DNB Bank : Quarterly Report DNB Group 1Q26

About this update from Dnb Bank Asa

DNB Group First quarter report (Unaudited) 2026 1 ‌Financial highlights Income statement 1st quarter 1st quarter Full year Amounts in NOK million 2026 2025 2025 Net interest income 15,299 16,410 64,731 Net commissions and fees 4,129 3,500 16,398 Net gains on financial instruments at fair value 1,197 1,193 4,431 Net insurance result 486 280 1,705 Other operating income 682 530 3,384 Net other operating income 6,494 5,503 25,918 Total income 21,793 21,913 90,649 Operating expenses (8,395) (7,885) (34,319) Restructuring costs and non-recurring effects (45) (23) (157) Pre-tax operating profit before impairment 13,353 14,006 56,173 Net gains on fixed and intangible assets 2 18 28 Impairment of financial instruments (644) (410) (2,803) Pre-tax operating profit 12,711 13,614 53,398 Tax expense (2,797) (2,723) (9,894) Profit from operations held for sale, after taxes (55) (43) 82 Profit for the period 9,860 10,849 43,586 Balance sheet 31 March 31 Dec. 31 March Amounts in NOK million 2026 2025 2025 Total assets 3,837,114 3,695,290 4,030,241 Loans to customers 2,357,621 2,403,340 2,323,370 Deposits from customers 1,553,850 1,521,872 1,625,502 Total equity 300,875 295,855 292,955 Average total assets 3,931,998 4,184,938 4,217,309 Total combined assets 1 5,006,179 4,930,301 5,102,337 Key figures and alternative performance measures 1st quarter 1st quarter Full year 2026 2025 2025 Return on equity, annualised (per cent) 1 14.0 15.9 15.9 Earnings per share (NOK) 6.50 7.04 28.45 Combined weighted total average spreads for lending and deposits (per cent) 1 1.24 1.36 1.34 Average spreads for ordinary lending to customers (per cent) 1 1.52 1.72 1.68 Average spreads for deposits from customers (per cent) 1 0.87 0.90 0.89 Cost/income ratio (per cent) 1 38.7 36.1 38.0 Ratio of customer deposits to net loans to customers at end of period, customer segments (per cent) 1 73.8 76.1 72.2 Net loans at amortised cost and financial commitments in stage 2, per cent of net loans at amortised cost 1 5.58 6.32 6.37 Net loans at amortised cost and financial commitments in stage 3, per cent of net loans at amortised cost 1 0.90 0.99 0.81 Impairment relative to average net loans to customers at amortised cost, annualised (per cent) 1 (0.11) (0.08) (0.12) Common equity Tier 1 capital ratio at end of period (per cent) 18.1 18.5 17.9 Leverage ratio at end of period (per cent) 6.5 6.0 6.6 Share price at end of period (NOK) 301.20 275.50 281.50 Book value per share at end of period (NOK) 190.43 182.19 186.02 Price/book value 1 1.58 1.51 1.51 Dividend per share (NOK) 18.00 Sustainability: Lending and facilitation of funding to the sustainable transition (NOK billion, accumulated) 973.6 792.2 928.6 Score from Traction's reputation survey in Norway (points) 60 60 61 Customer satisfaction index, CSI, personal customers in Norway (score) 72.1 74.4 72.3 Female representation at management levels 1-4 (per cent) 38 37 38 1 Defined as alternative performance measure (APM). APMs are described on ir.dnb.no. For additional key figures and definitions, please see the Factbook on ir.dnb.no. ‌Contents ‌Directors' report 4 ‌Accounts for the DNB Group Income statement 12 Comprehensive income statement 12 Balance sheet 13 Statement of changes in equity 14 Cash flow statement 15 Note G1 Basis for preparation 16 Note G2 Segments 16 Note G3 Capital adequacy 17 Note G4 Development in gross carrying amount and maximum exposure 18 Note G5 Development in accumulated impairment of financial instruments 19 Note G6 Loans and financial commitments to customers by industry segment 20 Note G7 Financial instruments at fair value 22 Note G8 Debt securities issued, senior non-preferred bonds and subordinated loan capital 23 Note G9 Contingencies 24 ‌Accounts for DNB Bank ASA (parent company) Income statement 25 Comprehensive income statement 25 Balance sheet 26 Statement of changes in equity 27 Note P1 Basis for preparation 28 Note P2 Capital adequacy 28 Note P3 Development in accumulated impairment of financial instruments 29 Note P4 Financial instruments at fair value 30 Note P5 Information on related parties 30 ‌Information about DNB 31 There has been no full or partial external audit of the quarterly directors' report and accounts. ‌Directors' report The Norwegian economy held up well in the first quarter of 2026, with activity remaining close to a normal level and employment staying high. Although inflation was still above target, a stronger krone (NOK) and some easing in economic pressures contributed to expectations of gradually lower inflation ahead. At the same time, uncertainty increased due to geopolitical developments and volatile energy markets, while higher-than-expected price and wage growth indicated continued tight monetary conditions. DNB delivered robust results in the first quarter with the capital situation remaining strong, and the portfolio well diversified. ‌First quarter financial performance The Group delivered profits of NOK 9,860 million in the first quarter, a decrease of NOK 988 million, or 9.1 per cent, from the corresponding quarter of last year. Compared with the fourth quarter of 2025, profits decreased by NOK 1,752 million, or 15.1 per cent. Earnings per share were NOK 6.50 in the quarter, compared with NOK 7.04 in the year-earlier period and NOK 7.65 in the fourth quarter of 2025. The common equity Tier 1 (CET1) capital ratio was 18.1 per cent at end-March, up from 17.9 per cent at end-December 2025. The CET1 capital ratio has been calculated according to the new Capital Requirements Regulation (CRR3), which became effective on 1 April 2025. The leverage ratio was 6.5 per cent at end-March, up from 6.0 per cent in the year-earlier period and down from 6.6 per cent at end-December 2025. Annualised return on equity (ROE) was 14.0 per cent in the first quarter. The corresponding figures were 15.9 per cent in the first quarter of 2025, and 16.6 per cent in the fourth quarter of 2025. Net interest income was down NOK 1,111 million, or 6.8 per cent, from the first quarter of 2025. Compared with the previous quarter, there was a decrease of NOK 880 million, or 5.4 per cent. There was profitable growth in both loans and deposits in the quarter, but this was offset by narrowed spreads and fewer interest days. Net other operating income amounted to NOK 6,494 million in the quarter, up NOK 992 million, or 18.0 per cent, compared with the corresponding period of 2025. Compared with the previous quarter, net other operating income was down NOK 882 million, or 12.0 per cent. There was a negative exchange rate effect of NOK 566 million related to additional Tier 1 (AT1) capital, which was recognised in the quarter. Operating expenses totalled NOK 8,441 million in the first quarter, up NOK 533 million, or 6.7 per cent, from the corresponding period a year earlier. Compared with the previous quarter, operating expenses were down NOK 920 million, or 9.8 per cent, reflecting seasonally lower activity. Impairment of financial instruments amounted to NOK 644 million in the first quarter, mainly relating to specific customers in stage 3. ‌Sustainability Even though climate change and the consequences of global warming are less prominent in public discourse than they were a few years ago, DNB's approach remains unchanged. It is the Group's ambition to achieve net-zero emissions in 2050, and DNB's employees work actively with the bank's customers to support them in reducing their emissions. In the first quarter, DNB published its annual report, for the second time in accordance with the Corporate Sustainability Reporting Directive (CSRD). The Group updated its framework for green corporate loans in the quarter. The framework now focuses exclusively on green loans, with clearer descriptions of processes, alignment with the EU taxonomy and documentation requirements. During the quarter, DNB continued to strengthen its risk management practices in the area of environmental, social and governance (ESG) risks in line with the guidelines from the European Banking Authority (EBA). DNB Carnegie remains a trusted adviser and facilitator of sustainable capital market solutions with a growing focus on Equity Capital Management (ECM) transactions. Despite 2025 being a record year for sustainable bond issuance, volumes in the first quarter of 2026 exceeded the corresponding period last year. Demand for green financing in the Nordic region remains strong. DNB Carnegie executed several landmark transactions, including one of the largest social bonds issued in the Nordics in recent years. As of end-March, DNB had mobilised a cumulative total of NOK 974 billion to the sustainable transition, through lending and facilitation. DNB remains on track to reach the target of NOK 1,500 billion by 2030. ‌Other events in the first quarter In the first quarter, DNB Finans became a separate subsidiary, wholly owned by DNB Bank ASA. The company will publish its own quarterly report in May. DNB launched a new equity trading platform in the savings app Spare. The application is already accounting for 1 out of 4 trades. The onboarding process for customers under the age of 18 has been improved, and full onboarding for this group of customers now takes less than 2 minutes. The leading international financial magazine Euromoney named DNB Carnegie Private Banking the best private bank in the Nordic region. Furthermore, DNB Carnegie secured the top ranking within Domestic Equity Norway in Prospera's annual survey for the eleventh year running. In addition, DNB Carnegie was ranked no. 1 in Domestic Equity Nordics in the same survey In Traction's reputation survey for the first quarter of 2026, DNB scored 60 points. The goal is a result of over 65 points, indicating that DNB is a well-liked bank. ‌Annual General Meeting Based on the authorisation the Board of Directors received at the Annual General Meeting (AGM) in April 2025 for a new share buy-back programme of 3.5 per cent, three buy-back programmes totalling 2.5 per cent were completed in the period from 17 June 2025 and up to 13 March 2026. A total of 24,380,480 shares were bought back in the open market. In addition, a proportion of the Norwegian government's holding were redeemed at the AGM on 21 April 2026, bringing total share buy-backs to 36,940,121 shares, or 2.5 per cent. Furthermore, the AGM on 21 April 2026 gave the Board an authorisation for a new share buy-back programme of 3.5 per cent of the company's share capital, as well as an authorisation to DNB Carnegie to repurchase 0.5 per cent of the shares for hedging purposes. Eimund Nygaard was elected as the new Chair of the Board of DNB Bank ASA, replacing Olaug Svarva, and Lars Røsæg was elected as a new Board member, replacing Kim Wahl. Both will take up their positions on 1 May 2026. ‌First quarter income statement - main items Amounts in NOK million 1Q26 4Q25 1Q25 Interest margin on performing loans - customer segments 7,648 8,201 8,342 Interest margin on deposits -customer segments 3,198 3,197 3,355 Amortisation effects and fees 1,291 1,467 1,436 Equity and non-interest bearing items 2,567 2,573 2,801 Operational leasing 676 690 725 Contributions to the deposit guarantee and resolution funds (346) (340) (342) Other net interest income 264 389 93 Net interest income 15,299 16,179 16,410 ‌Net interest income Net interest income decreased by NOK 1,111 million, or 6.8 per cent, from the first quarter of 2025. This was mainly due to repricing effects and competition. There was an average increase of NOK 67.7 billion, or 3.4 per cent, in performing loans. Adjusted for exchange rate effects, volumes were up NOK 96.0 billion, or 4.9 per cent. During the same period, deposits were down NOK 9.8 billion, or 0.6 per cent. Deposits were up NOK 29.9 billion, or 2.0 per cent, adjusted for exchange rate effects. Average lending spreads narrowed by 20 basis points, while average deposit spreads narrowed by 4 basis points. Volume-weighted spreads for the customer segments narrowed by 12 basis points. Compared with the fourth quarter of 2025, net interest income decreased by NOK 880 million, or 5.4 per cent, due to repricing, competition and fewer interest days. However, there was profitable growth in both loans and deposits. There was an average increase in performing loans of NOK 15.2 billion, or 0.8 per cent, whereas deposits were up NOK 16.2 billion, or 1.1 per cent. Average lending spreads narrowed by 9 basis points, and average deposit spreads widened by 1 basis point. Volume-weighted spreads for the customer segments narrowed by 5 basis points. ‌Net other operating income Amounts in NOK million 1Q26 4Q25 1Q25 Net commissions and fees 4,129 4,612 3,500 Basis swaps 30 83 209 Exchange rate effects related to additional Tier 1 capital (566) 248 (459) Net gains on other financial instruments at fair value 1,733 1,001 1,443 Net insurance result 486 547 280 Net profit from associated companies 247 424 27 Other operating income 435 461 503 Net other operating income 6,494 7,376 5,503 Net other operating income increased by NOK 992 million, or 18.0 per cent, compared with the first quarter of 2025. This was mainly due to solid income from net commissions and fees, which increased by NOK 629 million, or 18.0 per cent in the same period. There were strong results across product areas, particularly within asset management, with an all-time high net flow of NOK 20.4 billion in the quarter. Compared with the previous quarter, net other operating income decreased by NOK 882 million, or 12.0 per cent, mainly due to a negative exchange rate effect related to additional Tier 1 (AT1) capital. Net commissions and fees decreased by NOK 482 million, or 10.5 per cent, due to lower income from investment banking services, which were exceptionally high in the previous quarter. ‌Operating expenses Amounts in NOK million 1Q26 4Q25 1Q25 Salaries and other personnel expenses (4,896) (5,498) (4,567) Restructuring expenses (45) (49) (23) Other expenses (2,569) (2,861) (2,431) Depreciation of fixed and intangible assets (930) (953) (886) Impairment of fixed and intangible assets Total operating expenses (8,441) (9,361) (7,907) Operating expenses were up NOK 533 million, or 6.7 per cent, compared with the first quarter of 2025. This was primarily due to the inclusion of Carnegie in March 2025. Compared with the fourth quarter of 2025, operating expenses were down NOK 920 million, or 9.8 per cent. This can be ascribed to a decrease in performance-based salaries and seasonally higher activity in the previous quarter. In addition, there were lower pensions expenses, due to lower return on the closed defined-benefit pension scheme. The cost/income ratio was 38.7 per cent in the quarter. ‌Impairment of financial instruments by industry segment Amounts in NOK million 1Q26 4Q25 1Q25 Personal customers (128) (16) (81) Commercial real estate (119) 109 (31) Residential property (21) (179) (22) Power and renewables 1 (8) (28) Oil, gas and offshore 52 12 (9) Other (428) (771) (240) Total impairment of financial instruments (644) (853) (410) Impairment of financial instruments amounted to NOK 644 million in the quarter. Impairment provisions in the personal customers industry segment amounted to NOK 128 million. The impairment provisions could primarily be seen in stage 2, due to slightly negative customer migration. The corporate customers industry segments saw impairment provisions of NOK 516 million. The impairment provisions could primarily be seen in stage 3, relating to specific customers spread across various industry segments, especially within the building and construction industry. The impairment provisions were somewhat curtailed by reversals within the performing portfolio, mainly due to reduced Observed Default Frequency rates. In the corresponding quarter of 2025, impairment provisions amounted to NOK 329 million, while the fourth quarter of 2025 saw impairment provisions of NOK 837 million. The macro forecasts remained relatively stable during the first quarter and did not have a significant impact on the impairment of the portfolio. The Group's net loan portfolio remains robust, with 99.4 per cent in stages 1 and Net stage 3 loans and financial commitments amounted to NOK 20.8 billion at end-March 2026, which was a decrease of NOK 1.6 billion from the corresponding period in 2025, and an increase of NOK 1.6 billion from the previous quarter. ‌Taxes in the quarter The DNB Group's tax expense for the first quarter is estimated at NOK 2,797 million, or 22.0 per cent of the pre-tax operating profit. ‌Financial performance - segments Financial governance in DNB is adapted to the different customer segments. Reported figures reflect total sales of products and services to the relevant segments. ‌Personal customers Income statement in NOK million 1Q26 4Q25 1Q25 Net interest income 4,995 5,648 5,461 Net other operating income 2,047 1,991 1,648 Total income 7,043 7,639 7,109 Operating expenses (3,114) (3,198) (2,739) Pre-tax operating profit before impairment 3,929 4,440 4,370 Net gains on fixed and intangible assets (1) Impairment of financial instruments (79) (56) (63) Profit from repossessed operations (23) 13 23 Pre-tax operating profit 3,827 4,396 4,330 Tax expense (957) (1,099) (1,082) Profit for the period 2,870 3,297 3,247 Average balance sheet items in NOK billion Loans to customers 979.7 976.2 958.9 Deposits from customers 631.1 629.6 593.3 Key figures in per cent Lending spreads 1 0.88 1.02 1.11 Deposit spreads 1 1.40 1.37 1.52 Return on allocated capital 16.2 18.2 20.4 Cost/income ratio 44.2 41.9 38.5 Ratio of deposits to loans 64.4 64.5 61.9 1 Calculated relative to the corresponding money market rate. See ir.dnb.no for additional information on alternative performance measures (APMs). The personal customers segment delivered solid profits in a highly competitive market and had a return on allocated capital of 16.2 per cent in the first quarter. Average loans to customers increased by 2.2 per cent from the corresponding quarter of 2025, and by 0.4 per cent from the previous quarter. Average deposits from customers rose by 6.4 per cent from the first quarter of 2025 and by 0.2 per cent from the previous quarter. The average deposits-to-loans ratio was 64.4 per cent. The first quarter included customer repricing effects following the interest rate changes announced in September 2025. Combined spreads on loans and deposits narrowed by 19 basis points from the first quarter of 2025 and by 7 basis points from the previous quarter. Net other operating income improved by 24 per cent from the corresponding quarter of 2025, affected by the inclusion of Carnegie from March 2025 and higher income from long-term savings products, insurance sales and real estate broking. There was a decrease in net income from payment services compared with the corresponding period last year. From the previous quarter there was a moderate increase of 2.8 per cent. Seasonally higher income from real estate broking activities was partly offset by lower income from payment services. Operating expenses increased by 13.7 per cent from the corresponding quarter of 2025, mainly in the private banking segment. This can be attributed to high activity as well as the inclusion of Carnegie. Compared with the previous quarter, operating expenses decreased by 2.6 per cent. Seasonal fluctuations in real estate broking were offset by a decrease in operational losses. Impairment provisions amounted to NOK 79 million in the quarter, compared with impairment provisions of NOK 63 million and NOK 56 million in the corresponding quarter of 2025 and the fourth quarter of 2025, respectively. The impairment provisions could be seen in stage 2 within both mortgages and consumer finance, due to minor negative customer migration. The macro effect on the impairment provisions for the quarter was insignificant. Overall, the credit quality in the portfolio remained strong. DNB's market share of credit to households in Norway was 22.3 per cent at end-February. The market share of total household savings was 28.1 per cent at the same point in time, while the market share of savings in mutual funds amounted to 38.1 per cent at end-March. DNB Eiendom had an average market share of 14.8 per cent in the first quarter. ‌Corporate customers Norway Income statement in NOK million 1Q26 4Q25 1Q25 Net interest income 4,579 4,936 4,910 Net other operating income 1,190 1,194 923 Total income 5,769 6,130 5,833 Operating expenses (1,784) (1,848) (1,678) Pre-tax operating profit before impairment 3,986 4,282 4,155 Net gains on fixed and intangible assets (5) Impairment of financial instruments (520) (504) (119) Profit from repossessed operations (14) Pre-tax operating profit 3,452 3,773 4,036 Tax expense (863) (943) (1,009) Profit for the period 2,589 2,830 3,027 Average balance sheet items in NOK billion Loans to customers 568.8 557.3 534.4 Deposits from customers 411.4 411.1 408.4 Key figures in per cent Lending spreads 1 2.05 2.11 2.24 Deposit spreads 1 0.90 0.92 1.02 Return on allocated capital 19.7 20.6 22.4 Cost/income ratio 30.9 30.2 28.8 Ratio of deposits to loans 72.3 73.8 76.4 1 Calculated relative to the corresponding money market rate. See ir.dnb.no for additional information on alternative performance measures (APMs). The first quarter showed stable performance, with increasing average loan volumes and an increase in net other operating income. Lending and deposit spreads were under pressure, partly due to the competitive landscape. In the quarter, the return on allocated capital in the corporate customers Norway segment was 19.7 per cent, down from 22.4 per cent in the corresponding quarter of 2025 and from 20.6 per cent in the previous quarter. Net interest income amounted to NOK 4,579 million in the first quarter, which is a decrease of NOK 331 million, or 6.7 per cent, compared with the corresponding quarter of last year. Compared with the previous quarter, net interest income decreased by NOK 357 million, or 7.2 per cent, due to fewer interest days and narrowed lending spreads. Average loans to customers increased by 6.4 per cent from the corresponding quarter of 2025 and by per cent from the previous quarter. Lending spreads narrowed by 19 basis points compared with the corresponding quarter of 2025 and by 6 basis points compared with the previous quarter. Average deposit volumes were up 0.7 per cent compared with the corresponding period last year and 0.1 per cent from the previous quarter. The ratio of deposits to loans for the quarter ended at 72.3 per cent. Net other operating income amounted to NOK 1,190 million in the quarter. This was an increase of 28.9 per cent compared with the corresponding quarter of 2025, mainly driven by the inclusion of Carnegie and can be attribute to corporate finance. Compared with the previous quarter, net other operating income was down 0.3 per cent. Operating expenses amounted to NOK 1,784 million, an increase of NOK 106 million from the corresponding quarter of 2025 and a decrease of NOK 65 million from the previous quarter. The cost/income ratio ended at 30.9 per cent, which is an increase from 28.8 per cent in the corresponding quarter of last year and 30.2 per cent in the previous quarter. Impairment of financial instruments amounted to NOK 520 million in the quarter. This was an increase from both the corresponding quarter in 2025 and from the previous quarter of NOK 401 million and NOK 16 million, respectively. The impairment provisions could be seen in stage 3, curtailed by reversals within stage 2, primarily due to a reduction in observed default frequency rates. The increase in impairment provisions was primarily driven by a few specific customers related to the building and construction industry. ‌Large corporates and international customers Income statement in NOK million 1Q26 4Q25 1Q25 Net interest income 4,619 4,791 4,879 Net other operating income 2,524 3,257 2,585 Total income 7,143 8,048 7,465 Operating expenses (3,348) (3,936) (3,027) Pre-tax operating profit before impairment 3,795 4,112 4,438 Impairment of financial instruments (36) (289) (225) Profit from repossessed operations (52) 164 (89) Pre-tax operating profit 3,706 3,987 4,123 Tax expense (927) (997) (1,031) Profit for the period 2,780 2,990 3,093 Average balance sheet items in NOK billion Loans to customers 509.4 512.5 498.9 Deposits from customers 460.5 460.1 512.5 Key figures in per cent Lending spreads 1 2.17 2.20 2.34 Deposit spreads 1 0.11 0.11 0.10 Return on allocated capital 17.6 17.8 20.1 Cost/income ratio 46.9 48.9 40.5 Ratio of deposits to loans 90.4 89.8 102.7 1 Calculated relative to the corresponding money market rate. See ir.dnb.no for additional information on alternative performance measures (APMs). The first quarter showed strong operational performance in the large corporates and international customers segment, driven by stable and solid underlying credit quality and increased lending volumes, adjusted for exchange rate effects. The segment is entering the second quarter with a robust balance sheet, solid customer activity and continued strategic momentum The return on allocated capital in the first quarter was 17.6 per cent, down from 20.1 per cent in the corresponding quarter of 2025 and from 17.8 per cent in the previous quarter. Net interest income amounted to NOK 4,619 million in the first quarter, a decrease of NOK 260 million, or 5.3 per cent, compared with the corresponding quarter of last year. Compared with the previous quarter, net interest income decreased by NOK 171 million, or 3.6 per cent. This reduction was due to narrowed lending spreads, currency effects and fewer interest days compared with the previous quarter. Average loans to customers increased by 2.1 per cent compared with the corresponding period last year and decreased by 0.6 per cent from the previous quarter. Lending spreads narrowed by 17 basis points compared with the corresponding quarter of 2025 and by 3 basis points compared with the previous quarter. Average deposit volumes were down 10.1 per cent compared with the corresponding period last year and up 0.1 per cent from the previous quarter. The ratio of deposits to loans for the quarter ended at 90.4 per cent. Net other operating income was NOK 2 524 million in the quarter, down 2.4 per cent from the corresponding quarter of 2025 and 22.5 per cent from the previous quarter. The decrease from the previous quarter was partly due to seasonal variations. Operating expenses were NOK 3,348 million in the quarter, an increase of NOK 321 million from the corresponding period last year and a decrease of NOK 588 million from the previous quarter. The cost/income ratio decreased to 46.9 per cent from 48.9 per cent in the previous quarter. Impairment of financial instruments amounted to NOK 36 million in the quarter. The corresponding quarter of 2025 showed impairment provisions of NOK 225 million, while the previous quarter saw impairment provisions of NOK 289 million. The impairment provisions for the first quarter were driven by a few specific customers in stage 3, spread across various industry segments. ‌Other operations This segment includes the results from risk management in DNB Carnegie and from traditional pension products with a guaranteed rate of return. In addition, the other operations segment includes Group items not allocated to the customer segments. Income statement in NOK million 1Q26 4Q25 1Q25 Net interest income 1,106 804 1,160 Net other operating income 886 1,297 823 Total income 1,992 2,102 1,983 Operating expenses (350) (742) (939) Pre-tax operating profit before impairment 1,643 1,360 1,043 Net gains on fixed and intangible assets 2 11 18 Impairment of financial instruments (7) (4) (3) Profit from repossessed operations 89 (177) 66 Pre-tax operating profit 1,727 1,190 1,125 Tax expense (50) 1,155 399 Profit from operations held for sale, after taxes (55) 150 (43) Profit for the period 1,622 2,495 1,482 Average balance sheet items in NOK billion Loans to customers 316.5 307.5 241.9 Deposits from customers 58.3 57.9 188.1 The profit for the other operations segment was NOK 1,622 million in the first quarter. Risk management income was at a high level in the first quarter, reaching NOK 404 million, but was lower than the highly profitable corresponding quarter of last year. The reduction can be attributed to considerably lower income from international banking and lower income from interest rate trading. In addition, higher counterparty risk (XVA) also gave a moderate negative impact on income, while repurchase agreements (repos) performing at a high level showed a gradual further improvement. Compared with the previous quarter, risk management income was up NOK 109 million. The main contributor was interest rate trading, reflecting the high volatility in interest rates. Bond trading and banking showed small improvements compared with the previous quarter, as did repos. The pre-tax operating profit for guaranteed pension products was NOK 460 million in the first quarter, compared with NOK 481 million in the corresponding quarter of 2025, and NOK 540 million in the previous quarter. Compared with the first quarter of 2025, the insurance result increased by NOK 7 million. The return on the company portfolio relating to guaranteed products decreased by NOK 12 million. The solvency margin without transitional rules was 274 per cent as at 31 March 2026, an increase from 266 per cent as at 31 March 2025 and an increase from 261 per cent at the end of 2025. The strengthened solvency margin was driven by higher interest rates and an adjustment for higher volatility. In the first quarter, a dividend of NOK 1.9 billion was paid by DNB Livsforsikring to DNB Bank ASA. The solvency effect of the dividend was included in the solvency calculation as at 31 December 2025. At the current interest rate level, the transitional rules for technical insurance provisions have no effect, and the solvency margins with and without transitional rules are equal. DNB's share of the profit in associated companies (most importantly Luminor, Vipps and Fremtind) is included in this segment. There was a decrease in profit from these companies of NOK 220 million from the first quarter of 2025, and an increase of NOK 176 million compared with the previous quarter. ‌Funding, liquidity and balance sheet The year 2026 started well, with strong investor interest in the bank's shorter-term issues. This made it possible to gradually meet the Group's short-term funding needs on more competitive terms. At the same time, the bank took the opportunity to gain a more balanced distribution between its main markets in the US and Europe, thereby ensuring maximum flexibility and better diversification of its short-term funding. However, after the outbreak of the war in the Middle East, market conditions changed distinctly. The uncertainty meant that investors on both sides of the Atlantic to a large extent either held off on new investments or limited themselves to investments with very short terms to maturity. Towards the end of the quarter, market conditions improved. Funding costs for issues with maturities of 6-12 months rose by 10-15 basis points compared with the levels at the start of the year. The market conditions for long-term funding for financial issuers were favourable at the start of the year, with credit risk premiums remaining stable or edging down slightly during the first half of the quarter. This followed a marked decline in credit risk premiums throughout 2025. As with short-term funding, the market conditions for long-term funding deteriorated considerably as a result of the war in the Middle East. Initially, the credit risk premiums on covered bonds were less affected. However, as the turmoil has persisted and the level of uncertainty has grown, credit risk premiums on this type of instruments have also increased from the relatively low levels seen at the start of 2026. In the first quarter, DNB obtained long-term funding totalling around NOK 47 billion, mainly consisting of covered bonds issued by DNB Boligkreditt AS (approximately NOK 28 billion) in NOK and EUR. The remaining volume was issued in the form of senior preferred bonds in EUR (approximately NOK 8.4 billion) and senior non-preferred bonds in NOK, SEK and USD (approximately NOK 10.8 billion). The total nominal value of long-term debt securities issued by the Group was NOK 530 billion at end-March, compared with NOK 565 billion a year earlier. The average remaining term to maturity for long-term debt securities issued was 3.6 years, compared with 3.5 years a year earlier. The short-term liquidity requirement, the Liquidity Coverage Ratio (LCR), remained stable at above 100 per cent throughout the year, and was 125 per cent at the end-March. The net long-term stable funding ratio (NSFR) was 114 per cent, which was well above the minimum requirement of 100 per cent for stable and long-term funding. Total combined assets in the DNB Group were NOK 5,006 billion at the end of March, down from NOK 5,102 billion a year earlier. Total assets in the Group's balance sheet were NOK 3,837 billion at end-March, compared with NOK 4,030 billion at end-March 2025. The ratio of customer deposits to net loans to customers for the customer segments, was 73.8 per cent, down from 76.1 per cent a year earlier. ‌Capital position The common equity Tier 1 (CET1) capital ratio was 18.1 per cent at end-March, down from 18.5 per cent a year earlier, but up from 17.9 per cent at end-December. The CET1 capital ratio was positively impacted by retained earnings for the quarter and dividends from DNB Livsforsikring. These effects were partly offset by underlying growth in the risk exposure amount (REA), reflecting portfolio growth. Reported REA growth was dampened by foreign exchange effects. The CET1 capital ratio requirement for DNB at end-March was 15.4 per cent, while the expectation from the supervisory authorities, including Pillar 2 Guidance, was 16.4 per cent. The Group therefore held a solid capital buffer of 1.7 percentage point above the current supervisory capital level expectation. The risk exposure amount increased by NOK 5 billion from end-December 2025 and amounted to NOK 1,176 billion at end-March 2026. The leverage ratio was 6.5 per cent at end-March, up from 6.0 per cent in the year-earlier period, but down from 6.6 per cent at end December. ‌Capital adequacy The capital adequacy regulations specify a minimum requirement for own funds based on a risk exposure amount that includes credit risk, market risk and operational risk. In addition to meeting the Pillar 1 minimum requirement, DNB must meet the Pillar 2 requirements and the combined buffer requirements under Pillar 1. ‌Capital and risk 1Q26 4Q25 1Q25 CET1 capital ratio, per cent 18.1 17.9 18.5 Tier 1 capital ratio, per cent 19.9 19.8 20.3 Capital ratio, per cent 22.4 22.4 22.8 Risk exposure amount, NOK billion 1,176 1,171 1,134 Leverage ratio, per cent 6.5 6.6 6.0 As the DNB Group consists of both a credit institution and a life insurance company, DNB has to satisfy a cross-sectoral calculation test to demonstrate that it complies with sectoral requirements: the capital adequacy requirement, in accordance with the Capital Requirements Regulation / Capital Requirements Directive (CRR/CRD), and the Solvency 2 requirement. At the end of March, DNB complied with these requirements by a good margin, with excess capital of NOK 44.6 billion. ‌New regulatory framework Countercyclical capital buffer maintained at current level At its meeting on 21 January, the Monetary Policy and Financial Stability Committee of the Norwegian central bank, Norges Bank, decided to maintain the countercyclical capital buffer requirement at 2.5 per cent. The Committee referred to the fact that there is still considerable uncertainty regarding the outlook for the international economy. Political tensions have increased and disruptions in the global economy can quickly have consequences for the Norwegian financial system. There remains an elevated risk that this could undermine financial stability and cause a downturn in the Norwegian economy. However, Norges Bank also emphasised that the solvency stress test in its Financial Stability Report 2025 H2 showed that Norwegian banks are profitable and meet capital and liquidity requirements with a comfortable margin. The banks are therefore able to withstand substantial losses while continuing to lend, thereby not contributing to an economic downturn. The Committee emphasised the strong resilience of the Norwegian financial system. ‌Consultation regarding implementation of new EU anti-money laundering legislation On 23 January, the Ministry of Finance circulated a report for public consultation regarding Norway's implementation of the new EU anti-money laundering (AML) legislative package. A working group appointed by the Ministry has proposed implementing the EU AML package in a new Norwegian Anti-Money Laundering Act. The package seeks to close loopholes in existing legislation that are being exploited by criminals to launder illegal funds or to finance terrorism through the financial system. The proposals in the working group's report include, among other things, extending the scope of the Norwegian Anti-Money Laundering Act to cover a range of new market players and areas, including dealers in valuable items (such as expensive cars, boats and aircraft, jewellery and precious stones), cultural objects, football clubs and football agents. The working group's intention is that these changes will be introduced at the same time as in the EU, provided that the EU AML package is incorporated into the EEA Agreement. If implemented, the package will improve DNB's ability to detect and prevent suspicious transactions and activities. The deadline for the consultation is 30 April. ‌Proposed amendments to the Financial Institutions Act will allow for greater information sharing On 20 March, the government presented proposals for amendments to the Financial Institutions Act. The aim is to adjust the rules regarding the confidentiality obligations of financial institutions. If the proposed amendments are adopted, they will enhance DNB's cooperation with other financial institutions and authorities in cases concerning financial crime, as well as providing better conditions for the disclosure of information for research purposes. ‌EU rules on changes to the calculation of requirements for stable funding for banks On 20 March, Regulation (EU) 2025/1215 on amendments to the Capital Requirements Regulation (CRR) was incorporated into the EEA Agreement. The Regulation means that previously adopted tightening of requirements for stable funding for securities financing transactions and for unsecured transactions with financial counterparties will not, after all, enter into force. The regulation was adopted in the EU in June 2025. To avoid a temporary tightening of the rules for Norwegian undertakings until the amending regulation was incorporated into the EEA Agreement, the Ministry of Finance ensured early implementation of the substantive content of the Regulation by issuing Norwegian regulations on 13 August 2025 on the continuation of the calculation of requirements for the net stable funding ratio (NSFR) in Regulation (EU) 575/2013 (CRR). ‌Macroeconomic developments The significant repricing in the international markets during the start of the year, has also affected Norwegian interest rates. The yield curve initially rose as a result of strong inflation figures for January, and received a further boost as international interest rates rose in the wake of the sharp rise in energy prices. From January to April, the market went from pricing in one or two interest rate cuts in 2026, to expecting at least two rate hikes from the Norwegian central bank, Norges Bank. Norges Bank largely confirmed the market's expectations at its monetary policy meeting in March, where it presented an interest rate path that was consistent with a rate hike in June, and a 40 per cent probability of another increase in September. The Norwegian economy still appears to be growing roughly as projected, with mainland GDP growth of 1.7 per cent for 2025. The labour market remained stable in the quarter, with further employment growth at the beginning of the year and unemployment remaining largely unchanged. Wage growth was higher than many had anticipated in 2025, and with this year's agreement at 4.4 per cent, DNB Carnegie see a risk that nominal wage growth could end at 4.6-4.8 per cent in 2026. This will likely contribute to inflation remaining high this year and next year. Although the Norwegian mainland economy is not directly affected by the conflict in the Middle East, increased inflation and potentially lower growth among Norway's trading partners could have an impact on economic activity. If interest rates are raised as expected, this will also have a negative impact on economic activity and could result in weaker growth than previously forecast, particularly in 2027. On the other hand, higher energy prices could provide a basis for increased investment in the petroleum sector, as well as greater scope of action in fiscal policy. Measures have already been introduced to counter rising fuel prices, with the road tax on fuel being temporarily reduced to zero until 1 September. The Norwegian krone (NOK) has strengthened considerably, likely due to both higher interest rate expectations and the rise in oil prices. If the NOK remains at current levels (with an import-weighted krone exchange rate of around 114), this will help to reduce imported inflation and profitability in the leading sector, which in turn may contribute to lower wage growth and inflation in the years ahead. The description of risks and uncertainties in DNB Group's annual report for 2025 provides a fair representation of risks and uncertainties that may affect DNB in the next reporting period. ‌Future prospects The Group's overriding financial target is a return on equity (ROE) above 14 per cent. The following factors will contribute to the Group reaching the ROE target: growth in loans and in commissions and fees from capital-light products, combined with cost control and efficient capital management. The ambition for annual organic loan growth for the Group is between 3 and 4 per cent over time, but it can be lower or higher in certain years. The Norwegian central bank, Norges Bank, reduced the key policy rate in September 2025 by 0.25 percentage point to 4.00 per cent, and DNB's subsequent repricing had negative effects on interest income from 18 November and has had full quarterly effect in the first quarter of 2026. In the period 2026 to 2027, DNB has an ambition to increase net commissions and fees by more than 9 per cent annually, and to maintain a cost/income ratio below 40 per cent. The tax rate for the Group is expected to be 22 per cent in 2026 and 23 per cent in subsequent years. The supervisory expectation for the common equity Tier 1 (CET1) capital ratio for DNB is above 16.4 per cent. In its capital planning, DNB has set the supervisory expectation plus some headroom as its target capital level. The headroom will reflect market-driven fluctuations, including in foreign exchange, and potential regulatory changes. The actual capital ratio achieved in the first quarter was 18.1 per cent. The Group's dividend policy remains unchanged, with a payout ratio of more than 50 per cent in cash dividends and an ambition to increase the nominal dividend per share each year. In addition to dividend payments, repurchases of own shares will be used as a flexible tool for allocating excess capital to DNB's owners. The Board has received authorisation from the Annual General Meeting to repurchase up to 3.5 per cent of outstanding shares for 2026. DNB will need approval from Finanstilsynet (the Financial Supervisory Authority of Norway) before announcing any share buy-back programmes. Oslo, 22 April 2026 The Board of Directors of DNB Bank ASA Lillian Hattrem Vivian Lund Olaug Svarva (Chair of the Board) Gro Bakstad Jens Petter Olsen (Vice Chair of the Board) Haakon Christopher Sandven Berit Behring Eli Solhaug Petter-Børre Furberg Kim Wahl Kjerstin R. Braathen (Group Chief Executive Officer, CEO) ‌Accounts for the DNB Group ‌G - INCOME STATEMENT 1st quarter 1st quarter Full year Amounts in NOK million 2026 2025 2025 Interest income, effective interest method 37,776 45,172 170,969 Other interest income 1,149 1,653 5,802 Interest expenses, effective interest method (22,594) (30,181) (107,840) Other interest expenses (1,032) (235) (4,200) Net interest income 15,299 16,410 64,731 Commission and fee income 5,741 4,592 22,038 Commission and fee expenses (1,612) (1,092) (5,640) Net gains on financial instruments at fair value 1,197 1,193 4,431 Net insurance result 486 280 1,705 Profit from investments accounted for by the equity method 247 27 1,206 Net gains on investment properties 4 9 (10) Other income 431 494 2,188 Net other operating income 6,494 5,503 25,918 Total income 21,793 21,913 90,649 Salaries and other personnel expenses (4,941) (4,590) (20,422) Other expenses (2,569) (2,431) (10,302) Depreciation and impairment of fixed and intangible assets (930) (886) (3,751) Total operating expenses (8,441) (7,907) (34,476) Pre-tax operating profit before impairment 13,353 14,006 56,173 Net gains on fixed and intangible assets 2 18 28 Impairment of financial instruments (644) (410) (2,803) Pre-tax operating profit 12,711 13,614 53,398 Tax expense (2,797) (2,723) (9,894) Profit from operations held for sale, after taxes (55) (43) 82 Profit for the period 9,860 10,849 43,586 Portion attributable to shareholders 9,466 10,434 41,944 Portion attributable to non-controlling interests (9) 6 39 Portion attributable to additional Tier 1 capital holders 404 409 1,603 Profit for the period 9,860 10,849 43,586 Earnings/diluted earnings per share (NOK) 6.50 7.04 28.45 Earnings per share excluding operations held for sale (NOK) 6.54 7.07 28.40 ‌G - COMPREHENSIVE INCOME STATEMENT 1st quarter 1st quarter Full year Amounts in NOK million 2026 2025 2025 Profit for the period 9,860 10,849 43,586 Actuarial gains and losses 125 Property revaluation Financial liabilities designated at FVTPL, changes in credit risk (13) 1 (39) Tax 3 (16) Items that will not be reclassified to the income statement (9) 1 69 Currency translation of foreign operations (5,532) (4,054) (3,360) Currency translation reserve reclassified to the income statement (1) (1) Hedging of net investment 4,370 3,200 2,474 Financial assets at fair value through OCI 12 196 545 Tax (1,094) (849) (755) Items that may subsequently be reclassified to the income statement (2,245) (1,509) (1,098) Other comprehensive income for the period (2,254) (1,508) (1,029) Comprehensive income for the period 7,607 9,341 42,558 ‌G - BALANCE SHEET 31 March 31 Dec. 31 March Amounts in NOK million Note 2026 2025 2025 Assets Cash and deposits with central banks 281,216 162,780 545,441 Due from credit institutions 172,461 111,809 152,220 Loans to customers G4, G5, G6, G7 2,357,621 2,403,340 2,323,370 Commercial paper and bonds G7 487,031 529,301 523,783 Shareholdings G7 38,663 37,051 30,277 Assets, customers bearing the risk G7 245,958 245,788 203,569 Financial derivatives G7 127,724 101,839 119,397 Investment properties 5,883 5,783 7,348 Investments accounted for by the equity method 17,851 17,886 19,212 Intangible assets 21,412 22,178 22,128 Deferred tax assets 225 249 298 Fixed assets 20,595 21,102 21,855 Assets held for sale 1,758 1,926 2,029 Other assets 58,717 34,256 59,315 Total assets 3,837,114 3,695,290 4,030,241 Liabilities and equity Due to credit institutions 410,197 330,635 495,523 Deposits from customers G7 1,553,850 1,521,872 1,625,502 Financial derivatives G7 134,331 102,035 123,855 Debt securities issued G7, G8 765,280 787,164 849,551 Liabilities, customers bearing the risk G7 245,958 245,788 203,569 Insurance liabilities 186,287 189,236 189,035 Payable taxes 15,470 13,125 5,775 Deferred taxes 3,011 3,006 5,001 Other liabilities 73,519 50,131 81,667 Liabilities held for sale 442 548 442 Provisions 1,082 1,315 1,504 Pension commitments 6,060 6,077 5,607 Senior non-preferred bonds G7, G8 106,627 112,476 114,816 Subordinated loan capital G7, G8 34,126 36,026 35,441 Total liabilities 3,536,239 3,399,434 3,737,286 Additional Tier 1 capital 23,584 23,380 22,135 Non-controlling interests 558 705 691 Share capital 18,165 18,262 18,533 Share premium 18,733 18,733 18,733 Other equity 239,836 234,775 232,863 Total equity 300,875 295,855 292,955 Total liabilities and equity 3,837,114 3,695,290 4,030,241 ‌G - STATEMENT OF CHANGES IN EQUITY Net Non- Additional currency Liability controlling Share Share Tier 1 translation credit Other Total Amounts in NOK million interests capital premium capital reserve reserve equity equity Balance sheet as at 31 December 2024 218 18,533 18,733 21,916 10,123 17 213,785 283,325 Profit for the period 6 409 10,434 10,849 Financial assets at fair value through OCI 196 196 Financial liabilities designated at FVTPL, changes in credit risk 1 1 Currency translation of foreign operations (4,054) (4,054) Hedging of net investment 3,200 3,200 Reclassified to the income statement on the liquidation of foreign operations (1) (1) Tax on other comprehensive income (800) (0) (49) (849) Comprehensive income for the period 6 409 (1,656) 1 10,581 9,341 Interest payments AT1 capital (189) (189) Non-controlling interests 467 2 469 Other equity transactions 11 Balance sheet as at 31 March 2025 691 18,533 18,733 22,135 8,478 18 224,368 292,955 Balance sheet as at 31 December 2025 705 18,262 18,733 23,380 8,624 (5) 226,157 295,855 Profit for the period (9) 404 9,466 9,860 Actuarial gains and losses Financial assets at fair value through OCI 12 12 Financial liabilities designated at FVTPL, changes in credit risk (13) (13) Currency translation of foreign operations (5,532) (5,532) Hedging of net investment 4,370 4,370 Tax on other comprehensive income (1,092) 3 (2) (1,091) Comprehensive income for the period (9) 404 (2,254) (9) 9,475 7,607 Interest payments AT1 capital (200) (200) Share buy-back programme (97) (2,147) (2,243) Non-controlling interests (138) (138) Other equity transactions 7 (11) (5) Balance sheet as at 31 March 2026 558 18,165 18,733 23,584 6,376 (14) 233,474 300,875 ‌G - CASH FLOW STATEMENT Jan.-March Jan.-March Full year Amounts in NOK million 2026 2025 2025 Operating activities Net receipts/(payments) on loans to customers 14,275 (97,406) (163,594) Net receipts on deposits from customers 44,676 166,149 61,983 Receipts on issued bonds and commercial paper 257,901 484,898 1,451,435 Payments on redeemed bonds and commercial paper (243,133) (465,861) (1,517,033) Net receipts on loans to credit institutions 5,608 251,351 143,850 Interest received 39,970 47,885 177,450 Interest paid (18,942) (23,377) (108,578) Net receipts on commissions and fees 4,275 3,305 18,541 Net receipts on the sale of financial assets in liquidity or trading portfolio 44,961 82,327 22,191 Payments to operations (8,437) (10,198) (30,797) Taxes paid (1,785) (657) (3,498) Receipts on premiums 6,051 6,236 21,847 Net receipts/(payments) on premium reserve transfers (1,277) (203) 2,056 Payments of insurance settlements (4,150) (4,388) (16,493) Other net receipts/(payments) (19,518) (6,346) 13,230 Net cash flow from operating activities 120,477 433,715 72,590 Investing activities Net payments on the acquisition or disposal of fixed assets (16) (654) (2,662) Receipts on investment properties 7 816 1,627 Payments on and for investment properties (7) Investment in long-term shares (173) (10,920) (15,393) Disposals of long-term shares 85 Dividends received on long-term investments in shares 844 Net cash flow from investing activities (189) (10,758) (15,499) Financing activities Receipts on issued senior non-preferred bonds 10,749 19,583 Payments on redeemed senior non-preferred bonds (12,409) (22,359) Receipts on issued subordinated loan capital 4,762 Redemptions of subordinated loan capital (2) (16) (4,590) Receipts on issued AT1 capital 1,850 Redemptions of AT1 capital (400) Interest payments on AT1 capital (200) (189) (1,592) Lease payments (211) (178) (765) Net purchase of own shares (2,243) (5,527) Dividend payments (24,835) Net cash flow from financing activities (4,317) (383) (33,874) Effects of exchange rate changes on cash and cash equivalents (2,535) (20,751) (1,282) Net cash flow 113,436 401,823 21,936 Cash as at 1 January 174,176 152,240 152,240 Net receipts of cash 113,436 401,823 21,936 Cash at end of period * 287,612 554,064 174,176 *) Of which: Cash and deposits with central banks 281,216 545,441 162,780 Deposits with credit institutions with no agreed period of notice, recorded under "Due from credit institutions" in the balance sheet. 6,396 8,623 11,396 ‌NOTE G1 BASIS FOR PREPARATION The quarterly financial statements for the Group have been prepared in accordance with IAS 34 Interim Financial Reporting, as issued by the International Accounting Standards Board and as adopted by the European Union. When preparing the consolidated financial statements, the management makes estimates, judgements and assumptions that affect the application of the accounting principles, as well as income, expenses, and the carrying amount of assets and liabilities. Estimates and assumptions are subject to continual evaluation and are based on historical experience and other factors, including expectations of future events that are believed to be probable on the balance sheet date. A description of the accounting policies, significant estimates, and areas where judgement is applied by the Group, can be found in Note G1 Accounting principles in the annual report for 2025. In the interim report, the accounting policies, significant estimates, and areas where judgement is applied by the Group are in conformity with those described in the annual report. ‌NOTE G2 SEGMENTS According to DNB's management model, the operating segments are independent profit centres that are fully responsible for their profit after tax and for achieving the targeted returns on allocated capital. DNB has the following operating segments: Personal customers, Large corporates and international customers, Corporate customers Norway, Risk management and Traditional pension products (with guaranteed rate of return). The Risk management and Traditional pension products segments are included in Other operations. DNB's share of profit in major associated companies (most importantly Luminor, Vipps and Fremtind) is included in Other operations. Income statement, first quarter Corporate Large corporates Personal customers and international Other customers Norway customers operations Eliminations DNB Group 1st quarter 1st quarter 1st quarter 1st quarter 1st quarter 1st quarter Amounts in NOK million 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 Net interest income 4,995 5,461 4,579 4,910 4,619 4,879 1,106 1,160 15,299 16,410 Net other operating income 2,047 1,648 1,190 923 2,524 2,585 886 823 (154) (477) 6,494 5,503 Total income 7,043 7,109 5,769 5,833 7,143 7,465 1,992 1,983 (154) (477) 21,793 21,913 Operating expenses (3,114) (2,739) (1,784) (1,678) (3,348) (3,027) (350) (939) 154 477 (8,441) (7,907) Pre-tax operating profit before impairment 3,929 4,370 3,986 4,155 3,795 4,438 1,643 1,043 13,353 14,006 Net gains on fixed and intangible assets 2 18 2 18 Impairment of financial instruments (79) (63) (520) (119) (36) (225) (7) (3) (644) (410) Profit from repossessed operations (23) 23 (14) (52) (89) 89 66 Pre-tax operating profit 3,827 4,330 3,452 4,036 3,706 4,123 1,727 1,125 12,711 13,614 Tax expense (957) (1,082) (863) (1,009) (927) (1,031) (50) 399 (2,797) (2,723) Profit from operations held for sale, after taxes (55) (43) (55) (43) Profit for the period 2,870 3,247 2,589 3,027 2,780 3,093 1,622 1,482 9,860 10,849 ‌NOTE G3 CAPITAL ADEQUACY Capital adequacy is calculated and reported in accordance with the EU capital requirements regulations for banks and investment firms (CRR/CRD). The implementation of the Capital Requirements Regulation (CRR3) entered into force in Norway with effect from 1 April 2025. The regulatory consolidation deviates from consolidation in the accounts and comprises the parent company, subsidiaries and associated companies, excluding insurance companies. Associated companies are consolidated pro rata. DNB has complied in full with all its externally imposed capital requirements over the reported period. ‌Own funds 31 March 31 Dec. 31 March Amounts in NOK million 2026 2025 2025 Total equity 300,875 295,855 292,955 Effect from regulatory consolidation 3,445 2,041 2,569 Adjustment to retained earnings for foreseeable dividends (5,844) (6,024) Additional Tier 1 capital instruments included in total equity (23,130) (23,130) (21,680) Net accrued interest on additional Tier 1 capital instruments (454) (250) (456) Common equity Tier 1 capital instruments 274,892 274,516 267,365 Regulatory adjustments Pension funds above pension commitments (147) (325) (61) Goodwill (17,513) (18,052) (18,052) Deferred tax assets that rely on future profitability, excluding temporary differences (246) Other intangible assets (4,525) (4,624) (5,120) Dividends payable and group contributions 1 (26,158) (26,158) (24,835) Share buy-back program (3,938) (6,181) (1,123) Deduction for investments in insurance companies 2 (3,341) (3,619) (3,625) IRB provisions shortfall (4,585) (4,373) (3,265) Additional value adjustments (AVA) (738) (682) (757) Insufficient coverage for non-performing exposures (699) (346) (399) (Gains) or losses on liabilities at fair value resulting from own credit risk 14 5 (19) (Gains) or losses on derivative liabilities resulting from own credit risk (DVA) (241) (196) (262) Securitisation positions (283) (292) (298) Common equity Tier 1 capital 212,740 209,673 209,301 Additional Tier 1 capital instruments 23,130 23,130 22,025 Deduction of holdings of Tier 1 instruments in insurance companies 3 (1,500) (1,500) (1,500) Non-eligible Additional Tier 1 capital (10) (10) (10) Additional Tier 1 21,620 21,620 20,515 Tier 1 capital 234,360 231,293 229,817 Term subordinated loan capital 33,297 34,695 34,287 Deduction of holdings of Tier 2 instruments in insurance companies 3 (4,088) (4,088) (5,588) Non-eligible Tier 2 capital (25) (25) (25) Tier 2 capital 29,184 30,582 28,674 Own funds 263,544 261,875 258,491 Total risk exposure amount 1,175,653 1,171,022 1,133,959 Minimum capital requirement 94,052 93,682 90,717 Capital ratios (per cent): Common equity Tier 1 capital ratio 18.1 17.9 18.5 Tier 1 capital ratio 19.9 19.8 20.3 Total capital ratio 22.4 22.4 22.8 The Annual General Meeting in DNB Bank ASA has decided to pay a dividend of NOK 18.00 per share for 2025. Deductions are made for significant investments in financial sector entities when the total value of the investments exceeds 10 per cent of common equity Tier 1 capital. The amounts that are not deducted are given a risk weight of 250 per cent. Investments in Tier 1 and Tier 2 instruments issued by the Group's insurance companies are deducted from the Group's Tier 1 and Tier 2 capital. ‌NOTE G4 DEVELOPMENT IN GROSS CARRYING AMOUNT AND MAXIMUM EXPOSURE ‌Loans to customers at amortised cost January-March 2026 Full year 2025 Amounts in NOK million Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Gross carrying amount as at 1 Jan. 2,217,161 124,470 22,922 2,364,553 2,055,522 125,877 23,806 2,205,206 Transfer to stage 1 28,158 (27,864) (294) 93,618 (90,962) (2,656) Transfer to stage 2 (24,264) 24,781 (517) (133,855) 136,591 (2,736) Transfer to stage 3 (497) (2,615) 3,112 (6,129) (8,148) 14,277 Originated and purchased 160,086 3,970 2,021 166,077 1,075,210 7,207 1,929 1,084,346 Derecognition (183,246) (8,531) (2,449) (194,226) (869,819) (46,069) (11,760) (927,648) Acquisitions 5,678 5,678 Exchange rate movements (14,484) (795) (157) (15,435) (2,739) 331 79 (2,330) Other 1 (28) (40) (2) (71) (325) (358) (17) (700) Gross carrying amount as at end of period 2,182,888 113,374 24,637 2,320,898 2,217,161 124,470 22,922 2,364,553 ‌Financial commitments January-March 2026 Full year 2025 Amounts in NOK million Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Maximum exposure as at 1 Jan. 869,598 26,819 2,051 898,468 811,201 33,811 3,223 848,235 Transfer to stage 1 13,052 (13,043) (9) 24,359 (22,880) (1,479) Transfer to stage 2 (4,657) 4,673 (16) (23,201) 25,257 (2,056) Transfer to stage 3 (30) (166) 196 (4,628) (907) 5,534 Originated and purchased 146,114 622 598 147,333 499,635 2,958 590 503,183 Derecognition (107,293) (2,057) (717) (110,067) (439,291) (10,989) (3,818) (454,099) Acquisitions 9,869 9,869 Exchange rate movements (11,110) (226) (43) (11,379) (8,345) (432) 56 (8,720) Maximum exposure as at end of period 905,674 16,621 2,061 924,356 869,598 26,819 2,051 898,468 1 The reduction of the gross carrying value is related to a legacy foreign currency portfolio in Poland. See note G51 Contingencies in DNB Group's annual report 2025. ‌NOTE G5 DEVELOPMENT IN ACCUMULATED IMPAIRMENT OF FINANCIAL INSTRUMENTS ‌Loans to customers at amortised cost January-March 2026 Full year 2025 Amounts in NOK million Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Accumulated impairment as at 1 Jan. (763) (910) (5,737) (7,410) (779) (739) (5,607) (7,124) Transfer to stage 1 (110) 109 1 (424) 407 17 Transfer to stage 2 20 (27) 6 151 (183) 33 Transfer to stage 3 0 34 (34) 10 91 (101) Originated and purchased (94) (22) (116) (304) (130) (434) Increased expected credit loss (58) (202) (1,331) (1,590) (287) (879) (3,024) (4,190) Decreased (reversed) expected credit loss 232 116 762 1,111 882 317 1,722 2,921 Write-offs 433 433 1,234 1,234 Derecognition 16 52 4 71 16 210 7 234 Acquisitions (28) (28) Exchange rate movements 9 7 38 54 (1) (4) (17) (22) Accumulated impairment as at end of period (747) (844) (5,859) (7,449) (763) (910) (5,737) (7,410) ‌Financial commitments January-March 2026 Full year 2025 Amounts in NOK million Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Accumulated impairment as at 1 Jan. (228) (207) (63) (498) (266) (178) (198) (642) Transfer to stage 1 (24) 23 0 (78) 70 8 Transfer to stage 2 4 (4) 0 26 (68) 42 Transfer to stage 3 0 4 (4) 6 13 (18) Originated and purchased (34) (5) (38) (169) (107) (277) Increased expected credit loss (6) (24) (11) (41) (62) (170) (70) (301) Decreased (reversed) expected credit loss 74 28 23 125 316 120 173 609 Derecognition 0 74 74 1 110 1 111 Acquisitions (1) (1) Exchange rate movements 3 2 0 5 1 3 (1) 3 Accumulated impairment as at end of period (210) (109) (55) (374) (228) (207) (63) (498) For explanatory comments about the impairment of financial instruments, see the directors' report. ‌NOTE G6 LOANS AND FINANCIAL COMMITMENTS TO CUSTOMERS BY INDUSTRY SEGMENT Loans to customers as at 31 March 2026 Gross carrying Accumulated impairment Loans at Amounts in NOK million amount Stage 1 Stage 2 Stage 3 fair value Total Bank, insurance and portfolio management 359,332 (18) (4) (142) 359,168 Commercial real estate 266,299 (170) (101) (641) 104 265,491 Shipping 38,480 (21) (2) (1) 38,456 Oil, gas and offshore 37,792 (15) (6) (328) 37,443 Power and renewables 73,503 (35) (18) (825) 72,626 Healthcare 32,304 (17) (10) (208) 32,069 Public sector 2,729 2,729 Fishing, fish farming and farming 86,978 (17) (31) (153) 57 86,834 Retail industries 42,503 (32) (125) (372) 41,974 Manufacturing 54,780 (20) (28) (422) 54,309 Technology, media and telecom 46,396 (19) (35) (44) 46,299 Services 62,864 (41) (71) (507) 27 62,271 Residential property 117,997 (60) (52) (626) 246 117,506 Personal customers 1,017,321 (235) (257) (630) 43,731 1,059,931 Other corporate customers 81,622 (48) (104) (959) 6 80,517 Total 1 2,320,898 (747) (844) (5,859) 44,172 2,357,621 1 Of which NOK 257,566 million in repo trading volumes. Loans to customers as at 31 December 2025 Gross carrying Accumulated impairment Loans at Amounts in NOK million amount Stage 1 Stage 2 Stage 3 fair value Total Bank, insurance and portfolio management 357,172 (21) (7) (138) 357,006 Commercial real estate 276,993 (170) (132) (510) 106 276,286 Shipping 40,463 (24) (4) 40,435 Oil, gas and offshore 37,708 (21) (10) (665) 37,013 Power and renewables 72,455 (30) (22) (853) 71,550 Healthcare 31,076 (16) (13) (213) 30,835 Public sector 3,649 3,649 Fishing, fish farming and farming 89,494 (18) (40) (225) 68 89,279 Retail industries 49,578 (29) (144) (427) 48,978 Manufacturing 60,826 (24) (33) (392) 60,377 Technology, media and telecom 54,993 (22) (47) (55) 54,869 Services 72,297 (51) (91) (419) 28 71,763 Residential property 116,856 (56) (60) (588) 260 116,412 Personal customers 1,015,085 (227) (172) (657) 45,730 1,059,759 Other corporate customers 85,908 (55) (136) (594) 7 85,129 Total 1 2,364,553 (763) (910) (5,737) 46,198 2,403,340 1 Of which NOK 287,558 million in repo trading volumes. ‌NOTE G6 LOANS AND FINANCIAL COMMITMENTS TO CUSTOMERS BY INDUSTRY SEGMENT (continued) Financial commitments as at 31 March 2026 Maximum Accumulated impairment Amounts in NOK million exposure Stage 1 Stage 2 Stage 3 Total Bank, insurance and portfolio management 52,544 (21) 52,523 Commercial real estate 27,965 (20) (2) (5) 27,938 Shipping 19,683 (11) (1) 19,671 Oil, gas and offshore 79,866 (20) (10) 79,835 Power and renewables 79,738 (16) (6) 79,716 Healthcare 29,655 (11) (4) 29,640 Public sector 16,340 16,340 Fishing, fish farming and farming 32,798 (5) (2) (1) 32,789 Retail industries 47,475 (21) (17) (5) 47,432 Manufacturing 66,360 (20) (19) (8) 66,313 Technology, media and telecom 27,173 (11) (7) 27,155 Services 32,991 (15) (6) (2) 32,967 Residential property 19,401 (12) (2) (17) 19,370 Personal customers 343,355 (9) (17) (2) 343,327 Other corporate customers 49,014 (19) (14) (14) 48,967 Total 924,356 (210) (109) (55) 923,982 Financial commitments as at 31 December 2025 Maximum Accumulated impairment Amounts in NOK million exposure Stage 1 Stage 2 Stage 3 Total Bank, insurance and portfolio management 41,967 (15) (15) 41,936 Commercial real estate 30,547 (21) (5) (5) 30,515 Shipping 19,544 (10) (1) 19,533 Oil, gas and offshore 88,383 (25) (24) 88,334 Power and renewables 82,157 (18) (5) 82,134 Healthcare 34,004 (12) (3) 33,989 Public sector 15,247 15,247 Fishing, fish farming and farming 35,677 (5) (3) (6) 35,662 Retail industries 38,512 (22) (77) (5) 38,408 Manufacturing 64,427 (24) (16) (12) 64,375 Technology, media and telecom 25,918 (13) (9) 25,895 Services 31,945 (21) (10) (3) 31,911 Residential property 21,975 (13) (3) (15) 21,943 Personal customers 321,745 (10) (13) (2) 321,720 Other corporate customers 46,422 (20) (22) (12) 46,368 Total 898,468 (228) (207) (63) 897,971 ‌NOTE G7 FINANCIAL INSTRUMENTS AT FAIR VALUE Amounts in NOK million Level 1 Level 2 Level 3 Total Assets as at 31 March 2026 Loans to customers 44,172 44,172 Commercial paper and bonds 12,769 460,328 982 474,079 Shareholdings 8,815 17,832 12,017 38,663 Assets, customers bearing the risk 239,209 239,209 Financial derivatives 1,855 123,990 1,880 127,724 Liabilities as at 31 March 2026 Deposits from customers 43,311 43,311 Debt securities issued 8,368 8,368 Senior non-preferred bonds 2,946 2,946 Subordinated loan capital 1,115 1,115 Liabilities, customers bearing the risk 245,958 245,958 Financial derivatives 1,333 131,164 1,834 134,331 Other financial liabilities 1 4,430 1 4,431 Assets as at 31 December 2025 Loans to customers 46,198 46,198 Commercial paper and bonds 15,636 499,327 752 515,716 Shareholdings 7,101 16,767 13,183 37,051 Assets, customers bearing the risk 239,102 239,102 Financial derivatives 602 99,123 2,114 101,839 Liabilities as at 31 December 2025 Deposits from customers 38,819 38,819 Debt securities issued 5,267 5,267 Senior non-preferred bonds 1,769 1,769 Subordinated loan capital 1,123 1,123 Liabilities, customers bearing the risk 245,788 245,788 Financial derivatives 444 99,765 1,826 102,035 Other financial liabilities 1 2,071 5 2,076 1 Short positions, trading activities. For a further description of the instruments and valuation techniques, see the annual report for 2025. ‌Financial instruments at fair value, level 3 Financial Financial assets liabilities Commercial Loans to paper and Share- Financial Financial Amounts in NOK million customers bonds holdings derivatives derivatives Carrying amount as at 31 December 2024 53,431 531 13,920 2,434 2,093 Net gains recognised in the income statement 696 7 (519) 390 53 Acquisition of Carnegie 234 63 Additions/purchases 2,227 1,876 3,222 841 878 Sales (710) (3,683) (426) Settled (10,156) (3) (1,168) (1,224) Transferred from level 1 or level 2 170 Transferred to level 1 or level 2 (1,096) (2) Other (22) 10 (19) 25 Carrying amount as at 31 December 2025 46,198 752 13,183 2,114 1,826 Net gains recognised in the income statement (390) (5) (729) (32) (60) Additions/purchases 567 663 2,390 85 194 Sales (417) (2,813) (90) Settled (2,203) (1) (196) (126) Transferred from level 1 or level 2 41 Transferred to level 1 or level 2 (42) (0) Other (10) (15) (2) Carrying amount as at 31 March 2026 44,172 982 12,017 1,880 1,834 ‌Sensitivity analysis, level 3 An increase in the discount rate on fixed-rate loans by 10 basis points will decrease the fair value by NOK 90 million. The effects on other Level 3 financial instruments are insignificant. ‌NOTE G8 DEBT SECURITIES ISSUED, SENIOR NON-PREFERRED BONDS AND SUBORDINATED LOAN CAPITAL As an element in liquidity management, the DNB Group issues and redeems own securities issued by DNB Bank ASA and DNB Boligkreditt AS. ‌Debt securities issued 2026 Balance Exchange Balance sheet Matured/ rate Other sheet 31 March Issued redeemed movements changes 31 Dec. Amounts in NOK million 2026 2026 2026 2026 2026 2025 Commercial papers issued, nominal amount 352,557 141,342 (140,536) (13,475) 365,225 Bond debt, nominal amount 1 95,101 8,861 (2,012) (4,361) 92,613 Covered bonds, nominal amount 1 328,577 107,698 (100,586) (15,446) 336,911 Value adjustments 2 (10,955) (5) (27) (3,339) (7,584) Debt securities issued 765,280 257,896 (243,133) (33,308) (3,339) 787,164 DNB Bank ASA 446,531 150,160 (142,548) (17,729) (967) 457,615 ‌Debt securities issued 2025 Balance Exchange Balance sheet Matured/ rate Other sheet 31 Dec. Issued redeemed movements changes 31 Dec. Amounts in NOK million 2025 2025 2025 2025 2025 2024 Commercial papers issued, nominal amount 365,225 1,167,752 (1,250,384) (2,779) 450,636 Bond debt, nominal amount 92,613 22,353 (19,385) (2,161) 142 91,663 Covered bonds, nominal amount 336,911 261,329 (247,264) 2,033 320,813 Value adjustments 2 (7,584) 10 752 (8,347) Debt securities issued 787,164 1,451,435 (1,517,033) (2,896) 894 854,765 DNB Bank ASA 457,615 1,190,106 (1,269,769) (4,950) 1,889 540,340 ‌Senior non-preferred bonds 2026 Balance Exchange Balance sheet Matured/ rate Other sheet 31 March Issued redeemed movements changes 31 Dec. Amounts in NOK million 2026 2026 2026 2026 2026 2025 Senior non-preferred bonds, nominal amount 106,498 10,749 (12,409) (4,342) 112,501 Value adjustments 2 129 153 (25) Senior non-preferred bonds 106,627 10,749 (12,409) (4,342) 153 112,476 DNB Bank ASA 106,627 10,749 (12,409) (4,342) 153 112,476 ‌Senior non-preferred bonds 2025 Balance Exchange Balance sheet Matured/ rate Other sheet 31 Dec. Issued redeemed movements changes 31 Dec. Amounts in NOK million 2025 2025 2025 2025 2025 2024 Senior non-preferred bonds, nominal amount 112,501 19,583 (22,359) (5,291) 120,568 Value adjustments 2 (25) 1,060 (1,085) Senior non-preferred bonds 112,476 19,583 (22,359) (5,291) 1,060 119,484 DNB Bank ASA 112,476 19,583 (22,359) (5,291) 1,060 119,484 ‌NOTE G8 DEBT SECURITIES ISSUED, SENIOR NON-PREFERRED BONDS AND SUBORDINATED LOAN CAPITAL (continued) ‌Subordinated loan capital and perpetual subordi nated loan ca Balance pital secur ities 2026 Exchange Balance sheet Matured/ rate Other sheet 31 March Issued redeemed movements changes 31 Dec. Amounts in NOK million 2026 2026 2026 2026 2026 2025 Term subordinated loan capital, nominal amount 33,295 (2) (1,399) 34,695 Perpetual subordinated loan capital, nominal amount 613 (30) 643 Value adjustments 2 219 (469) 688 Subordinated loan capital and perpetual subordinated loan capital securities 34,126 (2) (1,429) (469) 36,026 DNB Bank ASA 34,126 (2) (1,429) (469) 36,026 ‌Subordinated loan capital and perpetual subordinated loan capital securities 2025 Balance Exchange Balance sheet Matured/ rate Other sheet 31 Dec. Issued redeemed movements changes 31 Dec. Amounts in NOK million 2025 2025 2025 2025 2025 2024 Term subordinated loan capital, nominal amount 34,695 4,762 (4,590) (264) 34,788 Perpetual subordinated loan capital, nominal amount 643 (82) 724 Value adjustments 2 688 (1) (68) 757 Subordinated loan capital and perpetual subordinated loan capital securities 36,026 4,762 (4,591) (346) (68) 36,269 DNB Bank ASA 36,026 4,762 (4,591) (346) (68) 36,269 Excluding own bonds. The total nominal amount of outstanding covered bonds in DNB Boligkreditt was NOK 507.6 billion as at 31 March 2026. The market value of the cover pool represented NOK 765.8 billion. Including accrued interest, fair value adjustments and premiums/discounts. ‌NOTE G9 CONTINGENCIES Due to its extensive operations in Norway and internationally, the DNB Group is regularly a party to various legal actions and tax-related disputes. None of the current disputes are expected to have any material impact on the Group's financial position. In accordance with a judgment of the Swedish Patent and Market Court dated 14 May 2025 regarding DNB Finans Sweden's variable leasing fee product, DNB Finans Sweden has adapted its private car leasing services for consumers. The Swedish Consumer Ombudsman has filed an action with the Swedish National Board for Consumer Disputes on behalf of leasing customers who were subject to fee adjustments in the period June 2020 to February 2023, seeking retroactive invalidation of the former provision governing fee adjustments and repayment of excess leasing fees with interest. The Board's decisions are advisory and not binding on the parties. DNB Finans Sweden contests the claims, and no provision has been recognised in the accounts. On 20 April 2026, the Swedish National Board for Consumer Disputes issued a decision to reject the action brought by the Swedish Consumer Ombudsman, and closed the case on the part of the Board. ‌Value added tax relating to the purchase of EuroBonus points The matter concerns a dispute regarding the value added tax (VAT) treatment of a cooperation agreement between SAS and DNB relating to the purchase of EuroBonus points issued to DNB's customers. In 2024, DNB Bank ASA received a decision from the Norwegian tax authorities regarding reassessment of the VAT treatment for the years 2014-2016, in which the tax authorities concluded that these purchases are subject to VAT. DNB disagreed with the tax authorities' view and therefore brought the matter before the courts. The case was heard by Oslo District Court in February 2026, and judgment was rendered in favour of the Norwegian government. DNB disagrees with the outcome and has appealed the decision. In addition, the tax authorities have initiated a tax audit for the period 2019-2024 relating to the same agreement. The total VAT exposure is estimated at approximately NOK 0.5 billion. No provision has been recognised in the accounts in relation to the matter. See note G25 Taxes and G51 Contingencies in the annual report for 2025. ‌Accounts for DNB Bank ASA ‌P - INCOME STATEMENT 1st quarter 1st quarter Full year Amounts in NOK million 2026 2025 2025 Interest income, effective interest method 29,125 36,847 137,317 Other interest income 2,486 3,378 12,653 Interest expenses, effective interest method (21,937) (28,577) (103,153) Other interest expenses 975 781 2,047 Net interest income 10,648 12,429 48,864 Commission and fee income 2,760 2,779 11,352 Commission and fee expenses (964) (838) (3,840) Net gains on financial instruments at fair value 911 846 3,690 Other income 10,692 931 20,161 Net other operating income 13,400 3,718 31,363 Total income 24,047 16,147 80,227 Salaries and other personnel expenses (3,429) (3,727) (15,101) Other expenses (2,112) (2,218) (8,860) Depreciation and impairment of fixed and intangible assets (539) (878) (4,519) Total operating expenses (6,080) (6,823) (28,481) Pre-tax operating profit before impairment 17,967 9,324 51,746 Net gains on fixed and intangible assets 8 19 1,393 Impairment of financial instruments (385) (187) (1,780) Pre-tax operating profit 17,590 9,157 51,360 Tax expense (3,870) (1,831) (6,241) Profit for the period 13,720 7,326 45,119 Portion attributable to shareholders of DNB Bank ASA 13,316 6,917 43,516 Portion attributable to additional Tier 1 capital holders 404 409 1,603 Profit for the period 13,720 7,326 45,119 ‌P - COMPREHENSIVE INCOME STATEMENT 1st quarter 1st quarter Full year Amounts in NOK million 2026 2025 2025 Profit for the period 13,720 7,326 45,119 Actuarial gains and losses 139 Financial liabilities designated at FVTPL, changes in credit risk 4 (1) (14) Tax (1) (26) Items that will not be reclassified to the income statement 3 (1) 100 Currency translation of foreign operations (224) 11 150 Financial assets at fair value through OCI 25 195 546 Tax (6) (49) (136) Items that may subsequently be reclassified to the income statement (205) 157 560 Other comprehensive income for the period (202) 156 659 Comprehensive income for the period 13,518 7,482 45,778 ‌P - BALANCE SHEET 31 March 31 Dec. 31 March Amounts in NOK million Note 2026 2025 2025 Assets Cash and deposits with central banks 276,831 159,726 541,731 Due from credit institutions 678,959 542,147 547,238 Loans to customers P3, P4 1,267,588 1,451,264 1,391,089 Commercial paper and bonds P4 508,048 545,303 513,162 Shareholdings P4 9,607 8,463 5,192 Financial derivatives P4 150,412 122,858 138,962 Investments in associated companies 10,234 10,234 10,953 Investments in subsidiaries 166,300 149,567 145,298 Intangible assets 8,598 9,463 8,507 Deferred tax assets 6,121 2,937 398 Fixed assets 5,429 16,321 17,245 Other assets 57,052 55,476 62,187 Total assets 3,145,180 3,073,760 3,381,964 Liabilities and equity Due to credit institutions 503,801 481,088 607,528 Deposits from customers P4 1,538,183 1,511,606 1,611,064 Financial derivatives P4 155,730 141,910 157,244 Debt securities issued P4, G8 446,531 457,615 506,106 Payable taxes 13,154 9,861 3,216 Deferred taxes 68 1,004 1,028 Other liabilities 82,727 68,736 99,024 Provisions 701 827 961 Pension commitments 5,183 5,335 4,921 Senior non-preferred bonds P4, G8 106,627 112,476 114,816 Subordinated loan capital P4, G8 34,126 36,026 35,441 Total liabilities 2,886,830 2,826,483 3,141,349 Additional Tier 1 capital 23,584 23,380 22,135 Share capital 18,165 18,262 18,533 Share premium 18,733 18,733 18,733 Other equity 197,869 186,901 181,213 Total equity 258,351 247,276 240,615 Total liabilities and equity 3,145,180 3,073,760 3,381,964 ‌P - STATEMENT OF CHANGES IN EQUITY Net Additional currency Liability Share Share Tier 1 translation credit Other Total Amounts in NOK million capital premium capital reserve reserve equity equity Balance sheet as at 31 December 2024 18,533 18,733 21,916 739 173,401 233,322 Profit for the period 409 6,917 7,326 Financial assets at fair value through OCI 195 195 Financial liabilities designated at FVTPL, changes in credit risk (1) (1) Currency translation of foreign operations 11 11 Tax on other comprehensive income (49) (49) Comprehensive income for the period 409 11 (1) 7,063 7,482 Interest payments AT1 capital (189) (189) Balance sheet as at 31 March 2025 18,533 18,733 22,135 750 180,464 240,615 Balance sheet as at 31 December 2025 18,262 18,733 23,380 890 (10) 186,022 247,276 Profit for the period 404 13,316 13,720 Financial assets at fair value through OCI 25 25 Financial liabilities designated at FVTPL, changes in credit risk 4 4 Currency translation of foreign operations (224) (224) Tax on other comprehensive income (1) (6) (7) Comprehensive income for the period 404 (224) 3 13,335 13,518 Interest payments AT1 capital (200) (200) Share buy-back programme (97) (2,147) (2,243) Balance sheet as at 31 March 2026 18,165 18,733 23,584 665 (7) 197,210 258,351 ‌NOTE P1 BASIS FOR PREPARATION DNB Bank ASA has prepared the financial statements according to the Norwegian Ministry of Finance's regulations on annual accounts. A description of the accounting principles applied by the company when preparing the financial statements can be found in Note 1 Accounting principles in the annual report for 2025. In the interim report, the accounting policies, significant estimates, and areas where judgement is applied by the company are in conformity with those described in the annual report. See note G8 to the consolidated accounts for information about debt securities issued, senior non-preferred bonds and subordinated loan capital, and note G9 for information about contingencies. Intragroup merger In the first quarter of 2026, DNB Bank ASA carried out an internal reorganisation. The business operations related to DNB Finans were demerged and subsequently merged into Eksportfinans AS, which was renamed DNB Finans AS upon completion. The transaction was completed in late January 2026 and was carried out at book value. As part of the reorganisation, DNB Bank ASA transferred the assets and liabilities related to DNB Finans to the new entity. The equity of DNB Bank ASA remains unchanged following the transaction. The reorganisation covered the business operations in Norway, Sweden and Finland, while the operations in Denmark were transferred from DNB Bank ASA to DNB Finans AS after the merger. ‌NOTE P2 CAPITAL ADEQUACY Capital adequacy is calculated and reported in accordance with the EU capital requirements regulations for banks and investment firms (CRR/CRD). The implementation of the Capital Requirements Regulation (CRR3) entered into force in Norway with effect from 1 April 2025. The regulatory consolidation deviates from consolidation in the accounts and comprises the parent company, subsidiaries and associated companies, excluding insurance companies. Associated companies are consolidated pro rata. DNB has complied in full with all its externally imposed capital requirements over the reported period. ‌Own funds 31 March 31 Dec. 31 March Amounts in NOK million 2026 2025 2025 Total equity 258,351 247,276 240,615 Adjustment to retained earnings for foreseeable dividends (8,814) (4,150) Additional Tier 1 capital instruments included in total equity (23,130) (23,130) (21,680) Net accrued interest on additional Tier 1 capital instruments (454) (250) (456) Common equity Tier 1 capital instruments 225,953 223,897 214,330 Regulatory adjustments Pension funds above pension commitments (147) (146) (61) Goodwill (6,387) (7,222) (6,457) Deferred tax assets that rely of future profitability, excluding temporary differences (14) Other intangible assets (1,582) (1,449) (1,777) Share buy-back program (3,938) (6,181) (1,123) IRB provisions shortfall (2,282) (2,543) (1,688) Additional value adjustments (AVA) (753) (743) (777) Insufficient coverage for non-performing exposures (299) (154) (319) (Gains) or losses on liabilities at fair value resulting from own credit risk 7 10 (Gains) or losses on derivative liabilities resulting from own credit risk (DVA) (241) (196) (262) Securitisation positions (283) (292) (298) Common equity Tier 1 capital 210,048 204,980 201,553 Additional Tier 1 capital instruments 23,130 23,130 21,680 Non-eligible Tier 1 capital (10) (10) (10) Additional Tier 1 capital 23,120 23,120 21,670 Tier 1 capital 233,168 228,100 223,223 Term subordinated loan capital 33,297 34,695 34,287 Deduction of holdings of Tier 2 instruments in insurance companies 1 (1,500) (1,500) Non-eligible Tier 2 capital (25) (25) (25) Tier 2 capital 31,772 33,170 34,262 Own funds 264,940 261,270 257,484 Total risk exposure amount 1,006,451 1,026,954 978,939 Minimum capital requirement 80,516 82,156 78,315 Capital ratios (per cent): Common equity Tier 1 capital ratio 20.9 20.0 20.6 Tier 1 capital ratio 23.2 22.2 22.8 Total capital ratio 26.3 25.4 26.3 1 Investments in Tier 2 instruments issued by the Group's insurance companies are deducted from the Parent's Tier 2 capital. ‌NOTE P3 DEVELOPMENT IN ACCUMULATED IMPAIRMENT OF FINANCIAL INSTRUMENTS ‌Loans to customers at amortised cost January-March 2026 Full year 2025 Amounts in NOK million Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Accumulated impairment as at 1 Jan. (537) (746) (5,203) (6,486) (643) (665) (5,222) (6,530) Derecognition due to demerger 158 196 483 837 Transfer to stage 1 (76) 75 1 (347) 332 15 Transfer to stage 2 10 (13) 3 138 (164) 26 Transfer to stage 3 0 28 (28) 9 86 (95) Originated and purchased (46) (16) (62) (216) (126) (342) Increased expected credit loss (37) (97) (1,055) (1,190) (201) (664) (2,627) (3,492) Decreased (reversed) expected credit loss 145 65 640 850 715 280 1,520 2,514 Write-offs 431 431 1,189 1,189 Derecognition (including repayments) 0 40 40 12 178 3 193 Acquisitions Exchange rate movements 0 0 5 5 (3) (4) (11) (18) Accumulated impairment as at end of period (382) (469) (4,723) (5,574) (537) (746) (5,203) (6,486) ‌Financial commitments January-March 2026 Full year 2025 Amounts in NOK million Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Accumulated impairment as at 1 Jan. (173) (178) (63) (414) (223) (134) (187) (544) Derecognition due to demerger 3 1 4 Transfer to stage 1 (22) 22 0 (72) 64 8 Transfer to stage 2 3 (4) 0 24 (67) 42 Transfer to stage 3 0 4 (4) 6 13 (18) Originated and purchased (29) (4) (33) (143) (104) (248) Increased expected credit loss (5) (23) (11) (39) (51) (135) (70) (255) Decreased (reversed) expected credit loss 62 20 23 104 286 99 162 548 Derecognition 74 74 85 1 86 Acquisitions Exchange rate movements 0 1 (1) (1) Accumulated impairment as at end of period (160) (88) (55) (303) (173) (178) (63) (414) For explanatory comments about the impairment of financial instruments, see the directors' report. ‌NOTE P4 FINANCIAL INSTRUMENTS AT FAIR VALUE Amounts in NOK million Level 1 Level 2 Level 3 Total Assets as at 31 March 2026 Loans to customers 210,306 10,691 220,996 Commercial paper and bonds 9,807 497,427 814 508,048 Shareholdings 7,789 865 953 9,607 Financial derivatives 1,855 146,707 1,850 150,412 Liabilities as at 31 March 2026 Deposits from customers 43,311 43,311 Debt securities issued 33 33 Senior non-preferred bonds 2,946 2,946 Subordinated loan capital 1,115 1,115 Financial derivatives 1,333 152,562 1,834 155,730 Other financial liabilities 1 4,428 1 4,429 Assets as at 31 December 2025 Loans to customers 210,597 11,088 221,685 Commercial paper and bonds 12,359 532,365 579 545,303 Shareholdings 5,968 1,518 976 8,463 Financial derivatives 602 120,177 2,079 122,858 Liabilities as at 31 December 2025 Deposits from customers 38,819 38,819 Debt securities issued 2 2 Senior non-preferred bonds 1,769 1,769 Subordinated loan capital 1,123 1,123 Financial derivatives 444 139,640 1,826 141,910 Other financial liabilities 1 2,071 5 2,076 1 Short positions, trading activities. Loans with floating interest rate measured at fair value through other comprehensive income are categorised within level 2, since the valuation is mainly based on observable inputs. The corresponding loans are measured at amortised cost in the Group, due to a hold to collect business model. For a further description of the instruments and valuation techniques, see the annual report for 2025. ‌NOTE P5 INFORMATION ON RELATED PARTIES ‌DNB Boligkreditt AS In the first quarter of 2026, loan portfolios representing net NOK 0.7 billion (net NOK 1.8 billion in the first quarter of 2025) were transferred from the bank to DNB Boligkreditt in accordance with the "Agreement relating to transfer of loan portfolio between DNB Bank ASA and DNB Boligkreditt AS". At end-March 2026, the bank had invested NOK 179.7 billion in covered bonds issued by DNB Boligkreditt. The servicing agreement between DNB Boligkreditt and DNB Bank ensures DNB Boligkreditt a minimum margin achieved on loans to customers. A margin below the minimum level will be at DNB Bank's risk, resulting in a negative management fee (payment from DNB Bank to DNB Boligkreditt). The management fee paid to the bank for purchased services amounted to a negative NOK 140 million in the first quarter of 2026 (NOK 217 million in the first quarter of 2025). In the first quarter of 2026, DNB Boligkreditt entered into reverse repurchasing agreements (reverse repos) with the bank as counterparty. The value of the repos amounted to NOK 8.2 billion at end-March 2026. As of end-March 2026, DNB Bank had invested NOK 2.0 billion in additional tier 1 (AT1) instruments issued by DNB Boligkreditt. At end-March, DNB Bank had placed cash collateral of NOK 2 million related to the CSA-agreement on derivatives against DNB Boligkreditt. The cash collateral paid is presented as other assets in the balance sheet of DNB Bank. The amount has been placed by DNB Boligkreditt in a deposit account with DNB Bank and is presented as due to credit institutions. DNB Boligkreditt has a long-term overdraft facility in DNB Bank with a limit of NOK 220.0 billion. ‌DNB Finans AS DNB Finans has a long-term multi currency revolving credit facility in DNB Bank with a limit of NOK 170 billion. ‌Information about DNB ‌Organisation number Register of Business Enterprises NO 984 851 006 MVA ‌Board of Directors Olaug Svarva Chair of the Board Jens Petter Olsen Vice Chair of the Board Gro Bakstad Berit Behring Petter-Børre Furberg Lillian Hattrem Vivian Lund Haakon Christopher Sandven Eli Solhaug Kim Wahl ‌Group Management Kjerstin R. Braathen Group Chief Executive Officer (CEO) Rasmus T. Figenschou Group Chief Financial Officer (CFO) Maria Ervik Løvold Group Executive Vice President of Personal Banking Marianne Wik Sætre Group Executive Vice President of Corporate Banking Norway Harald Serck-Hanssen Group Executive Vice President of Large Corporates & International Håkon Hansen Group Executive Vice President of Wealth Management Alexander Opstad Group Executive Vice President of DNB Carnegie Per Kristian Næss-Fladset Group Executive Vice President of Products, Data & Innovation Fredrik Berger Group Chief Compliance Officer (CCO) Eline Skramstad Group Chief Risk Officer (CRO) Elin Sandnes Group Executive Vice President of Technology & Services Even Graff Westerveld Group Executive Vice President of People & Communication ‌Contact information Rune Helland, Head of Investor Relations tel. +47 23 26 84 00 [email protected] Anne Engebretsen, Investor Relations tel. +47 23 26 84 08 [email protected] Thor Tellefsen, Long Term Funding Head office tel. +47 23 26 84 04 tel. +47 91 50 48 00 [email protected] ‌Financial calendar ‌2026 30 April Distribution of dividends 14 July Q2 2026 21 October Q3 2026 ‌2027 4 February Q4 2026 19 March Annual report 2026 27 April Annual General Meeting 28 April Ex-dividend date 29 April Q1 2027 7 May Distribution of dividends 13 July Q2 2027 20 October Q3 2027 ‌Other sources of information Separate annual and quarterly reports are prepared for DNB Boligkreditt, DNB Livsforsikring and DNB Finans. The reports and the Factbook are available on ir.dnb.no. Annual and quarterly reports can be ordered by sending an e-mail to Investor Relations. The quarterly report has been produced by Group Financial Reporting in DNB. Cover design: Aksell DNB Postal address: PO Box 1600 Sentrum N-0021 Oslo Visiting address: Dronning Eufemias gate 30 Bjørvika, Oslo dnb.no To simplify life for people and businesses and make them prosper - that's why we're building the world's best bank for Norway

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