DNB Bank : Presentation 1Q26

About this update from Dnb Bank Asa

‌Results DNB Group First quarter 2026 Q1 Kjerstin R. Braathen (CEO) Rasmus T. Figenschou (CFO) 23 April 2026 Launched new equity trading platform in our savings app - already accounting for 1 out of 4 trades ‌Committed to delivering customer value: selected highlights Improved process for onboarding customers under the age of 18 - full onboarding in less than 2 minutes Ranked no. 1 in Prospera Domestic Equity 2025 Nordics - achieving top spot in all 9 categories - also no. 1 in Sweden, Norway and Finland Launched Solve , 100% genAI chatbot for Sbanken, solves 76% of requests with positive customer feedback Ranked no. 1 for customer satisfaction in the large corporates and international customers segment in Norway Net flow of NOK 20.4 billion in asset management in the quarter - new record quarterly and LTM LTM: Last twelve months. ‌Robust first quarter result 17.5 15.9 15.5 54.9 53.4 52.5 10.8 26.9 Strong performance NOK billion, per cent Return on equity of 14.0 per cent in the quarter Strong performance across customer segments and product areas. Net interest income down 5.4 per cent from 4Q25 Profitable growth in both loans and deposits offset by narrowed spreads and fewer interest days. 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q26 R12 Net commissions and fees up 18.0 per cent from 1Q25 Strong results across product areas, particularly in asset management with all-time high net flow of NOK 20.4 billion in the quarter. Profit for the period NOK billion 9.9 CET1 capital ratio Per cent 18.1 Pre-tax operating profit ROE Robust and well-diversified portfolio 99.4 per cent of portfolio in stages 1 and 2. Impairment provisions of NOK 644 million in the quarter. CET1 ratio 18.1 per cent - 170 bps headroom to FSA's expectation Earnings per share of NOK 6.50 in 1Q26. ‌Resilient Norwegian economy Mainland GDP growth expected to be 1.4 per cent in 2026, with growth expectations revised slightly downwards for 2027 Inflation expected to fall following short-term uptick - expected real wage growth likely to drive consumption and savings growth DNB Carnegie expects rate hikes in June and September 2026, bringing key policy rate to 4.50 per cent, followed by two cuts in 2027 (Sep. and Dec.) Mainland GDP growth and unemployment Actual and Norges Bank forecast, per cent Core inflation and wage growth Actual and Norges Bank forecast, per cent Key policy rate Actual and DNB Carnegie forecast, per cent 2.1 2.1 2 .3 2.3 2. 3 (2.7) 4.7 5.2 0.9 0.6 1.8 1.4 0.9 1.2 1.4 5.0 4.5 4.5 5.5 5.6 5.2 4.9 4.5 3.5 3.7 3.1 3.3 3.9 3.6 3.4 2.8 2.2 2.1 4.0 4.0 1.7 2020 2021 2022 2023 2024 2025 2026F 2027F 2028F 2029F 2020 2021 2022 2023 2024 2025 2026F 2027F 2028F 2029F 2020 2021 2022 2023 2024 2025 2026F 2027F 2028F 2029F Mainland GDP Unemployment rate Core inflation Wage growth Policy rate DNB Carnegie forecast ‌Solid underlying performance across all customer segments in competitive markets PC: Profitable loan growth of 1.7 per cent and deposit growth of 6.1 per cent YoY - disciplined approach to growth in a highly competitive market CCN: Profitable loan growth of 5.8 per cent YoY - other income up 28.9 per cent from 1Q25, reflecting well-diversified income platform LCIC: Profitable loan growth of 9.1 per cent YoY - supported by a solid start to the year across industries and geographies Personal customers (PC) NOK million Corporate customers Norway (CCN) NOK million Large corporates and international customers (LCIC) NOK million 3,827 4,330 4,396 3,773 3,452 4,123 3,987 3,706 4,036 1Q25 4Q25 1Q26 1Q25 4Q25 1Q26 1Q25 4Q25 1Q26 Pre-tax operating profit before impairment Pre-tax operating profit ‌Continued strong income from DNB Carnegie and Wealth Management Total income from DNB Carnegie up 9.8 per cent from 1Q25 - strong contribution across products, sectors and geographies Total income from Wealth Management up 37.5 per cent from 1Q25 - strong contribution from both asset management and life insurance All-time high net flow of NOK 20.4 billion in the quarter from both retail and institutional customers Solid and diversified platform - well-positioned for further growth Total income DNB Carnegie NOK million Total income Wealth Management NOK million Assets under management 2 (AUM) NOK billion 11,959 12,221 11,485 8,104 7,184 5,985 6,195 12,303 1,667 1,597 10,105 9,055 7,827 6,896 2021 2022 2023 2024 2025 1 Total risk management revenues Total customer revenues 1 Including 10 months of Carnegie income. 2026 R12 2021 2022 2023 2024 2025 1 2026 R12 2021 2022 2023 2024 2025 31 March 1,140 882 945 809 2026 ‌Profitable growth in the quarter Currency-adjusted loan growth of 0.3 per cent in the quarter (unadjusted down 0.8 per cent) up 0.2 per cent in PC, down 1.2 per cent in CCN and up 2.3 per cent in LCIC Currency-adjusted deposits up 2.6 per cent in the quarter (unadjusted up 1.5 per cent) up 2.3 per cent in PC, 5.5 per cent in CCN and 0.6 per cent in LCIC Loans by customer segment NOK billion Deposits by customer segment NOK billion 965 979 980 606 628 640 536 575 566 490 523 514 400 410 428 510 461 452 PC CCN LCIC 31 March 2025 31 Dec. 2025 31 March 2026 PC CCN LCIC 31 March 2025 31 Dec. 2025 31 March 2026 7 ‌Margin development affected by repricing effects and strong competition Net interest margin 1 Per cent Spreads in customer segments Per cent 1.62 1.67 1.62 1.65 1.72 1.66 1.73 1.61 1.43 1.40 1.39 1.39 1.36 1.35 1.35 1.52 1.87 1.89 1.90 1.94 1.90 1.85 1.80 1.81 1.74 1.29 1.24 1.18 1.04 2 1.07 1.03 0.90 0.95 0.84 0.86 0.87 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Lending spreads Deposit spreads Combined spreads - weighted average 1 Total net interest income relative to average loans and deposits in the customer segments. ‌Net interest income driven by volume growth - offset by repricing, competition and seasonality Net interest income NOK million 16,179 231 (449) (86) (248) (176) 15,299 (152) 4Q25 Spreads Volume Currency Interest days Amortisation effects and fees Other 1Q26 ‌Commissions and fees - up 18.0 per cent from corresponding quarter last year Commissions and fees NOK million / Change in per cent from 1Q25 4,612 Real estate broking +3% +38% +34% -12% -17% +19% 241 3,500 282 4,129 291 1,763 1,382 1,005 917 1,335 1,225 288 627 381 296 527 451 255 523 454 Strong result in a slower market. Investment banking services Strong income development and high activity, with execution impacted by heightened market uncertainty. Asset management and custodial services AUM down 1.2 per cent in 1Q26 due to negative market valuation effects. However, all-time high net flow of NOK 20.4 billion in the quarter, from both retail and institutional customers. Guarantee commissions Stable demand for trade finance products, offset by margin effect. 1Q25 4Q25 1Q26 Money transfer and banking services Mainly driven by reduced contribution from banking services. Sale of insurance products Increased income from non-life insurance and continued positive development in defined-contribution pensions. ‌Operating expenses reflecting seasonal activity Operating expenses NOK million 9,361 (408) (147) (133) 8,441 (232) 4Q25 Variable salaries IT Closed defined-benefit pension scheme 1 Other expenses 1Q26 ‌Robust and well-diversified portfolio - 99.4 per cent in stages 1 and 2 Well-diversified portfolio across industries and geographies Personal customer portfolio - continued strong credit quality Corporate customer portfolio - increase in stage 3 impairment provisions relating to customer-specific events Impairment of financial instruments by customer segment NOK million Maximum exposure 1 Changes from 4Q25 in parentheses 1Q26 4Q25 1Q25 Total (644) (853) (410) Of which: Personal customers - Stages 1 and 2 (80) 29 (33) - Stage 3 0 (85) (30) Stage 1 Stage 2 Stage 3 - Stages 1 and 2 209 (91) 40 95.4% - Stage 3 (729) (413) (159) Large corporates and international customers - Stages 1 and 2 28 19 (189) - Stage 3 (64) (308) (36) Corporate customers Norway NOK 3,088 billion (+2) NOK 129 billion 4.0% (-21) NOK 21 billion (+2) 0.6% ‌Continued strong capital position CET1 capital ratio of 18.1 per cent - 170 basis-point headroom to the FSA's current expectation Strong profit generation and NOK 1.9 billion dividend from DNB Livsforsikring Board of Directors given authorisation by Annual General Meeting to repurchase up to 3.5 per cent of the company's share capital CET1 capital ratio Per cent Leverage ratio Per cent 17.9 0.3 0.2 18.1 (0.3) 1 2 15.4 16.4 .0 6 6.9 6.8 6.6 6.9 6.5 31 Dec. Retained Dividend, REA 31 March 31 March 31 Dec. 31 March 2025 profits (34%) DNB Livsforsikring (volume) 2026 2025 Ex 2025 cluding central bank d 2026 eposits 1 FSA's current expectation: 16.4 per cent. REA: Risk exposure amount. ‌Robust first quarter results Return on equity Per cent Cost/income ratio Per cent Earnings per share NOK 14.0 15.9 16.6 39.7 38.7 7.65 7.04 6.50 36.1 1Q25 4Q25 1Q26 1Q25 4Q25 1Q26 1Q25 4Q25 1Q26 ‌Appendix ‌Income statement Change Change NOK million 1Q26 4Q25 1Q25 from 4Q25 from 1Q25 Net interest income 15,299 16,179 16,410 (880) (1,111) Other operating income 6,494 7,376 5,503 (882) 992 Total income 21,793 23,555 21,913 (1,761) (120) Operating expenses (8,441) (9,361) (7,907) 920 (533) Pre-tax operating profit before impairment 13,353 14,194 14,006 (841) (653) Impairment of loans and guarantees and gains on assets (641) (848) (392) 207 (250) Pre-tax operating profit 12,711 13,346 13,614 (634) (903) Tax expense (2,797) (1,884) (2,723) (913) (74) Profit from operations held for sale, after taxes (55) 150 (43) (204) (12) Profit for the period 9,860 11,612 10,849 (1,752) (989) Portion attributable to shareholders 9,466 11,193 10,434 (1,727) (968) ‌Other operating income Change Change NOK million 1Q26 4Q25 1Q25 from 4Q25 from 1Q25 Net commissions and fees 4,129 4,612 3,500 (483) 629 Customer revenues in DNB Carnegie 853 930 786 (77) 67 Trading revenues in DNB Carnegie 336 131 212 205 124 Hedging of defined-benefit pension scheme 27 45 (8) (18) 35 Credit spreads on bonds 44 11 (7) 33 51 Credit spreads on fixed-rate loans 32 50 16 (18) 16 CVA/DVA/FVA 30 10 39 20 (9) Other mark-to-market adjustments 409 (175) 406 584 3 Basis swaps 30 83 209 (53) (179) Exchange rate effects related to additional Tier 1 capital (566) 248 (459) (814) (107) Net gains on financial instruments at fair value 1,197 1,333 1,193 (136) 4 Net life insurance result 486 547 280 (61) 206 Profit from investments accounted for by the equity method 247 424 27 (177) 220 Other 435 461 503 (26) (68) Net other operating income, total 6,494 7,376 5,503 (882) 991 ‌DISCLAIMER CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS The statements contained in this presentation may include forward-looking statements, such as statements of future expectations. These statements are based on the management's current views and assumptions and involve both known and unknown risks and uncertainties. Although DNB believes that the expectations implied in any such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be correct. Actual results, performance or events may differ materially from those set out or implied in the forward-looking statements. Important factors that may cause such a difference include, but are not limited to: (i) general economic conditions, (ii) performance of financial markets, including market volatility and liquidity, (iii) the extent of credit defaults, (iv) interest rate levels, (v) currency exchange rates, (vi) changes in the competitive climate, (vii) changes in laws and regulations, (viii) changes in the policies of central banks and/or foreign governments, or supranational entities. DNB assumes no obligation to update any forward-looking statement. This presentation contains alternative performance measures, or non-IFRS financial measures. Definitions and calculations are presented on ir.dnb.no. ‌Q&A 2

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