DNB Bank (DNB) Pre-close call summary

Executive summary

• Q1 2026 results are expected to reflect previously disclosed information, with no new updates provided during the call.

• Seasonally lower activity in Q1 compared to Q4 is anticipated to impact several income and cost lines.

Trading performance and revenue trends

• Net interest income (NII) will be negatively impacted by two fewer interest days in Q1, reducing NII by about NOK 240 million.

• Strengthening of NOK and seasonally lower activity are expected to further reduce NII.

• Regulatory changes to tax accounts effective January 1 will reduce annual NII by approximately NOK 300 million.

• Net commission, fees, and FICC revenues are expected to be seasonally lower in Q1.

• Non-recurring positive NII effects of NOK 171 million were booked in Q4.

Profitability and margins

• Customer repricing following a 25 bps policy rate cut will have full impact in Q1.

• Ordinary dividend of NOK 1.9 billion from DNB Liv will be booked in Q1, adding about 15 bps to CET1.

• Non-recurring costs of NOK 200 million, including NOK 50 million for Carnegie integration, were booked in Q4.

• Up to NOK 200 million in further Carnegie integration costs expected in 2026.