DNB Bank (DNB) investor relations material

Executive summary

• Delivered strong Q4 2025 results with robust growth across customer segments and product areas, supported by a resilient Norwegian economy with low unemployment and solid real wage development, though investment pace slowed and inflation trended downward.

• Q4 profit was NOK 11,612 million, down 8.4% year-over-year but up 8.7% sequentially; earnings per share were NOK 7.65 for the quarter and NOK 28.45 for 2025.

• Board proposes a dividend of NOK 18.00 per share for 2025, totaling NOK 26.2 billion, with share buy-backs increasing total payout ratio to 86%.

• Acquisition of Carnegie Group completed in March 2025, strengthening investment banking and wealth management in the Nordics.

• Return on equity reached 16.6% in Q4 2025.

Financial highlights

• Net interest income for 2025 rose 0.8% to NOK 64,731 million, with 1.2% quarter-over-quarter growth in Q4; net commissions and fees up 40.3% YoY in Q4 and 31.5% for the year.

• Pre-tax operating profit before impairment was NOK 14,194 million in Q4 2025, nearly flat sequentially but up NOK 705 million year-over-year.

• Operating expenses rose to NOK 9,361 million in Q4, including NOK 200 million in non-recurring costs, mainly due to high activity and Carnegie integration.

• Cost/income ratio improved to 37.4% in Q4 2025; full-year cost/income ratio was 38.0%.

• Profit for the period was NOK 11,612 million, up NOK 928 million from Q3 2025 but down NOK 1,063 million year-over-year.

Outlook and guidance

• Norwegian mainland GDP growth forecast at 1.5% for 2026, with positive real wage growth expected to drive consumption and savings.

• Targeting ROE above 14% and annual organic loan growth of 3–4% over time, with ambition to increase net commissions and fees by more than 9% annually in 2026–2027.

• DNB Carnegie expects a policy rate cut to 3.75% in June 2026, remaining stable thereafter.

• Dividend policy unchanged: payout ratio above 50% in cash, with share buy-backs as a flexible tool.

• Confident in ability to deliver growth and maintain profitability despite margin pressures.