DNB Bank (DNB) Investor presentation summary

Financial performance and capital position

• Achieved pre-tax operating profit before impairment of NOK 56.2 billion in 2025, with profit for the period at NOK 43.6 billion and a return on equity of 15.9%.

• CET1 ratio at 17.9% as of year-end 2025, well above the regulatory expectation of 16.3%.

• Cost/income ratio at 38.0% and net interest margin at 1.84% for 2025.

• Solid capital generation, with reductions in CET1 ratio due to acquisitions and share buybacks, but maintaining strong buffers above regulatory triggers.

• Outperformed peers in the 2025 EU-wide stress test, with CET1 ratio increasing under adverse scenarios.

Loan book and asset quality

• Loan book is well-diversified, with 99.4% of exposures in stage 1 and 2, and only 0.77% in stage 3 as of year-end 2025.

• Impairment write-down ratio for 2025 was 0.12%, reflecting robust asset quality.

• Residential mortgage portfolio is highly resilient, with 60% of loans below 60% LTV and strict lending regulations in place.

• Commercial real estate, oil-related, and shipping portfolios represent 10.5%, 2.9%, and 2.2% of total customer EAD, respectively, with a focus on low-risk exposures.

Norwegian economy and market environment

• Mainland GDP growth expected at 1.5% in 2026, with low unemployment and positive wage growth supporting consumption.

• Inflation remains above target, with policy rate at 4% and further hikes expected in 2026.

• Norway's net wealth exceeds 4x GDP, providing resilience against economic headwinds.