SPAREBANKEN NORGE (SBNOR) investor relations material

Executive summary

• Q3 pre-tax profit was NOK 2,138m and after-tax profit NOK 1,677m; quarterly ROE was 12.7%.

• 9M pre-tax profit rose to NOK 6,502m from NOK 5,854m, and after-tax profit to NOK 5,460m from NOK 4,824m; comparisons reflect merger accounting and scope changes.

• YTD ROE was 14.2%, above the 13% target; CET1 was 18.1%, above the 15.9% target.

• 2026 results reflect merger costs, partial synergy realisation and peak investment in national distribution as a national savings platform is developed.

Financial highlights

• Q3 net interest income was NOK 2,664m versus NOK 2,760m; net commission income was NOK 493m versus NOK 452m, and net operating income NOK 3,279m versus NOK 3,366m.

• 9M net interest income was NOK 7,833m versus NOK 6,658m; net commission income was NOK 1,449m versus NOK 1,187m, and net operating income NOK 9,868m versus NOK 8,544m.

• Q3 operating expenses were NOK 1,044m versus NOK 990m; loan and guarantee impairment losses were NOK 97m versus NOK 73m.

• Higher market rates continued to pressure net interest income; Q3 net interest margin was 1.70% versus 1.87%.

Outlook and guidance

• 2026–2028 targets: ROE >13%, merger-adjusted ROTE >15%, cost/income ratio <30% excluding merger costs, CET1 >15.9% and payout ratio ~50%.

• Retail lending growth target is 6–8% annually excluding Bulder; corporate lending target is 8–10%, both including geographic expansion.

• 2026 loan growth ambitions are 6% retail and 8% corporate; deposit growth target is 5% in both markets. Bulder year-end lending target is NOK 86bn.

• Operating costs are estimated at NOK 4,300–4,400m in 2026, NOK 4,150–4,300m in 2027 and NOK 4,300–4,400m in 2028; 2026 includes NOK 60–70m in workforce adjustment costs.

• Cost synergies of NOK 425m are targeted to be fully effective by end-2027; integration costs through H1 2027 are targeted below NOK 380m.