Dnb Bank Asa · OSL:DNB
Dnb Bank Asa — Debt Investor Presentation (March 2026)
91 slides from Dnb Bank Asa's debt investor presentation, Mar 26, 2026
Slide 1: Debt Investor Presentation
Debt Investor Presentation 26 March 2026
Slide 2: Contents
Contents ▪ DNB – A brief overview ▪ The Norwegian economy ▪ Financial targets, performance and capital ▪ Loan book and asset quality ▪ ESG and sustainability ▪ Funding ▪ Appendices: ▪ Green bond framework ▪ Cover pool portfolio information and LCR eligibility ▪ ESG and digitalisation 2
Slide 3: DNB – A brief overview
DNB — A brief overview DNB 3
Slide 4: 2025 Highlights
2025 Highlights ▪ Resilient and solid earnings ▪ Pre-tax operating profit before impairment NOK 56 173 mill ▪ Impairments NOK -2 803 mill ▪ Profit for the period NOK 43 586 mill ▪ Solid profitability with ROE of 15.9% ▪ CET1 ratio: 17.9% ▪ CET1 capital expectation: ~16.3% (including Pillar 2 Guidanc
Slide 5: DNB – Norway’s leading financial services group
DNB – Norway’s leading financial services group ▪ ~25% market share in Norway ▪ 34% owned by the Norwegian Government ▪ Credit Ratings: ▪ Moody’s: Aa2 (stable outlook) ▪ S&P: AA- (stable outlook) ▪ ESG Ratings: ▪ Sustainalytics: 17.0 (Low Risk) Mgt. Score: 65.6 (Strong) ▪ ISS ESG Corporate Rating: C
Slide 6: DNB Group structure
DNB Group structure DNB Bank ASA Aa2/AA- DNB DNB Life DNB Asset Boligkreditt AS Insurance Management (Covered Bonds) AAA/Aaa DNB Boligkreditt ▪ 100% owned by DNB Bank and functionally an integrated part of the parent ▪ Mortgages originated in DNB Bank’s distribution network in accordance with the ba
Slide 7: The Norwegian economy
The Norwegian economy DNe 7
Slide 8: Robust Norwegian economy with a positive growth outlook
Robust Norwegian economy with a positive growth outlook ▪ Mainland GDP growth expected to be 1.5 per cent in 2026, with positive growth outlook throughout forecast period ▪ Unemployment expected to remain low going forward ▪ Expected real wage growth likely to drive consumption and continued growth
Slide 9: Key policy rate and inflation
Key policy rate and inflation ▪ Inflation (headline and core) for 2025 was 3.1%, well above Norges Bank’s target of 2.0% ▪ Inflation for January 2026 was 3.6% and 3.4% for headline and core, respectively ▪ Inflation for February 2026 was more modest, with 2.7% and 3.0% for headline and core, respect
Slide 10: Norwegian economy well equipped to handle potential headwinds
Norwegian economy well equipped to handle potential headwinds ▪ Norway has a net wealth above 4x GDP -> will be utilised in an economic downturn ▪ Only ~9% of Norwegian mainland export goes to the U.S., lower than other Nordic countries, 56% goes to the EU ▪ Including oil and gas exports only ~4% of
Slide 11: Financial targets, performance and capital
Financial targets, performance and capital 11
Slide 12: Financial targets 2025 – 2027
Financial targets 2025 – 20271) Key performance indicator Cost/income ratio <40% Capital level CET1 capital ratio2 >16.3% Dividend policy Payout ratio >50% Ambition to increase the nominal dividend per share YoY 1) Launched on DNB’s Capital Markets day 24 November 2024. ROE target changed from 13% t
Slide 13: DNB delivers resilient and solid earnings
DNB delivers resilient and solid earnings 2025 Other income, 11% Net Net interest commissions income, 71% and fee, 18% Pre-tax operating profit before impairment NOK billion 60 56.1 56.2 55 53.1 50 45 40.3 40 34.1 33 35 30.8 31.7 31.9 29 28.5 28.3 30 25 25 21 22 21 19 20 15 9.9 10 8 7.4 5 3 3 3 2 2
Slide 14: DNB earnings in the context of peers
DNB earnings in the context of peers DNB’s profitability v.s. selected peers Balance sheet size per 31 December 2025 Pre-tax operating profit after impairments (EUR bn eqv) (EUR bn eqv) 654 7.2 639 7.0 6.6 6.5 6.3 6.3 4.9 4.9 4.8 4.6 4.7 4.4 4.6 4.0 313 312 3.4 3.3 3.0 3.1 3.1 2.7 2.2 2.2 1.9 1.5 SH
Slide 15: Portfolio rebalancing has reduced exposure towards cyclical industries
Portfolio rebalancing has resulted in reduced exposure towards cyclical industries Reduced exposure towards cyclical industries Impairment provisions 2011 - 2025 USD billion Per cent 21 20 0.28 7 6 0.19 0.05 2012 Q4 2025 2014 Q4 2025 Shipping Oil, gas and offshore Impairment in % of net loans 5-year
Slide 16: Robust and well-diversified portfolio – 99.4% in stage 1 and 2
Robust and well-diversified portfolio – 99.4% in stage 1 and 2 Net loans and financial commitments Stage 3 net loans and financial commitments Stage 1-2-3 Per cent NOK billion 1.17 1.07 0.99 0.97 0.95 0.84 0.82 0.81 3086 0.77 0.70 0.71 0.68 0.60 0.59 NOK billion 21.6 22.9 22.4 21.0 21.1 21.2 21.5 21
Slide 17: Impairment – Write-down ratio of 12 bps for 2025
Impairment – Write-down ratio of 12 bps for 2025 Impairment of financial instruments per segment, NOK million 2025 2024 2023 2022 2021 2020 Write-down ratio (%) 0.12 0.06 0.13 (0.01) (0.05) 0.60 Personal customers (218) (345) (276) (413) (75) (65) Commercial real estate (190) (25) (241) (211) 81 (14
Slide 18: Commissions and fees – strong performance, ~30% increase
Commissions and fees – strong performance, ~30% increase from 2024 ▪ Carnegie was included in DNB’s consolidated figures from and including March 2025 ▪ Ambition: >9% annual growth through the cycles (lifted from 4-5% on the CMD 2024) NOK million 16,398 Real estate broking 1,169 12,466 Investment ba
Slide 19: All-time high income from DNB Carnegie and Wealth management
All-time high income from DNB Carnegie and Wealth management ▪ Total income from DNB Carnegie up 18.3 per cent from 2024 – strong contribution across products, sectors and geographies ▪ Total income from Wealth management up 41.7 per cent from 2024 – strong contribution from both asset management an
Slide 20: Key financial ratios
Key financial ratios 2025 2024 2023 2022 2021 2020 Return on equity (%) 15.9 17.5 15.9 14.7 10.7 8.4 Cost income (%) 38.0 35.2 35.0 39.0 43.0 41.5 Net interest margin (%) 1.84 1.90 1.84 1.54 1.38 1.45 Write-down ratio (%) 0.12 0.06 0.13 (0.01) (0.05) 0.60 Common equity tier 1 ratio (%) 17.9 19.4 18.
Slide 21: Continued strong capital position – well above capital requirements
Continued strong capital position – well above capital requirements ▪ CET1 ratio of 17.9% per 31 December 2025, versus regulatory expectation of 16.3% ▪ SREP 2025: P2G reduced from 1.25% to 1.0%, P2R unchanged at 1.7% (min. ~1.0% CET1) ▪ Strong profitability has on average built >350bps in CET1 capi
Slide 22: Strong capital position – Nordic peers comparison
Strong capital position – Nordic peers comparison ▪ Higher risk weighted density than Nordic peers Common equity tier 1 (CET1) capital Leverage ratio Per Q4 2025 Per Q4 2025 6.6%1) 6.6% 17.9% 17.8% 5.7% 17.7% 17.6% 5.1% 17.3% 4.6% 4.4% 15.7% Risk weighted density (REA / total assets) Per Q4 2025 31.
Slide 23: Continued strong capital position – well above capital requirements
Continued strong capital position – well above capital requirements ▪ SREP 2025: P2G reduced from 1.25% to 1.0%, P2R unchanged at 1.7% (min. ~1.0% CET1) ▪ 2025 – reductions in CET1 ratio: ▪ Carnegie acquisition: ~120bps ▪ Three share buy-back programmes: ~86bps (total) ▪ Increased risk weight floors
Slide 24: CET1 well above MDA trigger level
CET1 well above MDA trigger level ▪ 2025 – reductions in CET1 ratio: ▪ Carnegie acquisition: ~120bps ▪ Three share buy-back programmes: ~86bps (total) ▪ Increased risk weight floors on residential real estate: ~60bps 19.4% 19.4% 18.2% ▪ MDA buffer must be seen in connection with 18.3% 17.9% 18.7% DN
Slide 25: AT1 and Tier 2 capital
AT1 and Tier 2 capital ▪ SREP 2025: P2R unchanged at 1.7%, to be fulfilled with ~1.0% CET1 (minimum), ~0.3% AT1 and ~0.4% Tier 2 ▪ Thus, DNB’s capital requirements can be met with AT1 capital of ~1.8% and Tier 2 capital of ~2.4 AT1 and Tier 2 Maximum utilisation of AT1 and Tier 2 Per Q4 2025 to fulf
Slide 26: Solid profitability should ensure AT1 coupon payments
Solid profitability should ensure AT1 coupon payments Profit Before Tax Dividend Share buy-back AT1 Coupon Payments 55 50 53 NOK billion 41 Dividends and share buy-backs in bps 32 33 31 Dividend Share buy-back 29 27 10 20251) 221 bps 86 bps 11 23 24 3 2024 222 bps 29 bps 2023 220 bps 96 bps 1 2022 1
Slide 27: EBA’s 2025 EU-wide stress test – DNB performs very well
EBA’s 2025 EU-wide stress test – DNB performs very well - DNB amongst the best performing banks across Nordic and international peers ▪ Under the 2025 EU stress test1) DNB’s CET1 ratio increased by 26 bps2) ▪ In the Adverse Scenario, DNB’s CET1 ratio is always above the MDA (reduced by 212 bps in th
Slide 28: MREL requirement
MREL requirement ▪ DNB’s MREL requirement1) is ~37% of adjusted REA2) – leading to a need for minimum EUR ~13.3bn in MREL eligible debt as per end Q4 2025 ▪ DNB’s need for MREL eligible debt is influenced by excess CET1 capital ▪ As per Q4 2025 figures, the total MREL requirement can be fulfilled wi
Slide 29: Loan book and asset quality
Loan book and asset quality 29
Slide 30: Loan book
Loan book EAD by segments as of 31 December 2025 Commercial Bank, real estate Shipping insurance and 11% 2% Oil, gas and portfolio management offshore 5% 3% Reducing exposure in cyclical industries Power and USD billion renewables 4% 21 20 Healthcare Personal 2% customers* 48% Public sector 1% Fishi
Slide 31: Mortgage lending in DNB is based on cash flow
Mortgage lending in DNB is based on cash flow Willingness to repay the loan 1. Credit history Capability of repaying the loan All new mortgages are stress tested for increased interest rates: • Until 2023: 5%-points stress test 2. • From 2023: 3%-points stress test, with a stress test floor of 7% 3
Slide 32: House prices in Norway
House prices in Norway ▪ House prices increased by 5.0% in 2025 ▪ Last 3 years: Increase of 12.4% ▪ Strong start to 2026 with a 3.6% increase in January and a more modest 0.5% increase in February ▪ Demand supported by strong wage settlements: Approx 5% increase for each of 2023, 2024 and 2025 ▪ DNB
Slide 33: Norwegian lending regulation
Norwegian lending regulation - Regulation applicable from 1 January 2025 ▪ Total debt max 5x gross income ▪ Max 90% LTV ▪ Debt servicing capacity ‒ 3% interest rate increase (stress test floor of 7%) ▪ Amortisation requirement above 60% LTV ‒ 2.5% of approved loan or principal payment as for 30 year
Slide 34: A very robust residential loan portfolio
A very robust residential loan portfolio Loan-to-Value (LTV) Per cent of residential mortgage book, 31 December 2025 39% 23% 21% 15% 3% 0-40 40-60 60-75 75-90 >90 Includes mortgages in DNB Bank and DNB Boligkreditt 34
Slide 35: A robust cover pool
A robust cover pool - Max 80% LTV limit to enter the cover pool, in accordance with the Covered Bond Directive 100% 83 % 79 % 80% 57% 62% 60% 49% 51 % High OC 40% 37% 20% 0% 2019 2020 2021 2022 2023 2024 2025 70% LTV below 55% 60% 55% 53% 52% 54% 53% 52% 52% (Weighted average) 50% 40% 2019 2020 2021
Slide 36: Interest only and non-performing loans in the cover pool
Interest only and non-performing loans in the cover pool Per cent 100 80 60 40 24.2 22.4 23.0 21.0 21.3 23.2 22.5 22.2 20 0 2018 2019 2020 2021 2022 2023 2024 2025 Interest Only Balance (%) 0.4% Non-Performing loans in DNB Boligkreditt 90+ days in arrears 0.3% 0.2% 11 bps 0.1% 0.0% 2008 2009 2010 20
Slide 37: Commercial Real Estate (CRE) – 10.5% of total customer EAD
Commercial Real Estate (CRE) – 10.5% of total customer EAD Total loan portfolio1) – EAD NOK 2,559 billion CRE portfolio – EAD NOK 268 billion Per cent, as of 31 December 2025 Per cent of DNB’s total EAD, as of 31 December 2025 Retail Stores Other 0.9 % 2.3 % Hotels 1.6 % 10.5% 0.5 % Warehouses/logis
Slide 38: Commercial Real Estate portfolio – Risk distribution
Commercial Real Estate portfolio – Risk distribution Net loans and financial commitments Stage 1-2-3 NOK billion, net of accumulated impairment provisions 279 241 20 25 2 3 Stage 1 Stage 2 Stage 3 31.12.2022 31.12.2023 31.12.2024 31.12.2025 EAD distribution by probability of default (PD) NOK billion
Slide 39: Oil-related portfolio – 2.9% of total customer EAD
Oil-related portfolio – 2.9% of total customer EAD Total loan portfolio1) – EAD NOK 2,559 billion Oil-related portfolio – EAD NOK 75 billion Per cent, as of 31 December 2025 Per cent of DNB’s total EAD, as of 31 December 2025 1.7% Oil & Gas 2) Oilfield 2.2% 0.4% services 0.7% 0.7% Offshore 3) EAD di
Slide 40: Shipping portfolio – 2.2% of total customer EAD
Shipping portfolio – 2.2% of total customer EAD Total loan portfolio1) – EAD NOK 2,559 billion Shipping portfolio2) – EAD NOK 57 billion Per cent, as of 31 December 2025 Per cent of DNB’s total EAD, as of 31 December 2025 Other shipping Crude oil tankers 0.4% 0.7% 2.2% Gas 0.4% 0.4% 0.3% 0.05% Dry b
Slide 41: ESG and Sustainability
ESG and Sustainability Ratings: ▪ Sustainalytics: 17.0 (Low Risk) Mgt. Score: 65.6 (Strong) ▪ ISS ESG Corporate Rating: C+ (Prime) ▪ MSCI ESG Ratings: AAA ▪ CDP: A- (Leadership) 41
Slide 42: DNB will be a driving force for sustainable transition
DNB will be a driving force for sustainable transition Net zero emissions in By 2030 mobilise 2050 NOK 1500 bn from our financing and investment activities and own to the sustainable transition through lending and operations facilitation Transition plan outlining DNB’s science-based Increase total a
Slide 43: Transition plan launched in October 2023 – 2030 lending targets
Transition plan1) launched in October 2023 – 2030 targets2) for lending Segment 2030 interim targets Emission scope Home mortgages -47% kgCO2e/m²/year 1 and 2 Housing cooperatives -50% kgCO2e/m²/year 1 and 2 Commercial real estate -29% kgCO2e/m²/year 1 and 2 Shipping -36% g CO2/tonne nautical mile 1
Slide 44: Selected sector specific targets for DNB’s lending portfolio
Selected sector specific targets for DNB’s lending portfolio 44
Slide 45: Attainment financing target and EU taxonomy reporting
Attainment financing target and EU taxonomy reporting Finance and facilitate NOK 1,500 bn for sustainable activities by 2030 Transition loans Green guarantees 1,500 Sustainability-linked 1 loans 929 22 1,000 Green loans 13 17 Renewables and other 19 500 sustainable activities Clean transportation 45
Slide 46: DNB sustainability – Online resources
DNB sustainability – Online resources ▪ CSR and sustainability at DNB ▪ DNB's Sustainability reports ▪ DNB Group - Annual report 2025 ▪ DNB’s Transition Plan ▪ DNB Green Finance Framework 46
Slide 47: Funding
Funding DNB 47
Slide 48: DNB funding structure
DNB funding structure ▪ Well diversified deposit base ▪ ~75% of deposits in NOK ▪ ~80% of personal customer deposits are placed in saving accounts ▪ Solid headroom to LCR / NSFR requirements Net stable funding ratio and Ratio of deposits to net loans Average life of long-term funding liquidity cover
Slide 49: Issuance of long-term debt and outstanding volumes
Issuance of long-term debt and outstanding volumes Volumes issued Outstanding volumes YE 20252) YTD 2026 2025 2024 Volume EUR bn Tenor EUR bn Tenor EUR bn Tenor EUR bn Covered Bond 2.5 5.5 5.7 4.8 6.3 4.9 Covered Bonds ~28.5 Senior Preferred1) 0.8 5.0 1.9 3.9 1.9 5.0 Senior Preferred ~7.2 Senior Non
Slide 50: A well established international Covered bond issuer
A well established international Covered bond issuer Volume Tenor Maturity EUR 1 500 mn 10 years 2026 – Sep EUR 1 500 mn 7 years 2027 – Oct EUR 1 000 mn 7 years 2028 – May EUR 1 250 mn 5 years 2028 – Nov EUR 1 250 mn 5 years 2029 – Mar EUR 1 500 mn 4.5 years 2029 - Sep EUR 1 500 mn 5 years 2030 – Ja
Slide 51: DNB Senior Preferred benchmark bonds
DNB Senior Preferred benchmark bonds Volume Tenor Call Date Maturity USD 1 150 mn 6NC5 2029 – Nov 2030 - Nov USD 350 mn FRN 6NC5 2029 – Nov 2030 - Nov EUR 1 250 mn (Green) 5NC4 2026 – Sep 2027 – Sep EUR 1 000 mn (Green) 6NC5 2027 – Jan 2028 – Jan EUR 1 000 mn (Green) 6NC5 2028 – Mar 2029 – Mar EUR 6
Slide 52: DNB Senior Non-Preferred benchmark bonds 1/2
DNB Senior Non-Preferred benchmark bonds 1/2 Volume Tenor Call Date Maturity USD 1 000 mn 6NC5 2026 – May 2027 – May USD 750 mn 6.5NC5.5 2027 – Mar 2028 – Mar USD 1 000 mn 6NC5 2030 – Nov 2031 – Nov USD 750 mn 6NC5 2031 – Mar 2032 – Mar EUR 1 000 mn (Green) 5NC4 2027 – Jul 2028 – Jul EUR 1 000 mn 8N
Slide 53: DNB Senior Non-Preferred benchmark bonds 2/2
DNB Senior Non-Preferred benchmark bonds 2/2 Volume Tenor Call Date Maturity GBP 750 mn 5NC4 2026 – Aug 2027 – Aug JPY 28 000 mn 6NC5 2026 – Jun 2027 – Jun JPY 6 000 mn 5NC4 2027 – Jun 2028 – Jun JPY 9 700 mn 6NC5 2028 – Sep 2029 – Sep NOK 2 100 mn (FRN + FXD) 8NC7 2028 – Jun 2029 – Jun NOK 1 900 mn
Slide 54: Call of MREL Senior Preferred and Senior Non-Preferred bonds
Call of MREL Senior Preferred and Senior Non-Preferred bonds - DNB has called all bonds coming up for call Instrument Tenor Reset spread Call date Called SNP EUR 1,000 mn 4NC3 3m EURIBOR +63bp Feb. 2026 SNP JPY 10,000 mill 4NC3 N/A Jan. 2026 SNP USD 900 mill 4NC3 SOFR +195bp Oct. 2025 SNP USD 1,000
Slide 55: DNB green bond framework
DNB green bond framework ▪ Structured in line with the Green Bond Principles and ~60% aligned with the EU Taxonomy ▪ Can be used for issuing Tier 2, Senior Preferred, Senior Non-Preferred and Covered Bonds ▪ Second Party Opinion and EU Taxonomy Assessment provided by Sustainalytics ▪ Impact Assessme
Slide 56: DNB green bonds 1/2
DNB green bonds 1/2 Type Volume Tenor Call date Maturity Covered SEK 7 150 mn 3 years 2027 – Jan FXD and FRN Covered SEK 5 750 mn 5 years 2029 – Jan Covered SEK 11 400 mn 5 years 2029 – Sep FXD and FRN Covered SEK 8 500 mn 5 years 2030 – Aug FXD and FRN Covered EUR 1 500 mn 10 years 2031 – Jan Cover
Slide 57: DNB green bonds 2/2
DNB green bonds 2/2 Type Volume Tenor Call date Maturity Senior Non-Preferred CHF 140 mn 5NC4 2027 – Jun 2028 - Jun Senior Non-Preferred EUR 1 000 mn 5NC4 2027 – July 2028 – July Senior Non-Preferred EUR 750 mn 6NC5 2028 – Nov 2029 – Nov Senior Non-Preferred USD 40 mn 5NC4 2029 – Aug 2030 – Aug Seni
Slide 58: DNB is among the best rated banks globally
DNB is among the best rated banks globally Moody’s Investor Service S&P Global Ratings DNB Bank ASA1) DNB Bank ASA2) ▪ Counterparty Risk / Deposit Rating (LT): Aa13) ▪ Resolution Counterparty Rating (LT): AA- ▪ Senior Preferred Rating: Aa2 ▪ Senior Preferred Rating: AA- ▪ Outlook: Stable ▪ Outlook:
Slide 59: Funding contacts
Funding contacts Long Term Funding: Short Term Funding: ▪ Thor Tellefsen ▪ Kristoffer Vilbo Hansen Senior Vice President, Head of Long Term Funding Head of Liquidity Mgt. (Short Term Funding), Group Treasury Phone direct: + 47 24 16 91 22 Phone direct: +47 24 16 90 86 Mobile: + 47 915 44 385 Mobile:
Slide 60: Appendix A: Green bond framework
Appendix A: Green bond framework 60
Slide 61: Summary
Summary DNB’s Green Finance Framework – Issuance of green covered-, senior- and tier 2 bonds Proceeds will be used to finance green residential buildings, renewable energy and clean transportation Structured in line with the ICMA Green Bond Principles and partially aligned with the EU Taxonomy Secon
Slide 62: Use of proceeds - overview
Use of proceeds - overview DNB Boligkreditt AS DNB Bank ASA Green Residential Green Residential Renewable Energy Clean Transportation Buildings Buildings New or existing New or existing ▪ Solar power projects ▪ Zero Carbon Vehicles residential buildings in residential buildings in Norway: Norway: ▪
Slide 63: Green Residential Buildings
Green Residential Buildings ~NOK 115 bn eligible green assets ▪ Identification of the most energy efficient (low carbon) buildings: ▪ Residential buildings completed in the period from 2012 to 2020 (complying with TEK10 & TEK17 building codes)1) ▪ Residential buildings completed in 2021 or later com
Slide 64: Renewable Energy
Renewable Energy ~NOK 31 bn eligible green assets ▪ Solar power ~NOK 13 bn ▪ Photovoltaic and concentrated solar power energy projects ▪ Wind power ~NOK 10 bn ▪ Onshore and offshore wind energy projects ▪ Hydro power ~NOK 3 bn One of the following requirements are met: ▪ the facility is a run of riv
Slide 65: Clean Transportation
Clean Transportation ~NOK 57 bn eligible green assets ▪ Zero carbon vehicles ▪ Fully electric, hydrogen or otherwise zero direct (tailpipe) emissions vehicles for the transportation of passengers or freight ▪ Zero carbon transportation infrastructure ▪ Infrastructure related to zero direct (tailpipe
Slide 66: Second party opinion
Second party opinion ▪ “Sustainalytics is confident that DNB is well positioned to issue green bonds and loans and that the DNB Bank ASA Green Finance Framework is robust, transparent and in alignment with the four core components of the Green Bond Principles 2021 and Green Loan Principles 2023” ▪ “
Slide 67: EU taxonomy assessment
EU taxonomy assessment Performed by Alignment % ~60% aligned (NOK ~121bn / NOK ~203bn total portfolio) Eligible Green Renewable Energy Green Residential Buildings Clean Transportation Asset Category (Wind, Solar & Hydropower) EEA + UK Rest of World Norway, Sweden, Denmark, Geography Norway 22% of Re
Slide 68: Management of proceeds
Management of proceeds Eligible green Green bonds asset portfolio (fully allocated at issuance) ▪ The proceeds of the green finance instruments issued will be managed in a portfolio approach ▪ DNB will strive, over time, to achieve a level of allocation for the Eligible Green Loan Portfolio which ma
Slide 69: Allocation
Allocation Portfolio date: 31 December 20241) Green Loan Portfolio: Green Buildings NOK ~115 bn Renewable Energy2) NOK ~31 bn Clean Transportation NOK ~57 bn Total eligible green loan portfolio NOK ~203 bn Total outstanding Green Bonds NOK ~170 bn Percentage of Eligible Green Loan Portfolio allocate
Slide 70: Impact – Avoided CO2 emissions
Impact – Avoided CO2 emissions Portfolio date: 31 December 20241) Eligible portfolio Total annual avoided emissions Eligible Project Category (approx. NOK m) in tons of CO2 /year Green Buildings 114 773 8 2601) Renewable Energy 30 833 1 289 3922) Clean Transportation 57 467 153 4501) Total 203 073 1
Slide 71: Reporting – Allocation
Reporting – Allocation Eligible Green Loan Portfolio (portfolio date 31 December 2024) Outstanding Green Bonds per asset class (as of February 2026)1) Amount (approx. Amount (approx. Instrument NOKm) NOKm) Green Buildings DNB 95 922 Covered Bonds 57 413 Boligkreditt Green Buildings DNB Bank ASA 18 8
Slide 72: Reporting – Impact
Reporting – Impact Portfolio date: 31 December 20241) Share of Share of Direct Indirect Eligible Total Total Eligible Total Total Eligibilit emissions emissions Eligible Green Eligibility Estimated installed annual Eligible Green Green Green y for avoided vs avoided vs portfoli Covered for Green red
Slide 73: Appendix B: Cover pool portfolio information, LCR and ECB eligibility
Appendix B: Cover pool portfolio information, LCR and ECB eligibility 73
Slide 74: DNB’s Covered bond programme
DNB’s Covered bond programme ▪ DNB’s Covered Bond Programme is now a European Covered Bond (Premium) Programme in accordance with the Covered Bond Directive ▪ DNB has implemented the common Harmonised Transparency Template of the European Covered Bond Council which is available on the DNB website an
Slide 75: DNB Boligkreditt Covered bonds – cover pool data
DNB Boligkreditt Covered bonds – cover pool data Rating (Moody’s/S&P) Aaa/AAA Cover pool size (NOK million) 737,304 Outstanding Covered bonds, NOK million 487,754 No. of mortgages in the cover pool 354,032 Cover pool data Average loan balance (NOK thousands) 2,083 Regulatory overcollateralisation re
Slide 76: Well diversified residential mortgage book within Norway
Well diversified residential mortgage book within Norway DNB Boligkreditt cover pool as of 31 December 2025 Eastern Norway: 68% Western Norway: 15% Northern Norway: 9% Southern Norway: 3% Mid-Norway: 5% 76
Slide 77: Portfolio characteristics
Portfolio characteristics Key Characteristics Overcollateralisation Total cover pool, nominal balance* (mill.) 737,304 Cover pool size: Number of mortgages 354,032 Residential mortgages, loan balance (mill.) 737,304 Number of borrowers 306,483 Covered bonds outstanding (mill.) 487,754 Average loan b
Slide 78: Portfolio characteristics cont.
Portfolio characteristics cont. Loan Size Concentration Risk Private individuals Loan balance (mill.) Number of loans % ≤ 1,000,000 54,775 120,637 10 largest exposures 0.3 % > 1,000,000 ≤ 2,000,000 131,622 87,682 10 largest exposures excl. housing cooperatives 0.1 % > 2,000,000 ≤ 3,000,000 162,931 6
Slide 79: Portfolio characteristics cont.
Portfolio characteristics cont. Seasoning Non Performing % Non performing loans 0.11% Up to 12months 18.1 % ≥ 12 - ≤ 24 months 12.7 % Arrears ≥ 24 - ≤ 36 months 9.9 % ≥ 30 - < 60 days 0.17% ≥ 36 - ≤ 60 months 17.9 % ≥ 60 - < 90 days 0.03% ≥ 60 months 41.4 % ≥ 90 - < 180 days 0.03% Total 100.0 % ≥ 18
Slide 80: Cover pool sensitivity analysis and overcollateralisation history
Cover pool sensitivity analysis and overcollateralisation history Stresstest - House price decline House price decline Current 10% 20% 30% Total cover pool balance (nominal, NOK mill.) 737.304 737.304 737.304 737.304 WA indexed LTV (%) 52.1% 57.8% 65.1% 74.4% Eligible cover pool balance (nominal, NO
Slide 81: Covered bonds qualify for Level 1-assets pursuant to LCR (1 of 2)
Covered bonds issued by DNB Bolikreditt AS qualify for Level 1-assets pursuant to LCR regulation (slide 1 of 2) Covered bonds issued by DNB Boligkreditt AS fulfil the requirements to qualify as Level 1-assets pursuant to Commission Delegated Regulation (EU) 2015/61 regarding liquidity coverage requi
Slide 82: Covered bonds qualify for Level 1-assets pursuant to LCR (2 of 2)
Covered bonds issued by DNB Bolikreditt AS qualify for Level 1-assets pursuant to LCR regulation (slide 2 of 2) With reference to Article 10(1)(f) of the LCR-regulation, DNB Boligkreditt AS confirms the following (cont.): ▪ Covered bonds issued by DNB Boligkreditt AS are assigned a credit assessment
Slide 83: ECB eligibility and CRR compliance of covered bonds
ECB eligibility and CRR compliance of covered bonds issued by DNB Boligkreditt AS ▪ All covered bonds issued by DNB Boligkreditt AS are premium covered bonds and fulfil the eligibility criteria for marketable assets set by the Eurosystem and are thus eligible for Eurosystem monetary policy operation
Slide 84: Appendix C: ESG and Digitalisation
Appendix C: ESG and Digitalisation 84
Slide 85: ESG in the credit process
ESG in the credit process ▪ ESG is part of the risk assessment for all corporate loans: ▪ EAD>NOK 50 million: Sector-specific ESG risk assessment models for material sectors, including SMEs ▪ EAD between NOK 50 and 8 million: Comments on ESG risk factors must be included in all credit proposals ▪ EA
Slide 86: Diversity and inclusion
Diversity and inclusion ▪ Established internal goal in 2015 of 40% female representation on management levels 1-4 ▪ Q4 2025: 37.5% share of women at management levels 1-4 ▪ Q4 2025: 60% and 42% proportion of women on the Board of Directors and in the Group Management, respectively ▪ Using purchase p
Slide 87: ESG ratings
ESG ratings • ‘DNB corporate governance practices lead most global peers’ • Corporate Governance: ‘DNB Bank ASA falls into the highest scoring range for all the companies we assess relative to global peers, indicating that the company’s corporate governance practices are generally well aligned with
Slide 88: DNB is monetising on a strong digital platform
DNB is monetising on a strong digital platform Leading position on digital channels in the Norwegian Transformed branch network market Mobile bank Number of branch offices ▪ ~30% of Norwegians above 17 actively 220 using the DNB banking apps ▪ 71% of all transfers in personal banking are executed in
Slide 89: Disclaimer (1/3)
Disclaimer (1/3) THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OF AMERICA AND THE DISTRICT OF COLUMBIA) (THE "UNIT
Slide 90: Disclaimer (2/3)
Disclaimer (2/3) This Presentation contains certain forward-looking statements relating to the business, financial performance and results of the Group and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not hist
Slide 91: Disclaimer (3/3)
Disclaimer (3/3) IN RELATION TO THE UNITED STATES AND U.S. PERSONS, THIS PRESENTATION IS STRICTLY CONFIDENTIAL AND IS BEING FURNISHED SOLELY IN RELIANCE ON APPLICABLE EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED. THE BONDS HAVE NOT AND WILL NOT BE R