Sparebanken Norge · OSL:SBNOR
Sparebanken Norge — Sparebanken Vest — Q2 2025 Earnings Presentation
47 slides from Sparebanken Norge's earnings presentation, Aug 12, 2025
Slide 1: Presentation of accounting figures Q2 2025
Presentation of accounting figures Q2 2025 August 12, 2025 CEO Jan Erik Kjerpeseth
Slide 2: Questions will be addressed after the presentation
Questions will be addressed after the presentation. Please send questions to: investorrelations@spv.no
Slide 3: The legal merger on 2 May 2025 marked the beginning of Sparebanken Norge's first chapter
The legal merger on 2 May 2025 marked the beginning of Sparebanken Norge’s first chapter.
Slide 4: Rapid and efficient merger process while we simultaneously capture market share
Rapid and efficient merger process while we simultaneously capture market share Growth in lending to retail customers Growth in lending to corporate 4,2 % year-to-date1,2 customers year-to-date1,2 3,7 % 5,1 % 3,0 % 3,0 % 2,4 % 2,5 % 1,5 % 0,9 % SBNOR Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 SBNOR Peer 1 P
Slide 5: We maintain a very strong cost position throughout the merger process
We maintain a very strong cost position throughout the merger process Cost-to-income ratio for the group Q2 20251 40,8 % 39,9 % 38,8 % 39,0 % 31,8 % 29,0 % SBNOR Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 1 Proforma Sparebanken Norge. Peers: DNB, SB1 Sør-Norge, SB1 Østlandet, SB1 SMN og SB1 SNN
Slide 6: Customers, Full-time equivalents (FTEs), Gross loans
Customers Full-time equivalents (FTEs) Gross loans 808 500 1 621 463 bn. NOK Figures as of the second quarter of 2025
Slide 7: Norway's largest savings bank
Norway's largest savings bank 463 413 253 236 155 Sparebanken SpareBank 1 SpareBank 1 SpareBank 1 SpareBank 1 Norge Sør-Norge SMN Østlandet SNN Gross loans (bn. NOK) as of Q2 2025
Slide 8: Strong ROE and solid CET1 ratio
Strong ROE and solid CET1 ratio ROE1 Profit per equity certificate (NOK)2 25,0 % 8,0 7,0 20,0 % 16,9 % 17,9 % 18,0 % 6,0 16,5 % 4,78 14,2 % 5,0 4,45 4,18 15,0 % 3,93 3,87 4,0 10,0 % 3,0 2,0 5,0 % 1,0 0,0 % 0,0 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 CET1 ratio2,3 Book value per e
Slide 9: Strong ROE – also after goodwill and intangibles
Strong ROE – also after goodwill and intangibles 25,0 % Return on equity excluding goodwill 25,0 % Return on equity including goodwill and intangible assets and intangible assets1 20,0 % 20,0 % 17,9 % 18,0 % 16,5 % 16,9 % 15,6 % 15,6 % 15,0 % 14,2 % 15,0 % 14,1 % 14,5 % 12,2 % 10,0 % 10,0 % 5,0 % 5,
Slide 10: Solid lending growth to both retail and corporate customers
Solid lending growth to both retail and corporate customers Retail customers1,2 Corporate customers1 11,2 % 10,9 % 10,6 % 10,3 % 9,7 % 10,0 % 10,4 % 10,1 % 10,4 % 9,0 % 9,1 % 9,6 % 8,5 % 8,2 % 7,9 % 7,5 % 6,9 % 7,1 % 314 322 141 303 309 138 290 298 134 278 283 132 133 270 129 125 120 120 Q2 23 Q3 23
Slide 11: Good growth in deposits within the retail customer segment
Good growth in deposits within the retail customer segment Retail customers1, 2 Corporate customers1 12,4 % 12,4 % 17,8 % 11,7 % 11,4 % 11,2 % 15,8 % 12,0 % 160 150 10,1 % 15,0 % 10,1 % 140 10,0 % 6,6 % 130 7,0 % 126 6,6 % 4,2 % 5,6 % 117 7,0 % 2,9 % 2,3 % 5,0 % 113 112 114 120 -0,4 % 0,0 % 110 105
Slide 12: A very active start to Q3 2025 with 4.6 billion NOK in increased mortgage loan volume
A very active start to Q3 2025 with 4.6 billion NOK in increased mortgage loan volume so far 70.1 bn. 43 % 68 % Mortgage loan volume (NOK) Average loan-to-value Knowledge of the concept 130 000 28.1 % Total number of customers Deposits-to-loans ratio Figures on August 11, 2025. Awareness figures fro
Slide 13: Ahead of schedule on an ambitious growth target of 73 bn. NOK
Ahead of schedule on an ambitious growth target of 73 bn. NOK combined with improvements in profitability Marginal ROE is about 13 % in Q2 2025 – compared to a target of 9-11 % Targeted lending development (NOK billion) and targeted marginal ROE in the Bulder concept (in percent) 83 73 60 Q2 2023 20
Slide 14: Good growth increases net interest income
Good growth increases net interest income Nominal net interest (NOK million) 1) 3000 2644 2711 2574 2636 2568 2469 2502 2500 2371 2161 2000 1500 1000 500 0 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 1) Proforma
Slide 15: Solid growth in net commission income
Solid growth in net commission income Strong development in brokerage commissions and insurance income, along with the acquisition of Borea Asset Management Net commission income1) 600 500 476 438 34 389 35 399 400 375 349 354 25 49 335 38 113 190 34 31 66 299 300 29 169 127 26 137 139 112 95 40 31
Slide 16: Underlying cost growth is approximately 2.3 %
Underlying cost growth is approximately 2.3 % Pro forma cost-to-income ratio in the quarter of 29.0% - 27.4% adjusted for merger costs 21 1 037 48 17 58 877 17 Operating costs Consolidation Merger costs Increased amortization Increased in costs in Other cost increase Operating costs Q2 2024* Frende
Slide 17: Conservative loan portfolio dominated by retail customers
Conservative loan portfolio dominated by retail customers Residential mortgages account for more than 70% of the loan book Increased geographical diversification reduces concentration risk and more than 99% of the retail customer portfolio1) Other Oslo og Bulder 9% Akershus 15% Vestfold og Telemark
Slide 18: 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 19: Well-diversified corporate portfolio with low default levels
Well-diversified corporate portfolio with low default levels Sector exposure1 Non-performing and impaired loans (Stage 3) 1,80% Other 1,64% Farming 11 % 1,58% Offshore 2% 2% Recreation and Catering 1,32% 3% Utilities 3% Retail Real estate 4% 45 % Industry 5% Shipping 5% Aquaculture 5% Fisheries 7% C
Slide 20: Consistently low loan losses
Consistently low loan losses 180 0,16% 0,12% 160 0,11% 140 0,07% 0,07% 0,07% 0,06% 0,05% 0,05% 120 0,05% 0,06% 0,03% 0,03% 100 80 0,01% 80 19 60 18 28 20 -0,04% 18 22 40 16 16 59 -0,09% 14 52 50 49 20 44 38 35 28 20 20 0 -0,14% Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25* Parent bank
Slide 21: Solid buffer above regulatory capital requirements
Solid buffer above regulatory capital requirements Common equity tier 1 (CET1) capital ratio¹ 20% 18,0 % 18,4 % 17,8 % 17,7 % 17,9 % 18% • The risk-weight floor for IRB banks has been decided to increase from SIFI 17,0 % 20% to 25% for the residential mortgage portfolio, effective from 1 July 16% Ta
Slide 22: Eiendomsmegler Norge delivering strong results
Eiendomsmegler Norge delivering strong results • Fredrik Giske-Nesslin has been appointed Chief Executive Officer and Øyvind Aasen has been appointed Deputy Chief Executive Officer of Eiendomsmegler Norge. • Eiendomsmegler Vest and Sørmegleren are planned to be formally merged into Eiendomsmegler No
Slide 23: Strong performance in Borea Asset Management
Strong performance in Borea Asset Management • Borea Asset Management became part of Assets under Management (AuM) – NOK billion the Group in the fourth quarter of 2024. 18,7 • Distribution is continuously expanding 14,3 through the Frende Group’s banks and 11,7 12,9 Norne Securities’ savings platfo
Slide 24: Strong contribution to results from associated companies
Strong contribution to results from associated companies Frende Holding Earnings contribution from associated companies (NOK million) 1) • Annualised ROE in Frende Holding was 23.6% in the first half of 2025. 162 • The insurance portfolio premium increased by 21% over the past 12 months, driven by t
Slide 25: Improvement across most lines of the income statement
Improvement across most lines of the income statement 173 97 - 58 2 409 137 39 - 102 - 22 2 145 Net interest income Associated Merger costs Write-downs companies Pre-tax result Q2 24 Commission income Finance result Other operating costs Pre-tax result Q2 25 Proforma *Adjusted for a one-off merger-r
Slide 26: A strong foundation for building a national savings bank in a sector undergoing transformation
A strong foundation for building a national savings bank in a sector undergoing transformation
Slide 27: Merger with Oslofjord Sparebank
Merger with Oslofjord Sparebank • In June 2025, the Supervisory Board of Oslofjord Sparebank and the General Meeting of Sparebanken Norge approved the merger. • In July 2025, the Norwegian Competition Authority cleared the merger. Approval from the Financial Supervisory Authority of Norway is now th
Slide 28: CEO Jan Erik Kjerpeseth
Konfidensielt CEO Jan Erik Kjerpeseth OSLO AND NEW MARKET AREAS Arild Andersen EIENDOMSMEGLER COMPLIANCE NORGE Bjørg Beate Kristiansen Fredrik Giske-Nesslin STRATEGY AND GROUP SERVICES PROJECTS Therese Linn Arentsen Steinar Breen FINANCE DIRECT BANK RM/CM Hans Olav Ingdal Bente Svensen TECHNOLOGY AN
Slide 29: Rapid and efficient organisation of the bank – final steps remaining
Rapid and efficient organisation of the bank – final steps remaining before the entire organisation is in place Developed organisational Placement of remaining Group Executive Level 2 established design for the rest of the employees initiated Management organisation Organisation and Organisation of
Slide 30: Slide 30
Slide 31: All employees have been assigned to the new organisational structure as of 1 October 2025
All employees have been assigned to the new organisational structure as of 1 October 2025 Organisational design for the rest of the organisation 1 Preparation for placement Functioning in roles Formal placement 2 Feedback and Basic individual Preliminary Preparation for placement transition Final pl
Slide 32: Vi ønsker alle velkommen til
Vi gnsker alle velkommen til ie. Hold av datoen! Vi kommer : tilbake med mer informasjon om et spennende program, pamelding og praktisk informasjon om ikke sa lenge. Feststemt hilsen fra festkomiteen i Sparebanken Norge
Slide 33: Our goal is to build Norway's leading savings bank
Our goal is to build Norway’s leading savings bank Leading in customer satisfaction Low complexity and low risk in the loan portfolio A proud performance culture and two strong headquarters A national brand built on savings bank values Significant donations and customer dividends A leader in digital
Slide 34: Strategy and financial targets
Strategy and financial targets August 12, 2025 CEO Jan Erik Kjerpeseth
Slide 35: The savings bank sector is in a period of transition
The savings bank sector is in a period of transition, marked by the most significant structural changes in the past 30 years
Slide 36: Sparebanken Norge is uniquely positioned to take the lead in consolidating the sector
Sparebanken Norge is uniquely positioned to take the lead in consolidating the Norwegian savings bank sector
Slide 37: Competition Authority approves the merger
WATCH FORSIKRING FINTECH KAPITALFORVALTNIN' RIERE DEBATT | BANK Konkurransetilsynet godkjenner fusjonen Oslofjord Sparebank og Sparebanken Norge er ett steg naermere fusjon
Slide 38: Norway's best savings bank
Strategy hierarchy for Sparebanken Norge Sparebanken Norges vision Norway’s best savings bank Among the best Norwegian Among the most attractive Best customer experiences and Long-term savings banks in terms of banking customer satisfaction in Norway expertise environments in the goals operations an
Slide 39: 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 % > 16,0 % 2 ~ 50 % Cost/income CET1 capital ratio Dividend policy (excluding merger costs)
Slide 40: Strong foundation for delivering on our financial targets
Strong foundation for delivering on our financial targets 2,4 % 18,0 % 15,6 % Proforma ROE Q2 Adjustments GW/Intangibles* Proforma ROTE Q2 *Adjustment for goodwill and intangible assets related to the merger of approximately NOK 5.4 billion in equity, and proforma amortization of intangible assets r
Slide 41: Status cost synergies in mergers
Status cost synergies in mergers • Realization of cost synergies are progressing according to plan Annual effect / pace cost synergies (NOK million) • The estimate is increased to > NOK 425 milIion and now > 425 includes merger with Oslofjord Sparebank 375 • A significant share of cost synergies are
Slide 42: Status capital synergies
Status capital synergies • As a result of the implementation of CRR3/Basel IV, approximately NOK 2.0 billion of communicated capital Capital synergies (NOK billion) synergies on previous Sparebanken Sør portfolio, has been realized in Q2 2025 1,4 3,4 • Remaining capital synergies of approximately NO
Slide 43: Total merger costs now estimated at NOK 380 million
Total merger costs now estimated at NOK 380 million • The estimate has been revised and contains Merger costs (NOK million)1 the merger with Oslofjord Sparebank 400 137 380 350 • Estimated costs related to the merger 300 between Sparebanken Vest and Sparebanken 250 75 Sør, have been adjusted from pr
Slide 44: Ambitious expectations to subsidiaries and affiliated companies
Ambitious expectations to subsidiaries- and affiliated companies Share of ownership: 100 % Share of ownership: 70 % >13 % >13 % Operating margin ROE (restricted capital) Share of ownership: 67,18% Share of ownership: 76,75% Share of ownership: 49,99% >18 % >13 % >25 % ROE ROE Profit margin
Slide 45: 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 % > 16,0 % 2 ~ 50 % Cost/income CET1 capital ratio Dividend policy (excluding merger costs)
Slide 46: Questions
Questions investorrelations@spv.no
Slide 47: 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