Sparebanken More · OSL:MORG
Sparebanken More — Møre Boligkreditt AS — Debt Investor Presentation (September 2026)
35 slides from Sparebanken More's debt investor presentation, September 2026
Slide 1: Møre Boligkreditt AS - A company in the Sparebanken Møre Group
Sparebanken Møre Møre Boligkreditt AS - A company in the Sparebanken Møre Group Ole Andre Kjerstad Managing Director Møre Boligkreditt AS ole.kjerstad@sbm.no +47 414 00 955 www.sbm.no/mbk 1
Slide 2: Sparebanken Møre
Sparebanken Møre Wholly independent savings bank with focus on traditional core banking, headquartered in the city of Ålesund. Established in 1985 as the result of mergers between local savings banks in the county of Møre og Romsdal. Currently the 7ht largest Norwegian bank in terms of total assets.
Slide 3: Sparebanken Møre key figures
Sparebanken Møre 25 Møre & BRANCH OFFICES Romsdal Hustadvika Oslo 394 FULL-TIME EMPLOYEE YEARS 113 billion NOK IN TOTAL ASSETS RATED LENDING DEPOSITS A1 Y/Y Q2-26 Y/Y Q2-26 STABLE OUTLOOK +4.0 +2.4 BY MOODY’S PER CENT PER CENT 3
Slide 4: The Norwegian economy
aa Sparebanken ‘Wi More The Norwegian economy
Slide 5: Outlook – Norway and the North-West
Outlook – Norway and the North-West Interest rates stay higher Real wage growth lifts Low housing supply for longer purchasing power supports house prices 5 5
Slide 6: Middle East tensions increase inflation uncertainty
Middle East tensions increase inflation uncertainty • Escalating tensions in the Middle East have increased uncertainty around energy prices, inflation and global interest rates • Policy rate at 4.25%, while markets are pricing higher-for-longer rates • Core inflation has eased, but wage growth and
Slide 7: Market-implied 3-month Nibor remains elevated
Source: Bloomberg jan. 25 feb. 25 mar. 25 apr. 25 mai. 25 jun. 25 jul. 25 aug. 25 sep. 25 okt. 25 nov. 25 As of 11 September 2026. Percent. des. 25 jan. 26 feb. 26 mar. 26 apr. 26 mai. 26 jun. 26 jul. 26 aug. 26 sep. 26 3-month Nibor and market-implied FRA curve okt. 26 4,64 nov. 26 des. 26 4,86 jan
Slide 8: Positive real wage growth supports household resilience
Positive real wage growth supports household resilience • Real wage growth is expected to remain positive throughout the forecast period • Household credit growth remains moderate • Improving purchasing power supports household debt-servicing capacity Household credit growth has recovered moderately
Slide 9: House price development
House price development Indexed development Price per square meter - January 2015 = 100 - January 2015 – August 2026 Based on pre-owned dwellings sold, 190 100000 Oslo Norwegian house prices increased by Oslo an average of 2.6 per cent over the last 160 Norway 80000 Ålesund 12 months. M&R 60000 Norw
Slide 10: Norwegian housing market – Key characteristics
Norwegian housing market – Key characteristics Home ownership • Close to 80% of households own their home • LTV shall not exceed 90% Ministry of Finance • Min. amortization of 2.5% per year, or maximum 30 year repayment if LTV exceeds 60% mortgage lending • Debt-service ability stressed for a 3%-poi
Slide 11: Housing-market fundamentals remain supportive
Housing-market fundamentals remain supportive • Norges Bank expects house-price growth to slow to 3.5% in 2026, before picking up to 4.4% in 2027 and 6.5% in 2028 • Registered unemployment remains low at 2.1% in Norway and 1.8% in Møre og Romsdal, supporting housing demand Annual growth in house pri
Slide 12: Sparebanken Møre 30.06.2026
Sparebanken Møre 30.06.2026 www.sbm.no 12
Slide 13: Profit
Profit Profit after tax H1-26 vs H1-25 - In MNOK 29 20 Profit after tax - in NOK million 1 36 1 475 468 467 487 486 486 439 1.055 1.086 1.030 777 H1-25 NII Other Expenses Losses Taxes H1-26 Income Return on Equity 475 486 - In per cent 2022 2023 2024 2025 H1-25 H1-26 14,0 13,7 12,5 10,9 11,5 11,4 20
Slide 14: Efficient operations and stable operating expenses
Efficient operations and stable operating expenses Operating expenses in the quarter Operating expenses in the quarter - NOK million and C/I - in per cent of average assets 45,7 45,7 41,5 40,8 40,9 39,8 0,94 0,91 0,91 0,94 0,92 249 249 244 253 253 248 Q2-25 Q3-25 Q4-25 Q1-26 Q1-26 Q2-26 Q2-25 Q3-25
Slide 15: Robust capital
Decomposition of CET1 capital requirements Robust capital - in per cent 16,15 Common Equity Tier 1 (CET1) 1,25 P2G - in per cent 0,9 2,5 P2R 18,2 Countercyclical buffer 17,7 4,5 17,2 17 Systemic risk buffer 2,5 Conservation buffer 16,15 Minimum requirement 4,5 Leverage ratio 2023 2024 2025 30.6.26 -
Slide 16: Lending growth
Lending growth Household lending SME / Corporate lending NOK billion and y/y (net) NOK billion and y/y NOK billion and y/y 93,0 12,7% 61,4 9,6% 8,8% 31,8 7,2% 7,6% 6,5% 6,9% 5,9% 4,3% 4,0% 3,7% 4,4% 3,0% 3,1% 76,1 81,6 86,9 89,5 50,8 53,8 57,9 59,7 25,6 28,0 29,3 2,7% 30,0 2022 2023 2024 2025 H1-26
Slide 17: Growth in deposits
Growth in deposits Household deposits Corporate and public NOK billion and y/y NOK billion and y/y NOK billion and y/y 53,7 8,0% 12,6% 7,6% 10,9% 33,5 4,8% 4,5% 6,8% 6,7% 4,5% 20,2 4,4% 3,2% 3,7% 2,4% 2,0% 26,3 29,2 30,1 31,5 17,5 18,2 19,4 21,8 43,9 47,4 49,6 53,3 -0,8% 2022 2023 2024 2025 H1-26 20
Slide 18: Diversified loan book
Diversified loan book Loans by sector in Sparebanken Møre Household LTV distribution CRE categories - % of household lending - % of CRE lending - % of total lending Housing Housing projects associations 56% 12 % 3% Office Industrial premises premises 8% 34 % Households 65,9 % 16% 13% Other CRE 8% 9%
Slide 19: Stable losses
Stable losses Reassuring impairments - NOK million Losses on loans and guarantees - NOK million 341 12 90 0,13 0,09 0,09 0,01 266 263 263 266 70 -0,09 25 168 26 40 38 34 50 34 72 30 24 -24 67 76 22 2 89 18 133 10 13 12 5 -10 6 -3 -37 -42 168 -30 161 147 136 -50 99 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 2022
Slide 20: Funding profile
Funding profile Covered Bonds outstanding - NOK million Funding by source 30. June 2026 - in per cent of total funding EUR NOK 8.550 7.201 5.894 6.000 5.557 6.000 Covered 2.908 7.000 Bonds; 36% 6.000 2.550 2026 2027 2028 2029 2030 2031 Deposits; 54% Senior; 5% Senior bonds redemption profile - NOK m
Slide 21: Sustainability in Sparebanken Møre
A driving force for sustainable transition Sustainability in Sparebanken Møre ✓ Net zero by 2050 ✓ 55% reduction of own emissions by 2030 www.sbm.no/esg 21
Slide 22: Aligned with the ICMA Green Bond Principles
Aligned with the ICMA Green Sustainability library www.sbm.no/esg Bond Principles. Sparebanken Møre intends to align Green Loan criteria with EU Taxonomy where applicable and follow other relevant standards to meet the expectations of sustainable investors.
Slide 23: Second party opinion by Moody's ratings
Second party opinion by Moody’s ratings - «Significant contribution to sustainability»
Slide 24: Sustainalytics ESG Risk Rating
MORNINGSTAR SUSTAINALY TICS Investor Solutions ~ Corporate Solutions - Company Ratings Company ESG Risk Ratings Sustainalytics ESG Risk Rating Report Sparebanken More Regional Banks Norway OSL:MORG ESG Risk Rating 1 9 0 . Last Full Update Det 25 let ESG Risk Rating Score Change Log ESG Risk Rating E
Slide 25: Møre Boligkreditt AS
Møre Boligkreditt AS Cover pool cut 30.06.2026 www.sbm.no/mbk 25
Slide 26: Møre Boligkreditt
Møre Boligkreditt Møre Boligkreditt AS received its license from the Norwegian FSA 6th of November 2008 General Meeting External auditor KPMG Board of Directors Internal auditor EY A number of services related to the management of the mortgage portfolio is outsourced to Sparebanken Møre Managing dir
Slide 27: Cover pool eligibility criteria
Cover pool eligibility criteria • Mortgage loans solely originated by Sparebanken Møre Origination • Loan-by-loan origination (loans are individually qualified for the cover pool) • Norwegian residents (Retail and self-employed individuals) Customer criteria • Cooperative housing associations • Not
Slide 28: Møre Boligkreditt - Cover pool cut 30.06.26
Møre Boligkreditt - Cover pool cut 30.06.26 Type of collateral Norwegian residential properties Number of loans 22,365 Types of mortgages (based on loan balance) 86 % Repayment Loans 14 % Revolving credits with loan limit (Flexi-loans) Fixed and variable rate mortgages 6% fixed rate mortgages 94% va
Slide 29: Cover pool - loan distribution and stress test
Møre Boligkreditt - Cover pool cut 30.06.26 - Loan distribution by county -Development in weighted average LTV 80 70 60 50 56,7 40 30 20 Other 10 Norway; 4.3% 0 Møre & Trøndelag; 2.5% Romsdal; 71.2% Stress test - House price decline Vestland; 3.3% House price decline Current 10 % 20 % 30 % Oslo & To
Slide 30: Covered bonds outstanding
Covered bonds outstanding Covered bonds (million) EUR/NOK distribution ISIN code Currency Nominal value Interest Issued Maturity XS0968459361 EUR 25 fixed EUR 2.81 %_ 2013 2028 NO0010836489 NOK 1.000 fixed NOK 2.75 %_ 2018 2028 XS2233150890 EUR 30 3M Euribor +0.75 %_ 2020 2027 NOK; 53% NO0010951544
Slide 31: In compliance with the Capital Requirements Directive
In compliance with the Capital Requirements Directive EU Regulation 575/2013 CRR Article 129 Møre Boligkreditt AS confirms that covered bonds issued by Møre Boligkreditt AS are compliant with the CRD requirement set forth in the Eurosystem guidelines. Møre Boligkreditt AS confirms that information r
Slide 32: Moody's Investors Service
Strong and stable ratings “Sparebanken More's BCA of baa1 reflects its strong financial fundamentals including strong asset quality, high capital buffers, and robust Moody’s Investors Service profitability.” Sparebanken Møre A1 Latest published Credit Opinion: 21 November 2025 - Outlook: Stable - Ba
Slide 33: Sparebanken Møre, Møre Boligkreditt and Møre og Romsdal
• 7th largest Norwegian bank - Total assets NOK 113bn - 66% retail lending • 11.4% return on equity SPAREBANKEN MØRE • Strong capitalization, CET1 ratio of 17.0% and leverage ratio of 6.9% • Strong rating (A1 - stable outlook) affirmed by Moody’s in November 2025 • NOK 36 bn outstanding covered bond
Slide 34: Disclaimer
Disclaimer This presentation has been prepared solely for promotion purposes of Sparebanken Møre and Møre Boligkreditt AS. The presentation is intended as general information and should not be construed as an offer to sell or issue financial instruments. The presentation shall not be reproduced, red
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