Sparebank 1 Smn · OSL:MING
Sparebank 1 Smn — Debt Investor Presentation (2025)
48 slides from Sparebank 1 Smn's debt investor presentation, 2025
Slide 1: Debt Presentation Second quarter 2025
Debt Presentation Second quarter 2025 MÅ FÅ ORGINALBILDE
Slide 2: Disclaimer
Disclaimer This presentation contains certain forward-looking statements relating to the business, financial performance and results of SpareBank 1 SMN and/or the industry in which it operates. Forward- looking statements concern future circumstances and results and other statements that are not his
Slide 3: Content debt presentation
Content debt presentation 1 Norwegian Economic Overview 2 About SpareBank 1 SMN 3 Second quarter 2025 4 Capital and Funding 5 Appendix 3
Slide 4: Norwegian Economic Overview
Norwegian Economic Overview 4
Slide 5: Robust Norwegian economy
Robust Norwegian economy GDP Mainland Norway. Growth Unemployment rate 5 Source: Macrobond, Statistics Norway, NAV
Slide 6: Inflation is down, but still above target
Inflation is down, but still above target CPI and CPI-ATE Key policy rate 6 Source: Macrobond, Statistics Norway, Norges Bank
Slide 7: Overview and price development housing market
Overview and price development housing market • Total size approximately NOK 3,900 billion 4Q 2024 (€350 bn) Residential real estate price, 12 months change • Scheduled repayment mortgages: ca.85% MORTGAGE MARKET • Typical maturity: 25 years • First priority security market, thorough documentation •
Slide 8: Macro in Mid-Norway
Macro in Mid-Norway Unemployment Housing market dynamics Mid-Norway Wholly unemployed as a percentage of the labor force er enta e i eren e in listin sellin pri e nsol properties n 23 n 24 n 25 9 20 5 3 Norge Trøndelag Møre og Romsdal Q4 5 Q4 Q4 Q4 Q4 9 Q4 20 Q4 2 Q4 22 Q4 23 Q4 24 Q2 25 Development
Slide 9: About SpareBank 1 SMN
About SpareBank 1 SMN Bank SpareBank 4 | seaitor Sh Accounting
Slide 10: SpareBank 1 Alliance Banks – local presence and national integration
SpareBank 1 Alliance Banks – local presence and national integration The Alliance was founded in 1996 and • SpareBank 1 Nord Norge (1836) consists of 12 Tromsø banks Moodys: Aa3 • SpareBank 1 SMN (1823) Trondheim Moodys: Aa3 + 8 further banks • SpareBank 1 Østlandet (1845) Hamar Moodys: Aa3 • SpareB
Slide 11: Part of the SpareBank 1 Alliance
Part of the SpareBank 1 Alliance Other SpareBank 1 SpareBank 1 SpareBank 1 SpareBank 1 SpareBank 1 SMN Sør-Norge SNN Østlandet Banks Retail and corporate banking in Norway; approx. 1.1 mill retail and 100,000 corporate/SMEs exclusively in Norway SpareBank 1 Group SpareBank 1 Development Direct opera
Slide 12: SpareBank 1 SMN
SpareBank 1 SMN City of Trondheim The Norw. Uni. of Science and Tech Main industries Region • T e re ion’s onsists of two counties in the middle of Norway: Trøndelag and Møre and Romsdal • Population is approx. 750,000 people or 14 % of the Norwegian total • The main town of Trondheim is an historic
Slide 13: SpareBank 1 SMN Financial Group
SpareBank 1 SMN Financial Group Retail banking Corporate Banking Support and development Subsidiaries Related companies and the SpareBank 1 Alliance Leading real estate agent in Mid Norway SpareBank 1 Sparebank 1 Boligkreditt Gruppen FACTORING SpareBank 1 FORSIKRING SpareBank 1 Næringskreditt Market
Slide 14: Strategic positions for further growth in the corporate market
Strategic positions for further growth in the corporate market Commercial real estate brokerage • Market leader in Trøndelag and Møre & Romsdal • Strong local presence and market insight • Ambition to establish a national position Accounting and advisory services • One-stop shop – seamless delivery
Slide 15: The leading finance centre, both physically and digitally
The leading finance centre, both physically and digitally Comprehensive Reliable, smart, and Strong presence with Skilled advisors with a financial service user-friendly digital 26 finance centres solid local presence offering solution 15
Slide 16: Second quarter 2025
Second quarter 2025 tlalelst tetetetetetals| ie WEL eee UB ML Lal Tel | = Bank SpareBank 4 | seaitor Sh) Accounting
Slide 17: Q2 2025 First half 2025
Q2 2025 First half 2025 16.2 % Lending growth Retail banking 1.2% 1.4% 15.0% Return on equity Corporate banking 0.9% Return on equity NOK 1,131 mill Deposit growth Retail banking 0.9% 6.2% NOK 2,134 mill Profit after tax Corporate banking - 1.1% Profit after tax Operating margin subsidiaries 18.8% R
Slide 18: Achieving financial targets
Achieving financial targets Return on equity (per cent) 2 44 23 2022 2023 2024 Q2 25 Cost/income bank ex. finance (per cent) Cost/income subsidiaries ex. finance (per cent) en oms e ler i t Nor e pare ank e nskaps set N 9 0 5 90 42 50 3 2 3 3 2 2 34 5 30 34 2022 2023 2024 Q2 25 2022 2023 2024 Q2 25
Slide 19: Growth and margins in Retail Banking - quarterly
Growth and margins in Retail Banking - quarterly Lending volume (NOKbn) Deposit volume (NOKbn) Margins vs NIBOR3M en in ol me (NOKbn) eposit ol me (NOKbn) en in mar in Q arterly ro t Q arterly ro t eposit mar in 5 2 3 0 4 0 2 2 2 34 2 59 4 2 50 09 5 5 3 44 9 3 55 0 09 0 94 09 0 Q2 24 Q3 24 Q4 24 Q 2
Slide 20: Growth and margins in Corporate Banking - quarterly
Growth and margins in Corporate Banking - quarterly Lending volume (NOKbn) Deposit volume (NOKbn) Margins vs NIBOR3M en in ol me (NOKbn) eposit ol me (NOKbn) Q arterly ro t Q arterly ro t 5 55 24 2 42 02 09 0 09 25 24 24 2 43 0 3 40 33 39 5 4 2 34 0 0 0 9 0 0 0 0 0 0 44 04 0 45 0 44 0 45 Q2 24 Q3 24
Slide 21: Results
Results Change Change from NOK mill Q2 25 Q1 25 Q4 24 Q3 24 Q2 24 from Q1 25 Q2 24 Net interest income 1.335 1.321 1.372 1.355 1.309 14 26 Commission income and other income 730 648 580 553 681 82 49 Operating Income 2.065 1.969 1.953 1.908 1.990 96 75 Total operating expenses 917 859 901 810 800 59
Slide 22: Income
Income Net interest income and other income (NOKm) Commission income ommission in ome oli o N rin skre Net interest in ome 2,0 5 ,990 ,952 ,9 9 ,90 C ha nge C ha nge NOK mill Q2 25 Q1 25 Q4 24 Q3 24 Q2 24 f ro m Q 1 2 5 f ro m Q 2 2 4 25 599 4 9 52 5 0 Payment transmission income 80 80 107 79 91 0 -
Slide 23: Broad product range and a diversified income platform
Broad product range and a diversified income platform Ownership interests Profit after tax (NOKm) ro it rom ins ran e mer er remtin ika Ot er asso iate ompanies pare ank arkets pare ank or altnin N ank pare ank r ppen 5 452 2 0 40 22 3 23 9 3 9 20 2 3 4 9 5 4 35 2 4 3 99 4 3 59 Q2 24 Q3 24 Q4 24 Q 2
Slide 24: Costs
Costs Total operating expenses per quarter (NOKm) Costs per category • The accrual for incurred costs to Tietoevry for the period 2023 through ank bsi iaries bank Q2 2025, amounting to NOK 47 million, increases IT expenses for the quarter • Costs in the bank are in line with Q1, adjusted for the abo
Slide 25: Well diversified lending portfolio dominated by mortgages
Well diversified lending portfolio dominated by mortgages Loans per sector as at 30 of June 2025 and change last 12 months (NOKbn) ort a es 02 5 ort a es n e by o bon s ommer ial real estate 24 0 ri lt re an orestry 33 05 orporate stomers Transport an ot er ser i es 2 03 32 siness ser i es 5 onstr t
Slide 26: Robust mortgage portfolio
Robust mortgage portfolio Loan-to-value ratio in the mortgage portfolio Risk weight mortgages Share of mortgages by LTV T 0 isk ei t mort a es 0 5 isk ei t loor e e ts 5 45 2 4 20 0 20 0 20 5 20 0 02 29 2 9 20 5 2 4 20 0 9 3 5 0 Q2 24 Q2 25 Q2 24 Q3 24 Q4 24 Q 25 Q2 25 26
Slide 27: Commercial property, construction, building
Commercial property, construction, building Share of commercial real estate exposure Rental properties make up 75 per cent of the banks CRE in the corporate lending book* exposure, mainly to retail trade, industry/storage and offices Distribution of property per Distribution of area Q2 25 per Q4 24
Slide 28: Losses
Losses Loan losses (NOKm) Distribution of losses in the quarter (NOKm) 5 4 etail bankin 2 35 30 32 29 24 20 2 orporate bankin 2 Q2 23 Q3 23 Q4 23 Q 24 Q2 24 Q3 24 Q4 24 Q 25 Q2 25 pare ank inans i t Nor e 9 oan losses in per ent o len in (ann alise ) 0 2 00 00 0 05 0 05 0 05 0 03 0 04 0 03 Q2 23 Q3
Slide 29: Problem loans
Problem loans en in to stomers in sta e 3 o ross len in 0 99 09 09 09 0 92 09 0 0 9 0 4 0 2 0 2,29 2,2 9 2,2 0 2,23 2,3 2,0 5 2,0 5 2, 3 2,044 ,9 4 , Q4 22 Q 23 Q2 23 Q3 23 Q4 23 Q 24 Q2 24 Q3 24 Q4 24 Q 25 Q2 25 29
Slide 30: Capital & Funding
Capital & Funding Bank SpareBank 4 | seaitor Sh) Accounting
Slide 31: Moody’s rating Aa3 (outlook stable)
Moody’s rating Aa3 (outlook stable) Aa2 Aa3 A1 A2 A3 2021 2022 2023 2024 2025 31
Slide 32: Solidity
Solidity CET 1 Leverage ratio 9 3 25 25 ilar 2 i an e 00 ilar 2 2 0 0 2 50 o nter y li al b er 2 50 apital onser ation b er 4 50 ystemi risk re irement 4 50 illar min re irement 2022 2023 2024 Q2 25 Tar et 2022 2023 2024 Q2 25 T e ro ps’ pillar 2 re irement is , per enta e points, ereby ,0 pp m st b
Slide 33: Development in CET1 capital and capital adequacy
Development in CET1 capital and capital adequacy CET1 ratio in per cent 3 9 3 0 2 25 49 4 4 25 ilar 2 i an e 3 00 ilar 2 2 50 o nter y li al b er 2 00 2 50 apital onser ation b er 4 50 ystemi risk re irement 4 50 illar min re irement 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Tar et
Slide 34: Strong liquidity and funding structure
Strong liquidity and funding structure Capital markets funding (NOKbn) Maturity structure*) (NOKbn) Liquidity Coverage Ratio (LCR) *) SP, SNP. Final maturity T T2 9 N NOK 25 29 0 23 N rr 2 3 0 2025 202 202 202 2029 rr 2 0 9 9 o ere 4 3 9 5 09 03 00 NOK Q3 25 Q4 25 Q 2 Q2 2 Q3 2 Q4 2 Q 2 Q2 2 Q2 24 Q
Slide 35: EUR Issuance history
EUR Issuance history EUR mln NOK bn 500 300 450 250 400 Total lending, rhs Issued Amount, lhs 350 200 300 250 150 200 100 150 100 50 50 - - 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q2 2025 Dots show timing and size of all MINGNO EU
Slide 36: MREL requirement fulfilled with a solid buffer
MREL requirement fulfilled with a solid buffer MREL FULFILMENT SUBORDINATION MREL FULFILMENT Total e irement li ible instr ments Total e irement li ible instr ments 36
Slide 37: Diversified deposit portfolio
Diversified deposit portfolio Deposits by sector (NOKbn) Deposits covered by the deposit guarantee scheme as at 30.06.25 a e earners (NOKbn) bli se tor orporate 49 4 33 22 9 9 3 9 5 0 4 45 4 20 22 9 4 3 3 20 5 2 0 50 52 44 4 Q4 20 Q4 2 Q4 22 Q4 23 Q4 24 Q2 25 a e earners orporate bli se tor Public s
Slide 38: SMN Green Finance Framework
SMN Green Finance Framework • Structured and aligned with the four core components of the Green Bond Principles 2021 and the Green Loan Principles 2023 • Second Party Opinion and EU taxonomy assessment provided by Sustainalytics • Eligible categories • Residential buildings • Commercial buildings •
Slide 39: Use of Proceeds: Eligible Assets (1/2)
Use of Proceeds: Eligible Assets (1/2) 1 2 3 4 EU Taxonomy Use of Proceeds Reporting External Review Alignment Green Buildings Renewable Energy Clean Transportation • Residential buildings • Loans to finance or refinance equipment, • Loans to finance or refinance production, – esi ential b il in s b
Slide 40: Use of Proceeds: Eligible Assets (2/2)
Use of Proceeds: Eligible Assets (2/2) 1 2 3 4 External Review EU Taxonomy Use of Proceeds Reporting Alignment Environmentally Sustainable Management of Living Natural Eco-efficient and Circular Economy adapted Products, Resources and Land Use Production Technologies and Processes Companies must ben
Slide 41: Second Party Opinion
Second Party Opinion 1 2 3 4 EU Taxonomy Use of Proceeds Reporting External Review Alignment • “Sustainalytics is of the opinion that the SpareBank 1 SMN Green Finance Framework is credible and impactful and aligns with the four core components of the Green Bond Principles 2021 and the Green Loan Pr
Slide 42: Reporting – Allocation (30 June 2025)
Reporting – Allocation (30 June 2025) 1 2 3 4 EU Taxonomy Use of Proceeds Reporting External Review Alignment Eligible Green Loan Portfolio (30 June 2025) Green Funding (30 June 2025) Amount Instrument Due Amount Issuance Date (NOK m) (ISIN) Date (NOK m)* XS2051032444 sep-19 sep-26 5,913 Green Resid
Slide 43: Appendix
Appendix 43
Slide 44: High value creation over time
High value creation over time mpli it market al e (NOKbn) O ( ) 50 44 3 35 22 23 42 3 5 0 3 00 30 3 2 20 20 3 0 20 5 20 20 20 20 9 2020 202 2022 2023 2024 T Q225 44
Slide 45: Subsidiaries
Subsidiaries Change Change NOK mill, SMN's share in parentheses Q2 25 Q1 25 Q4 24 Q3 24 Q2 24 from Q1 25 from Q2 24 EiendomsMegler 1 Midt-Norge (92.4%) 42 8 -1 8 43 34 -2 SpareBank 1 Regnskapshuset SMN (93.3%) 57 52 -3 -7 54 5 4 SpareBank 1 Finans Midt-Norge (64.8%) 68 69 87 68 76 -1 -9 SpareBank 1
Slide 46: Product companies
Product companies Change Change NOK mill, SMN's share in parentheses Q2 25 Q1 25 Q4 24 Q3 24 Q2 24 from Q1 25 from Q2 24 SpareBank 1 Gruppen (19.5%) 114 59 99 86 1 55 113 Gain from merger between Fremtind/Eika 452 SpareBank 1 Boligkreditt (23.2%) 16 24 23 37 35 -8 -19 SpareBank 1 Næringskreditt (12.
Slide 47: Return on financial investments
Return on financial investments Change from Change from NOK mill Q2 25 Q1 25 Q4 24 Q3 24 Q2 24 Q1 25 Q2 24 Net gain/(loss) on stocks 23 25 44 -1 4 -2 19 Net gain/(loss) on financial instruments -3 -39 -47 -45 -17 35 13 Net gain/(loss) on forex -5 -2 42 24 11 -3 -17 Net return on financial instrument
Slide 48: Balance sheet
Balance sheet NOKbn 30.6.25 30.6.24 Cash and receivables from central banks 2,4 1,5 Deposits with and loans to credit institutions 11,5 12,4 Net loans to and receivables from customers 182,1 172,5 Fixed-income CDs and bonds 36,1 36,2 Derivatives 6,1 6,1 Shares, units and other equity interests 1,0 1