SPAREBANKEN NORGE (SBNOR) investor relations material

Executive summary

• Achieved strong financial results in 2026 despite significant merger-related costs and only partial realization of synergies, while in an intensive investment phase for national distribution.

• Pre-tax profit for Q2 2026 was NOK 2,252 million, up from NOK 2,137 million in Q2 2025, with a return on equity (ROE) of 14.0% (17.1%).

• Maintained a solid banking performance with robust growth in both retail and corporate lending, outperforming peers in market share gains.

• Continued to strengthen national presence and brand, with a focus on digital innovation and operational efficiency.

• Cost-to-income ratio was 31.5% (27.8%), impacted by NOK 26 million in merger costs.

Financial highlights

• Return on equity (ROE) YTD 2026 at 14.6%, above the 13% target, with pro forma ROE for 2025 at 12.3%.

• Net interest income rose to NOK 2,529 million (NOK 2,365 million), and net commission income increased to NOK 521 million (NOK 437 million).

• Cost/income ratio at 30.8% in Q2 2026 (excluding merger costs), with underlying cost growth of 2.2%.

• Consistently low loan losses, with Q2 2026 losses at 0.05% of gross loans.

• Profit for the period was NOK 1,766 million (NOK 1,696 million).

Outlook and guidance

• Ambitious growth targets for 2026–2028: 6–8% annual retail loan growth, 8–10% corporate loan growth, and NOK 100bn home mortgage volume for Bulder by 2028.

• Financial targets include ROE >13%, ROTE >15%, cost percentage <30% (excl. merger costs), and CET1 ratio >15.9%.

• Integration costs from mergers expected to be below NOK 380 million, with full synergy effects by 2027/2028.

• Norges Bank’s rate hike in July 2026 is expected to positively impact net interest margin.

• Growth ambitions for 2026: 6% in retail loans, 8% in corporate loans, and 5% in deposits.