ved at finansierte utslipp, iboende risiko knyttet til det stilles krav til omstillingsrisik
Slide 53: Tiltak
‘skjema (BSA) Gronne botglin Barelraftsinkede in Bedrinsmarked herksatt,_Insentwbasert_—Redusererfnanslere | Rammeverk Energildin (SLL) ‘videreutvikles i utslippsreduksjon _utslipp ved at line-_trdd med ICMA- y028 vikiriytiss droite | prinsppene for Tims KPle.sustahebiy-tinked icone (stl). Spent {or
Slide 54: Klimaregnskap
Klimaregnskap (AR 48) • Det finansierte klimautslippet (ink.Brage) står for 98% av totalt klimautslipp lokasjonsbasert og 99% markedsbasert. • Bekrefter at den vesentlige negative påvirkningen kommer fra det finansierte klimautslippet. • Klimaregnskapet vil legges til grunn for utarbeidelse av banke
Slide 55: Oppsummering og spørsmål
Oppsummering og spørsmål •Rapporteringen for 2025 danner baseline for ny omstillingsplan •Ny omstillingsplan er påbegynt i 2025 og blir et viktig strategisk område for bankens videre arbeid med bærekraft i 2026 •Rammeverk for bærekraftige produkter vil oppdateres i 2026 55
Slide 56: Bærekraftsbibliotek og andre linker
Bærekraftsbibliotek og andre linker Bærekraftsbibliotek https://www.spv.no/om-oss/baerekraft/baerekraftsbibliotek Bærekraft https://www.spv.no/om-oss/baerekraft Bærekraftpolicy https://edge.sitecorecloud.io/sparebanken6a2b-spvno-production-d324/media/Om- oss/PDF/B%C3%A6rekraftsbibliotek/V%C3%A5rt-sa
Slide 57: Investor contacts
Investor contacts John Hopp Head of Treasury CEO Sparebanken Norge Boligkeditt AS Tel: (+47) 450 81 776 john.hopp@spv.no Hege Tysnes COO Sparebanken Norge Boligkreditt AS Tel: (+47) 986 62 571 hege.tysnes@spv.no Thomas Colliander Senior Finance Manager, Treasury Tel: (+47) 990 28 618 thomas.colliand
Slide 58: Disclaimer
Disclaimer The statements in this presentation may include forward-looking statements, e.g. about expectations of the future. These statements are based on the management’s current views and assumptions and involve both known and unknown risks and uncertainties. Although Sparebanken Norge believes t
Sparebanken Norge — Debt Investor Presentation (March 2026) on 6ix