DNB Bank (DNB) Investor presentation summary

H1 2026 performance and targets

• Pre-tax operating profit before impairment was NOK 26.686bn; impairments were NOK -982m and period profit was NOK 19.681bn. ROE was 14.3%.

• CET1 was 17.4% and leverage was 6.3% (6.6% excluding central bank deposits) at 30 June 2026.

• 2025–2027 targets: ROE >14%, cost/income <40%, CET1 >16.4% and payout ratio >50%; ambition to increase nominal dividend per share YoY.

• H1 2026 cost/income was 39.5%, net interest margin 1.72% and write-down ratio 0.09%.

Economy and operating context

• Mainland GDP growth is forecast at ~1.5% in coming years; unemployment is expected to remain low and stable, with real wage growth supporting consumption and savings.

• 2025 inflation was 3.1%; average YTD 2026 headline and core inflation were ~3.2% and ~3.1%. The policy rate rose to 4.5% in September 2026, with the rate path indicating no change through 2027.

• Norway’s net wealth exceeds 4x GDP; ~9% of mainland exports go to the US and ~56% to the EU, limiting direct US trade exposure relative to other Nordic countries.

Capital and credit quality

• CET1 of 17.4% at Q2 2026 exceeded the 16.4% regulatory expectation; SREP 2025 set P2R at 1.7% and P2G at 1.0%.

• CET1 reductions in 2025 were ~270 bps, including ~120 bps from Carnegie, ~86 bps from buy-backs and ~60 bps from residential real-estate risk-weight floors; 2026 buy-back programmes had an ~80 bps combined Q2 impact.

• 99.4% of net loans and financial commitments were in stages 1 and 2; stage 3 net loans and commitments were NOK 19.5bn at 30 June 2026.

• H1 2026 impairment write-down ratio was 0.09%; total impairment of financial instruments was NOK -982m.

• Residential mortgages were stress-tested for a 3 percentage-point rate increase, with a 7% floor; maximum LTV is 90%, total debt is capped at 5x gross income, and amortisation applies above 60% LTV.